Publications

be successful. In many cases, the complementary skills that business partners bring to the table are instrumental in helping founders guide their businesses forward. In EGC, we studied examples like Christian Dior, who built a skilled... View Details

01 Dec 2007
News

Exhibit at Baker Library Marks HBS Centennial

Roethlisberger conclude that mental attitudes, interpersonal relationships, and proper supervision were keys to productivity and job satisfaction. Mayo and Roethlisberger, through their work and that of HBS colleagues who picked up their mantle, were View Details

Keywords: Elton Mayo; Fritz J. Roethlisberger; Telecommunications; Information

Web

Nim Ravid | MBA

Nim Ravid Economics, Secondary in Computer Science Kirkland 2025 Cohort 6 Community is instrumental in transforming a visionary idea into a tangible reality. I am thrilled for the opportunity to join the Tech Fellows community and work... View Details

28 Dec 2016
News

In Memoriam: Bill Bowes (MBA 1952)

the company’s first chairman and treasurer. Reflecting on his more than 50 years in the industry, he told the Bulletin in 2009 that the qualities that best define a successful entrepreneur are “intelligence, desire, and unrelenting forward motion.” His nonprofit work... View Details

November 2022 (Revised December 2022)
Case

Ava Labs: Navigating the Next Blockchain

By: Marco Di Maggio and Wenyao Sha

John Wu, President of Ava Labs, the primary developer of the Avalanche blockchain, and Emin Gün Sirer, the software company’s Founder and CEO, team up to develop a lending and borrowing protocol that would jumpstart the Decentralized finance (DeFi) economy on... View Details

Keywords: Blockchain; Decentralized Finance; Alternative Assets; Financial Instruments; Assets; Decisions; Financing and Loans; Technology Industry; Financial Services Industry

August 2017 (Revised February 2024)
Teaching Note

Exotic Interest Rate Swaps: Snowballs in Portugal

By: Boris Vallee, Patrick Augustin and Philippe Rich

This case explores a complex swap transaction implemented by Metro do Porto in 2007. It represents an opportunity to study fixed income derivative instruments, such as plain-vanilla swaps and structured swaps, as well as understand the opportunities and challenges of... View Details

Keywords: Swaps; Public Finance; Structured Finance; Credit Derivatives and Swaps; Public Sector; Transportation Industry; Rail Industry; Portugal

Article

The Value of Trading Relations in Turbulent Times

By: Marco Di Maggio, Amir Kermani and Zhaogang Song

This paper investigates how dealers’ trading relations shape their trading behavior in the corporate bond market. Dealers charge lower spreads to dealers with whom they have the strongest ties and more so during periods of market turmoil. Systemically important dealers... View Details

Keywords: OTC Markets; Network; Corporate Bonds; Crisis; Intermediation Chains; Leaning Against The Wind; Networks; Bonds; Behavior; Financial Crisis

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July 1998
Article

New Derivative and Hedging Accounting Standard

By: David F. Hawkins

Keywords: Credit Derivatives and Swaps; Accounting; Standards

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February 2014
Article

Accountability of Independent Directors—Evidence from Firms Subject to Securities Litigation

By: Francois Brochet and Suraj Srinivasan

We examine which independent directors are held accountable when investors sue firms for financial- and disclosure-related fraud. Investors can name independent directors as defendants in lawsuits, and they can vote against their re-election to express displeasure over... View Details

Keywords: Independent Directors; Litigation Risk; Class Action Lawsuits; Director Accountability; Reputation; Boards Of Directors; Corporate Governance; Debt Securities; Corporate Accountability; Lawsuits and Litigation

SSRN

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2013
Working Paper

Accountability of Independent Directors—Evidence from Firms Subject to Securities Litigation

By: Francois Brochet and Suraj Srinivasan

We examine which independent directors are held accountable when investors sue firms for financial and disclosure related fraud. Investors can name independent directors as defendants in lawsuits, and they can vote against their re-election to express displeasure over... View Details

Keywords: Debt Securities; Lawsuits and Litigation; Legal Liability

SSRN

January 2011 (Revised June 2011)
Case

Fixed Income Arbitrage in a Financial Crisis (A): US Treasuries in November 2008

Investment manager James Franey confronts an apparent arbitrage opportunity during the global financial crisis of 2008 when he notices a wide yield spread between two U.S. Treasury bonds that mature on the same date. Franey must decide if there is an opportunity, how... View Details

Keywords: Bonds; Valuation; Interest Rates; Financial Crisis; Financial Services Industry; United States

May 2005 (Revised November 2005)
Background Note

Note on Credit Derivatives

Provides the basic underlying model for credit risk analysis, as well as covers basic credit risk derivatives, such as asset swaps, credit default swaps, total return of rate swaps, and credit spread options. View Details

Keywords: Credit Derivatives and Swaps; Risk and Uncertainty; Credit

January 2004 (Revised October 2006)
Case

Texas Gulf Sulphur: The Timmins Ontario Mine

By: Henry B. Reiling and Maria Mercedes Camargo

Employees, officers, and directors of Texas Gulf Sulphur acquired or tipped off others to acquire common stock or options before and concurrent with the announcement of a major discovery of ore. The question is whether any of these acquisitions violated either federal... View Details

Keywords: Acquisition; Ethics; Stock Options; Lawfulness; Mining Industry; Texas

19 Jul 2019
Blog Post

Making a Broader Impact with Multiple Disciplines

fair project in which I used LEGOs to build an intelligently actuated tool for precision brain biopsy. My inspiration came from cutting-edge research conducted at Johns Hopkins University, where surgeons used tele-operated robotic View Details

01 Sep 2024
News

From the Classroom to Casablanca

To put what they have learned in the classroom to the test in the field, more than 900 HBS first-year students embarked in May on the FIELD Global Immersion (FGI), a cornerstone of the MBA Program since 2012. This experiential learning opportunity dispatches students... View Details

Keywords: Jennifer Gillespie

01 Sep 2020
News

Ink: The Habit of Innovation

seminal research into product failure notes, “knowledge gained from failures [is] often instrumental in achieving subsequent successes.” So capture knowledge to maximize the return on your investments in innovation. Celebrate success. Any... View Details

Keywords: Management of Companies and Enterprises; Management

14 Oct 2009
First Look

First Look: October 14

level thanks to the extreme form of fiscal decentralization that the Brazilian government adopted in the Constitution of 1891, which gave states the sole right to tax exports. We end by running instrumental variable estimates using... View Details

Keywords: Martha Lagace

February 1987 (Revised March 2006)
Case

Arley Merchandise Corporation

By: William E. Fruhan Jr.

Involves the initial public offering of a firm's stock. The offering includes a money-back guarantee to investors from the issuing firm which comes in the form of a "put" option. Option valuation is thus an important issue in this case. View Details

Keywords: Initial Public Offering; Stocks; Cases; Valuation; Stock Options; Apparel and Accessories Industry; Service Industry