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All HBS Web
(1,141)
- People (1)
- News (118)
- Research (913)
- Multimedia (2)
- Faculty Publications (707)
- October 2022
- Article
Sovereign Risk, Currency Risk, and Corporate Balance Sheets
By: Wenxin Du and Jesse Schreger
We provide a comprehensive account of the evolution of the currency composition of sovereign and corporate external borrowing by emerging markets from 2003 to 2017. We show that a higher reliance on foreign currency debt by the corporate sector is associated with...
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Du, Wenxin, and Jesse Schreger. "Sovereign Risk, Currency Risk, and Corporate Balance Sheets." Review of Financial Studies 35, no. 10 (October 2022): 4587–4629.
- 07 Apr 2009
- First Look
First Look: April 7, 2009
financing institutions, the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). We find that developing countries serving on the Board of Executive Directors can expect an...
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Keywords:
Martha Lagace
- October 2010 (Revised January 2011)
- Case
Charter Communications Bankruptcy
By: Paul A. Gompers and Emily Weisburst
Charter Communications' bankruptcy presents an opportunity for some of its creditors to convert their debt holdings into equity. A mutual fund manager must determine how to maximize his debt investment in Charter given the restructuring and decide whether to...
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- January 1995 (Revised June 1995)
- Case
Note on Yield Conventions
By: Andre F. Perold and Wai Lee
Describes the principal conventions used to report yields on debt instruments.
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Keywords:
Investment Return;
Capital Markets;
Asset Management;
Reports;
Conferences;
Governing and Advisory Boards
Perold, Andre F., and Wai Lee. "Note on Yield Conventions." Harvard Business School Case 295-101, January 1995. (Revised June 1995.)
- 24 Sep 2024
- Research & Ideas
Why Small Businesses Deserve More Credit
when the economy was growing and stable years following the global financial crisis at the turn of the decade, with conditions that mirrored the US small business landscape today, Kim notes. Researchers analyzed data for 3,169 small firms that were pre-approved for...
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- 21 Nov 2022
- Research & Ideas
Buy Now, Pay Later: How Retail's Hot Feature Hurts Low-Income Shoppers
Online shopping features that let consumers pay for goods in interest-free installments exploded during the pandemic, but new research questions the riskiness of such services: Are people getting in over their heads? Buy now, pay later (BNPL) View Details
- August 2013
- Case
HgCapital and the Visma Transaction (A)
By: Paul A. Gompers, Karol Misztal and Joris Van Gool
This case concerns the negotiations of a deal by HgCapital, a UK-based private equity firm, to buy Visma, ASA, a Norwegian software company. Visma has received an offer from Sage Group, a strategic acquirer. HgCapital must determine if it wants to bid and how to outbid...
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Keywords:
Management Buyout;
Deal Structuring;
Negotiations;
Private Equity;
Finance;
Valuation;
Leveraged Buyouts;
Negotiation Deal;
Negotiation;
Strategy;
Europe
Gompers, Paul A., Karol Misztal, and Joris Van Gool. "HgCapital and the Visma Transaction (A)." Harvard Business School Case 214-018, August 2013.
- September 2010 (Revised August 2011)
- Case
Enman Oil, Inc. (A)
By: David F. Hawkins
Company pursues ways to reduce its debt-to-equity ratio by resorting to off-balance sheet debt transactions.
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Keywords:
Financial Statements;
Borrowing and Debt;
Equity;
Financial Condition;
Financing and Loans;
United States
Hawkins, David F. "Enman Oil, Inc. (A)." Harvard Business School Case 111-042, September 2010. (Revised August 2011.)
- 2015
- Working Paper
Cashing Out: The Rise of M&A in Bankruptcy
By: Stuart Gilson, Edith Hotchkiss and Matthew Osborn
The use of M&A in bankruptcy has increased dramatically in recent years, leading to concerns that the Chapter 11 process has shifted toward excessive liquidation of viable firms. In this paper, we argue that the rise of M&A has blurred traditional distinctions between...
