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All About the Benjamins

Delvin D. Hawley, Ph.D., Finance

Last summer, General Motors CEO Mary Barra began wondering whether investing billions of dollars in emerging markets lik ...

Mnuchin Ponders Locking in Low Rates

Delvin D. Hawley, Ph.D., Finance

Secretary of the Treasury Steve Mnuchin hinted last November that the adminstration would consider selling ultralong Tre ...

Secondary Offerings Take Center Stage

Delvin D. Hawley, Ph.D., Finance

Since Election Day in November 2016, there have been more than 400 secondary offerings of stock in publicly traded compa ...

Everybody Into the Dark Pool

Delvin D. Hawley, Ph.D., Finance

Dark pools are non-traditional exclusive private stock exchanges where people can trade stocks with each other in secret ...

Lies, Damn Lies, and Financial Statistics

Delvin D. Hawley, Ph.D., Finance

In his recent presidential address to the American Finance Association, professor Campbell Harvey said that to get ...

Wall Street’s New Favorite Way to Swap Secrets Is Against the Rules

Delvin D. Hawley, Ph.D., Finance

Just about everyone in finance is embracing new encrypted messaging apps like WhatsApp and Signal as an easy, and virtua ...

Blockchain Can Grow More Than Just Money

Delvin D. Hawley, Ph.D., Finance

Ethereum is a so-called blockchain technology similar to the one that made the digital currency bitcoin possible. Its in ...

Why Robert Shiller Is Worried About the Trump Rally

Delvin D. Hawley, Ph.D., Finance

The last time Nobel Prize-winning economist Robert Shiller heard stock-market investors talk like this was in the dot-co ...

You Can't Retire on the Trump Bump

Delvin D. Hawley, Ph.D., Finance

The S&P 500 has returned more than 11 percent since the election of President Donald Trump on Nov. 8, but many compa ...

If Not Dodd-Frank, Then... What?

Delvin D. Hawley, Ph.D., Finance

Throughout the 2016 U.S. presidential campaign, Donald Trump consistently blasted the Dodd-Frank Wall Street Reform and ...

The Master Chides His Students

Delvin D. Hawley, Ph.D., Finance

Warren Buffett inspired a generation of financial pros to believe beating the market was possible, but lately he’s ...

Blowing Down That Fiduciary Rule

Delvin D. Hawley, Ph.D., Finance

Over the past decade, Americans investing for retirement have fled from high-priced commission-based investment products ...

Apple, Microsoft Borrow Now Instead of Waiting for Tax Shift

Delvin D. Hawley, Ph.D., Finance

Apple Inc. and Microsoft Corp. combined sold $27 billion of debt this week to fund their daily operations, repay maturin ...

Student Loans

Delvin D. Hawley, Ph.D., Finance

Navient, the nation’s largest student loan servicer, handles accounts for more than one in four Americans who owe ...

Snapchat Is Justifying Its $20 Billion Valuation by Emphasizing User Engagement

Delvin D. Hawley, Ph.D., Finance

Snap Inc. is hoping to convince analysts and public market investors it’s worth upwards of $20 billion in an IPO b ...

When Bad Things Happen to Good Funds

Delvin D. Hawley, Ph.D., Finance

Two of William Nygren's multi-billion dollar stock mutual funds have topped the S&P 500 by an annual average of more ...

Dollar So Ripped, It Might Actually Rip

Delvin D. Hawley, Ph.D., Finance

The U.S. dollar has risen to a 14-year high against a basket of six major currencies. Even though the dollar has risen s ...

Republican Tax Reform Seen Shrinking Corporate Bond Market

Delvin D. Hawley, Ph.D., Finance

President-elect Donald Trump and Republican congressmen have proposed to cut corporate tax rates. To pay for those reduc ...

Google Returns to Earth

Delvin D. Hawley, Ph.D., Finance

Google X, or X, is Google's long-shot research lab that focuses on creating cutting-edge tech products such as  ...

Banking Regulation

Delvin D. Hawley, Ph.D., Finance

The changes that Trump administration is likely to make to the rules that have made the financial system safer since the ...

The Buybacks Aren't Working

Delvin D. Hawley, Ph.D., Finance

The Solactive European Buyback Index, which tracks companies that have announced stock repurchases in the past two month ...

Student Lenders Get a Chance to Cut Loose

Delvin D. Hawley, Ph.D., Finance

Up until 2010, banks and private lenders made government­-backed student loans, earning fees and interest payments w ...

Unexpected Election Outcome Begets Unexpected Winners and Losers

Delvin D. Hawley, Ph.D., Finance

Donald Trump’s upset victory was supposed to tank developed stock markets, especially in the United States. Instea ...

Maybe the Flash Boys Are the Good Guys

Delvin D. Hawley, Ph.D., Finance

Computerized trading firms are often cast as the villains of the stock market and blamed for exploiting investors and ca ...

