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- Faculty Publications (6)
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- All HBS Web (19)
- Faculty Publications (6)
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- 2024
- Working Paper
Public Debt and Investment Under Political Competition: Evidence from Toxic Loans
By: Julien Sauvagnat and Boris Vallée
We examine how political considerations shape local government responses to a substantial rise in indebtedness. We use the delayed yet sharp deterioration of “toxic” loans held by French municipalities as a quasi-natural experiment to empirically investigate such... View Details
Keywords: Public Debt; Public Investments; Political Contestation; Toxic Loans; Borrowing and Debt; Investment; Public Sector; Government and Politics; Local Range; Financing and Loans
Sauvagnat, Julien, and Boris Vallée. "Public Debt and Investment Under Political Competition: Evidence from Toxic Loans." Working Paper, 2024.
- 11 Feb 2015
- Research & Ideas
Politicians Benefited From Using Toxic Loans
Talk of the recent financial crisis often falls into a simplistic narrative of villainous banks, marketing toxic financial products to innocent customers who did not understand their risks. Among the storied victims are municipal... View Details
- 11 Feb 2015
- News
Politicians Received Political Benefit From Supporting Toxic Loans
- June 2017
- Article
The Political Economy of Financial Innovation: Evidence from Local Governments
By: Christophe Pérignon and Boris Vallée
We examine the toxic loans sold by investment banks to local governments. Using proprietary data, we show that politicians strategically use these products to increase chances of being re-elected. Consistent with greater incentives to hide the cost of debt, toxic loans... View Details
Pérignon, Christophe, and Boris Vallée. "The Political Economy of Financial Innovation: Evidence from Local Governments." Review of Financial Studies 30, no. 6 (June 2017): 1903–1934.
- 21 Dec 2009
- Research & Ideas
Good Banks, Bad Banks, and Government’s Role as Fixer
rating agency after it was selected by the third party. Q: You note in your book that loan securitization collapsed at the end of 2008. Has it revived yet, and why is it important for a healthy economy? A: The monthly volume of... View Details
- Research Summary
Overview
By: Boris Vallee
Professor Vallée focuses on financial innovation, investigating it from different angles. This research thread has led him to relate the methods and insights of corporate finance and banking with those of other subfields, including household finance, public finance,... View Details
- Person Page
Media
Media
This lists media reports covering my firm dollarDEX Investments or me (or my colleagues), or columns written by me (or my colleagues). There are all... View Details
- Web
Global Impact of the Collapse | Baker Library | Bloomberg Center | Harvard Business School
banks and purchasing toxic assets and equity. In 2009, General Motors and the Chrysler Corporation declared bankruptcy. In March of that year, the Dow Jones plummeted its lowest level of 6,594, a decline of more than 50 percent since... View Details
- Web
Bankruptcy | Baker Library | Bloomberg Center | Harvard Business School
22, 2008. Barclays Group Archives. View as PDF Barclays Group. Press Release, September 22, 2008. Barclays Group Archives. View as PDF In the mortgage securitization process, a borrower takes out a loan from a lending institution. The... View Details
- Web
Health Care - Faculty & Research
to date in value-based care delivery. Keywords: Business Model ; Business Units ; Financing and Loans ; Innovation Strategy ; Growth and Development Strategy ; Service Operations ; Mergers and Acquisitions ; Insurance ; Health Care and... View Details
- 10 Oct 2023
- Blog Post
Policy Drivers for Environmental Justice: What Businesses Need to Know
communities disproportionately face increased levels of pollution and are often more vulnerable to the dangerous effects of climate change. Dorceta E. Taylor’s Toxic Communities breaks down environmental racism as it relates to the siting... View Details
- 01 Dec 2019
- News
Remix
position—traumatized by a toxic environment that diminished her ability to achieve professionally—Dixon fled, this time for good. HBS became her refuge. Sectionmate Anne Morriss (MBA 2004) remembers meeting Dixon that fall and connecting... View Details
- 25 Aug 2022
- News
Up on the Corner
been forthcoming. Commercial lenders have also shunned her, even though much of the financial risk associated with the project ultimately stems from discriminatory practices such as redlining, which for decades denied residents of the area access to mortgages and other... View Details
- 12 Sep 2007
- Op-Ed
Building Sandcastles: The Subprime Adventure
the subprime lenders—willing to take the risk on riskier borrowers, for a price. Thus far the tale testifies to America's entrepreneurial spirit. New mortgage banks specializing in subprime loans sprang up. Their panoply of products... View Details
- 01 Dec 2008
- News
No Easy Fix for the Financial Crisis
percent. “In 2004 and 2005, as these subprime loans started to emerge, it really wasn’t a particular problem because of the lag effect. People who couldn’t pay off these mortgages with toxic terms and... View Details
- 01 Dec 2008
- News
Seth Klarman
the smartest people in the world who run the major Wall Street firms not understand that these products were toxic and end up getting caught with them on their books? As Fed chairman, did Alan Greenspan have a hand in creating the current... View Details
- 20 Dec 2016
- First Look
December 20, 2016
Publisher's link: https://www.hbs.edu/faculty/Pages/item.aspx?num=51989 forthcoming Review of Financial Studies The Political Economy of Financial Innovation: Evidence from Local Governments By: Vallée, Boris, and Christophe Perignon Abstract—We examine the View Details
Keywords: Carmen Nobel
- 29 Sep 2008
- Research & Ideas
Financial Crisis Caution Urged by Faculty Panel
securities. "In 2004 and 2005 as these subprime loans started to emerge, it really wasn't a particular problem because of the lag effect, because people who couldn't pay off these mortgages with toxic... View Details