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  • October 1990
  • Article

Bankruptcy, Boards, Banks, and Blockholders: Evidence on Changes in Corporate Ownership and Control When Firms Default

By: S. C. Gilson
In 111 publicly traded firms that either file for bankruptcy or privately restructure their debt between 1979 and 1985, bank lenders frequently become major stockholders or appoint new directors. On average, only 46% of incumbent directors remain when bankruptcy or... View Details
Keywords: Insolvency and Bankruptcy; Governance; Banks and Banking; Change; Business Ventures; Ownership
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  • 2021
  • Working Paper

Nonbank Lending and Credit Cyclicality

By: Quirin Fleckenstein, Manasa Gopal, German Gutierrez and Sebastian Hillenbrand
We document three facts about nonbank lending in the syndicated loan market. First, nonbank lending is more than twice as cyclical as bank lending. Second, declines in nonbank lending explain most of the declines in syndicated lending during the Great Recession and... View Details
Keywords: Nonbank Lending; Credit Cycles; CLO; Mutual Funds; Leveraged Lending; COVID-19; Great Migration; Non-bank Financial Institutions; Financing and Loans; Business Cycles
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  • 2008
  • Working Paper

A Darker Side to Decentralized Banks: Market Power and Credit Rationing in SME Lending

By: Rodrigo Canales and Ramana Nanda
We use loan-level data to study how the organizational structure of banks impacts small business lending. We find that decentralized banks—where branch managers have greater autonomy over lending decisions—give larger loans to small firms and those with "soft... View Details
Keywords: Organizational Structure; Financing and Loans; Industry Structures; Banks and Banking; Banking Industry; Mexico
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  • February 2017
  • Case

Eve Hall: The African American Investment Fund in Milwaukee

By: Steven Rogers and Alterrell Mills
The case highlights the role of minority chambers of commerce and the background of Eve Hall, a well-regarded multi-sector leader asked to revive Wisconsin's African-American chamber. This case study examines the lending options that a minority chamber of commerce... View Details
Keywords: Business Organization; Business Plan; Change Management; Demographics; Diversity Characteristics; Ethnicity Characteristics; Race Characteristics; Investment Fund; Cost Of Capital; Banks And Banking; Micro Finance; Interest Rates; Business Or Company Management; Management Styles; Management Succession; Mission And Purpose; Organizational Culture; Leadership Style; Leadership Change; Business And Community Relations; Nonprofit Organizations; Wealth And Poverty; Organizations; Diversity; Ethnicity; Race; Small Business; Entrepreneurship; Financing and Loans; Decision Choices and Conditions; Employment Industry; Public Administration Industry; Financial Services Industry; Service Industry; United States; Wisconsin
Related

    Pension Policy and the Financial System

    This paper examines the effect of pension policy on the structure of financial systems around the world. In particular, I explore the hypothesis that policies that promote pension savings also promote the development of capital markets. I present a model that... View Details

    • 1991
    • Article

    Job Satisfaction, Service Capability and Customer Satisfaction: An Examination of Linkages and Management Implications

    By: Leonard A. Schlesinger and Jeffrey Zornitsky
    Survey data from 1,277 employees and 4,269 customers of a personal lines insurance organization were analyzed with the following results: (a) employee perceptions of service quality are positively related to both job satisfaction and self-perceived service capability;... View Details
    Keywords: Service Delivery; Satisfaction; Jobs and Positions; Customer Satisfaction
    Related
    • February 2016 (Revised January 2017)
    • Case

    Bidding for Finansbank

    By: David Scharfstein and Esel Çekin
    Because of the deepening Greek crisis, in October 2015, National Bank of Greece (NBG) was required to sell one of its most valuable assets, Finansbank, the eighth largest Turkish bank. There were three potential buyers: Garanti Bank, Turkey's second largest private... View Details
    Keywords: Banking; Acquisitions; International Acquisition; Cross-border Investment; Bidding; Bidders; Regulations; ROE; Cost Synergies; Regional Growth; Emerging Market; Sales Process; Valuation; Mergers and Acquisitions; Banking Industry; Turkey; Europe
    Related
    • November 2019
    • Case

    Apple, Einhorn, and iPrefs (Abridged)

    By: Carliss Y. Baldwin and W. Carl Kester
    In March 2013, Apple Computer has a very large cash balance, and is under pressure to return cash to shareholders. Hedge fund manager David Einhorn thinks Apple can "unlock value" by issuing perpetual preferred stock, dubbed iPrefs. Henry Blodget, CEO of Business... View Details
    Keywords: Markets; Stock Shares; Value Creation; Business and Shareholder Relations
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    • 2021
    • Working Paper

    Friends and Family Money: P2P Transfers and Financially Fragile Consumers

    By: Tetyana Balyuk and Emily Williams
    We assess the impact that real time money transfer technology has on consumer outcomes, particularly during periods of financial fragility. We do this by developing a new data set that documents use of Zelle—the most widely used P2P money transfer technology in the... View Details
    Keywords: P2P Money Transfers; Real Time Payments; Fintech; Finance; Information Technology; Personal Finance; Financial Condition
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    • October 2016 (Revised March 2019)
    • Case