The Next 10 Years Will Be Ugly for Your 401(k)

Delvin D. Hawley, Ph.D., Finance

In a recent report, investment advisory firm Research Affiliates found that on average, we expect a 5 percent inflation ...

The Fading Financial Magic of Reinsurance

Delvin D. Hawley, Ph.D., Finance

The reinsurance business has long been an important element of Warren Buffett's business strategy. Companies like Berksh ...

Yellen’s Talk of Hot U.S. Economy Extends October Long-Bond Rout

Delvin D. Hawley, Ph.D., Finance

Thirty-year Treasury bond yields surged Friday, October 14, extending the bonds’ biggest two-week decline since Ma ...

Schwab's Cut-Rate ETFs Are Catching On

Delvin D. Hawley, Ph.D., Finance

Charles Schwab, better known for its low-cost brokerage, has attracted more than $10 billion to its exchange-traded fund ...

Money Markets Are Facing the Most Tumultuous Quarter-End Since the Financial Crisis

Delvin D. Hawley, Ph.D., Finance

Quarter-end is often a tumultuous period in the money markets, but this one is the most chaotic since the financial cris ...

The Prof Who Made a Monkey of Wall Street

Delvin D. Hawley, Ph.D., Finance

Burton Malkiel has been saying the same thing about investing for more than 40 years. What’s new is that a big chu ...

America’s Biggest 401(k) Adviser Has a Plan to Manage All of Your Money

Delvin D. Hawley, Ph.D., Finance

For average Americans, hiring a financial adviser doesn't make sense because the cost of the advice can easily exceed an ...

Putting the Market's History in the Cloud

Delvin D. Hawley, Ph.D., Finance

Trying to understand what causes flash crashes like the one in May 2010 is no longer just for financial regulators and W ...

The Fed Poses a Big Risk to the Emerging Market Inflow Party

Delvin D. Hawley, Ph.D., Finance

Boom-and-bust capital-flow cycles in emerging markets over the past 30 years have roughly followed the same script. A U. ...

We’re Paying CEOs All Wrong

Delvin D. Hawley, Ph.D., Finance

In a 2009 paper, compensation consultant Fred Whittlesey argued that when corporate boards decide how to pay chief execu ...

A Big Short Against the 2-and-20 Fee

Delvin D. Hawley, Ph.D., Finance

Steve Eisman famously predicted the collapse of subprime mortgage securities and was a primary character in The Big Shor ...

S&P 500 Rises to Record as Dollar Gains on Jobs Data; Bonds Fall

Delvin D. Hawley, Ph.D., Finance

U.S. stocks hit a new record this week after better-than-forecast jobs data underscored the strength of the world’ ...

It's Zero Down for Silicon Valley Techies

Delvin D. Hawley, Ph.D., Finance

San Francisco lenders are courting Silicon Valley workers with tailored low-rate loans, guaranteed 24-hour approval, and ...

A Risk That Couldn't Be Hedged Away

Delvin D. Hawley, Ph.D., Finance

Oil drilling companies often use hedges to reduce the risk of losses from sharp drops in oil prices. For example, Housto ...

The Bull Market You Haven’t Seen

Delvin D. Hawley, Ph.D., Finance

The $100 trillion global bond market has moved into uncharted territory. Following the news that Britain had voted to le ...

The CFA Exam's Toughest Question: What's the Payoff?

Delvin D. Hawley, Ph.D., Finance

Many young people who work on Wall Street have just taken the first part of the Chartered Financial Analyst (CFA) exam. ...

A $12 Billion Fund Beats All Peers Picking Stocks Once a Year

Delvin D. Hawley, Ph.D., Finance

SunAmerica's Timothy Pettee is beating all of his stock picking rivals without spending a lot of time picking stocks. Hi ...

The Next Debt Crisis

Delvin D. Hawley, Ph.D., Finance

The last recession was brought on by consumers being overburdened by large mortgages and maxed-out credit cards. Corpora ...

Is Swift Safe?

Delvin D. Hawley, Ph.D., Finance

The central bank of Bangladesh was the victim of one of the biggest bank heists of all time in February, when cybercrimi ...

Where Venture Capital Goes

Delvin D. Hawley, Ph.D., Finance

Investors flooded startups with a record $63.3 billion in 2015. But a volatile stock market and fears of a tech bubble h ...

Blockchain Goes Beyond Crypto-Currency

Delvin D. Hawley, Ph.D., Finance

Blockchain is the technology created to support bitcoin, but it may soon surpass the crypto-currency in importance. In t ...

Your Retirement Savings Might Not Go as Far

Delvin D. Hawley, Ph.D., Finance

As the era of near-zero short-term interest rates stretches into its eighth year, long-held assumptions about the return ...

The AAA Rating Club: Johnson & Johnson and Microsoft

Delvin D. Hawley, Ph.D., Finance

Last month, S&P Global Ratings knocked ExxonMobil down to AA+ from AAA. That leaves only two nonfinancial corporate ...

