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  • July 2003 (Revised September 2003)
  • Case

Refinancing of Shanghai General Motors (B), The

By: Mihir A. Desai and Mark Veblen
This case provides the outcome to "The Refinancing of Shanghai General Motors (A)" in which the CFO of General Motors' joint venture in Shanghai, Shanghai General Motors (SGM), wants to refinance almost $900 million of project finance it raised to begin operations. The... View Details
Keywords: Business Subsidiaries; Multinational Firms and Management; Joint Ventures; Financing and Loans; Auto Industry; Shanghai
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    An Evaluation of Money Market Fund Reform Proposals

    U.S. money market mutual funds (MMFs) are an important source of dollar funding for global financial institutions, particularly those headquartered outside the U.S.  MMFs proved to be a source of considerable instability during the financial crisis of 2007–2009,... View Details

    • 15 Jan 2019
    • First Look

    New Research and Ideas, January 15, 2019

    was that Twitter’s non-GAAP net income stripped out stock-based compensation expense. Olivia couldn’t help but wonder: Was stock-based compensation a true expense? Why did analysts and even regulators condone non-GAAP metrics? And, most... View Details
    Keywords: Dina Gerdeman
    • June 2014
    • Article

    The Price of Wall Street's Power

    By: Gautam Mukunda
    Over and over again, executives make decisions that aren't in their companies' best interests, in response to pressure from Wall Street. Though many believe this happens because firms have a "fiduciary duty" to maximize shareholder returns, U.S. executives do not, as a... View Details
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    • April 2012 (Revised June 2014)
    • Case

    Capitalizing for the Future: HSBC in 2010

    By: Anette Mikes and Dominique Hamel
    Following the financial crisis of 2007/2008, HSBC CEO Michael Geoghegan saw a fundamental change in global opportunities and risks. With increasing regulation and fierce competition between banks, the Western hemisphere was going to be a tougher place to do business.... View Details
    Keywords: Accounting; Competitive Strategy; Control Systems; Finance; Financial Crisis; Banks and Banking; Emerging Markets; Risk Management; Business Strategy; Banking Industry
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    • 11 Dec 2012
    • First Look

    First Look: Dec. 11

    information about address value and assuring allocative efficiency. Download the paper: https://www.hbs.edu/faculty/Pages/item.aspx?num=41297 Vulnerable Banks Authors:Greenwood, Robin, Augustin Landier, and David Thesmar Abstract When a View Details
    Keywords: Sean Silverthorne
    • 2009
    • Working Paper

    An Ounce of Prevention: The Power of Public Risk Management in Stabilizing the Financial System

    By: David A. Moss

    The magnitude of the current financial crisis reflects the failure of an economic and regulatory philosophy that had proved increasingly influential in policy circles over the past three decades.

    This paper suggests (1) that contrary to the prevailing wisdom,... View Details

    Keywords: Financial Crisis; Financial Institutions; Governing Rules, Regulations, and Reforms; Risk Management; Business and Government Relations; Balance and Stability
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    • 21 Dec 2009
    • Research & Ideas

    Good Banks, Bad Banks, and Government’s Role as Fixer

    systemically risky institutions, it would jeopardize its political independence. And that would be a big mistake. Excerpt: the New Structure Of U.s. Financial Regulation by Robert Pozen, from Too Big To Save To provide taxpayers with an... View Details
    Keywords: by Roger Thompson; Banking; Banking
    • 28 Aug 2012
    • First Look

    First Look: August 28

    employed by sell-side investment banks and brokerage houses. Yet investment firms undertake their own buy-side research, and their analysts face different stock selection and recommendation incentives than their sell-side peers. We... View Details
    Keywords: Sean Silverthorne
    • 04 May 2009
    • Research & Ideas

    What’s Next for the Big Financial Brands

    by investors and government regulators for hyping stocks and other questionable practices. The last CEO spent over one million dollars to redecorate his office and pushed through $3.6 billion in executive bonuses the day before he agreed... View Details
    Keywords: by John Quelch; Banking; Banking

      David A. Moss

      David Moss is the Paul Whiton Cherington Professor at Harvard Business School, where he teaches in the Business, Government, and the International Economy (BGIE) unit. He earned his B.A. from Cornell University and his Ph.D. from Yale.  In 1992-1993, he served as a... View Details

      Keywords: banking; banking; banking; banking; banking; banking; banking
      • April 2002 (Revised September 2002)
      • Background Note

      Capital Controls

      By: Rawi E. Abdelal and Laura Alfaro
      Only in the waning years of the 20th century did international financial markets begin to enjoy the freedom from government regulation that they had experienced before the first world war. By 2002, international capital markets had grown to be enormous--$1.2 trillion... View Details
      Keywords: History; Policy; Business and Government Relations; Change Management; Cost vs Benefits; Governance Controls; Governance Compliance; Emerging Markets; Financial Markets; Network Effects; Banking Industry; Banking Industry
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      • 20 Feb 2007
      • First Look

      First Look: February 20, 2007

      Regulating Capitalists Authors:Rafael Di Tella and Robert MacCulloch Publication:Chap. 12 in International Handbook on the Economics of Corruption, edited by Susan Rose-Ackerman, 352-80. Edward Elgar Publishing, 2006 Abstract Economic... View Details
      Keywords: Martha Lagace
      • 21 Aug 2006
      • Research & Ideas

      How Europe Wrote the Rules of Global Finance

      1998 as part of its management of an apparently ongoing crisis. The reaction of the international financial community—and some of my students—was severe. The capital controls were labeled "unorthodox" and "heretical," although no formal rule forbade... View Details
      Keywords: by Ann Cullen
      • 10 Feb 2009
      • First Look

      First Look: February 10, 2009

      insurance and bank supervision) worked to stabilize the financial system; (2) that the financial catastrophe of 2007-2009 was not an accident, but rather a mistake, driven by a deregulatory mindset that took 50 years of post-New Deal... View Details
      Keywords: Martha Lagace
      • Web

      Curriculum - Case Method Project

      inflation; debt; paper money Battle Over a Bank: Defining the Limits of Federal Power Under a New Constitution (1791) This case covers the first term of George Washington’s presidency and the push to ratify the Bill of Rights. It focuses especially on Alexander... View Details
      • Research Summary

      Principal Research Interests

      My research is principally focused on nineteenth- and twentieth-century subjects, with an emphasis on economic and especially financial history. I am interested in the role of banks and capital markets in the process of economic development as well as in the political... View Details
      • 15 Aug 2007
      • Op-Ed

      3 Steps to Reduce Financial System Risk

      best equipped to handle such a complex task. Especially when compared with bank regulators and boards, bodies overseeing insurance companies and pension funds have had limited exposure to the structured... View Details
      Keywords: by Mohamed El-Erian; Banking; Banking
      • Web

      Behavioral Finance & Financial Stability

      of our stabilization policy? Time will tell. See Olivier’s other research here and Larry’s other research here . More Info Strengthening and Streamlining Bank Capital Regulation By: Robin Greenwood , Samuel... View Details
      • 21 Jul 2010
      • Research & Ideas

      HBS Faculty Debate Financial Reform Legislation

      such as certificates of deposit and consumer loans, but it will not be allowed to inspect most banks, since they are already examined by the banking agencies. At the same time, the CFPC's jurisdiction was narrowed to exclude many... View Details
      Keywords: by Staff