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    • COVID-19 Business Impact Center
      COVID-19 Business Impact Center
      Cold Call
      A podcast featuring faculty discussing cases they've written and the lessons they impart.
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      • 06 Apr 2021
      • Cold Call Podcast

      Disrupting the Waste Industry with Technology

      Rubicon began with a bold idea: create a cloud-based, full-service waste management platform, providing efficient service anywhere in the US. Their mobile app did for waste management what Uber had done for taxi service. Five years after the case’s publication, Harvard Business School Associate Professor Shai Bernstein and Rubicon founder and CEO Nate Morris discuss how the software startup leveraged technology to disrupt the waste industry and other enduring lessons of professor Bill Sahlman’s case about Rubicon.  Open for comment; 0 Comment(s) posted.

      Read the Transcript

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      Banks and BankingRemove Banks and Banking →

      New research on banks and banking from Harvard Business School faculty on issues including central banking, commercial banking, and investment banking.
      Page 1 of 24 Results →
      • 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.

      • 10 Jul 2020
      • Working Paper Summaries

      Making Economics More Useful: How Technological Eclecticism Could Help

      by Amar Bhidé

      This paper shows how tools, such as simulations used to design new technologies, can facilitate collaborative economic policy judgments. The paper forms part of a broader, ongoing study of knowledge in practical fields such as engineering, medicine, and business.

      • 08 Jun 2020
      • Working Paper Summaries

      Loan Types and the Bank Lending Channel

      by Victoria Ivashina, Luc Laeven, and Enrique Moral-Benito

      Practitioners commonly refer to four distinct loan types: asset-based loans, cash flow loans, trade financing, and leasing. It is important to account for these differences in loan type in order to analyze the economic significance of credit market disruptions.

      • 05 Nov 2019
      • Working Paper Summaries

      The Economic Effects of Private Equity Buyouts

      by Steven J. Davis, John Haltiwanger, Kyle Handley, Ben Lipsius, Josh Lerner, and Javier Miranda

      Private equity buyouts are a major financial enterprise that critics see as dominated by rent-seeking activities with little in the way of societal benefits. This study of 6,000 US buyouts between 1980 and 2013 finds that the real side effects of buyouts on target firms and their workers vary greatly by deal type and market conditions.

      • 08 May 2019
      • Working Paper Summaries

      Bank Boards: What Has Changed Since the Financial Crisis?

      by Shiva Rajgopal, Suraj Srinivasan, and Forester Wong

      Since the 2008 financial crisis, bank boards have not improved their cultural or gender diversity compared to other companies, nor are they better qualified than before the crisis. Outside directorships of bank directors and the extent of CEOs also being Chairman also remains the same. However, there is some evidence of better risk oversight both from managers and the board.

      • 03 Apr 2019
      • Book

      Fintech's Game-Changing Opportunities for Small Business

      by Martha Lagace

      In the new book Fintech, Small Business, & the American Dream, Karen Mills describes how technology is opening up new capital for entrepreneurs. Around the corner: The transformative benefits of AI and big data. Open for comment; Comment(s) posted.

      • 20 Dec 2018
      • Cold Call Podcast

      Using Fintech to Disrupt Eastern Bank from Within

      When Eastern Bank decided to battle a threat from new competitors, it hired a fintech executive to set up Eastern Labs and start innovating. Karen Mills discusses her case study on what happened next. Open for comment; Comment(s) posted.

      • 15 Nov 2018
      • Working Paper Summaries

      Do Fire Sales Create Externalities?

      by Sergey Chernenko and Adi Sunderam

      This paper contributes to our understanding of the role of large institutional investors in securities markets, providing evidence that the structure of the mutual fund industry increases the risks of costly "fire sales."

      • 11 Sep 2018
      • Working Paper Summaries

      IQ from IP: Simplifying Search in Portfolio Choice

      by Huaizhi Chen, Lauren Cohen, Umit Gurun, Dong Lou, and Christopher J. Malloy

      Mutual fund managers solve their complex “search problem” for superior investable returns by tracking—and trading—on very particular sets of firms and insiders. These sets are chosen strategically and remain very persistent over time, as does the outperformance these insiders’ trades afford to the given fund managers.