What's Not To Love?

Delvin D. Hawley, Ph.D., Finance

The hit musical Hamilton depicts America's first Treasury secretary, Alexander Hamilton, as someone who made no effort t ...

Wall Street Chips Away at Dodd-Frank

Delvin D. Hawley, Ph.D., Finance

In 2014, a New Jersey mortgage lender called PHH was fined $6.4 million by a CFPB administrative judge for engaging in w ...

Sharing Everything But the Wealth

Delvin D. Hawley, Ph.D., Finance

Companies in the sharing economy like Uber and Airbnb pose a challenge for cities and states around the globe that are m ...

The Trouble With The Dot Plot

Delvin D. Hawley, Ph.D., Finance

Since the day they were unveiled in January 2012, the Federal Reserve’s interest rate forecasts have been criticiz ...

The Vanguard Cyborg Takeover

Delvin D. Hawley, Ph.D., Finance

Vanguard Group, the No. 1 mutual fund company, dominates in sales of low-cost index mutual funds. Now it's seized an ear ...

Venture Investors Are Taking a Pause

Delvin D. Hawley, Ph.D., Finance

Anemic IPOs and plunging market valuations for tech companies, such as Snapchat and Dropbox, are causing Silicon Valley ...

Do European Banks Need a Tissue? Or a Transfusion?

Delvin D. Hawley, Ph.D., Finance

European banks are having a hard time making money. The 12 largest lenders earned 18¢ on average for every $100 in ...

Bond Trader's Dilemma

Delvin D. Hawley, Ph.D., Finance

(Note: This online article is an expanded version of "Learning to Live With Money-Losing Bonds" in this week's print iss ...

The Big Long

Delvin D. Hawley, Ph.D., Finance

With the financial crisis raging in January 2009, Milan Patel and a a colleague hit upon the trade of their life: They w ...

Oil and Stocks Take the Plunge

Delvin D. Hawley, Ph.D., Finance

The U.S. stock market had its worst January since 2009, and falling oil prices are taking the blame. With no sign that t ...

Payday Lenders On the Run

Delvin D. Hawley, Ph.D., Finance

Matt Martorello's company, Bellicose Capital, helps an American Indian tribe in Michigan run websites that offer small l ...

What's Not to Like About Cheap Oil? Well . . .

Delvin D. Hawley, Ph.D., Finance

In an effort to reassure stock the stock market that dramatically cheaper oil should be cheered rather than feared, Trea ...

The Simple Truth About China’s Market

Delvin D. Hawley, Ph.D., Finance

In an attempt to dampen the recent chaos in the Chinese stock market, new rules were recently imposed that call for an a ...

The Fed is on Bubble Watch

Delvin D. Hawley, Ph.D., Finance

On Dec. 18 the Fed, the FDIC, and the Office of the Comptroller of the Currency (OCC) issued a joint statement to financ ...

Monster Deals, Big Questions

Delvin D. Hawley, Ph.D., Finance

On Nov. 23, when drugmaking giants Pfizer and Allergan agreed to combine in a deal worth $183.7 billion, 2015 became the ...

Hiked Rates. What's Next?

Delvin D. Hawley, Ph.D., Finance

On Dec. 16, the Federal Open Market Committee (FOMC) raised its target for the federal funds rate to a range of 0.25 per ...

Winning Nobels and Delighting Investors

Delvin D. Hawley, Ph.D., Finance

Hamamatsu Photonics KK, a Japanese maker of high-precision light sensors known as photomultipliers, has contributed to p ...

Watch Out, JPMorgan! This Guy Wants to Kill Banks

Delvin D. Hawley, Ph.D., Finance

Social Finance, or SoFi, is out to kill banks. The four-year-old nonbank lender founded by CEO Mike Cagney started out r ...

SoftBank’s $3 Billion Startup Incubator

Delvin D. Hawley, Ph.D., Finance

Japanese telecom giant SoftBank is building a massive investment unit looking to spread as much as $3 billion among 5 to ...

Investors Are Taking the Air Out of Some of the Hottest "Yield Plays" in Markets

Delvin D. Hawley, Ph.D., Finance

Years of low interest rates have sparked an intense search for yield, with many investors seeking higher returns in risk ...

Bitcoin Can't Keep It Chill

Delvin D. Hawley, Ph.D., Finance

This year, it was beginning to look like bitcoin was becoming more acceptable as a viable currency. Price swings that ma ...

Data Drive: 50 Companies to Watch

Delvin D. Hawley, Ph.D., Finance

The Data Drive section of this special issue provides condensed graphical data summaries of 50 companies that Bloomberg ...

No-Retirement-Plan Starter Pack

Delvin D. Hawley, Ph.D., Finance

Even though Americans are living longer and must save more for old age than prior generations, most cannot depend on hel ...

Space. Deep Seas. Treasuries.

