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- Working Paper
Measuring the Perceived Liquidity of the Corporate Bond Market
By: Sergey Chernenko and Adi Sunderam
We propose a novel measure of bond market liquidity that does not depend on transaction data: the strength of the cross-sectional relationship between mutual fund cash holdings and fund flow volatility. Our measure captures how liquid funds perceive their portfolio... View Details
Chernenko, Sergey, and Adi Sunderam. "Measuring the Perceived Liquidity of the Corporate Bond Market." NBER Working Paper Series, No. 27092, May 2020.
- March 2016 (Revised May 2021)
- Case
Michael Milken: The Junk Bond King
By: Tom Nicholas and Matthew G. Preble
Michael Milken, an investment banker who dominated the junk bond market in the 1980s, was sentenced to jail in 1990 after pleading guilty to a number of securities and tax-related felonies. In the preceding decade, Milken had helped usher in a new wave of leveraged buy... View Details
Keywords: Junk Bonds; High-yield Bonds; Financial Innovation; Shareholder Value; Bonds; Capital; Capital Structure; Cost of Capital; Crime and Corruption; Entrepreneurship; Ethics; Finance; Investment Banking; Leveraged Buyouts; Mergers and Acquisitions; Ownership; Private Equity; Restructuring; United States
Nicholas, Tom, and Matthew G. Preble. "Michael Milken: The Junk Bond King." Harvard Business School Case 816-050, March 2016. (Revised May 2021.)
- 2020
- Working Paper
Internal Models, Make Believe Prices, and Bond Market Cornering
By: Ishita Sen and Varun Sharma
Exploiting position-level heterogeneity in regulatory incentives to misreport and novel data on regulators, we document that U.S. life insurers inflate the values of corporate bonds using internal models. We estimate an additional $9-$18 billion decline in regulatory... View Details
Keywords: Life Insurers; Capital Regulation; Internal Models; Corporate Bonds; Regulatory Supervision; Concentrated Ownership; Bonds; Capital; Governing Rules, Regulations, and Reforms; Insurance; Investment Portfolio
Sen, Ishita, and Varun Sharma. "Internal Models, Make Believe Prices, and Bond Market Cornering." Working Paper, June 2020.
- April 1986 (Revised June 1986)
- Background Note
Nondollar Bond Markets
Mason, Scott P. "Nondollar Bond Markets." Harvard Business School Background Note 286-119, April 1986. (Revised June 1986.)
- Article
Understanding Inflation-Indexed Bond Markets
By: John Y. Campbell, Robert J. Shiller and Luis M. Viceira
Campbell, John Y., Robert J. Shiller, and Luis M. Viceira. "Understanding Inflation-Indexed Bond Markets." Brookings Papers on Economic Activity (Spring 2009): 79–120.
- 2011
- Working Paper
Fractionalization and the Municipal Bond Market
We study the impact of ethnic and religious fractionalization on the U.S. municipal debt market and find that issuers from more ethnically and religiously fractionalized counties pay higher yields on their municipal debt. A two standard deviation increase in religious... View Details
Keywords: Ethnicity Characteristics; Bonds; Financial Markets; Investment Return; Geographic Location; City; Religion; United States
Bergstresser, Daniel, Randolph Cohen, and Siddharth Shenai. "Fractionalization and the Municipal Bond Market." Harvard Business School Working Paper, No. 11-128, June 2011.
- Article
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 analyzes 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; Assets; Bonds; Investment Return; Investment Portfolio; Risk Management; Insurance Industry
Becker, Bo, and Victoria Ivashina. "Reaching for Yield in the Bond Market." Journal of Finance 70, no. 5 (October 2015): 1863–1902.
- 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
Becker, Bo, and Victoria Ivashina. "Reaching for Yield in the Bond Market." Harvard Business School Working Paper, No. 12-103, May 2012. (Revised December 2012. NBER Working Paper Series, No. 18909, March 2013)
- 29 Jun 2020
- Working Paper Summaries
Measuring the Perceived Liquidity of the Corporate Bond Market
- 15 Jun 2012
- Working Paper Summaries
Reaching for Yield in the Bond Market
Keywords: by Bo Becker & Victoria Ivashina
- March 1980 (Revised October 1980)
- Background Note
Note on the Corporate Bond Markets
Goldsberry, John P., III. "Note on the Corporate Bond Markets." Harvard Business School Background Note 280-086, March 1980. (Revised October 1980.)
