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  • 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
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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

What Makes the Bonding Stick? A Natural Experiment Involving the U.S. Supreme Court and Cross-Listed Firms

By: Amir N. Licht, Christopher Poliquin, Jordan I. Siegel and Xi Li
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: Crime and Corruption; International Finance; Investment; Corporate Governance; Governing Rules, Regulations, and Reforms; Courts and Trials; Legal Liability; United States
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  • August 2014
  • Article

Mortgage Convexity

By: Samuel G. Hanson
Most home mortgages in the United States are fixed-rate loans with an embedded prepayment option. When long-term rates decline, the effective duration of mortgage-backed securities (MBS) falls due to heightened refinancing expectations. I show that these changes in MBS... View Details
Keywords: Mortgages; Interest Rates; Volatility
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    Shirley Lu

    Shirley Lu is an assistant professor in the Accounting and Management Unit. She teaches the Financial Reporting and Control course in the MBA required curriculum.

    Professor Lu conducts research in the area of Corporate Social Responsibility (CSR) disclosure,... View Details

    • December 1996 (Revised October 1999)
    • Case

    Kidder, Peabody & Co.: Creating Elusive Profits

    By: Robert L. Simons and Antonio Davila
    On April 17, 1994, Kidder, Peabody & Co. announced a $350 million charge against earnings resulting from the discovery of false trading profits. That same day, the termination of Joseph Jett's employment with the company was made public. By illustrating the mechanics... View Details
    Keywords: Bonds; Governance Controls; Crime and Corruption; Financial Reporting; Profit; Financial Strategy
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    • 2021
    • Working Paper

    Real Credit Cycles

    By: Pedro Bordalo, Nicola Gennaioli, Andrei Shleifer and Stephen J. Terry
    We incorporate diagnostic expectations, a psychologically founded model of overreaction to news, into a workhorse business cycle model with heterogeneous firms and risky debt. A realistic degree of diagnosticity, estimated from the forecast errors of managers of U.S.... View Details
    Keywords: Econometric Models; Business Cycles; Credit
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    • 14 Nov 2007
    • First Look

    First Look: November 14, 2007

    alternative mechanisms by which private information about firms' R&D activities can be revealed to investors. I investigate the degree to which both mechanisms lead to the public revelation of the... View Details
    Keywords: Martha Lagace
    • December 2007
    • Case

    Envisioning "Free Banking" in Antebellum New York (A)

    By: David A. Moss and Cole Bolton
    Banks throughout New York State suspended specie payments (i.e., payments in gold and silver) in May 1837 following the collapse of several state banks and the onset of a nationwide financial panic. Amid the chaos, the upstart Whigs were able to depose the longstanding... View Details
    Keywords: History; Government Legislation; Capital; Financial Crisis; Banks and Banking; Banking Industry; New York (state, US)
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    • 22 Jul 2009
    • Working Paper Summaries

    Reputation and Competition: Evidence from the Credit Rating Industry

    Keywords: by Bo Becker & Todd Milbourn; Financial Services
    • 17 Oct 2006
    • First Look

    First Look: October 17, 2006

    find support for these hypotheses. Download working paper: http://www.hbs.edu/research/pdf/07-022.pdf Resolving Information Asymmetries in Markets: The Role of Certified Management Programs Author: Michael W. Toffel Abstract Firms and regulators are increasingly... View Details
    Keywords: Sean Silverthorne
    • 11 Feb 2014
    • First Look

    First Look: February 11

    cross-departmental collaboration mechanisms that enable improvement in the flow of materials across departmental boundaries. August 2013 Production and Operations Management The Effectiveness of Management-By-Walking-Around: A Randomized... View Details
    Keywords: Sean Silverthorne
    • Web

    Behavioral Finance & Financial Stability

    Financial Sector More Info The Impact of Pensions and Insurance on Global Yield Curves By: Robin Greenwood & Annette Vissing-Jorgensen JUN 2018 In this NBER working paper, researchers from the Behavioral Finance and Financial Stability Initiative evaluate the demand... View Details
    • 07 Aug 2012
    • First Look

    First Look: August 7

    several features of the data, including equilibrium dividend policies similar to a Lintner partial-adjustment model; modal dividend changes of zero, stronger market reactions to dividend cuts than increases, relative infrequency and irregularity of repurchases versus... View Details
    Keywords: Sean Silverthorne
    • 17 Aug 2020
    • Research & Ideas

    What the Stockdale Paradox Tells Us About Crisis Leadership

    they see glimmers of light, and this ultimately sustains them.” How does mechanisms of survival work? Why do so many wisdom traditions converge on this basic paradox? The discipline of survival psychology—the study of how people react in... View Details
    Keywords: by Boris Groysberg and Robin Abrahams
    • Web

    Named Fellowship Funds - Alumni

    consultant at Deloitte. Nick received his BS in mechanical engineering from the University of Notre Dame. The couple resides in Indianapolis with their two daughters. F. Steele Blackall III (MBA 1949) and Patricia Blackall Scholarship The... View Details
    • 20 Sep 2016
    • First Look

    September 20, 2016

    of both mechanisms successfully generates a sizable secular increase. Download working paper: https://www.hbs.edu/faculty/Pages/item.aspx?num=51107 Can Staggered Boards Improve Value? Evidence from the Massachusetts Natural Experiment By:... View Details
    Keywords: Sean Silverthorne
    • Web

    Finance - Faculty & Research

    mechanism that amplifies interest rate volatility. I find strong support for these predictions in the time series of US government bond returns. 2014 Working Paper Financial Repression in the European... View Details
    • Web

    Research - Behavioral Finance & Financial Stability

    government-introduced business lending and corporate bond purchase programs in response to the COVID-19 pandemic. In contrast to the classic lender-of-last-resort thinking, the authors argue that an effective policy response to the... View Details
    • Web

    Business History - Faculty & Research

    American chemical industries until the 1970s, when the two German firms diverged from their American counterparts in using public relations strategies not only to contain fallout from criticism, but also as opportunities for changes in corporate culture aimed at... View Details