Publications

SSRN

December 2011
Article

Deposit Insurance and Subsidized Recapitalizations

By: Lucy White and Alan Morrison

The 2007–2009 financial crisis saw a vast expansion in deposit insurance guarantees around the world and yet our understanding of the design and consequences of deposit insurance schemes is in its infancy. We provide a new rationale for the provision of deposit... View Details

Keywords: Financial Crisis; Banks and Banking; Insurance; Taxation; Business and Government Relations; Banking Industry

October 1994 (Revised March 1997)
Case

Privatization of Rhone-Poulenc 1993, The

In mid-1993, representatives of Rhone-Poulenc, a leading nationalized French firm, worked with the French government to plan the imminent privatization of the firm. One aspect of the privatization was to create incentives for employees to buy and hold shares in the... View Details

Keywords: Privatization; Employee Stock Ownership Plan; France

Suraj Srinivasan is the Philip J. Stomberg Professor of Business Administration, a member of the Accounting and Management faculty unit, and chair of the View Details

Keywords: financial services; financial services

23 Jan 2023
Research & Ideas

After High-Profile Failures, Can Investors Still Trust Credit Ratings?

higher-risk issues, the study finds that agencies are overcoming the financial incentives to rate specific issues inappropriately high. “Overall, our study suggests that as the likelihood of issuer default... View Details

Keywords: by Ben Rand

October 2010 (Revised June 2014)
Case

Volkswagen do Brasil: Driving Strategy with the Balanced Scorecard

By: Robert S. Kaplan and Ricardo Reisen de Pinho

A new management team at VW do Brazil develops and deploys a strategy map and Balanced Scorecard to accomplish a turnaround and cultural change after eight consecutive years of financial losses and market share declines. The team uses the strategy map to align... View Details

Keywords: Business Cycles; Developing Countries and Economies; Management Teams; Leadership; Balanced Scorecard; Strategic Planning; Balance and Stability; Motivation and Incentives; Communication Strategy; Competitive Advantage; Auto Industry; Brazil; Germany

2014
Working Paper

The Rise and Fall of Demand for Securitizations

By: Sergey Chernenko, Samuel G. Hanson and Adi Sunderam

Collateralized debt obligations (CDOs) and private-label mortgage-backed securities (MBS) backed by nonprime loans played a central role in the recent financial crisis. Little is known, however, about the underlying forces that drove investor demand for these... View Details

Keywords: Debt Securities; Financial Markets; Financial Crisis

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26 Jan 2015
Working Paper Summaries

The Rise and Fall of Demand for Securitizations

Keywords: by Sergey Chernenko, Samuel G. Hanson & Adi Sunderam

August 2017
Article

Should Governments Invest More in Nudging?

By: Shlomo Benartzi, John Beshears, Katherine L. Milkman, Cass R. Sunstein, Richard H. Thaler, Maya Shankar, Will Tucker-Ray, William J. Congdon and Steven Galing

Governments are increasingly adopting behavioral science techniques for changing individual behavior in pursuit of policy objectives. The types of “nudge” interventions that governments are now adopting alter people’s decisions without coercion or significant changes... View Details

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July 2021
Article

Augmenting Markets with Mechanisms

By: Samuel Antill and Darrell Duffie

We explain how the common practice of size-discovery trade detracts from overall financial market efficiency. At each of a series of size-discovery sessions, traders report their desired trades, generating allocations of the asset and cash that rely on the most recent... View Details

Keywords: Mechanism Design; Price Impact; Size Discovery; Allocative Efficiency; Workup; Dark Pool; Financial Markets; Market Design; Performance Efficiency

05 Jul 2006
Working Paper Summaries

Analyst Disagreement, Forecast Bias and Stock Returns

Keywords: by Anna Scherbina; Financial Services

July 2016 (Revised January 2017)
Case

Banking on Change: Aligning Culture and Compensation at Morgan Stanley

By: Malcolm S. Salter

This case study was prepared as part of a research project on Culture, Conduct, and Governance in Financial Firms. The objective of this project is to compare and contrast the efforts of U.S. and European banks to induce changes in organization culture in the aftermath... View Details

Keywords: Business or Company Management; Corporate Accountability; Ethics; Organizational Culture; Corporate Governance; Banks and Banking; United States; Europe

05 Jan 2010
News

Professor Emeritus Michael C. Jensen receives Morgan Stanley-American Finance Association Award

16 Feb 2016
First Look

February 16, 2016

forthcoming Journal of Financial Economics Who Neglects Risk? Investor Experience and the Credit Boom By: Chernenko, Sergey, Samuel Gregory Hanson, and Adi Sunderam Abstract—Many have argued that overoptimistic thinking on the part of... View Details

Keywords: Sean Silverthorne

March 2019
Article

Evidence of Upcoding in Pay-for-Performance Programs

By: Hamsa Bastani, Joel Goh and Mohsen Bayati

Recent Medicare legislation seeks to improve patient care quality by financially penalizing providers for hospital-acquired infections (HAIs). However, Medicare cannot directly monitor HAI rates and instead relies on providers accurately self-reporting HAIs in claims... View Details

Keywords: Medical Coding; Health Policy; Healthcare-acquired Conditions; Medicare; Health Care and Treatment; Policy; Performance Improvement; Quality; Measurement and Metrics; Government Legislation

SSRN

January 1996 (Revised November 1997)
Case

Weston Presidio Offshore Capital: Confronting the Fundraising Challenge

By: Josh Lerner

Weston Presidio Capital encounters substantial difficulties while raising its first fund. The incentives and roles of investment advisors ("gatekeepers") pension funds and consultants are explored. The relationship with lead investors is considered. View Details

Keywords: Private Equity; Financing and Loans; Investment Funds; Markets; Problems and Challenges; Relationships; Motivation and Incentives; Financial Services Industry

09 Jan 2010
News

Morgan Stanley-American Finance Association Award

13 Oct 2010
Working Paper Summaries

Employee Selection as a Control System

Keywords: by Dennis Campbell; Banking

February 2016
Article

Labor Unemployment Insurance and Earnings Management

By: Yiwei Dou, Mozaffar N. Khan and Youli Zou

There is relatively little prior evidence on the potential impact of rank and file employees on financial reporting choices outside union negotiations. We contribute to the literature by providing new evidence that firms appear to manage long-run earnings upward in... View Details

Keywords: Earnings Management; Employment; Insurance; Financial Reporting

SSRN