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Show Results For
- All HBS Web
(5,522)
- People (6)
- News (928)
- Research (3,849)
- Events (14)
- Multimedia (14)
- Faculty Publications (2,460)
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- 2020
- Working Paper
Capital Regulation and Product Market Outcomes
By: Ishita Sen and David Humphry
We present evidence of product market adjustments and asset reorganizations from the largest ever shift in risk regulation in a developed insurance market. Using proprietary data on insurance risk exposures from the Bank of England, we develop a measure of regulatory... View Details
Keywords: Non-traditional-non-insurance; Risk Regulation; Product Market Concentration; Small Vs. Large Insurers; Insurance Risk Exposure; Insurance; Risk and Uncertainty; Governing Rules, Regulations, and Reforms
Sen, Ishita, and David Humphry. "Capital Regulation and Product Market Outcomes." Working Paper, January 2020.
- 2022
- Working Paper
Markups to Financial Intermediation in Foreign Exchange Markets
By: Jonathan Wallen
On average from 2013 to 2020, foreign asset managers in net sold forward 1.1 trillion U.S. dollars. This forward sale of dollars hedges the currency mismatch of foreign investment in U.S. dollar assets. By accommodating this demand, U.S. and European banks earn an... View Details
Keywords: Foreign Exchange; Financial Intermediation; Arbitrage; Market Power; Regulations; Currency; Assets; Interest Rates; Banking Industry
Wallen, Jonathan. "Markups to Financial Intermediation in Foreign Exchange Markets." Working Paper, March 2022.
- Article
The Consumer Financial Protection Bureau: Financial Regulation for the Twenty-First Century
By: Leonard J. Kennedy, Patricia A. McCoy and Ethan S. Bernstein
After existing regulatory systems failed to prevent the recent financial crisis, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act, a sweeping reform designed to alleviate the crisis and prevent its recurrence. Out of this Act, the Consumer... View Details
Keywords: Consumer Financial Protection Bureau; Dodd-Frank; CFPB; Financial Crisis; Reform; New Agency; Market-based Approach; Evidence-based Analysis; Innovative Technologies And Transparency Policies; BEST Practices; Government and Politics; Government Administration; Finance; Financial History; Law; Markets; Organizations; Organizational Design; Business and Government Relations; Balance and Stability; Strategy; Financial Services Industry; Financial Services Industry; United States
Kennedy, Leonard J., Patricia A. McCoy, and Ethan S. Bernstein. "The Consumer Financial Protection Bureau: Financial Regulation for the Twenty-First Century." Cornell Law Review 97, no. 5 (July 2012): 1141–1176.
- 2012
- Working Paper
Can Implicit Regulation Change Financial Market Behavior? Evidence from Spitzer's Attack on Market Timers
This paper explores a natural experiment setup from the 2003-2004 mutual fund scandals to evaluate the effectiveness of implicit regulation on financial markets behavior. On average, buy-and-hold investors lost 218 basis points annually from 1998 to 2002 to market... View Details
- Article
Regulating Hospital Prices Based on Market Concentration Is Likely to Leave High-Price Hospitals Unaffected
By: Maximilian J. Pany, Michael E. Chernew and Leemore S. Dafny
Concern about high hospital prices for commercially insured patients has motivated several proposals to regulate these prices. Such proposals often limit regulations to highly concentrated hospital markets. Using a large sample of 2017 US commercial insurance claims,... View Details
Keywords: Health Care Providers; Hospitals; Insurance Market Regulation; Price Regulation; Markets; Health Care and Treatment; Cost; Quality; Insurance; Price; Governing Rules, Regulations, and Reforms
Pany, Maximilian J., Michael E. Chernew, and Leemore S. Dafny. "Regulating Hospital Prices Based on Market Concentration Is Likely to Leave High-Price Hospitals Unaffected." Health Affairs 40, no. 9 (September 2021): 1386–1394.
- February 2019
- Article
The Market for Financial Adviser Misconduct
By: Mark Egan, Gregor Matvos and Amit Seru
We construct a novel database containing the universe of financial advisers in the United States from 2005 to 2015, representing approximately 10% of employment of the finance and insurance sector. We provide the first large-scale study that documents the economy-wide... View Details
Keywords: Financial Advisors; Brokers; Consumer Finance; Financial Misconduct And Fraud; FINRA; Financial Institutions; Crime and Corruption; Organizational Culture; Personal Finance; Financial Services Industry
Egan, Mark, Gregor Matvos, and Amit Seru. "The Market for Financial Adviser Misconduct." Journal of Political Economy 127, no. 1 (February 2019): 233–295.
- March 2013 (Revised August 2014)
- Case
Indonesia's OJK: Building Financial Stability
By: Lakshmi Iyer and David Lane
In 2013, a new financial services authority, the Otoritas Jasa Keuangan (OJK), took over responsibility for regulating capital markets and non-bank financial institutions in Indonesia. OJK was scheduled to take over bank regulation and supervision from the central... View Details
Keywords: Monetary Policy; Bank Regulation; Financial Market Regulation; Corruption; Bureaucracy; Central Bank Independence; Indonesia; Crime and Corruption; Central Banking; Ethics; Emerging Markets; Financial Markets; Corporate Governance; Financial Crisis; Financial Strategy; Financial Services Industry; Indonesia
Iyer, Lakshmi, and David Lane. "Indonesia's OJK: Building Financial Stability." Harvard Business School Case 713-003, March 2013. (Revised August 2014.)
