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- All HBS Web (217)
- Faculty Publications (140)
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- 29 Apr 2014
- First Look
First Look: April 29
Competing platforms are affected negatively because more information intensifies price competition. Publisher's link: http://ssrn.com/abstract=2360263 Working Papers Monetary Policy Drivers of Bond and Equity Risks By: Campbell, John Y., Carolin E. Pflueger, and... View Details
Keywords: Sean Silverthorne
- January 2025
- Technical Note
Technical Note on Mutual Funds and Exchange Traded Funds (ETFs)
By: Marco Sammon, Luis M. Viceira and Jonathan Kanagasabai
Sammon, Marco, Luis M. Viceira, and Jonathan Kanagasabai. "Technical Note on Mutual Funds and Exchange Traded Funds (ETFs)." Harvard Business School Technical Note 225-057, January 2025.
- August 2015 (Revised February 2019)
- Case
Clare College: Seeking Investment Opportunity in a Financial Crisis
By: David Chambers, Elroy Dimson and Luis M. Viceira
Chambers, David, Elroy Dimson, and Luis M. Viceira. "Clare College: Seeking Investment Opportunity in a Financial Crisis." Harvard Business School Case 216-015, August 2015. (Revised February 2019.)
- August 2022 (Revised August 2022)
- Teaching Note
Pershing Square’s Pandemic Trade
By: Emil N. Siriwardane and Luis M. Viceira
Teaching Note for HBS Case Nos. 222-007, 222-008, 222-009, and 222-010. View Details
- 2016
- Chapter
Return Predictability in the Treasury Market: Real Rates, Inflation, and Liquidity
By: Carolin E. Pflueger and Luis M. Viceira
Pflueger, Carolin E., and Luis M. Viceira. "Return Predictability in the Treasury Market: Real Rates, Inflation, and Liquidity." Chap. 10 in Handbook of Fixed-Income Securities, edited by Pietro Veronesi, 191–209. Wiley Handbooks in Financial Engineering and Econometrics. Hoboken, NJ: John Wiley & Sons, 2016.
- 2013
- Working Paper
Appendix to 'Return Predictability in the Treasury Market: Real Rates, Inflation, and Liquidity'
By: Carolin E. Pflueger and Luis M. Viceira
Pflueger, Carolin E., and Luis M. Viceira. "Appendix to 'Return Predictability in the Treasury Market: Real Rates, Inflation, and Liquidity'." Working Paper, September 2013.
- 2013
- Working Paper
Return Predictability in the Treasury Market: Real Rates, Inflation, and Liquidity
By: Carolin E. Pflueger and Luis M. Viceira
Estimating the liquidity differential between inflation-indexed and nominal bond yields, we separately test for time-varying real rate risk premia, inflation risk premia, and liquidity premia in U.S. and U.K. bond markets. We find strong, model independent evidence... View Details
Keywords: Expectations Hypothesis; Term Structure; Real Interest Rate Risk; Inflation Risk; Inflation-Indexed Bonds; Financial Crisis; Inflation and Deflation; Financial Liquidity; Bonds; Investment Return; Risk and Uncertainty; United Kingdom; United States
Pflueger, Carolin E., and Luis M. Viceira. "Return Predictability in the Treasury Market: Real Rates, Inflation, and Liquidity." Harvard Business School Working Paper, No. 11-094, March 2011. (Revised September 2013.)
- September 2017 (Revised February 2025)
- Case
Puerto Rico's COFINA Bonds: Hold or Fold?
By: Adi Sunderam, Luis M. Viceira and Aldo Sesia
Sunderam, Adi, Luis M. Viceira, and Aldo Sesia. "Puerto Rico's COFINA Bonds: Hold or Fold?" Harvard Business School Case 218-023, September 2017. (Revised February 2025.)
