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  • 13 Sep 2013
  • HBS Seminar

Nirupama Rao, NYU Wagner School of Public Service

  • 15 Jun 2012
  • Working Paper Summaries

Reaching for Yield in the Bond Market

Keywords: by Bo Becker & Victoria Ivashina
  • 2012
  • Working Paper

When Supply-Chain Disruptions Matter

By: William Schmidt and Ananth Raman
Supply-chain disruptions have a material effect on company value, but this impact can vary considerably. Thus, it is important for managers and investors to recognize the types of disruptions and the organizational factors that lead to the worst outcomes. Prior... View Details
Keywords: Supply Chain; Operations; Performance Efficiency
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  • 13 Mar 2014
  • HBS Seminar

Karthik Ramanna, Harvard Business School

  • 13 Dec 2012
  • HBS Seminar

Raffaella Sadun, Harvard Business School

  • Research Summary

Economic Catastrophe Bonds

(with Joshua Coval and Erik Stafford)

The central insight of asset pricing is that a security's value depends on both its distribution of payoffs across economic states and state prices. In fixed income markets, many investors focus exclusively on estimates of... View Details
  • 2023
  • Working Paper

The Market for Sharing Interest Rate Risk: Quantities and Asset Prices

By: Umang Khetan, Jane Li, Ioana Neamtu and Ishita Sen
We study the extent of interest rate risk sharing across the financial system using granular positions and transactions data in interest rate swaps. We show that pension and insurance (PF&I) sector emerges as a natural counterparty to banks and corporations: overall,... View Details
Keywords: Interest Rates; Investment Funds; Banks and Banking; Insurance; Investment Banking; Risk and Uncertainty
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  • 2018
  • Book

A Crisis of Beliefs: Investor Psychology and Financial Fragility

By: Nicola Gennaioli and Andrei Shleifer
The collapse of Lehman Brothers in September 2008 caught markets and regulators by surprise. Although the government rushed to rescue other financial institutions from a similar fate after Lehman, it could not prevent the deepest recession in postwar history. A... View Details
Keywords: Financial Fragility; Economic Risk; Investor Behavior; Behavioral Economics; Financial Crisis; Risk and Uncertainty; Financial Markets; Investment; Values and Beliefs; United States
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  • September 1998 (Revised July 1999)
  • Case

Costco Companies, Inc.

By: David E. Bell and Ann Leamon
Costco Companies, one of the major players in the wholesale club industry, has developed a new class of membership that offers discounted services--auto, health, and home insurance, business credit card processing, real estate services--in exchange for a higher annual... View Details
Keywords: Cost vs Benefits; Cost Management; Brands and Branding; Marketing Strategy; Supply and Industry; Service Delivery; Service Operations; Risk and Uncertainty; Retail Industry
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  • November 1999 (Revised November 2000)
  • Background Note

Economic Liberalization and Industry Dynamics

Programs of economic liberalization often lead to dramatic changes in industry structure. This note presents excerpts from several research papers that summarize findings on how industries evolve following abrupt policy reforms. The note is organized into seven... View Details
Keywords: Industry Structures
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  • 05 Nov 2013
  • First Look

First Look: November 5

through reduction of firm variability, we do not find this offsetting beneficial effect to be strong. Download working paper: http://ssrn.com/abstract=2252200 What Shapes the Gatekeepers? Evidence from Global Supply Chain Auditors By:... View Details
Keywords: Sean Silverthorne
  • April 2012
  • Article

Bouncing Out of the Banking System: An Empirical Analysis of Involuntary Bank Account Closures

By: Dennis Campbell, F. Asis Martinez-Jerez and Peter Tufano
Using a new database, we document the factors that relate to the extent of involuntary consumer bank account closure resulting from excessive overdraft activity. Consumers who have accounts involuntarily closed for overdraft activity may have limited or no access to... View Details
Keywords: Mathematical Methods; Customers; Social Issues; Outcome or Result; Budgets and Budgeting; Forecasting and Prediction; Competition; Banks and Banking; Policy; Personal Characteristics; Credit; Employment; United States
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  • September 2018
  • Article

Asset Price Dynamics in Partially Segmented Markets

By: Robin Greenwood, Samuel G. Hanson and Gordon Y. Liao
We develop a model in which capital moves quickly within an asset class but slowly between asset classes. While most investors specialize in a single asset class, a handful of generalists can gradually reallocate capital across markets. Upon the arrival... View Details
Keywords: System Shocks; Asset Pricing
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  • April 2003
  • Case

Energis (A)

By: John R. Wells
Describes the history of Energis, one of the United Kingdom's major alternative telecommunications network service providers (altnets). Tracks the company from its birth as a diversification move by the National Grid, the U.K.'s leading electricity distributor, through... View Details
Keywords: History; Change Management; Business Exit or Shutdown; Business Growth and Maturation; Organizational Structure; Industry Structures; Telecommunications Industry; United Kingdom
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  • 05 Oct 2010
  • First Look

First Look: October 5, 2010

Affect Credit Ratings? Authors:Bo Becker and Todd Milbourn Abstract The credit rating industry has historically been dominated by just two agencies, Moody's and S&P, leading to longstanding legislative... View Details
Keywords: Sean Silverthorne
  • April 2024
  • Article

Demand-and-Supply Imbalance Risk and Long-Term Swap Spreads

By: Samuel G. Hanson, Aytek Malkhozov and Gyuri Venter
We develop and test a model in which swap spreads are determined by end users' demand for and constrained intermediaries’ supply of long-term interest rate swaps. Swap spreads reflect compensation both for using scarce intermediary capital and for bearing convergence... View Details
Keywords: Swap Spreads; Credit Derivatives and Swaps; Interest Rates; Risk and Uncertainty; Volatility
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  • 2016
  • Working Paper

Innovating in Science and Engineering or 'Cashing In' on Wall Street? Evidence on Elite STEM Talent

By: Pian Shu
Using data on MIT bachelor's graduates from 1994 to 2012, this paper empirically examines the extent to which the inflow of elite talent into the financial industry affects the supply of innovators in science and engineering (S&E). I first show that finance does not... View Details
Keywords: Higher Education; Engineering; Personal Development and Career; Science; Finance
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  • 28 Jul 2015
  • First Look

First Look: July 28, 2015

management literature. Download working paper: https://www.hbs.edu/faculty/Pages/item.aspx?num=47633 Concentrated Capital Losses and the Pricing of Corporate Credit Risk By: Siriwardane, Emil N. Abstract—Using proprietary View Details
Keywords: Carmen Nobel
  • May 2023
  • Article

Decarbonizing Health Care: Engaging Leaders in Change

By: Vivian S. Lee, Kathy Gerwig, Emily Hough, Kedar Mate, Robert Biggio and Robert S. Kaplan
Health care leaders are often surprised to learn that their operations contribute significantly to a warming climate. In addition to their roles as responders to and victims of extreme weather events, health care organizations have an obligation to reduce... View Details
Keywords: Health Care; Decarbonization; Carbon Emissions; Net-zero Emissions; Climate Change; Health Care and Treatment; Health Industry
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    When Do Stocks and Bonds Move Together, and Why Does it Matter?

    The co-movement of Treasury bonds and stocks is an important indicator for both policy makers and for long-term investors. A positive co-movement between nominal Treasury bonds and stocks, as in the 1980s, means that nominal bonds amplify the volatility of stock... View Details