Delvin D. Hawley, Ph.D., Finance

Over a twelve-minute span on October 15, 2014, the yield on the benchmark ten-year Treasury note plunged from 2.02 ...

The Perils of Being a Value Investor

Delvin D. Hawley, Ph.D., Finance

Longleaf Partners' $4.3 billion value fund beat the stock market for two decades, but this year the value formula has re ...

Who's Really at the Controls?

Delvin D. Hawley, Ph.D., Finance

U.S. antitrust officials are investigating whether the nation’s four largest airlines colluded on pricing. One foc ...

Was Tom Hayes in Charge of a $350 Trillion Conspiracy? Or Just Taking the Fall for One?

Delvin D. Hawley, Ph.D., Finance

In 2008, Tom Hayes was a phenomenal derivatives trader at UBS. His strategy, based primarily on interest rate swaps, was ...

REITs May Not be the Answer for Retailers

Delvin D. Hawley, Ph.D., Finance

Some activist investors and hedge fund managers are pressuring retailers and restaurant chains to spin off their propert ...

The Contagion Out of China

Delvin D. Hawley, Ph.D., Finance

On August 24, the DJIA fell almost 1,100 points when investors were panicked by a wave of stock selling that began in Sh ...

Insider Trading Then and Now

Delvin D. Hawley, Ph.D., Finance

On Aug. 11, U.S. authorities broke up an alleged insider-trading ring that used hackers to steal 150,000 news releases p ...

A Mississippi County Wins a Wall Street Bet

Delvin D. Hawley, Ph.D., Finance

According to an independent audit, officials in Hinds County, Mississippi, didn't know what they were getting into when ...

They Come to Bury Gold, Not to Praise It

Delvin D. Hawley, Ph.D., Finance

With gold prices tumbling to a five-year low, investors aren’t just getting out of gold, they’re betting aga ...

Getting High on Their Own Supply

Delvin D. Hawley, Ph.D., Finance

Analysts are predicting that corporate profits fell 6.5 percent in the second quarter, but it would have been as much as ...

Who Blew Up China’s Bubble?

Delvin D. Hawley, Ph.D., Finance

The Chinese stock market bubble has finally burst after a meltdown vaporized $3.5 trillion in the value of shares traded ...

A Hedge Fund's Golden Perk

Delvin D. Hawley, Ph.D., Finance

Employees of Renaissance Technologies have long had one of the sweetest perks in the hedge fund world: a chance to inves ...

Greece Told to Stop Fighting Creditors' Demands as Deadline Nears

Delvin D. Hawley, Ph.D., Finance

Greece was told late last week to stop fighting creditors’ demands and sign a deal that will avert a default as of ...

The Student Debt Collection Mess

Delvin D. Hawley, Ph.D., Finance

Student loans have eclipsed credit cards to become the second-largest source of outstanding debt in the United States af ...

The Agency That Barely Moves

Delvin D. Hawley, Ph.D., Finance

Mary Jo White's two-year tenure heading the SEC has been marked largely by political discord and paralysis rather than a ...

Buffett's Derivatives Are Looking Smarter

Delvin D. Hawley, Ph.D., Finance

In 2002, Warren Buffett famously called derivatives "financial weapons of mass destruction," but that didn't stop him fr ...

Owning Your Home Is Good for the Kids

Delvin D. Hawley, Ph.D., Finance

The share of Americans who own homes rose from the mid-1990s through the Internet bubble and peaked at 69.2 percent in 2 ...

George Soros's Tax Bill

Delvin D. Hawley, Ph.D., Finance

George Soros likes to say the rich should pay more taxes. A substantial part of his wealth, though, comes from delaying ...

Welcome to Less than Zero

Delvin D. Hawley, Ph.D., Finance

JPMorgan Chase recently sent a letter to some of its large depositors telling them it will charge certain customers a &l ...

JPMorgan Algorithm Knows You’re a Rogue Employee Before You Do

Delvin D. Hawley, Ph.D., Finance

JPMorgan Chase & Co., which has racked up more than $36 billion in legal bills since the financial crisis, is rollin ...

Rethinking the Shift-To-Bonds Strategy

Delvin D. Hawley, Ph.D., Finance

There used to be a simple rule for retirement savers: The percentage of bonds in your portfolio should match your age. T ...

Loan Wolf

Delvin D. Hawley, Ph.D., Finance

Josh Sason is a twenty-seven-year-old multimillionaire making a fortune in penny stocks. Six years ago, he was living in ...

High-Speed Trading Comes to Japan

Delvin D. Hawley, Ph.D., Finance

Automated high-frequency trading on the Tokyo Stock Exchange has gone from generating 10 percent of orders at the start ...

Stockpickers Say They'll Be Back

Delvin D. Hawley, Ph.D., Finance

Going back 15 years, Robert D’Alelio's $12.6 billion Neuberger Berman Genesis Fund is beating 98 percent of its pe ...

