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- March 2009 (Revised February 2011)
- Background Note
Note: Fair Value Accounting for Investments in Debt Securities
The note describes how fair value accounting applies to debt securities that are classified by financial institutions as (1) "trading" securities, (2) "available for sale" securities, or (3) "hold to maturity" securities. It explains the hierarchy for inputs used in... View Details
Fruhan, William E. "Note: Fair Value Accounting for Investments in Debt Securities." Harvard Business School Background Note 209-134, March 2009. (Revised February 2011.)
- 2015
- Chapter
Debt Management Conflicts between the U.S. Treasury and the Federal Reserve
By: Robin Greenwood, Samuel Gregory Hanson, Joshua S. Rudolph and Lawrence Summers
Greenwood, Robin, Samuel Gregory Hanson, Joshua S. Rudolph, and Lawrence Summers. "Debt Management Conflicts between the U.S. Treasury and the Federal Reserve." Chap. 2 in The $13 Trillion Question: How America Manages Its Debt, edited by David Wessel, 43–89. Brookings Institution Press, 2015. (Working Paper version Here.)
- 1994
- Other Unpublished Work
Losing Interest: Interest Allocation Rules and the Cost of Debt Finance
By: K. A. Froot and J. Hines
- 2013
- Other Unpublished Work
Debt and Democracy: The New York Constitutional Convention of 1846
By: David Moss and Dean Grodzins
- 2019
- Working Paper
Fiscal Rules and Sovereign Default
By: Laura Alfaro and Fabio Kanczuk
Recurrent concerns over debt sustainability in emerging and developed nations have prompted renewed debate on the role of fiscal rules. Their optimality, however, remains unclear. We provide a quantitative analysis of fiscal rules in a standard model of sovereign debt... View Details
Alfaro, Laura, and Fabio Kanczuk. "Fiscal Rules and Sovereign Default." Harvard Business School Working Paper, No. 16-134, June 2016. (Also NBER Working Paper w23370. Revised January 2019.)
- November 1985
- Case
Prentice Stevens, Inc.: Rating Industrial Debt
By: David F. Hawkins
Hawkins, David F. "Prentice Stevens, Inc.: Rating Industrial Debt." Harvard Business School Case 186-133, November 1985.
- August 1996
- Case
Appliance Company: Accounting for Bad Debt and Warranty Service Costs
By: David F. Hawkins
Keywords: Accounting
Hawkins, David F. "Appliance Company: Accounting for Bad Debt and Warranty Service Costs." Harvard Business School Case 197-005, August 1996.
- 25 Apr 2014
- Research & Ideas
To Pay or Not to Pay: Argentina and the International Debt Market
that many believe helped the sovereign lending market evolve on a grand scale. It also led to a wave of litigation that did little more than disrupt or delay sovereign debt restructurings. Over the next two decades, lawyers, lenders View Details
Keywords: by Laura Alfaro
- 1986
- Chapter
Investing in the Defense Workforce: The Debt and Structure of Military Pensions
By: Dutch Leonard
Keywords: Human Capital; Compensation and Benefits; Borrowing and Debt; Sovereign Finance; National Security
Leonard, Dutch. "Investing in the Defense Workforce: The Debt and Structure of Military Pensions." In Public Sector Payrolls, edited by David A. Wise. Chicago: University of Chicago Press, 1986.
- February 2013
- Teaching Note
Negotiating Trust: Borrowers, Lenders, and the Politics of Household Debt (TN)
By: Catherine S. M. Duggan
- June 2007 (Revised February 2008)
- Teaching Note
Aid, Debt Relief, and Trade: An Agenda for Fighting World Poverty (TN) (A) and (B)
By: Laura Alfaro, Eric D. Werker and Renee Kim
- April 2007 (Revised July 2007)
- Supplement
Aid, Debt Relief, and Trade: An Agenda for Fighting World Poverty (B)
By: Laura Alfaro, Eric D. Werker and Renee Kim
Alfaro, Laura, Eric D. Werker, and Renee Kim. "Aid, Debt Relief, and Trade: An Agenda for Fighting World Poverty (B)." Harvard Business School Supplement 707-040, April 2007. (Revised July 2007.)
