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  • November 2016
  • Article

Who Neglects Risk? Investor Experience and the Credit Boom

By: Sergey Chernenko, Samuel Gregory Hanson and Adi Sunderam
Many have argued that overoptimistic thinking on the part of lenders helps fuel credit booms. We use new microdata on mutual funds' holdings of securitizations to examine which investors are susceptible to such boom-time thinking. We show that firsthand experience... View Details
Keywords: Risk Management; Investment; Experience and Expertise
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  • March 2009 (Revised November 2016)
  • Case

Washington Mutual's Covered Bonds

By: Daniel Baird Bergstresser, Robin Greenwood and James Quinn
Washington Mutual issued 6 billion euro of covered bonds in 2006. The objective of the case is to ask whether these bonds are mispriced in late 2008. The case is set in September 2008, and Washington Mutual is facing considerable distress due to mounting losses in its... View Details
Keywords: Capital Markets; Financial Liquidity; Bonds; Mortgages; Price; Banking Industry; United States
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  • October 2011 (Revised April 2013)
  • Case

Kroll Bond Rating Agency

The established credit raters were criticized for inflating the mortgage credit bubble that imploded in 2008. A new rating agency, KBRA, is considering how to capitalize on the opportunity this presents and how to enter the industry. A small group of managers have to... View Details
Keywords: Financial Instruments; Financial Management; Financial Services Industry
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  • 10 May 2011
  • Working Paper Summaries

The Impact of Forward-Looking Metrics on Employee Decision Making

Keywords: by Pablo Casas-Arce, F. Asís Martínez-Jerez & V.G. Narayanan; Banking
  • March 2001 (Revised February 2009)
  • Case

HDFC (A)

By: Lynn S. Paine, Carin-Isabel Knoop and Suma Raju
The top management team at India's leading home finance company must decide how to deal with the emergence of intense competition at the end of the 1990s. Having founded the industry and dominated it for nearly 20 years, the well-respected company faces a bevy of new... View Details
Keywords: Values and Beliefs; Management Style; Management Teams; Competition; Financial Services Industry; India
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  • Article

The Impact of Forward-Looking Metrics on Employee Decision-Making: The Case of Customer Lifetime Value

By: Pablo Casas-Arce, Asis Martinez Jerez and V.G. Narayanan
This paper analyzes the effects of forward-looking metrics on employee decision-making. We use data from a bank that started providing branch managers with the customer lifetime value (CLV)—an estimate of the future value of the customer relationship—of mortgage... View Details
Keywords: Customer Lifetime Value; Forward-looking Metrics; Employees; Decision Making; Information; Customer Value and Value Chain; Banks and Banking; Mortgages; Outcome or Result
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  • April 2009
  • Case

The First Global Financial Crisis of the 21st Century

By: Laura Alfaro and Renee Kim
The global economy was expected to suffer from negative growth for the full year in 2009, a phenomenon not seen since World War II. While the U.S. subprime mortgage disaster was blamed as the original instigator, it was noted that the "global imbalances" of the U.S.... View Details
Keywords: Financial Crisis; Mortgages; Globalized Economies and Regions; Policy; International Relations; Business and Government Relations; Conflict and Resolution
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  • September 2010
  • Case

Freddie Mac: Managing in Conservatorship

By: Robert Steven Kaplan, Nitin Nohria and Ben Creo
Ed Haldeman has recently become CEO of Freddie Mac, one of three major government sponsored enterprises (GSEs) charged with supporting U.S. residential mortgage finance. The company was placed into conservatorship by the U.S. treasury on September 7, 2008.... View Details
Keywords: Change Management; Financial Crisis; Mortgages; Leadership; Organizational Culture; Business and Government Relations; Financial Services Industry; United States
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  • 06 Feb 2009
  • News

Keeping a keen eye on consumer behaviour

  • 26 Nov 2016
  • News

Four Ways to Prepare to Ask for a Raise

  • 04 Mar 2009
  • Op-Ed

Credit is Not the Bogey

commerce." A panoply of mortgage products (not all predatory, not all egregious) fueled the homebuilding industry, which kept the economy afloat during the last decade. While other sectors plummeted, housing stayed strong. Related... View Details
Keywords: by Nicolas P. Retsinas & Eric S. Belsky; Construction; Real Estate; Financial Services

    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

    • March 2009 (Revised November 2009)
    • Supplement

    Washington Mutual's Covered Bonds Courseware

    By: Daniel Baird Bergstresser, Robin Greenwood and James Quinn
    Washington Mutual issues 6 billion Euro of covered bonds in 2006. The objective of the case is to ask whether these bonds are mispriced in late 2008. The case is set in September 20008, and Washington Mutual is facing considerable distress due to mounting losses on its... View Details
    Keywords: Banks and Banking; Bonds; Education; Information; Banking Industry
    Related
    • May 2008 (Revised July 2009)
    • Case

    Sovereign Wealth Funds: For Profits or Politics?

