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    • All HBS Web  (933)
      • Faculty Publications  (123)

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      • Article

      Capital Market-Driven Corporate Finance

      By: Malcolm Baker
      Much of empirical corporate finance focuses on sources of the demand for various forms of capital, not the supply. Recently, this has changed. Supply effects of equity and credit markets can arise from a combination of three ingredients: investor tastes, limited... View Details
      Keywords: Behavioral Finance; Limits To Arbitrage; Market Efficiency; Securities Issuance; Supply Effects; Corporate Finance; Investment; Price; Capital Markets; Equity; Financial Services Industry
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      Baker, Malcolm. "Capital Market-Driven Corporate Finance." Annual Review of Financial Economics 1 (2009): 181–205.
      • Article

      The Economics of Structured Finance

      By: Joshua D. Coval, Jakub W. Jurek and Erik Stafford
      This paper investigates the spectacular rise and fall of structured finance. The essence of structured finance activities is the pooling of economic assets like loans, bonds, and mortgages, and the subsequent issuance of a prioritized capital structure of claims, known... View Details
      Keywords: Financial Crisis; Asset Management; Debt Securities; Investment; Risk Management; Behavior
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      Coval, Joshua D., Jakub W. Jurek, and Erik Stafford. "The Economics of Structured Finance." Journal of Economic Perspectives 23, no. 1 (Winter 2009): 3–25.
      • April 2009 (Revised June 2010)
      • Case

      U.S. Subprime Mortgage Crisis: Policy Reactions (B)

      By: Laura Alfaro and Renee Kim
      In March 2009, the U.S. economy was in a severe recession not seen since the Great Depression after the subprime mortgage crisis had spiraled out of control. The situation had dramatically changed in one year since the Federal Reserve Board had helped to bailout... View Details
      Keywords: Financial Crisis; Central Banking; Mortgages; Globalized Economies and Regions; Policy; United States
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      Alfaro, Laura, and Renee Kim. "U.S. Subprime Mortgage Crisis: Policy Reactions (B)." Harvard Business School Case 709-045, April 2009. (Revised June 2010.)
      • February 2009 (Revised February 2022)
      • Case

      Fannie Mae: Public or Private?

      By: David A. Moss, Cole Bolton and Kimberly Hagan
      In 1987, President Ronald Reagan established the President's Commission on Privatization to identify federal government functions that could be shifted to the private sector. One agency that the Commission considered was the Federal National Mortgage Association, or... View Details
      Keywords: Restructuring; Financial Institutions; Mortgages; Government and Politics; Business History; Privatization; Private Sector; Laws and Statutes; United States
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      Moss, David A., Cole Bolton, and Kimberly Hagan. "Fannie Mae: Public or Private?" Harvard Business School Case 709-025, February 2009. (Revised February 2022.)
      • May 2009
      • Article

      Asymmetric Information Effects on Loan Spreads

      By: Victoria Ivashina
      The paper estimates the cost arising from information asymmetry between the lead bank and members of the lending syndicate. In a lending syndicate, the lead bank retains only a fraction of the loan but acts as the intermediary between the borrower and the syndicate... View Details
      Keywords: Cost; Banks and Banking; Financing and Loans; Interest Rates; Capital; Investment Portfolio; Credit; Diversification; Risk and Uncertainty
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      Ivashina, Victoria. "Asymmetric Information Effects on Loan Spreads." Journal of Financial Economics 92, no. 2 (May 2009): 300–319.
      • September 2008 (Revised September 2011)
      • Background Note

      Note: Credit Rating Agencies

      By: William E. Fruhan
      The note examines the role of credit rating agencies in capital markets, with emphasis on the role of these agencies in the recent credit crisis and recommendations for change. View Details
      Keywords: Financial Crisis; Capital Markets; Credit; Governing Rules, Regulations, and Reforms; Standards
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      Fruhan, William E. "Note: Credit Rating Agencies." Harvard Business School Background Note 209-056, September 2008. (Revised September 2011.)
      • September 2008
      • Article

      Firm Heterogeneity and Credit Risk Diversification

      By: Samuel G. Hanson, M. Hashem Pesaran and Til Schuermann
      This paper examines the impact of neglected heterogeneity on credit risk. We show that neglecting heterogeneity in firm returns and/or default thresholds leads to under estimation of expected losses (EL), and its effect on portfolio risk is ambiguous. Once EL is... View Details
      Keywords: Volatility; Credit; Investment Return; Outcome or Result; Risk and Uncertainty; Loss; Diversification; Complexity; United States
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      Hanson, Samuel G., M. Hashem Pesaran, and Til Schuermann. "Firm Heterogeneity and Credit Risk Diversification." Journal of Empirical Finance 15, no. 4 (September 2008): 583–612.
      • fall 2008
      • Article

