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October 2019
Article

Partial Deregulation and Competition: Effects on Risky Mortgage Origination

By: Marco Di Maggio, Amir Kermani and Sanket Korgaonkar

We exploit the OCC's preemption of national banks from state laws against predatory lending as a quasi-experiment to study the effect of deregulation and its interaction with competition on the supply of complex mortgages. Following the preemption ruling, national... View Details

Keywords: Great Recession; Subprime; Complex Mortgages; Credit Supply; Household Debt; Preemption Rule; Competition; Mortgages; Government Legislation; Credit; Financial Crisis

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21 Jul 2009
First Look

First Look: July 21

for making CBA more effective, rather than eliminating CBA as a decision-making tool. Download the paper: http://www.hbs.edu/research/pdf/10-001.pdf Reputation and Competition: Evidence from the Credit View Details

Keywords: Martha Lagace

2020
Working Paper

Currency Hedging in Emerging Markets: Managing Cash Flow Exposure

By: Laura Alfaro, Mauricio Calani and Liliana Varela

Foreign currency derivative markets are among the largest in the world, yet their role in emerging markets in particular, is relatively understudied. We study firms' currency risk exposure and their hedging choices by employing a unique dataset covering the universe of... View Details

Keywords: Foreign Currency Hedging; FX Derivatives; Foreign Currency Debt; Currency Mismatch; Trade Credit; Currency; Cash Flow; Emerging Markets

2024
Working Paper

Bank Runs and Interest Rates: A Revolving Lines Perspective

By: Falk Bräuning and Victoria Ivashina

Revolving credit is at the core of the banking business. Corporate revolving credit lines are demandable claims; thus, similar to a traditional bank run on deposits, sudden widespread drawdowns on credit lines can be destabilizing to the banking sector. However, we... View Details

Keywords: Financial Liquidity; Credit; Financial Crisis; Interest Rates; Banks and Banking

13 Jul 2007
Working Paper Summaries

Economic Catastrophe Bonds

Keywords: by Joshua D. Coval, Jakub W. Jurek & Erik Stafford; Financial Services

February 2022
Article

Taxation and Innovation in the 20th Century

By: Ufuk Akcigit, John Grigsby, Tom Nicholas and Stefanie Stantcheva

This paper studies the effect of corporate and personal taxes on innovation in the United States over the twentieth century. We build a panel of the universe of inventors who patent since 1920, and a historical state-level corporate tax database with corporate tax... View Details

Keywords: Innovation; Income Taxes; Corporate Taxation; Firms; Inventors; State Taxation; Business Taxation; R＆D Tax Credits; Taxation; Innovation and Invention; History; United States

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October 2000 (Revised October 2000)
Case

Off-Balance Sheet Leases in the Restaurant Industry

By: Amy P. Hutton, Paul M. Healy and Jacob Cohen

Amid mounting concern by credit agencies about off-balance sheet liabilities, an analyst for one of the leading credit-rating agencies has been asked to make a presentation about off-balance sheet liabilities, the strategic analysis behind leasing versus purchasing... View Details

Keywords: Fair Value Accounting; Property; Leasing; Financial Statements; Capital Structure; Credit; Financial Services Industry

15 Aug 2007
Op-Ed

3 Steps to Reduce Financial System Risk

expertise among the spaghetti bowl of supervisory bodies; second, encourage rating agencies to improve their modeling of new and complex derivative products; and third, induce new investors to evaluate the... View Details

Keywords: by Mohamed El-Erian; Financial Services; Banking

2012
Article

Friends with Money

By: Christopher Parsons, J. Engelberg and P. Gao

When banks and firms are connected through interpersonal linkages—such as their respective management having attended college or previously worked together—interest rates are markedly reduced, comparable with single shifts in credit ratings. These rate concessions do... View Details

Keywords: Social and Collaborative Networks; Interest Rates; Banking Industry

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25 Feb 2009
Working Paper Summaries

Fear of Rejection? Tiered Certification and Transparency

Keywords: by Emmanuel Farhi, Josh Lerner & Jean Tirole

September 1998 (Revised March 2002)
Case

Petrolera Zuata, Petrozuata C.A.

