As they turn increasingly to hedge funds, how can endowment and pension fund managers create investment strategies that best match their liability streams?
We need new measures to guard against toxic waste on Wall Street, but we especially need people who understand the machinery.
Today’s distressed mortgage market requires a new model for house pricing. Here are a few key takeaways from my research.
How banks can profit from financial models without getting trapped in them.
Drawing lessons from recent and historical financial crises, Charles Calomiris offers policy recommendations for managing risk in global financial markets.
For Daniel Beunza, one thing about uncertainty is certain: nowadays, it sits at the top of every decision maker's agenda.
Are risk models to blame for the financial crisis? Professor Eric Schoenberg says they are and makes a case for what we need to do to fix the system.
Thanks to new work by Professors Paul Glasserman (CBS) and Michael Giles (Oxford), rapid calculations of hedge ratios can happen faster than ever before.
At Columbia Business School's 5th Annual Healthcare Conference, industry leaders said they are looking for ways to drive innovation.
We can't predict the next crisis, say Patrick Bolton, Bruce Kogut and Tano Santos, but we can be prepared for it.
According to my new friend at Blackstone, restructuring has a short window of opportunity because, unlike the weather here in London, there are typically more sunny days than rainy days in any given market cycle.
Flight cancellations, delays, inspection fiascos, mergers, bankruptcies — and now a checked bag fee? Garrett van Ryzin examines the airline industry’s recent ills.
In a WNYC interview, Professor Jones remembers the market manipulation of the Hunt Brothers in the 1970s.
Yesterday I asked Public Offering visitors the same question I asked my Modern Political Economy students: should the federal government intervene in the current crisis or simply let the market work its painful way out? Here are a couple student responses.
"I really enjoyed the complexity of management, and I realized I had a passion for working with a lot of different people and solving complex problems," says Rob Torti '07.
Should the U.S. join the Kyoto Protocol, or at least play a positive role in the search for a successor? Or is this too costly, or otherwise “fatally flawed,” as our president has suggested?
Many foreclosures are not preventable. However, if a foreclosure is preventable, and the borrower wants to stay in the home, the economic case for trying to avoid foreclosure is strong.
After conducting a survey of very large corporations around the world, I discovered that a standard of best practices for employing risk management within a governance structure does not yet exist.
Regardless of their attitude — risk-averse vs. risk-seeking — people often make decisions based on an inaccurate perception of risk. Elke Weber explains how psychological and cultural factors shape risk perception.
Does our reluctance to ask potentially embarrassing questions do more harm than good? Professor Seth Freeman explains.
Federal officials says that a swine flu vaccine will not be available until late November at the earliest. Professor Awi Federgruen discusses what this long lead time for a vaccine teaches us about supply chain risks.
Will the new credit card legislation fundamentally change the way consumers use credit or the way lenders dole it out? Assistant finance professor Enrichetta Ravina discusses the behavior of credit cardholders.
A queuing model for nurse staffing can cut costs and improve patient care.
Risk disclosure decisions can have a direct impact on a firm’s cost of capital. When is it in managers’ best interests to voluntarily reveal information about firm-specific risk?
How will turmoil in global money markets affect the world economy? And what can central banks do to prevent a future credit crunch?
Traditional asset pricing models do not account for changes in the aggregate volatility of the stock market. Does market volatility influence the expected returns of individual stocks?
The decline in housing prices remains the elephant in the room in the discussion of the credit market deterioration. Let’s start there.
How can creditors protect themselves when a financial institution defaults?
Rotating loan officers makes them more likely to report bad news about their portfolios, leading to more accurate internal reporting for lenders.
At Friday's community forum, Professors Paul Glasserman, Trevor Harris and Hitendra Wadhwa discussed how the crisis should shape future policy measures and how a positive outlook can allow us to make better decisions.
A traditional strategy analysis tool, the BCG matrix, was largely discredited and fell out of favor in many circles. Yet, it's back in a new incarnation.
How mutual funds can limit damage when a run appears imminent.
In some fundamental way, the current market is what Security Analysis is about. We do the same thing regardless of the market: we look for value.
The closing of thousands of car dealerships underscores just how over-extended the U.S. system has become. My research shows that an inefficient distribution network may have been a factor.
Monday, November 9, is the deadline for banks to apply for the Treasury's Capital Assistance Program. Chances are, none will sign up.
One of the reasons that Modern Political Economy is such an enjoyable course to teach is that every term a real-life issue emerges that underscores the course’s contemporary relevance. What to do about the credit crisis that cascaded from the home mortgage debacle is the latest case in point.
The Urban Land Institute reports that the aging of baby boomers will lead to a dramatic increase in single-person households, driving demand for more multifamily housing.
