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  • Article

Inflation-Indexed Bonds and the Expectations Hypothesis

By: Carolin E. Pflueger and Luis M. Viceira
This paper empirically analyzes the Expectations Hypothesis (EH) in inflation-indexed (or real) bonds and in nominal bonds in the U.S. and in the U.K. We strongly reject the EH in inflation-indexed bonds and also confirm and update the existing evidence rejecting the... View Details
Keywords: TIPS; Breakeven Inflation; Return Predictability; Bond Risk Premia; Risk Management; Bonds; Financial Liquidity; Inflation and Deflation; United Kingdom; United States
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  • 2021
  • Working Paper

The Green Bonding Hypothesis: How Do Green Bonds Enhance the Credibility of Environmental Commitments?

By: Shirley Lu
This paper proposes and provides evidence on a green bonding hypothesis, where green bonds act as a commitment device that subjects firms to institutions holding them accountable to their environmental promises. I find that green-bond issuers face higher climate change... View Details
Keywords: Bonding Hypothesis; Sustainable Finance; Climate Change; Corporate Social Responsibility and Impact; Environmental Sustainability; Bonds; Corporate Accountability
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  • Research Summary

What Makes the Bonding Stick? A Natural Experiment Testing the Legal Bonding Hypothesis

On March 29, 2010, the U.S. Supreme Court signaled its intention to geographically limit the reach of the U.S. securities antifraud regime and thus differentially exclude U.S.-listed foreign firms from the ambit of formal U.S. antifraud enforcement. We use this legal... View Details
Keywords: Securities Litigation; Corporate Governance
  • 2013
  • Working Paper

Return Predictability in the Treasury Market: Real Rates, Inflation, and Liquidity

By: Carolin E. Pflueger and Luis M. Viceira
Estimating the liquidity differential between inflation-indexed and nominal bond yields, we separately test for time-varying real rate risk premia, inflation risk premia, and liquidity premia in U.S. and U.K. bond markets. We find strong, model independent evidence... View Details
Keywords: Expectations Hypothesis; Term Structure; Real Interest Rate Risk; Inflation Risk; Inflation-Indexed Bonds; Financial Crisis; Inflation and Deflation; Financial Liquidity; Bonds; Investment Return; Risk and Uncertainty; United Kingdom; United States
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  • 19 Mar 2013
  • Working Paper Summaries

Carry Trade and Exchange-Rate Regimes

Keywords: by Laura Alfaro & Fabio Kanczuk
  • 17 Aug 2006
  • Working Paper Summaries

Corporate Governance and Networks: Bankers in the Corporate Networks of Brazil, Mexico, and the United States circa 1910

Keywords: by Aldo Musacchio
  • 2024
  • Working Paper

How Do Global Portfolio Investors Hedge Currency Risk?

By: Robin Greenwood and Alex Cheema-Fox
We use monthly portfolio data from one of the world’s largest custodian banks, with over $40 trillion assets under custody, to study how global portfolio investors hedge foreign exchange risk in their equity and fixed income portfolios over the past 25 years. The data... View Details
Keywords: Investment Portfolio; Investment Funds; Currency; Risk and Uncertainty
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  • 08 Mar 2011
  • First Look

First Look: March 8

governance. The patterns we observe are consistent with the hypothesis that time spent with outsiders is on average less beneficial to the firm and more beneficial to the CEO and that the CEO spends more time with outsiders when... View Details
Keywords: Sean Silverthorne
  • 25 Jan 2011
  • First Look

First Look: Jan. 25

association between creativity and dishonesty, thus highlighting a dark side of creativity. Download the paper: http://www.hbs.edu/research/pdf/11-064.pdf Issuer Quality and Corporate Bond Returns Authors:Robin Greenwood and Samuel G.... View Details
Keywords: Sean Silverthorne
  • 11 Feb 2014
  • First Look

First Look: February 11

may lead to dishonesty (as shown in prior work), and dishonesty may lead to creativity (the hypothesis we tested in this research). In five experiments, participants had the opportunity to behave dishonestly by overreporting their... View Details
Keywords: Sean Silverthorne
  • 20 Dec 2011
  • First Look

First Look: December 20

These abnormal returns are actually higher the greater the percentage of a firm's capital listed on non-U.S. exchanges but are unrelated to the corporate governance and legal environment in foreign issuers' home country. These results challenge the legal View Details
Keywords: Carmen Nobel
  • 22 Mar 2011
  • First Look

First Look: March 22

return predictability is due to segmentation between nominal and inflation-indexed bond markets but find no evidence in either the U.S. or in the U.K. Download the paper: http://www.hbs.edu/research/pdf/11-094.pdf Inflation-Indexed View Details
Keywords: Sean Silverthorne
  • 02 Feb 2010
  • First Look

First Look: Feb. 2

  Working PapersThe Mirroring Hypothesis: Theory, Evidence and Exceptions Authors:Lyra Colfer and Carliss Y. Baldwin Abstract The mirroring hypothesis asserts that the organizational patterns of a development project (e.g., communication... View Details
Keywords: Martha Lagace
  • 15 Aug 2006
  • First Look

First Look: August 15, 2006

financial markets change the interaction between banks and corporations? This paper compares the importance of interlocking boards of directors between corporations and banks in Brazil, Mexico, and the United States circa 1909. The View Details
Keywords: Sean Silverthorne
  • 28 Oct 2008
  • First Look

First Look: October 28, 2008

entry is an important trait of well-functioning capital markets. Download the paper: http://www.hbs.edu/research/pdf/07-033.pdf Exploring the Duality between Product and Organizational Architectures: A Test of the Mirroring Hypothesis... View Details
Keywords: Martha Lagace
  • 05 Mar 2013
  • First Look

First Look: March 5

emerging Asian markets. Paper: http://www.asiabusinessinsights.com/articles.html#sub_articles_E-commerce_in_Asia Issuer Quality and Corporate Bond Returns Authors:Greenwood, Robin, and Samuel G. Hanson Publication:Review of Financial... View Details
Keywords: Sean Silverthorne
  • 10 Jan 2012
  • First Look

First Look: January 10

person in need, which, in turn, increased intentions to help. Inflation-Indexed Bonds and the Expectations Hypothesis Authors:Carolin E. Pflueger and Luis M. Viceira Publication:Annual Review of Financial... View Details
Keywords: Sean Silverthorne
  • 07 Jun 2016
  • First Look

June 7, 2016

spread, defined as the spread of local currency bonds over the synthetic local currency risk-free rate constructed using cross-currency swaps. We find that local currency credit spreads are positive and sizable. Compared with credit... View Details
Keywords: Sean Silverthorne
  • 21 Jun 2011
  • First Look

First Look: June 21

results are consistent with an experimentation hypothesis in which tight monitoring of decisions leads to more control but less learning. An Evolutionary Approach to Financial History Author: Niall Ferguson Publication: Cold Spring Harbor... View Details
Keywords: Sean Silverthorne
  • 03 Mar 2008
  • First Look

First Look: March 4, 2008

and senior officers of firms, we test the hypothesis that analysts' school ties to senior officers impart comparative information advantages in the production of analyst research. We find evidence that analysts outperform on their stock... View Details
Keywords: Martha Lagace

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