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- 2024
- Article
Supply and Demand and the Term Structure of Interest Rates
By: Robin Greenwood, Samuel Hanson and Dimitri Vayanos
We survey the growing literature emphasizing the role that supply-and-demand forces play in shaping the term structure of interest rates. Our starting point is the Vayanos and Vila (2009, 2021) model of the term structure of default-free bond yields, which we present... View Details
- April 2024
- Article
Demand-and-Supply Imbalance Risk and Long-Term Swap Spreads
By: Samuel G. Hanson, Aytek Malkhozov and Gyuri Venter
We develop and test a model in which swap spreads are determined by end users' demand for
and constrained intermediaries’ supply of long-term interest rate swaps. Swap spreads reflect
compensation both for using scarce intermediary capital and for bearing convergence... View Details
- August 2021
- Article
Rate-Amplifying Demand and the Excess Sensitivity of Long-Term Rates
By: Samuel G. Hanson, David O. Lucca and Jonathan H. Wright
Long-term nominal interest rates are surprisingly sensitive to high-frequency (daily or monthly) movements in short-term rates. Since 2000, this high-frequency sensitivity has grown even stronger in U.S. data. By contrast, the association between low-frequency changes... View Details
- Fall 2020
- Article
Business Credit Programs in the Pandemic Era
By: Samuel G. Hanson, Jeremy C. Stein, Adi Sunderam and Eric Zwick
We develop a pair of models that speak to the goals and design of the sort of business-lending and corporate-bond purchase programs that have been introduced by governments in response to the ongoing COVID-19 pandemic. An overarching theme is that, in contrast to the... View Details
- 2020
- Working Paper
How Should U.S. Bank Regulators Respond to the COVID-19 Crisis?
By: Michael Blank, Samuel G. Hanson, Jeremy C. Stein and Adi Sunderam
Drawing on lessons from the 2007–2009 Global Financial Crisis (GFC) and a simple conceptual framework, we examine the response of U.S. bank regulators to the COVID-19 pandemic. We argue that the current regulatory strategy of “watchful waiting”—the same strategy that... View Details
- December 2018 (Revised February 2019)
- Teaching Note
Pershing Square 2.0
By: Samuel G. Hanson
Teaching Note for HBS No. 216-003. View Details
- December 2018 (Revised February 2019)
- Teaching Note
Merger Arbitrage at Tannenberg Capital
By: Samuel G. Hanson
Teaching Note for HBS Nos. 218-065 and 218-066. View Details
- December 2018 (Revised February 2019)
- Teaching Note
The Case of the Unidentified Equity Managers
By: Samuel G. Hanson
Teaching Note for HBS No. 217-055. View Details
- December 2018 (Revised January 2019)
- Teaching Note
Dogs of the Dow
By: Samuel G. Hanson
Teaching Note for HBS Nos. 215-020 and 219-051. View Details
- October 2018 (Revised January 2019)
- Case
The Financial Crisis: Timothy Geithner and the Stress Tests
In February and March 2009, the U.S. economy was in the midst of a terrifying financial and economic crisis. Between the beginning of 2008 and early 2009, four of the 25 largest U.S. financial institutions had failed, and nine of these 25 institutions had taken... View Details
- September 2018
- Article
Asset Price Dynamics in Partially Segmented Markets
By: Robin Greenwood, Samuel G. Hanson and Gordon Y. Liao
We develop a model in which capital moves quickly within an asset class but slowly between asset classes. While most investors specialize in a single asset class, a handful of generalists can gradually reallocate capital across markets. Upon the arrival... View Details
- March 2018 (Revised February 2019)
- Case
The Fidelity Growth Company Fund
By: Sara L. Fleiss and Samuel G. Hanson
- January 2018 (Revised February 2019)
- Case
Merger Arbitrage at Tannenberg Capital
By: Samuel G. Hanson
- January 2018 (Revised February 2019)
- Supplement
Merger Arbitrage at Tannenberg Capital (B)
By: Samuel G. Hanson
- 2017
- Working Paper
The Decline of Big-Bank Lending to Small Business: Dynamic Impacts on Local Credit and Labor Markets
By: Brian S. Chen, Samuel G. Hanson and Jeremy C. Stein
Small business lending by the four largest banks fell sharply relative to others in 2008 and remained depressed through 2014. We explore the dynamic adjustment process following this credit supply shock. In counties where the largest banks had a high market share, the... View Details
Keywords: Small Business; Financing and Loans; Banks and Banking; System Shocks; Credit; Labor; United States
- February 2017 (Revised December 2017)
- Case
The Case of the Unidentified Equity Managers
By: Samuel G. Hanson
- 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