The consistent growth of long-term alternative asset managers in the past four decades coincided with the secular decline in interest rates. This has been an important tailwind for the private equity industry’s development as debt markets became increasingly cheaper, and institutional investors were searching for ways to offset the shrinking yields on their fixed income portfolios. The past decade, however, has marked a new monetary policy regime: short-term rates have been trapped at zero and it is clear that the favorable environment of declining rates will no longer be there. This development is likely to redefine the growth trajectory, composition and economics of the private equity industry in the decades to come. This first report in a new series from the Long-Term Investors think tank at the University of Torino and CEPR expands on the dynamics at play that shape the development of the global private equity industry and its interaction with the interest rate environment and explores the consequences of deceleration in its growth.
Victoria Ivashina
Lovett-Learned Professor of Business Administration
Anne and James F. Rothenberg Faculty Fellow
Unit Head, Finance
Lovett-Learned Professor of Business Administration
Anne and James F. Rothenberg Faculty Fellow
Unit Head, Finance
The report commends the broad-based governmental actions initially taken to support the economy, citizens, and the corporate sector during the Covid pandemic. However, structural changes in our economies due to the pandemic, and growing corporate solvency challenges, require a new mix of policy responses and tools. The report urges governments to move away from broad support and toward more targeted measures, enabling the reallocation of resources needed for economies to emerge from the crisis fitter and stronger.
In jurisdictions with strong private financial institutions and deep capital markets, this means mobilizing various mechanisms, tools, and markets to prioritize financial restructuring, with policymakers administering additional support where necessary. Key to this process will be to identify and support firms that will be viable in the post-pandemic economy, while repurposing the resources of those that will not. The report offers a framework to guide policymakers in this task. If comprehensive action is taken early, corporate distress will not hold back the return to sustained growth.
Companies are scrambling for cash in the wake of the pandemic. Unfortunately, for structural reasons they are unlikely to get the cash they need from their traditional lenders, even though the financial system is in relatively good shape and there are reserves of cash that could potentially be tapped. Government intervention will be required to help release the private capital available, but what is on the table with the CARES Act needs some amendments if the government is to get the cash where it’s needed.
This essay was submitted as comments in connection with the Federal Reserve Board’s corporate loan purchase facilities collectively called the Main Street Lending Program (“MSLP”.)
There has never been a greater need for long-term investments. And it is increasingly unlikely that the public sector will be willing or able to fill the gap. Those best positioned to address the long-run needs are likely to be the pools of capital in the hands of pensions, insurers, sovereign wealth funds, endowments, and families. In addition to their long time frames, these institutions command enormous sums. Yet, in many cases, despite abundance of capital and substantial needs for returns, long-term investments have been problematic at best. Building on recent academic research, our own work, and many discussions with practitioners, this book outlines the key challenges facing long-term investments and suggests ways to address them. Over the past several decades, “private equity” has been the primary way in which longer-term illiquid investments have been made. In dissecting the motivations and actions of the key actors in the world of long-run investing, we will have a careful look at traditional fund models, but we will also analyze other ways to pursue concentrated and long-term investments.
Foreign banks’ lending to firms in emerging market economies is large and denominated predominantly in U.S. dollars. This creates a direct connection between U.S. monetary policy and EME credit cycles. We estimate that over a typical U.S. monetary easing cycle, EME borrowers experience a 32-percentage-point greater increase in the volume of loans issued by foreign banks than do borrowers from developed markets, followed by a fast credit contraction of a similar magnitude upon reversal of the cycle. Consistent with a risk-driven credit-supply adjustment, we show that the spillover is stronger for riskier EMEs, and, within countries, for higher-risk firms.
When innovation and entry are high in an industry, is this good or bad news for incumbents? We show that recently the answer has been bad news. Industries with elevated venture capital activity and returns, and with a larger presence of newly listed firms, show a loss of revenue market share for established firms. The success of new firms is associated with higher credit risk of industry incumbents, more bond defaults, higher credit spreads on newly issued bonds, and other signs of stress. If future innovations continue to enable disruption, credit risk can be expected to remain high.
