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- All HBS Web (1,284)
- Faculty Publications (959)
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- May 2011
- Article
Institutional Stock Trading on Loan Market Information
By: Victoria Ivashina and Zheng Sun
Over the past decade, one of the most important developments in the corporate loan market has been the increasing participation of institutional investors in lending syndicates. As lenders, institutional investors routinely receive private information about borrowers.... View Details
Ivashina, Victoria, and Zheng Sun. "Institutional Stock Trading on Loan Market Information." Journal of Financial Economics 100, no. 2 (May 2011): 284–303.
- August 2000 (Revised July 2002)
- Case
Sara's Options
By: Peter Tufano, Brian J. Hall and Joshua Musher
This case describes the pay packages offered to Sara Becker, a graduating MBA student, including detailed information about two stock option packages (one of which is an indexed option package). She gathers the information and attempts to compare those compensation... View Details
Tufano, Peter, Brian J. Hall, and Joshua Musher. "Sara's Options." Harvard Business School Case 201-005, August 2000. (Revised July 2002.)
- 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
Esty, Benjamin C., Peter Tufano, and Jon Headley. "Banc One Corporation: Asset and Liability Management." Harvard Business School Case 294-079, February 1994. (Revised July 2008.)
- 24 Apr 2012
- First Look
First Look: April 24
Watson Publication:In Effective Auditing for Corporates: Key Developments in Practice and Procedures, edited by Joe Oringel, 161-178. London: Bloomsbury Information Ltd., 2012 Abstract In the wake of the recent financial crisis,... View Details
Keywords: Carmen Nobel
- October 2012
- Article
Securitization without Adverse Selection: The Case of CLOs
By: Effi Benmelech, Jennifer Dlugosz and Victoria Ivashina
In this paper, we investigate whether securitization was associated with risky lending in the corporate loan market by examining the performance of individual loans held by CLOs. We employ two different datasets that identify loan holdings for a large set of CLOs and... View Details
Keywords: Personal Finance; Performance; Markets; Banks and Banking; Debt Securities; Investment Portfolio; Financing and Loans
Benmelech, Effi, Jennifer Dlugosz, and Victoria Ivashina. "Securitization without Adverse Selection: The Case of CLOs." Journal of Financial Economics 106, no. 1 (October 2012): 91–113.
- 24 Nov 2020
- Working Paper Summaries
Accounting for Product Impact in the Consumer Finance Industry
- February 2019 (Revised January 2021)
- Case
Quiksilver Inc. and Oaktree Capital Management
By: Kristin Mugford and Mike Harmon
Sports lifestyle company Quiksilver filed for bankruptcy in September 2015. Oaktree is considering an additional investment in the company to facilitate the restructuring.
Students must consider whether Oaktree should invest given the risks of the turnaround... View Details
Keywords: Bankruptcy; Bankruptcy Reorganization; Insolvency and Bankruptcy; Acquisition; Restructuring; Debt Securities; Transformation; Decision Making; Borrowing and Debt; Investment Return; Crisis Management; Negotiation; Retail Industry; Apparel and Accessories Industry; Consumer Products Industry; France; United States
Mugford, Kristin, and Mike Harmon. "Quiksilver Inc. and Oaktree Capital Management." Harvard Business School Case 219-097, February 2019. (Revised January 2021.)
- July 2023 (Revised February 2024)
- Case
Equity Restructuring at Dell Technologies: Buy Out, Buy Up, Buy In (A)
By: Stuart C. Gilson and Sarah L. Abbott
In November 2018, Dell Technologies was poised to re-enter the public markets by means of a complex recapitalization that would replace an entire class of publicly-traded “tracking stock,” with new shares that would trade publicly without the need of a formal IPO. The... View Details
Keywords: Technology; M＆A; Recapitalization; MBO; Equity Issues; Private Equity Buyouts; Public Ownership; Stock Shares; Mergers and Acquisitions; Equity; Technology Industry; United States
Gilson, Stuart C., and Sarah L. Abbott. "Equity Restructuring at Dell Technologies: Buy Out, Buy Up, Buy In (A)." Harvard Business School Case 224-005, July 2023. (Revised February 2024.)
- 2016
- Chapter
Return Predictability in the Treasury Market: Real Rates, Inflation, and Liquidity
By: Carolin E. Pflueger and Luis M. Viceira
Pflueger, Carolin E., and Luis M. Viceira. "Return Predictability in the Treasury Market: Real Rates, Inflation, and Liquidity." Chap. 10 in Handbook of Fixed-Income Securities, edited by Pietro Veronesi, 191–209. Wiley Handbooks in Financial Engineering and Econometrics. Hoboken, NJ: John Wiley & Sons, 2016.
- Article
Sadness, Identity, and Plastic in Over-shopping: The Interplay of Materialism, Poor Credit Management, and Emotional Buying Motives in Predicting Compulsive Buying
By: Grant Edward Donnelly, Masha Ksendzova and Ryan Howell
A comprehensive study is currently lacking to explain why material values strongly influence compulsive buying. The goal of the current study is to test if money management, buying motivations for improving mood and identity, and self-transformation expectations... View Details
Donnelly, Grant Edward, Masha Ksendzova, and Ryan Howell. "Sadness, Identity, and Plastic in Over-shopping: The Interplay of Materialism, Poor Credit Management, and Emotional Buying Motives in Predicting Compulsive Buying." Journal of Economic Psychology 39 (December 2013): 113–125.
