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      Costs Of Financial DistressRemove Costs Of Financial Distress →

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      • May 2016 (Revised September 2017)
      • Case

      Canadian Pacific's Bid for Norfolk Southern

      By: Benjamin C. Esty and E. Scott Mayfield
      In December 2015, Canadian Pacific Railroad (CPR) has just made its third bid to acquire Norfolk Southern Corporation (NSC), one of the largest railroads in the United States. Having rejected the prior offers, NSC’s CEO James Squires and the NSC board must now value... View Details
      Keywords: Capital Structure; Cash Flow; Cost of Capital; Financial Strategy; Investment Activism; Bids and Bidding; Negotiation Offer; Corporate Strategy; Rail Transportation; Mergers and Acquisitions; Transformation; United States; Canada
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      Esty, Benjamin C., and E. Scott Mayfield. "Canadian Pacific's Bid for Norfolk Southern." Harvard Business School Case 216-057, May 2016. (Revised September 2017.)
      • May 2016 (Revised August 2019)
      • Teaching Note

      Project Deutschland: Unpeeling the Onion of a Distressed Real Estate Portfolio

      By: Nori Gerardo Lietz and Ricardo Andrade
      James Tallest analyzed the opportunity to invest in a distressed portfolio of high quality properties in Germany by acquiring one or more non-performing loans from Deutschland Bank. While he considers the many aspects of the deal that is about to unfold, he must decide... View Details
      Keywords: Real Estate; Distress Investing; Non-performing Loan; Borrowing and Debt; Capital Structure; Private Equity; Negotiation Deal; Valuation; Financial Services Industry; Financial Services Industry; Germany; Europe
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      Lietz, Nori Gerardo, and Ricardo Andrade. "Project Deutschland: Unpeeling the Onion of a Distressed Real Estate Portfolio." Harvard Business School Teaching Note 216-056, May 2016. (Revised August 2019.)
      • May 2016 (Revised August 2022)
      • Case

      RegionFly: Cutting Costs in the Airline Industry

      By: Susanna Gallani and Eva Labro
      RegionFly is a small, private airline specializing in ultra-premium services. Founded shortly after the "Golden Age of airline travel," RegionFly's financial performance had been strong for several decades. More recently, however, the results have taken a downward... View Details
      Keywords: Recession; Downsizing; Profitability; Cost Management; Profit; Luxury; Competitive Strategy; Mergers and Acquisitions; Business Divisions; Logistics; Decision Making; Strategic Planning; Air Transportation Industry
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      Gallani, Susanna, and Eva Labro. "RegionFly: Cutting Costs in the Airline Industry." Harvard Business School Case 116-047, May 2016. (Revised August 2022.)
      • April 2016
      • Supplement

      Canadian Pacific's Bid for Norfolk Southern Spreadsheet Supplement

      By: Benjamin C. Esty and Scott Mayfield
      In December 2015, Canadian Pacific Railroad (CPR) has just made its third bid to acquire Norfolk Southern Corporation (NSC), one of the largest railroads in the United States. Having rejected the prior offers, NSC’s CEO James Squires and the NSC board must now value... View Details
      Keywords: Capital Structure; Cash Flow; Cost of Capital; Financial Strategy; Investment Activism; Bids and Bidding; Negotiation Offer; Corporate Strategy; Rail Transportation; Mergers and Acquisitions; Transformation; United States; Canada
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      Esty, Benjamin C., and Scott Mayfield. "Canadian Pacific's Bid for Norfolk Southern Spreadsheet Supplement." Harvard Business School Spreadsheet Supplement 216-712, April 2016.
      • April 2016 (Revised January 2018)
      • Supplement