- May 2019
- Article
Corporate Debt, Firm Size and Financial Fragility in Emerging Markets
By: Laura Alfaro, Gonzalo Asis, Anusha Chari and Ugo Panizza
The post-Global Financial Crisis period shows a surge in corporate leverage in emerging markets and a number of countries with deteriorated corporate financial fragility indicators (Altman’s Z-score). Firm size plays a critical role in the relationship between... View Details
Keywords: Corporate Debt; Firm Size; Financial Fragility; Emerging Market; Organizations; Borrowing and Debt; Financial Condition; Emerging Markets; System Shocks
Alfaro, Laura, Gonzalo Asis, Anusha Chari, and Ugo Panizza. "Corporate Debt, Firm Size and Financial Fragility in Emerging Markets." Journal of International Economics 118 (May 2019): 1–19. (Also NBER Working Paper 25459.)
- February 2018
- Article
Financial Disclosure and Market Transparency with Costly Information Processing
By: Marco Di Maggio and Marco Pagano
We study a model where some investors (“hedgers”) are bad at information processing, while others (“speculators”) have superior information-processing ability and trade purely to exploit it. The disclosure of financial information induces a trade externality: if... View Details
Keywords: Financial Disclosure; Information Processing; Liquidity; Market Transparency; Rational Inattention; Information; Financial Liquidity; Knowledge Use and Leverage; Corporate Disclosure; Financial Markets; Investment
Di Maggio, Marco, and Marco Pagano. "Financial Disclosure and Market Transparency with Costly Information Processing." Review of Finance 22, no. 1 (February 2018): 117–153.
- Research Summary
Level Playing Fields in International Financial Regulation
Joint work with Alan Morrison, Saïd Business School, Oxford.
We study a model of featuring two economies with adverse selection of and moral hazard by bankers. We demonstrate... View Details
- 2019
- Chapter
Fiduciary Law and Financial Regulation
By: Howell E. Jackson and Talia B Gillis
Jackson, Howell E., and Talia B Gillis. "Fiduciary Law and Financial Regulation." In The Oxford Handbook of Fiduciary Law, edited by Evan J. Criddle, Paul B. Miller, and Robert H. Sitkoff. New York: Oxford University Press, 2019.
- June 2009
- Article
Level Playing Fields in International Financial Regulation
By: Lucy White and Alan Morrison
We analyze the desirability of level playing fields in international financial regulation. In general, level playing fields impose the standards of the weakest regulator upon the best-regulated economies. However, they may be desirable when capital is mobile because... View Details
Keywords: Economy; International Finance; Multinational Firms and Management; Governing Rules, Regulations, and Reforms; Standards; Banking Industry
White, Lucy, and Alan Morrison. "Level Playing Fields in International Financial Regulation." Journal of Finance 64, no. 3 (June 2009): 1099–1142.
- Research Summary
Financial Regulation and the Japanese Banking Crisis of the 1990s
As part of a long-term research interest in financial regulation and the role of the Ministry of Finance, Ulrike Schaede has studied various segments of Japan's financial markets to understand better the interaction between regulators and regulatees. This includes... View Details
- Forthcoming
- Article
Pricing of Climate Risk Insurance: Regulation and Cross-Subsidies
By: Ishita Sen, Ana-Maria Tenekedjieva and Sangmin Oh
We study the pricing of homeowners’ insurance, a $15 trillion market essential for hedging climate-related losses. We show that insurance premiums are subject to starkly different regulations across states, creating persistent cross-subsidies and price distortions. We... View Details
Keywords: Climate Risk; Homeowners' Insurance; Price Controls; Financial Regulation; Cross-subsidization; Climate Change; Price; Risk and Uncertainty; Geographic Location; Insurance Industry; United States
Sen, Ishita, Ana-Maria Tenekedjieva, and Sangmin Oh. "Pricing of Climate Risk Insurance: Regulation and Cross-Subsidies." Journal of Finance (forthcoming).
- 27 Sep 2009
- News
A Better Blueprint for Financial Regulation
- September 26, 2009
- Article
A Better Blueprint for Financial Regulation
By: Robert C. Pozen
Pozen, Robert C. "A Better Blueprint for Financial Regulation." Barron's (September 26, 2009).
- Article
A Macroprudential Approach to Financial Regulation
By: Samuel G. Hanson, Anil Kashyap and Jeremy C. Stein
Hanson, Samuel G., Anil Kashyap, and Jeremy C. Stein. "A Macroprudential Approach to Financial Regulation." Journal of Economic Perspectives 25, no. 1 (Winter 2011): 3–28.
- 07 Jul 2020
- Podcast
Financial Regulation and Climate Risk Management
Explore different approaches to modeling and managing climate risk from the vantage points of industry leaders Robert Litterman, a seasoned risk management expert; Nushin Kormi, a specialist in sustainable finance; and Kevin Stiroh, a financial regulator. The... View Details
- Research Summary
Financial Markets and Corporate Governance
By: Dwight B. Crane
Corporate scandals beginning in the late 1990s focused renewed attention on corporate governance, but significant cracks in the governance system also contributed to recent problems. Deregulation and growth of financial markets, as well as changes in the competitive... View Details
- Article
Financial Innovation and the Management and Regulation of Financial Institutions
By: Robert C. Merton
Keywords: Finance; Innovation and Invention; Management; Governing Rules, Regulations, and Reforms; Financial Institutions
Merton, Robert C. "Financial Innovation and the Management and Regulation of Financial Institutions." Journal of Banking & Finance 19, nos. 3-4 (June 1995): 461–481.