- Forthcoming
- Article
Calling All Issuers: The Market for Debt Monitoring
By: Huaizhi Chen, Lauren Cohen and Weiling Liu
95% of long-term municipal bonds have callable features, and yet we find new evidence of a substantial fraction of local governments exercising these valuable options sub-optimally, with significant delays – resulting in sizable losses. Using data from 2001 to 2019, we... View Details
Keywords: Bonds; Financial Institutions; Governing Rules, Regulations, and Reforms; Government Administration; Financing and Loans
Chen, Huaizhi, Lauren Cohen, and Weiling Liu. "Calling All Issuers: The Market for Debt Monitoring." Management Science (forthcoming).
- October 1990
- Article
Troubled Debt Restructurings: An Empirical Analysis of Private Reorganization of Firms in Default
By: S. C. Gilson, J. Kose and L. H. P. Kang
This study investigates the incentives of financially distressed firms to restructure their debt privately rather than through formal bankruptcy. In a sample of 169 financially distressed companies, about half successfully restructure their debt outside of Chapter 11.... View Details
Gilson, S. C., J. Kose, and L. H. P. Kang. "Troubled Debt Restructurings: An Empirical Analysis of Private Reorganization of Firms in Default." Journal of Financial Economics 27, no. 2 (October 1990): 315–353.
- 22 May 2019
- Research & Ideas
Forgiving Student Loan Debt Leads to Better Jobs, Stronger Consumers
Kalda, and Vincent W. Yao of Georgia State University. The paper shines a light on a student debt crisis that Democratic presidential hopefuls have called a national emergency. Sen. Elizabeth Warren has... View Details
Keywords: by Dina Gerdeman
- February 23, 2010
- Article
The U.S. Public Debt Hits its Tipping Point
By: Robert C. Pozen
Pozen, Robert C. "The U.S. Public Debt Hits its Tipping Point." Boston Globe (February 23, 2010).
- June 2012
- Response
Solution to Exchanges 10.2 Puzzle: Borrowing in the Limit as Our Nerdiness Goes to Infinity
By: Ran I. Shorrer
This is a solution to the editor's puzzle from issue 10.2 of SIGecom Exchanges [Reeves 2011]. The puzzle asks to determine a point in time such that a lump sum payment of $S will be equivalent to a continuous stream of infinitesimal payments totaling $S, spread evenly... View Details
Shorrer, Ran I. "Solution to Exchanges 10.2 Puzzle: Borrowing in the Limit as Our Nerdiness Goes to Infinity." ACM SIGecom Exchanges 11, no. 1 (June 2012): 39–41.
- Article
Sovereign Debt Buybacks Can Lower Bargaining Costs
By: J. J. Rotemberg
Rotemberg, J. J. "Sovereign Debt Buybacks Can Lower Bargaining Costs." Journal of International Money and Finance 10, no. 3 (September 1991): 330–348.
- September 2022 (Revised January 2023)
- Case
York Capital CLOs and WorldStrides International
By: Victoria Ivashina and William Vrattos
The case follows the debt restructuring of WorldStrides International, a travel program provider in the education market, after the onset of COVID-19. The pandemic severely impacted the travel industry, creating challenges for many companies like WorldStrides, which... View Details
Keywords: COVID-19 Pandemic; Debt Restructuring; CLO; Compliance; Debt Securities; Financing and Loans; Decision Making; Travel Industry; Education Industry
Ivashina, Victoria, and William Vrattos. "York Capital CLOs and WorldStrides International." Harvard Business School Case 223-034, September 2022. (Revised January 2023.)
- Working Paper
Covenant-Light Contracts and Creditor Coordination
By: Bo Becker and Victoria Ivashina
In 2015, 70% of newly issued leveraged loans had weaker enforcement features, called covenant-light or "cov-lite"; this is nearly a three-time increase in cov-lite issuance compared to a previous peak in 2007. We evaluate whether this development can be attributed to... View Details
Keywords: Credit Cycles; Loan Contracts; Debt Covenants; Contracts; Financing and Loans; Credit; Borrowing and Debt
Becker, Bo, and Victoria Ivashina. "Covenant-Light Contracts and Creditor Coordination." Swedish House of Finance Research Paper, No. 16-09, March 2016.