Reflexivity in Credit Markets

Robin Greenwood, Samuel G. Hanson, Lawrence J. Jin

NBER Working Paper No. 25747
Issued in April 2019

---- Acknowledgments ----

A previous version of this paper circulated under the title "A Model of Credit Market Sentiment." We are grateful to Nicholas Barberis, Jonathan Ingersoll, Gordon Liao, Yueran Ma, Andrei Shleifer, Jeremy Stein, Lawrence Summers, Adi Sunderam, Yao Zeng, and seminar participants at Brandeis University, Columbia University, the Federal Reserve Bank of San Francisco, the London School of Economics, London Business School, Oxford University, the University of Massachusetts Amherst, the University of Michigan, the University of North Carolina at Chapel Hill, the University of Washington, the American Economic Association Annual Meetings, the FIRN Annual Asset Pricing Workshop, and the LA Finance Day Conference for their helpful comments. Greenwood and Hanson gratefully acknowledge funding from the Division of Research at Harvard Business School. Outside activities and other relevant disclosures are provided on the authors' websites at their host institutions. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Robin Greenwood ----

Robin Greenwood

This document contains a list of professional activities beyond my main employment at Harvard University. Please feel free to contact me with any questions about this disclosure statement.

Outside activities since 2008, paid and unpaid:

Academic Advisory Board, Martingale Asset Management (chairman) Consultant, Martingale Asset Management

AllianceBernstein, research presentation and consultation Capital structure consultation to two non-financial companies Associate Editor, Review of Financial Studies (unpaid) Editor, Review of Financial Studies (2014-present, unpaid)


In 2014, the Brookings Institute paid me an honorarium for the working paper “Government Debt Management at the

Zero Lower Bound”

The Banco Central de Chile paid me an honorarium for the paper “Forward Guidance in the Yield Curve: Short Rates versus Bond Supply.”

No institution had any say on the content of these papers or on what I write.

Paid speeches and executive education:

HBS Investment Management Workshop (various years, since 2008) HBS Finance for Senior Executives (various years, unpaid before 2016) SanfordBernstein Research Conference

Robeco Q-Group Arrowstreet Capital Pyramis


Windham Capital Management


Since September 2015, I have been a voting member on the Harvard University Committee on pensions. I do not do consulting work or make paid presentations to any investment managers employed or being considered by Harvard in this capacity.

As part of my work at Harvard Business School, I regularly write cases about hedge funds, investment managers, and their strategies. I receive no compensation from these managers for writing these cases, and the cases are not meant as endorsements of the managers or their strategies. I receive royalties (currently under $1500 per year) for cases I have written while employed at Harvard.

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