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  • All HBS Web  (820)
    • News  (90)
    • Research  (648)
    • Multimedia  (2)
  • Faculty Publications  (332)

Show Results For

  • All HBS Web  (820)
    • News  (90)
    • Research  (648)
    • Multimedia  (2)
  • Faculty Publications  (332)
← Page 7 of 820 Results →
  • 18 Aug 2009
  • News

Disclose the fair value of complex securities

  • April 2023
  • Article

Are Intermediary Constraints Priced?

By: Wenxin Du, Benjamin Hebert and Amy Wang Huber
Violations of no-arbitrage conditions measure the shadow cost of intermediary constraints. Intermediary asset pricing and intertemporal hedging together imply that the risk of these constraints tightening is priced. We describe a “forward CIP trading strategy” that... View Details
Keywords: Asset Pricing; Investment Return; Risk and Uncertainty; International Finance
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Du, Wenxin, Benjamin Hebert, and Amy Wang Huber. "Are Intermediary Constraints Priced?" Review of Financial Studies 36, no. 4 (April 2023): 1464–1507.
  • December 2005 (Revised July 2006)
  • Case

What Should the Federal Reserve Do? Thoughts of Greenspan and Bernanke

By: Lakshmi Iyer and Noel Maurer
Presents remarks by Alan Greenspan and Ben Bernanke on monetary policy, explicit inflation targets, and the relative merits of asset price targeting. View Details
Keywords: Inflation and Deflation; Asset Pricing; Central Banking; Financial Strategy; Policy; Banking Industry
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Iyer, Lakshmi, and Noel Maurer. "What Should the Federal Reserve Do? Thoughts of Greenspan and Bernanke." Harvard Business School Case 706-017, December 2005. (Revised July 2006.)

    Jonathan L. Wallen

    Jonathan Wallen is an Assistant Professor of Finance in the Finance Unit and teaches Finance 1 to MBA students.

    Professor Wallen’s research centers on financial intermediation and its intersection with asset pricing, currency markets,... View Details

    • 18 Feb 2019
    • Working Paper Summaries

    Diagnostic Bubbles

    Keywords: by Pedro Bordalo, Nicola Gennaioli, Spencer Yongwook Kwon, and Andrei Shleifer; Financial Services
    • 1987
    • Working Paper

    Tests of Excess Forecast Volatility in the Foreign Exchange and Stock Markets

    By: K. A. Froot
    Simple regression tests that have power against the alternatives that asset prices and expected future asset returns are excessively volatile are developed and performed for the foreign exchange and stock markets. These tests have a number of advantages over... View Details
    Keywords: Risk Aversion; Risk; International Investing; International Finance; Risk and Uncertainty; Asset Pricing; Financial Markets; Investment; Behavioral Finance; Volatility
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    Froot, K. A. "Tests of Excess Forecast Volatility in the Foreign Exchange and Stock Markets." NBER Working Paper Series, No. 2362, August 1987.
    • August 2001 (Revised April 2002)
    • Case

    Strategic Capital Management, LLC (A)

    By: Mark L. Mitchell, Erik Stafford and Todd Pulvino
    Strategic Capital Management, LLC, is a hedge fund that is planning to make financial investments in Creative Computers and Ubid. Creative Computers recently sold approximately 20% of its Internet auction subsidiary, Ubid, to the public at $15 per share. Ubid's stock... View Details
    Keywords: Risk and Uncertainty; Business Subsidiaries; Internet and the Web; Investment Funds; Price; Performance Efficiency; Capital Markets; Auctions; Investment Return; Equity; Planning; Financial Services Industry
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    Mitchell, Mark L., Erik Stafford, and Todd Pulvino. "Strategic Capital Management, LLC (A)." Harvard Business School Case 202-024, August 2001. (Revised April 2002.)
    • 2024
    • Working Paper

    What Do Bank Trading Desks Do?

    By: Lina Lu and Jonathan Wallen
    Bank trading desks earn profits from intermediating customer trading volume. Across a broad set of asset markets, we document that the trading desks of large U.S. dealer banks behave as financial intermediaries that profit from toll-taking as in Duffie et al. (2005).... View Details
    Keywords: Banks and Banking; Profit; Financial Markets
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    Lu, Lina, and Jonathan Wallen. "What Do Bank Trading Desks Do?" Working Paper, November 2024.

