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24 Mar 2009
First Look

First Look: March 24, 2009

Arabia's development strategy unfolds in the past six years, it is contrasted to social and political pressures within the country, volatility in global oil markets, and severe political problems in the Middle East. Purchase the case: View Details

Keywords: Martha Lagace

September 2008
Article

Firm Heterogeneity and Credit Risk Diversification

By: Samuel G. Hanson, M. Hashem Pesaran and Til Schuermann

This paper examines the impact of neglected heterogeneity on credit risk. We show that neglecting heterogeneity in firm returns and/or default thresholds leads to under estimation of expected losses (EL), and its effect on portfolio risk is ambiguous. Once EL is... View Details

Keywords: Volatility; Credit; Investment Return; Outcome or Result; Risk and Uncertainty; Loss; Diversification; Complexity; United States

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2000
Other Unpublished Work

Do Executive Stock Options Encourage Risk-Taking?

By: Randolph B. Cohen, Brian J. Hall and Luis M. Viceira

Executive stock options create incentives for executives to manage firms in ways that maximize firm market value. Since options increase in value with the volatility of the underlying stock, executive stock options provide managers with incentives to take actions that... View Details

Keywords: Risk and Uncertainty; Motivation and Incentives; Stock Options; Executive Compensation

August 2019 (Revised April 2021)
Case

Zillow Offers: Winning Online Real Estate 2.0

By: Luis Viceira, Marco Di Maggio and Allison Ciechanover

Founded in 2005, Zillow had become the leading online real estate and home-related marketplace. The brand was recognized as a trusted resource for players in the real estate market, providing information and transparency on home prices. Revenue, which was historically... View Details

Keywords: Real Estate; Corporate Culture; Intermediation; Brokerage; Startup; Evaluating Business Investments; Property; Information Technology; Business Model; Expansion; Business Startups; Real Estate Industry; Media and Broadcasting Industry; United States

Global Portfolio Diversification for Long-Horizon Investors

We show that the secular upward shift in short-run cross-country correlations of stock and bond returns does not necessarily imply a decline in the benefits of global portfolio diversification for long-horizon investors. We show that this increase in correlations has... View Details

August 2016 (Revised July 2017)
Case

Diageo and Mey Icki: Turkish Delight or Turkish Hangover?

By: Dante Roscini and Gamze Yucaoglu

In September 2013, two years after its $2.1 billion acquisition of Mey Icki Sanayi ve Ticaret AS (Mey Icki), the principal spirits company in Turkey specializing in the local beverage, raki, Diageo, the world’s leading premium drinks company, was concerned about new... View Details

Keywords: Foreign Direct Investment; Emerging Markets; Government Legislation; Taxation; Valuation; Business and Government Relations; Government and Politics; Risk Management; Retail Industry; Food and Beverage Industry; Middle East; Turkey

August 2024
Case

Circle: Reinventing the Future of Money

By: Shikhar Ghosh and Shweta Bagai

In early 2024, Circle Internet Financial's leadership team gathered to discuss the company's strategic path as it prepared for an IPO. Founded in 2013 by Jeremy Allaire, Circle had emerged as a pioneer in digital finance through its USD Coin (USDC), a regulated... View Details

Keywords: Currency; Governance Compliance; Initial Public Offering; Competition; Financial Services Industry

12 Oct 2006
First Look

First Look: October 12, 2006

Working PapersDo Corporate Social Responsibility Ratings Predict Corporate Social Performance? Authors:Aaron K. Chatterji, David I. Levine, and Michael W. Toffel Abstract Ratings of corporations' environmental activities and capabilities influence billions of dollars... View Details

Keywords: Sean Silverthorne

2020
Working Paper

Novel Risks

By: Robert S. Kaplan, Herman B. "Dutch" Leonard and Anette Mikes

All organizations practice some form of risk management to identify and assess routine risks in their operations, supply chains, strategy, and external environment. These risk management policies, however, fail in the presence of novelty. Novel risks arise from... View Details

Keywords: Risk Management; Policy; Failure; Organizational Change and Adaptation

June 2018
Article

The Fed, the Bond Market, and Gradualism in Monetary Policy

By: Jeremy C. Stein and Adi Sunderam

We develop a model of monetary policy with two key features: (i) the central bank has some private information about its long-run target for the policy rate, and (ii) the central bank is averse to bond-market volatility. In this setting, discretionary monetary policy... View Details

Keywords: Central Banking; Interest Rates; Policy; Bonds; Financial Markets

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May 2010 (Revised August 2010)
Case

