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Weak Credit Covenants

by Victoria Ivashina and Boris Vallée

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.

This Crisis Loan Program Preserved Jobs—and Made Money

by Rachel Layne

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.

Sophisticated Investors May Be Harming Fintech Lending Platforms

by Dina Gerdeman

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.

Can Financial Innovation Solve Household Reluctance to Take Risk?

by Laurent Calvet, Claire Celerier, Paolo Sodini, and Boris Vallée

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.

Why These Business School Professors Oppose Trump's Executive Order on Immigration

by Staff

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.

Catering to Investors Through Product Complexity

by Boris Vallee & Claire Célérier

This paper investigates the rationale for issuing complex securities to retail investors.

Politicians Benefited From Using Toxic Loans

by Carmen Nobel

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.

Are the Most Talented Employees the Highest Paid? Yes—If They’re Bankers

by Carmen Nobel

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.