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February 2009 (Revised August 2010)
Case

Saudi Arabia: Modern Reform, Enduring Stability

By: Richard H. K. Vietor and Nicole Michele Forrest

This case, along with “Dubai: Global Economy” (709-043), provides an opportunity to discuss Saudi Arabia's efforts to modernize, without really Westernizing, in sharp contrast to Dubai, a nearby Arab Emirate. As Saudi Arabia's development strategy unfolds in the past... View Details

Keywords: Development Economics; Non-Renewable Energy; Globalized Markets and Industries; Government and Politics; Growth and Development Strategy; Saudi Arabia; Dubai; Middle East

January – March 2012
Article

Bond Risk, Bond Return Volatility, and the Term Structure of Interest Rates

By: Luis M. Viceira

This paper explores time variation in bond risk, as measured by the covariation of bond returns with stock returns and with consumption growth, and in the volatility of bond returns. A robust stylized fact in empirical finance is that the spread between the yield on... View Details

Keywords: Bonds; Volatility; Forecasting and Prediction; Interest Rates; Inflation and Deflation; Investment Return; Risk and Uncertainty; Currency Exchange Rate; Cash Flow; Stocks

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July 2007
Article

Earnings Announcement Premia and Limits to Arbitrage

By: Daniel Cohen, Aiyesha Dey, Thomas Lys and Shyam Sunder

We examine the factors underlying the presence of earnings announcement premia. We find that the premia persist beyond the sample period examined in prior studies (ending in 1988), although they decline in magnitude after 1988. Further, premia are lower on the expected... View Details

Keywords: Business Earnings; Announcements; Corporate Disclosure

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November 2023
Case

Axie Infinity: Video Game Meets Blockchain

By: Marco Di Maggio and Wenyao Sha

The narrative unfolds from the perspective of Sky Mavis's leadership team, facing a high-stakes, rapidly evolving digital frontier. They navigate the exhilarating yet tumultuous journey of Axie Infinity, balancing innovation with sustainability. It explores the game's... View Details

Keywords: Blockchain; Business Model; Games, Gaming, and Gambling; Currency; Innovation and Management; Business Strategy; Video Game Industry

February 2009 (Revised August 2010)
Case

Dubai: Global Economy

By: Richard H. K. Vietor and Nicole Michele Forrest

This case, along with Saudi Arabia: “Modern Reform, Enduring Stability” (709-042), provides an opportunity to discuss Saudi Arabia's efforts to modernize, without really Westernizing, in sharp contrast to Dubai, a nearby Arab Emirate. As Saudi Arabia's development... View Details

Keywords: Development Economics; Non-Renewable Energy; Globalized Markets and Industries; Government and Politics; Growth and Development Strategy; Saudi Arabia; Dubai; Middle East

December 2018 (Revised May 2019)
Case

Bord Bia: Strategically Growing Irish Exports

By: Jose B. Alvarez, Forest L. Reinhardt and Emer Moloney

Agriculture was Ireland’s largest indigenous industry. Its agri-food sector was export driven, with almost 90% of production exported. Bord Bia was the Irish government agency charged with the promotion, trade development, and marketing of the Irish food, drink, and... View Details

December 2000 (Revised February 2002)
Case

Pine Street Capital

A technology hedge fund is trying to decide whether and/or how to hedge equity market risk. Its hedging choices are short-selling and options. The fund has just gone through one of the most volatile periods in NASDAQ's history, it is trying to decide whether it should... View Details

Keywords: Risk Management; Investment Funds

Research Summary

Concentrated Capital Losses and the Pricing of Corporate Credit Risk

By: Emil N. Siriwardane

In studying the U.S. credit default swap (CDS) market, Professor Siriwardane has discovered that the selling of CDS protection is extremely concentrated, with five sellers accounting for nearly half the market. Further, in contrast to what neoclassical theory... View Details

December 1998
Background Note

Cash Management Practices in Small Companies

By: H. Kent Bowen, Andrew R. Jassy, Laurence E. Katz, Kevin E. Kelly and Baltej Kochar

Most small business managers claim that cash management is their leading concern. Often walking a tightrope between growth and illiquidity, small business managers face different cash management challenges than their counterparts in larger companies. Compared to larger... View Details

Keywords: Motivation and Incentives; Working Capital; Management Practices and Processes; Organizational Design; Cash; Forecasting and Prediction; Policy; Business Strategy

March 2005
Article

Sovereign Debt As a Contingent Claim: A Quantitative Approach

By: Laura Alfaro and Fabio Kanczuk

We construct a dynamic equilibrium model with contingent service and adverse selection to quantitatively study sovereign debt. In the model, benefits of defaulting are tempered by higher future interest rates. For a wide set of parameters, the only equilibrium is one... View Details

