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    Investment BankingRemove Investment Banking →

    New research on investment banking from Harvard Business School faculty on issues including the rationale for issuing complex securities to retail investors, as well as the origins and possible outcomes of the US financial crisis.
    Page 1 of 6 Results
    • 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.

    • 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.

    • 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.

    • 29 Sep 2008
    • Research & Ideas

    Financial Crisis Caution Urged by Faculty Panel

    by Martha Lagace

    Dean Jay O. Light and a group of Harvard Business School faculty explored the origins and possible outcomes of the U.S. financial crisis at a recent "Turmoil on the Street" panel. Closed for comment; 0 Comments.

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