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  • 29 Sep 2009
  • First Look

First Look: September 29

defaults during a market drop. To measure the systemic impact of this ratchet effect, we simulate the U.S. housing market with and without equity extractions and estimate the losses absorbed by mortgage lenders by valuing the embedded... View Details
Keywords: Martha Lagace
  • 2025
  • Working Paper

Climate Risk and the U.S. Insurance Gap: Measurement, Drivers and Implications

By: Parinitha Sastry, Tess Scharlemann, Ishita Sen and Ana-Maria Tenekedjieva
In a world with rising risk, how much are U.S. households willing to pay for homeowners insurance, and what does their demand imply for the future of insurance markets? We provide the first estimates of household willingness to pay for homeowners insurance and the... View Details
Keywords: Climate Change; Risk and Uncertainty; Insurance; Personal Finance; Consumer Behavior; Mortgages
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  • 06 Oct 2015
  • First Look

October 6, 2015

paper: https://www.hbs.edu/faculty/Pages/item.aspx?num=49779 Home Equity Finance and Entrepreneurial Performance—Evidence from a Mortgage Reform By: Jensen, Thais Laerkholm, Søren Leth-Petersen, and Ramana Nanda Abstract—We study how a... View Details
Keywords: Sean Silverthorne
  • August 2021
  • Article

Rate-Amplifying Demand and the Excess Sensitivity of Long-Term Rates

By: Samuel G. Hanson, David O. Lucca and Jonathan H. Wright
Long-term nominal interest rates are surprisingly sensitive to high-frequency (daily or monthly) movements in short-term rates. Since 2000, this high-frequency sensitivity has grown even stronger in U.S. data. By contrast, the association between low-frequency changes... View Details
Keywords: Conundrum; Investor Demand; Monetary Policy Transmission; Interest Rates
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  • 2020
  • Chapter

Climate Change Is Going to Transform Where and How We Build

By: John D. Macomber
As fires, floods, and droughts increasingly threaten homes, businesses, and other institutions, climate risk has become financial risk. This implies that homeowners and investors have been making location decisions without properly pricing the cost of potential peril,... View Details
Keywords: Climate Change; Housing; Mortgages; Geographic Location; Real Estate Industry
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  • 08 Dec 2011
  • Working Paper Summaries

Are There Too Many Safe Securities? Securitization and the Incentives for Information Production

Keywords: by Samuel G. Hanson & Adi Sunderam; Financial Services
  • March 2012
  • Article

How to Make Finance Work

By: Robin Greenwood and David S. Scharfstein
Once a sleepy old boys' club, the U.S. financial sector is now a dynamic and growing business that attracts the best and the brightest. It is tempting to declare the industry a roaring success. But its purpose is to serve the needs of U.S. households and firms, and by... View Details
Keywords: Business Ventures; Value; Competitive Advantage; Investment; Performance Evaluation; Household; Financial Crisis; Finance; Financial Services Industry; United States
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  • 18 Aug 2009
  • First Look

First Look: August 18

  Working PapersFeeling Good about Giving: The Benefits (and Costs) of Self-Interested Charitable Behavior Authors:Lalin Anik, Lara B. Aknin, Michael I. Norton, and Elizabeth W. Dunn Abstract While lay intuitions and pop psychology suggest that helping others leads to... View Details
Keywords: Martha Lagace
  • Web

Placement - Doctoral

(2023-) Dissertation: Essays in Industrial Organization Advisors: Mark L. Egan , Edward Glaeser , Myrto Kalouptsidi , Robin Lee , and Ariel Pakes David Zhang Business Economics, 2022 Placement: Rice University, Jones Graduate School of Business Dissertation: Essays on... View Details
  • 20 Dec 2011
  • First Look

First Look: December 20

& Course MaterialsKroll Bond Rating Agency Bo BeckerHarvard Business School Case 212-034 The established credit raters were criticized for inflating the mortgage credit bubble that imploded in 2008. A new rating agency, KBRA, is... View Details
Keywords: Carmen Nobel
  • Web