The Clutter In Kip Tindell

Delvin D. Hawley, Ph.D., Finance

A few years ago, the CEO of the Container Store, Kip Tindell, wanted to expand the chain beyond big metropolitan areas i ...

Unconstrained Funds, Contstrained Returns

Delvin D. Hawley, Ph.D., Finance

Unconstrained bond funds, part of a new breed of mutual funds, were the best-selling segment of the fixed-income categor ...

The New Look of Subprime

Delvin D. Hawley, Ph.D., Finance

A few hedge funds, money managers, and banks are buying up loans to borrowers who can’t qualify for conventional m ...

Paying for the Privelege of Lending Japan Money

Delvin D. Hawley, Ph.D., Finance

These are hardly normal times in the bond market. Europe faces a prolonged bout of deflation, and signs abound that glob ...

The Perils of Bottom Feeding

Delvin D. Hawley, Ph.D., Finance

Over the past six months, oil prices have plunged more than 50 percent to their lowest level since before the recession ...

Forget Everything You Didn't Understand About Bitcoin

Delvin D. Hawley, Ph.D., Finance

Intererst in Bitcoin is waning and its price is plunging. Its impact as a transactional currency is insignificant. Even ...

What's Ahead for Hedge Funds?

Delvin D. Hawley, Ph.D., Finance

Hedge funds have become notorious since the financial crisis for lagging the broader market, and 2014 was no exception. ...

Prudential Piles on the Pensions

Delvin D. Hawley, Ph.D., Finance

Big U.S. companies are trying to escape the burden of ballooning pension obligations by paying an insurance company to t ...

The Treasury Market Needs This Guy

Delvin D. Hawley, Ph.D., Finance

The 1986 Government Securities Act gives bank regulators the authority to prevent fraud and manipulation in the Treasury ...

Michael Milken on Junk Bonds as Part of the "Prosperity Formula"

Delvin D. Hawley, Ph.D., Finance

"Michael Milken on Junk Bonds as Part of the "Prosperity Formula" (Bloomberg Businessweek, December 8-14, 2014), written ...

Why America Needs an Exit Tax

Delvin D. Hawley, Ph.D., Finance

The IRS has recently tightened up on the requirement for U.S. citizens overseas to pay tax on incomes over about $100,00 ...

The Stockpicker's Last Stand

Delvin D. Hawley, Ph.D., Finance

Actively managed stock funds are those that are based on the belief that traditional stockpicking, if practiced by the r ...

Why Apple Takes On Debt

Delvin D. Hawley, Ph.D., Finance

Apple has one of the biggest cash hoards in history, yet it has borrowed $35 billion over the past year and a half. Why ...

The Treasury Market Fails a Stress Test

Delvin D. Hawley, Ph.D., Finance

Early in the New York trading day on October 15, investors were already shifting billions of dollars into U.S. gove ...

The Latest Rate Dip Spurs a Refinance Rush

Delvin D. Hawley, Ph.D., Finance

The recent drop in mortgage rates below 4 percent has caused a flood of mortgage refinancings. The national average for ...

Big Money Advice For Small Investors

Delvin D. Hawley, Ph.D., Finance

You don’t need $100 billion in assets under management to invest like someone who does. Some of the world’s ...

Bitcoin: Not Just for Libertarians and Anarchists Anymore

Delvin D. Hawley, Ph.D., Finance

More and more people are using Bitcoin for common transactions who don't fit the usual preconception that Bitcoin users ...

Alibaba's Big Splash

Delvin D. Hawley, Ph.D., Finance

Alibaba Group’s $25 billion IPO on Sept. 19 was the largest in history. Its shares soared 38 percent on their debu ...

The Trillion-Dollar Market That Still Uses This

Delvin D. Hawley, Ph.D., Finance

The market for leveraged loans is a trillion-dollar business that runs on phone calls and faxes and routinely ties up mo ...

Haters Gonna Hate

Delvin D. Hawley, Ph.D., Finance

Government bonds have earned $1 trillion of return for investors since the end of 2008, when the Fed lowered interest ra ...

Japan's Shame Index Tries to Spur Profits

Delvin D. Hawley, Ph.D., Finance

The JPX-Nikkei 400 stock index, which launched in January, was conceived by the Japanese government to incite better cor ...

Stocks Overvalued? Who Cares?

Delvin D. Hawley, Ph.D., Finance

Investors are trying to deal with the question of whether to buy or sell stock in the face of conflicting information an ...

Bigger Down Payments Block Young Buyers

Delvin D. Hawley, Ph.D., Finance

Prospective buyers of the least expensive homes in the U.S. are facing increasing challenges, including higher down paym ...

Taking AIG From "Sucks" to "Rocks"

Delvin D. Hawley, Ph.D., Finance

American International Group (AIG) has come a long way since its $182 billion bailout. It’s repaid the government, ...

