Finance
Recent Publications
Books
Bodie, Zvi, Robert C. Merton, and David L. Cleeton. Financial Economics. 2nd ed. N.J.: Prentice Hall, 2009.
Lerner, Josh, G. Felda Hardymon, and Ann Leamon. Venture Capital & Private Equity: A Casebook. 4th ed. John Wiley & Sons, Inc., 2008.
Retsinas, Nicolas P., and Eric S. Belsky, eds. Revisiting Rental Housing: Policies, Programs, and Priorities. Brookings Institution Press and Joint Center for Housing Studies at Harvard University, 2008.
Published Papers and Book Chapters
Baker, Malcolm, C. Fritz Foley, and Jeffrey Wurgler. "Multinationals as Arbitrageurs? The Effect of Stock Market Valuations on Foreign Direct Investment." Review of Financial Studies 22, no. 1 (January 2009).
Cohen, Lauren, and Andrea Frazzini. "Economic Links and Predictable Returns." Journal of Finance 63, no. 4 (August 2008).
Cohen, Lauren, Andrea Frazzini, and Christopher J. Malloy. "The Small World of Investing: Board Connections and Mutual Fund Returns." Journal of Political Economy 116, no. 5 (October 2008).
Cole, Shawn A., Peter Tufano and John Thompson. "Where Does It Go? Spending by the Financially Constrained." Chap. 2 in Borrowing to Live: Consumer and Mortgage Credit Revisited, 65-91. Washington: Brookings Institution Press, 2008.
Coval, Joshua D., Jakub W. Jurek, and Erik Stafford. "The Economics of Structured Finance." Journal of Economic Perspectives 23, no. 1 (winter 2009): 3-25.
Desai, Mihir, and Dhammika Dharmapala. "Taxing the Bandit Kings." Yale Law Journal Pocket Part 98 (2008).
Desai, Mihir A., C. Fritz Foley, and James R. Hines Jr. "Domestic Effects of the Foreign Activities of U.S. Multinationals." American Economic Journal: Economic Policy 1, no. 1 (February 2009): 181-203.
Desai, Mihir A. "The Finance Function in a Global Corporation." HBS Centennial Issue. Harvard Business Review 86, nos. 7/8 (July - August 2008).
Desai, Mihir A., C. Fritz Foley, and Kristin Forbes. "Financial Constraints and Growth: Multinational and Local Firm Responses to Currency Crises." Review of Financial Studies 21, no. 6 (November 2008).
Desai, Mihir, D. Kapur, and J. McHale. "The Fiscal Impact of High-skilled Emigration: Flows of Indians to the U.S." Journal of Development Economics 88, no. 1 (January 2009).
Froot, Kenneth A. "The Intermediation of Financial Risks: Evolution in the Catastrophe Reinsurance Market." Risk Management & Insurance Review 11, no. 2 (fall 2008): 281-294.
Froot, Kenneth A., and Melvyn Teo. "Style Investing and Institutional Investors." Journal of Financial and Quantitative Analysis 43, no. 4 (December 2008): 883-906.
Greenwood, Robin, and Michael Schor. "Investor Activism and Takeovers." Journal of Financial Economics 92 (2009): 362-375.
Greenwood, Robin. "Trading Restrictions and Stock Prices." Review of Financial Studies 22, no. 3 (March 2009): 509-539.
Ivashina, Victoria. "Asymmetric Information Effects on Loan Spreads." Journal of Financial Economics 92 (2009): 300-319.
Jin, Li, and S.P. Kothari. "Effect of Personal Taxes on Managers' Decisions to Sell Their Stock." Journal of Accounting and Economics 46, no. 1 (September 2008).
Merton, Robert C. "MIT Roundtable on Corporate Risk Management." Journal of Applied Corporate Finance 20, no. 4 (fall 2008): 20-38.
Merton, Robert C. "A New Generation of Pension Fund Management." Chap. 1 in Innovations in Investment Management, edited by H. Gifford Fong, 1-17. JOIM Conference Series. New York: Bloomberg Press, 2008.
Merton, Robert C. Contribution to Harry M. Markowitz, Merton H. Miller, William F. Sharpe, Robert C. Merton, and Myron S. Scholes. Vol. 2, edited by Howard R. Vane and Chris Mulhearn. Pioneering Papers of the Nobel Memorial Laureates in Economics Series. Edward Elgar Publishing, 2009.
