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  • All HBS Web  (135)
    • Faculty Publications  (28)

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    • All HBS Web  (135)
      • Faculty Publications  (28)

      Securitization Remove Securitization →

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      How to Revive Securitization Markets
      How to Revive Securitization Markets
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      • July 2020
      • Case

      Mortgage Backed Securities and the Covid-19 Pandemic

      By: Emil N. Siriwardane, Luis M. Viceira and Dean Xu
      In April 2020, global financial markets were still reeling as the COVID-19 pandemic spread rapidly across the world. Global equity markets had initially fallen by 30% in response to the pandemic, and high-yield credit markets had dropped by nearly 20%. In contrast,...  View Details
      Keywords: Covid-19; Mortgage-backed Securities; Health Pandemics; Financial Markets; Assets; Resource Allocation; Financial Instruments; Decision Making
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      Siriwardane, Emil N., Luis M. Viceira, and Dean Xu. "Mortgage Backed Securities and the Covid-19 Pandemic." Harvard Business School Case 221-010, July 2020.
      • 2020
      • Working Paper

      The Cost of Anonymous Lemons

      By: Amar Bhidé
      Rules that restrict information required in negotiated private transactions have spurred a vast increase in the scope of anonymous financial markets, particularly in the US. The subtle costs of the information restricting rules raise questions about the social value of...  View Details
      Keywords: Information Asymmetry; Securities; Securitization; Regulation; Liquidity; Information; Financial Markets; Governing Rules, Regulations, and Reforms; Financial Liquidity
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      Bhidé, Amar. "The Cost of Anonymous Lemons." Harvard Business School Working Paper, No. 21-046, September 2020.
      • January 2019 (Revised November 2020)
      • Case

      Ribbon Home: iBacking for Real Estate

      By: Marco Di Maggio and Sarah Gulick
      In November 2018, Shaival Shah, the founder and CEO of Ribbon Home had to decide on the next steps for the company. Ribbon had introduced a program that backs consumers with cash offers without creating a loan structure in order to help them compete with iBuyers, such...  View Details
      Keywords: Consumers; Real Estate; Property; Finance; Market Platforms; Business Model; Decision Making; Real Estate Industry; Technology Industry
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      Di Maggio, Marco, and Sarah Gulick. "Ribbon Home: iBacking for Real Estate." Harvard Business School Case 219-059, January 2019. (Revised November 2020.)
      • October 2018 (Revised October 2019)
      • Case

      Rio Tinto vs. the Securities and Exchange Commission

      By: Aiyesha Dey, Krishna G. Palepu and Sarah Gulick
      Keywords: Coal Mining; Sec Enforcement; Fcpa; Mining; Fraud; Acquisition; Financial Reporting; Mergers and Acquisitions; Non-Renewable Energy; Ethics; Financial Management; Investment; Corporate Governance; Laws and Statutes; Lawsuits and Litigation; Risk Management; Risk and Uncertainty; Energy Industry; Mining Industry; Financial Services Industry; Mozambique; United States; Australia; England
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      Dey, Aiyesha, Krishna G. Palepu, and Sarah Gulick. "Rio Tinto vs. the Securities and Exchange Commission." Harvard Business School Case 119-046, October 2018. (Revised October 2019.)
      • Article

      Formulaic Transparency: The Hidden Enabler of Exceptional U.S. Securitization

      By: Amar Bhide
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      Bhide, Amar. "Formulaic Transparency: The Hidden Enabler of Exceptional U.S. Securitization." Journal of Applied Corporate Finance 29, no. 4 (Fall 2017): 96–111.
      • November 2016
      • Article

      Who Neglects Risk? Investor Experience and the Credit Boom

      By: Sergey Chernenko, Samuel Gregory Hanson and Adi Sunderam
      Many have argued that overoptimistic thinking on the part of lenders helps fuel credit booms. We use new microdata on mutual funds' holdings of securitizations to examine which investors are susceptible to such boom-time thinking. We show that firsthand experience...  View Details
      Keywords: Risk Management; Investment; Experience and Expertise
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      Chernenko, Sergey, Samuel Gregory Hanson, and Adi Sunderam. "Who Neglects Risk? Investor Experience and the Credit Boom." Journal of Financial Economics 122, no. 2 (November 2016): 248–269. (Internet Appendix Here.)
      • 2014
      • Working Paper

      The Rise and Fall of Demand for Securitizations

      By: Sergey Chernenko, Samuel G. Hanson and Adi Sunderam
      Collateralized debt obligations (CDOs) and private-label mortgage-backed securities (MBS) backed by nonprime loans played a central role in the recent financial crisis. Little is known, however, about the underlying forces that drove investor demand for these...  View Details
      Keywords: Debt Securities; Financial Markets; Financial Crisis
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      Chernenko, Sergey, Samuel G. Hanson, and Adi Sunderam. "The Rise and Fall of Demand for Securitizations." NBER Working Paper Series, No. 20777, December 2014.
      • October 2013 (Revised August 2016)
      • Case