Not Risky

Delvin D. Hawley, Ph.D., Finance

Insurance premiums paid each year equal about 7 percent of the U.S. gross domestic product, and companies such as AIG an ...

IPOs Are Getting Bigger, Maybe Not Better

Delvin D. Hawley, Ph.D., Finance

IPOs used to offer investors chances to get in on the ground floor of young, fast-growing companies. These days IPO inve ...

Thou Shalt Not Commit More Than 30 Percent of Thine Income to Housing

Delvin D. Hawley, Ph.D., Finance

The old rule of thumb that you should spend no more than 30 percent of your income on housing is touted by financial adv ...

Worst-Case Scenario

Delvin D. Hawley, Ph.D., Finance

All it takes is a few mouse clicks to buy or sell shares in an exchange-traded bond fund. That has begun to worry Wall S ...

Worst. Party. Ever.

Delvin D. Hawley, Ph.D., Finance

The U.S. stock market has recently logged one record high after another. The market has also been exceptionally calm, go ...

The Rich Man's Nightmare

Delvin D. Hawley, Ph.D., Finance

French economist Thomas Piketty’s book, Capital in the Twenty-First Century, has ignited an ideological fervor in ...

Streams of Tears

Delvin D. Hawley, Ph.D., Finance

Spotify is the first company to make streaming so easy that downloads quake in its presence. Competition was inevitable, ...

Meet the Father of the Modern IPO

Delvin D. Hawley, Ph.D., Finance

While Eric Dobkin was working for Goldman Sachs in 1984, the bank ranked a lowly ninth in underwriting new stock offerin ...

The Housing Rebound Stalls

Delvin D. Hawley, Ph.D., Finance

After a decade of boom-bust-boom, the U.S. housing market is going downhill just when many economists thought it would b ...

Caught With Their Shorts Down

Delvin D. Hawley, Ph.D., Finance

The Nasdaq 100-stock index, dominated by computer and Internet companies, fell 3.1 percent on April 10, its worst one-da ...

Slow Cop, Fast Beat

Delvin D. Hawley, Ph.D., Finance

During the Senate confirmation hearings for her appointment as SEC chair, Mary Jo White told lawmakers that understandi ...

Predators Are Good For Stocks

Delvin D. Hawley, Ph.D., Finance

Activist investors take stakes in companies they deem undervalued and push for changes that will increase value. Last ye ...

What Investors See (And Don't See) in MLPs

Delvin D. Hawley, Ph.D., Finance

Investors have been pouring money into MLPs—tax-exempt, publicly traded companies that own pipelines, storage tank ...

Facebook's Rally Takes Wall Street by Surprise

Delvin D. Hawley, Ph.D., Finance

Wall Street analysts are racing to catch up with Facebook’s stock rally. Its shares have jumped 28 percent so far ...

Silicon Valley Hears Echos of 1999

Delvin D. Hawley, Ph.D., Finance

Once again, warnings of an asset bubble are echoing across Silicon Valley. Nasdaq’s 38 percent climb last year and ...

Buying Loans to Own the Homes

Delvin D. Hawley, Ph.D., Finance

With home prices rising, big real estate investors have stepped up acquisitions of nonperforming loans (NPLs) as a sourc ...

Your Wilting Retirement

Delvin D. Hawley, Ph.D., Finance

According to hundreds of government filings analyzed by Bloomberg, several prominent companies have reduced the amount o ...

Nasdaq Has a New Pitch for Startups

Delvin D. Hawley, Ph.D., Finance

Nasdaq is awaiting approval from the SEC to open Nasdaq Private Market, an exchange for trading shares in private compan ...

Barbarians at the Suit Racks

Delvin D. Hawley, Ph.D., Finance

Men’s Wearhouse and Jos. A. Bank are the No. 1 and No. 2 retailers in men’s specialty apparel, respectively. ...

Facebook's Next Decade

Delvin D. Hawley, Ph.D., Finance

As Facebook turns ten years old and Mark Zuckerberg turns thirty, he has many reasons to be grateful. Facebook is used b ...

The Next Big Threat to the U.S. Economy?

Delvin D. Hawley, Ph.D., Finance

U.S. Student loans today are one of the only deteriorating pockets of consumer credit. Outstanding student debt topped $ ...

Bitcoin Rush

Delvin D. Hawley, Ph.D., Finance

Bitcoin, an alternative currency that is entirely digital, has amassed a large number of fanatical devotees who gush abo ...

Collusion In the Chat Rooms?

Delvin D. Hawley, Ph.D., Finance

Currency trades made in the last trading minute of each day, known as the "fix," help determine the WM/Reuters currency ...

Where Borrowers Couldn't Get a Break

Delvin D. Hawley, Ph.D., Finance

Bank of America hired outside contractors, including Urban Lending Solutions, to deal with a backlog of complaints from ...