This book is a collection of cases and notes that have been used in Private Equity Finance, an advanced corporate finance course offered in the second year of the Harvard Business School’s MBA curriculum, over several years. The goal of the book is to provide a detailed insight into the sources of value creation, and the process of the deal making in the private equity industry.
Victoria Ivashina is the Lovett-Learned Professor of Finance and Head of the Finance Unit at Harvard Business School. She also serves as a Research Associate at the National Bureau of Economic Research (NBER), a Research Fellow at the Center for Economic Policy Research (CEPR), and a Visiting Scholar at the Federal Reserve Bank of Boston. Professor Ivashina co-founded and co-leads Harvard Business School's Private Capital Project and several executive education programs in the private equity area. She also developed the HBS Online Alternative Investments program. Professor Ivashina is a co-author of the books Patient Capital: The Challenges and Promises of Long-Term Investing and Private Equity: A Case Book.
Her research covers a broad spectrum of financial intermediation, including corporate credit markets, global banking operations, asset allocation by pension funds and insurance companies, and value creation by private equity and debt. Professor Ivashina currently serves as an Associate Editor at the Journal of Finance. She is an independent trustee of the Carlyle AlpInvest Private Markets Fund. Professor Ivashina holds a Ph.D. in Finance from the NYU Stern School of Business.
- Featured Work
-
The consistent growth of long-term alternative asset managers in the past four decades coincided with the secular decline in interest rates. This has been an important tailwind for the private equity industry’s development as debt markets became increasingly cheaper, and institutional investors were searching for ways to offset the shrinking yields on their fixed income portfolios. The past decade, however, has marked a new monetary policy regime: short-term rates have been trapped at zero and it is clear that the favorable environment of declining rates will no longer be there. This development is likely to redefine the growth trajectory, composition and economics of the private equity industry in the decades to come. This first report in a new series from the Long-Term Investors think tank at the University of Torino and CEPR expands on the dynamics at play that shape the development of the global private equity industry and its interaction with the interest rate environment and explores the consequences of deceleration in its growth.
Designing Public Policy InterventionsThe report commends the broad-based governmental actions initially taken to support the economy, citizens, and the corporate sector during the Covid pandemic. However, structural changes in our economies due to the pandemic, and growing corporate solvency challenges, require a new mix of policy responses and tools. The report urges governments to move away from broad support and toward more targeted measures, enabling the reallocation of resources needed for economies to emerge from the crisis fitter and stronger.
In jurisdictions with strong private financial institutions and deep capital markets, this means mobilizing various mechanisms, tools, and markets to prioritize financial restructuring, with policymakers administering additional support where necessary. Key to this process will be to identify and support firms that will be viable in the post-pandemic economy, while repurposing the resources of those that will not. The report offers a framework to guide policymakers in this task. If comprehensive action is taken early, corporate distress will not hold back the return to sustained growth.
Companies are scrambling for cash in the wake of the pandemic. Unfortunately, for structural reasons they are unlikely to get the cash they need from their traditional lenders, even though the financial system is in relatively good shape and there are reserves of cash that could potentially be tapped. Government intervention will be required to help release the private capital available, but what is on the table with the CARES Act needs some amendments if the government is to get the cash where it’s needed.
This essay was submitted as comments in connection with the Federal Reserve Board’s corporate loan purchase facilities collectively called the Main Street Lending Program (“MSLP”.)
