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    Cold Call
    A podcast featuring faculty discussing cases they've written and the lessons they impart.
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    • 14 Feb 2019
    • Cold Call Podcast

    The Delicious History of Hershey Chocolate

    Have you ever wondered how Hershey chocolate came to be so popular? Professor Nancy Koehn discusses the life and vision of Milton Hershey, the entrepreneur and philanthropist behind the Hershey chocolate bar, the town of Hershey, Pennsylvania, and the Milton Hershey School.  Open for comment; 0 Comment(s) posted.

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    • 15 Aug 2016
    • Working Paper Summaries

    Liquidity Transformation in Asset Management: Evidence from the Cash Holdings of Mutual Funds

    by Sergey Chernenko and Adi Sunderam

    A key function of many financial intermediaries is liquidity transformation: creating liquid claims backed by illiquid assets. To date it has been difficult to measure liquidity transformation for asset managers. The study proposes a novel measure of liquidity transformation: funds’ cash management strategies. The study validates the measure and shows that liquidity transformation by asset managers is highly dependent on the traditional and shadow banking sectors.

    • 20 Jan 2009
    • Research & Ideas

    Risky Business with Structured Finance

    by Julia Hanna

    How did the process of securitization transform trillions of dollars of risky assets into securities that many considered to be a safe bet? HBS professors Joshua D. Coval and Erik Stafford, with Princeton colleague Jakub Jurek, authors of a new paper, have ideas. Key concepts include: Over the past decade, risks have been repackaged to create triple-A-rated securities. Even modest imprecision in estimating underlying risks is magnified disproportionately when securities are pooled and tranched, as shown in a modeling exercise. Ratings of structured finance products, which make no distinction between the different sources of default risk, are particularly useless for determining prices and fair rates of compensation for these risks. Going forward, it would be best to eliminate any sanction of ratings as a guide to investment policy and capital requirements. It is important to focus on measuring and judging the system's aggregate amount of leverage and to understand the exposures that financial institutions actually have. Closed for comment; 0 Comment(s) posted.

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