      The Intermediation of Financial Risks: Evolution in the Catastrophe Reinsurance Market

      By: Kenneth A. Froot
      In this paper, I provide evidence concerning the imperfections in the reinsurance market. I try to get at some of the root causes of these imperfections, e.g., the behavior of ratings firms and the agency problems associated with the corporate form of ownership. I also... View Details
      Keywords: Catastrophe Risk; Corporate Finance; Banking And Insurance; Hedging; Banking; Financial Markets; Insurance; Policy; Risk Management; Natural Disasters; Cost of Capital; Asset Pricing; Insurance Industry
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      Froot, Kenneth A. "The Intermediation of Financial Risks: Evolution in the Catastrophe Reinsurance Market." Risk Management and Insurance Review 11, no. 2 (fall 2008): 281–294.
      • 2008
      • Working Paper

      Financial Development, Bank Ownership, and Growth. Or, Does Quantity Imply Quality?

      By: Shawn A. Cole
      In 1980, India nationalized its large private banks. This induced different bank ownership patterns across different towns, allowing credible identification of the effects of bank ownership on financial development, lending rates, and the quality of intermediation, as... View Details
      Keywords: Economic Growth; Credit; Banks and Banking; Interest Rates; State Ownership; Private Ownership; Banking Industry; India
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      Cole, Shawn A. "Financial Development, Bank Ownership, and Growth. Or, Does Quantity Imply Quality?" Harvard Business School Working Paper, No. 09-002, July 2008.
      • March 2008 (Revised April 2009)
      • Case

      Eliot Spitzer: Pushing Wall Street to Reform

      By: Rawi Abdelal, Rafael Di Tella and Jonathan Schlefer
      New York State Attorney General Eliot Spitzer faced a decision about how to stop wrongdoing committed by major Wall Street firms during the Internet boom. The equities analysts of Merrill Lynch and other Wall Street firms were charged with objectively advising retail... View Details
      Keywords: Crime and Corruption; Decisions; Financial Institutions; Stocks; Governing Rules, Regulations, and Reforms; Laws and Statutes; Lawsuits and Litigation; Conflict of Interests; Internet; Financial Services Industry; United States
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      Abdelal, Rawi, Rafael Di Tella, and Jonathan Schlefer. "Eliot Spitzer: Pushing Wall Street to Reform." Harvard Business School Case 708-019, March 2008. (Revised April 2009.)
      • January 2008
      • Background Note

      Convertible Arbitrage

      By: Joshua Coval and Erik Stafford
      The goal of this simulation is to understand how convertible bonds can be viewed as a portfolio of simpler securities and to introduce an over-the-counter market. The convertible bonds that are available during the simulation are at-the-money and in-the-money so that... View Details
      Keywords: Bonds; Investment Portfolio; Price; Risk Management; Mathematical Methods
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      Coval, Joshua, and Erik Stafford. "Convertible Arbitrage." Harvard Business School Background Note 208-116, January 2008.
      • September 2007
      • Case

      Tetra Pak Argentina

      By: Tarun Khanna, Krishna G. Palepu and Gustavo A. Herrero
      Deals with the hands-on management of a difficult situation facing the subsidiary of a multinational corporation (Tetra Pak) in a developing country (Argentina). The situation arises from a major economic, social, and institutional breakdown that jeopardizes the... View Details
      Keywords: Developing Countries and Economies; Financial Crisis; Currency Exchange Rate; Sovereign Finance; Multinational Firms and Management; Crisis Management; Business and Government Relations; Argentina
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      Khanna, Tarun, Krishna G. Palepu, and Gustavo A. Herrero. "Tetra Pak Argentina." Harvard Business School Case 708-402, September 2007.
      • November 2006 (Revised March 2007)
      • Case

      Goodyear and the Threat of Government Tire Grading

      By: Felix Oberholzer-Gee, Dennis A. Yao and Elizabeth Raabe
      In the spring of 1977, Goodyear CEO Charles J. Pilliod Jr. was looking at an internal report on government and legal events relevant to the tire industry. Two items caught his attention. First, he noticed that an industry suit to block the government's proposed system... View Details
      Keywords: Competitive Advantage; Lawsuits and Litigation; Auto Industry; Rubber Industry; United States
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      Oberholzer-Gee, Felix, Dennis A. Yao, and Elizabeth Raabe. "Goodyear and the Threat of Government Tire Grading." Harvard Business School Case 707-494, November 2006. (Revised March 2007.)
      • September 2006 (Revised August 2007)
      • Background Note