1,238 days, 18,223 comments, 71-page rule, 893-page preamble, 5 agencies, 1 man

Delvin D. Hawley, Ph.D., Finance

In 2009, former Fed Chairman Paul Volcker had a simple idea to prohibit deposit-taking banks from proprietary trading an ...

GE's Lost Decade

Delvin D. Hawley, Ph.D., Finance

Jeffrey Immelt won one of corporate America’s top prizes in 2001, when he was chosen to succeed Jack Welch as chie ...

Record Highs Lure Investors Back to Stocks

Delvin D. Hawley, Ph.D., Finance

Investors are rediscovering their taste for equities afer the financial crisis drove many to abandon stocks. Individual ...

Companies Are Leaving Cash on the Table in IPOs

Delvin D. Hawley, Ph.D., Finance

Thanks to the 2008 financial crisis and the disastrous Facebook IPO, investment bankers are very cautious and may be und ...

The Long Wait for Rising Rates

Delvin D. Hawley, Ph.D., Finance

The Fed's low-interest-rate policy has been a mixed blessing for banks. Along with lowering their borrowing costs, it's ...

The Battle Over Netflix

Delvin D. Hawley, Ph.D., Finance

After tripling in value in the year's first nine months as the best-performing member of the Standard & Poor's 500-s ...

Titans Clash for Scraps of a Deal Gone Wrong

Delvin D. Hawley, Ph.D., Finance

Private equity firms and hedge funds are fighting over the carcass of Energy Future Holding, which is on the verge of ba ...

Target-Date Funds' Risky Balancing Act

Delvin D. Hawley, Ph.D., Finance

Target-date funds are designed for people who can’t time market swings, don’t want to be bothered about reba ...

Setting Prices by Word of Mouth

Delvin D. Hawley, Ph.D., Finance

In contrast to stocks, bonds, currencies, and futures, deals for the delivery of commodities are often made in private u ...

Yawning Through the Apocalypse

Delvin D. Hawley, Ph.D., Finance

In a September 25 letter to Speaker of the House John Boehner, Secretary of Treasury Jacob Lew emphisized that the resul ...

Helping the Well-Off Qualify for a Mortgage

Delvin D. Hawley, Ph.D., Finance

As house prices rise and lenders want larger down payments, FirstREX started this year trying to profit by striking deal ...

Hank Paulson On Facing The Abyss

Delvin D. Hawley, Ph.D., Finance

Henry Paulson was Secretary of the Treasury at the height of the worst financial crisis since the Great Depression. What ...

A Treasury Shortage Squeezes the Heart of the Market

Delvin D. Hawley, Ph.D., Finance

Dealers are experiencing a serious and worsening shortage of Treasury bonds, and it's already interfering with the funct ...

Splits End

Delvin D. Hawley, Ph.D., Finance

Stock splits have lost their allure to executives even amid a four-year-plus bull market that has sent the number of sto ...

Detroit's Failure Doesn't Faze the Muni Market

Delvin D. Hawley, Ph.D., Finance

Detroit’s bankruptcy filing doesn’t appear to have unnerved the U.S. municipal bond market. U.S. localities ...

More Americans Are Gambling On ARMs

Delvin D. Hawley, Ph.D., Finance

At the height of the real estate boom, adjustable rate mortgages (ARMs) accounted for about a third of all mortgages iss ...

Do Banks and Commodities Mix?

Delvin D. Hawley, Ph.D., Finance

The Federal Reserve recently announced that it’s reviewing a 2003 decision that set the precedent for letting depo ...

Lenders Target Out-of-the-Box Home Buyers

Delvin D. Hawley, Ph.D., Finance

Under the Consumer Financial Protection Bureau's (CFPB) new rules, lenders who issue "qualified" mortgages that meet str ...

Hedge Funds Are for Suckers

Delvin D. Hawley, Ph.D., Finance

According to a recent report, hedge fund performance lagged the Standard & Poor’s 500-stock index by approxima ...

Beating the Market With Buy and Hold

Delvin D. Hawley, Ph.D., Finance

Brendan Voege, manager of the SunAmerica Focused Dividend Strategy Portfolio, chooses the fund's thirty stocks once a ye ...

Getting Rich Remaking a Subprime Lender

Delvin D. Hawley, Ph.D., Finance

In May 2009, John Kanas and his private equity partners won the bidding to take over BankUnited, a Florida lender that w ...

Banks Brace for Higher Rates

Delvin D. Hawley, Ph.D., Finance

Are rising interest rates good for banks? Bankers are trying to reassure investors that the answer is yes. Higher return ...

Retirement Savings Done Right

Delvin D. Hawley, Ph.D., Finance

Australia's mandatory retirement savings system, called superannuation, has in just two decades become one of the most h ...

Facebook Struggles to Find Its Footing

Delvin D. Hawley, Ph.D., Finance

One year after its IPO, Facebook’s investors have little reason for merriment. Shares are down 29 percent fro ...

