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  • 2024
  • Working Paper

Fire Sales of Safe Assets

By: Gabor Pinter, Emil Siriwardane and Danny Walker
We use trade-level data to study price pressure effects in the UK gilt market from September to October 2022. During this period, forced sales by liability-driven investment funds (LDIs) led to price discounts on the order of 10%, accounting for roughly half the total... View Details
Keywords: Investment Funds; Capital Markets; United Kingdom
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  • 2016
  • Working Paper

Capital Requirements, Risk Choice, and Liquidity Provision in a Business Cycle Model

By: Juliane Begenau
This paper develops a quantitative dynamic general equilibrium model in which households' preferences for safe and liquid assets constitute a violation of Modigliani and Miller. I show that the scarcity of these coveted assets created by increased bank capital... View Details
Keywords: Capital Requirement; Bank Regulation; Demand For Safe Assets; Business Cycles; Bank Lending; Risk Management; Financial Liquidity; Financing and Loans; Capital; Banks and Banking
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  • March 2011 (Revised April 2011)
  • Case

Gold in 2011: Bubble or Safe Haven Asset?

By: Robin Greenwood and Benjamin Steiner
Case explores the pricing of gold in 2011. Is the pricing justified or are we in a speculative bubble? What data are useful in determining a view on this question? View Details
Keywords: Inflation and Deflation; Money; Asset Management; Investment; Price Bubble; Policy; Risk Management
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  • September 2015
  • Article

Banks as Patient Fixed-Income Investors

By: Samuel G. Hanson, Andrei Shleifer, Jeremy C. Stein and Robert W. Vishny
We examine the business model of traditional commercial banks when they compete with shadow banks. While both types of intermediaries create safe "money-like" claims, they go about this in different ways. Traditional banks create money-like claims by holding illiquid... View Details
Keywords: Shadow Banking; Safe Money-like Claims; Commercial Banking
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  • 2021
  • Working Paper

Elusive Safety: The New Geography of Capital Flows and Risk

By: Laura Alfaro, Ester Faia, Ruth Judson and Tim Schmidt-Eisenlohr
A confidential dataset with industry-level disaggregation of U.S. cross-border claims and liabilities, shows U.S. securities to be increasingly intermediated by tax-haven-financial-centers (THFC) and less regulated funds. These securities are risky, in... View Details
Keywords: Tax Havens; Financial Centers; Geography Of Flows; Profit Shifting; Tax Avoidance; Risk; Safe Assets; Hetergeneous Firms; Endogenous Entry; Endogenous Monitoring; Regulatory Arbitrage; Assets; Safety; Risk and Uncertainty; Capital; Global Range
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  • 22 Jul 2014
  • Working Paper Summaries

Banks as Patient Fixed-Income Investors

Keywords: by Samuel G. Hanson, Andrei Shleifer, Jeremy C. Stein & Robert W. Vishny; Banking
  • 22 Jan 2013
  • HBS Seminar

Robert Meyer, Wharton, University of Pennsylvania

  • August 2020
  • Article

Financial Market Risk Perceptions and the Macroeconomy

By: Carolin E. Pflueger, Emil Siriwardane and Adi Sunderam
We propose a novel measure of risk perceptions: the price of volatile stocks (PVS), defined as the book-to-market ratio of low-volatility stocks minus the book-to-market ratio of high-volatility stocks. PVS is high when perceived risk directly measured from surveys and... View Details
Keywords: Risk-centric Business Cycles; Cross-section Of Equities; Real Risk-free Rate; Real Investment; Financial Markets; Risk and Uncertainty; Perception; Investment
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  • March 2009 (Revised September 2011)
  • Case

UBS and Auction Rate Securities (A)

By: Daniel Baird Bergstresser, Shawn A. Cole and Siddharth Bhaskar Shenai
UBS, a global financial services company, must decide whether to continue to support the market for Auction Rate Securities in the face of a growing financial crisis. These instruments, underwritten by UBS, were marketed to clients as highly liquid and safe... View Details
Keywords: Cost vs Benefits; Financial Crisis; Asset Pricing; Financial Liquidity; Financial Instruments; Government Legislation; Risk and Uncertainty; Financial Services Industry
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  • 2016
  • Article

