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Publications

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  • March 2021 (Revised August 2021)
  • Case

Apax Partners and Duck Creek Technologies

By: Josh Lerner, Terrence Shu and Alys Ferragamo
This case follows Jason Wright and Umang Kajaria at Apax Partners as they consider an investment in Duck Creek Technologies, a technology provider for property & casualty insurance companies. The deal required a complex carve-out from Accenture, Duck Creek’s parent... View Details
Keywords: Carve-out; Private Equity; Insurance; Investment; Operations; Valuation; Financial Strategy; New York (city, NY)
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  • Forthcoming
  • Article

Weak Credit Covenants

By: Victoria Ivashina and Boris Vallée
Using novel data on 1,240 credit agreements, we investigate sources of contractual complexity in the leveraged loan market. While negative covenants are widespread, carve-out and deductible clauses that qualify them are as frequent. We propose simple and comprehensive... View Details
Keywords: Leveraged Loans; Loan Contracts; Debt Covenants; Carve-out; Creditor Governance; LBO; Credit; Agreements and Arrangements; Leveraged Buyouts
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  • September 2017 (Revised October 2017)
  • Case

The Carlyle Group and Axalta

By: Josh Lerner and Alexey Tuzikov
Keywords: Carlyle; Axalta; Private Equity; Carve-out; DuPont; Industrials
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  • Web

Behavioral Finance & Financial Stability

covenants are widespread, carve-out and deductible clauses that weaken them are as frequent. They propose simple measures of contractual weakness, which uniquely explain the market-wide price reaction that followed the 2017 J.Crew... View Details
  • Web

Research - Behavioral Finance & Financial Stability

novel data on 1,240 credit agreements, Victoria and Boris investigate sources of contractual complexity in the leveraged loan market. While negative covenants are widespread, carve-out and deductible clauses that weaken them are as... View Details
  • 16 Feb 2004
  • Research & Ideas

European Private Equity—Still a Teenager?

pan-European funds and global private equity organizations), panelists pointed to corporate carve-outs and restructuring as hope for future payoffs. When I arrived in 1989, people were saying that there was too much money chasing too few... View Details
Keywords: by Martha Lagace; Financial Services
  • 27 Apr 2021
  • Research & Ideas

New Research: Surviving Bankruptcy, Useful Economics, and Retirement

investment in Duck Creek Technologies, a technology provider for property & casualty insurance companies. The deal required a complex carve-out from Accenture, Duck Creek’s parent organization, and several operational improvements to... View Details
  • 17 Nov 2003
  • Research & Ideas

The Business Case for Diabetes Disease Management

Management" that Beaulieu co-wrote to launch the discussion, works like this: "In a carve-out arrangement, a private disease management vendor typically takes on full risk for the care of patients with specific diseases like... View Details
Keywords: by Martha Lagace; Health
  • 27 Jul 2019
  • Op-Ed

Does Facebook's Business Model Threaten Our Elections?

its bullying and hate speech. You might consider a carve-out for smaller players to not overly burden innovation. The purpose would be to bring the same level of societal engagement to social media sites—making them responsible for libel... View Details
Keywords: by George Riedel