      NOWaccount

      By: Ramana Nanda, William A. Sahlman and Lauren Barley

      It was September 2013, and NOWaccount Network Corporation (NOW®) co-founders John Hayes and Lara Hodgson were putting the final touches on the presentation deck for their annual shareholders' meeting. Along with co-founder Stacey Abrams, the pair had designed NOW's...  View Details

      Keywords: Entrepreneurial Finance; Finance; Entrepreneurship
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      Nanda, Ramana, William A. Sahlman, and Lauren Barley. "NOWaccount." Harvard Business School Case 814-048, October 2013. (Revised August 2016.)
      • October 2013 (Revised November 2013)
      • Case

      Blackstone and the Sale of Citigroup's Loan Portfolio

      By: Victoria Ivashina and David Scharfstein
      The credit boom that preceded the 2007-2009 financial crisis led to several lending practices that exposed banks to large risks. In particular, when the financial crisis unraveled, there were several billion dollars' worth of leveraged buyout (LBO) loans that were...  View Details
      Keywords: Restructuring; Private Equity; Insolvency and Bankruptcy; Credit Derivatives and Swaps; Financial Markets; Investment; Banking Industry; Financial Services Industry
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      Ivashina, Victoria, and David Scharfstein. "Blackstone and the Sale of Citigroup's Loan Portfolio." Harvard Business School Case 214-037, October 2013. (Revised November 2013.)
      • June 2013
      • Article

      Are There Too Many Safe Securities? Securitization and the Incentives for Information Production

      By: Samuel G. Hanson and Adi Sunderam
      We present a model that helps explain several past collapses of securitization markets. Originators issue too many informationally insensitive securities in good times, blunting investor incentives to become informed. The resulting endogenous scarcity of informed...  View Details
      Keywords: Information; Debt Securities; Financial Crisis
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      Hanson, Samuel G., and Adi Sunderam. "Are There Too Many Safe Securities? Securitization and the Incentives for Information Production." Journal of Financial Economics 108, no. 3 (June 2013): 565–584. (Internet Appendix Here.)
      • March 2013
      • Case

      NovaStar Financial: A Short Seller's Battle

      By: Suraj Srinivasan and Amy Kaser
      The NovaStar case describes the challenges faced by short seller Marc Cohodes of hedge fund Rocker Partners as he tried to expose what he thought was widespread fraud in mortgage lender NovaStar Financial. The case is set in the time period from 2001 to 2007 and tracks...  View Details
      Keywords: Short Selling; Financial Accounting; Financial Analysis; Financial Analysts; Valuation; Business Analysis; Financial Statement Analysis; Financial Statements; Securitization; Securities Analysis; Fraud; Accounting Quality; Accounting Red Flags; Accounting Restatements; Hedge Fund; Hedge Funds; Accounting Scandal; Accounting Fraud; Financial Crisis; Financial Intermediaries; Financial Firms; Corporate Accountability; Subprime Lending; Mortgage Lending; Accounting; Accrual Accounting; Fair Value Accounting; Governance; Governance Compliance; Corporate Governance; Governance Controls; Financial Services Industry; United States; California
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      Srinivasan, Suraj, and Amy Kaser. "NovaStar Financial: A Short Seller's Battle." Harvard Business School Case 113-120, March 2013.
      • October 2012
      • Article

      Securitization without Adverse Selection: The Case of CLOs

      By: Effi Benmelech, Jennifer Dlugosz and Victoria Ivashina
      In this paper, we investigate whether securitization was associated with risky lending in the corporate loan market by examining the performance of individual loans held by CLOs. We employ two different datasets that identify loan holdings for a large set of CLOs and...  View Details
      Keywords: Personal Finance; Performance; Markets; Banks and Banking; Debt Securities; Investment Portfolio; Financing and Loans
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      Benmelech, Effi, Jennifer Dlugosz, and Victoria Ivashina. "Securitization without Adverse Selection: The Case of CLOs." Journal of Financial Economics 106, no. 1 (October 2012): 91–113.
      • 2011
      • Chapter

      The Economics of Housing Finance Reform

      By: David S. Scharfstein and Adi Sunderam
      This paper analyzes the two leading types of proposals for reform of the housing finance system: (i) broad-based, explicit, priced government guarantees of mortgage-backed securities (MBS) and (ii) privatization. Both proposals have drawbacks. Properly-priced...  View Details
      Keywords: Economics; Housing; Governing Rules, Regulations, and Reforms; Policy; Government and Politics
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      Scharfstein, David S., and Adi Sunderam. "The Economics of Housing Finance Reform." In The Future of Housing Finance: Restructuring the U.S. Residential Mortgage Market, edited by Martin Neil Baily. Brookings Institution Press, 2011.
      • January 2011
      • Case

