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- All HBS Web
(1,981)
- People (1)
- News (314)
- Research (1,351)
- Events (3)
- Multimedia (12)
- Faculty Publications (930)
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- 08 Jun 2020
- Working Paper Summaries
Loan Types and the Bank Lending Channel
- April 2015 (Revised January 2020)
- Case
Japan's Missing Arrow?
By: Laura Alfaro and Hilary White
In late December 2014, Shinzo Abe was elected to another term as the prime minister of Japan. His re-election was largely interpreted as a vote of confidence for his economics policies, collectively referred to as "Abenomics." Comprised of three "arrows," including... View Details
Keywords: Currency; Bonds; Government Bonds; Government Debt; Public Finance; Quantitative Easing; Stimulus; Fiscal Policy; Fiscal Deficits; Debt Management; Debt Reduction; Abenomics; Exchange Rate; Exports; Reform; Economics; Macroeconomics; Policy; Government Legislation; Government and Politics; Asia; Japan
Alfaro, Laura, and Hilary White. "Japan's Missing Arrow?" Harvard Business School Case 715-050, April 2015. (Revised January 2020.)
- June 2017
- Teaching Note
The U-Turns of National Truck Stops
By: Nori Gerardo Lietz and Alexander W. Schultz
Raj Makam had spent months trying to restructure a 2006 investment he had made in National Truck Stops, Inc. (“NTS”) as a senior member of Oaktree Capital Management’s (“Oaktree”) Mezzanine finance business within their Corporate Debt platform. It was the first time... View Details
- 2010
- Other Unpublished Work
International Capital Allocation, Sovereign Borrowing, and Growth
By: Laura Alfaro, Sebnem Kalemli-Ozcan and Vadym Volosovych
The key in the investigation of "where" and "why" capital flows, relative to the neoclassical benchmark, is how we measure these flows. The macro literature has been using three main yardsticks: the current account balance, returns to capital, and the volume of net... View Details
- 2020
- Chapter
Reserve Accumulation, Sovereign Debt, and Exchange Rate Policy
By: Laura Alfaro and Fabio Kanczuk
In the past decade, foreign participation in local-currency bond markets in emerging countries increased dramatically. Additionally, emerging countries are increasingly deviating from inflation targeting regimes, managing their exchange rate and engaging in... View Details
Alfaro, Laura, and Fabio Kanczuk. "Reserve Accumulation, Sovereign Debt, and Exchange Rate Policy." In Asset Management at Central Banks and Monetary Authorities: New Practices in Managing International Foreign Exchange Reserves, edited by Jacob Bjorheim. Springer, 2020. (Book link.)
- November 2019
- Case
Floating the Exchange Rate: In Pursuit of the Chinese Dream
By: Laura Alfaro and Sarah Jeong
In the decades following 2005, China faced significant financial challenges. Inflation spiraled upwards and China’s economy stagnated in the wake of the Global Financial Crisis. The country’s leaders took an interventionist approach to weather the storm, controlling... View Details
Keywords: Exchange Rate; Inflation; Debt; Currency Exchange Rate; Inflation and Deflation; Borrowing and Debt; China
Alfaro, Laura, and Sarah Jeong. "Floating the Exchange Rate: In Pursuit of the Chinese Dream." Harvard Business School Case 320-039, November 2019.
- October 2017 (Revised November 2017)
- Case
Lovepop
By: Robert F. White, Ramana Nanda and Olivia Hull
As they prepare to graduate from Harvard Business School, the co-founders of greeting card company startup Lovepop need capital to cover the company’s operating costs and must choose between two seed financing offers. One offer is from an angel group and the other from... View Details
Keywords: Accelerator; Incubator; Seed Financing; Convertible Debt; Entrepreneurship; Venture Capital; Financing and Loans; Borrowing and Debt; Growth and Development Strategy; Valuation; Consumer Products Industry; Retail Industry; Boston; Massachusetts; United States
White, Robert F., Ramana Nanda, and Olivia Hull. "Lovepop." Harvard Business School Case 818-015, October 2017. (Revised November 2017.)