- February 2006 (Revised August 2006)
- Case
Kevin McCarthy and Westlake Chemical Corporation (A)
Examines forecasting earnings/performance for a commodity chemical firm during a period of high uncertainty, highlighting the combined effects of input process (natural gas), industry capacity/utilization, and cyclicality. Assuming the role of Kevin McCarthy (the top... View Details
Keywords: Risk and Uncertainty; Futures and Commodity Futures; Forecasting and Prediction; Chemicals; Chemical Industry
Riedl, Edward J. "Kevin McCarthy and Westlake Chemical Corporation (A)." Harvard Business School Case 106-049, February 2006. (Revised August 2006.)
- April 2005 (Revised October 2006)
- Case
David Berman
By: Ananth Raman, Vishal Gaur and Saravanan Kesavan
Examines the decision of a hedge fund manager who is considering investing in a retail stock. The protagonist is concerned about the retailer's inventory level. Explores the relationship between the retailer's inventory and future earnings--and, hence, the relationship... View Details
Raman, Ananth, Vishal Gaur, and Saravanan Kesavan. "David Berman." Harvard Business School Case 605-081, April 2005. (Revised October 2006.)
- spring 2008
- Article
Cost Reductions, Cost Padding and Stock Market Prices: The Chilean Experience with Price Cap Regulation
By: Rafael Di Tella and Alexander Dyck
Di Tella, Rafael, and Alexander Dyck. "Cost Reductions, Cost Padding and Stock Market Prices: The Chilean Experience with Price Cap Regulation." Economía 8, no. 2 (spring 2008).
- 2005
- Working Paper
Investor Sentiment and the Cross-Section of Stock Returns
By: Malcolm Baker and Jeffrey Wurgler
We examine how investor sentiment affects the cross-section of stock returns. Theory predicts that a broad wave of sentiment will disproportionately affect stocks whose valuations are highly subjective and are difficult to arbitrage. We test this prediction by studying... View Details
Baker, Malcolm, and Jeffrey Wurgler. "Investor Sentiment and the Cross-Section of Stock Returns." NBER Working Paper Series, No. w10449, April 2005. (First draft in 2003.)
- 2002
- Other Unpublished Work
Market Liquidity as a Sentiment Indicator
By: Malcolm Baker and Jeremy Stein
We build a model that helps to explain why increases in liquidity—such as lower bid–ask spreads, a lower price impact of trade, or higher turnover—predict lower subsequent returns in both firm-level and aggregate data. The model features a class of irrational... View Details
Keywords: Price; Financial Liquidity; Trade; Valuation; Markets; Forecasting and Prediction; Equity; Stock Shares; Investment Return
Baker, Malcolm, and Jeremy Stein. "Market Liquidity as a Sentiment Indicator." NBER Working Paper Series, 2002. (First draft in 2001.)
- January 2008
- Background Note
Collateralized Debt Obligations (CDOs)
By: Joshua Coval and Erik Stafford
This lesson integrated Merton's (1974) contingent claims model of debt and equity claims with the CAPM, which allows us to examine the risks and pricing of credit portfolios and the derivative claims issued against them. In particular, this model is used to make... View Details
Keywords: Decision Choices and Conditions; Borrowing and Debt; Credit Derivatives and Swaps; Investment Portfolio; Risk Management
Coval, Joshua, and Erik Stafford. "Collateralized Debt Obligations (CDOs)." Harvard Business School Background Note 208-113, January 2008.
- 15 Oct 2014
- Research & Ideas
Apple Pay’s Technology Adoption Problem
When Apple introduced the iPod, it had a simple but compelling tag line for music fans: "1,000 thousand songs in your pocket." The company sold 300 million of them. On the eve of debuting its digital payment system, Apple Pay, two Harvard Business School... View Details
- January 1995
- Background Note
A Note on Distribution of Venture Investments
By: Josh Lerner
Venture capitalists typically exit investments by distributing shares to investors. These transfers pose challenges for these investors. Predictions and evidence about the behavior of stock prices of firms around the time of these distributions are presented. View Details
Lerner, Josh. "A Note on Distribution of Venture Investments." Harvard Business School Background Note 295-095, January 1995.
- 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
Campbell, John Y., Adi Sunderam, and Luis M. Viceira. "Inflation Bets or Deflation Hedges? The Changing Risks of Nominal Bonds." Critical Finance Review 6, no. 2 (2017): 263–301.
- March 2008 (Revised February 2009)
- Case
Transparent Value LLC
By: Sharon P. Katz, Krishna G. Palepu and Aldo Sesia, Jr.
Leading index company Dow Jones recently signed a license and joint marketing agreement with Transparent Value LLC, the creator of a new fundamentals-based valuation methodology. The agreement allowed Dow Jones to offer a family of indexes based on the Transparent... View Details
Keywords: Asset Management; Stocks; Price; Performance Expectations; Mathematical Methods; Valuation
Katz, Sharon P., Krishna G. Palepu, and Aldo Sesia, Jr. "Transparent Value LLC." Harvard Business School Case 108-069, March 2008. (Revised February 2009.)