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- 2021
- Article
Psychological Pathways Linking Income Inequality in Adolescence to Well-being in Adulthood
By: Lora E. Park, Han Young Jung, Kristen Schultz Lee, Deborah E. Ward, Paul K. Piff, Ashley Whillans and Kristin Naragon-Gainey
Does exposure to income inequality in adolescence relate to well-being in adulthood? In Studies 1 and 2 ( N = 888), individuals who grew up in U.S. counties with higher income inequality expected greater benefits of financial success as adults, were more likely to base...
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Keywords:
Financial Contingency Of Self-worth;
Life Satisfaction;
Social Comparison;
Income;
Equality and Inequality;
Happiness;
Satisfaction;
Well-being
Park, Lora E., Han Young Jung, Kristen Schultz Lee, Deborah E. Ward, Paul K. Piff, Ashley Whillans, and Kristin Naragon-Gainey. "Psychological Pathways Linking Income Inequality in Adolescence to Well-being in Adulthood." Self and Identity 20, no. 8 (2021): 982–1014.
- July 2021
- Article
Material Sustainability Information and Stock Price Informativeness
By: Jody Grewal, Clarissa Hauptmann and George Serafeim
As part of the SEC’s revision of Regulation S-K, many investors proposed the mandatory disclosure of sustainability information in the form of environmental, social, and governance (ESG) data. However, progress is contingent on collecting evidence regarding which...
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Keywords:
Voluntary Disclosure;
Accounting Standards;
Sustainability;
Nonfinancial Information;
Corporate Social Responsibility;
Stock Price Informativeness;
Synchronicity;
Environmental Sustainability;
Corporate Disclosure;
Corporate Accountability;
Stocks;
Price;
Corporate Social Responsibility and Impact;
Accounting;
Standards
Grewal, Jody, Clarissa Hauptmann, and George Serafeim. "Material Sustainability Information and Stock Price Informativeness." Journal of Business Ethics 171, no. 3 (July 2021): 513–544.
- 2021
- Working Paper
No-fault Default, Chapter 11 Bankruptcy, and Financial Institutions
By: Robert C. Merton and Richard T. Thakor
This paper analyzes the costs and benefits of a no-fault-default debt structure as an alternative to the typical bankruptcy process. We show that the deadweight costs of bankruptcy can be avoided or substantially reduced through no-fault-default debt, which permits a...
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Keywords:
No-fault Default;
Chapter 11;
Insolvency and Bankruptcy;
Borrowing and Debt;
Governing Rules, Regulations, and Reforms;
Financial Institutions;
Contracts
Merton, Robert C., and Richard T. Thakor. "No-fault Default, Chapter 11 Bankruptcy, and Financial Institutions." NBER Working Paper Series, No. 28341, January 2021.
- December 2020
- Article
Can't Buy Me Love (or Friendship): Social Consequences of Financially Contingent Self-Worth
By: D. Ward, L.E. Park, K. Naragon-Gainey, H. Jung and A.V. Whillans
Although people may think that money improves one’s relationships, research suggests otherwise. Focusing on money is associated with spending less time maintaining relationships (Whillans & Dunn, 2018) and less desire to rely on others for help (Vohs, Mead, & Goode,...
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Ward, D., L.E. Park, K. Naragon-Gainey, H. Jung, and A.V. Whillans. "Can't Buy Me Love (or Friendship): Social Consequences of Financially Contingent Self-Worth." Personality and Social Psychology Bulletin 46, no. 12 (December 2020): 1665–1681.
- November 2020
- Teaching Note
Valuing Celgene's CVR
By: Benjamin C. Esty and Daniel Fisher
When Bristol-Myers Squibb (BMS) acquired Celgene Corporation in November 2019, Celgene shareholders received cash, BMS stock, and a contingent value right (CVRs) that would pay $9 if the U.S. Food and Drug Administration (FDA) approved three of Celgene’s late stage...
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- November 2020
- Supplement
Valuing Celgene's CVR
By: Benjamin C. Esty and Daniel Fisher
When Bristol-Myers Squibb (BMS) acquired Celgene Corporation in November 2019, Celgene shareholders received cash, BMS stock, and a contingent value right (CVRs) that would pay $9 if the U.S. Food and Drug Administration (FDA) approved three of Celgene’s late stage...