Viceira, Luis M. "Life-Cycle Funds." Chap. 5 in Overcoming the Saving Slump: How to Increase the Effectiveness of Financial Education and Saving Programs, edited by Annamaria Lusardi. University of Chicago Press, 2009.
Working Papers
Antras, Pol, and C. Fritz Foley. "Regional Trade Integration and Multinational Firm Strategies." NBER Working Paper Series, No. 14891, April 2009.
Baldwin, Carliss Y., and C. Jason Woodard. "The Architecture of Platforms: A Unified View." Harvard Business School Working Paper, No. 09-034, September 2008.
Becker, Bo, and Todd Milbourn. "Reputation and Competition: Evidence from the Credit Rating Industry." Harvard Business School Working Paper, No. 09-051, October 2008.
Bernstein, Shai Benjamin, Josh Lerner, and Antoinette Schoar. "The Investment Strategies of Sovereign Wealth Funds." Harvard Business School Working Paper, No. 09-112, March 2009.
Brunt, Liam, Josh Lerner, and Tom Nicholas. "Inducement Prizes and Innovation." Centre for Economic Policy Research, Discussion Paper Series, No. 6917.
Campbell, John Y., Aditya Vikram Sunderam, and Luis M. Viceira. "Inflation Bets or Deflation Hedges? The Changing Risks of Nominal Bonds." Harvard Business School Working Paper, No. 09-088, January 2009.
Campbell, John Y., Karine Serfaty-de Medeiros, and Luis M. Viceira. "Global Currency Hedging." Harvard Business School Working Paper, No. 09-089, January 2009.
Campbell, John Y., Robert J. Shiller, and Luis M. Viceira. "Understanding Inflation-Indexed Bond Markets." NBER Working Paper Series, No. 15014, May 2009.
Chen, Henry, Paul A. Gompers, Anna Kovner, and Josh Lerner. "Buy Local? The Geography of Successful and Unsuccessful Venture Capital Expansion." Harvard Business School Working Paper, No. 09-143, June 2009.
Cohen, Lauren, Andrea Frazzini, and Christopher J. Malloy. "Hiring Cheerleaders: Board Appointments of 'Independent' Directors." NBER Working Paper Series, No. 14232, August 2008.
Cole, Shawn A., Andrew Healy, and Eric D. Werker. "Do Voters Appreciate Responsive Governments? Evidence from Indian Disaster Relief." Harvard Business School Working Paper, No. 09-050, October 2008.
Cole, Shawn A., Xavier Gine, Jeremy Tobacman, Petia Topalova, Robert Townsend, and James Vickery. "Barriers to Household Risk Management: Evidence from India." Harvard Business School Working Paper, No. 09-116, April 2009.
Cole, Shawn A. "Financial Development, Bank Ownership, and Growth. Or, Does Quantity Imply Quality?" Harvard Business School Working Paper, No. 09-002, July 2008.
Cole, Shawn A., Thomas Sampson, and Bilal Zia. "Financial Literacy, Financial Decisions, and the Demand for Financial Services: Evidence from India and Indonesia." Harvard Business School Working Paper, No. 09-117.
Cole, Shawn A. "Fixing Market Failures or Fixing Elections? Agricultural Credit in India." Harvard Business School Working Paper, No. 09-001, July 2008.
Cole, Shawn A., and Gauri Kartini Shastry. "Smart Money: The Effect of Education, Cognitive Ability, and Financial Literacy on Financial Market Participation." Harvard Business School Working Paper, No. 09-071, December 2008. (Revised February 2009, previously titled "If You Are So Smart, Why Aren't You Rich? The Effects of Education, Financial Literacy and Cognitive Ability on Financial Market Participation".)
Desai, Mihir A. "The Decentering of the Global Firm." Harvard Business School Working Paper, No. 09-054, October 2008.
Desai, Mihir A. "Securing Jobs or the New Protectionism?: Taxing the Overseas Activities of Multinational Firms." Harvard Business School Working Paper, No. 09-107, March 2009.
Dharmapala, Dhammika, C. Fritz Foley, and Kristin J. Forbes. "Watch What I Do, Not What I Say: The Unintended Consequences of the Homeland Investment Act." NBER Working Paper Series, No. 15023, June 2009.
Farhi, Emmanuel, Josh Lerner, and Jean Tirole. "Fear of Rejection? Tiered Certification and Transparency." Harvard Business School Working Paper, No. 09-062, October 2008.
