Publications

September 2023 (Revised October 2024)
Case

Forecasting Climate Risks: Aviva’s Climate Calculus

By: Mark Egan and Peter Tufano

In late 2021, Ben Carr, Director of Analytics and Capital Modeling at Aviva Plc (Aviva)—a leading insurer with core operations in the UK, Ireland and Canada,—was preparing for an upcoming presentation before the company's board which included its CEO, Amanda Blanc,... View Details

Keywords: Climate Risk; Climate Finance; Forecasting; Insurance; Risk Measurement; Climate Change; Risk Management; Forecasting and Prediction; Insurance Industry; United States

2010
Working Paper

A Behavioral Model of Demandable Deposits and Its Implications for Financial Regulation

By: Julio J. Rotemberg

A model is developed that rationalizes contracts that give depositors the right to obtain funds on demand even when depositors intend to use these funds for consumption in the future. This is explained by depositor overoptimism regarding their own ability to collect... View Details

Keywords: Banks and Banking; Insurance; Governing Rules, Regulations, and Reforms; Policy; Consumer Behavior; Financial Services Industry

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September 2019 (Revised August 2020)
Case

Engineering an Inclusive Bioeconomy

By: Tarun Khanna, Raffaella Sadun and Susie L. Ma

In 2019, entrepreneur Juan Carlos Castilla-Rubio was developing a project he hoped could generate and share wealth from the natural resources of the Amazon without destroying those resources. His idea, called Earth Bank of Codes (EBC), would create a library of the... View Details

February 1994 (Revised July 2008)
Case

Banc One Corporation: Asset and Liability Management

By: Benjamin C. Esty, Peter Tufano and Jon Headley

Banc One's share price has been falling recently due to analyst and investor concern over the bank's heavy use of interest rate derivatives. Dick Lodge, chief investment officer in charge of the bank's investment and derivative portfolio, must recommend to the CEO a... View Details

Keywords: Credit Derivatives and Swaps; Financial Management; Interest Rates; Investment Portfolio; Governance Controls; Risk Management; Banking Industry

December 2011
Article

Prices or Knowledge? What Drives Demand for Financial Services in Emerging Markets?

By: Shawn A. Cole, Thomas Sampson and Bilal Zia

Financial development is critical for growth, but its micro-determinants are not well understood. We test leading theories of low demand for financial services in emerging markets, combining novel survey evidence from Indonesia and India with a field experiment. We... View Details

Keywords: Price; Knowledge; Demand and Consumers; Emerging Markets; Banks and Banking; Education; Finance; Behavior; Service Operations; Financial Services Industry; India; Indonesia

Find at Harvard

January 2010 (Revised October 2011)
Case

The Congressional Oversight Panel's Valuation of the TARP Warrants (A)

By: Carliss Y. Baldwin

The Congressional Oversight Panel wants to value the warrants issued to the government in connection with the TARP investments of 2008, in order to increase the transparency of options repurchases. The case describes the methodology used to value the warrants. Students... View Details

Keywords: Financial Crisis; Asset Pricing; Financial Instruments; Investment; Business and Government Relations; Mathematical Methods; Valuation; Banking Industry; Banking Industry; United States

2015
Mimeo

Market Power in Mortgage Lending and the Transmission of Monetary Policy

By: David S. Scharfstein and Adi Sunderam

We present evidence that high concentration in mortgage lending reduces the sensitivity of mortgage rates and refinancing activity to mortgage-backed security (MBS) yields. We isolate the direct effect of concentration and rule out alternative explanations in two ways.... View Details

Keywords: Mortgage Lending; Market Power; Monetary Policy Transmission; Mortgages; Banking Industry; United States

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21 Jul 2015
First Look

First Look: July 21, 2015

from its historical competence in hardware to become a provider of hardware and software for managing transactions across a range of industries and payments methods. Nuti envisioned a world in which consumers would use NCR hardware or... View Details

