Financial System - Publications - Faculty & Research

2012
Working Paper

Issuer Quality and Corporate Bond Returns

By: Robin Greenwood and Samuel G. Hanson

We show that the credit quality of corporate debt issuers deteriorates during credit booms, and that this deterioration forecasts low excess returns to corporate bondholders. The key insight is that changes in the pricing of credit risk disproportionately affect the... View Details

Keywords: Price; Credit; Risk and Uncertainty; Investment Return; Forecasting and Prediction; Bonds; Market Design; Cost of Capital; Mathematical Methods; System Shocks

Citation

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07 Oct 2008
First Look

First Look: October 7, 2008

published in top peer-reviewed management, psychology, sociology, and industrial relations journals from 1990 to 2005. Our findings illuminate a continuum of open systems to closed systems phenomenological... View Details

Keywords: Martha Lagace

15 Feb 2012
Op-Ed

Occupy Wall Street Protestors Have a Point

fragility of the financial markets. They thought the financial world had become detached from the real economy. And they were upset by the potential for populist reaction to these problems that could lead to... View Details

Keywords: by Joseph L. Bower, Herman B. Leonard & Lynn S. Paine

01 Aug 2008
Research & Ideas

Does Market Capitalism Have a Future?

capitalism. By market capitalism we mean a system where decisions about what to produce and at what price are made by private firms operating in free markets. We wanted to know in what ways forces within capitalism itself might create... View Details

Keywords: by Garry Emmons

12 Aug 2002
Research & Ideas

‘Let the Buyer Beware’ Doesn’t Protect Investors

do; they get them with the confirmation of a purchase rather than ahead of time. Were there a five-day waiting period before an order could be placed, the current system would perform better. But people want to act quickly, and in markets... View Details

Keywords: by D. Quinn Mills

01 Dec 2008
News

Business at the Summit

Sunday evening in a Baker Lawn “pavilion” erected for the summit’s general sessions. Nearly everyone failed to understand how much the global financial system had changed in recent years, and how fragile it... View Details

Keywords: leadership; alumni events; Centennial; Business Schools & Computer & Management Training; Educational Services; Finance; Management

07 Jul 2009
Research Event

Business Summit: Historical Roots of Globalization

of convergence can be hard for people and countries to support, though, and over time can mount into an anti-globalization backlash. Globalization today faces a legitimacy crisis that has been unfolding for the past decade, a product largely of View Details

Keywords: Re: Multiple Faculty

05 Mar 2013
First Look

First Look: March 5

emerging Asian markets. Paper: http://www.asiabusinessinsights.com/articles.html#sub_articles_E-commerce_in_Asia Issuer Quality and Corporate Bond Returns Authors:Greenwood, Robin, and Samuel G. Hanson Publication:Review of Financial... View Details

Keywords: Sean Silverthorne

01 Sep 2024
News

Far-Reaching Impact

Above: Teachers in India's daycare system draw on Rocket Learning's digital platform to enhance learning. Photo courtesy Rocket Learning When the news reached Namya Mahajan (MBA 2022) as her HBS graduation was approaching that she would receive financial assistance to... View Details

Keywords: Jennifer Gillespie

01 Jun 1998
News

Short Takes

authors. "They use motivation [merely] as the rhetoric to justify their actions." Moreover, the authors found that only two variables in their survey were associated with corporate financial performance: the presence of a strong... View Details

Keywords: Orna Feldman and Caroline Chauncey

01 Dec 2017
News

Removing Barriers

Anita Venkiteswaran (MBA 2012) Anita Venkiteswaran (MBA 2012), a principal at Focus Financial Partners in New York City, believes everyone qualified to attend HBS should have that ability, regardless of where they come from or their View Details

01 Jun 2022
News

Vision: Into the Breach

perform automated scans of its clients’ systems for the duration of their policies, finding and plugging security holes as they appear. With approximately 14,000 customers and 2,000 more signing up each month, the company performs roughly... View Details

Keywords: Alexander Gelfand

15 Apr 2008
First Look

First Look: April 15, 2008

Guide to Changes 10 Years after the 1995 Bank Crisis Authors:Gustavo A. Del Angel, Stephen Haber, and Aldo Musacchio Abstract After the 1995 crisis, the Mexican banking system experienced significant changes in bank accounting standards.... View Details

Keywords: Martha Lagace

Web

Courses by Faculty Unit - Course Catalog

State (CATS) (also listed under General Management) Debora L. Spar Fall 2025 Q1Q2 3.0 Capitalism: Past, Present, Future Sophus A. Reinert Fall 2025 Q1Q2 3.0 Creating the Modern Financial System David Moss... View Details

13 Aug 2021
Blog Post

Exploring Racial Justice with the Scaling Minority Businesses Course

a general management skillset that transcended sectors – private, non-profit, and public. Our most urgent social issues require a multi-faceted approach that spans these sectors because those with the financial and other resources to... View Details

December 2001
Exercise

Exercise on Employee Stock Option Dilution

By: Brian J. Hall

Discusses the effects of option dilution on stock prices and shareholder value. To simplify the example and isolate the complexity of option dilution, we make a number of simplifying assumptions. View Details

Keywords: Stocks; Price; Employee Stock Ownership Plan; Business and Shareholder Relations; Complexity; Value

Citation

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12 Nov 2014
Op-Ed

A Challenge to the New Congress: Pass Housing Finance Reform

those government guarantees, private financial institutions, recalling the burst housing bubble, would not assume the long term risks associated with these mortgages. (If the private investors were willing to take these risks, they would... View Details

Keywords: by Nicolas Retsinas & Rob Couch; Construction; Real Estate

04 Apr 2011
Research & Ideas

Attention Medical Shoppers: What Health Care Can Learn from Walmart and Amazon

that the system isn't set up to incentivize health care workers to do that. "The reason it's never done is that nobody gets paid to do it .there's no incentive to do anything," Cutler said. Services Not Emphasized In terms of... View Details

Keywords: by Carmen Nobel; Health

15 Dec 2020
Blog Post

MBA Voices Blog: A Year in Review

Below is an excerpt from one of these letters. “Black students in our community have spent the last few weeks grappling with the weight of a devastating truth: that our country and society has undeniably and systemically failed Black... View Details

03 Jul 2012
Research & Ideas

HBS Faculty on Supreme Court Health Care Ruling

trillion mandate and no assurance of reversing the inexorable rise in health care costs. Paradoxically, although America has the most technologically advanced and expensive health care system in the world, its citizens continue to get... View Details

Keywords: Re: Multiple Faculty; Health

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