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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
- Research Summary
Corporate Debt, Firm Size and Financial Fragility in Emerging Markets
By: Laura Alfaro
The post-Global Financial Crisis period shows a surge in corporate leverage in emerging markets and a number of countries with deteriorated corporate financial fragility indicators (Altman’s Z-score). Firm size plays a critical role in the relationship between... View Details
- Research Summary
Creating Corporate Value Added
By: Joseph L. Bower
In response to dramatic changes in the business environment--hypercompetition in many traditional industries, short product life cycles, and new competitors based in emerging nations--successful companies have responded by repositioning themselves in the global markets... View Details
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Creating Emerging Markets
By: Geoffrey Jones
Harvard Business School has an on-going program to conduct in-depth interviews with top business leaders who have created and managed businesses in Africa, Asia, the Middle East, and Latin America over the last four decades. These interviews, many lasting several... View Details
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Debt Redemption and Reserve Accumulation
By: Laura Alfaro
In the past decade, foreign participation in local-currency bond markets in emerging countries increased dramatically. We revisit sovereign debt sustainability under the assumptions that countries can accumulate reserves and borrow internationally using their own... View Details
- Teaching Interest
Development Economics (PhD)
By: Shawn A. Cole
This course, intended for second-year PhD students in economics and related fields, is taught by Michael Kremer, Phillippe Aghion, and Shawn Cole.
Part I (Kremer) of the course will cover macro-economic topics including aggregate and non-aggregate growth... View Details
- Research Summary
Financial Markets and Corporate Governance
By: Dwight B. Crane
Corporate scandals beginning in the late 1990s focused renewed attention on corporate governance, but significant cracks in the governance system also contributed to recent problems. Deregulation and growth of financial markets, as well as changes in the competitive... View Details
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- Article
High-Yield Debt Covenants and Their Real Effects
By: Falk Bräuning, Victoria Ivashina and Ali Ozdagli
High-yield debt including leveraged loans is characterized by incurrence financial covenants, or “cov-lite” provisions. A traditional loan agreement includes maintenance covenants, which require continuous compliance with the covenant threshold, and their violation... View Details
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- Article
Long-Run Returns to Private Equity in Emerging Markets
By: Shawn Cole, Martin Melecky, Florian Mölders and Tristan Reed
We provide the first evidence on the long-run returns to private equity in emerging and frontier markets using the cash flows from every equity investment made by the International Finance Corporation across 130 countries over 58 years. Risk-adjusted returns are... View Details
- Research Summary
Managing International Trade and Investment
By: Debora L. Spar
Introduced by Debora Spar in 1995, Managing International Trade and Investment is an elective course that prepares students to deal with the distinct set of management challenges that face cross-border businesses. Building on experience that suggests that what works... View Details
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Personal Data in Marketing
By: John A. Deighton
Between 10% and 20% of all marketing activity in the United States, and a smaller proportion internationally, relies on data about individuals, whether personally identifying or pseudonomized. These data flow across a system of established and emerging firms operating... View Details
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