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Publications

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  • All HBS Web  (119,794)
    • Faculty Publications  (11)

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    • All HBS Web  (119,794)
      • Faculty Publications  (11)

      Wallen, Jonathan L.Remove Wallen, Jonathan L. →

      Page 1 of 11 Results
      • 2024
      • Working Paper

      What Do Bank Trading Desks Do?

      By: Lina Lu and Jonathan Wallen
      Bank trading desks earn profits from intermediating customer trading volume. Across a broad set of asset markets, we document that the trading desks of large U.S. dealer banks behave as financial intermediaries that profit from toll-taking as in Duffie et al. (2005).... View Details
      Keywords: Banks and Banking; Profit; Financial Markets
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      Lu, Lina, and Jonathan Wallen. "What Do Bank Trading Desks Do?" Working Paper, November 2024.
      • May 2024 (Revised May 2024)
      • Teaching Note

      Optimalen Capital

      By: Malcolm Baker, Elisabeth Kempf and Jonathan Wallen
      Teaching Note for HBS Case No. 223-099. View Details
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      Baker, Malcolm, Elisabeth Kempf, and Jonathan Wallen. "Optimalen Capital." Harvard Business School Teaching Note 224-083, May 2024. (Revised May 2024.)
      • 2024
      • Working Paper

      Internal and External Capital Markets of Large Banks

      By: Lina Lu, Marco Macchiavelli and Jonathan Wallen
      Despite regulatory restrictions, large U.S. bank holding companies have sizable and dynamic internal capital markets. They raise long-term debt at the holding company and deposits at the commercial bank to internally make unsecured loans to affiliated broker-dealers.... View Details
      Keywords: Banks and Banking; International Finance; Financial Markets
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      Lu, Lina, Marco Macchiavelli, and Jonathan Wallen. "Internal and External Capital Markets of Large Banks." Working Paper, November 2024.
      • June 2023
      • Supplement

      Optimalen Capital Spreadsheet Supplement

      By: Malcolm Baker, Elisabeth Kempf and Jonathan Wallen
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      Baker, Malcolm, Elisabeth Kempf, and Jonathan Wallen. "Optimalen Capital Spreadsheet Supplement." Harvard Business School Spreadsheet Supplement 223-715, June 2023.
      • June 2023 (Revised April 2025)
      • Case

      Optimalen Capital

      By: Malcolm Baker, Elisabeth Kempf and Jonathan Wallen
      A new client portfolio manager at a quantitative investment management firm must explain why her firm, Optimalen Capital, has rebalanced a client portfolio with a set of trades that seem unintuitive. In particular, Optimalen has added to its position of Walmart (ticker... View Details
      Keywords: Investments; CAPM; Capital Asset Pricing Model; Investment Portfolio; Asset Pricing
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      Baker, Malcolm, Elisabeth Kempf, and Jonathan Wallen. "Optimalen Capital." Harvard Business School Case 223-099, June 2023. (Revised April 2025.)
      • November 2022 (Revised May 2023)
      • Case

      Dicerna

      By: Malcolm Baker, Ishita Sen and Jonathan Wallen
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      Baker, Malcolm, Ishita Sen, and Jonathan Wallen. "Dicerna." Harvard Business School Case 223-049, November 2022. (Revised May 2023.)
      • 2022
      • Working Paper

      Markups to Financial Intermediation in Foreign Exchange Markets

      By: Jonathan Wallen
      On average from 2013 to 2020, foreign asset managers in net sold forward 1.1 trillion U.S. dollars. This forward sale of dollars hedges the currency mismatch of foreign investment in U.S. dollar assets. By accommodating this demand, U.S. and European banks earn an... View Details
      Keywords: Foreign Exchange; Financial Intermediation; Arbitrage; Market Power; Regulations; Currency; Assets; Interest Rates; Banking Industry
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      Wallen, Jonathan. "Markups to Financial Intermediation in Foreign Exchange Markets." Working Paper, March 2022.
      • January 2022 (Revised January 2022)
      • Case

      The Impact Developers Fund

      By: Malcolm Baker, Samuel Gregory Hanson, Jonathan Wallen and Zach Komes
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      Baker, Malcolm, Samuel Gregory Hanson, Jonathan Wallen, and Zach Komes. "The Impact Developers Fund." Harvard Business School Case 222-046, January 2022. (Revised January 2022.)
      • 2022
      • Working Paper

      Many Markets Make Good Neighbors: Multimarket Contact and Deposit Banking

      By: John William Hatfield and Jonathan Wallen
      We investigate the relationship between the interest rates offered to consumers in a deposit banking market and the contact that banks in that market have with each other in other markets. We show, in a simple theoretical model, that such overlapping relationships... View Details
      Keywords: Antitrust; Deposit Banking; Market Power; Multimarket Contact; Banks and Banking; Markets; Competition
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      Hatfield, John William, and Jonathan Wallen. "Many Markets Make Good Neighbors: Multimarket Contact and Deposit Banking." Working Paper, January 2022.
      • Forthcoming
      • Article

      Segmented Arbitrage

      By: Emil Siriwardane, Adi Sunderam and Jonathan Wallen
      We use arbitrage activity in equity, fixed income, and foreign exchange markets to characterize the frictions and constraints facing intermediaries. The average pairwise correlation between the 32 arbitrage spreads that we study is 22%. These low correlations are... View Details
      Keywords: Financial Intermediation; Arbitrage; Intermediary-based Asset Pricing; Finance; Segmentation
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      Siriwardane, Emil, Adi Sunderam, and Jonathan Wallen. "Segmented Arbitrage." Journal of Finance (forthcoming).
      • Forthcoming
      • Article

      The Imperfect Intermediation of Money-Like Assets

      By: Jeremy C. Stein and Jonathan Wallen
      We study supply-and-demand effects in the U.S. Treasury bill market by comparing the returns on T-bills to the administered policy rate on the Federal Reserve’s reverse repurchase (RRP) facility. In spite of the arguably more money-like properties of an investment in... View Details
      Keywords: Debt Securities; Demand and Consumers; Price
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      Stein, Jeremy C., and Jonathan Wallen. "The Imperfect Intermediation of Money-Like Assets." Journal of Finance (forthcoming).
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