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Daniel Bergstresser Harvard
Business School Assistant:
Brenda Fucillo |
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I
am an Assistant Professor at HBS, where I teach Finance in the MBA
program. My research focuses on the impact of taxation,
regulation, and market structure on financial markets. This
research has been published in the Journal of Financial Economics, The
Quarterly Journal of Economics, Review of Financial Studies,
and Journal of Public Economics, and has been widely cited in
both the academic and business press. I earned a Ph.D. in
Economics at MIT, and earned an A.B. at Stanford. In 2006 and
2007, I worked for the investment manager Barclays Global
Investors, serving in London as Head of European Credit
Research. Prior to graduate school, I worked for the Federal
Reserve Board in Washington D.C.
My CV is available here. Recent Working Papers Assessing
the costs and benefits of brokers in the mutual fund industry, with John Chalmers and Peter
Tufano. Forthcoming in the Review of Financial Studies. See articles about paper in Morningstar; Barrons. Investment taxation and portfolio performance, with Jeffrey Pontiff. The retail market for structured notes:
Issuance patterns and performance, 1995-2008.
Earnings
manipulation, pension assumptions, and managerial investment decisions,
with Mihir Desai and Josh Rauh, Quarterly Journal of Economics,
February 2006. See article about paper
in New York Times. Do after-tax returns affect mutual fund flows?, with James Poterba, Journal of Financial Economics, April
2002. See article about paper in New York Times.
Asset allocation and asset location: household evidence from
the Survey of Consumer Finances,
with James Poterba, Journal of Public
Economics 2004. See article about
paper in HBS Working Knowledge. CEO incentives and earnings management, with Thomas Philippon, Journal of Financial Economics,
2006. Older Working Papers Market concentration and commercial bank loan portfolios. Published Discussions Discussion of ‘Overinvestment of Free Cash Flow’, Review of Accounting Studies, 2006. Original paper (authored by Scott
Richardson) here. Won ‘best discussion’ prize at RAST conference. HBS Course Materials UAL, 2004: Pulling out of
bankruptcy, with Ken Froot and Darren Smart.
UAL is a large air transportation company
with roots that go back to the 1920s. As a legacy carrier, going back to
before the 1978 deregulation of air transportation markets, United Airlines
is burdened with cost structures that make it difficult to compete with newer
competitors. In addition, UAL has the burden of $7.6 billion in unfunded
pension obligations and $2 billion in unfunded retiree health obligations. In
June 2004, UAL is still operating under Chapter 11 bankruptcy protection,
which began December 2002. It has needed extensions of the exclusivity period
from the bankruptcy court. UAL's plan of reorganization is predicated on
receiving $1.8 billion in loan guarantees from the Air Transport
Stabilization Board (ATSB). But its request for loan guarantees from the ATSB
was recently rejected. The company must decide what to do next and how to
emerge from bankruptcy. Primus,
2007. Primus
Guaranty, Ltd., is a Credit Derivative Product Company. The company's business is taking on
credit risk, and Primus' capital
structure has been designed to be extremely robust to dry-ups in financial
market liquidity. But the extreme
credit market events of 2007 pose a test for Primus. Can Primus survive and thrive in these
turbulent markets? This
case provides a useful introduction to credit derivatives and credit
derivative markets, and also introduces students to structured credit
vehicles and instruments. The case
also allows students to focus on liquidity and capital structure in the
design of financial institutions, a topic of increased concern since the
credit market crisis of 2007-2008. Other interests Mae Agnes Bergstresser,
born March 2008. Picture here. |
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