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    Financial ServicesRemove Financial Services →

    New research on the financial services industry from Harvard Business School faculty on issues including hedge funds, venture capital, and financial regulation.
    Page 1 of 281 Results →
    • 18 May 2022
    • Research & Ideas

    Are Banks the ‘Bad Guys’? Overdraft Fees Are Crushing Low-Income Customers

    by Rachel Layne

    Payday lenders have been accused of exploiting poor consumers, but traditional banks exact a similar toll through overdraft fees. Research by Marco Di Maggio and Emily Williams shows how seemingly innocuous checking accounts can become vehicles for financial distress.

    • 05 Nov 2021
    • Op-Ed

    Is the Business World Finally Ready for the Wisdom of Shibusawa?

    by Geoffrey Jones and Rei Morimoto

    Legendary financier Eiichi Shibusawa advocated for business prosperity that would also benefit society. One hundred years after his death, his message is resonating with a new generation of leaders, say Geoffrey Jones and Rei Morimoto. Open for comment; 0 Comments.

    • 21 Sep 2021
    • Cold Call Podcast

    Why JPMorgan Chase Is Committed to Improving Racial Equity in Banking

    Re: Joseph L. Bower

    In 2020, JPMorgan Chase & Co. announced a $30 billion, “Commitment to Advance Racial Equity.” This included investments in housing, small businesses, and financial literacy across the U.S., as well as in diversity, equity, and inclusion initiatives within the bank. Harvard Business School Professor Emeritus Joe Bower and case protagonist Alice Rodriguez, head of community impact at JPMorgan Chase, discuss the implementation of that commitment and how it aligns with the bank’s longer-term growth strategy in the case, "JPMorgan Chase’s Path Forward." Open for comment; 0 Comments.

    • 01 Jun 2021
    • Cold Call Podcast

    Running a Consumer Fintech Startup within Goldman Sachs

    Re: Rory M. McDonald

    Marcus by Goldman Sachs marked a dramatic shift for the 150-year-old financial institution, which historically had served only businesses and the wealthiest people. The fintech startup operated within Goldman Sachs, offering unsecured personal loans for the mass market, high-yield deposits, and a credit card in partnership with Apple. Harvard Business School associate professor Rory McDonald discusses the challenges of launching and operating a startup within an established company in his case, “Marcus by Goldman Sachs.” Open for comment; 0 Comments.

    • 06 Apr 2021
    • Working Paper Summaries

    Currency Hedging in Emerging Markets: Managing Cash Flow Exposure

    by Laura Alfaro, Mauricio Calani, and Liliana Varela

    Economies with less liquid foreign exchange derivative markets offer firms fewer options to hedge their currency risk. Given the limitations of natural hedging, these firms are more exposed to systemic risk.

    • 15 Mar 2021
    • Office Hours

    Readers Ask: What's the Next 'Big Thing' in Finance?

    by Kristen Senz

    Lauren Cohen tackles questions about bitcoin, podcasts, and weightlifting on Working Knowledge’s “Office Hours” series. Open for comment; 0 Comments.

    • 09 Mar 2021
    • Working Paper Summaries

    Stock Price Reactions to ESG News: The Role of ESG Ratings and Disagreement

    by George Serafeim and Aaron Yoon

    Company performance evaluations have included sell-side analyst forecasts, recommendations, and credit ratings, but a newer set has emerged: environmental, social, and governance (ESG) ratings. This study finds that ESG ratings are useful for predicting future ESG news, but their predictive ability diminishes for firms with large disagreement between raters.

    • 08 Feb 2021
    • Working Paper Summaries

    In the Red: Overdrafts, Payday Lending, and the Underbanked

    by Marco Di Maggio, Angela Ma, and Emily Williams

    Low-income customers turn to payday lenders and check cashers for basic financial needs when traditional banks push them out of the system through high overdraft fees and other penalties. Reducing overdraft fees improves consumers’ overall financial health and access to cheaper credit.

