Publications

2017
Article

Inflation Bets or Deflation Hedges? The Changing Risks of Nominal Bonds

By: John Y. Campbell, Adi Sunderam and Luis M. Viceira

The covariance between U.S. Treasury bond returns and stock returns has moved considerably over time. While it was slightly positive on average in the period 1953–2009, it was unusually high in the early 1980s and negative in the 2000s, particularly in the downturns of... View Details

Keywords: Inflation and Deflation; Bonds; Interest Rates; Investment Return; Risk Management

2016
Working Paper

Liquidity Transformation in Asset Management: Evidence from the Cash Holdings of Mutual Funds

By: Sergey Chernenko and Adi Sunderam

We study liquidity transformation in mutual funds using a novel dataset on their cash holdings. To provide investors with claims that are more liquid than the underlying assets, funds engage in substantial liquidity management. Specifically, they hold substantial... View Details

Keywords: Financial Liquidity; Cash; Investment Funds

01 Jun 2023
News

Research Brief: The Best Medicine

As it turns out, innovation doesn’t benefit everyone equally, and a new study tries to understand how that plays out in the pharmaceutical R&D process in the United States. “The numbers are striking,” says Associate Professor View Details

Keywords: Jen McFarland Flint; Hospitals; Health, Social Assistance

Web

Research - Private Capital Project

, Jeremy C. Stein, Adi Sunderam and Daniel K. Tarullo As revealed by the failures of three regional banks in the spring of 2023, bank runs are... View Details

January 2021
Article

A Model of Relative Thinking

By: Benjamin Bushong, Matthew Rabin and Joshua Schwartzstein

Fixed differences loom smaller when compared to large differences. We propose a model of relative thinking where a person weighs a given change along a consumption dimension by less when it is compared to bigger changes along that dimension. In deterministic settings,... View Details

Keywords: Relative Thinking; Econometric Models; Behavior; Cognition and Thinking

Find at Harvard

September 2019
Supplement

Legal Time Case – Video Short 2

By: Christine L Exley, Katherine B. Coffman and Joshua Schwartzstein

Legal Time is a two-party dynamic negotiation simulation. Students take the role of either the prosecution or the defense in a case that centers on a client who has been accused of spear-heading a conspiracy to commit wire fraud. This conflict-resolution scenario gives... View Details

Keywords: Conflict Resolution; Time Stress; Negotiation; Conflict and Resolution; Fairness; Learning

August 2019
Case

Legal Time Case

By: Christine L. Exley, Katherine B. Coffman and Joshua Schwartzstein

Legal Time is a two-party dynamic negotiation simulation. Students take the role of either the prosecution or the defense in a case that centers on a client who has been accused of spear-heading a conspiracy to commit wire fraud. This conflict-resolution scenario gives... View Details

Keywords: Conflict Resolution; Time Stress; Negotiation; Conflict and Resolution; Fairness; Learning

Educators

13 Jan 2015
First Look

First Look: January 13

employee confusion about or neglect of the tax properties of Roth balances and (2) partition dependence. Download working paper: http://www.nber.org/papers/w20738 The Rise and Fall of Demand for... View Details

Keywords: Sean Silverthorne

August 2019
Supplement

Legal Time - Confidential Information for the Prosecution (AUSA Prescott)

By: Christine L. Exley, Katherine B. Coffman and Joshua Schwartzstein

Legal Time is a two-party dynamic negotiation simulation. Students take the role of either the prosecution or the defense in a case that centers on a client who has been accused of spear-heading a conspiracy to commit wire fraud. This conflict-resolution scenario gives... View Details

Keywords: Conflict Resolution; Time Stress; Negotiation; Conflict and Resolution; Fairness; Learning

August 2019 (Revised September 2019)
Teaching Note

Legal Time Case

By: Christine L. Exley, Katherine B. Coffman and Joshua Schwartzstein

Legal Time is a two-party dynamic negotiation simulation. Students take the role of either the prosecution or the defense in a case that centers on a client who has been accused of spear-heading a conspiracy to commit wire fraud. This conflict-resolution scenario gives... View Details

Keywords: Conflict Resolution; Time Stress; Negotiation; Conflict and Resolution; Fairness; Learning

August 2019
Supplement

Legal Time - Confidential Information for the Defense Attorney (Drew Davis)

By: Christine L. Exley, Katherine B. Coffman and Joshua Schwartzstein

Legal Time is a two-party dynamic negotiation simulation. Students take the role of either the prosecution or the defense in a case that centers on a client who has been accused of spear-heading a conspiracy to commit wire fraud. This conflict-resolution scenario gives... View Details

Keywords: Conflict Resolution; Time Stress; Negotiation; Conflict and Resolution; Fairness; Learning

Web

Negotiation, Organizations & Markets Awards & Honors - Faculty & Research

Negotiation, Organizations & Markets Overview Faculty Curriculum Seminars & Conferences Awards & Honors Doctoral Students 2025 Joshua R. Schwartzstein : Winner of the 2025 Arrow Award for Best Paper in... View Details

Fall 2020
Article

Business Credit Programs in the Pandemic Era

By: Samuel G. Hanson, Jeremy C. Stein, Adi Sunderam and Eric Zwick

We develop a pair of models that speak to the goals and design of the sort of business-lending and corporate-bond purchase programs that have been introduced by governments in response to the ongoing COVID-19 pandemic. An overarching theme is that, in contrast to the... View Details

Keywords: COVID-19; Business Lending; Government Intervention; Econometric Models; Health Pandemics; Credit; Governance; Policy