There has never been a greater need for long-term investments. And it is increasingly unlikely that the public sector will be willing or able to fill the gap. Those best positioned to address the long-run needs are likely to be the pools of capital in the hands of pensions, insurers, sovereign wealth funds, endowments, and families. In addition to their long time frames, these institutions command enormous sums. Yet, in many cases, despite abundance of capital and substantial needs for returns, long-term investments have been problematic at best. Building on recent academic research, our own work, and many discussions with practitioners, this book outlines the key challenges facing long-term investments and suggests ways to address them. Over the past several decades, “private equity” has been the primary way in which longer-term illiquid investments have been made. In dissecting the motivations and actions of the key actors in the world of long-run investing, we will have a careful look at traditional fund models, but we will also analyze other ways to pursue concentrated and long-term investments.
Foreign banks’ lending to firms in emerging market economies is large and denominated predominantly in U.S. dollars. This creates a direct connection between U.S. monetary policy and EME credit cycles. We estimate that over a typical U.S. monetary easing cycle, EME borrowers experience a 32-percentage-point greater increase in the volume of loans issued by foreign banks than do borrowers from developed markets, followed by a fast credit contraction of a similar magnitude upon reversal of the cycle. Consistent with a risk-driven credit-supply adjustment, we show that the spillover is stronger for riskier EMEs, and, within countries, for higher-risk firms.
When innovation and entry are high in an industry, is this good or bad news for incumbents? We show that recently the answer has been bad news. Industries with elevated venture capital activity and returns, and with a larger presence of newly listed firms, show a loss of revenue market share for established firms. The success of new firms is associated with higher credit risk of industry incumbents, more bond defaults, higher credit spreads on newly issued bonds, and other signs of stress. If future innovations continue to enable disruption, credit risk can be expected to remain high.
This book is a collection of cases and notes that have been used in Private Equity Finance, an advanced corporate finance course offered in the second year of the Harvard Business School’s MBA curriculum, over several years. The goal of the book is to provide a detailed insight into the sources of value creation, and the process of the deal making in the private equity industry.
- Books
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- Ivashina, Victoria, and Josh Lerner. Patient Capital: The Challenges and Promises of Long-Term Investing. First ed. Princeton, NJ: Princeton University Press, 2019. View Details
- Gompers, Paul A., Victoria Ivashina, and Richard S. Ruback. Private Equity: A Casebook. London: Anthem Press, 2019. View Details
- Journal Articles
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- Ivashina, Victoria, and Boris Vallée. "Weak Credit Covenants." Management Science (forthcoming). View Details
- Hanson, Samuel Gregory, Victoria Ivashina, Laura Nicolae, Jeremy C. Stein, Adi Sunderam, and Daniel K. Tarullo. "The Evolution of Banking in the 21st Century: Evidence and Regulatory Implications." Brookings Papers on Economic Activity (forthcoming). View Details
- Gutiérrez, Bryan, Victoria Ivashina, and Juliana Salomao. "Why Is Dollar Debt Cheaper? Evidence from Peru." Journal of Financial Economics 148, no. 3 (June 2023): 245–272. View Details
