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  • 2020
  • Working Paper

Currency Hedging in Emerging Markets: Managing Cash Flow Exposure

By: Laura Alfaro, Mauricio Calani and Liliana Varela
Foreign currency derivative markets are among the largest in the world, yet their role in emerging markets in particular, is relatively understudied. We study firms' currency risk exposure and their hedging choices by employing a unique dataset covering the universe of... View Details
Keywords: Foreign Currency Hedging; FX Derivatives; Foreign Currency Debt; Currency Mismatch; Trade Credit; Currency; Cash Flow; Emerging Markets
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    Fintech Borrowers: Lax-Screening or Cream-Skimming?

    Financial markets have recently witnessed a disruptive force: the rise of online intermediaries and, more generally, fintech companies, i.e., firms that apply technology to improve financial activities. Fintech companies have targeted the consumer credit market,... View Details

    • Winter 2013
    • Article

    Fear of Rejection? Tiered Certification and Transparency

    By: Emmanuel Farhi, Josh Lerner and Jean Tirole
    The sub-prime crisis has shone a harsh spotlight on the practices of securities underwriters, which provided too many complex securities that proved to ultimately have little value. This uproar calls attention to the fact that the literature on intermediaries has... View Details
    Keywords: Debt Securities; Corporate Disclosure; Corporate Governance
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    • Web

    Business Economics - Doctoral

    John Beshears Alex Chan Jerry R. Green Ebehi Iyoha Forest L. Reinhardt Raffaella Sadun Matthew C. Weinzierl Dennis A. Yao Economic development Shawn A. Cole Tarun Khanna Benjamin N. Roth Entrepreneurial finance Paul A. Gompers Experimental economics Alex Chan Financial... View Details

      Winning in Emerging Markets: A Roadmap for Strategy and Execution

      Most books thus far on emerging markets are either investing-oriented (Mobius, Pereiro), or country - or market-specific (Farrell, Lindahl), or descriptive (Friedman, van Agtmael). No book has definitively targeted the corporate strategists who need a practical... View Details

      • 2016
      • Working Paper

      Credit Migration and Covered Interest Rate Parity

      By: Gordon Y Liao
      I document economically large and persistent discrepancies in the pricing of credit risk between corporate bonds denominated in different currencies. The discrepancies amount to 50-100 basis points on trillions of dollars of debt notional. I relate this violation of... View Details
      Keywords: Market Segmentation; Debt Issuance; Covered Interest Rate Parity; Cross-currency Basis; Credit Risk; Financial Markets; Credit
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      • 2019
      • Working Paper

      Intelligent Design of Inclusive Growth Strategies

      By: Robert S. Kaplan, George Serafeim and Eduardo Tugendhat
      Improving corporate engagement with society, as advocated in the Business Roundtable’s 2019 statement, should not be viewed as a zero-sum proposition where attention to new stakeholders detracts from delivering shareholder value. Corporate programs for sustainable and... View Details
      Keywords: Inclusion; Sustainability; Performance Measures; Environmental Sustainability; Social Issues; Strategy; Governance; Corporate Social Responsibility and Impact; Business and Stakeholder Relations
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      • 16 Nov 2015
      • HBS Seminar

      Vish Krishnan, Professor of Innovation, Technology & Operations, University of California San Diego Rady School of Man

      • Web

      Accounting & Management - Doctoral

      Srikant M. Datar Aiyesha Dey Susanna Gallani Jonas Heese Joseph Pacelli Krishna G. Palepu Ethan C. Rouen George Serafeim Suraj Srinivasan Charles C.Y. Wang Disclosure Shirley Lu Ethan C. Rouen Yuan Zou Financial intermediaries Joseph... View Details
      • 01 Apr 2014
      • First Look

      First Look: April 1

      intermediary organizations. To test our theory, we examine every relationship between entrepreneurial firms and their venture capital investors in the minimally invasive surgical segment of the medical device industry over a 22-year... View Details
      Keywords: Sean Silverthorne

        Winning in Emerging Markets: A Roadmap for Strategy and Execution

        Most books thus far on emerging markets are either investing-oriented, or country - or market-specific, or descriptive. No book has definitively targeted the corporate strategists who need a practical framework and assessment tools for analyzing emerging markets,... View Details

        • 12 Nov 2014
        • Working Paper Summaries

        Finance and Social Responsibility in the Informal Economy: Institutional Voids, Globalization, and Microfinance Institutions

        Keywords: by Hao Liang, Christopher Marquis & Sunny Li Sun
        • 16 Oct 2014
        • Working Paper Summaries

        Government Debt Management at the Zero Lower Bound

        Keywords: by Robin Greenwood, Samuel G. Hanson, Joshua S. Rudolph & Lawrence H. Summers
        • May 2024
        • Background Note

        Pricing Strategy and Channels of Distribution: Where Value Delivery and Value Capture Intersect

        By: Elie Ofek
        Channels of distribution are a critical component of a firm’s go-to-market strategy. A company may elect to sell its products directly to customers (DTC) without the assistance of any intermediaries or, alternatively, it may seek several channel partners to help it... View Details
        Keywords: Price; Distribution Channels; Business Strategy; Markets
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        • 2016
        • Working Paper

        The U.S. Chamber of Commerce and the Modern Administrative State, 1912–1925: Trade Associations, Codes of Fair Competition, and State Building

        By: Laura Phillips Sawyer
        From its founding in 1912 through the interwar years, the Chamber's history shows a persistent preoccupation with progressive economics and policy-making. Rather than flouting the new ideas of institutional economics, which favored federal regulators overseeing data... View Details
        Keywords: Organizations; Trade; Business and Government Relations; Competition; United States
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          Yuan Zou

          Yuan Zou is an assistant professor in the Accounting and Management unit. She teaches Financial Reporting and Control (FRC) in the MBA required curriculum.

          Professor Zou conducts theoretically-motivated empirical studies aimed at furthering the understanding... View Details

          • 2016
          • Chapter

          Trade Associations, State Building, and the Sherman Act: The U.S. Chamber of Commerce, 1912–25

          By: Laura Phillips Sawyer
          From its founding in 1912 through the interwar years, the Chamber’s history shows a persistent preoccupation with progressive economics and policy making. Rather than flouting the new ideas of institutional economics, which favored federal regulators overseeing data... View Details
          Keywords: Competition; Fairness; Supply and Industry; Policy; Business and Government Relations; United States
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          • Web

          Placement - Doctoral

          Harvard Business School, Post-Doctoral Fellow Dissertation: Essays on the Use of Information in Financial Intermediaries Advisors: Charles C.Y. Wang (Chair), Victoria Ivashina , and Suraj Srinivasan 2022 Wilbur Chen Accounting &... View Details

            Victoria Ivashina

            Victoria Ivashina is the Lovett-Learned Professor of Finance and Head of the Finance Unit at Harvard Business School. She also serves as a Research Associate at the National Bureau of Economic Research (NBER), a Research Fellow at the Center for Economic Policy... View Details

            Keywords: banking; federal government; financial services; investment banking industry; private equity (LBO funds); private equity (other)
            • 2025
            • Working Paper

            Bank Capital and the Growth of Private Credit

            By: Sergey Chernenko, Robert Ialenti and David Scharfstein
            We show that business development companies (BDCs), a significant source of private credit, are very well capitalized according to bank capital frameworks. These types of private credit funds have median risk-based capital ratios of about 36%, which is 26 percentage... View Details
            Keywords: Financing and Loans; Capital; Credit; Financial Institutions
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