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Publications

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    • Faculty Publications  (216)

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    • All HBS Web  (1,489)
      • Faculty Publications  (216)

      Bonds Remove Bonds →

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      Bloomberg: corporate bonds
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      Skip to Main Content Cold Call A podcast featuring faculty discussing cases they've written and the lessons they impart. Subscribe on iTunes 29 Sep...
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      • February 2021
      • Case

      Barbarians at the Gate or Turnaround Gurus? Private Equity and the Rise of the LBO

      By: Tom Nicholas and John Masko
      During the 1980s, leveraged buyouts (LBOs) and the private equity (PE) firms responsible for carrying them out revolutionized both investment and management in the U.S. Between 1980 and 1989, buyout activity in the U.S. surged from $1 billion per year to $60 billion....  View Details
      Keywords: Leveraged Buyouts; Mergers And Acquisitions; Business Conglomerates; Restructuring; Borrowing And Debt; Private Equity; bonds; Investment Return; Institutional Investing; Profit Sharing; Business History; Management Style; Private Ownership; Performance Effectiveness; Value Creation; Financial Services Industry; United States
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      Nicholas, Tom, and John Masko. "Barbarians at the Gate or Turnaround Gurus? Private Equity and the Rise of the LBO." Harvard Business School Case 821-016, February 2021.
      • January 2021
      • Case

      The FIRE Savings Calculator

      By: Michael Parzen and Paul J. Hamilton
      This case follows Carol Muñoz, a member of the Financial Independence, Retire Early (FIRE) lifestyle movement. At the age of 45, Carol is considering retiring and living off the $1 million she has accumulated. Using Monte Carlo simulation, Carol forecasts the...  View Details
      Keywords: Analysis; Forecasting And Prediction; Financial Strategy; Investment Portfolio; Investment Return; Personal Finance; Saving; Risk And Uncertainty; Diversification; Theory; Financial Services Industry
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      Parzen, Michael, and Paul J. Hamilton. "The FIRE Savings Calculator." Harvard Business School Case 621-087, January 2021.
      • 2021
      • Working Paper

      Real Credit Cycles

      By: Pedro Bordalo, Nicola Gennaioli, Andrei Shleifer and Stephen J. Terry
      We incorporate diagnostic expectations, a psychologically founded model of overreaction to news, into a workhorse business cycle model with heterogeneous firms and risky debt. A realistic degree of diagnosticity, estimated from the forecast errors of managers of US...  View Details
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      Bordalo, Pedro, Nicola Gennaioli, Andrei Shleifer, and Stephen J. Terry. "Real Credit Cycles." NBER Working Paper Series, No. 28416, January 2021.
      • 2020
      • Working Paper

      Rate-Amplifying Investor Demand and the Excess Sensitivity of Long-Term Interest Rates

      By: Samuel G. Hanson, David O. Lucca and Jonathan H. Wright
      Long-term nominal interest rates are known to be highly sensitive to high-frequency (daily or monthly) movements in short-term rates. We find that, since 2000, this high-frequency sensitivity has grown even stronger in U.S. data. By contrast, the association between...  View Details
      Keywords: Conundrum; Monetary Policy Transmission; Interest Rates
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      Hanson, Samuel G., David O. Lucca, and Jonathan H. Wright. "Rate-Amplifying Investor Demand and the Excess Sensitivity of Long-Term Interest Rates." Working Paper, December 2020.
      • 2020
      • Working Paper

      Institutional Corporate Bond Demand

      By: Ishita Sen, Lorenzo Bretscher, Lukas Schmid and Varun Sharma
      We compile a rich dataset that links institutional investors' position level holdings with corporate bond characteristics and estimate demand elasticities with respect to critical sources of risk. Persistence in institutions' holdings provide us with an instrument to...  View Details
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      Sen, Ishita, Lorenzo Bretscher, Lukas Schmid, and Varun Sharma. "Institutional Corporate Bond Demand." Working Paper, December 2020.
      • 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...  View Details
      Keywords: Covid-19; Business Lending; Government Intervention; Econometric Models; Health Pandemics; Credit; Governance; Policy
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      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
      • Chapter

      Reserve Accumulation, Sovereign Debt, and Exchange Rate Policy

      By: Laura Alfaro and Fabio Kanczuk
      In the past decade, foreign participation in local-currency bond markets in emerging countries increased dramatically. Additionally, emerging countries are increasingly deviating from inflation targeting regimes, managing their exchange rate and engaging in...  View Details
      Keywords: Reserves; Exchange Rate; Sovereign Finance; Currency Exchange Rate; Policy
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      Alfaro, Laura, and Fabio Kanczuk. "Reserve Accumulation, Sovereign Debt, and Exchange Rate Policy." In Asset Management at Central Banks and Monetary Authorities: New Practices in Managing International Foreign Exchange Reserves, edited by Jacob Bjorheim. Springer, 2020. (Book link.)
      • 2020
      • Working Paper