      Project Deutschland: Unpeeling the Onion of a Distressed Real Estate Portfolio

      By: Nori Gerardo Lietz and Ricardo Andrade
      Keywords: Real Estate; Germany; Distress Investing; Non-performing Loan; Borrowing and Debt; Capital Structure; Private Equity; Negotiation Deal; Valuation; Financial Services Industry; Financial Services Industry; Germany; Europe
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      Lietz, Nori Gerardo, and Ricardo Andrade. "Project Deutschland: Unpeeling the Onion of a Distressed Real Estate Portfolio." Harvard Business School Spreadsheet Supplement 216-708, April 2016. (Revised January 2018.)
      • March 2016 (Revised October 2018)
      • Case

      Project Deutschland: Unpeeling the Onion of a Distressed Real Estate Portfolio

      By: Nori Gerardo Lietz and Ricardo Andrade
      James Tallest analyzed the opportunity to invest in a distressed portfolio of high quality properties in Germany by acquiring one or more non-performing loans from Deutschland Bank. While he considers the many aspects of the deal that is about to unfold, he must decide... View Details
      Keywords: Real Estate; Distress Investing; Non-performing Loan; Borrowing and Debt; Capital Structure; Private Equity; Negotiation Deal; Valuation; Financial Services Industry; Financial Services Industry; Germany; Europe
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      Lietz, Nori Gerardo, and Ricardo Andrade. "Project Deutschland: Unpeeling the Onion of a Distressed Real Estate Portfolio." Harvard Business School Case 216-055, March 2016. (Revised October 2018.)
      • March 2016 (Revised May 2021)
      • Case

      Michael Milken: The Junk Bond King

      By: Tom Nicholas and Matthew G. Preble
      Michael Milken, an investment banker who dominated the junk bond market in the 1980s, was sentenced to jail in 1990 after pleading guilty to a number of securities and tax-related felonies. In the preceding decade, Milken had helped usher in a new wave of leveraged buy... View Details
      Keywords: Junk Bonds; High-yield Bonds; Financial Innovation; Shareholder Value; Bonds; Capital; Capital Structure; Cost of Capital; Crime and Corruption; Entrepreneurship; Ethics; Finance; Investment Banking; Leveraged Buyouts; Mergers and Acquisitions; Ownership; Private Equity; Restructuring; United States
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      Nicholas, Tom, and Matthew G. Preble. "Michael Milken: The Junk Bond King." Harvard Business School Case 816-050, March 2016. (Revised May 2021.)
      • 2015
      • Working Paper

      Staggered Boards and Shareholder Value: A Reply to Amihud and Stoyanov

      By: Alma Cohen and Charles C.Y. Wang
      In a paper published in the Journal of Financial Economics in 2013, we provided evidence that market participants perceive staggered boards to be on average value-reducing. In a recent response paper, Amihud and Stoyanov (2015) “contest” our results. They... View Details
      Keywords: Staggered Boards; Takeover Defense; Antitakeover Provision; Firm Value; Agency Costs; Delaware; Chancery Court; Airgas; Governing and Advisory Boards; Acquisition; Corporate Governance; Business and Shareholder Relations; Delaware
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      Cohen, Alma, and Charles C.Y. Wang. "Staggered Boards and Shareholder Value: A Reply to Amihud and Stoyanov." Harvard Business School Working Paper, No. 16-097, February 2016.
      • February 2016 (Revised March 2019)
      • Case

      Bankruptcy at Caesars Entertainment

      By: Kristin Mugford and David Chan
      Caesars Entertainment was a large casino operator in the United States that had been purchased in a 2008 leveraged buyout by Apollo and TPG. In January 2015, Caesars Entertainment Operating Company (CEOC), its largest subsidiary, filed for Chapter 11. This set up a... View Details
      Keywords: Gaming; Chapter 11; Fraudulent Conveyance; Apollo; TPG; Bankruptcy; Leveraged Buyouts; Restructuring; Capital Structure; Insolvency and Bankruptcy; Private Equity; Financial Management; Lawsuits and Litigation; Negotiation; Games, Gaming, and Gambling; Entertainment and Recreation Industry; Las Vegas
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      Mugford, Kristin, and David Chan. "Bankruptcy at Caesars Entertainment." Harvard Business School Case 216-052, February 2016. (Revised March 2019.)
      • February 2016 (Revised May 2016)
      • Case

