Publications

09 Jan 2018
First Look

First Look at New Research and Ideas, January 9, 2018

that reduce administrative burden and allow for the introduction of novel cancer therapies. Publisher's link: https://www.hbs.edu/faculty/Pages/item.aspx?num=53706 Credit Supply Shocks, Network Effects, and the Real Economy By: Alfaro,... View Details

Keywords: Sean Silverthorne

15 Jul 2008
First Look

First Look: July 15, 2008

Working PapersInvestable Tax Credits: The Case of the Low Income Housing Tax Credit Authors:Mihir A. Desai, Dhammika Dharmapala, and Monica Singhal Abstract The Low Income Housing Tax Credit (LIHTC)... View Details

Keywords: Martha Lagace

02 Feb 2012
Op-Ed

Once a Castle, Home is Now a Debtors’ Prison

era before unemployment soared, the Dow plummeted, and credit default swaps surfaced. In today's jargon, these owners are underwater—they owe more than the value of their homes. But underwater is a misnomer. People underwater either swim... View Details

Keywords: by Nicolas P. Retsinas; Financial Services; Construction; Real Estate

29 Sep 2008
Research & Ideas

Financial Crisis Caution Urged by Faculty Panel

owned homes or could borrow under such conditions. As a response, the modern housing finance system undergirded by the federal government arose during the New Deal to make credit and liquidity available to people wanting to buy a home.... View Details

Keywords: by Martha Lagace; Financial Services

31 Jul 2007
First Look

First Look: July 31, 2007

Purchase this case: http://www.hbsp.harvard.edu/b01/en/common/item_detail.jhtml?id=707019 The History of Credit Agencies in the United States Harvard Business School Note 307-057 Provides a brief background on the history of View Details

Keywords: Martha Lagace

26 Oct 2010
First Look

First Look: October 26, 2010

declines in 2008 (leading to potential violation of regulatory capital). Purchase this case:http://cb.hbsp.harvard.edu/cb/product/111041-PDF-ENG Post-Crisis Compensation at Credit Suisse (A) Clayton Rose and Aldo Sesia, Jr. Harvard... View Details

Keywords: Sean Silverthorne

06 Apr 2016
Research & Ideas

Should Entrepreneurs Pitch Products or Ideas for Products?

box office. The main measure that the paper uses to approximate a writer’s “observable quality” to the buyer is the number of writing credits for movies that have been released by major studios five years before the sale date of the pitch... View Details

Keywords: by Carmen Nobel; Motion Pictures & Video; Entertainment & Recreation; Banking

November 1992 (Revised December 1994)
Case

BEA Associates: Enhanced Equity Index Funds

By: Andre F. Perold

BEA's enhanced index fund product uses derivatives and cash market securities to find the most efficient way to "track an index." The considerations involve transaction costs, custodial fees, withholding taxes on dividends, and fees from securities lending. In this... View Details

Keywords: Credit Derivatives and Swaps; Investment Portfolio; Management; Investment Banking; Competitive Advantage; Cost Management

August 1985 (Revised July 1991)
Case

Universal Circuits, Inc.

By: Thomas R. Piper

The manager of international finance of a major U.S. electronics company is concerned about the exposure of the firm to changes in exchange rates. Of particular concern is the exposure of operations to changes in real exchange rates. The teaching objectives include: 1)... View Details

Keywords: Credit Derivatives and Swaps; International Finance; Currency Exchange Rate; Business Plan; Risk and Uncertainty; Financial Management; Financial Strategy; Electronics Industry; United States

September 2002 (Revised October 2002)
Case

Corporate Inversions: Stanley Works and the Lure of Tax Havens

By: Mihir A. Desai, James R. Hines, Jr and Mark Veblen

In response to Stanley Work's announcement that it is moving to Bermuda--and the associated jump in market value--a major competitor sets out to determine how the market is valuing the consequences of moving to a tax haven and whether his company should invert to a tax... View Details

Keywords: Financial Management; Taxation; Financial Strategy; Credit Derivatives and Swaps; International Finance; Valuation; Financial Markets; Financial Statements; United States

December 2001
Case

Natural Pork Production

By: Ray A. Goldberg and James M Beagle

An entrepreneurial hog farmer's creative use of contracts and capital structure drives very successful growth and returns in a depressed commodity industry. View Details

Keywords: Entrepreneurship; Capital Structure; Futures and Commodity Futures; Credit Derivatives and Swaps; Goods and Commodities; Knowledge Use and Leverage; Contracts; Success; Consumer Products Industry

November 2010
Supplement

Lessons Learned? Brooksley Born & the OTC Derivatives Market (B)

By: Clayton S. Rose and David Lane

This (B) case provides the 2009 reflections of former SEC Chairman Arthur Levitt on CFTC Chairman Brooksley Born's 1998 efforts to consider regulating the OTC derivative market. It also provides a summary of the aspects of the 2010 Dodd-Frank Act that regulate these... View Details

Keywords: Financial Crisis; Credit Derivatives and Swaps; Governing Rules, Regulations, and Reforms; Policy; Government Legislation; Business and Government Relations; Financial Services Industry; Public Administration Industry; District of Columbia

11 Feb 2002
Research & Ideas

Guts and Bliss: The Entrepreneur’s Journey

analysis," she advised. Another entrepreneur took a different tack and credited her own decision-making prowess to the power of yoga. Roxanne Quimby, who started Burt's Bees, Inc., a personal care products firm, in her Maine kitchen,... View Details

Keywords: by Martha Lagace

20 Jan 2009
Research & Ideas

Risky Business with Structured Finance

mispriced," Coval remarks. "But we didn't have any sense that it would all come crashing down the way it did—we just thought that the mispricing would be corrected gradually." Stafford adds that neither he nor Coval had done much work in the area of... View Details

Keywords: by Julia Hanna; Banking; Financial Services

09 Aug 2016
First Look

August 9, 2016

reframing distress as passion can improve observers' impressions of the expresser. Publisher's link: https://www.hbs.edu/faculty/Pages/item.aspx?num=51433 Credit-Induced Boom and Bust By: Di Maggio, Marco, and Amir Kermani Abstract—Can a View Details

Keywords: Sean Silverthorne

24 Sep 2013
First Look

First Look: September 24

Monetary Economics Cyclicality of Credit Supply: Firm-Level Evidence By: Ivashina, Victoria, and Bo Becker Abstract—Theory predicts that there is a close link between bank credit supply and the evolution of... View Details

Keywords: Sean Silverthorne

31 Oct 2016
Research & Ideas

Quantitative Easing Didn’t Ease the Housing Crisis for the Neediest

mortgage insurance); the homebuyer’s credit score, and several other standards. The researchers found that the benefits of QE mainly accrued to conforming-mortgage borrowers, whose interest rates fell much further and had a much easier... View Details

Keywords: by Carmen Nobel

August 1986 (Revised September 2004)
Case

Hanson Ski Products

By: William J. Bruns Jr. and Julie H. Hertenstein

At the end of the budget cycle, the manager must test whether plans are feasible given financing arrangements and constraints. Cash needs are great due to seasonality. Needed loans must be calculated at five separate dates, and financial position projected. This is a... View Details

Keywords: Budgets and Budgeting; Capital Budgeting; Cash Flow; Financial Strategy; Activity Based Costing and Management; Financing and Loans; Managerial Roles; Credit; Insurance