Publications
Publications
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- All HBS Web
(1,154)
- Faculty Publications (476)
- December 2017 (Revised November 2018)
- Case
Tesla: Merging with SolarCity
By: Stuart C. Gilson and Sarah L. Abbott
In 2016, electric car manufacturer Tesla announced that it was making an offer to acquire solar panel manufacturer SolarCity in an all-stock offer worth $2.6 billion in Tesla stock. Tesla’s co-founder and CEO, Elon Musk, believed that the merger would generate... View Details
- 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
- September 2017 (Revised February 2019)
- Case
Blackstone's GSO Capital: Crosstex Investment
By: Victoria Ivashina, John D. Dionne and Jeffrey Boyar
This case focuses on the Blackstone credit arm, GSO Capital as it evaluated a proposal for an equity investment into the distressed company, Crosstex Energy L.P., an integrated midstream energy company, that was hit hard by declining natural gas prices during the 2008... View Details
- September 2017
- Article
The Real Effects of Capital Controls: Firm-Level Evidence from a Policy Experiment
By: Laura Alfaro, Anusha Chari and Fabio Kanczuk
Emerging-market governments adopted capital control taxes to manage the massive surge in foreign capital inflows in the aftermath of the global financial crisis. Theory suggests that the imposition of capital controls can drive up the cost of capital and curb... View Details
- July 2017
- Supplement
Centerbridge Partners and Great Wolf Resorts (B)
By: Josh Lerner, John D. Dionne and Amram Migdal
The case examines the aftermath of the March 2015 Centerbridge Partners acquisition of Great Wolf Resorts, a North American family-oriented indoor water parks and hotel operator, from a private equity (PE) competitor, Apollo Global Management. View Details
Keywords: Private Equity Financing; Commercial Mortgage Backed Securities; CMBS; Secondary Buyouts; Business Ventures; Acquisition; Leveraged Buyouts; Business Exit or Shutdown; Finance; Borrowing and Debt; Cost; Cost of Capital; Equity; Private Equity; Financial Instruments; Debt Securities; Accommodations Industry; Entertainment and Recreation Industry; Financial Services Industry; North and Central America; United States
- July 2017
- Case
Centerbridge Partners and Great Wolf Resorts: Buying from a Highly Regarded Competitor
By: Josh Lerner, John D. Dionne and Amram Migdal
The case examines the March 2015 Centerbridge Partners investment decision regarding whether to acquire Great Wolf Resorts, a North American family-oriented indoor water parks and hotel operator, from a private equity (PE) competitor, Apollo Global Management. The case... View Details
Keywords: Private Equity Financing; Commercial Mortgage Backed Securities; CMBS; Secondary Buyouts; Business Ventures; Acquisition; Finance; Borrowing and Debt; Cost; Cost of Capital; Equity; Private Equity; Financial Instruments; Debt Securities; Accommodations Industry; Entertainment and Recreation Industry; Financial Services Industry; North and Central America; United States
- 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
- 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
- 2017
- Working Paper
Lessons Unlearned? Corporate Debt in Emerging Markets
By: Laura Alfaro, Gonzalo Asis, Anusha Chari and Ugo Panizza
This paper documents a set of new stylized facts about leverage and financial fragility for emerging market firms following the Global Financial Crisis (GFC). Corporate debt vulnerability indicators during the Asian Financial Crisis (AFC) attributed to corporate... View Details
- April 2017 (Revised February 2020)
- Case
Restructuring Ukraine
By: Kristin Mugford, Seema Amble and Tian Feng
In June 2015, Ukraine found itself struggling with a volatile and devalued currency, dramatically diminished foreign reserves, and a projected financing shortfall of $40 billion. Ukraine’s new government sought to return the nation to stability following political... View Details
Keywords: Exchange Rates; Politics; Macroeconomics; Financial Crisis; Insolvency and Bankruptcy; Restructuring; Economy; Currency Exchange Rate; Banks and Banking; Economic Slowdown and Stagnation; Bonds; Sovereign Finance; Capital Markets; Credit; Debt Securities; Financial Liquidity; Financial Markets; Government and Politics; Ukraine
- April 2017 (Revised August 2020)
- Case
