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- March 2021
- Case
Managing Science Communication at Bayer
- January 2021
- Article
Using Models to Persuade
By: Joshua Schwartzstein and Adi Sunderam
We present a framework where "model persuaders" influence receivers’ beliefs by proposing models that organize past data to make predictions. Receivers are assumed to find models more compelling when they better explain the data, fixing receivers’ prior beliefs. Model...
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Keywords:
Model Persuasion;
Data And Data Sets;
Forecasting And Prediction;
Mathematical Methods;
Framework
Schwartzstein, Joshua, and Adi Sunderam. "Using Models to Persuade." American Economic Review 111, no. 1 (January 2021): 276–323.
- Fall 2020
- Article
Business Credit Programs in the Pandemic Era
By: Samuel Gregory Hanson, Adi Sunderam, Jeremy C. Stein and Eric Zwick
We develop a pair of models that speak to the goals and design of the sort of business-lending and corporate-bond purchase programs that have been introduced by governments in response to the ongoing COVID-19 pandemic. An overarching theme is that, in contrast to the...
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Keywords:
Covid-19;
Business Lending;
Government Intervention;
Econometric Models;
Health Pandemics;
Credit;
Governance;
Policy
Hanson, Samuel Gregory, Adi Sunderam, Jeremy C. Stein, and Eric Zwick. "Business Credit Programs in the Pandemic Era." Brookings Papers on Economic Activity (Fall 2020).
- 2020
- Working Paper
The Targeting and Impact of Paycheck Protection Program Loans to Small Businesses
By: Alexander Bartik, Zoë B. Cullen, Edward L. Glaeser, Michael Luca, Christopher Stanton and Adi Sunderam
The Paycheck Protection Program (PPP) aimed to quickly deliver hundreds of billions of dollars of loans to small businesses, with the loans administered via private banks. In this paper, we use firm-level data to document the demand and supply of PPP funds. Using an...
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Keywords:
Paycheck Protection Program;
Targeting;
Impact;
Entrepreneurship;
Health Pandemics;
Small Business;
Financing And Loans;
Outcome Or Result;
United States
Bartik, Alexander, Zoë B. Cullen, Edward L. Glaeser, Michael Luca, Christopher Stanton, and Adi Sunderam. "The Targeting and Impact of Paycheck Protection Program Loans to Small Businesses." Harvard Business School Working Paper, No. 21-021, August 2020.
- 2020
- Working Paper
How Should U.S. Bank Regulators Respond to the COVID-19 Crisis?
Drawing on lessons from the 2007–2009 Global Financial Crisis (GFC) and a simple conceptual framework, we examine the response of U.S. bank regulators to the COVID-19 pandemic. We argue that the current regulatory strategy of “watchful waiting”—the same strategy that...
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Keywords:
Covid-19;
Bank Regulation;
Recapitalization;
Health Pandemics;
Banks And Banking;
Governing Rules, Regulations, And Reforms;
Strategy;
Risk Management;
United States
Blank, Michael, Samuel G. Hanson, Jeremy C. Stein, and Adi Sunderam. "How Should U.S. Bank Regulators Respond to the COVID-19 Crisis?" Hutchins Center Working Paper, No. 63, June 2020.
- Working Paper
Measuring the Perceived Liquidity of the Corporate Bond Market
By: Sergey Chernenko and Adi Sunderam
We propose a novel measure of bond market liquidity that does not depend on transaction data: the strength of the cross-sectional relationship between mutual fund cash holdings and fund flow volatility. Our measure captures how liquid funds perceive their portfolio...
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Chernenko, Sergey, and Adi Sunderam. "Measuring the Perceived Liquidity of the Corporate Bond Market." NBER Working Paper Series, No. 27092, May 2020.
- March 2020
- Article
Do Fire Sales Create Externalities?
By: Sergey Chernenko and Adi Sunderam
We develop three novel measures of how much of the price impact of their trading different mutual funds internalize. We show that mutual funds that internalize more of their price impact hold larger cash buffers and use these buffers more aggressively to accommodate...
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Chernenko, Sergey, and Adi Sunderam. "Do Fire Sales Create Externalities?" Journal of Financial Economics 135, no. 3 (March 2020): 602–628.
- 2020
- Working Paper
A Quantity-Driven Theory of Term Premia and Exchange Rates
We develop a model in which specialized bond investors must absorb shocks to the supply and demand for long-term bonds in two currencies. Since long-term bonds and foreign exchange are both exposed to unexpected movements in short-term interest rates, a shift in the...