      The History of Credit Agencies in the United States

      By: F. Warren McFarlan and Tracy Manty
      Provides a brief background on the history of credit agencies in the United States. Focuses on the mature process of data collection on an American consumer and how credit agencies share the information to determine proper credit risk and worthiness of a consumer. The... View Details
      Keywords: Credit; United States
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      McFarlan, F. Warren, and Tracy Manty. "The History of Credit Agencies in the United States." Harvard Business School Background Note 307-057, September 2006. (Revised August 2007.)
      • August 2006
      • Article

      Confidence Intervals for Probabilities of Default

      By: Samuel G. Hanson and Til Schuermann
      In this paper we conduct a systematic comparison of confidence intervals around estimated probabilities of default (PD) using several analytical approaches as well as parametric and nonparametric bootstrap methods. We do so for two different PD estimation... View Details
      Keywords: Credit Risk; Bootstrap; Mathematical Methods; Credit; Risk Management
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      Hanson, Samuel G., and Til Schuermann. "Confidence Intervals for Probabilities of Default." Journal of Banking & Finance 30, no. 8 (August 2006).
      • June 2006 (Revised February 2007)
      • Teaching Note

      Private Capital and Public Policy: Standard & Poor's Sovereign Credit Ratings (TN)

      By: Rawi E. Abdelal
      Keywords: Public Sector; Credit; Financial Services Industry
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      Abdelal, Rawi E. "Private Capital and Public Policy: Standard & Poor's Sovereign Credit Ratings (TN)." Harvard Business School Teaching Note 706-070, June 2006. (Revised February 2007.)
      • spring 2006
      • Article

      All's Fair in Love, War, & Bankruptcy: Corporate Governance Implications of CEO Turnover in Financial Distress

      By: Ethan S. Bernstein
      Prior discussions of management turnover during financial distress have examined bankrupt and non-bankrupt firms as distinct groupings with little overlap. Separately investigating rates of turnover in-bankruptcy and out-of-bankruptcy, without a direct comparison... View Details
      Keywords: CEO Turnover; Bankruptcy; Restructuring; Shadow Of Bankruptcy; Borrowing and Debt; Credit; Financing and Loans; Corporate Governance; Finance; Theory; Markets; United States
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      Bernstein, Ethan S. "All's Fair in Love, War, & Bankruptcy: Corporate Governance Implications of CEO Turnover in Financial Distress." Stanford Journal of Law, Business & Finance 11, no. 2 (spring 2006): 299–325.
      • March 2005 (Revised March 2006)
      • Case

      Foreign Exchange Hedging Strategies at General Motors: Competitive Exposures

      By: Mihir A. Desai and Mark Veblen
      How can a multinational firm analyze and manage currency risks that arise from competitive exposures? General Motors has a substantial competitive exposure to the Japanese yen. Although the risks GM faces from the depreciating yen are widely acknowledged, the company's... View Details
      Keywords: Multinational Firms and Management; Currency Exchange Rate; Competition; Credit Derivatives and Swaps; International Finance; Financial Management; Investment Funds; Risk and Uncertainty; Auto Industry
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      Desai, Mihir A., and Mark Veblen. "Foreign Exchange Hedging Strategies at General Motors: Competitive Exposures." Harvard Business School Case 205-096, March 2005. (Revised March 2006.)
      • March 2005 (Revised January 2006)
      • Case

      Foreign Exchange Hedging Strategies at General Motors: Transactional and Translational Exposures

      By: Mihir A. Desai and Mark Veblen
      How should a multinational firm manage foreign exchange exposures? Examines transactional and translational exposures and alternative responses to these exposures by analyzing two specific hedging decisions by General Motors. Describes General Motors' corporate hedging... View Details
      Keywords: Multinational Firms and Management; Currency Exchange Rate; Expansion; Credit Derivatives and Swaps; Financial Management; Investment Funds; Risk and Uncertainty; International Finance; Auto Industry
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      Desai, Mihir A., and Mark Veblen. "Foreign Exchange Hedging Strategies at General Motors: Transactional and Translational Exposures." Harvard Business School Case 205-095, March 2005. (Revised January 2006.)
      • January 2005 (Revised October 2005)
      • Case

      Private Capital and Public Policy: Standard & Poor's Sovereign Credit Ratings

      By: Rawi E. Abdelal and Christopher Bruner
      Describes Standard & Poor's sovereign credit ratings business. Provides background on the history of credit ratings agencies, the meaning of credit ratings, the expansion of the sovereign ratings business over recent decades, and the market for credit ratings. Also,... View Details
      Keywords: Sovereign Finance; History; Policy; Business and Government Relations; International Finance; Country; Globalized Economies and Regions; Decision Choices and Conditions; Capital Markets; Debates; Financial Services Industry; United States
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      Abdelal, Rawi E., and Christopher Bruner. "Private Capital and Public Policy: Standard & Poor's Sovereign Credit Ratings." Harvard Business School Case 705-026, January 2005. (Revised October 2005.)
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