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    How Quantitative Easing Works: Evidence on the Refinancing Channel

    When LSAPs are needed the most, simply bending the yield curve through purchasing government debt is not effective for stimulating the mortgage market (a key sector of the economy for the transmission of monetary policy). Purchasing mortgage-backed... View Details

    • Research Summary

    The Politics of Consumer Credit

    By: Gunnar Trumbull
    A combination of factors has dramatically increased consumer access to and reliance upon credit across the OECD. These factors include financial liberalization and deregulation, improvements in consumer credit information and its analysis, and a growth in debt... View Details
    • 07 Nov 2012
    • News

    A Breed Apart: Why Our Elites Are So Disconnected

    • 15 Jan 2013
    • First Look

    First Look: January 15

    http://www.hbs.edu/faculty/Publication%20Files/Do%20Analysts%20Add%20Value%20When%20They%20Most%20Can_d87e063a-a7e0-44e2-83fe-a1999565b7f0.pdf Coming Through in a Crisis: How Chapter 11 and the Debt Restructuring Industry Are Helping to... View Details
    Keywords: Sean Silverthorne
    • 17 May 2013
    • News

    Making the United States Competitive

    • 2023
    • Working Paper

    Saving and Consumption Responses to Student Loan Forbearance

    By: Justin Katz
    How do households adjust savings and consumption in response to liquidity from debt relief? I study this question using policy variation induced by federal student loan forbearance in the 2020 CARES Act and an individual-level panel of daily financial transactions for... View Details
    Keywords: Saving; Consumer Behavior; Borrowing and Debt; Interest Rates; Financial Liquidity; Personal Finance; Government Legislation
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    • February 2014
    • Article

    Accountability of Independent Directors—Evidence from Firms Subject to Securities Litigation

    By: Francois Brochet and Suraj Srinivasan
    We examine which independent directors are held accountable when investors sue firms for financial- and disclosure-related fraud. Investors can name independent directors as defendants in lawsuits, and they can vote against their re-election to express displeasure over... View Details
    Keywords: Independent Directors; Litigation Risk; Class Action Lawsuits; Director Accountability; Reputation; Boards Of Directors; Corporate Governance; Debt Securities; Corporate Accountability; Lawsuits and Litigation
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    • July 2003 (Revised January 2004)
    • Case

    Swedish Lottery Bonds

    Profiling nonsystematic risk for a bond investor, the case describes lottery bond issues by the Swedish National Debt Office (SNDO). Swedish lottery bonds are a specific type of financial fixed income instrument for Swedish retail investors. The distinctive feature of... View Details
    Keywords: Bonds; Business and Government Relations; Public Administration Industry; Retail Industry; Sweden
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    • November 2018 (Revised October 2019)
    • Case

    Rebuilding Puerto Rico

    By: Laura Alfaro, Laura Phillips Sawyer and Haviland Sheldahl-Thomason
    On September 20, 2017, Hurricane Maria swept over Puerto Rico, devastating the island’s infrastructure and agriculture. The natural disaster was layered atop years of mounting financial distress. Before the hurricane, Puerto Rico had accumulated $74 billion in debt and... View Details
    Keywords: Natural Disasters; Financial Crisis; Infrastructure; Borrowing and Debt; Economy; Strategic Planning; Governing Rules, Regulations, and Reforms; Puerto Rico
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    • November 2007 (Revised June 2011)
    • Case

    ISS A/S (A)

    By: Clayton S. Rose
    Provides the opportunity to examine the nature and extent of a company's responsibilities to its bondholders, and to develop an enhanced understanding of the challenges in managing contractual obligations, and circumstances under which business leaders might agree to... View Details
    Keywords: Risk and Uncertainty; Bonds; Contracts; Private Equity; Leveraged Buyouts; Privatization; Business and Stakeholder Relations; Borrowing and Debt; Cross-Cultural and Cross-Border Issues; Europe
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    • October 2003 (Revised January 2004)
    • Case

    The 2001 Crisis in Argentina: An IMF-Sponsored Default? (A)

    By: Rafael M. Di Tella and Ingrid Vogel
    At the end of 2001, Argentina's economy and society both appeared on the verge of collapse. Furious about controls imposed on the convertibility of their bank deposits into cash (the "corralito") and huge proposed government spending cuts amidst high unemployment and... View Details
    Keywords: Financial Crisis; Economic Slowdown and Stagnation; Banks and Banking; Problems and Challenges; Decision Choices and Conditions; Currency Exchange Rate; Economy; Government Administration; Crime and Corruption; Argentina
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    • March 2014 (Revised October 2014)
    • Teaching Note