    Carrum Health: Scaling Bundled Payments

    By: Robert S. Huckman and Sarah Mehta
    Founded in 2014, Carrum Health helped self-insured employers located in three markets (San Diego, California; Seattle, Washington; and San Francisco, California) save money on their employees’ planned surgeries. It did so by contracting directly with top-quality... View Details
    Keywords: Health Financing; Health Insurance; Value-based Healthcare Reimbursements; Bundled Payments; Innovation; Scale; Health; Health Care and Treatment; Cost Management; Growth and Development Strategy; Decision Choices and Conditions; Health Industry; California; San Francisco; San Diego; Seattle
    Related
    • 2024
    • Working Paper

    LASH Risk and Interest Rates

    By: Laura Alfaro, Saleem Bahaj, Robert Czech, Jonathan Hazell and Ioana Neamtu
    We introduce a framework to understand and quantify a form of liquidity risk that we dub Liquidity After Solvency Hedging or “LASH” risk. Financial institutions take LASH risk when they hedge against losses, using strategies that lead to liquidity needs when the value... View Details
    Keywords: Liquidity; Monetary Policy; Non-bank Intermediaries; Hedging; Risk and Uncertainty; Investment Funds; Financial Condition; Interest Rates
    Related
    • June 2005 (Revised January 2007)
    • Case

    Equator Principles, The: An Industry Approach to Managing Environmental and Social Risks

    By: Benjamin C. Esty, Carin-Isabel Knoop and Aldo Sesia
    In June 2003, 10 leading international banks adopted new voluntary guidelines, called the Equator Principles, to promote sustainable development in project finance. In recent years, nongovernmental organizations (NGOs) had raised issues about the lenders'... View Details
    Keywords: Risk and Uncertainty; Competition; Corporate Social Responsibility and Impact; Social Issues; Environmental Sustainability; Policy; Project Finance; Standards; Projects; Commercial Banking; Non-Governmental Organizations
    Related
    • 12 Oct 2010
    • Working Paper Summaries

    Crashes and Collateralized Lending

    Keywords: by Jakub W. Jurek & Erik Stafford; Banking; Banking
    • October 2022 (Revised January 2023)
    • Case

    Century Bank: Closing Time?

    By: Lauren Cohen, Grace Headinger and Bill Kwon
    Barry Sloane, second-generation Chairman, President, and CEO of his family’s bank, Century Bank, weighed whether to sell to Eastern Bank. As a small regional bank, Century faced a number of challenging trends, such as digitization and market share decline in the coming... View Details
    Keywords: Family Office; Business Exit; Banking; Family; Massachusetts; Boston; United States; Acquisition; Business Exit or Shutdown; Family Business; Family and Family Relationships; Interpersonal Communication; Decision Making; Finance; Banks and Banking; Risk and Uncertainty; Emotions; Banking Industry; Boston; Massachusetts; United States
    Related
    • 1994
    • Book

    Contrived Competition: Regulation and Deregulation in America

    By: Richard H. K. Vietor
    This book explains how four major firms--American Airlines, El Paso Natural Gas, AT&T, and Bank America--and their respective managements were challenged by the deregulation of markets starting in the late 1970s. The four stories illustrate the dynamic process of... View Details
    Keywords: Governing Rules, Regulations, and Reforms; United States
    Related
    • 01 Jan 2020
    • News

    Changes in Quality of Care after Hospital Mergers and Acquisitions

    • 17 Aug 2006
    • Working Paper Summaries

    Corporate Governance and Networks: Bankers in the Corporate Networks of Brazil, Mexico, and the United States circa 1910

    Keywords: by Aldo Musacchio
    • Article

    The Economic Consequences of Bankruptcy Reform

    By: Tal Gross, Raymond Kluender, Feng Liu, Matthew J. Notowidigdo and Jialan Wang
    A more generous consumer bankruptcy system provides greater insurance against financial risks but may also raise the cost of credit. We study this trade-off using the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), which increased the costs of... View Details
    Keywords: Bankruptcy; Bankruptcy Abuse Prevention And Consumer Protection Act; Borrowing and Debt; Credit
    Related
    • 18 Apr 2024
    • Lecture

    Innovation Opportunities Created by COVID-19 Can Help: And How to Make Them Happen

    By: Regina E. Herzlinger
    The crush of patients created by COVID enabled the creation of sites for care outside the traditional hospital, such as retail pharmacies, ambulatory surgery centers, urgent care centers, telemedicine, and wireless sensors. Public policy mirrored these changes by... View Details
    Keywords: Policy; Health Pandemics; Health Care and Treatment; Innovation and Invention; Insurance Industry; Insurance Industry
    Related
    • 31 Jan 2012
    • News

    Dating and business: Not all that different