      • 12 Oct 2017
      • Working Paper Summaries

      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

      Between 2008 and 2014, the Top 4 banks sharply decreased their lending to small business. This paper examines the lasting economic consequences of this contraction, finding that a credit supply shock from a subset of lenders can have surprisingly long-lived effects on real activity.

      • 26 Jun 2017
      • Working Paper Summaries

      Inventory Management for Mobile Money Agents in the Developing World

      by Karthik Balasubramanian, David F. Drake, and Douglas Fearing

      Mobile money agents in the developing world face a key inventory management challenge: How much cash and e-float should be held to minimize both stockouts and excess working capital? The authors develop two inventory models and show substantial inventory cost reduction with a large dataset of East African mobile money transactions.

      • 01 Jun 2017
      • Cold Call Podcast

      Building India’s First $100 Billion Company

      Startups welcome growth but are often strangled by it. In this podcast, Sunil Gupta discusses how entrepreneur Vijay Shekhar Sharma is meeting this challenge with his mobile payments company Paytm. Open for comment; Comment(s) posted.

      • 08 May 2017
      • Working Paper Summaries

      Monetary Policy and Global Banking

      by Falk Bräuning and Victoria Ivashina

      Global banks commonly move funds across markets to respond to differential monetary policy changes. This paper finds that cross-currency flows affect the cost of foreign exchange hedging, ultimately affecting credit supply in different currencies. The traditional view of how global banks respond to local shocks is weakened and, for major currencies, breaks down.

      • 02 May 2017
      • Working Paper Summaries

      The Cross Section of Bank Value

      by Mark Egan, Stefan Lewellen, and Adi Sunderam

      How do commercial banks create value? This paper represents the first attempt to empirically identify the primary determinants of cross-sectional variation in bank value. Among the findings: A bank's ability to produce deposits is by far the most important determinant in explaining cross-sectional variation in bank value.

      • 30 Nov 2016
      • Working Paper Summaries

      The Stock Market and Bank Risk-Taking

      by Antonio Falato and David Scharfstein

      It is clear that risk-taking by financial institutions is one of the main causes of financial crises and severe recessions. Yet we know relatively little about what gives rise to such risk-taking in the first place. This paper presents evidence that a focus on short-term stock prices induces publicly-traded banks to increase risk relative to privately-held banks. The findings provide support for the view that compensation schemes should require management to hold stock for longer periods to mitigate their incentives to pump up short-term earnings and the short-term stock price.

      • 02 Aug 2016
      • Working Paper Summaries

      Financial Regulation in a Quantitative Model of the Modern Banking System

      by Juliane Begenau and Tim Landvoigt

      This study at the intersection of macroeconomics and banking explores the optimal regulation of banks. Studying and quantifying the effects of capital requirements in a model that features regulated (commercial) and unregulated (shadow) banks, the authors find that a higher capital requirement makes regulated banks safer, but does not affect the riskiness of shadow banks. The net benefit of such a policy would depend on the level of fragility of the unregulated banks.

      • 15 Feb 2016
      • Working Paper Summaries

      Replicating Private Equity with Value Investing, Homemade Leverage, and Hold-to-Maturity Accounting

      by Erik Stafford

      This paper studies the asset selection of private equity investors and the risk and return properties of passive portfolios with similarly selected investments in publicly traded securities. Results indicate that sophisticated institutional investors appear to significantly overpay for the portfolio management services associated with private equity investments.

      • 12 Nov 2015
      • Working Paper Summaries

      Catering to Investors Through Product Complexity

      by Boris Vallee & Claire Célérier

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

      • 02 Oct 2015
      • Working Paper Summaries

      Gradualism in Monetary-Policy: A Time Consistency Problem?

      by Jeremy C. Stein & Adi Sunderam

      Jeremy C. Stein and Adi Sunderam develop a model of monetary policy in which the observed degree of policy inertia is not optimal from an ex ante perspective, but rather reflects a fundamental time consistency problem.

      • 02 Sep 2015
      • Research & Ideas

      Explaining China's Crash

      by Christina Pazzanese

      After a decade of massive growth, China’s stock market began a precipitous summer slide that that hasn't slowed yet. Dante Roscini explains what's deflating markets worldwide. Open for comment; Comment(s) posted.

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