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  • 2025
  • Working Paper

Tax Planning, Illiquidity, and Credit Risks: Evidence from DeFi Lending

By: Lisa De Simone, Peiyi Jin and Daniel Rabetti
This study establishes a plausible causal link between tax-planning-induced illiquidity and credit risks in lending markets. Exploiting an exogenous tax shock imposed by the Internal Revenue Service (IRS) on cryptocurrency gains, along with millions of transactions in... View Details
Keywords: Cryptocurrency; Taxation; Financial Liquidity; Credit; Financing and Loans; Financial Markets
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  • 12 Feb 2008
  • First Look

First Look: February 12, 2007

competitive strategy; (2) accounting analysis for representing the firm's business economics and strategy in its financial statements and for developing adjusted accounting measures of performance; (3) View Details
Keywords: Martha Lagace
  • Spring 2024
  • Article

The Evolution of Banking in the 21st Century: Evidence and Regulatory Implications

By: Samuel Gregory Hanson, Victoria Ivashina, Laura Nicolae, Jeremy C. Stein, Adi Sunderam and Daniel K. Tarullo
As revealed by the failures of three regional banks in the spring of 2023, bank runs are not a thing of the past. To inform the ongoing discussion of the appropriate regulatory response, we examine trends in the banking industry over the last twenty-five years. On the... View Details
Keywords: Financial Instruments; Financial Crisis; Assets; Governing Rules, Regulations, and Reforms; Financial Condition; Banking Industry
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  • 15 Jul 2008
  • First Look

First Look: July 15, 2008

when the ratio of government debt to total debt is higher; and ii) by firms with stronger balance sheets. Our theory provides a new perspective on the apparent ability of firms to exploit bond-market return predictability with their... View Details
Keywords: Martha Lagace
  • 29 Jun 2010
  • First Look

First Look: June 29

  Working PapersSurviving the Global Financial Crisis: Foreign Direct Investment and Establishment Performance Authors:Laura Alfaro and Maggie Chen Abstract We examine in this paper the differential response of establishments to the... View Details
Keywords: Martha Lagace
  • 19 Sep 2023
  • Research & Ideas

What Chandrayaan-3 Says About India's Entrepreneurial Approach to Space

1 percent of GDP on R&D, a ratio that has, in fact, been declining over time. In contrast, the US allocates 2.5 percent of GDP to R&D.” Gazette: How is that? Khanna: With SpaceX, Musk has been experimenting with launching... View Details
Keywords: by Clea Simon, Harvard Gazette; Aerospace
  • 26 Feb 2008
  • First Look

First Look: February 26, 2008

similar behavior following periods of poor financial performance. In addition to offering promotions more frequently, we find that firms offer deeper price discounts to manage earnings during these periods. Furthermore, our results... View Details
Keywords: Martha Lagace
  • 05 Jul 2022
  • What Do You Think?

Have We Seen the Peak of Just-in-Time Inventory Management?

cleared and flows of goods have become more plentiful and dependable, how will industry respond? Surely inventor-to-sales ratios will come back down, but to what extent? Will we return to the halcyon days of pre-pandemic inventory... View Details
Keywords: by James Heskett; Manufacturing; Shipping; Transportation
  • 20 Jun 2017
  • First Look

First Look at New Research and Ideas, June 20

background stories of organizations, Win-Win Corporations is an inspiring read into what makes companies great. Publisher's link: https://www.hbs.edu/faculty/Pages/item.aspx?num=52757 forthcoming Journal of Financial Economics... View Details
Keywords: Sean Silverthorne
  • 14 Apr 2009
  • First Look

First Look: April 14, 2009

structures. SWFs seem to engage in a form of trend chasing, since they are more likely to invest at home when domestic equity prices are higher, and invest abroad when foreign prices are higher. Funds see the industry P/E ratios of their... View Details
Keywords: Martha Lagace
  • 19 May 2009
  • First Look

First Look: May 19, 2009

  Working PapersDon't Just Survive—Thrive: Leading Innovation in Good Times and Bad (revised) Authors:Lynda M. Applegate and Bruce Harreld Abstract Battered by contracting markets and frozen credit, many businesses today are fighting for survival. Indeed, the current... View Details
Keywords: Martha Lagace
  • 15 Jul 2019
  • Book

Many Executives Are Afraid of Finance. Here's How They Can Gain Confidence

Book of the Year and connected finance with the humanities. The book sets out to demystify finance and instill both curiosity and confidence, helping readers answer fundamental questions like: What do financial View Details
Keywords: by Dina Gerdeman
  • 11 Aug 2003
  • Research & Ideas

Why Budgeting Kills Your Company

culprit is what he calls the fixed-performance contract. "The targets for sales, costs, and key ratios that are spelled out in the budget become an implicit contract," he says. A recent Hackett survey found between 60 percent... View Details
Keywords: by Loren Gary
  • 12 Nov 2012
  • Research & Ideas

Pay Workers More So They Steal Less

from chain stores and interviewed managers of nine convenience store chains. The first data set, for the year 1999, came from 76 stores in a midsize retail chain and was used to weigh cash shortage and inventory shrinkage, the two most important sources of View Details
Keywords: by Kim Girard; Retail
  • 06 Oct 2015
  • First Look

October 6, 2015

growth and low profitability. Students must determine the reasons for the rising bank borrowing, estimate the amount of borrowing needed, and assess the attractiveness of the loan to the bank. A rewritten version of an earlier case. Allows students to practice View Details
Keywords: Sean Silverthorne
  • 11 Aug 2009
  • First Look

First Look: August 11, 2009

profit from their private information relating to a specific financial reporting element, goodwill impairments, prior to its incorporation by the equity market or recognition by the firm's accounting system. Download the paper:... View Details
Keywords: Martha Lagace
  • 01 Jul 2014
  • First Look

First Look: July 1

a mix of both. Wherever clubs fall on this spectrum, having a strategy that recognizes the global importance of stars is critical to long-lasting financial success. August 2013 Journal of Finance A Comparative-Advantage Approach to... View Details
Keywords: Carmen Nobel
  • 06 Jan 2016
  • What Do You Think?

Why Do Leaders Get Their Timing Wrong?

failing adequately to make the case for change? What is too early or too late? How does a leader determine the timing of the most important decisions for his or her organization? Jim Collins has suggested, for example, that “any deterioration in gross margins, current... View Details
Keywords: by James Heskett; Auto; Fashion
  • 12 Aug 2014
  • First Look

First Look: August 12

it to shareholders, especially in the face of shareholder pressure. In the process, students are asked to undertake fundamental financial analyses, including ratio analysis, a View Details
Keywords: Sean Silverthorne
  • 12 Mar 2019
  • First Look

New Research and Ideas, March 12, 2019

pursuit of financial gain and pay closer attention to their impact on employees, customers, communities, and the environment. But changing an organization’s DNA may require upending the existing business model and lowering profitability,... View Details
Keywords: Dina Gerdeman

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