Gompers, Paul A., Anna Kovner, Josh Lerner, and David S. Scharfstein. "Performance Persistence in Entrepreneurship." Harvard Business School Working Paper, No. 09-028, September 2008.
Gray, Dale F., Robert C. Merton, and Zvi Bodie. "New Framework for Measuring and Managing Macrofinancial Risk and Financial Stability." Harvard Business School Working Paper, No. 09-015, August 2008.
Greenwood, Robin, and Samuel Gregory Hanson. "Catering to Characteristics." Harvard Business School Working Paper, No. 09-099, March 2009.
Greenwood, Robin, Jeremy C. Stein, and Samuel Hanson. "A Gap-Filling Theory of Corporate Debt Maturity Choice." NBER Working Paper Series, No. 14087, June 2008. (Revised November 2008.)
Henkel, Joachim, and Carliss Y. Baldwin. "Modularity for Value Appropriation: Drawing the Boundaries of Intellectual Property." Harvard Business School Working Paper, No. 09-097, February 2009.
Lerner, Josh. "The Litigation of Financial Innovations." Harvard Business School Working Paper, No. 09-027, September 2008.
Lerner, Josh, Morten Sorensen, and Per Stromberg. "Private Equity and Long-Run Investment: The Case of Innovation." Harvard Business School Working Paper, No. 09-075, December 2008.
Luo, Jianxi, Daniel E. Whitney, Carliss Y. Baldwin, and Christopher L. Magee. "Measuring and Understanding Hierarchy as an Architectural Element in Industry Sectors." Harvard Business School Working Paper, No. 09-144, June 2009.
Lusardi, Annamaria, and Peter Tufano. "Debt Literacy, Financial Experiences, and Overindebtedness." NBER Working Paper Series, No. 14808, March 2009.
MacCormack, Alan D., John Rusnak, and Carliss Y. Baldwin. "Exploring the Duality between Product and Organizational Architectures: A Test of the Mirroring Hypothesis." Harvard Business School Working Paper, No. 08-039, March 2008. (Revised October 2008.)
Purao, Sandeep, Carliss Y. Baldwin, Alan Hevner, Veda C. Storey, Jan Pries-Heje, Brian Smith, and Ying Zhu. "The Sciences of Design: Observations on an Emerging Field." Harvard Business School Working Paper, No. 09-056, October 2008.
Tufano, Peter. "Just Keep My Money! Supporting Tax-time Savings with U.S. Savings Bonds." Harvard Business School Working Paper, No. 09-059, October 2008.
HBS Course Materials
"Abraaj Capital." Harvard Business School Case 809-008.
"Actis: January 2008." Harvard Business School Case 808-130.
"Adecco SA's Acquisition of Olsten Corp (Abridged)." Harvard Business School Case 209-118.
"Aderans." Harvard Business School Case 209-090.
"Affinity Plus (A)." Harvard Business School Case 209-026.
"Affinity Plus (B): Service Fees." Harvard Business School Supplement 209-140.
"Altoona State Investment Board: December 2008." Harvard Business School Case 809-095.
"Arcapita-2002." Harvard Business School Case 209-023.
"Aurora Capital Group: Douglas Dynamics." Harvard Business School Case 209-010.
"Background Information for the Framedia-Focus Media Negotiation." Harvard Business School Note 909-044.
"The Big Easy, Not So Easy." Harvard Business School Case 208-068.
"The Big Easy, Not So Easy: The Letter." Harvard Business School Supplement 208-125.
"The Blackstone Group's IPO." Harvard Business School Case 808-100.
"Busse Corporate Center." Harvard Business School Case 209-154.
"The Canada Pension Plan Investment Board." Harvard Business School Case 809-073.
"The Carbon Market in 2008." Harvard Business School Note 209-064.
"The Chad-Cameroon Petroleum Development and Pipeline Project (E)." Harvard Business School Supplement 209-082.
"China's Financial Markets: 2007." Harvard Business School Note 208-147.
"The Christmas Eve Closing." Harvard Business School Case 209-043.
"The Chubb Corporation in China." Harvard Business School Case 209-021.
"CityCenter (A): Vision and Design." Harvard Business School Case 209-052.
"CityCenter (B): Economics and Delivery." Harvard Business School Supplement 209-094.
"Collateralized Debt Obligations (CDOs)." Harvard Business School Note 208-113.
"Convertible Arbitrage." Harvard Business School Note 208-116.