Bond Investors Hope to Avoid a Repeat of '94

Delvin D. Hawley, Ph.D., Finance

Bond investors have a lot to be anxious about. With interest rates near record lows, it’s not a question of whethe ...

The Data King of the Rental Market

Delvin D. Hawley, Ph.D., Finance

Since Wally Charnoff founded RentRange in 2007, it has become part of the ecosystem that's growing up around buying fore ...

Here Comes the Libor Scandal's Sequel

Delvin D. Hawley, Ph.D., Finance

After fining banks billions of dollars over the last year for distorting a key interest rate known as Libor, regulators ...

Can Penney Get Off The Down Escalator?

Delvin D. Hawley, Ph.D., Finance

Only 17 months after Myron Ullman retired as CEO of J.C. Penney, the company is in peril, and Ullman has been summoned b ...

Would You Like Some PE in Your 401(k)?

Delvin D. Hawley, Ph.D., Finance

Private equity firms are taking preliminary steps to target a new type of client: ordinary people. Carlyle Group and KKR ...

The Merger Boom That Fizzled

Delvin D. Hawley, Ph.D., Finance

Berkshire Hathaway’s recent takeover of Heinz and proposed buyout of Dell prompted speculation that a new wave of ...

The Einhorn Effect

Delvin D. Hawley, Ph.D., Finance

Since launching hedge fund Greenlight Capital in 1996, David Einhorn has been right so often that his public positions a ...

The Exchange Blew Up

Delvin D. Hawley, Ph.D., Finance

BATS Global Markets operates the third-largest electronic stock exchange in the United States. On a typical day, BATS ha ...

Can Banks Be Too Safe?

Delvin D. Hawley, Ph.D., Finance

A new book, The Bankers’ New Clothes, has a simple and attractive message: Force banks to have much thicker cushio ...

Private Equity Shakeout

Delvin D. Hawley, Ph.D., Finance

Private equity firms are bankrolling the biggest deals announced this year. Yet the dealmaking revival comes too late to ...

Oh, Craps. U.S. Homeowners Are Repeating Their Mistakes

Delvin D. Hawley, Ph.D., Finance

When the recession struck, many American households took a big financial hit because they hadn't diversified their asset ...

The Government Goes Medieval on S&P

Delvin D. Hawley, Ph.D., Finance

The Obama administration turned its fraud suit against Standard & Poor's into a potential corporate death penalty ca ...

Quicken's Rapid Rise in the Mortgage Market

Delvin D. Hawley, Ph.D., Finance

No company has taken better advantage of the refinancing boom than Quicken Loans. It was the 34th-biggest mortgage lende ...

This Is What Unregulated Swaps Look Like

Delvin D. Hawley, Ph.D., Finance

On Friday, October 15, a rule designed to improve government oversight of the multitrillion-dollar market for derivative ...

The Dangling Man

Delvin D. Hawley, Ph.D., Finance

This article covers the current status of the SEC's investigation into insider trading, in which SAC Capital and its CEO ...

Mark Hurd, Leo Apotheker, Meg Whitman in Hewlett-Packard's Vertigo

Delvin D. Hawley, Ph.D., Finance

Things are challenging at HP, more so perhaps than at any time in its history. Customers are buying less of two of HP&rs ...

The Hazards of Forecasting Apple

Delvin D. Hawley, Ph.D., Finance

For years, analysts could forecast Apple’s stock movements with a single word: up. Now, with shares down 24 percen ...

What Should I Do With My Money?

Delvin D. Hawley, Ph.D., Finance

Most people earn a paycheck by getting good at something, and then, gradually, getting paid more and more to do it. Inve ...

Pushing Banks to Unwind Their Global Bets

Delvin D. Hawley, Ph.D., Finance

On Nov. 28, the Federal Reserve announced plans to impose the same capital and liquidity rules on the U.S. operations of ...

The Foreclosure Wave That Wasn't

Delvin D. Hawley, Ph.D., Finance

When banks pulled back on foreclosures two years ago following a government investigation into faulty paperwork by lende ...

Mary Schapiro's Unfinished Business

Delvin D. Hawley, Ph.D., Finance

When Mary Schapiro steps down as chairman of the SEC on Dec. 14, she’ll leave behind an agency riven by partisansh ...

The $67 Trillion Mystery

Delvin D. Hawley, Ph.D., Finance

Shadow banking, which is lightly regulated, was a major factor in causing the 2008-09 global financial crisis. Four year ...

Corporate China's Black Hole of Debt

Delvin D. Hawley, Ph.D., Finance

China’s corporate debt has increased from 108 percent of the entire economy last year to 122 percent in 2012, its ...

How the Robots Lost

Delvin D. Hawley, Ph.D., Finance

High-frequency trading (HFT) is the use of automated strategies to churn through large volumes of orders in fractions of ...

The Bond Market Survives

Delvin D. Hawley, Ph.D., Finance

For months, concern had been spreading on Wall Street and in Washington that the bond market might not be able to handle ...

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