Publications

2014
Article

Bond Supply and Excess Bond Returns

By: Robin Greenwood and Dimitri Vayanos

We examine empirically how the maturity structure of government debt affects bond yields and excess returns. Our analysis is based on a theoretical model of preferred habitat in which clienteles with strong preferences for specific maturities trade with arbitrageurs.... View Details

Keywords: Bonds; Investment Return

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February 2007 (Revised April 2007)
Teaching Note

10 Uncommon Values®: Optimizing the Stock-Selection Process (TN)

By: Boris Groysberg and Paul M. Healy

Keywords: Stocks; Values and Beliefs

April 2, 2004
Article

A Simple Way to Value Stock Options

By: Roberto G. Mendoza, Robert C. Merton and Peter Hancock

Keywords: Valuation; Stock Options

Disney was a pioneer in the family entertainment business. From his ground-breaking introduction of the animated cartoon Steamboat Willie starring Mickey Mouse in 1928 to the launch of the first full-length animated film in 1937 (Snow White), Disney built a media... View Details

Keywords: Entertainment & Broadcast Media

December 2007 (Revised December 2021)
Case

The South Sea Company (A)

By: David A. Moss, Eugene Kintgen, Agnieszka Rafalska and Kimberly Hagan

In early 1720, the South Sea Company and the Bank of England were cometing for the right to issue new shares and to exchange those shares for government bons that were then in the hands of the public. The British government had already executed two such debt conversion... View Details

Keywords: Borrowing and Debt; Debt Securities; Stock Shares; Financial Strategy; Bids and Bidding; Business and Government Relations; Banking Industry; Financial Services Industry; Great Britain

Portrait Project

Kaelin Goulet

moment of extreme income inequality, when the "have-nots" suffered disproportionately because of the actions of the "haves." Maybe it was working to develop savings instruments for lower-income communities during an... View Details

Article

Accounting Changes and Stock Prices

By: Robert S. Kaplan and Richard Roll

Keywords: Stocks; Accounting

October 2002 (Revised April 2012)
Background Note

Introduction to Stockholders' Equity

The stockholders' equity section of the balance sheet illustrates details of accounting for stock offerings, common stock, and preferred stock. Accounting for dividends, both cash and stock dividends, and treasury stock is covered. View Details

Keywords: Stocks; Accounting

March 1995 (Revised June 1997)
Teaching Note

Citibank: Launching the Credit Card in Asia Pacific (A) TN

By: V. Kasturi Rangan and Marie Bell

Teaching Note for (9-595-026). View Details

Keywords: Credit Cards; Banking Industry; Asia; Oceania

Web

Buy Now, Pay Later: Pre-Industrial Credit in Practice

and places like colonial America where hard currency was scarce. Resourceful merchants and retailers devised clever instruments and institutions of credit that made possible large, complicated transactions even without a fungible means of... View Details

01 Mar 2016
News

Maiden Voyage

the first time, explore the dynamics in its atmosphere on a global scale. The unique combination of instruments and orbital coverage will provide an exciting and completely new understanding of how the Martian atmosphere behaves.” The UAE... View Details

Keywords: Robert S. Benchley; Space Research and Technology; Government

Ralph E. Ward

Ward was instrumental in transforming Chesebrough-Pond’s from a small cosmetics company into a major consumer products conglomerate. A formidable risk-taker, Ward was a master of acquiring mature, stagnant companies and putting them on an... View Details

Keywords: Personal Care & Home Products

Alex Manoogian

1952. This invention became the foundation for a billion-dollar enterprise and was instrumental in transforming the burgeoning home and building products supply industry. View Details

Keywords: Fabricated Goods

Adolphus W. Green

Green was instrumental in organizing over 40 Midwestern bakeries to form the National Biscuit Company in 1898, which became the basis for the present day Nabisco. When Green organized the firm, its only product was a cracker, the Uneeda... View Details

Keywords: Food & Tobacco

January 1987 (Revised March 1989)
Background Note

Note on the Pricing of Mortgage-Backed Securities

By: Jay O. Light and Jeremy C. Stein

An introduction to mortgage-backed securities, prepayment risk, and their market pricing. View Details

Keywords: Price; Debt Securities; Mortgages; Financial Services Industry

June 2013
Article

Issuer Quality and Corporate Bond Returns

By: Robin Greenwood and Samuel G. Hanson

We show that the credit quality of corporate debt issuers deteriorates during credit booms, and that this deterioration forecasts low excess returns to corporate bondholders. The key insight is that changes in the pricing of credit risk disproportionately affect the... View Details

Keywords: Quality; Bonds; Forecasting and Prediction; Credit

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April 1997
Case

Pricing for Profit: The UK Credit Card Industry in the Late 1980s (A)

Describes the United Kingdom credit card industry in the late 1980s, which was really three businesses: a cashless transaction business for merchants, a cashless transaction business for card holders, and a credit business for card holders. At the time of the case,... View Details

Keywords: Credit Cards; Price; Decision Making; Game Theory; United Kingdom