      Blue Origin, NASA, and New Space (A)

      By: Matthew Weinzierl and Angela Acocella
      Jeff Bezos, six years after starting a revolution in retailing with Amazon.com, turned his life-long passion for space into a start-up, Blue Origin. Blue (as it was called) was a part of the New Space industry, a collection of startup aerospace engineering companies... View Details
      Keywords: Cost vs Benefits; Partners and Partnerships; Transportation; Business Startups; Government and Politics; Business and Government Relations; Aerospace Industry
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      Weinzierl, Matthew, and Angela Acocella. "Blue Origin, NASA, and New Space (A)." Harvard Business School Case 716-012, February 2016. (Revised May 2016.)
      • February 2016 (Revised July 2017)
      • Case

      Leadership and Independence at the Federal Reserve

      By: David Moss and Marc Campasano
      “From the Great Depression, to the stagflation of the seventies, to the current economic crisis caused by the housing bubble, every economic downturn suffered by this country over the past century can be traced to Federal Reserve policy.” Ron Paul, a Republican from... View Details
      Keywords: Government Legislation; Central Banking; Policy; Financial Crisis; Business and Government Relations; Banking Industry; Public Administration Industry; United States
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      Moss, David, and Marc Campasano. "Leadership and Independence at the Federal Reserve." Harvard Business School Case 716-040, February 2016. (Revised July 2017.)
      • Article

      The Ownership and Trading of Debt Claims in Chapter 11 Restructurings

      By: Victoria Ivashina, Benjamin Iverson and David C. Smith
      What is the ownership structure of bankrupt debt claims? How does the ownership evolve though bankruptcy? And how does debt ownership influence Chapter 11 outcomes? To answer these questions, we construct a data set that identifies the entire capital structure for 136... View Details
      Keywords: Ownership Structure; Distressed Debt; Trading In Bankruptcy; Restructuring; Capital Structure; Insolvency and Bankruptcy; Ownership; Borrowing and Debt; United States
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      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.
      • December 2015
      • Article

      Introduction: New Perspectives on Corporate Capital Structure

      By: Viral Acharya, Heitor Almeida and Malcolm Baker
      The National Bureau of Economic Research held a symposium titled "New Perspectives on Corporate Capital Structures" on April 5–6, 2013 in Cambridge, Massachusetts. In its call for the submission of theoretical and empirical papers for the symposium, the NBER noted that... View Details
      Keywords: Capital Structure; Economic Growth; Financial Crisis; Corporate Finance
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      Acharya, Viral, Heitor Almeida, and Malcolm Baker. "Introduction: New Perspectives on Corporate Capital Structure." Journal of Financial Economics 118, no. 3 (December 2015): 551–552.
      • November 2015 (Revised February 2016)
      • Case

      Allianz Turkey: Focus on the Customer (A)

      By: W. Earl Sasser and Gamze Yucaoglu
      At the age of 39, Solmaz Altın took over the helm at Allianz Turkey. Solmaz quickly realized that, although the insurance market was thinly penetrated in Turkey, the company was operating in a very competitive environment with pressure on prices and, hence, cost... View Details
      Keywords: Service Excellence; Customer Experience; Customer Service; Emerging Market; Customer Focus; Net Promoter Score; Customer Relationship Management; Competition; Leading Change; Service Operations; Emerging Markets; Customer Satisfaction; Insurance Industry; Turkey
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      Sasser, W. Earl, and Gamze Yucaoglu. "Allianz Turkey: Focus on the Customer (A)." Harvard Business School Case 316-093, November 2015. (Revised February 2016.)
      • November 2015 (Revised February 2016)
      • Supplement

      Allianz Turkey: Focus on the Customer (B)

