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Show Results For
- All HBS Web
(1,840)
- People (4)
- News (139)
- Research (1,455)
- Events (17)
- Multimedia (6)
- Faculty Publications (1,225)
- 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
Greenwood, Robin, and Dimitri Vayanos. "Bond Supply and Excess Bond Returns." Review of Financial Studies 27, no. 3 (March 2014): 663–713. (Also earlier version NBER Working Paper Series, No. 13806, February 2008.)
- February 2007 (Revised April 2007)
- Teaching Note
10 Uncommon Values®: Optimizing the Stock-Selection Process (TN)
By: Boris Groysberg and Paul M. Healy
- April 2, 2004
- Article
A Simple Way to Value Stock Options
By: Roberto G. Mendoza, Robert C. Merton and Peter Hancock
Mendoza, Roberto G., Robert C. Merton, and Peter Hancock. "A Simple Way to Value Stock Options." Financial Times (April 2, 2004), 13.
- 02 Apr 2015
- Research & Ideas
Digital Summit Explores the New Economy
difficult to have innovation without data—which is one reason why the health care industry in the United States is too expensive. One remedy: Make the patient the customer. who Has The Power In The Music Industry? With inexpensive recording technology and distribution,... View Details
- September 1997 (Revised February 2000)
- Exercise
Exercises in Option Pricing and Real Option Analysis
By: Benjamin C. Esty
Contains five problems, one each on basic option pricing, abandonment value, the value of waiting to invest, contingent claims analysis (equity as a call option), and strategic decision making in an option framework. The goal is for students to recognize option value... View Details
- 2017
- Working Paper
Rainy Day Stocks
By: Niels Gormsen and Robin Greenwood
We study the good- and bad-times performance of equity portfolios formed on characteristics. Many characteristics associated with good performance during bad times – value, profitability, small size, safety, and total volatility – also perform well during good times.... View Details
Gormsen, Niels, and Robin Greenwood. "Rainy Day Stocks." Harvard Business School Working Paper, No. 17-066, January 2017.
- October 2013
- Case
Oaktree and the Restructuring of CIT Group (A)
By: Victoria Ivashina and David Scharfstein
CIT's prepackaged bankruptcy marked the first time a major financial institution was able to successfully restructure and emerge from Chapter 11 bankruptcy, challenging conventional views that a financial firm could not survive bankruptcy proceedings as a going... View Details
Ivashina, Victoria, and David Scharfstein. "Oaktree and the Restructuring of CIT Group (A)." Harvard Business School Case 214-035, October 2013.
- 2003
- Other Unpublished Work
Testing Savings Product Innovations Using an Experimental Methodology
By: Nava Ashraf, Dean Karlan and Wesley Yin
Ashraf, Nava, Dean Karlan, and Wesley Yin. "Testing Savings Product Innovations Using an Experimental Methodology." ERD Technical Note, November 2003.
- 1979
- Other Unpublished Work
Quelques Conclusions sur le Comportement des Investisseurs en Valeurs Mobilières dans la Région Aquitaine
By: Marc L Bertoneche
- 09 Jun 2020
- Working Paper Summaries
Aggregate and Firm-Level Stock Returns During Pandemics, in Real Time
- January–February 1976
- Article
Option Pricing When Underlying Stock Returns are Discontinuous
By: Robert C. Merton
Merton, Robert C. "Option Pricing When Underlying Stock Returns are Discontinuous." Journal of Financial Economics 3 (January–February 1976): 125–144. (Chapter 9 in Continuous-Time Finance.)
- August 1994
- Background Note
Derivative Markets: Structure and Risks
Gives a conceptual understanding of derivative products, their applications, and valuation. After a brief treatment of exchange-traded derivatives, explores over-the-counter (OTC) derivatives, emphasizing the market, credit, legal, operational, and other risks... View Details
Mason, Scott P., and Kuljot Singh. "Derivative Markets: Structure and Risks." Harvard Business School Background Note 295-009, August 1994.
- 2023
- Working Paper
Avoiding Idiosyncratic Volatility: Flow Sensitivity to Individual Stock Returns
By: Marco Di Maggio, Francesco Franzoni, Shimon Kogan and Ran Xing
Despite positive and significant earnings announcement premia, we find that institutional investors reduce their exposure to stocks before earnings announcements. A novel result on the sensitivity of flows to individual stock returns provides a potential explanation.... View Details
Keywords: New Trading; Mutual Funds; Fund Flows; Limits To Arbitrage; Financial Constraints; Earnings Announcements; Institutional Investing; Stocks
Di Maggio, Marco, Francesco Franzoni, Shimon Kogan, and Ran Xing. "Avoiding Idiosyncratic Volatility: Flow Sensitivity to Individual Stock Returns." Harvard Business School Working Paper, No. 23-072, March 2023. (Revise and Resubmit to The Journal of Finance.)
- January 2013 (Revised October 2014)
- Teaching Note
Tombstones
By: Timothy A. Luehrman
This case consists primarily of excerpts from term sheets and prospectuses for six securities offerings made by US companies during 2009-2010, just after the financial crisis and recession of 2008-09. There are three issues of senior unsecured notes, one floating rate... View Details
- Article
Investment in United States Government Securities by State Governments
By: Joseph L. Bower
Bower, Joseph L. "Investment in United States Government Securities by State Governments." National Tax Journal 13, no. 2 (June 1960): 127–139.
- September 2006 (Revised November 2007)
- Exercise
Market Making Exercise
By: Malcolm P. Baker
Students make a market in a new security, posting bid and offer prices and quantities for a new derivative security. View Details
Baker, Malcolm P. "Market Making Exercise." Harvard Business School Exercise 207-033, September 2006. (Revised November 2007.)
- April 2005 (Revised February 2006)
- Background Note
Note on Option Valuation
For every option, a fair price has to be established. But how do you actually price an option? Assuming a basic knowledge of options, this note covers two pricing methods: the binominal tree and the Black-Scholes/Merton formula. View Details
Chacko, George C., Peter A. Hecht, Vincent Dessain, and Anders Sjoman. "Note on Option Valuation." Harvard Business School Background Note 205-106, April 2005. (Revised February 2006.)
- Profile
Bryan Guerra
experience shaped your goals & career path? HBS has been really instrumental in giving me exposure to so many different varieties of industry, business model, job function, and potential future opportunities that I've opened my eyes... View Details
- Article
The Stock Selection and Performance of Buy-Side Analysts
We examine the selection and performance of stocks recommended by analysts at a large investment firm relative to those of sell-side analysts during the period mid-1997 and 2004. The buy-side firm's analysts issued less optimistic recommendations for stocks with larger... View Details
Keywords: Buy-side Analysts; Sell-side Analysts; Stock Recommendations; Recommendation Optimism; Recommendation Performance; Investment Recommendations; Conflicts Of Interest; Financial Markets; Financial Institutions; Stocks; Financial Services Industry; United States
Groysberg, Boris, Paul M. Healy, Georgios Serafeim, Devin Shanthikumar, and Gui Yang. "The Stock Selection and Performance of Buy-Side Analysts." Harvard Business School Working Knowledge (March 20, 2012).
- spring 1989
- Article
The Changing Character of Stock Market Liquidity
By: André Perold and James F. Gammill
Perold, André, and James F. Gammill. "The Changing Character of Stock Market Liquidity." Journal of Portfolio Management (spring 1989): 13–18.