    • 26 Jan 2021
    • Research & Ideas

    A New Way to Cut Credit Card Debt: Pay Off One Purchase at a Time

    by Kristen Senz

    Letting credit card customers pay back specific purchases encourages borrowers to go beyond the minimum, says research by Michael Norton and colleagues. Open for comment; 0 Comments.

    • 30 Nov 2020
    • Research & Ideas

    COVID Not Slowing VC Investment

    by Danielle Kost

    Despite the economic uncertainty, most venture capitalists expect their investments to outperform major equity indexes and are still funding new endeavors, says Paul Gompers. Open for comment; 0 Comments.

    • 24 Nov 2020
    • Working Paper Summaries

    Accounting for Product Impact in the Consumer Finance Industry

    by George Serafeim and Katie Trinh

    A framework and method for measuring and monetizing product impact across industries, applying it to two competitors in the consumer finance space.

    • 17 Nov 2020
    • Working Paper Summaries

    Venture Capitalists and COVID-19

    by Paul A. Gompers, Will Gornall, Steven N. Kaplan, and Ilya A. Strebulaev

    This survey of more than 1,000 venture capitalists finds that the VC industry and its portfolio companies have reduced their activity less than in previous recessions and have been more resilient than many other sectors of the global economy.

    • 16 Nov 2020
    • Working Paper Summaries

    Private Equity and COVID-19

    by Paul A. Gompers, Steven N. Kaplan, and Vladimir Mukharlyamov

    Private equity investors are seeking new investments despite the pandemic. This study shows they are prioritizing revenue growth for value creation, giving larger equity stakes to management teams, and targeting somewhat lower returns.

    • 13 Nov 2020
    • Working Paper Summaries

    Long-Run Returns to Impact Investing in Emerging Markets and Developing Economies

    by Shawn Cole, Martin Melecky, Florian Mölders, and Tristan Reed

    Examination of every equity investment made by the International Finance Corporation, one of the largest and longest-operating impact investors, shows this portfolio has outperformed the S&P 500 by 15 percent.

    • 25 Oct 2020
    • Research & Ideas

    The Dark Side of Fintech Borrowing

    by Rachel Layne

    Fintechs have revolutionized the banking industry, but some customers end up worse for the experience, according to research by Marco Di Maggio and colleagues. Open for comment; 0 Comments.

    • 13 Oct 2020
    • Working Paper Summaries

    Fencing Off Silicon Valley: Cross-Border Venture Capital and Technology Spillovers

    by Ufuk Akcigit, Sina T. Ates, Josh Lerner, Richard Townsend, and Yulia Zhestkova

    This study of foreign corporate investment transactions from 32 countries between 1976 and 2015 finds these investments pose a trade-off: While they support young firms in pursuing innovations they could not otherwise afford, they also generate knowledge for the foreign investors.

    • 29 Sep 2020
    • Cold Call Podcast

    Employee Performance vs. Company Values: A Manager’s Dilemma

    Re: Nitin Nohria

    The Cold Call podcast celebrate its five-year anniversary with a classic case study. Harvard Business School Dean Nitin Nohria discusses the dilemma of how to treat a brilliant individual performer who can't work with colleagues. Open for comment; 0 Comments.

    • 24 Sep 2020
    • Research & Ideas

    Financial Meltdowns Are More Predictable Than We Thought

    by Danielle Kost

    Robin Greenwood and Samuel G. Hanson discuss new research that shows economic crises follow predictable patterns. Open for comment; 0 Comments.

    • 15 Sep 2020
    • Cold Call Podcast

    Is Happiness at Work Really Attainable?

    Re: Francesca Gino

    Francesca Gino discuss whether Henco Logistics' focus on employee happiness can endure through the Mexican company's rapid growth and leadership transition. Open for comment; 0 Comments.

    • 20 Aug 2020
    • Working Paper Summaries

    Best Ideas

    by Miguel Antón, Randolph B. Cohen, and Christopher Polk

    The “best ideas” in investment managers’ portfolios generate statistically and economically significant risk-adjusted returns over time, and they systematically outperform other positions in the portfolios. Investors can gain substantially if managers choose less-diversified portfolios that tilt more towards their best ideas.

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