      Adi Sunderam

      Adi Sunderam is the Willard Prescott Smith Professor of Corporate Finance at Harvard Business School, a Research Associate at the National Bureau of Economic Research, and a Faculty Affiliate of the Harvard Economics department. He teaches Finance 2 in... View Details

      Keywords: asset management; asset management; asset management; asset management; asset management; asset management
      • June 2009
      • Case

      Midland Energy Resources, Inc.: Cost of Capital

      By: Timothy A. Luehrman and Joel L. Heilprin
      The senior vice president of project finance for a global oil and gas company must determine the weighted average cost of capital for the company as a whole and each of its divisions as part of the annual capital budgeting process. The case uses comparable companies to... View Details
      Keywords: Risk Assessment; Risk and Uncertainty; Risk Management; Cost of Capital; Cash Flow; Capital Structure; Valuation; Capital Budgeting; Energy Industry
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      Luehrman, Timothy A., and Joel L. Heilprin. "Midland Energy Resources, Inc.: Cost of Capital." Harvard Business School Brief Case 094-129, June 2009.

        Andi Wang

        Andi Wang is a doctoral student in the Business Economics program, where he works at the intersection of finance, macro and behavioral economics. He is particularly interested in studying institutional and behavioral frictions that have long-lasting effects on asset... View Details

        • April 2017 (Revised November 2017)
        • Case

        BlackRock (B): Acquire MLIM? (with video links)

        By: Ranjay Gulati, Jan W. Rivkin, Stuart C. Gilson and Aldo Sesia
        In early 2006, BlackRock, Inc. is considering acquiring Merrill Lynch’s asset management business. The asset management industry was in a state of transition. In the prior year, more than 130 mergers and acquisitions had taken place. The proposed deal between BlackRock... View Details
        Keywords: Strategy; Competition; Information Technology; Asset Management; Mergers and Acquisitions; Decision Choices and Conditions; United States
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        Gulati, Ranjay, Jan W. Rivkin, Stuart C. Gilson, and Aldo Sesia. "BlackRock (B): Acquire MLIM? (with video links)." Harvard Business School Multimedia/Video Case 717-485, April 2017. (Revised November 2017.)
        • Research Summary

        The Cross Section of Expected Firm (Not Equity) Returns

        This paper provides the first comprehensive study of expected firm (unlevered equity) returns. After accounting for the debt component of the firm return, I find that many of the cross sectional determinants of expected equity returns, such as the book-to-market... View Details
        • Research Summary

        Rare Consumption Disasters

        By: Emil N. Siriwardane

        Another defining feature of financial crises is consumption disasters, or large drops in aggregate consumption. Rather than taking the standard approach of seeking implications of such rare disasters for asset pricing in consumption data, Professor Siriwardane asks... View Details

        • 07 Jul 2020
        • Working Paper Summaries

        Predictable Financial Crises

        Keywords: by Robin Greenwood, Samuel G. Hanson, Andrei Shleifer, and Jakob Ahm Sørensen
        • Research Summary

        Analyst Disagreement, Mispricing and Liquidity (with Ronnie Sadka)

        We document a close link between mispricing and liquidity by investigating stocks with high analyst disagreement. Previous research finds that these stocks tend to be overpriced, but prices correct down as uncertainty about earnings is resolved. We conjecture that one... View Details
        • 15 Jul 2020
        • News

        Predictable financial crises

        • Article

        Investor Sentiment in the Stock Market

        By: Malcolm Baker and Jeffrey Wurgler
        We examine how investor sentiment affects the cross-section of stock returns. Theory predicts that a broad wave of sentiment will disproportionately affect stocks whose valuations are highly subjective and are difficult to arbitrage. We test this prediction by... View Details
        Keywords: Financial Markets; Stocks; Investment Return; Valuation; Forecasting and Prediction; Volatility; Price; Risk and Uncertainty; Behavioral Finance
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        Baker, Malcolm, and Jeffrey Wurgler. "Investor Sentiment in the Stock Market." Journal of Economic Perspectives 21, no. 2 (Spring 2007): 129–151.
        • 2024
        • Working Paper

        The Rise of Alternatives

        By: Juliane Begenau, Pauline Liang and Emil Siriwardane
        Since the 2000s, U.S. public pensions have shifted their risky investments towards alternative assets like private equity and hedge funds, some more aggressively than others. We explore several explanations for these cross-sectional trends, focusing on those implied by... View Details
        Keywords: Investment Funds; Investment Return; Risk and Uncertainty
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        Begenau, Juliane, Pauline Liang, and Emil Siriwardane. "The Rise of Alternatives." Harvard Business School Working Paper, No. 25-016, August 2024.
        • Research Summary

        Overview

        By: Emil N. Siriwardane
        In his research, Professor Siriwardane seeks to develop a quantitative understanding of how the financial sector affects asset prices and macroeconomic stability, particularly relevant in the wake of the financial crisis of the last decade. View Details
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