    By: Laura Alfaro and Renee Kim
    On March 21, 2008, the U.S. government secured an agreement from two leading sovereign wealth funds (SWFs) to adopt a new set of investment principles to govern the Funds' activities. SWFs, broadly defined as an investment fund owned by a national or a government, were... View Details
    Keywords: Foreign Direct Investment; Investment Funds; Sovereign Finance; Corporate Disclosure; Governing Rules, Regulations, and Reforms; International Relations; State Ownership; United States
    Related
    • 2011
    • Working Paper

    The Impact of Forward-Looking Metrics on Employee Decision Making

    By: Pablo Casas-Arce, F. Asis Martinez-Jerez and V.G. Narayanan
    This paper analyzes the effects of providing forward-looking metrics on employee decision making. We use data from a southern European bank that, in April 2002, started providing its branch managers with customer lifetime value (CLV) information about mortgage... View Details
    Keywords: Customer Value and Value Chain; Decision Choices and Conditions; Mortgages; Employees; Information; Knowledge Use and Leverage; Service Delivery; Banking Industry; Europe
    Related
    • December 2005 (Revised March 2010)
    • Case

    William Levitt, Levittown and the Creation of American Suburbia

    By: Nitin Nohria, Anthony Mayo and Mark Benson
    Demand for low-cost housing after World War II far exceeded supply. Was this a profitable new market? New York developer William Levitt had to decide. During World War II, Levitt was eager to build basic housing for the working class—otherwise, Levitt & Sons would have... View Details
    Keywords: Demographics; Construction; Business History; Housing; Leadership; Growth and Development Strategy; Product Development; Business and Government Relations; Construction Industry; Real Estate Industry; United States; New York (state, US)
    Related
    • July 2018
    • Teaching Note

    The Perfect Storm: What Happens When the Market Moves Four Standard Deviations?

    By: Nori Gerardo Lietz and Sayiddah Fatima McCree
    Adam Carter was the portfolio manager for Tate Modern Finance III, L.P. (“Tate” or the “Fund”), the third in a series of U.S. commercial real estate debt funds sponsored by the London-based Tate Partners. The Fund was capitalized with $700 million of equity... View Details
    Keywords: CMBS; CLO; Repo Financing; Real Estate; Financial Strategy; Investment Funds; Financing and Loans
    Related
    • Article

    The Harmonization of Lending Standards within Banks through Mandated Loan-Level Transparency

    By: Jung Koo Kang, Maria Loumioti and Regina Wittenberg-Moerman
    We explore whether the introduction of transparent reporting rules increases credit standard harmonization within a bank. We exploit the new loan-level reporting rules imposed on banks that borrow from the European Central Bank using repurchase agreements... View Details
    Keywords: Transparency; External And Internal Reporting; Credit Term Harmonization; Regulatory Scrutiny; Banks and Banking; Credit; Financial Reporting; Governing Rules, Regulations, and Reforms; Learning
    Related
    • Article

    Perceptions and the Politics of Finance: Junk Bonds and the Regulatory Seizure of First Capital Life

    By: S. C. Gilson, H. DeAngelo and L. DeAngelo
    In May 1991, one month after seizing Executive Life, California regulators seized First Capital Life (FCLIC). Both insurers were Drexel clients with large junk bond holdings, and both had experienced 'bank runs.' FCLIC's run followed regulators' televised comments that... View Details
    Keywords: Finance; Bonds; Governing Rules, Regulations, and Reforms
    Related

      How to Make Climate Risk Good Business

      The risk profiles of many real estate markets are rapidly increasing globally. Insurers and mortgage brokers are taking note and adjusting their offering based on widely available climate data and predictive analytics. John Macomber suggests that consumers and... View Details