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- November 2020
- Case
Valuing Celgene's CVR
By: Benjamin C. Esty and Daniel Fisher
When Bristol-Myers Squibb (BMS) acquired Celgene Corporation in November 2019, Celgene shareholders received cash, BMS stock, and a contingent value right (CVRs) that would pay $9 if the U.S. Food and Drug Administration (FDA) approved three of Celgene’s late stage...
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- January 2020
- Case
SK Group: Social Progress Credits
By: George Serafeim, Ethan Rouen and David Freiberg
SK Group was one of the largest companies South Korea. A family-run conglomerate consisting of around 120 subsidiaries and employing more than 100,000, SK was tightly knit into the fabric of Korean society. SK viewed their future success as contingent upon the strength...
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Keywords:
Impact;
Impact Investing;
Impact Measurement;
Social Value;
Social Development;
Conglomerates;
Measurement Of Purpose;
ESG;
ESG (Environmental, Social, Governance) Performance;
Capital Markets;
Innovation;
Environmental Impact;
Collaboration;
Social Enterprise;
Social and Collaborative Networks;
Social Issues;
Measurement and Metrics;
Value Creation;
Cooperation;
Environmental Sustainability;
Employment;
Accounting;
Energy Industry;
Telecommunications Industry;
Chemical Industry;
South Korea
Serafeim, George, Ethan Rouen, and David Freiberg. "SK Group: Social Progress Credits." Harvard Business School Case 120-071, January 2020.
- September 2019
- Article
Contingent Capital Trigger Effects: Evidence from Liability Management Exercises
By: Boris Vallée
This paper investigates the so called liability management exercises by European banks, which bear comparable effects to triggering contingent capital. I first explore the determinants of these exercises. I then study market reactions to these operations as well as...
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Keywords:
Contingent Capital;
Financial Distress;
Regulatory Capital;
Financial Institutions;
Legal Liability;
Management;
Banking Industry;
Europe
Vallée, Boris. "Contingent Capital Trigger Effects: Evidence from Liability Management Exercises." Review of Corporate Finance Studies 8, no. 2 (September 2019): 235–259.
- Fall 2017
- Article
Strengthening and Streamlining Bank Capital Regulation
We propose three core principles that should inform the design of bank capital regulation. First, wherever possible, multiple constraints on the minimum level of equity capital should be consolidated into a single constraint. This helps to avoid a distortionary...
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Greenwood, Robin, Samuel Gregory Hanson, Jeremy C. Stein, and Adi Sunderam. "Strengthening and Streamlining Bank Capital Regulation." Brookings Papers on Economic Activity (Fall 2017). (Internet Appendix Here.)
- Article
Risk Management—The Revealing Hand
By: Robert S. Kaplan and Anette Mikes
Many believe that the recent emphasis on enterprise risk management function is misguided, especially after the failure of sophisticated quantitative risk models during the global financial crisis. The concern is that top-down risk management will inhibit innovation...
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Keywords:
Risk Management
Kaplan, Robert S., and Anette Mikes. "Risk Management—The Revealing Hand." Journal of Applied Corporate Finance 28, no. 1 (Winter 2016): 8–18.
- May 2016 (Revised September 2017)
- Case
Canadian Pacific's Bid for Norfolk Southern
By: Benjamin C. Esty and E. Scott Mayfield
In December 2015, Canadian Pacific Railroad (CPR) has just made its third bid to acquire Norfolk Southern Corporation (NSC), one of the largest railroads in the United States. Having rejected the prior offers, NSC’s CEO James Squires and the NSC board must now value...
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Keywords:
Capital Structure;
Cash Flow;
Cost of Capital;
Financial Strategy;
Investment Activism;
Bids and Bidding;
Negotiation Offer;
Corporate Strategy;
Rail Transportation;
Mergers and Acquisitions;
Transformation;
United States;
Canada
Esty, Benjamin C., and E. Scott Mayfield. "Canadian Pacific's Bid for Norfolk Southern." Harvard Business School Case 216-057, May 2016. (Revised September 2017.)
