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  • 2018
  • Working Paper

Corporate Refinancing, Covenants, and the Agency Cost of Debt

By: Daniel Green
How valuable are restrictive debt covenants in reducing the agency costs of debt? I exploit the revealed preference decision to refinance fixed-coupon bonds, which weighs observable interest rate savings against the unobservable costs of a change in restrictive... View Details
Keywords: Covenants; Refinancing; Corporate Bonds; Agency Costs; Debt Policy; Borrowing and Debt; Bonds; Interest Rates
Related
  • March 1998 (Revised March 2001)
  • Case

Concordia Electronic Systems Test

By: Thomas R. Piper
The management of an electronics company must decide whether to use a single hurdle rate for all projects or to move to a system of different hurdle rates for each of its two divisions. The divisions differ substantially in terms of risk and seem to have substantially... View Details
Keywords: Business Model; Risk and Uncertainty; Cost of Capital; Valuation; Business Divisions; Electronics Industry
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  • 20 Jan 2009
  • Research & Ideas

Risky Business with Structured Finance

modeling exercise (using the same computer tools employed by the ratings agencies) that demonstrates that the challenge of rating structured products lies in their extreme sensitivity to estimation... View Details
Keywords: by Julia Hanna; Banking; Financial Services
  • 18 Apr 2017
  • First Look

First Look at New Ideas, April 18

https://www.hbs.edu/faculty/Pages/item.aspx?num=52520 Interest Rate Conundrums in the Twenty-First Century By: Hanson, Samuel G., David O. Lucca, and Jonathan H. Wright Abstract—A large literature argues that... View Details
Keywords: by Sean Silverthorne
  • 2020
  • Working Paper

Mortgage Prepayment, Race, and Monetary Policy

By: Kristopher Gerardi, Paul Willen and David Hao Zhang
Over the period 2005 to 2015, Black borrowers paid more than 40 basis points higher mortgage interest rates than Non-Hispanic white borrowers. We show that the main reason is that Non-Hispanic white borrowers are much more likely to exploit periods of falling interest... View Details
Keywords: Mortgages; Consumer Behavior; Race; Ethnicity; Equality and Inequality; Policy; United States
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  • March 2011
  • Article

Institutional Demand Pressure and the Cost of Corporate Loans

By: Victoria Ivashina and Zheng Sun
Between 2001 and 2007, annual institutional funding in highly leveraged loans went up from $32 billion to $426 billion, accounting for nearly 70% of the jump in total syndicated loan issuance over the same period. Did the inflow of institutional funding in the... View Details
Keywords: Leveraged Buyouts; Financial Crisis; Credit; Debt Securities; Financing and Loans; Interest Rates; Investment
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  • July 1997
  • Background Note

Basic Capital Investment Analysis

By: William J. Bruns Jr.
Discusses the net present value and internal rate of return methods for analyzing capital investments. Assumes prior knowledge of compound interest and present value methods. View Details
Keywords: Investment Return; Valuation
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  • March 2009 (Revised May 2013)
  • Supplement

Kinyuseisaku: Monetary Policy in Japan (B)

By: Laura Alfaro and Akiko Kanno
Toshihiko Fukui, Governor of the Bank of Japan, faced a complex situation in the fall of 2007. An economic recovery had allowed the central bank to abandon its zero interest rate policy, which had been in place for years, and raise rates to 0.5%. The Bank of Japan was... View Details
Keywords: Inflation and Deflation; Money; Central Banking; Interest Rates; Policy; Japan
Related
  • Research Summary

Overview

Professor Begenau’s research agenda is directed at better understanding how financial markets work and how they affect the real economy. She uses quantitative analysis to build both prescriptive and descriptive models concerning financial risk in banking, and she also... View Details
  • December 2001 (Revised February 2004)
  • Case

Argentina's Convertibility Plan

By: Rafael M. Di Tella and Ingrid Vogel
Describes the political and economic development in Argentina from 1989 to 1995, with a focus on the role of the currency board. Culminates in Argentine policy makers (Menem in particular) contemplating how to respond to the tequila crisis in the middle of 1995.... View Details
Keywords: Currency Exchange Rate; Government and Politics; Interest Rates; Balance and Stability; Developing Countries and Economies; Financial Crisis; Crisis Management; Policy; Currency; Macroeconomics; Argentina
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    Best-selling and New Cases by Ben Esty