- Becker, Bo, and Victoria Ivashina. "Disruption and Credit Markets." Journal of Finance 78, no. 1 (February 2023): 105–139. View Details
- Becker, Bo, and Victoria Ivashina. "Weak Corporate Insolvency Rules: The Missing Driver of Zombie Lending." AEA Papers and Proceedings 112 (May 2022): 516–520. View Details
- Ivashina, Victoria, Luc Laeven, and Enrique Moral-Benito. "Loan Types and the Bank Lending Channel." Journal of Monetary Economics 126 (March 2022): 171–187. View Details
- Bord, Vitaly, Victoria Ivashina, and Ryan D. Taliaferro. "Large Banks and Small Firm Lending." Journal of Financial Intermediation 48 (October 2021). View Details
- Bräuning, Falk, and Victoria Ivashina. "Monetary Policy and Global Banking." Journal of Finance 75, no. 6 (December 2020): 3055–3095. View Details
- Bräuning, Falk, and Victoria Ivashina. "U.S. Monetary Policy and Emerging Market Credit Cycles." Journal of Monetary Economics 112 (June 2020): 57–76. View Details
- Ivashina, Victoria, and Josh Lerner. "Pay Now or Pay Later? The Economics within the Private Equity Partnership." Journal of Financial Economics 131, no. 1 (January 2019): 61–87. View Details
- Becker, Bo, and Victoria Ivashina. "Financial Repression in the European Sovereign Debt Crisis." Review of Finance 22, no. 1 (February 2018): 83–115. View Details
- Ivashina, Victoria, Benjamin Iverson, and David C. Smith. "The Ownership and Trading of Debt Claims in Chapter 11 Restructurings." Journal of Financial Economics 119, no. 2 (February 2016): 316–335. View Details
- Ivashina, Victoria, David S. Scharfstein, and Jeremy C. Stein. "Dollar Funding and the Lending Behavior of Global Banks." Quarterly Journal of Economics 130, no. 3 (August 2015): 1241–1281. View Details
- Becker, Bo, and Victoria Ivashina. "Reaching for Yield in the Bond Market." Journal of Finance 70, no. 5 (October 2015): 1863–1902. View Details
- Fang, Lily, Victoria Ivashina, and Josh Lerner. "The Disintermediation of Financial Markets: Direct Investing in Private Equity." Journal of Financial Economics 116, no. 1 (April 2015): 160–178. View Details
- Becker, Bo, and Victoria Ivashina. "Cyclicality of Credit Supply: Firm Level Evidence." Journal of Monetary Economics 62 (March 2014): 76–93. View Details
- Fang, Lily H., Victoria Ivashina, and Josh Lerner. "Combining Banking with Private Equity Investing." Review of Financial Studies 26, no. 9 (September 2013): 2139–2173. View Details
- Benmelech, Effi, Jennifer Dlugosz, and Victoria Ivashina. "Securitization without Adverse Selection: The Case of CLOs." Journal of Financial Economics 106, no. 1 (October 2012): 91–113. View Details
- Ivashina, Victoria, and Anna Kovner. "The Private Equity Advantage: Leveraged Buyout Firms and Relationship Banking." Review of Financial Studies 24, no. 7 (July 2011): 2462–2498. View Details
- Ivashina, Victoria, and Zheng Sun. "Institutional Stock Trading on Loan Market Information ." Journal of Financial Economics 100, no. 2 (May 2011): 284–303. View Details
- Ivashina, Victoria, and Zheng Sun. "Institutional Demand Pressure and the Cost of Corporate Loans ." Journal of Financial Economics 99, no. 3 (March 2011): 500–522. View Details
- Ivashina, Victoria, and David Scharfstein. "Loan Syndication and Credit Cycles." American Economic Review: Papers and Proceedings 100, no. 2 (May 2010): 57–61. View Details
- Ivashina, Victoria, and David S. Scharfstein. "Bank Lending During the Financial Crisis of 2008." Journal of Financial Economics 97, no. 3 (September 2010): 319–338. View Details
- Ivashina, Victoria. "Asymmetric Information Effects on Loan Spreads." Journal of Financial Economics 92, no. 2 (May 2009): 300–319. View Details
- Ivashina, Victoria, Vinay Nair, Anthony Saunders, Nadia Massoud, and Roger Stover. "Bank Debt and Corporate Governance." Review of Financial Studies 22, no. 1 (January 2009): 41–77. View Details