Keywords: Sovereign Finance; Borrowing and Debt; Interest Rates; Balance and Stability; Risk and Uncertainty; Risk Management; Mathematical Methods; Management Style; Segmentation; Debt Securities; Banking Industry

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March 2014 (Revised October 2015)
Case

Teach For China and the Chinese Nonprofit Sector

By: William C. Kirby and Erica M. Zendell

Teach For China was founded in 2008 with the mission of expanding educational opportunity across China. By 2013, Andrea Pasinetti's lofty dream had taken flight: over 300 graduates from top American and Chinese universities were participating in its 2-year teaching... View Details

Keywords: Nonprofit; China; Business And Government Relations; Business And Poverty; Business And Society; Emerging Market Entrepreneurship; Emerging Market; NGO; Education; Entrepreneurship; Social Enterprise; Emerging Markets; Non-Governmental Organizations; Nonprofit Organizations; Education Industry; China

Research Summary

Shift Auctions

Shift Auctions are a new labor-market institution, enabled by the internet, whereby workers bid for overtime shifts via descending auctions. The goal of shift auctions is to enable efficient and flexible utilization of a firms own human resources when staffing... View Details

May 14, 2024
Article

One Way to Help Employees Build Emergency Savings

By: Timothy Flacke and Peter Tufano

Intentional cooperation between two organizations — BlackRock, a major asset management firm, and national non-profit, Commonwealth — created the conditions for the nation’s largest payroll processor, multiple U.S. employers, retirement record keepers, and others to... View Details

Keywords: Saving; Personal Finance; Income; Nonprofit Organizations; Corporate Social Responsibility and Impact; Partners and Partnerships

2022
Article

Regulatory Treatment of Changes in Fair Value and the Composition of Banks' Investment Portfolios

By: Michael Iselin, Jung Koo Kang and Joshua Madsen

In their implementation of Basel III, U.S. bank regulators are again including changes in the fair value of available-for-sale (AFS) debt securities in Tier 1 capital, but only for the largest U.S. banks. This paper investigates a potential impact of expanding this... View Details

Keywords: Fair Value Accounting; SFAS 115; Basel III; Governing Rules, Regulations, and Reforms; Banks and Banking; Debt Securities; Credit; Risk and Uncertainty; Investment Portfolio; Decision Making; Banking Industry; United States

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May 2016
Supplement

2016 Update: Argentina Turns the Page

By: David E. Bell, Forest Reinhardt and Natalie Kindred

This brief case is a supplement to “Cresud and Argentina” (515-043) and “Note on Agriculture in Argentina” (515-069). Set in early 2016, it describes developments in Argentina under newly elected President Mauricio Macri, including the country’s return to international... View Details

December 2014
Case

Louis Dreyfus Commodities

By: David E. Bell

Louis Dreyfus Commodities (LDC or Dreyfus) is the D of the ABCD grain-trading giants. The case describes how their business works and details the strategy by which management turned the company around in recent years. The case presents a number of issues facing the... View Details

Keywords: Commodities; Commodity Trading; Agriculture; Agribusiness; Plant-Based Agribusiness; Goods and Commodities; Financial Markets; Business Strategy; Product Marketing

Winter 2014
Article

Labor Regulations and European Venture Capital

By: Ant Bozkaya and William R. Kerr

European nations substitute between employment protection regulations and labor market expenditures (e.g., unemployment insurance benefits) for providing worker insurance. Employment regulations more directly tax firms making frequent labor adjustments than other labor... View Details

Keywords: Insurance; Labor; Europe

July 2022 (Revised September 2022)
Case

Birla Carbon Egypt: Building Soft Power in a Foreign Country

By: Jeremy Friedman and Malini Sen

Birla Carbon, a flagship business of the nearly $60-billion global conglomerate and India-headquartered Aditya Birla Group (ABG), is one of the world's top manufacturers and suppliers of high-quality carbon black. The largest among its 16 manufacturing plants is Birla... View Details

April 2024
Article

Demand-and-Supply Imbalance Risk and Long-Term Swap Spreads

By: Samuel G. Hanson, Aytek Malkhozov and Gyuri Venter

We develop and test a model in which swap spreads are determined by end users' demand for and constrained intermediaries’ supply of long-term interest rate swaps. Swap spreads reflect compensation both for using scarce intermediary capital and for bearing convergence... View Details

Keywords: Swap Spreads; Credit Derivatives and Swaps; Interest Rates; Risk and Uncertainty; Volatility

11 Aug 2015
Working Paper Summaries

Structural GARCH: The Volatility-Leverage Connection

Keywords: by Robert F. Engle & Emil N. Siriwardane

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