- June 2013
- Supplement
Hexcel Turnaround—2001 (Video Supplement)
This is the Video Supplement for Hexcel Turnaround - 2001(A), (B) and (C), HBS Cases 806099, 806100, 806101. View Details
Keywords: Turnarounds; Human Capital; Organizational Change And Transformation; Organizational Culture; Organizational Management; Leadership; General Management; Bankruptcy; Bankruptcy Reorganization; Financial Crisis Management; Acquisitions; Debt Crisis; Debt; Debt Management; Crisis Management; Financial Crisis; Private Equity; Public Ownership; Resignation and Termination; Restructuring; Air Transportation Industry; Communications Industry; Electronics Industry; Industrial Products Industry; Manufacturing Industry; United States; Europe
Sharpe, Jim. "Hexcel Turnaround—2001 (Video Supplement)." Harvard Business School Video Supplement 813-723, June 2013.
- 2010
- Working Paper
International Capital Allocation, Sovereign Borrowing, and Growth
By: Laura Alfaro, Sebnem Kalemli-Ozcan and Vadym Volosovych
The key in the investigation of "where" and "why" capital flows, relative to the neoclassical benchmark, is how we measure these flows. The macro literature has been using three main yardsticks: the current account balance, returns to capital, and the volume of net... View Details
Alfaro, Laura, Sebnem Kalemli-Ozcan, and Vadym Volosovych. "International Capital Allocation, Sovereign Borrowing, and Growth." NBER Working Paper Series, No. w17396.
- 2024
- Working Paper
Internal and External Capital Markets of Large Banks
By: Lina Lu, Marco Macchiavelli and Jonathan Wallen
Despite regulatory restrictions, large U.S. bank holding companies have sizable and dynamic internal capital markets. They raise long-term debt at the holding company and deposits at the commercial bank to internally make unsecured loans to affiliated broker-dealers.... View Details
Lu, Lina, Marco Macchiavelli, and Jonathan Wallen. "Internal and External Capital Markets of Large Banks." Working Paper, November 2024.
- 2012
- Case
Robert Whelan and the Student Loan Crisis (A)
By: Rosabeth M. Kanter and Olivia Leskinen
Robert Whelan and the Student Loan Crisis (A)
2009 AL Fellow
Bob Whelan developed an idea with partners that was a seed before his fellowship year and seemed to address a significant national challenge - college financing - with a creative concept and experience from... View Details
Keywords: Innovation; Entrepreneurs; Leadership Skills; Student Loan Crisis; Student Loans; Students; Low-income; Postsecondary Education; Debt-free; Income-share Agreements; ISA; College; Master’s Degree; Google; Purdue Research Foundation; Kanter’s Law; Elida Gonzalez; 13th Avenue; Ed Lowry; Flexibility; National Student Debt Jubilee Project; Fundraising; Difficult Middles; Investing In Student Success Act Of 2014; State Engagement; State Level; Pay It Forward; Student Movement; Tuition; Financing College; Change Management; Entrepreneurship; Innovation and Invention; Leadership; Education; Higher Education; Financing and Loans; Social Enterprise
Kanter, Rosabeth M., and Olivia Leskinen. "Robert Whelan and the Student Loan Crisis (A)." Harvard Business School Case 313-009, 2012. (Advanced Leadership Initiative.)
- Forthcoming
- Article
FinTech Lending and Cashless Payments
By: Pulak Ghosh, Boris Vallée and Yao Zeng
Borrower's use of cashless payments both improves their access to capital from FinTech lenders and predicts a lower probability of default. These relationships are stronger for cashless technologies providing more precise information, and for outflows. Cashless payment... View Details
- September 1992 (Revised September 2004)
- Background Note
Liabilities and Time
By: William J. Bruns Jr.
An introduction to accounting for liabilities. Both current liabilities and long-term debts are described, and illustrations of bond interest calculations and financial reporting formats are included. View Details
Bruns, William J., Jr. "Liabilities and Time." Harvard Business School Background Note 193-051, September 1992. (Revised September 2004.)
- June 2017 (Revised January 2019)
- Case
Signet Jewelers: Assessing Customer Financing Risk
By: Gerardo Pérez Cavazos, Suraj Srinivasan and Monica Baraldi
Marc Cohodes, a renowned short seller, has identified weaknesses in Signet's business strategy, which he argues is heavily reliant on providing loans to customers with subprime credit scores. He believes that the company accounts for its receivables portfolio using... View Details
Keywords: Short Selling; Bad Debt Expense; Accounting; Financial Reporting; Financial Statements; Finance; Financing and Loans; Valuation; Retail Industry; Financial Services Industry; United States
Pérez Cavazos, Gerardo, Suraj Srinivasan, and Monica Baraldi. "Signet Jewelers: Assessing Customer Financing Risk." Harvard Business School Case 117-038, June 2017. (Revised January 2019.)