Breaking the Buck

By: Robert C. Pozen and Elizabeth Leonard

After an incredibly volatile six months since Lehman Brothers declared bankruptcy, Finbar McCall contemplated his options. As the investment manager of RPG Prime Reserve Fund, Inc. (RPGXX), McCall had just heard the news that the U.S. Treasury was extending the... View Details

Keywords: Change Management; Financial Crisis; Financial Management; Insurance; Investment Funds; Business and Government Relations; Business and Shareholder Relations; Financial Services Industry

December 2021
Article

Trade Policy Uncertainty and Stock Returns

By: Marcelo Bianconi, Federico Esposito and Marco Sammon

A recent literature has documented large real effects of trade policy uncertainty (TPU) on trade, employment, and investment, but there is little evidence that investors are compensated for bearing such risk. To quantify the risk premium associated with TPU, we exploit... View Details

Keywords: Trade Policy; Uncertainty; Stock Returns; Risk Premium; Tariff Rates; Portfolio Analysis; Trade; Policy; Risk and Uncertainty; Stocks; Investment Return

March 2016 (Revised November 2020)
Case

Tableau

By: Boris Vallee

Matrix Capital Management, a long-short equity hedge fund based in Waltham, Massachusetts, is assessing its investment in Tableau, a data visualization company. Tableau, which conducted an IPO a few years ago, has been experiencing substantial growth as it aims at... View Details

Keywords: Hedge Fund; Long-short Equity; Growth Investing; Growth and Development Strategy; Investment; Valuation; Technology; Technology Industry; Waltham

September 1991 (Revised December 1993)
Case

Tombow Pencil Co. Ltd.

Tombow Pencil Co. Ltd., one of Japan's two premier pencil manufacturers, has been using a subcontractor network in order to respond to changing market conditions. The system currently faces a new challenge as Tombow moves to address a volatile business market for... View Details

Keywords: Production; Supply Chain Management; Manufacturing Industry; Japan

Research Summary

Output and asset price fluctuations

What are the sources of business cycles? How are these shocks propagated in the economy? Why are their effects so persistent? How can we explain asset price fluctuations? How are shocks transmitted internationally?To study these questions, I have developed a series... View Details

2025
Working Paper

Precautionary Debt Capacity

By: Deniz Aydin and Olivia S. Kim

The determinants of debt capacity are a central theme in finance and macroeconomics, yet it remains unclear why firms leave some of their debt capacity unused and whether this affects investment and growth. Textbook theory suggests that firms should not leave their... View Details

Keywords: Borrowing and Debt; Credit; Financing and Loans

November–December 2024
Article

How to Avoid the Agility Trap

By: Jianwen Liao and Feng Zhu

Agility is all the rage in strategy circles these days. According to conventional wisdom, organizations should rapidly react to technological advances, new market dynamics, and shifting consumer preferences. But in practice this is nearly impossible to pull off,... View Details

Keywords: Organizational Change and Adaptation; Competitive Advantage; Growth and Development Strategy; Business Model

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May 2004 (Revised November 2005)
Case

Turkey: Securing Stability in a Rough Neighborhood

By: Richard H.K. Vietor and Emily Thompson

After suffering years of volatility and crises, Turkey desperately sought macroeconomic and political stability in an ever-worsening region of the world. In the short term, Turkey had to repay its debt, which amounted to more than 80% of GDP. By January 2004, Turkey... View Details

Keywords: Public Sector; Inflation and Deflation; Macroeconomics; Borrowing and Debt; Banks and Banking; International Finance; Privatization; Religion; Turkey; European Union

2012
Working Paper

Reaching for Yield in the Bond Market

By: Bo Becker and Victoria Ivashina

Reaching-for-yield—the propensity to buy riskier assets in order to achieve higher yields—is believed to be an important factor contributing to the credit cycle. This paper analyses this phenomenon in the corporate bond market. Specifically, we show evidence for... View Details

Keywords: Fixed Income; Reaching For Yield; Financial Intermediation; Insurance Companies; Insurance; Bonds; Assets; Risk Management; Investment Return; Investment Portfolio; Insurance Industry

November 2024
Teaching Note

Mercado Bitcoin: M&A, IPO, or Series B?

By: Raymond Kluender, Emanuele Colonnelli and Sabrina Howell

Teaching Note for HBS Case No. 825-047. In April 2021, Brazilian cryptocurrency platform Mercado Bitcoin, had to decide how to scale: go public, M&A with a bank, or take a VC big check. In a highly volatile market, Roberto Dagnoni, chairman of the board, viewed the... View Details

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