
- 26 Jun 2020
- Working Paper Summaries
Weak Credit Covenants
Prior to the 2020 pandemic, the leveraged loan market experienced an unprecedented boom, which came hand in hand with significant changes in contracting terms. This study presents large-sample evidence of what constitutes contractual weakness from the creditors’ perspective.

- 23 Apr 2020
- Research & Ideas
This Crisis Loan Program Preserved Jobs—and Made Money
Following the 2008 financial crisis, France offered a business loan program that helped firms, employees, and even the government, says Boris Vallee. Open for comment; 0 Comments.

- 28 Mar 2018
- Research & Ideas
Sophisticated Investors May Be Harming Fintech Lending Platforms
A study by Boris Vallee and Yao Zeng says savvy investors on peer-to-peer lending platforms are upsetting a delicate balance that makes those systems work for borrowers. Open for comment; 0 Comments.

- 15 Feb 2018
- Working Paper Summaries
Can Financial Innovation Solve Household Reluctance to Take Risk?
Structured products are an innovative class of retail financial products with option-like features. This paper provides empirical evidence suggesting that innovative financial products like these can help alleviate loss aversion and thus the low participation of households in risky asset markets.
- 31 Jan 2017
- Research & Ideas
Why These Business School Professors Oppose Trump's Executive Order on Immigration
More than 14,800 professors at United States colleges and universities —including some 50 Nobel laureates— signed a petition opposing President Donald Trump’s Executive Order on immigration. Signatories from Harvard Business School explain their opposition. Open for comment; 0 Comments.

- 12 Nov 2015
- Working Paper Summaries
Catering to Investors Through Product Complexity
This paper investigates the rationale for issuing complex securities to retail investors.
- 11 Feb 2015
- Research & Ideas
Politicians Benefited From Using Toxic Loans
A new study by Boris Vallée and Christophe Pérignon offers evidence that local politicians in France (and probably elsewhere) used high-risk loans for political gain in the years leading up to the recent financial crisis. The strategy worked: Toxic loans helped mayors get reelected. Open for comment; 0 Comments.
- 15 Sep 2014
- Research & Ideas
Are the Most Talented Employees the Highest Paid? Yes—If They’re Bankers
A recent study by Claire Célérier and Boris Vallée finds that the French finance industry compensates employees largely according to how talented they are. Other high-paying industries? Not so much. Closed for comment; 0 Comments.
What Happens When Banks Ditch Coal: The Impact Is 'More Than Anyone Thought'
Bank divestment policies that target coal reduced carbon dioxide emissions, says research by Boris Vallée and Daniel Green. Could the finance industry do even more to confront climate change?