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Keywords:
M&A;
Chapter 11;
Distress;
Bankruptcy;
Mergers and Acquisitions;
Insolvency and Bankruptcy
Gilson, Stuart, Edith Hotchkiss, and Matthew Osborn. "Cashing Out: The Rise of M&A in Bankruptcy." Harvard Business School Working Paper, No. 15-057, January 2015.
- September 1996 (Revised October 1996)
- Case
Clarkson Lumber Company
By: Thomas R. Piper
The owner of a rapidly growing retail lumber company is considering the financial implications of continued rapid growth. The magnitude of the company's future financing requirements must be assessed in the context of the company's access to bank finance and/or equity...
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Keywords:
Business Growth and Maturation;
Financial Reporting;
Forecasting and Prediction;
Business Strategy;
Financial Strategy;
Commercial Banking;
Borrowing and Debt;
Equity;
Corporate Finance
Piper, Thomas R. "Clarkson Lumber Company." Harvard Business School Case 297-028, September 1996. (Revised October 1996.)
- 01 Jul 2010
- Working Paper Summaries
Cyclicality of Credit Supply: Firm Level Evidence
- February 2003
- Exercise
Restructuring the U.S. Steel Industry: Spreadsheet Exercise
Description of an EXCEL spreadsheet exercise to test the impact of changes in wage rates on the value of debt and equity securities.
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- January 2004 (Revised March 2005)
- Background Note
Bond Ratings
By: David F. Hawkins
Describes the considerations entering into a long-term debt rating.
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Keywords:
Bonds
Hawkins, David F. "Bond Ratings." Harvard Business School Background Note 104-060, January 2004. (Revised March 2005.)
Cashing out: The Rise of M&A in Bankruptcy
The use of M&A in bankruptcy has increased dramatically in recent years, leading to concerns that the Chapter 11 process has shifted toward excessive liquidation of viable firms. In this paper, we argue that the rise of M&A has blurred traditional... View Details
- September 2018 (Revised March 2019)
- Case
National Australia Bank: Looking Out for the Customer
By: Mark R. Kramer and Hugh Foley
After learning that most defaults were due to health, job or marital problems, National Australia Bank revised its debt collection department to shift from penalizing people in default to assisting them in developing a work-out plan, enabling more than 90% to meet...
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Keywords:
Banks and Banking;
Borrowing and Debt;
Customer Focus and Relationships;
Success;
Australia
Kramer, Mark R., and Hugh Foley. "National Australia Bank: Looking Out for the Customer." Harvard Business School Case 719-417, September 2018. (Revised March 2019.)
- April 1986 (Revised May 1996)
- Background Note
Note on Option Pricing
Develops a simple option pricing model which provides an insight into the foundations of the Black and Scholes model. The Black and Scholes model is next introduced and its relationship to the simple option pricing model discussed. Last, the problem of pricing debt...
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Mason, Scott P. "Note on Option Pricing." Harvard Business School Background Note 286-112, April 1986. (Revised May 1996.)
- 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...
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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.
- February 2003
- Supplement
Steel Cash
By: William E. Fruhan Jr. and Katherine A. Codega
Spreadsheet to (9-203-042). Test the impact of changes in wage rates on the value of debt and equity securities. Download only.
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- September 2018 (Revised January 2019)
- Teaching Note
Gemini Investors
By: Richard S. Ruback, Royce Yudkoff and Ahron Rosenfeld
Teaching Note for HBS No. 211-066. Gemini Investors was a private equity firm that targeted equity investments of between $4 million to $6 million per firm. In the period from 2000 to 2015, Gemini had successfully deployed four funds, all licensed as Small Business...
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- June 2015 (Revised July 2016)
- Case
Gilbert Lumber Company
By: Steven Rogers and Kenneth Cooper
The Gilbert Lumber Co. is faced with a need for increased bank financing due to its rapid sales growth and low profitability. Students must determine the reasons for the rising bank borrowing, estimate the amount of borrowing needed, and assess the attractiveness of...
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Keywords:
Commercial Banking;
Financial Crisis;
Borrowing and Debt;
Financial Strategy;
Financing and Loans;
Capital Structure;
Forecasting and Prediction
Rogers, Steven, and Kenneth Cooper. "Gilbert Lumber Company." Harvard Business School Case 315-137, June 2015. (Revised July 2016.)