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  • 25 Apr 2017
  • First Look

First Look at New Research, April 25

changes in the minimum wage at the city level. The evidence suggests that higher minimum wages increase overall exit rates for restaurants. However, lower quality restaurants, which are already closer to the margin of exit, are... View Details
Keywords: Sean Silverthorne
  • 21 May 2013
  • First Look

First Look: May 21

cost of capital and in turn the rates available to borrowers. Standard theory predicts that, in perfect and efficient capital markets, reducing banks' leverage reduces the risk and cost of equity but leaves the overall weighted average... View Details
Keywords: Sean Silverthorne
  • 01 Jun 2007
  • What Do You Think?

How Should Pay Be Linked to Performance?

into account the spread in pay packages between the top two executives in the organizations whose bonds it rates. Presumably, the larger the spread, the lower the bond rating, reflecting the higher implied... View Details
Keywords: by Jim Heskett
  • 20 May 2014
  • Research & Ideas

Managing the Family Business: Survival’s Secret Sauce

faster than your family or business consumes them. Of course, growing families and businesses are both good at consuming assets. For many family companies we have researched, their sustainable real growth rate is 6 percent. That might... View Details
  • 27 Jun 2019
  • Research & Ideas

Rituals Strengthen Couples. Here’s Why They’re Good for Business, Too

acts that may seem mundane, like making coffee every morning for a spouse, often come with a strong emotional backdrop, boosting the bond between couples, say the coauthors, Harvard Professor Michael I. Norton, HBS doctoral candidate... View Details
Keywords: by Dina Gerdeman
  • June 1985 (Revised August 1994)
  • Background Note

U.S. Government Debt Market and the Structure of Interest Rates, The

Concerns U.S. Government Debt Market and various conventions used to depict the structure of interest rates. View Details
Keywords: Sovereign Finance; Bonds; Interest Rates
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  • 23 Aug 2004
  • Research & Ideas

New Challenges for Long-Term Investors

Viceira: I think that the best example to understand this is to look at U.S. Treasury bonds. Over short horizons, bond prices fluctuate as interest rates change. Increases in interest View Details
Keywords: by Ann Cullen
  • 13 Apr 2010
  • First Look

First Look: April 13

Interest Rates Author:Luis M. Viceira Publication:International Journal of Forecasting (forthcoming) Abstract This paper explores time variation in bond risk, as measured by the covariation of View Details
Keywords: Martha Lagace
  • 22 Mar 2011
  • First Look

First Look: March 22

Abstract This paper decomposes the excess return predictability in inflation-indexed and nominal government bonds into effects from liquidity, market segmentation, real interest rate risk, and inflation... View Details
Keywords: Sean Silverthorne
  • 22 May 2007
  • First Look

First Look: May 22, 2007

innovation, organizations' designs, and the nature of organizational adaptation. Download the paper: http://www.hbs.edu/research/pdf/07-087WP.pdf Bond Risk, Bond Return Volatility, and the Term Structure of... View Details
Keywords: Martha Lagace
  • 15 Oct 2013
  • First Look

First Look: October 15

economic reasons. The conventional wisdom is that politically motivated aid is less effective in promoting developmental objectives. We examine the ex-post performance ratings of World Bank projects and generally find that projects that... View Details
Keywords: Sean Silverthorne
  • 21 Jan 2014
  • First Look

First Look: January 21

duration function as large-scale shocks to the quantity of interest rate risk that must be borne by professional bond investors. I develop a simple model in which the risk tolerance of View Details
Keywords: Sean Silverthorne
  • 09 Jan 2006
  • Research & Ideas

Rebuilding Commercial Real Estate

viewed as a new asset class that competes with stocks and bonds for investment capital. It earned that newfound status on the strength of market-stabilizing structural changes that took root after the last crash. "Everything we do... View Details
Keywords: by Roger Thompson; Construction; Real Estate
  • 07 May 2013
  • First Look

First Look: May 7

decomposes excess return predictability in U.S. and U.K. inflation-indexed and nominal government bonds. We find that nominal bonds reflect time-varying inflation and real rate risk premia, while... View Details
Keywords: Carmen Nobel
  • 29 Jan 2013
  • First Look

First Look: Jan. 29

may increase the rate of individual learning from customer-specific experience for a focal task. Finally, we find that the level of experience with a customer for the entire outsourcing firm also yields learning and that the degree of... View Details
Keywords: Sean Silverthorne
  • 11 Sep 2018
  • First Look

New Research and Ideas, September 11, 2018

M. Viceira Abstract—Our new model of consumption-based habit formation preferences generates loglinear, homoscedastic macroeconomic dynamics and time-varying risk premia on bonds and stocks. Consumers' first-order condition for the real... View Details
Keywords: Dina Gerdeman
  • 10 Jan 2012
  • First Look

First Look: January 10

interest rate risk premium and a changing liquidity risk premium, and that the variability in the nominal bond risk premia reflects a changing inflation risk premium. We estimate significant time series... View Details
Keywords: Sean Silverthorne
  • 15 Jul 2008
  • First Look

First Look: July 15, 2008

structured finance instruments can be characterized as economic catastrophe bonds but offer far less compensation than alternatives with comparable payoff profiles. We argue that this difference arises from the willingness of View Details
Keywords: Martha Lagace
  • 10 Feb 2009
  • First Look

First Look: February 10, 2009

  Working PapersInflation Bets or Deflation Hedges? The Changing Risks of Nominal Bonds Authors:John Y. Campbell, Adi Sunderam, and Luis M. Viceira Abstract The covariance between U.S. Treasury bond returns... View Details
Keywords: Martha Lagace
  • 11 Apr 2017
  • First Look

First Look at New Research, April 11

theoretical and empirical investigation of the risks of globally diversified portfolios of stocks and bonds and of optimal intertemporal global portfolio choice for long horizon investors in the presence of permanent cash flow shocks and... View Details

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