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    Financial InstitutionsRemove Financial Institutions →

    New research on financial institutions from Harvard Business School faculty on issues including banks and banking, trust companies, insurance companies, and investment dealers.
    Page 1 of 34 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.

    • 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.

    • 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.

    • 19 Oct 2020
    • Working Paper Summaries

    Bankruptcy and the COVID-19 Crisis

    by Jialan Wang, Jeyul Yang, Benjamin Iverson, and Ray Kluender

    Analyzing the impact of the COVID-19 crisis on bankruptcy filing rates in the United States, this study finds that large businesses, small businesses, and consumers experience very different effects of the crisis.

    • 12 Aug 2020
    • Research & Ideas

    Why Investors Often Lose When They Sue Their Financial Adviser

    by Danielle Kost

    Forty percent of American investors rely on financial advisers, but the COVID-19 market rollercoaster may have highlighted a weakness when disputes arise. The system favors the financial industry, says Mark Egan. Open for comment; 0 Comments.

    • 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.

    • 28 May 2020
    • Research & Ideas

    Coronavirus Could Create a 'Bankruptcy Pandemic'

    by Dina Gerdeman

    An expected explosion in bankruptcy proceedings over the coming months could overwhelm the courts, says Stuart Gilson. Open for comment; 0 Comments.

    • 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; 0 Comments.

    • 15 Jan 2019
    • Working Paper Summaries

    The Creation and Evolution of Entrepreneurial Public Markets

    by Shai Bernstein, Abhishek Dev, and Josh Lerner

    Since 1990, new stock exchanges geared toward fast-growing, entrepreneurial companies have proliferated around the world. This analysis shows that exchanges in countries with better shareholder protection allowed younger and less profitable companies to raise more capital. These markets alone cannot boost entrepreneurial activity but need enabling institutions.

    • 20 Dec 2018
    • Cold Call Podcast

    Using Fintech to Disrupt Eastern Bank from Within

    Re: Karen Mills

    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; 0 Comments.

    • 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.

    • 05 Jul 2017
    • Research & Ideas

    Are Stockbrokers Illegally Leaking Confidential Information to Favored Clients?

    by Carmen Nobel

    New research by Marco Di Maggio reveals stockbroker behavior that is probably illegal, definitely underregulated, and arguably influential in the day-to-day operations of the stock market. Open for comment; 0 Comments.

    • 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

    Re: Sunil Gupta

    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; 0 Comments.

    • 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.

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