Publications

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

Keywords: Performance; Stocks; Situation or Environment

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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

Keywords: Debt Securities; Restructuring; Financial Services Industry

2003
Other Unpublished Work

Testing Savings Product Innovations Using an Experimental Methodology

By: Nava Ashraf, Dean Karlan and Wesley Yin

Keywords: Saving; Financial Instruments; Innovation and Invention

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1979
Other Unpublished Work

Quelques Conclusions sur le Comportement des Investisseurs en Valeurs Mobilières dans la Région Aquitaine

By: Marc L Bertoneche

Keywords: Financial Instruments; Investment; Behavior; France

27 May 2008
Sharpening Your Skills

Sharpening Your Skills: Thinking About Global

landscape. Key concepts include: Although property rights protections for investors in developing nations have improved since 1980, the new instruments are failing to satisfy the interests of either host countries or their business... View Details

26 Jan 2024
Blog Post

Hiring at HBS: How Summer Interns Make an Impact at Emerson Collective

deeply into different spaces,” said Lichter. Lichter also notes that the HBS network can be instrumental in helping interns add value. Students have successfully tapped into the potential of the HBS network to build connections that... View Details

Keywords: Nonprofit / Government

25 Feb 2025
Blog Post

Making a Broader Impact with Multiple Disciplines: Santosh Iyer (MBA 2020)

LEGOs to build an intelligently actuated tool for precision brain biopsy. Inspired by cutting-edge research at Johns Hopkins University, where surgeons used tele-operated robotic instruments for minimally invasive neurosurgery, I realized... View Details

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

30 Mar 2009
Research & Ideas

Professional Networks in China and America

ties—their associates' connections to third parties. Put differently, Chinese managers cultivate ties not only toward associates with the expertise or resources they need, but also toward those who are connected to these individuals. These "connected" people... View Details

Keywords: by Sean Silverthorne

June 1991
Case

Continental Carriers, Inc.

By: W. Carl Kester

A U.S. trucking company is considering using debt for the first time to acquire another company. The directors of the company are divided in their opinion of the likely impact of leverage on Continental Carriers' performance. Their differences must be reconciled and a... View Details

Keywords: Debt Securities; Financing and Loans; Acquisition; Borrowing and Debt; Equity; Transportation Industry; United States

April 2022 (Revised April 2023)
Case

Highland Park Wood Co. (Abridged)

By: David E. Bell

A major home builder wishes to purchase lumber (Southern pine). The builder wants delivery in six months but prefers to lock-in the price near current rates. The lumber wholesaler must decide on a pricing and sourcing strategy. Examples include: 1) buy & hold, 2) wait... View Details

Keywords: Decision Choices and Conditions; Goods and Commodities; Futures and Commodity Futures; Price; Forest Products Industry; Construction Industry

December 1996 (Revised October 1999)
Case

Kidder, Peabody & Co.: Creating Elusive Profits

By: Robert L. Simons and Antonio Davila

On April 17, 1994, Kidder, Peabody & Co. announced a $350 million charge against earnings resulting from the discovery of false trading profits. That same day, the termination of Joseph Jett's employment with the company was made public. By illustrating the mechanics... View Details

Keywords: Bonds; Governance Controls; Crime and Corruption; Financial Reporting; Profit; Financial Strategy

2009
Case

Blaine Kitchenware, Inc.: Capital Structure: Brief Case No. 4040.

By: Timothy A. Luehrman and Joel L. Heilprin

A diversified mid-sized manufacturer of kitchen tools contemplates a stock repurchase in response to an unsolicited takeover. The company must analyze its debt capacity and optimal capital structure,while considering associated changes in firm value and stock price.... View Details

Keywords: Capital Structure; Financial Strategy; Interest Rates; Taxation; Stocks; Consumer Products Industry

October 2008 (Revised August 2010)
Background Note

Understanding the Credit Crisis of 2007 to 2008

By: Arthur I Segel and Ben Creo

This note details the background of the credit crisis, discusses potential causes of it, and considers its ramifications. The exhibits contain a variety of pertinent data regarding the rise of securitization, debt levels, and typical aspects of financial crises. A new... View Details

Keywords: Financial Crisis; Borrowing and Debt; Credit; Financial Instruments; Financial Management; Financial Markets

March 2008 (Revised May 2008)
Case

Carlyle Japan (A)

By: David B. Godes, Masako Egawa and Mayuka Yamazaki

Tamotsu Adachi, Managing Director of Carlyle Japan, wants to formulate a strategy to improve his firm's ability to source high-quality deals at competitive valuations, or prices. Buyout funds like Carlyle typically have two deal phases: sourcing and monitoring. These... View Details

Keywords: Financial Instruments; Leveraged Buyouts; Supply Chain Management; Marketing Channels; Sales; Financial Services Industry; Japan