- Book Chapters
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- Ivashina, Victoria. "Private Equity Financing." Chap. 4 in Private Equity and Entrepreneurial Finance. 1, edited by B. Espen Eckbo, Gordon M. Phillips, and Morten Sorensen, 139–160. Handbook of the Economics of Corporate Finance. Elsevier BV, 2023. View Details
- Working Papers
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- Bräuning, Falk, and Victoria Ivashina. "Bank Runs and Interest Rates: A Revolving Lines Perspective." Working Paper, May 2024. View Details
- 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. View Details
- Breckenfelder, Johannes, and Victoria Ivashina. "Bank Balance Sheet Constraints and Bond Liquidity." Working Paper, June 2021. View Details
- Bräuning, Falk, Victoria Ivashina, and Ali Ozdagli. "High-Yield Debt Covenants and Their Real Effects." NBER Working Paper Series, No. 29888, March 2022. View Details
- Ivashina, Victoria, and Benjamin Iverson. "Trade Creditors' Information Advantage." NBER Working Paper Series, No. 24269, January 2018. View Details
- Becker, Bo, and Victoria Ivashina. "Covenant-Light Contracts and Creditor Coordination." Swedish House of Finance Research Paper, No. 16-09, March 2016. View Details
- Cases and Teaching Materials
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- Ivashina, Victoria. "Discounted Cash Flows (DCF) Valuation Methods and Their Application in Private Equity." Harvard Business School Technical Note 221-012, August 2020. View Details
- Ivashina, Victoria, Alexey Tuzikov, and Abhijit Tagade. "Valuation Techniques in Private Equity: LBO Model." Harvard Business School Background Note 218-106, June 2018. View Details
- Ivashina, Victoria, and Henrik Boe. "Primer on Multiples Valuation and Its Use in the Private Equity Industry." Harvard Business School Background Note 218-017, July 2017. (Revised January 2020.) View Details
- Ivashina, Victoria, and Abhijit Tagade. "Analytical Tools in Private Equity: Return Bridge." Harvard Business School Background Note 220-019, August 2019. (Revised September 2021.) (Prof. Ivashina is using this note for course this semester.) View Details
- Gompers, Paul A., Victoria Ivashina, and Timothy Dore. "Private Equity Valuation in Emerging Markets." Harvard Business School Technical Note 213-043, September 2012. (Revised June 2017.) View Details
- Ivashina, Victoria. "Note on the Leveraged Loan Market." Harvard Business School Background Note 214-047, October 2013. (Revised November 2018.) View Details
- Gompers, Paul A., Victoria Ivashina, and Joris Van Gool. "Note on LBO Capital Structure." Harvard Business School Module Note 214-039, October 2013. View Details
- Ivashina, Victoria, Graham Patton, and Tyler Todd. "Upstream Oil and Gas Private Equity." Harvard Business School Background Note 215-068, May 2015. (Revised October 2015.) View Details
- Ivashina, Victoria. "Debt as a Source of Value in Private Equity." Harvard Business School Module Note 214-061, April 2014. View Details
- Ivashina, Victoria, and Alys Ferragamo. "Blackstone Credit and Delaware Basin Resources." Harvard Business School Case 224-035, September 2023. View Details
- Ivashina, Victoria, and William Vrattos. "York Capital CLOs and WorldStrides International." Harvard Business School Case 223-034, September 2022. (Revised January 2023.) View Details
- Ivashina, Victoria, Luis M. Viceira, John D. Dionne, and Alys Ferragamo. "PE Secondaries: Blackstone Strategic Partners." Harvard Business School Case 222-027, November 2021. View Details
- Ivashina, Victoria, and Luis M. Viceira. "PE Secondaries: Blackstone Strategic Partners." Harvard Business School Teaching Note 223-022, August 2022. View Details