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Greenwood, Robin, Samuel G. Hanson, Jeremy C. Stein, and Adi Sunderam. "A Quantity-Driven Theory of Term Premia and Exchange Rates." NBER Working Paper Series, No. 27615, July 2020.
- June 2019
- Article
Social Risk, Fiscal Risk, and the Portfolio of Government Programs
We develop a model of government portfolio choice in which a benevolent government chooses the scale of risky projects in the presence of market failures and tax distortions. These two frictions generate motives to manage social risk and fiscal risk. Social risk...
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Hanson, Samuel G., David S. Scharfstein, and Adi Sunderam. "Social Risk, Fiscal Risk, and the Portfolio of Government Programs." Review of Financial Studies 32, no. 6 (June 2019): 2341–2382. (Internet Appendix Here.)
- January 2019
- Module Note
Liquidity Management
By: Adi Sunderam
Sunderam, Adi. "Liquidity Management." Harvard Business School Module Note 219-088, January 2019.
- December 2018
- Teaching Note
Puerto Rico's COFINA Bonds: Hold or Fold?
By: Adi Sunderam, Luis M. Viceira and Shawn O'Brien
- December 2018
- Teaching Note
Baupost Group: Finding a Margin of Safety in London Real Estate
By: Adi Sunderam, Luis M. Viceira and Shawn O'Brien
- October 2018 (Revised January 2019)
- Case
The Financial Crisis: Timothy Geithner and the Stress Tests
In February and March 2009, the U.S. economy was in the midst of a terrifying financial and economic crisis. Between the beginning of 2008 and early 2009, four of the 25 largest U.S. financial institutions had failed, and nine of these 25 institutions had taken...
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Keywords:
Bailout;
Regulation;
Stress Test;
Financial Crisis;
History;
Economy;
Policy;
Governing Rules, Regulations, And Reforms;
Decision Making;
Banking Industry;
Financial Services Industry;
Real Estate Industry;
United States
Hanson, Samuel G., Robin Greenwood, David Scharfstein, and Adi Sunderam. "The Financial Crisis: Timothy Geithner and the Stress Tests." Harvard Business School Case 219-038, October 2018. (Revised January 2019.)
- October 2018 (Revised January 2019)
- Case
The Financial Crisis: Hank Paulson in 2008
On the afternoon of Monday October 13, 2008, Hank Paulson Jr., the Secretary of the Treasury of the United States, walked into the large conference room across the hall from his office in the Treasury Department. Joining him were Federal Reserve Chairman Ben Bernanke,...
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Keywords:
Bailout;
Regulation;
Financial Crisis;
History;
Governing Rules, Regulations, And Reforms;
Decision Making;
Banking Industry;
Financial Services Industry;
Real Estate Industry;
United States
Sunderam, Adi, Robin Greenwood, Sam Hanson, and David Scharfstein. "The Financial Crisis: Hank Paulson in 2008." Harvard Business School Case 219-037, October 2018. (Revised January 2019.)
- September 2018
- Supplement
Prudential Financial and Asset-Liability Management
- June 2018 (Revised June 2018)
- Teaching Note
Prudential Financial and Asset-Liability Management
By: Mark S. Seasholes, Adi Sunderam, Luis Viceira and Shawn O'Brien
Teaching Note for HBS No. 216-076.
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- June 2018 (Revised January 2019)
- Teaching Note
Investing in Commodities at Global Endowment Management
By: Adi Sunderam
Teaching Note for HBS No. 218-005.
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- June 2018
- Article
The Fed, the Bond Market, and Gradualism in Monetary Policy
By: Jeremy C. Stein and Adi Sunderam
We develop a model of monetary policy with two key features: (i) the central bank has some private information about its long-run target for the policy rate, and (ii) the central bank is averse to bond-market volatility. In this setting, discretionary monetary policy...
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Stein, Jeremy C., and Adi Sunderam. "The Fed, the Bond Market, and Gradualism in Monetary Policy." Journal of Finance 73, no. 3 (June 2018): 1015–1060.
- May 2018 (Revised December 2018)
- Case
Baupost Group: Finding a Margin of Safety in London Real Estate
By: Adi Sunderam, Luis M. Viceira, Shawn O'Brien, Sam Merkel and Franklin Muanankese
Sunderam, Adi, Luis M. Viceira, Shawn O'Brien, Sam Merkel, and Franklin Muanankese. "Baupost Group: Finding a Margin of Safety in London Real Estate." Harvard Business School Case 218-126, May 2018. (Revised December 2018.)
- March 2018 (Revised December 2018)
- Teaching Note
Closed-End Funds at Saba Capital Management
By: Adi Sunderam and Shawn O'Brien