      Financing the Response to Climate Change: The Pricing and Ownership of U.S. Green Bonds

      By: Malcolm Baker, Daniel Bergstresser, George Serafeim and Jeffrey Wurgler
      We study green bonds, which are bonds whose proceeds are used for environmentally sensitive purposes. After an overview of the U.S. corporate and municipal green bonds markets, we study pricing and ownership patterns using a simple framework that incorporates assets...  View Details
      Keywords: Green Bonds; Pricing; bonds; Climate Change; Environmental Sustainability; Financial Markets; Price; Ownership; United States
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      Baker, Malcolm, Daniel Bergstresser, George Serafeim, and Jeffrey Wurgler. "Financing the Response to Climate Change: The Pricing and Ownership of U.S. Green Bonds." NBER Working Paper Series, No. 25194, August 2020.
      • August 2020
      • Article

      Macroeconomic Drivers of Bond and Equity Risks

      By: John Y. Campbell, Carolin E. Pflueger and Luis M. Viceira
      Our new model of consumption-based habit generates time-varying risk premia on bonds and stocks from loglinear, homoskedastic macroeconomic dynamics. Consumers' first-order condition for the real risk-free bond generates an exactly loglinear consumption Euler equation,...  View Details
      Keywords: Consumption-based Habit Formation; Consumption Euler Equation; Time-varying Risk Premia; Inflation Dynamics; Bond-stock Correlation; Risk And Uncertainty; bonds; Macroeconomics
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      Campbell, John Y., Carolin E. Pflueger, and Luis M. Viceira. "Macroeconomic Drivers of Bond and Equity Risks." Journal of Political Economy 128, no. 8 (August 2020): 3148–3185.
      • July 2020 (Revised January 2021)
      • Case

      Rosalind Fox at John Deere

      By: Anthony Mayo and Olivia Hull
      Rosalind Fox, the factory manager at John Deere’s Des Moines, Iowa plant, has improved the financial standing of the factory in the three years she’s been at its helm. But employee engagement scores—which measured employees’ satisfaction with working conditions and...  View Details
      Keywords: Agribusiness; Change Management; Experience And Expertise; Talent And Talent Management; Diversity; Gender; Race; Engineering; Geographic Location; Globalized Markets And Industries; Leadership Development; Leadership Style; Leading Change; Management Style; Management Teams; Organizational Culture; Personal Development And Career; Prejudice And Bias; Power And Influence; Status And Position; Trust; Agriculture And Agribusiness Industry; United States
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      Mayo, Anthony, and Olivia Hull. "Rosalind Fox at John Deere." Harvard Business School Case 421-011, July 2020. (Revised January 2021.)
      • 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...  View Details
      Keywords: Bond Market; bonds; Financial Liquidity; Measurement And Metrics
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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.
      • 2020
      • Working Paper

      Corporate Leadership and Creditor Recovery Rates: Evidence from Executive Gender

      By: Clarissa Hauptmann and Anywhere Sikochi
      We examine the relationship between the gender of executives and corporate creditor recovery rates. Using 2,288 defaulted debt instruments, we find that female executives are associated with higher creditor recovery rates. Our findings are robust to tests that correct...  View Details
      Keywords: Executive Gender; Default; Recovery Rates; Debt; Corporate Bonds; Conservatism; Leadership; Gender; Borrowing And Debt; bonds; Risk Management
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      Hauptmann, Clarissa, and Anywhere Sikochi. "Corporate Leadership and Creditor Recovery Rates: Evidence from Executive Gender." Harvard Business School Working Paper, No. 20-087, February 2020.
      • 2020
      • Working Paper

      Internal Models, Make Believe Prices, and Bond Market Cornering

      By: Ishita Sen and Varun Sharma
      Exploiting position-level heterogeneity in regulatory incentives to misreport and novel data on regulators, we document that U.S. life insurers inflate the values of corporate bonds using internal models. We estimate an additional $9-$18 billion decline in regulatory...  View Details
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      Sen, Ishita, and Varun Sharma. "Internal Models, Make Believe Prices, and Bond Market Cornering." Working Paper, June 2020.
      • 2020
      • Working Paper

      A Quantity-Driven Theory of Term Premia and Exchange Rates

      By: Robin Greenwood, Samuel G. Hanson, Jeremy C. Stein and Adi Sunderam
      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...  View Details
      Keywords: Term Premium; Exchange Rate; bonds; Currency; Theory
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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

