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- Faculty Publications (757)
- 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
- 13 Jun 2012
- HBS Case
HBS Cases: A Startup Takes On the Credit Ratings Giants
For most of the 20th century, three bond ratings agencies—Moody's, Fitch, and Standard & Poor's—dominated the credit ratings industry, recently controlling 97 percent of the market. But the status quo was disrupted by the 2008 global... View Details
- 2016
- Working Paper
The Attenuating Effect of Banking Relationships on Credit Market Disruption
By: Stefan Dimitriadis and Mike Horia Teodorescu
This article examines how the relationship between banks and corporations moderates the effect of credit market disruptions. The 2008-09 financial crisis led to a dramatic restriction in the supply of credit to corporations via the syndicated loan market... View Details
- 2025
- Working Paper
Bank Capital and the Growth of Private Credit
By: Sergey Chernenko, Robert Ialenti and David Scharfstein
We show that business development companies (BDCs)—closed-end funds that provide a
significant share of nonbank loans to middle market firms—are very well capitalized according
to bank capital frameworks. They have median risk-based capital ratios of about 36%... View Details
- 25 Feb 2020
- News
Case Study: The Credit Bureau
Illustration by Brown Bird Design Walk the streets of New York City around the first of the month, and you’ll see the symptoms: orphaned couches, credenzas, and swivel chairs that were left behind after a move. The problem, according to Daniel Ramírez Yunqué (MBA... View Details
- 03 Nov 2010
- Working Paper Summaries
How Did Increased Competition Affect Credit Ratings?
- 2023
- Working Paper
Labor Reactions to Credit Deterioration: Evidence from LinkedIn Activity
We provide the first analysis of workers’ on-the-job networking activity following their firm’s credit deterioration. Using high-frequency networking on LinkedIn, we show that workers initiate more connections immediately following adverse credit shocks. We propose a... View Details
- 14 Nov 2018
- News
Uber Prepares to Go Public, and China’s Social Credit System
- 22 Jul 2009
- Working Paper Summaries
Reputation and Competition: Evidence from the Credit Rating Industry
- 30 Oct 2014
- Working Paper Summaries
Housing Collateral, Credit Constraints, and Entrepreneurship-Evidence from a Mortgage Reform
- 2008
- Working Paper
Fixing Market Failures or Fixing Elections? Agricultural Credit in India
By: Shawn A. Cole
This paper integrates theories of political budget cycles with theories of tactical electoral redistribution to test for political capture in a novel way. Studying banks in India, I find that government-owned bank lending tracks the electoral cycle, with agricultural... View Details
- September 1989 (Revised December 1989)
- Background Note
Note on the Credit Bureau Industry and the Fair Credit Reporting Act (FCRA)
By: F. Warren McFarlan and H. Jeff Smith
Keywords: Financial Services Industry
- 14 Dec 2010
- Working Paper Summaries
Regulating for Legitimacy: Consumer Credit Access in France and America
Keywords: by Gunnar Trumbull
- July 2005
- Exercise
Pricing for Profit: Multi-Part Pricing in the U.K. Credit Card Industry
Examines the optimal pricing mechanism for credit cards. View Details
- 23 Apr 2014
- Working Paper Summaries
Corporate Financial Policies in Misvalued Credit Markets
- December 2008
- Article
The Credit Crisis of 2008: Causes, Consequences and Implications for India
By: V.G. Narayanan and Lisa Brem
This article gives a brief overview of the causes and consequences of the current global credit crisis. The article then discusses the benefits and potential drawbacks of real estate loan securitization in India, and what India can do to realize those benefits while... View Details
Moving Forward: The Future of Consumer Credit and Mortgage Finance
The recent collapse of the mortgage market revealed fractures in the credit... View Details
- 2010
- Working Paper
Regulating for Legitimacy: Consumer Credit Access in France and America
Theories of legitimate regulation have emphasized the role of governments either in fixing market failures to promote greater efficiency or in restricting the efficient functioning of markets in order to pursue public welfare goals. In either case, features of markets... View Details
- 14 Sep 2018
- News