    ISS A/S: The Buyout

    By: Lucy White and Carsten Bienz
    Provides the opportunity to value a leveraged buyout; and to examine the nature and extent of a company's responsibilities to its bondholders. Here, the context is a "going private" transaction in Europe, where the financing plan called for the addition to the... View Details
    Keywords: LBO; Private Equity; Contracts; Global Business; International Business; Finance; Ethics; Law; Service Industry; Europe
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    • February 2014 (Revised October 2014)
    • Case

    ISS A/S: The Buyout

    By: Clayton Rose, Carsten Bienz and Lucy White
    Provides the opportunity to value a leveraged buy-out; and to examine the nature and extent of a company's responsibilities to its bondholders. Here, the context is a "going private" transaction in Europe, where the financing plan called for the addition to the... View Details
    Keywords: LBO; Private Equity; Contracts; Global Business; International Business; Finance; Ethics; Law; Service Industry; Europe
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      Samuel G. Hanson

      Samuel G. Hanson is the William L. White Professor of Business Administration 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 1... View Details

      Keywords: federal government; federal government; federal government; federal government; federal government; federal government
      • June 2006 (Revised April 2024)
      • Case

      Creditor Activism in Sovereign Debt: 'Vulture' Tactics or Market Backbone

      By: Laura Alfaro and Ingrid Vogel
      The role of distressed debt funds, also known as "vulture funds," in sovereign debt restructuring was a hotly debated topic, especially after the success of Elliot Associates in converting an $11 million investment in Peruvian bonds worth $21 million into a $58 million... View Details
      Keywords: Vulture Funds; Borrowing and Debt; Bonds; Investment Activism; Investment Funds; Sovereign Finance; Government and Politics; Contracts; Business and Government Relations; Peru
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      • July 1991 (Revised December 1993)
      • Case

      Grupo Industrial Alfa, S.A.--1982

      The rapid depreciation of the peso in 1982 precipitated a crisis at Grupo Alfa, Mexico's largest private company. The company's peso cash flow was insufficient to service its large dollar-denominated debt. Students are asked to formulate a plan for restructuring Alfa's... View Details
      Keywords: Currency Exchange Rate; Restructuring; Negotiation Participants; Business Strategy; Financial Crisis; Mexico
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      • October 2013 (Revised April 2018)
      • Technical Note

      Non-Equity Financing for Entrepreneurial Ventures

      By: Joan Farre-Mensa, Ramana Nanda and Piyush Jain

      Young, and particularly high-growth ventures often need to raise significant external finance, since their internal cash flow is usually insufficient to support the investments needed to grow. Although raising equity from venture capital or angel investors is the... View Details

      Keywords: Entrepreneurial Finance; Entrepreneurship; Finance; Financial Services Industry
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      • July 2005 (Revised December 2006)
      • Case

      Japan: Deficits, Demography, and Deflation

      By: Richard H.K. Vietor
      By 2005, Japan's debt had risen to 163% of GDP. For more than a decade, the government had run huge deficits, trying unsuccessfully to stimulate economic growth. Interest rates, meanwhile, had been zero for years. But with slow growth and banks in crisis, nothing had... View Details
      Keywords: Economy; Economic Growth; Demographics; Financial Condition; Inflation and Deflation; Banks and Banking; Borrowing and Debt; Macroeconomics; Policy; Government and Politics; Welfare; Health Care and Treatment; Japan
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      • January 1995 (Revised June 1995)
      • Case

      Note on Yield Conventions

      By: Andre F. Perold and Wai Lee
      Describes the principal conventions used to report yields on debt instruments. View Details
      Keywords: Investment Return; Capital Markets; Asset Management; Reports; Conferences; Governing and Advisory Boards
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      • June 2019 (Revised November 2019)
      • Case

      Malaysia: An 'Asian Tiger' Reawakens

      By: Richard H. K. Vietor
      On May 9, 2018, in an extraordinary upset, Mahathir Mohamad again became Malaysia’s Prime Minister. Najib Razak, who had headed the government since 2009, had been swept up in the 1MDB scandal—perhaps the biggest state-corruption incident in history. Although... View Details
      Keywords: Government and Politics; Crime and Corruption; Financial Crisis; Business and Government Relations; Economy; Leading Change; Malaysia
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