      Debt Redemption and Reserve Accumulation

      By: Laura Alfaro and Fabio Kanczuk
      In the past decade, foreign participation in local-currency bond markets in emerging countries increased dramatically. We revisit sovereign debt sustainability under the assumptions that countries can accumulate reserves and borrow internationally using their own...  View Details
      Keywords: Sovereign Debt; Local-currency Bonds; Foreign Reserves; Sovereign Finance; Borrowing And Debt; bonds; Financial Markets; Developing Countries And Economies
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      Alfaro, Laura, and Fabio Kanczuk. "Debt Redemption and Reserve Accumulation." IMF Economic Review 67, no. 2 (June 2019): 261–287. (Also NBER Working Paper No. 19098.)
      • June 2019
      • Article

      Brokers vs. Retail Investors: Conflicting Interests and Dominated Products

      By: Mark Egan
      I study how brokers distort household investment decisions. Using a novel convertible bond dataset, I find that consumers often purchase dominated bonds—cheap and expensive versions of otherwise identical bonds coexist in the market. The empirical evidence suggests...  View Details
      Keywords: Brokers; Fiduciary Standard; Consumer Finance; Structured Products; Household; Investment; Decisions; Motivation And Incentives; Conflict Of Interests
      Citation
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      Egan, Mark. "Brokers vs. Retail Investors: Conflicting Interests and Dominated Products." Journal of Finance 74, no. 3 (June 2019): 1217–1260.
      • April 2019 (Revised November 2019)
      • Case

      Sears: The Demise of an American Icon

      By: Kristin Mugford and Sarah L. Abbott
      In 2019, ESL Investments’ $5.2 billion offer to purchase Sears Holdings out of Chapter 11 bankruptcy, was accepted, despite opposition from the company's unsecured creditors and other parties. ESL, which was led by Eddie Lampert, had acquired a stake in Sears following...  View Details
      Keywords: Bankruptcy; Reorganization; bonds; Restructuring; Business Divisions; Transformation; Fairness; Borrowing And Debt; Credit; Insolvency And Bankruptcy; Corporate Governance; Motivation And Incentives; Retail Industry; United States
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      Mugford, Kristin, and Sarah L. Abbott. "Sears: The Demise of an American Icon." Harvard Business School Case 219-106, April 2019. (Revised November 2019.)
      • 2019
      • Working Paper

      Reflexivity in Credit Markets

      By: Robin Greenwood, Samuel G. Hanson and Lawrence J. Jin
      Reflexivity is the idea that investors' biased beliefs affect market outcomes, and that market outcomes in turn affect investors' beliefs. We develop a behavioral model of the credit cycle featuring such a two-way feedback loop. In our model, investors form beliefs...  View Details
      Keywords: Reflexivity; Attitudes; Financial Markets; Forecasting And Prediction; Investment; Credit
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      Greenwood, Robin, Samuel G. Hanson, and Lawrence J. Jin. "Reflexivity in Credit Markets." NBER Working Paper Series, No. 25747, April 2019.
      • February 2019 (Revised February 2020)
      • Case

      Scandal at Steinhoff

      By: Kristin Mugford and Phil Caruso
      Keywords: Volatility; Borrowing And Debt; Insolvency And Bankruptcy; Financial Liquidity; bonds; Corporate Accountability; Failure; International Finance; Restructuring; Business Conglomerates; Crime And Corruption; Retail Industry; South Africa; Austria; Netherlands
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      Mugford, Kristin, and Phil Caruso. "Scandal at Steinhoff." Harvard Business School Case 219-098, February 2019. (Revised February 2020.)
      • 2019
      • Working Paper

      Disruption and Credit Markets

      By: Bo Becker and Victoria Ivashina
      In the past thirty years, defaults on corporate bonds have been substantially higher than the historical average. We show that this increase in credit risk can be largely attributed to an increase in the rate at which new and fast-growing firms displace incumbents (a...  View Details
      Keywords: Default; Corporate Bonds; Disruption; bonds; Credit; Risk And Uncertainty
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      Becker, Bo, and Victoria Ivashina. "Disruption and Credit Markets." Working Paper, January 2019.
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      Are you looking for?

      Bloomberg: corporate bonds
      How do I look up and analyze corporate bonds in Bloomberg? To locate corporate bonds: Use Custom Bond Search Type SRCH then hit [GO] Fill in the...
      Bonds
      Skip to Main Content Cold Call A podcast featuring faculty discussing cases they've written and the lessons they impart. Subscribe on iTunes 29 Sep...
      → Search All HBS Web
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