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- August 2023
- Article
Can Security Design Foster Household Risk-Taking?
By: Laurent Calvet, Claire Célérier, Paolo Sodini and Boris Vallée
This paper shows that securities with a non-linear payoff design can foster household risk-taking. We demonstrate this effect empirically by exploiting the introduction of capital guarantee products in Sweden from 2002 to 2007. The fast and broad adoption of these...
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- June 2023
- Teaching Note
Seso Global: Building a Blockchain-enabled Property Marketplace in Nigeria
By: Boris Vallee, Sean Bracken and Yang Yu
Teaching Note for HBS Case No. 220-055.
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- October 2022
- Case
Masdar City: Aiming for Sustainable and Profitable Real Estate
By: Boris Vallee and Fares Khrais
Masdar City broke ground in 2008 and was conceived by the Abu Dhabi government to be an international beacon of innovation in sustainable energy and real estate. It was also to be a profitable investment for the government. At first glance, the two goals pulled in...
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Keywords:
Analysis;
Green Building;
Business Growth And Maturation;
Decisions;
Public Sector;
Financial Crisis;
Construction;
Climate Change;
Green Technology;
Borrowing And Debt;
Corporate Finance;
Capital;
Capital Budgeting;
Capital Structure;
Cost Of Capital;
Equity;
REIT;
Financial Management;
Financial Strategy;
Initial Public Offering;
Innovation;
Growth And Development Strategy;
Emerging Markets;
Urban Development;
Middle East;
United Arab Emirates;
Sustainable Cities;
Green Buildings;
Business and Government Relations;
Decision Choices and Conditions;
Financing and Loans;
Real Estate Industry;
Construction Industry;
Energy Industry;
Green Technology Industry;
Abu Dhabi
- 2023
- Working Paper
Can Finance Save the World? Measurement and Effects of Bank Coal Exit Policies
By: Daniel Green and Boris Vallée
We study whether exit policies by financial institutions are an effective tool to address climate change, using bank policies targeting the coal industry around the world as a laboratory. In contrast to theories predicting divestment to be ineffective because capital...
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- June 2022
- Teaching Note
A Case in Point: Shared Home Equity
By: Daniel Green, Boris Vallee and Sean Bracken
Teaching Note for HBS Case No. 221-026.
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- April 2022
- Teaching Note
Big Blue: Starting a Real Estate Firm
By: Boris Vallée and Sean Bracken
Teaching Note for HBS Case No. 222-036.
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- 2022
- Working Paper
Fintech to the (Worker) Rescue: Earned Wage Access and Employee Retention
By: Jose Murillo, Boris Vallee and Dolly Yu
Using novel data from a Mexican FinTech firm, we study the usage by workers of earned wages access, an innovative financial service offered by firms to their employees as a benefit. We find usage to be significant and concentrated towards the end of the pay cycle. We...
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Keywords:
Fintech;
Present Bias;
Earned Wage Access;
Wages;
Employees;
Retention;
Well-being;
Mexico
- October 2021 (Revised April 2022)
- Case
The Big Blue: Starting a Real Estate Firm
By: Boris Vallee and Nikodem Szumilo
- September 2021
- Teaching Note
Migrante: Using Tech to Provide Financial Inclusion to Immigrants
By: Boris Vallée and Mauricio Larrain
Teaching Note for HBS Case No. 221-108.
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- 2021
- Working Paper
What Drives the Finance Academia Wage Premium?
By: Claire Célérier, Boris Vallée and Alexey Vasilenko
This paper documents the existence of a significant wage finance premium in academia, and investigates its underlying mechanism. By exploiting an extensive dataset covering wages, publications and socio-demographics for 60,000 public-university faculty from all fields,...
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- 2021
- Working Paper
The Price Effects of Innovative Security Design
By: Boris Vallée, Gordon Liao and Claire Célérier
This paper investigates the effects of the issuance of retail products with non-linear payoffs on option prices. For a given underlying asset, when the outstanding volume of products embedding a short-put position increases, implied volatility at the corresponding...
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- July 2021
- Case
Migrante: Using Tech to Provide Financial Inclusion to Immigrants
By: Boris Vallee and Mauricio Larrain
Keywords:
Chile
- 2021
- Working Paper
FinTech Lending and Cashless Payments
By: Pulak Ghosh, Boris Vallée and Yao Zeng
This study provides a new perspective to understand the rise and future potential of FinTech lending by linking it to the informational role of cashless payments. We uncover both theoretically and empirically a synergy between FinTech lending and cashless payments....
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- 2021
- Working Paper
The Effects of Local Government Financial Distress: Evidence from Toxic Loans
By: Boris Vallée and Julien Sauvagnat
We examine the response from both local governments and their voters to a sudden increase in public debt burden. We exploit plausibly exogenous variation in the ex post cost of toxic loans, a notorious financial innovation adopted by a large number of local governments....
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- October 2020 (Revised July 2022)
- Case
A Case in Point: Shared Home Equity
By: Daniel Green, Boris Vallee, Sid Beaumaster and Yang (Dolly) Yu
Keywords:
Real Estate
- 2022
- Working Paper
Complexity in Loan Contracts
By: Victoria Ivashina and Boris Vallée
Using novel data on 1,240 credit agreements from the leveraged loan market, we propose simple measures of contractual complexity based on clauses qualifying negative covenants. We document a high average level of contractual complexity and significant heterogeneity....
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- February 2020
- Case
Seso Global: Building a Blockchain-enabled Property Marketplace in Nigeria
By: Boris Vallee and Yang (Dolly) Yu
The mutual aspiration of addressing the housing shortage and improving real estate market efficiency led Daniel and Phillip to co-found Seso Global in 2017. Seso Global developed a unique integrated platform to streamline and rationalize the process of acquiring and...
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- 2020
- Working Paper
Employment Effects of Alleviating Financing Frictions: Worker-level Evidence from a Loan Guarantee Program
By: Jean-Noël Barrot, Thorsten Martin, Julien Sauvagnat and Boris Vallée
- October 2019
- Article
Returns to Talent and the Finance Wage Premium
By: Boris Vallée and Claire Célérier
To study the role of talent in finance workers' pay, we exploit a special feature of the French higher education system. Wage returns to talent have been significantly higher and have risen faster in finance since the 1980s than in other sectors. Both wage returns to...
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