- September 2014 (Revised May 2017)
- Case
Fresno's Social Impact Bond for Asthma
By: John A. Quelch and Margaret L. Rodriguez
In 2014, Social Impact Bonds (SIBs) were quickly gaining popularity as an investment vehicle which joined together private investors and nonprofits to tackle social issues. Although numerous SIB projects and proposals had cropped up across the U.S. following the launch... View Details
Keywords: Social Enterprise; Health Care; Marketing; Bonds; Financing; Asthma; Air Pollution; Air Quality; Chronic Disease; Public Health; Health; Health Care and Treatment; Finance; Health Industry; Financial Services Industry; United States
Quelch, John A., and Margaret L. Rodriguez. "Fresno's Social Impact Bond for Asthma." Harvard Business School Case 515-028, September 2014. (Revised May 2017.)
- 2022
- Article
The Pricing and Ownership of U.S. Green Bonds
By: Malcolm Baker, Daniel Bergstresser, George Serafeim and Jeffrey Wurgler
We study green bonds, which are bonds whose proceeds are used for environmentally sensitive purposes. After an overview of the U.S. corporate and municipal green bonds markets, we study pricing and ownership patterns using a simple framework that incorporates assets... View Details
Keywords: Green Bond; Pricing; Climate Finance; ESG; SRI; Sustainable; Municipal; Bonds; Environmental Sustainability; Financial Markets; Price; Ownership; United States
Baker, Malcolm, Daniel Bergstresser, George Serafeim, and Jeffrey Wurgler. "The Pricing and Ownership of U.S. Green Bonds." Annual Review of Financial Economics 14 (2022): 415–437.
- May 2010
- Article
Price Pressure in the Government Bond Market
By: Robin Greenwood and Dimitri Vayanos
Greenwood, Robin, and Dimitri Vayanos. "Price Pressure in the Government Bond Market." American Economic Review: Papers and Proceedings 100, no. 2 (May 2010).
- February 2023
- Article
Disruption and Credit Markets
By: Bo Becker and Victoria Ivashina
We show that over the past half century innovative disruptions were central to understanding corporate defaults. In a given year, industries experiencing abnormally high VC or IPO activity subsequently see higher default rates, higher segment exits by conglomerates,... View Details
Becker, Bo, and Victoria Ivashina. "Disruption and Credit Markets." Journal of Finance 78, no. 1 (February 2023): 105–139.
- 05 Jul 2006
- Working Paper Summaries
Reinventing Savings Bonds
- July 1993 (Revised November 1993)
- Case
European Bank for Reconstruction and Development: Marketing Strategy for the Debut Bond Offering
The European Bank for Reconstruction and Development, the first supranational financial institution of the post-Cold War era, is planning its debut in the international capital markets through a bond issuance of $500 million. The bank must determine its marketing... View Details
Rayport, Jeffrey F. "European Bank for Reconstruction and Development: Marketing Strategy for the Debut Bond Offering." Harvard Business School Case 594-005, July 1993. (Revised November 1993.)
- September 2016
- Article
Disproportional Control Rights and the Bonding Role of Debt
By: Aiyesha Dey, Valeri Nikolaev and Xue Wang
We examine the governance role of debt in the context of U.S.-based dual class ownership structures. We hypothesize that the use of debt alleviates the conflict between shareholder classes by balancing the power of controlling insiders. We document that dual class... View Details
Keywords: Dual Class; Private Debt; Debt Covenants; Bonding Mechanisms; Ownership Type; Capital Structure; Borrowing and Debt
Dey, Aiyesha, Valeri Nikolaev, and Xue Wang. "Disproportional Control Rights and the Bonding Role of Debt." Management Science 62, no. 9 (September 2016): 2581–2614.
- August 2004 (Revised September 2004)
- Background Note
Note on Bond Valuation and Returns
All securities can be evaluated based on certain common characteristics: value, rate of return, risk, maturity, and so forth. This case examines how bonds are valued and how their rates of return are computed. It begins with basic definitions and features of... View Details
Chacko, George C., Peter A. Hecht, Vincent Dessain, and Monika Stachowiak. "Note on Bond Valuation and Returns." Harvard Business School Background Note 205-008, August 2004. (Revised September 2004.)
- 2007
- Chapter
Legal Origin vs. the Politics of Creditor Rights: Bond Markets in Brazil, 1850-2002
By: Aldo Musacchio
This paper explores the question: Do institutions persist over time and determine current economic outcomes? Specifically, does the adoption or inheritance of a legal tradition in the past determine the subsequent course of institutional and financial development? This... View Details