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  • 26 Mar 2013
  • First Look

First Look: March 26

Minority Shareholder: Firm-level Implications of Equity Purchases by the State By: Inoue, Carlos F.K.V., Sergio G. Lazzarini, and Aldo Musacchio Abstract—In many countries, firms face institutional voids that raise the costs of doing... View Details
Keywords: Sean Silverthorne
  • 2014
  • Working Paper

Putting Skin in the Game: Managerial Ownership and Bank Risk-Taking

By: Jan Bouwens and Arnt Verriest
This paper examines the relation between managerial ownership and bank risk exposure for a large sample of international financial institutions. We seek empirical evidence suggested by theories concerning conflicts between managers and owners over risk-taking. We argue... View Details
Keywords: Managerial Equity Ownership; Financial Risk; Banks; Motivation and Incentives; Risk Management; Employee Ownership; Corporate Governance; Banks and Banking; Banking Industry
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  • 25 Aug 2015
  • First Look

First Look Tuesday

short- and long-term direct monetary effects of operating a winning athletics program for an academic institution of higher education. We construct a unique panel dataset from multiple sources and utilize the latest dynamic panel data... View Details
  • 2008
  • Working Paper

New Framework for Measuring and Managing Macrofinancial Risk and Financial Stability

By: Dale F. Gray, Robert C. Merton and Zvi Bodie
This paper proposes a new approach to improve the way central banks can analyze and manage the financial risks of a national economy. It is based on the modern theory and practice of contingent claims analysis (CCA), which is successfully used today at the level of... View Details
Keywords: Financial Crisis; Macroeconomics; Central Banking; Risk Management
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  • Web

Research Areas - Doctoral

environment in which businesses operate. Drawing from perspectives of economic theory, political science, and history, they examine the “rules” and policies established by government and other non-business institutions that affect... View Details
  • 2010
  • Chapter

Measuring and Managing Macrofinancial Risk and Financial Stability: A New Framework

By: Dale F. Gray, Robert C. Merton and Zvi Bodie
This paper proposes a new approach to improve the way central banks can analyze and manage the financial risks of a national economy. It is based on the modern theory and practice of contingent claims analysis (CCA), which is successfully used today at the level of... View Details
Keywords: Financial Statements; Economy; Financial Condition; Central Banking; Management Analysis, Tools, and Techniques; Management Practices and Processes; Risk Management; Measurement and Metrics; System Shocks
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  • September 2019 (Revised February 2020)
  • Teaching Note

Commonwealth Bank of Australia: Unbanklike Experimentation

By: Ryan W. Buell and Leslie K. John
Email mking@hbs.edu for a courtesy copy.

This Teaching Note explains the theory of the case and teaching plan for the case: Commonwealth Bank of Australia: Unbanklike Experimentation (619-018). In August 2017,... View Details
Keywords: Transparency; Experimentation; Banks and Banking; Credit Cards; Customer Focus and Relationships; Competitive Strategy; Banking Industry; Australia
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  • 18 Dec 2007
  • First Look

First Look: December 18, 2007

way central banks can analyze and manage the financial risks of a national economy. It is based on the modern theory and practice of contingent claims analysis (CCA), which is successfully used today at the level of individual banks by... View Details
Keywords: Martha Lagace
  • March 2014
  • Article

Cyclicality of Credit Supply: Firm Level Evidence

By: Bo Becker and Victoria Ivashina
Theory predicts that there is a close link between bank credit supply and the evolution of the business cycle. Yet fluctuations in bank-loan supply have been hard to quantify in the time series. While loan issuance falls in recessions, it is not clear if this is due to... View Details
Keywords: Business Cycles; Borrowing and Debt; Credit; Banks and Banking; Bonds; Financial Markets; Financing and Loans; Banking Industry
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  • Web

Negotiation, Organizations & Markets - Faculty & Research

Insider’s Perspective on How to Reduce Fraud in the Social Sciences By: Max Bazerman I will describe how a fraudulent paper developed and offer insights into the institutional changes that are needed. I was a co-author on a paper... View Details
  • 22 Apr 2014
  • First Look

First Look: April 22

2004-2007. Results show that firms that are more environmentally damaging, particularly those in countries where they are more exposed to scrutiny and global norms, are less likely to engage in selective disclosure. We discuss contributions to the literature that spans... View Details
Keywords: Sean Silverthorne
  • Web

Entrepreneurial Management - Faculty & Research

bargaining units. Taken together, our findings highlight the potential for “inequality traps,” where rising inequality erodes the very institutions designed to counteract it. About the Unit The Entrepreneurial Management Unit strives to... View Details
  • 03 Oct 2023
  • Research Event

Build the Life You Want: Arthur Brooks and Oprah Winfrey Share Happiness Tips

answered it yesterday. You answer today. “Faith, family, friends, and work that serves, those institutions are in decline. The level of faith and spirituality or a sense of philosophy is in clear decline with every generation.” Brooks:... View Details
Keywords: by HBS Staff
  • May 2009
  • Article

Asymmetric Information Effects on Loan Spreads

By: Victoria Ivashina
The paper estimates the cost arising from information asymmetry between the lead bank and members of the lending syndicate. In a lending syndicate, the lead bank retains only a fraction of the loan but acts as the intermediary between the borrower and the syndicate... View Details
Keywords: Cost; Banks and Banking; Financing and Loans; Interest Rates; Capital; Investment Portfolio; Credit; Diversification; Risk and Uncertainty
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  • Web

Behavioral Finance & Financial Stability

sentiment in the US stock market More Info Leverage and the Beta Anomaly By: Malcolm P. Baker & Jeffrey Wurgler AUG 2020 Baker, Hoeyer, and Wurgler propose a simple tradeoff theory to explain the well-known weak empirical relationship... View Details
  • 2011
  • Working Paper

Cyclicality of Credit Supply: Firm Level Evidence

By: Bo Becker and Victoria Ivashina
Theory predicts that there is a close link between bank credit supply and the evolution of the business cycle. Yet fluctuations in bank-loan supply have been hard to quantify in the time-series. While loan issuance falls in recessions, it is not clear if this is due to... View Details
Keywords: Business Cycles; Borrowing and Debt; Credit; Banks and Banking; Bonds; Financial Markets; Financing and Loans; Banking Industry
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  • 11 Mar 2008
  • First Look

First Look: March 11, 2008

at Columbia University, which they had covered together, as all were alumni. They were commiserating about having to submit revised forecasts to their division heads by the end of the week. Alec Hastings, head of Global Institutional... View Details
Keywords: Martha Lagace
  • 24 Mar 2011
  • Working Paper Summaries

Individual Rationality and Participation in Large Scale, Multi-Hospital Kidney Exchanges

Keywords: by Itai Ashlagi & Alvin E. Roth; Health
  • 07 Apr 2015
  • First Look

First Look: April 7

  Publications April 2015 Harvard Business Review How to Really Motivate Salespeople By: Chung, Doug J. Abstract—Much of what we believe about the best ways to compensate and motivate the sales force is based on theory and lab... View Details
Keywords: Sean Silverthorne
  • 13 Mar 2012
  • First Look

First Look: March 13

organizational characteristics affect the stringency of monitoring through reputation, customer loyalty, differential impacts of government sanctions, and the standardization and internal monitoring of operations. We test our theory in... View Details
Keywords: Sean Silverthorne