Traditional supply chain models emphasize the benefits of consolidating production. But as Awi Federgruen explains, the recent flu vaccine crisis illustrates the risks of relying too heavily on a single supplier.
By bringing transparency into the underlying fundamentals and risk characteristics of a business, regulators will be able to provide a more accurate and complete assessment of the related fundamentals and risks, says Professor Trevor Harris.
Do different national codes turn bankruptcy into a strategic tool for companies? And how will changes in the U.S. bankruptcy code affect companies' borrowing behavior?
Alan Greenspan in Sunday’s FT said the recent financial crisis may be judged in retrospect as “the most wrenching since the end of the second world war.”
Michael Johannes discusses the impact of events— such as interest rate jumps, employment reports and earnings announcements — on securities and derivatives markets.
Charles Jones offers some simple advice for appraising the state of the ongoing credit crisis.
For investors to feel confident that borrowers will pay what they owe, a trust support must be developed.
How can we prepare for the possibility of future financial meltdowns? Professors Bruce Kogut, Patrick Bolton and Tano Santos suggest that a new entity could be the "regulator of regulators." How would it work?
Business leaders are the ones best suited to manage the risk of climate change that we find ourselves subject to as a global community.
What does the financial crisis mean for the retail sector? Professor Mark Cohen, a moderator at today's Retail and Luxury Goods Conference, discusses the rapidly changing landscape.
At the OCSAMSE conference in July, sponsored by the School's China Business Initiative, Professor Fangruo Chen awarded the Best Paper Award to research on channel stuffing.
“The real heart of this crisis is that traditional means for recapitalizing these institutions have gone away,” says Prof. Greenwald.
The sequence in which venture capitalists sign contracts — first with investors, then with entrepreneurs — creates a classic principal-agent problem. How does this three-way interaction affect the pricing of private equity deals?
You've measured your risk. Now, where did it come from? New research helps financial institutions to better understand and manage overall portfolio risk.
A simple set of related rules can help doctors diagnose breast cancer using a less invasive type of biopsy.
To meet the demands of risk and finance professionals, PRMIA (Professional Risk Managers’ International Association) and Columbia Business...
Prof. David Beim comments on how the the financial crisis has reshaped banking, and what that means for those who teach it. Read more...
Among the keys to solving the current economic crisis are promoting bank recapitalization and stabilizing housing prices, speakers said. Read more...
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The Center on Japanese Economy and Business, Columbia Business School and the Program for Economic Research are organizing a conference on Tuesday, November 10, Coping with Crisis: Financial Policy in the U.S. and Japan. The speakers are Professors Heizo Takenaka of Keio University, Patrick Bolton of Columbia Business School, and Takatoshi Ito of The University of Tokyo. The conference will be held from 6:00 p.m. until 7:30 p.m. in Uris #301at the Columbia Business School, followed by a reception until 8:30 p.m. Read more...
Columbia Business School is pleased to announce eight new members have joined the faculty for the 2009-10 academic year. Read more...
Prof. Elke Weber, co-founder of Columbia's Center for Research on Environmental Decisions (CRED), is shedding light on how humans think about climate change, and how these tendencies might inform potential solutions. Prof. Eric Johnson is also mentioned in this article. Read more...
In this op-ed, Prof. Seth Freeman offers tips for working out “trust supports” to rebuild investor confidence. Read more...
In this op-ed, Prof. Amar Bhide points out the pitfalls of diversification. Read more...
In a candid discussion, Pandit attributed the recent economic turmoil to severe global imbalances and outlined the strategy for Citigroup’s recovery. Read more...
On Thursday, June 5, Professor Geoffrey Heal will speak about his new book, When Principles Pay: Corporate Social Responsibility and the Bottom Line, at an Alumni Club of Switzerland event. Read more...
Alumni Profile: Enrique Coronado '08: Por Ti, Familia Read more...
Professor Charles Calomiris says selling shares to raise capital is the best way for banks to offset the riskiness of their portfolios. Read more...
Following the close of a difficult quarter, investors will be watching closely as Citigroup CEO Vikram Pandit ’86 continues his push to turn the company around. Read more...
Rejecting calls for Citigroup’s breakup, CEO Vikram Pandit ’86 has vowed to keep the world’s largest bank intact in order to preserve its wide international reach. Read more...
Dean Glenn Hubbard was featured in the keynote interview at the Wall Street Journal’s first-ever Deal & Deal Makers Conference at the New York Stock Exchange on June 27. Read more...
Professors Glenn Hubbard, Paul Glasserman and Bob Bontempo joined faculty members from across the University in offering their reflections on 2005 and projections for 2006. Read more...