      By: W. Earl Sasser and Gamze Yucaoglu
      At the age of 39, Solmaz Altın took over the helm at Allianz Turkey. Solmaz quickly realized that, although the insurance market was thinly penetrated in Turkey, the company was operating in a very competitive environment with pressure on prices and, hence, cost... View Details
      Keywords: Service Excellence; Customer Experience; Customer Service; Emerging Market; Customer Focus; Net Promoter Score; Customer Relationship Management; Competition; Leading Change; Service Operations; Emerging Markets; Customer Satisfaction; Insurance Industry; Turkey
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      Sasser, W. Earl, and Gamze Yucaoglu. "Allianz Turkey: Focus on the Customer (B)." Harvard Business School Supplement 316-094, November 2015. (Revised February 2016.)
      • Article

      Behavioral Hazard in Health Insurance

      By: Katherine Baicker, Sendhil Mullainathan and Joshua Schwartzstein
      A fundamental implication of standard moral hazard models is overuse of low-value medical care because copays are lower than costs. In these models, the demand curve alone can be used to make welfare statements, a fact relied on by much empirical work. There is ample... View Details
      Keywords: Insurance; Consumer Behavior; Health Care and Treatment; Insurance Industry
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      Baicker, Katherine, Sendhil Mullainathan, and Joshua Schwartzstein. "Behavioral Hazard in Health Insurance." Quarterly Journal of Economics 130, no. 4 (November 2015): 1623–1667. (Online Appendix.)
      • Article

      The Cost of Capital for Alternative Investments

      By: Jakub W. Jurek and Erik Stafford
      Traditional risk factor models indicate that hedge funds capture pre-fee alphas of 6% to 10% per annum over the period from 1996 to 2012. At the same time, the hedge fund return series is not reliably distinguishable from the returns of mechanical S&P 500 put-writing... View Details
      Keywords: Hedge Funds; Required Returns; Downside Risk; Index Options; Investment Funds; Cost of Capital; Investment Return; Risk and Uncertainty; Financial Services Industry
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      Jurek, Jakub W., and Erik Stafford. "The Cost of Capital for Alternative Investments." Journal of Finance 70, no. 5 (October 2015): 2185–2226.
      • 2015
      • Article

      International Trade, Multinational Activity, and Corporate Finance

      By: C. Fritz Foley and Kalina Manova
      An emerging new literature brings unique ideas from corporate finance to the study of international trade and investment. Insights about differences in the development of financial institutions across countries, the role of financial constraints, and the use of... View Details
      Keywords: Multinational Firms and Management; Investment; Trade; Corporate Finance
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      Foley, C. Fritz, and Kalina Manova. "International Trade, Multinational Activity, and Corporate Finance." Annual Review of Economics 7 (2015): 119–146.
      • May 2015 (Revised March 2016)
      • Supplement

      Thomas Cook Group on the Brink (B): Transformation Year 1 Results

      By: Benjamin C. Esty
      Analyzes the results of the Thomas Cook turnaround plan after the first year under Harriet Green's leadership (November 2013). View Details
      Keywords: Turnaround; Corporate Restructuring; Female Ceo; Transformation; Change Management; Communication Strategy; Cost Management; Financial Liquidity; Financial Management; Management Succession; Leading Change; Crisis Management; Value Creation; Leadership; Travel Industry; United Kingdom
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      Esty, Benjamin C. "Thomas Cook Group on the Brink (B): Transformation Year 1 Results." Harvard Business School Supplement 215-051, May 2015. (Revised March 2016.)
      • May 2015 (Revised March 2016)
      • Supplement

      Thomas Cook Group on the Brink (C): Transformation Year 2 Results

      By: Benjamin C. Esty
      Analyzes the results of the Thomas Cook turnaround plan after the second year under Harriet Green's leadership (November 2014). View Details
      Keywords: Turnaround; Corporate Restructuring; Female Ceo; Transformation; Change Management; Communication Strategy; Cost Management; Financial Liquidity; Financial Management; Management Succession; Leading Change; Crisis Management; Value Creation; Leadership; Travel Industry; United Kingdom
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      Esty, Benjamin C. "Thomas Cook Group on the Brink (C): Transformation Year 2 Results." Harvard Business School Supplement 215-052, May 2015. (Revised March 2016.)
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