Publications

24 Feb 2023
News

Dean Datar Meets with Alumni in Palm Beach

efforts of the School into three priorities, he offered insights into work that is underway on the role of business in society, digital innovation, and reimagining learning. "I don't think there is another institution other than business... View Details

10 Jul 2018
First Look

New Research and Ideas, July 10, 2018

forthcoming Journal of Financial Economics The Relevance of Broker Networks for Information Diffusion in the Stock Market By: Di Maggio, Marco, Francesco Franzoni, Amir Kermani, and Carlo Sommavilla Abstract—This paper shows that the... View Details

Keywords: Dina Gerdeman

16 Sep 2014
First Look

First Look: September 16

http://www.oxfordhandbooks.com/view/10.1093/oxfordhb/9780199694945.001.0001/oxfordhb-9780199694945-e-026 September 2014 Journal of Financial Economics The Disintermediation of Financial Markets: Direct... View Details

Keywords: Sean Silverthorne

19 Sep 2011
Research & Ideas

Doomsday Coming for Catastrophic Risk Insurers?

Froot, "all this is interesting and useful because it's a microcosm for the larger financial sector, made up of banks and shadow banks. We have a huge institutional setup for bearing these sorts of... View Details

Keywords: by Maggie Starvish; Financial Services

July–August 2021
Article

Case Study: Will a Bank's New Technology Help or Hurt Morale?

By: Leonard A. Schlesinger

A case study is presented on the effort to introduce new information technology into a community bank and what impact that process may have on bank employees. View Details

Keywords: Employee Morale; Community Banks; Information Technology; Banks and Banking; Employees; Technology Adoption

spring 1973
Article

Management of Commercial Bank Government Security Portfolios: An Optimization Approach Under Uncertainty

By: D. B. Crane and Stephen P. Bradley

Keywords: Management; Banks and Banking; Government and Politics; Investment; Risk and Uncertainty

Fast Answer

Sustainability in VCPE & Investing

perspective and concise coverage of key areas of ESG as it relates to private equity investors and asset managers. Climate Finance Markets and the Real Economy Report by the Global Financial Markets Association (GFMA) and Boston... View Details

2019
Working Paper

Do Banks Have an Edge?

By: Juliane Begenau and Erik Stafford

Overall, no! We show that the level and time series variation in cash flows for most bank activities are well matched by capital market portfolios with similar interest rate and credit risk to what banks report to hold. Ignoring operating expenses, bank loans earn high... View Details

Keywords: Banks; Market Efficiency; Bank Capital; Bank Debt; CAPM; Banking; Bank Deposits; Bank Funding Advantage; Leverage; Maturity Transformation; Replicating Portfolio; Efficiency; Banks and Banking; Capital Markets; Performance Evaluation; Performance Efficiency; Banking Industry; United States

SSRN

Read Now

Fall 2017
Article

Strengthening and Streamlining Bank Capital Regulation

By: Robin Greenwood, Samuel Gregory Hanson, Jeremy C. Stein and Adi Sunderam

We propose three core principles that should inform the design of bank capital regulation. First, wherever possible, multiple constraints on the minimum level of equity capital should be consolidated into a single constraint. This helps to avoid a distortionary... View Details

Keywords: Banks and Banking; Capital; Governing Rules, Regulations, and Reforms; Banking Industry

Read Now

March 1989
Article

Cheap Talk and the Fed: A Theory of Imprecise Policy Announcements

Keywords: Theory; Policy; Announcements; Central Banking; United States

May 1986 (Revised February 1991)
Case

Wilson Lumber Co.

By: Thomas R. Piper

The Wilson Lumber Co. is faced with a need for increased bank financing due to its rapid sales growth and low profitability. Students must determine the reasons for the rising bank borrowing, estimate the amount of borrowing needed, and assess the attractiveness of the... View Details

Keywords: Borrowing and Debt; Financing and Loans; Banks and Banking; Forecasting and Prediction; Sales; Financial Strategy

1994
Chapter

British Multinational Banking in Asia before 1960

By: G. Jones

Keywords: History; Multinational Firms and Management; Banks and Banking; Banking Industry; Asia; United Kingdom

22 Aug 2007
Research & Ideas

The Hedge Fund as Activist

institutional investors as a whole have been effective activists, from the perspective of being able to institute changes that increase shareholder value. Often the reason can be traced to conflicts of... View Details

Keywords: by Robin Greenwood; Financial Services

April 2009 (Revised June 2010)
Case

U.S. Subprime Mortgage Crisis: Policy Reactions (B)

By: Laura Alfaro and Renee Kim

In March 2009, the U.S. economy was in a severe recession not seen since the Great Depression after the subprime mortgage crisis had spiraled out of control. The situation had dramatically changed in one year since the Federal Reserve Board had helped to bailout... View Details

Keywords: Financial Crisis; Central Banking; Mortgages; Globalized Economies and Regions; Policy; United States

01 Mar 2010
News

Jensen Donates Grant

HBS professor emeritus Michael Jensen, an influential expert in the areas of agency theory, organizational design, and incentives, was awarded the 2009 Morgan Stanley–American Finance Association Award for Excellence in Financial... View Details

Keywords: awards; grants; Colleges, Universities, and Professional Schools; Educational Services; Finance

September 2004 (Revised January 2006)
Case

Catastrophe Bonds at Swiss Re

In 2002, Swiss Re, the world's second--largest insurance company, is considering securitizing parts of its risk portfolio in the capital markets. This would be a first for the company that, until then, had never transferred risk off its balance sheet. Peter Giessmann,... View Details

Keywords: Risk Management; Bonds; Natural Disasters; Insurance; Capital Markets; Banks and Banking; Banking Industry; Insurance Industry; Switzerland

September 2004 (Revised December 2004)
Case

Bank Leu's Prima Cat Bond Fund

In 2001, Bank Leu, a Swiss private bank, is considering creating the world's first public fund for catastrophe bonds. Cat bonds are securities whose payments depend on the probability of a catastrophe occurring, such as an earthquake or hurricane. Cat bonds are... View Details

Keywords: Risk Management; Bonds; Natural Disasters; Insurance; Capital Markets; Banks and Banking; Banking Industry; Insurance Industry; Switzerland

24 Sep 2013
First Look

First Look: September 24

Publications August 2013 Financial Analysts Journal The Low Beta Anomaly: A Decomposition into Micro and Macro Effects By: Baker, Malcolm, Brendan Bradley, and Ryan Taliaferro Abstract—Low beta stocks have offered a combination of low... View Details

Keywords: Sean Silverthorne

Article

Liability Structure in Small-Scale Finance

By: Fenella Carpena, Shawn Cole, Jeremy Shapiro and Bilal Zia

Microfinance, the provision of small individual and business loans, has experienced dramatic growth, reaching over 150 million borrowers worldwide. Much of the success of microfinance has been attributed to attempts to overcome the challenges of information asymmetries... View Details

Keywords: Microfinance; Emerging Markets; Financial Markets; Legal Liability; Banks and Banking; Banking Industry; India