The Federal Reserve's Balance Sheet as a Financial-Stability Tool

By: Robin Greenwood, Samuel Gregory Hanson and Jeremy C. Stein
We argue that the Federal Reserve should use its balance sheet to help reduce a key threat to financial stability: the tendency for private-sector financial intermediaries to engage in excessive amounts of maturity transformation—i.e., to finance risky assets using... View Details
Keywords: Central Banking; Policy; Risk Management; Public Administration Industry; United States
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  • 12 Mar 2009
  • Working Paper Summaries

Inflation Bets or Deflation Hedges? The Changing Risks of Nominal Bonds

Keywords: by John Y. Campbell, Adi Sunderam & Luis M. Viceira
  • 20 Jan 2009
  • Research & Ideas

Risky Business with Structured Finance

close examination and clear explanation of how the process of securitization transformed trillions of dollars of risky assets into securities that many considered to be a safe bet. Authored by HBS professors... View Details
Keywords: by Julia Hanna; Banking; Financial Services
  • 23 Jan 2008
  • Op-Ed

A House Divided: Investment or Shelter?

expanded a dormer or converted a breezeway. But most home-owning families stayed put, expecting to age in their homes. This experience was not unique to America. In most of the world, homeownership still carries that expectation of rootedness. Home also represented an... View Details
Keywords: by Nicolas P. Retsinas; Banking; Construction; Real Estate
  • 23 Aug 2004
  • Research & Ideas

New Challenges for Long-Term Investors

spending needs as well as economic factors such as rising interest rates that affect different assets in different ways. Viceira's research analyzes asset allocation strategies for personal and institutional... View Details
Keywords: by Ann Cullen
  • February 2018
  • Case

Infrastructure in Nigeria: Unlocking Pension Fund Investments

By: John Macomber and Pippa Tubman Armerding
The so-called “infrastructure finance gap” was a problem in Nigeria as in many parts of the world. Infrastructure projects like power plants and dams were very large capital investments that could generate long-term consistent cash flows, but their financing and... View Details
Keywords: Pension Fund Investing; Infrastucture; Power/Energy; Credit Enhancement; Infrastructure; Project Finance; Investment Funds; Emerging Markets; Nigeria; Africa
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  • 04 May 2009
  • Research & Ideas

What’s Next for the Big Financial Brands

headquarters reminds us that a brand is a precious asset. The value of any brand asset depends upon whether it has delivered on its past promises and is believed likely to do so in the future. It takes years of effort to build brand trust... View Details
Keywords: by John Quelch; Banking; Financial Services
  • 27 Feb 2007
  • First Look

First Look: February 27, 2007

inflows predict no change in the discount, but forecast positive changes in both net asset values and closed-end fund prices. This fact also contradicts the price pressure story, which predicts the cross-border inflows increase local... View Details
Keywords: Martha Lagace
  • Web

Faculty & Advisors | MBA

Sekar Kathiresan is co-founder and chief executive officer of Verve Therapeutics. He is also a member of the company’s board of directors. Verve is pioneering a new approach to the care of cardiovascular disease by developing single-course gene-editing therapies that... View Details
  • 21 Apr 2009
  • First Look

First Look: April 21, 2009

and that challenges mounted against a single firm and an industry can inspire both firm and field-level changes. Download the paper: http://www.hbs.edu/research/pdf/09-019.pdf Asset Specificity and Vertical Integration: Williamson's... View Details
Keywords: Martha Lagace
  • 24 Jul 2018
  • First Look

New Research and Ideas, July 24, 2018

through which frontline staff can share and learn new ideas, especially for those who feel safe to speak up and believe that new ideas are not tested frequently enough. Practice Implications: The contest’s potential to decentralize... View Details
Keywords: Dina Gerdeman