- July 2003 (Revised December 2003)
- Case
Investment Policy at New England Healthcare
By: Jay O. Light, Luis M. Viceira and Akiko M. Mitsui
The Investment Committee of New England Healthcare must decide how to invest three long-term investment pools: a long-term, endowment-type fund and two pension plans. In particular, the committee is evaluating whether the two pension funds--one is a "final salary"... View Details
Keywords: Decisions; Asset Management; Investment; Investment Portfolio; Policy; Taxation; Health Industry; England
Light, Jay O., Luis M. Viceira, and Akiko M. Mitsui. "Investment Policy at New England Healthcare." Harvard Business School Case 204-018, July 2003. (Revised December 2003.)
- February 2013 (Revised January 2015)
- Supplement
Grantham, Mayo, and Van Otterloo, 2012: Estimating the Equity Risk Premium (CW)
- 2009
- Working Paper
Inflation Bets or Deflation Hedges? The Changing Risks of Nominal Bonds
By: John Y. Campbell, Adi Sunderam and Luis M. Viceira
- December 2018
- Teaching Note
Puerto Rico's COFINA Bonds: Hold or Fold?
By: Adi Sunderam, Luis M. Viceira and Shawn O'Brien
- December 2018
- Teaching Note
Baupost Group: Finding a Margin of Safety in London Real Estate
By: Adi Sunderam, Luis M. Viceira and Shawn O'Brien
- January 2025
- Case
Index and Active Investing: Vanguard and the New Frontier of Active ETFs
By: Marco Sammon, Luis M. Viceira and Jonathan Kanagasabai
This case explores Vanguard’s strategic decision-making process as it considers entering the growing market for actively managed exchange-traded funds (ETFs). Set in 2024, the case places students in the position of Rodney Comegys, Vanguard’s global head of the Equity... View Details
Keywords: Asset Management; Financial Strategy; Investment Funds; Investment Portfolio; Financial Services Industry
Sammon, Marco, Luis M. Viceira, and Jonathan Kanagasabai. "Index and Active Investing: Vanguard and the New Frontier of Active ETFs." Harvard Business School Case 225-056, January 2025.
- July 2021
- Supplement
Pershing Square's Pandemic Trade (B)
By: Emil N. Siriwardane, Luis M. Viceira and Dean Xu
Siriwardane, Emil N., Luis M. Viceira, and Dean Xu. "Pershing Square's Pandemic Trade (B)." Harvard Business School Supplement 222-008, July 2021.
- July 2021
- Supplement
Pershing Square's Pandemic Trade (D)
By: Emil N. Siriwardane, Luis M. Viceira and Dean Xu
Siriwardane, Emil N., Luis M. Viceira, and Dean Xu. "Pershing Square's Pandemic Trade (D)." Harvard Business School Supplement 222-010, July 2021.
- July 2021
- Supplement
Pershing Square's Pandemic Trade (C)
By: Emil N. Siriwardane, Luis M. Viceira and Dean Xu
Siriwardane, Emil N., Luis M. Viceira, and Dean Xu. "Pershing Square's Pandemic Trade (C)." Harvard Business School Supplement 222-009, July 2021.
- August 2020
- Article
Macroeconomic Drivers of Bond and Equity Risks
By: John Y. Campbell, Carolin E. Pflueger and Luis M. Viceira
Our new model of consumption-based habit generates time-varying risk premia on bonds and stocks from loglinear, homoskedastic macroeconomic dynamics. Consumers' first-order condition for the real risk-free bond generates an exactly loglinear consumption Euler equation,... View Details
Keywords: Consumption-based Habit Formation; Consumption Euler Equation; Time-varying Risk Premia; Inflation Dynamics; Bond-stock Correlation; Risk and Uncertainty; Bonds; Macroeconomics
Campbell, John Y., Carolin E. Pflueger, and Luis M. Viceira. "Macroeconomic Drivers of Bond and Equity Risks." Journal of Political Economy 128, no. 8 (August 2020): 3148–3185.
- February 2016
- Supplement
Models of Endowment Management: King's College, Cambridge
By: David Chambers, Elroy Dimson, Luis M. Viceira and Elena Corsi