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  • Article

CDS Trading and Nonrelationship Lending Dynamics

By: Jung Koo Kang, Christopher Williams and Regina Wittenberg-Moerman
We investigate how credit default swaps (CDSs) affect lenders’ incentives to initiate new lending relationships. We predict that CDSs reduce adverse selection that nonrelationship lead arrangers face when competing for loans. Consistently, we find that a loan is... View Details
Keywords: Credit Default Swaps; CDS Market; Non-relationship Lending; Debt Contracts; Adverse Selection; Lending Monitoring; Cross-selling
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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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  • September 2007
  • Article

Related Lending and Economic Performance: Evidence from Mexico

By: Noel Maurer and Stephen Haber
Related lending, a widespread practice in LDCs, is widely held to encourage bankers to loot their banks at the expense of minority shareholders and depositors. We argue that neither looting nor credit misallocation are necessary outcomes of related lending. On... View Details
Keywords: Crime and Corruption; Developing Countries and Economies; Financial Crisis; Financing and Loans; History; Business and Shareholder Relations; Banking Industry; Mexico
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  • 02 Apr 2013
  • Working Paper Summaries

Monitoring and the Portability of Soft Information

Keywords: by Dennis Campbell & Maria Loumioti; Banking
  • 12 Sep 2016
  • Research & Ideas

What Brands Can Do to Monitor Factory Conditions of Suppliers

not, multinational brands have taken up the mantle of responsibility, establishing codes of conduct that their suppliers are—theoretically at least—obligated to adhere to. Often, the brands also monitor their suppliers’ performance with... View Details
Keywords: by Michael Blanding
  • 23 Nov 2015
  • News

Former SBA Chief Weighs in on the Rapidly Changing World of Financing

  • 2022
  • Working Paper

The Issuance and Design of Sustainability-linked Loans

By: Maria Loumioti and George Serafeim
Sustainability-linked loans (i.e., syndicated loans for which pricing is linked to a sustainability performance indicator) have rapidly evolved into a significant private debt product. We find that sustainability-linked lending has been available mostly to borrowers... View Details
Keywords: Sustainability; Sustainability Management; Credit Products; Loan Contracts; Loans; Corporate Finance; Credit Risk; Environment; ESG; ESG Ratings; Climate Change; Finance; Borrowing and Debt; Risk and Uncertainty; Credit
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  • April 2012
  • Article

Corporate Ownership Structure and Bank Loan Syndicate Structure

By: Chen Lin, Yue Ma, Paul Malatesta and Yuhai Xuan
Using a novel data set on corporate ownership and control, we show that the divergence between the control rights and cash-flow rights of a borrowing firm's largest ultimate owner has a significant impact on the concentration and composition of the firm's loan... View Details
Keywords: Ownership; Financing and Loans; Cash Flow; Borrowing and Debt; Accounting; Crisis Management; Relationships; Law; Contracts; Banking Industry
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  • 30 Jan 2013
  • Working Paper Summaries

These Are the Good Old Days: Foreign Entry and the Mexican Banking System

Keywords: by Stephen Haber & Aldo Musacchio; Banking
  • 17 Nov 2009
  • First Look

First Look: Nov. 17

economists and other social scientists as they guide our most important personal and societal decisions. Bank Lending During the Financial Crisis of 2008 Authors:Victoria Ivashina and David S. Scharfstein Publication:Journal of Financial... View Details
Keywords: Martha Lagace
  • 16 Sep 2014
  • First Look

First Look: September 16

shocks and crime is similar to the observed relationship between rainfall shocks and crime. Our results thus identify a causal effect of poverty on crime. They also lend credence to a large literature on the effects of weather shocks on... View Details
Keywords: Sean Silverthorne
  • 08 Sep 2010
  • First Look

First Look: September 8, 2010

Chakravorti and N. VenkatramanHarvard Business School Case 810-143 Dr. Cameron Powell and his partner, Trey Moore, co-founders of the innovative company, AirStrip Technologies, have developed a series of apps for the iPhone and other smartphones that can help doctors... View Details
Keywords: Sean Silverthorne
  • 30 Jun 2009
  • First Look

First Look: June 30

environment, and social attitudes towards lending practices have shaped the approach to and structure of financing private enterprises over time. It also addresses the response of the Chinese government to the resilient curb market in the... View Details
Keywords: Martha Lagace
  • Web

Podcast - Business & Environment

transparency,and AI-driven monitoring are transforming carbon credit verification and marketconfidence. Additionally, she shares herperspective on the integration of voluntary andcompliance markets, including recent developments in... View Details
  • Web

Faculty & Researchers - Managing the Future of Work

and the efficacy of various education to employment programs. He co-hosts the popular Managing the Future of Work podcast, which has been downloaded almost two million times. Prior to joining the Harvard Business School faculty, Joe was a co-founder and long-time CEO... View Details
  • 19 Mar 2014
  • Research & Ideas

A Brand Manager’s Guide to Losing Control

companies are monitoring Twitter for complaints and asking how can we intervene?” Social collectiveness also lets marketers crowd-source brand messages from actual fans who already discuss the brand on social media. Today's fans can be... View Details
Keywords: by Carmen Nobel; Advertising
  • 29 Feb 2024
  • Blog Post

African American Student Union Spotlight on Social Enterprise

consulting for foundations and nonprofits with the Monitor Institute by Deloitte. What has been the highlight of your HBS experience thus far? HBS has been the greatest learning experience for me. I feel privileged to have the opportunity... View Details
  • 21 Jul 2014
  • Research & Ideas

Is a Gap in Small-Business Credit Holding Back the American Economy?

patents per employee than larger firms, and employ more than 40 percent of high-tech workers in America. “Small business owners feel that despite being creditworthy today, banks remain either wary or entirely unwilling to lend to them.”... View Details
Keywords: by Karen Mills; Manufacturing
  • 05 Aug 2024
  • Research & Ideas

Watching for the Next Economic Downturn? Follow Corporate Debt

crisis of 1994 The Asian financial crises of 1996 and 1997 The Argentinian crisis of 2001 The Eurozone crisis of 2009 and 2010 The authors parsed the in-depth data by industry. They focus on lending to: Agriculture, manufacturing, retail,... View Details
Keywords: by Rachel Layne
  • 26 Mar 2019
  • First Look

New Research and Ideas, March 26, 2019

enrolled at centers with biometric monitoring are 25% less likely to interrupt their treatment than those at regular centers—an improvement driven by increased attendance and efforts by health workers and greater protocol adherence by... View Details
Keywords: Dina Gerdeman