By: Benjamin C. Esty and Mathew M Millett

Petrozuata is a proposed $2.5 billion oil-field development project in Venezuela. The case is set in 1997 as the project sponsors, Conoco and PDVSA (Venezuela's national oil company), are planning to meet with various development agencies and rating agencies regarding... View Details

Keywords: Risk Management; Valuation; Project Finance; Capital Markets; Investment; Projects; Mining Industry; Energy Industry; Venezuela

January 2004 (Revised November 2006)
Case

Fleet Managed Assets Division (A)

By: Paul W. Marshall and Todd H Thedinga

Paul Kennedy, executive director of Fleet's Managed Asset Division, must decide whether to extend further credit to Polaroid Corp. in the fall of 2001. Polaroid's credit rating had been declining rapidly, but it was a major employer in the Boston area with many... View Details

Keywords: Information Technology; Credit; Banks and Banking; Banking Industry; Boston

February 1979
Case

Systems Engineering Laboratories, Inc.

By: William E. Fruhan Jr.

Choosing an equity offering or an offering of straight subordinated debt with a CCC credit rating and a 12.5% coupon. View Details

Keywords: Decision Choices and Conditions; Borrowing and Debt; Corporate Finance; Computer Industry

October 2010 (Revised November 2010)
Case

The Export-Import Bank of the United States

By: C. Fritz Foley and Matthew Johnson

In the fall of 2009, Fred Hochberg, chairman of the Export-Import Bank of the United States (Ex-Im), and his team struggled to find a way to help finance the sale of Boeing aircraft to Emirates. Ex-Im responds to the challenges in the credit market with an innovative... View Details

Keywords: Trade; Credit; Financing and Loans; International Finance; Banking Industry; United States

October 2016
Case

Turkasset: Bringing Customer-Centricity to Debt Collection

By: Dennis Campbell and Gamze Yucaoglu

In December 2014, in preparation for the year-end board presentation, Hilmi Guvenal (PMD 1993), shareholder and CEO of Turkasset, and Ilker Yoney, COO, sat down to discuss Turkasset’s five- and ten-year strategic plans. Since taking leadership of the company in 2009,... View Details

20 Dec 2011
First Look

First Look: December 20

& Course MaterialsKroll Bond Rating Agency Bo BeckerHarvard Business School Case 212-034 The established credit raters were criticized for inflating the mortgage View Details

Keywords: Carmen Nobel

June 2016
Article

Local Currency Sovereign Risk

By: Wenxin Du and Jesse Schreger

We introduce a new measure of emerging market sovereign credit risk: the local currency credit spread, defined as the spread of local currency bonds over the synthetic local currency risk-free rate constructed using cross-currency swaps. We find that local currency... View Details

Keywords: Risk and Uncertainty; Sovereign Finance; Currency; Emerging Markets

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2015
Working Paper

Collateral Shortages and Intermediation Networks

By: Marco Di Maggio and Alireza Tahbaz-Salehi

This paper argues that in the presence of trading frictions and agency problems, the interbank market may be overly fragile, in the sense that small changes in the liquidity of assets used as collateral may lead to large swings in haircuts and a potential credit... View Details

Keywords: Financial Intermediation; Financial Networks; Secured Lending; Collateral; Repo Runs; ABCP Collapse; Networks; Negotiation; Financing and Loans; Financial Crisis

October 2010
Supplement

The Export-Import Bank of the United States (CW)

By: C. Fritz Foley and Matthew Johnson

In the fall of 2009, Fred Hochberg, Chairman of The Export-Import Bank of the United States (Ex-Im), and his team struggled to find a way to help finance the sale of Boeing aircraft to Emirates. Ex-Im responds to the challenges in credit market with an innovative... View Details

Keywords: Trade; Cost Management; Credit; Financing and Loans; Innovation and Invention; Markets; Problems and Challenges; Sales; Banking Industry; United Arab Emirates; United States

2020
Working Paper

Accounting for Product Impact in the Consumer Finance Industry

By: George Serafeim and Katie Trinh

We apply the product impact measurement framework of the Impact-Weighted Accounts Initiative (IWAI) in two competitor credit card providers within the consumer finance industry. We design a monetization methodology that allows us to calculate monetary impact estimates... View Details

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