"Customer Planning at Novartis Pharmaceuticals Corporation 2008." Harvard Business School Case 209-087.
"Disaster in April: The Obligations of Kelly Construction." Harvard Business School Case 209-099.
"Divisive Reorganizations." Harvard Business School Note 209-042.
"Equity Derivatives." Harvard Business School Note 208-117.
"Equity International: The Second Act." Harvard Business School Case 209-110.
"Equity Options." Harvard Business School Note 208-118.
"Esser & Ackermann at Mannesmann." Harvard Business School Case 209-095.
"Evaluating M&A Deals: Floors, Caps, and Collars." Harvard Business School Note 209-138.
"Finance: An Introductory Online Course." Harvard Business School HBSP Online Case Products 208-719.
"Financial Management of Family and Closely Held Firms: Overview of the Course." Harvard Business School Course Overview 209-137.
"Finansbank 2006." Harvard Business School Case 208-108.
"Forest Hills Park: Vision and Execution." Harvard Business School Case 208-098.
"Fortress Investment Group." Harvard Business School Case 208-080.
"Going Back to Work: GMP Re-entry Planning, Part I (Multimedia)." Harvard Business School Multimedia/Video Case 209-701.
"Going Back to Work: GMP Re-entry Planning, Part II (Multimedia)." Harvard Business School Multimedia/Video Case 209-702.
"Going Back to Work: GMP Re-entry Planning." Harvard Business School Note 209-002.
"Groupe Eurotunnel S.A. (A)." Harvard Business School Case 209-062.
"Groupe Eurotunnel S.A. (B): Restructuring Under the Procedure de Sauvegarde." Harvard Business School Supplement 209-113.
"The Hedge Fund Industry." Harvard Business School Note 208-126.
"How Institutional Investors Think About Real Estate." Harvard Business School Note 209-152.
"HOYA Corporation (A)." Harvard Business School Case 209-065.
"HOYA Corporation (B)." Harvard Business School Supplement 209-066.
"Index Options." Harvard Business School Note 208-119.
"International Carbon Finance and EcoSecurities." Harvard Business School Case 208-151.
"An Introduction to Consumer Credit." Harvard Business School Note 209-107.
"Iris Running Crane: March 2011." Harvard Business School Case 809-071.
"Ithmar Capital." Harvard Business School Case 809-032.
"Kmart and ESL Investments (A)." Harvard Business School Case 209-044.
"Kmart and ESL Investments (B): The Sears Merger." Harvard Business School Supplement 209-045.
"Lance Johnstone: Developing 3000 North Broad." Harvard Business School Case 808-126.
"Lehman Brothers and Peabody Coal." Harvard Business School Case 209-009.
"Leveraged Loans 2007." Harvard Business School Case 208-145.
"Malaysia Airlines (A)." Harvard Business School Case 209-024.
"Malaysia Airlines (B)." Harvard Business School Supplement 209-081.
"Martingale Asset Management L.P. in 2008, 130/30 Funds and a Low Volatility Strategy." Harvard Business School Case 209-047.
"Mayhem on Madison (A)." Harvard Business School Case 208-067.
"Mayhem on Madison (B)." Harvard Business School Supplement 208-102.
"Measuring Investment Performance." Harvard Business School Note 208-110.
"Mellon Financial and The Bank of New York." Harvard Business School Case 208-129.
"Messer Griesheim (A)." Harvard Business School Case 809-056.
"Messer Griesheim (B)." Harvard Business School Supplement 809-057.
"Mylan Lab's Proposed Merger with King Pharmaceutical." Harvard Business School Case 209-097.
"NCH Germany (A): Strong Medicine." Harvard Business School Case 209-114.
"NCH Germany (B): A Christmas Surprise." Harvard Business School Supplement 209-115.
"NCH Germany (C): Postscript." Harvard Business School Supplement 209-116.
"NEC Electronics." Harvard Business School Case 209-001.
"North Goes East." Harvard Business School Case 208-136.
"North West Capital Partners." Harvard Business School Case 809-074.
"Note: Restructuring Distressed Companies - Cross National Comparisons." Harvard Business School Note 209-111.
"A Note on Limited Partner Advisory Boards." Harvard Business School Note 808-169.
"Note on Measuring Controlling Shareholders' Ownership, Voting, and Control Rights." Harvard Business School Note 209-109.
"Note on Sum-Of-The-Parts Valuation." Harvard Business School Note 209-105.
"Note on the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA)." Harvard Business School Note 209-133.