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 they... View Details
- Article
Market Reactions to Sovereign Litigation
By: Faisal Z. Ahmed and Laura Alfaro
Recent rulings in the ongoing litigation over the pari passu clause in Argentinian sovereign debt instruments have generated considerable controversy. Some official-sector participants and academic articles have suggested that the rulings will disrupt or impede... View Details
- February 2017 (Revised January 2019)
- Module Note
The Entrepreneurial Manager, Module 2 Part 1: Resourcing the Business Model – Financing
By: Paul Gompers
- 2017
- Book
HBR Guide to Buying a Small Business: Think Big, Buy Small, Own Your Own Company
By: Richard S. Ruback and Royce Yudkoff
Find, acquire, and run your own business. Are you looking for an alternative to a career path at a big firm? Does founding your own start-up seem too risky? There is a radical third path open to you: you can buy a small business and run it as CEO. Purchasing a small... View Details
Keywords: Entrepreneurial Finance; Entrepreneurs; Small Companies; Small Business Finance; Negotiation; Due Diligence; Sourcing; Search Funds; Search; Deal Sourcing; Deal Structuring; Funnel; Debt Financing; Small And Medium Enterprises; Small Business; Internet and the Web; Entrepreneurship; Negotiation Deal; Ownership; Equity; Borrowing and Debt
- November 2016 (Revised April 2018)
- Case
Darby's Investment in Sirma: Professionalizing an Entrepreneurial Firm
By: Suraj Srinivasan and Eren Kuzucu
In March 2010, Burak Dalgın (HBS MBA 2004) led private equity firm Darby's investment in Sırma, a local Turkish water and beverage company. Sırma was owned and managed by members of two Turkish business families. The existing management, while being highly... View Details
- October 2016
- Case
Turkasset: Bringing Customer-Centricity to Debt Collection
By: Dennis Campbell and Gamze Yucaoglu
In December 2014, in preparation for the year-end board presentation, Hilmi Guvenal (PMD 1993), shareholder and CEO of Turkasset, and Ilker Yoney, COO, sat down to discuss Turkasset’s five- and ten-year strategic plans. Since taking leadership of the company in 2009,... View Details
Keywords: Customer Satisfaction; Customer Experience; Customer Service; Customer-centric; Emerging Market; Customer Focus; Employee Empowerment; Employee Engagement; Employee Training; Staffing; Operations Management; Quality Management; Service Management; Service Quality; Continuous Improvement; Turkasset; Collections Agency; NPL; Call Center; Financial Services; Borrowing and Debt; Customer Focus and Relationships; Organizational Culture; Operations; Management; Service Operations; Quality; Competitive Advantage; Cost vs Benefits; Financial Services Industry; Turkey
- September 2016 (Revised April 2018)
- Case
Western Technology Investment
By: Ramana Nanda, William A. Sahlman and Nicole Keller
Based in Portola Valley, California, Western Technology Investment (WTI) specialized in a hybrid form of debt and equity financing for early-stage companies. Like traditional venture capital and private equity firms, WTI raised funds from institutional investors and... View Details
- September 2016
- Article
Disproportional Control Rights and the Bonding Role of Debt
By: Aiyesha Dey, Valeri Nikolaev and Xue Wang
We examine the governance role of debt in the context of U.S.-based dual class ownership structures. We hypothesize that the use of debt alleviates the conflict between shareholder classes by balancing the power of controlling insiders. We document that dual class... View Details
- August 2016
- Teaching Note
The Role of Real Estate in Endowment Portfolios: The Case of Christ Church College
By: Arthur I. Segel and Alexander W. Schultz
The case centers on Christ Church’s Treasurer, James Lawrie, who is contemplating his options for investing a portion of the College’s endowment in real estate. Approximately 1/3 of the total $690 million endowment was allocated towards real estate, much higher than... View Details
- July 2016
- Article
Under New Management: Equity Issues and the Attribution of Past Returns
By: Malcolm Baker and Yuhai Xuan
There is a strong link between measures of stock market performance, such as changes in Tobin's Q or past stock returns, and equity issues. Typically, this performance is thought to be a characteristic of the firm, not the CEO who happens to run the firm. In contrast... View Details