- Green, Daniel, Victoria Ivashina, and Alys Ferragamo. "PFA Pensions: The Climate Plus Product." Harvard Business School Case 222-088, June 2022. View Details
- Ivashina, Victoria, Ruth Costas, and Pedro Levindo. "Advent International and Walmart Brazil's Deal." Harvard Business School Case 222-047, November 2021. (Revised February 2022.) View Details
- Ivashina, Victoria, Terrence Shu, and Alys Ferragamo. "Rockwood Equity: Choosing the Right Debt Package." Harvard Business School Case 222-039, September 2021. (Revised October 2021.) View Details
- Ivashina, Victoria, John D. Dionne, and Terrence Shu. "Blackstone: Crocs Investment." Harvard Business School Case 221-023, September 2020. View Details
- Ivashina, Victoria, and Youssef Abdel Aal. "AfricInvest: A Pan-African Investment Platform." Harvard Business School Case 221-037, October 2020. (Revised December 2020.) View Details
- Ivashina, Victoria, and Terrence Shu. "Summit Partners: Independent Vetcare." Harvard Business School Case 221-024, September 2020. View Details
- Ivashina, Victoria, Brian Trelstad, and Meaghan Conway. "TowerBrook: ESG in Action (A)." Harvard Business School Case 221-045, October 2020. View Details
- Ivashina, Victoria, Brian Trelstad, and Meaghan Conway. "TowerBrook: ESG in Action (B)." Harvard Business School Supplement 221-046, October 2020. View Details
- Ivashina, Victoria, and Sangyun Lee. "UCK Partners: Gong Cha." Harvard Business School Case 221-040, October 2020. (Revised July 2023.) View Details
- Ivashina, Victoria, and Yury Kapko. "CSL Capital Management: Patriot Proppants (A)." Harvard Business School Case 220-094, July 2020. View Details
- Ivashina, Victoria, and Yury Kapko. "CSL Capital Management: Patriot Proppants (B)." Harvard Business School Supplement 221-007, July 2020. View Details
- Ivashina, Victoria, and Tonia Labruyere. "Pantheon Ventures in 2019." Harvard Business School Case 220-001, October 2019. (Revised June 2020.) View Details
- Ivashina, Victoria, and Terrence Shu. "BC Partners: Acuris." Harvard Business School Case 220-041, October 2019. (Revised December 2019.) View Details
- Ivashina, Victoria, and Esel Çekin. "Kaspi.kz IPO." Harvard Business School Case 220-007, October 2019. View Details
- Ivashina, Victoria, and Terrence Shu. "Subscription Lines Dilemma." Harvard Business School Case 220-025, August 2019. View Details
- Ivashina, Victoria, and Alpana Thapar. "Attijariwafa Bank: Egypt Expansion." Harvard Business School Case 219-008, November 2018. View Details
- Ivashina, Victoria, and Chirag Fialoke. "WestBridge: SKS Microfinance Investment." Harvard Business School Case 219-041, October 2018. View Details
- Ivashina, Victoria, and Jeffrey Boyar. "Granite Equity Partners." Harvard Business School Case 219-040, September 2018. View Details
- Ivashina, Victoria, and Terrence Shu. "Granite Equity Partners." Harvard Business School Teaching Note 820-062, October 2019. View Details
- Ivashina, Victoria, and Terrence Shu. "Granite Equity Compounding Returns Calculations." Harvard Business School Spreadsheet Supplement 220-709, October 2019. View Details
- Ivashina, Victoria, Ruth Kostas, and Priscilla Zogbi. "Advent International: Kroton Investment." Harvard Business School Case 219-035, September 2018. View Details
- Ivashina, Victoria, Priscilla Zogbi, and Ruth Kostas. "Advent International: Kroton Investment." Harvard Business School Spreadsheet Supplement 219-725, September 2018. View Details
- Ivashina, Victoria, and Jeffrey Boyar. "Enfoca: Private Equity in Peru." Harvard Business School Case 219-030, August 2018. View Details
- Ivashina, Victoria, and Terrence Shu. "Enfoca: Private Equity in Peru." Harvard Business School Teaching Note 220-056, January 2020. View Details