"Note on Valuing Control and Liquidity in Family and Closely Held Firms." Harvard Business School Note 209-104.
"Note: Credit Rating Agencies." Harvard Business School Note 209-056.
"Note: Fair Value Accounting for Investments in Debt Securities." Harvard Business School Note 209-134.
"Opportunity Partners." Harvard Business School Case 208-097.
"Parks Capital-Investment in US Retail, Inc.." Harvard Business School Case 208-104.
"Paul Capital Partners: Secondary Limited Partnership Investing." Harvard Business School Case 209-089.
"PepsiCo's Bid for Quaker Oats (B)." Harvard Business School Supplement 209-078.
"PepsiCo's Bid for Quaker Oats (C)." Harvard Business School Supplement 209-070.
"PepsiCo's Bid for Quaker Oats (D)." Harvard Business School Supplement 209-071.
"PlanetTran." Harvard Business School Case 209-029.
"Polanco: A Fashionable Opportunity." Harvard Business School Case 209-012.
"Primus, 2007." Harvard Business School Case 208-099.
"Progressive Corporation: Variable Dividends." Harvard Business School Case 209-004.
"Real Property Negotiation Game: Buyer (B)." Harvard Business School Supplement 209-032.
"Real Property Negotiation Game: Buyer Case, Celia Hernandez (A)." Harvard Business School Case 209-034.
"Real Property Negotiation Game: Lender Case, Porus Bank." Harvard Business School Case 209-031.
"Real Property Negotiation Game: Seller Case, Las Vegas Pines (A)." Harvard Business School Case 209-038.
"Real Property Negotiation Game: Seller Case, Raleigh Commons (A)." Harvard Business School Case 209-039.
"Real Property Negotiation Game: Seller, Las Vegas Pines (B)." Harvard Business School Supplement 209-037.
"Real Property Negotiation Game: Seller, Raleigh Commons (B)." Harvard Business School Supplement 209-036.
"The Restructuring of Daiei." Harvard Business School Case 209-060.
"Restructuring at Delphi Corporation (A)." Harvard Business School Case 208-069.
"Rosetree Mortgage Opportunity Fund." Harvard Business School Case 209-088.
"The Sale of Citigroup's Leveraged Loan Portfolio." Harvard Business School Case 209-080.
"Samoa Tala." Harvard Business School Case 209-053.
"A Short Explanatory Note on the Credit Crisis." Harvard Business School Note 209-073.
"SKS Microfinance." Harvard Business School Case 208-137.
"Spiegel-Verlag Rudolf Augstein GmbH & Co. KG." Harvard Business School Case 208-096.
"The StarNight Hotel Construction Bid: Real Time Competition on Schedule, Scope, and Cost." Harvard Business School Case 209-067.
"State Street Corporation." Harvard Business School Case 209-112.
"Tad O'Malley: The Investment Conundrum." Harvard Business School Case 808-125.
"Thoma Bravo-Citect Corporation Take-Private." Harvard Business School Case 209-022.
"The Time Warner Center: Mixed-Use Development." Harvard Business School Case 208-081.
"The Tip of the Iceberg: JP Morgan Chase and Bear Stearns (A)." Harvard Business School Case 309-001.
"The Tip of the Iceberg: JP Morgan Chase and Bear Stearns (B1)." Harvard Business School Supplement 309-070.
"The Tip of the Iceberg: JP Morgan Chase and Bear Stearns (B2)." Harvard Business School Supplement 309-091.
"Tottenham Hotspur plc." Harvard Business School Case 209-059.
"TravelCenters of America." Harvard Business School Case 209-030.
"Tribune Company, 2007." Harvard Business School Case 208-148.
"UBS and Auction Rate Securities (A)." Harvard Business School Case 209-119.
"UBS and Auction Rate Securities (B)." Harvard Business School Supplement 209-131.
"UBS and Auction Rate Securities (C)." Harvard Business School Supplement 209-135.
"URBI and the City Licensee Managers." Harvard Business School Case 209-144.
"Valuing Risky Debt." Harvard Business School Note 208-111.
"Vueling Airlines." Harvard Business School Case 808-077.
"Washington Mutual's Covered Bonds." Harvard Business School Case 209-093.
"WL Ross and Plascar." Harvard Business School Case 209-091.
"The World Food Programme during the Global Food Crisis (A)." Harvard Business School Case 709-024.
"Yucheng Technology." Harvard Business School Case 209-048.