- March 2009 (Revised November 2009)
- Case
WL Ross and Plascar
By: C. Fritz Foley and Linnea Meyer
How can distressed investors take advantage of the procedures governing an international bankruptcy? Wilbur L. Ross, chairman and CEO of the private equity firm WL Ross & Co., LLC, has the opportunity to bid for debt and equity claims on Plascar Industria e Comercio... View Details
Keywords: Borrowing and Debt; Private Equity; Insolvency and Bankruptcy; Investment; Cross-Cultural and Cross-Border Issues; Globalized Firms and Management; Globalized Markets and Industries
Foley, C. Fritz, and Linnea Meyer. "WL Ross and Plascar." Harvard Business School Case 209-091, March 2009. (Revised November 2009.)
- April 2012
- Article
Corporate Ownership Structure and Bank Loan Syndicate Structure
By: Chen Lin, Yue Ma, Paul Malatesta and Yuhai Xuan
Using a novel data set on corporate ownership and control, we show that the divergence between the control rights and cash-flow rights of a borrowing firm's largest ultimate owner has a significant impact on the concentration and composition of the firm's loan... View Details
Keywords: Ownership; Financing and Loans; Cash Flow; Borrowing and Debt; Accounting; Crisis Management; Relationships; Law; Contracts; Banking Industry
Lin, Chen, Yue Ma, Paul Malatesta, and Yuhai Xuan. "Corporate Ownership Structure and Bank Loan Syndicate Structure." Journal of Financial Economics 104, no. 1 (April 2012): 1–22. (Lead Article.)
- May 2015
- Case
Transforming Alkermes into a Global Biopharmaceutical Company
By: C. Fritz Foley and Nicholas Haas
In the summer of 2011, Jim Frates, CFO of Alkermes faced choices about how to finance the acquisition of Dublin, Ireland-based Elan Drug Technologies (EDT)—a deal that was expected to close in the fall. The case describes the history of Alkermes, provides information... View Details
Keywords: Financing; Debt; Merger; CFO; Financial Management; Biotechnology Industry; Pharmaceutical Industry; United States; Europe
Foley, C. Fritz, and Nicholas Haas. "Transforming Alkermes into a Global Biopharmaceutical Company." Harvard Business School Case 215-079, May 2015.
- March 2012
- Article
Subprime Foreclosures and the 2005 Bankruptcy Reform
By: Donald Morgan, Benjamin Iverson and Matthew Botsch
This article presents arguments and evidence suggesting that the bankruptcy abuse reform (BAR) of 2005 may have been one contributor to the destabilizing surge in subprime foreclosures. Before BAR took effect, overly indebted borrowers could file bankruptcy to free up... View Details
Keywords: Mortgages; Insolvency and Bankruptcy; Governing Rules, Regulations, and Reforms; Borrowing and Debt; United States
Morgan, Donald, Benjamin Iverson, and Matthew Botsch. "Subprime Foreclosures and the 2005 Bankruptcy Reform." Federal Reserve Bank of New York Economic Policy Review 18, no. 1 (March 2012).
- 27 Apr 2020
- Working Paper Summaries
Corporate Leadership and Creditor Recovery Rates: Evidence from Executive Gender
- 2024
- Working Paper
Corporate Debt, Boom-Bust Cycles, and Financial Crises
By: Victoria Ivashina, Sebnem Kalemli-Özcan, Luc Laeven and Karsten Müller
Using a new dataset on sectoral credit exposures covering financial and non-financial sectors in 115 economies over the period 1940–2014, we document the following evidence that corporate debt plays a key role in explaining boom-bust cycles, financial crises, and slow... View Details
Keywords: Financial Crisis; Economic Slowdown and Stagnation; Economic Growth; Economic Sectors; Borrowing and Debt; Credit
Ivashina, Victoria, Sebnem Kalemli-Özcan, Luc Laeven, and Karsten Müller. "Corporate Debt, Boom-Bust Cycles, and Financial Crises." NBER Working Paper Series, No. 32225, March 2024.