    Best-Selling (MOST POPULAR) Cases:  

      1) Eaton: Portfolio Transformation & Cost of... View Details

    • August 2017 (Revised September 2023)
    • Case

    Altoona State Investment Board & Bain Capital Fund XI

    By: Josh Lerner and Ted Berk
    Considers the decision faced by state pension fund manager Rod Calhoun as he decides whether to invest $200 million in Bain Capital's eleventh global buyout fund: Bain Capital Fund XI. For the fund, Bain was offering its limited partners a choice among three different... View Details
    Keywords: Equity Method; Leveraged Buyout; Management Buyout; Capital; Design; Entrepreneurship; Finance; Leveraged Buyouts; Management; Private Equity; Venture Capital; Banking Industry; Massachusetts
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    • February 2006 (Revised August 2006)
    • Case

    Auctioning Morningstar

    By: Malcolm P. Baker and James Quinn
    Morningstar, a publisher of data and ratings for mutual fund investors, is considering an auction-based approach to the company's upcoming IPO, with management weighing the risks and benefits of the auction approach vs. a traditional underwritten offering. View Details
    Keywords: Financial Strategy; Initial Public Offering; Stock Shares; Cost vs Benefits; Strategy; Auctions; Business or Company Management; Conflict of Interests; Publishing Industry
    Related
    • January 2008 (Revised April 2009)
    • Case

    Kinyuseisaku: Monetary Policy in Japan (A)

    By: Laura Alfaro and Akiko Kanno
    Toshihiko Fukui, Governor of the Bank of Japan, faced a complex situation in the fall of 2007. An economic recovery had allowed the central bank to abandon its zero interest rate policy, which had been in place for years, and raise rates to 0.5%. The Bank of Japan was... View Details
    Keywords: Inflation and Deflation; Money; Central Banking; Interest Rates; Policy; Japan
    Related
    • October 2012 (Revised September 2015)
    • Case

    Altoona State Investment Board: July 2012

    By: Josh Lerner and Nathaniel Burbank
    Considers the decision faced by state pension fund manager Rod Calhoun as he decides whether to invest $200 million in Bain Capital's eleventh global buyout fund: Bain Capital Fund XI. For the fund, Bain was offering its limited partners a choice between three... View Details
    Keywords: Management Fees; Bain Capital; Venture Capital; Private Equity; Leveraged Buyouts; Banking Industry; Boston
    Related
    • March 1986 (Revised July 1986)
    • Case

    Applications for Financial Futures

    Consists of a series of four brief descriptions of the use of financial futures as hedging vehicles: a savings and loan hedging the rollover of three-month money market certificates with T-bill futures, a corporate debt issuer hedging the cost of a future debt issue... View Details
    Keywords: Financial Instruments
    Related
    • 14 May 2015
    • News

    A senseless subsidy

    • December 1994 (Revised June 1995)
    • Case

    Tiffany & Co.--1993

    By: W. Carl Kester and Kendall Backstrand
    The restructuring of Tiffany's retailing agreement with Mitsukoshi Ltd. in 1993 exposed Tiffany to substantial yen/dollar exchange rate volatility that it had not previously faced. This new exposure requires Tiffany to establish risk management policies and practices.... View Details
    Keywords: Restructuring; Currency Exchange Rate; Management Practices and Processes; Risk Management; Agreements and Arrangements; Situation or Environment
    Related
    • 05 Jan 2016
    • Working Paper Summaries

    The Integrity of Private Third-party Compliance Monitoring

    Keywords: by Michael W. Toffel & Jodi L. Short; Manufacturing; Public Administration; Accounting; Service
    • 13 Jul 2007
    • Working Paper Summaries

    Economic Catastrophe Bonds

    Keywords: by Joshua D. Coval, Jakub W. Jurek & Erik Stafford; Financial Services