- Ivashina, Victoria, and Mike Harmon. "Oaktree: Pierre Foods Investment." Harvard Business School Case 219-018, August 2018. (Revised June 2019.) View Details
- Ivashina, Victoria, Michael Harmon, and Terrence Shu. "Oaktree: Pierre Foods Investment." Harvard Business School Teaching Note 220-083, April 2020. View Details
- Ivashina, Victoria, and Terrence Shu. "Oaktree: Pierre Foods Investment." Harvard Business School Spreadsheet Supplement 220-715, April 2020. View Details
- Ivashina, Victoria, and Eren Kuzucu. "Actera Group: Investing in Mars Cinema Group (A)." Harvard Business School Case 218-020, September 2017. (Revised July 2019.) View Details
- Ivashina, Victoria, and Eren Kuzucu. "Actera Group: Investing in Mars Cinema Group (B)." Harvard Business School Supplement 218-021, September 2017. (Revised July 2019.) View Details
- Ivashina, Victoria, and Eren Kuzucu. "Actera Group: Investing in Mars Cinema Group (A)." Harvard Business School Spreadsheet Supplement 218-705, September 2017. View Details
- Ivashina, Victoria, and Eren Kuzucu. "Actera Group: Investing in Mars Cinema Group (B)." Harvard Business School Spreadsheet Supplement 218-706, September 2017. View Details
- Ivashina, Victoria, and Jeffrey Boyar. "Actera Group: Investing in Mars Cinema Group (A) and (B)." Harvard Business School Teaching Note 220-045, November 2019. View Details
- Ivashina, Victoria, John D. Dionne, and Jeffrey Boyar. "Blackstone's GSO Capital: Crosstex Investment." Harvard Business School Case 218-008, September 2017. (Revised February 2019.) View Details
- Ivashina, Victoria, and Jeffrey Boyar. "Blackstone's GSO Capital: Crosstex Investment." Harvard Business School Teaching Note 220-039, October 2019. View Details
- Ivashina, Victoria, and Jeffrey Boyar. "Berkshire Partners: Party City." Harvard Business School Case 218-028, August 2017. (Revised January 2020.) View Details
- Ivashina, Victoria, and Jeffrey Boyar. "Berkshire Partners: Party City." Harvard Business School Teaching Note 218-125, June 2018. View Details
- Ivashina, Victoria, Federica Gabrieli, and Jérôme Lenhardt. "PFA Pension: Expansion of Alternatives Portfolio." Harvard Business School Case 218-025, August 2017. (Revised January 2020.) View Details
- Ivashina, Victoria. "BC Partners: Gruppo Coin." Harvard Business School Case 217-024, October 2016. (Revised March 2018.) View Details
- Ivashina, Victoria. "BC Partners: Gruppo Coin." Harvard Business School Teaching Note 217-078, April 2017. (Revised June 2017.) View Details
- Ivashina, Victoria, and Marc Homsy. "Qalaa Holdings and the Egyptian Refining Company." Harvard Business School Case 217-011, September 2016. (Revised March 2018.) View Details
- Ivashina, Victoria, and Jeffrey Boyar. "Qalaa Holdings and the Egyptian Refining Company." Harvard Business School Teaching Note 217-087, June 2017. View Details
- Ivashina, Victoria, Smita Aggarwal, Prachi Deuskar, and Marti G. Subrahmanyam. "ICICI Bank and the Issue of Long Term Bonds." Harvard Business School Case 216-043, January 2016. (Revised March 2018.) View Details
- Ivashina, Victoria. "HCA, Inc. LBO Exit." Harvard Business School Case 813-056, November 2012. (Revised January 2014.) View Details
- Ivashina, Victoria. "HCA, Inc. LBO Exit ." Harvard Business School Teaching Note 214-059, December 2013. (Revised January 2014.) View Details
- Ivashina, Victoria, and David Scharfstein. "Momentive Performance Materials, Inc." Harvard Business School Case 210-081, June 2010. (Revised November 2013.) View Details
- Ivashina, Victoria, and David Scharfstein. "Momentive Performance Materials, Inc." Harvard Business School Teaching Note 214-057, November 2013. View Details
- Ivashina, Victoria, and David Scharfstein. "Blackstone and the Sale of Citigroup's Loan Portfolio." Harvard Business School Case 214-037, October 2013. (Revised November 2013.) View Details