- April 2016
- Supplement
Canadian Pacific's Bid for Norfolk Southern Spreadsheet Supplement
By: Benjamin C. Esty and Scott Mayfield
In December 2015, Canadian Pacific Railroad (CPR) has just made its third bid to acquire Norfolk Southern Corporation (NSC), one of the largest railroads in the United States. Having rejected the prior offers, NSC’s CEO James Squires and the NSC board must now value...
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- 2015
- Working Paper
Customers and Investors: A Framework for Understanding Financial Institutions
By: Robert C. Merton and Robert T. Thakor
Financial institutions have both investors and customers. Investors, such as those who invest in stocks and bonds or private/public-sector guarantors of institutions, expect an appropriate risk-adjusted return in exchange for the financing and risk-bearing that they...
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Keywords:
Financial Institutions
Merton, Robert C., and Robert T. Thakor. "Customers and Investors: A Framework for Understanding Financial Institutions." NBER Working Paper Series, No. 21258, June 2015.
- May 2011
- Article
Consequences and Institutional Determinants of Unregulated Corporate Financial Statements: Evidence from Embedded Value Reporting
By: George Serafeim
I analyze Embedded Value (EV) reporting by firms with life insurance operations to assess the impact of unregulated financial reporting on transparency and to examine the institutional characteristics that promote unregulated reporting. Under EV accounting the present...
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Keywords:
Financial Statements;
Mergers and Acquisitions;
Financial Reporting;
Cash Flow;
Contracts;
Equity;
Profit;
Value;
Corporate Disclosure;
Governing Rules, Regulations, and Reforms;
Business and Shareholder Relations;
Business Earnings
Serafeim, George. "Consequences and Institutional Determinants of Unregulated Corporate Financial Statements: Evidence from Embedded Value Reporting." Journal of Accounting Research 49, no. 2 (May 2011).
- 2010
- Working Paper
Regulating for Legitimacy: Consumer Credit Access in France and America
Theories of legitimate regulation have emphasized the role of governments either in fixing market failures to promote greater efficiency or in restricting the efficient functioning of markets in order to pursue public welfare goals. In either case, features of markets...
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Keywords:
Borrowing and Debt;
Credit;
Financial Markets;
Personal Finance;
Governing Rules, Regulations, and Reforms;
Business History;
Business and Government Relations;
Welfare;
France;
United States
Trumbull, J. Gunnar. "Regulating for Legitimacy: Consumer Credit Access in France and America." Harvard Business School Working Paper, No. 11-047, November 2010.
- 2010
- Chapter
Measuring and Managing Macrofinancial Risk and Financial Stability: A New Framework
By: Dale F. Gray, Robert C. Merton and Zvi Bodie
This paper proposes a new approach to improve the way central banks can analyze and manage the financial risks of a national economy. It is based on the modern theory and practice of contingent claims analysis (CCA), which is successfully used today at the level of...
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- 2008
- Working Paper
New Framework for Measuring and Managing Macrofinancial Risk and Financial Stability
By: Dale F. Gray, Robert C. Merton and Zvi Bodie
This paper proposes a new approach to improve the way central banks can analyze and manage the financial risks of a national economy. It is based on the modern theory and practice of contingent claims analysis (CCA), which is successfully used today at the level of...
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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. (Revised.)
- January 2008
- Background Note
Equity Derivatives
By: Joshua Coval and Erik Stafford
The goal of these simulations is to understand the dynamic replication technique behind the Black-Scholes/Merton options model. The simulations focus on a single stock and a risk-free discount bond, which are used to replicate a contingent payoff. The underlying stock...
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Coval, Joshua, and Erik Stafford. "Equity Derivatives." Harvard Business School Background Note 208-117, January 2008.
- January 2008
- Background Note
Collateralized Debt Obligations (CDOs)
By: Joshua Coval and Erik Stafford
This lesson integrated Merton's (1974) contingent claims model of debt and equity claims with the CAPM, which allows us to examine the risks and pricing of credit portfolios and the derivative claims issued against them. In particular, this model is used to make...
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Keywords:
Decision Choices and Conditions;
Borrowing and Debt;
Credit Derivatives and Swaps;
Investment Portfolio;
Risk Management
Coval, Joshua, and Erik Stafford. "Collateralized Debt Obligations (CDOs)." Harvard Business School Background Note 208-113, January 2008.