Keywords: Sean Silverthorne

November 2024
Case

Group AMANA: Built to Last

By: Hise Gibson and Fares Khrais

The case chronicles the Bsaibes brothers’ journey in founding and operating Group AMANA; a contracting business founded in 1993, based in the United Arab Emirates with operations across the Middle East. Over the years, the business found itself grappling with major... View Details

Keywords: Business Model; Family Business; Transformation; Growth and Development Strategy; Management Succession; Business Strategy; Construction Industry; Middle East; Saudi Arabia; United Arab Emirates

Web

Faculty & Advisors | MBA

to him joining Centerview, Mark was responsible for the global healthcare investment banking practice at Merrill Lynch. During his tenure, Merrill Lynch was the leading equity financier for the biotechnology industry. Additionally, he... View Details

17 Jun 2014
First Look

First Look: June 17

Working Papers Putting Skin in the Game: Managerial Ownership and Bank Risk-Taking By: Bouwens, Jan, and Arnt Verriest Abstract—This paper examines the relation between managerial ownership and bank risk... View Details

Keywords: Sean Silverthorne

Luis M. Viceira

Luis M. Viceira is the George E. Bates Professor in the Finance Unit and a Research Associate at the National Bureau of Economic Research. His research, course development, and teaching focus on the areas of investment management... View Details

Keywords: banking; banking; banking; banking; banking

03 Jan 2007
First Look

First Look: January 3, 2007

available for download Banking Deregulation, Financial Constraints, and Entrepreneurship Authors:William R. Kerr and Ramana Nanda Abstract We study how U.S. branch banking deregulations affected the entry of... View Details

Keywords: Sean Silverthorne

October 2005
Case

Tad Piper and Piper Jaffray

By: William W. George and Andrew N. McLean

In 2005, Tad Piper reflects on the successful spin-off from US Bancorp of Piper Jaffray, the investment bank founded by his grandfather. Profiles the development of Piper Jaffray from a Midwestern brokerage house to a national, diversified financial services firm. In... View Details

Keywords: Crisis Management; Leadership Style; Management Style; Leadership; Growth and Development Strategy; Financial Services Industry

January 2019
Case

First Aid Beauty

By: Karen Mills and Annie Dang

In 2008, Lilli Gordon, an experienced financial and skincare entrepreneur, founded First Aid Beauty (FAB). She had discovered a white space in the prestige beauty market: high-end skin solutions that were suitable for sensitive skin. After initial success through... View Details

Keywords: Prestige Beauty; Skincare; Preferred Shares; Common Stock; Entrepreneurship; Venture Capital; Private Equity; Decision Choices and Conditions; Beauty and Cosmetics Industry

16 Apr 2019
First Look

New Research and Ideas, April 16, 2019

Management Review What to Do When Industry Disruption Threatens Your Career By: Groysberg, Boris, Eric Lin, and Whitney Johnson Abstract—This article discusses how to diagnose the risks that disruptive View Details

Keywords: Dina Gerdeman

09 Nov 2009
Research & Ideas

Come Fly with Me: A History of Airline Leadership

Few industries have had the competitive challenges—the literal ups and downs—experienced by the U.S. airline industry since its formation in the 1920s. Consider that its early pioneers had the unenviable... View Details

Keywords: by Sarah Jane Gilbert; Air Transportation

March 2011 (Revised June 2013)
Case

Next Street, LLC

By: Richard S. Ruback and Royce Yudkoff

Next Street Financial, LLC was a modern merchant bank that provided high quality advisory services and capital to small- and mid-sized inner city businesses. Next Street was a for-profit business that aimed to increase the growth, profitability and success of its... View Details

Keywords: Development Economics; Entrepreneurship; Capital; Commercial Banking; Investment Funds; Urban Development; Financial Services Industry

January 2021 (Revised March 2021)
Case

Juno (A): Leveraging Student Power

By: Joshua Schwartzstein, Kathleen L. McGinn and Amy Klopfenstein

In March 2020, Chris Abkarians and Nikhil Agarwal were in the midst of preparing the annual auction for their student loan assistance startup, Juno. Both current MBA students at Harvard Business School, the duo founded Juno in 2018 to leverage student bargaining power... View Details