- Ivashina, Victoria, and David Scharfstein. "Blackstone and the Sale of Citigroup's Loan Portfolio Teaching Note." Harvard Business School Teaching Note 214-040, October 2013. (Revised December 2013.) View Details
- Ivashina, Victoria, and David Scharfstein. "Oaktree and the Restructuring of CIT Group (A)." Harvard Business School Case 214-035, October 2013. View Details
- Ivashina, Victoria, and David Scharfstein. "Oaktree and the Restructuring of CIT Group (B)." Harvard Business School Supplement 214-036, October 2013. View Details
- Ivashina, Victoria, and David S. Scharfstein. "Oaktree and the Restructuring of CIT Group (A) and (B)." Harvard Business School Teaching Note 214-058, November 2013. View Details
- Ivashina, Victoria. "TPG China: Daphne International." Harvard Business School Case 813-055, October 2012. View Details
- Ivashina, Victoria. "TPG China: Daphne International." Harvard Business School Teaching Note 215-018, September 2014. View Details
- Ivashina, Victoria, and Andre F. Perold. "Rosetree Mortgage Opportunity Fund." Harvard Business School Case 209-088, December 2008. (Revised March 2009.) View Details
- Ivashina, Victoria, and Andre F. Perold. "Rosetree Mortgage Opportunity Fund (TN)." Harvard Business School Teaching Note 210-065, March 2010. View Details
- Gilson, Stuart C., Victoria Ivashina, and Sarah Abbott. "Delphi Corp. and the Credit Derivatives Market (A)." Harvard Business School Case 210-002, July 2009. (Revised July 2009.) View Details
- Awards & Honors
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Received the Robert F. Greenhill Award for Outstanding Service to the HBS Community in 2023.Winner of the 2021 Journal of Financial Intermediation Best Paper Award for "Large Banks and Small Firm Lending" (October 2021) with Vitaly Bord and Ryan D. Taliaferro.Received the 2019 Apgar Award for Innovation in Teaching.Finalist for the 2018 Pagano & Zechner Prize for Best Non-Investments Paper Published in the Review of Finance for "Financial Repression in the European Sovereign Debt Crisis" (February 2018) with Bo Becker.Winner of the 2017 Second Place Jensen Prize for the Best Paper Published in the Journal of Financial Economics in the Area of Corporate Finance and Organizations for "The Ownership and Trading of Debt Claims in Chapter 11 Restructurings" (February 2016) with Benjamin Iverson and David C. Smith.Recipient of the Distinguished Referee Award from the Review of Financial Studies in 2016.Winner of the 2014 Rising Star in Finance Award presented at the Rising Stars Conference, Gabelli School of Business, Fordham University.Named a Hellman Faculty Fellow, 2011–2013.Won the 2011 Nordea Prize from the European Finance Association for the Best Paper on Corporate Finance for her paper with Bo Becker, “Cyclicality of Credit Supply: Firm Level Evidence” (Harvard Business School Working Paper, No. 10–107, June 2010. Revised August 2011.)Named a Berol Faculty Fellow, 2008–2009.Awarded the 2007 Larry Goldberg Prize for the Best Ph.D. Thesis in Financial Intermediation.Won the 2006 Award for the Outstanding Paper in Empirical Finance from the Southern Finance Association.Won the 2006 David M. Graifman Memorial Award from New York University for the Best Ph.D. thesis.
- Additional Information
- Areas of Interest
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- bank debt
- corporate finance
- financial distress
- financial intermediaries
- private equity
- bankruptcy
- capital structure
- contracts
- corporate governance
- cost of capital
- investment banking
- leveraged buyouts
- banking
- federal government
- financial services
- investment banking industry
- private equity (LBO funds)
- private equity (other)
Additional TopicsIndustries - In The News