Lehman Brothers Timeline | Baker Library | Bloomberg Center | Harvard Business School

Glass-Steagall Act that separated commercial from investment banks. 2001 Terrorist attacks on the World Trade Center on September 11 affect global markets. 2002 Lehman relocates its operations from its Wall Street location to Midtown Manhattan. 2000s Lehman Brothers... View Details
  • 22 May 2019
  • Research & Ideas

Forgiving Student Loan Debt Leads to Better Jobs, Stronger Consumers

largest consumer debt in the US, trailing only mortgage loans—and surpassing car loans, credit card debt, and home equity lines of credit. Source: New York Fed Consumer Credit Panel/Equifax Many people who currently carry student debt are... View Details
Keywords: by Dina Gerdeman
  • Web

Behavioral Finance & Financial Stability

Competition: Effects on Risky Mortgage Origination By: Marco Di Maggio , Amir Kermani & Sanket Korgaonkar FEB 2019 How does financial deregulation affect the use of complex loans features? How do regulated intermediaries react to the... View Details
  • 30 Apr 2024
  • Book

When Managers Set Unrealistic Expectations, Employees Cut Ethical Corners

Bridgestone/Firestone (2000), related party transactions and accounting fraud at Enron (2001), accounting fraud at WorldCom (2002), corrupt payments at Siemens (2007), mortgage lending abuses at Countrywide Financial (2006) and Wall... View Details
Keywords: by Dina Gerdeman
  • Web

Global Impact of the Collapse | Baker Library | Bloomberg Center | Harvard Business School

2011). Workers embrace outside the offices of Lehman Brothers in Canary Wharf in London, Monday, September 15, 2008. Courtesy of AP Photo/Kirsty Wigglesworth. On October 3, 2008, under the Troubled Asset Relief Program (TARP), the government addressed the View Details
  • 05 Dec 2023
  • Research & Ideas

Are Virtual Tours Still Worth It in Real Estate? Evidence from 75,000 Home Sales

Gap, One Mortgage at a Time With Predictive Analytics, Companies Can Tap the Ultimate Opportunity: Customers’ Routines Feedback or ideas to share? Email the Working Knowledge team at hbswk@hbs.edu. Image: AdobeStock/DimaBerlin and... View Details
Keywords: by Rachel Layne; Real Estate
  • July 2019 (Revised April 2021)
  • Case

Salary Finance

By: John R. Wells and Benjamin Weinstock
In April 2019, Asesh Sarkar, co-founder and chief executive of Salary Finance Limited, a London-based FinTech, faced tough choices. Sarkar had founded Salary Finance with Dan Cobley and Daniel Shakhani in 2015. The company’s value proposition was quite simple: partner... View Details
Keywords: Credit; Financing and Loans; Wages; Innovation and Invention; Expansion; Growth and Development Strategy; Organizational Culture; Decision Choices and Conditions; Financial Services Industry
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  • Web

Bankruptcy | Baker Library | Bloomberg Center | Harvard Business School

mortgage assets on our balance sheet was a big problem, regardless of any quality or hedging arguments that might be made.” [16] Glen Le Lievre, "Too big to fail." The Wall Street Journal Cartoon Collection, Baker Library, Harvard... View Details
  • Web

The Forgotten Real Estate Boom - Bubbles, Panics & Crashes – Historical Collections – Harvard Business School

of our current subprime mortgage collapse, economists and historians interested in the role of real estate markets in past financial crises are reexamining the relationship of the first asset-price bubble of the 1920s with the later stock... View Details
  • 06 Jun 2011
  • Research & Ideas

Why Leaders Lose Their Way

(R-NV) resigned after covering up an extramarital affair with monetary payoffs. Lee B. Farkas, former chairman of giant mortgage lender Taylor, Bean & Whitaker, in April was found guilty for his role in one of the largest bank fraud... View Details
Keywords: by Bill George