      A Slice of the Pie: Ruby Collins and Tenants in Common

      By: John D. Macomber and Kristian Peterson
      A securitized small real estate investment vehicle fails and the many individual owners have to decide how to manage or dispose of the asset. This case follows Ruby Collins, a small investor, through the logic of Section 1031 Like Kind Exchanges as well as the...  View Details
      Keywords: Financial Instruments; Investment; Risk Management; Ownership Stake; Partners and Partnerships; Valuation; Real Estate Industry
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      Macomber, John D., and Kristian Peterson. "A Slice of the Pie: Ruby Collins and Tenants in Common." Harvard Business School Case 211-008, January 2011.
      • Article

      The Economics of Structured Finance

      By: Joshua D. Coval, Jakub W. Jurek and Erik Stafford
      This paper investigates the spectacular rise and fall of structured finance. The essence of structured finance activities is the pooling of economic assets like loans, bonds, and mortgages, and the subsequent issuance of a prioritized capital structure of claims, known...  View Details
      Keywords: Financial Crisis; Asset Management; Debt Securities; Investment; Risk Management; Behavior
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      Coval, Joshua D., Jakub W. Jurek, and Erik Stafford. "The Economics of Structured Finance." Journal of Economic Perspectives 23, no. 1 (Winter 2009): 3–25.
      • December 2008
      • Article

      The Credit Crisis of 2008: Causes, Consequences and Implications for India

      By: V.G. Narayanan and Lisa Brem
      This article gives a brief overview of the causes and consequences of the current global credit crisis. The article then discusses the benefits and potential drawbacks of real estate loan securitization in India, and what India can do to realize those benefits while...  View Details
      Keywords: Financial Crisis; Credit; Mortgages; Real Estate Industry; India
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      Narayanan, V.G., and Lisa Brem. "The Credit Crisis of 2008: Causes, Consequences and Implications for India." Chartered Accountant 57, no. 6 (December 2008).
      • October 2008 (Revised August 2010)
      • Background Note

      Understanding the Credit Crisis of 2007 to 2008

      By: Arthur I Segel and Ben Creo
      This note details the background of the credit crisis, discusses potential causes of it, and considers its ramifications. The exhibits contain a variety of pertinent data regarding the rise of securitization, debt levels, and typical aspects of financial crises. A new...  View Details
      Keywords: Financial Crisis; Borrowing and Debt; Credit; Financial Instruments; Financial Management; Financial Markets
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      Segel, Arthur I., and Ben Creo. "Understanding the Credit Crisis of 2007 to 2008." Harvard Business School Background Note 209-073, October 2008. (Revised August 2010.)
      • February 2006
      • Case

      Fraikin SA

      By: W. Carl Kester, Vincent Marie Dessain and Monika Stachowiak
      Provides an example of a so-called "whole business" securitization. In early 2004, Fraikin, France's leading industrial vehicle rental company, compares several alternatives for refinancing a large bridge loan within a year. Presents three primary options: a classic...  View Details
      Keywords: Debt Securities; Transportation; Renting or Rental; Transportation Industry; Service Industry; France
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      Kester, W. Carl, Vincent Marie Dessain, and Monika Stachowiak. "Fraikin SA." Harvard Business School Case 206-090, February 2006.
      • October 1998 (Revised May 1999)
      • Case

      Commercial Financial Services, Inc.: Securitization of Charged-off Credit Card Receivables

      By: Kenneth A. Froot and Ivan G. Farman
      Commercial Financial Services (CFS) is a company that buys charged-off credit card receivables, securitizes them, and then attempts to collect on the receivables. The case deals with how the firm makes money and the limits of securitization as an efficient financing...  View Details
      Keywords: Financing; Asset-back Finance; Financial Policy; Securitization; Credit; Financial Strategy; Business Strategy; Policy; Financial Services Industry
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      Froot, Kenneth A., and Ivan G. Farman. "Commercial Financial Services, Inc.: Securitization of Charged-off Credit Card Receivables." Harvard Business School Case 299-023, October 1998. (Revised May 1999.)
      • December 1997 (Revised March 1998)
      • Case

      Mid Ocean Limited: Trading Catastrophe Index Options

      By: Kenneth A. Froot and Markus Mullarkey
      An insurance industry executive must evaluate the potential of a set of newly-offered catastrophe insurance derivatives. The background addresses the roles of traditional reinsurance and securitization efforts in providing risk transfer and risk financing in the "cat"...  View Details
      Keywords: Commodity Market; Derivatives; Insurance; Capital Markets; Natural Disasters; Risk Management; Financial Management; Financial Strategy; Performance Evaluation; Insurance Industry; Bermuda
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      Froot, Kenneth A., and Markus Mullarkey. "Mid Ocean Limited: Trading Catastrophe Index Options." Harvard Business School Case 298-073, December 1997. (Revised March 1998.)
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