Publications

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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26 Feb 2020
News

Phoenix Rising

assets—which Greece has had a wealth of in recent years. Indeed the last decade has been rough on the country, to vastly understate the impact of a sovereign debt crisis that nearly kneecapped the entire... View Details

Keywords: Jen McFarland Flint

24 Oct 2006
First Look

First Look: October 24, 2006

and AIDS: The Macroeconomic Impact of a Health Crisis Authors:Eric D. Werker, Amrita Ahuja, and Brian Wendell Abstract Theories abound on the potential macroeconomic impact of AIDS in Africa, yet there have been surprisingly few empirical... View Details

Keywords: Sean Silverthorne

December 2006 (Revised August 2013)
Teaching Note

Hexcel Turnaround -- 2001 (A), (B) and (C)

By: Paul W. Marshall

This is the teaching note that is supplemental to the Hexcel Cases A, B & C. View Details

Keywords: Private Equity; Negotiation; Management Teams; Organizational Change and Adaptation; Strategy; Change Management; Crisis Management; Borrowing and Debt; Aerospace Industry; Electronics Industry; United States

December 2010 (Revised March 2011)
Case

The Euro in Crisis: Decision Time at the European Central Bank

By: J. Gunnar Trumbull, Dante Roscini and Diane Choi

This case traces the origins and evolution of the European Central Bank, with attention to its 2010 decision concerning the purchase of Greek sovereign debt. View Details

Keywords: Financial Crisis; Borrowing and Debt; Currency; Central Banking; Financial Management; Sovereign Finance; Policy; Crisis Management; Europe; Greece

13 Sep 2011
First Look

First Look: September 13

capital flows—both debt and equity—into public and private components and study their relationship with productivity growth. This exercise reveals that international capital flows are mainly shaped by government decisions and sovereign to... View Details

Keywords: Sean Silverthorne

03 Oct 2013
Research & Ideas

Lehman Brothers Plus Five: Have We Learned from Our Mistakes?

In September 2008, Lehman Brothers went under—the largest bankruptcy in American history. But that was just the beginning of the story. What followed was the Great Recession, a gargantuan financial crisis that affected the entire world... View Details

Keywords: Re: Multiple Faculty; Banking; Financial Services; Construction; Real Estate

28 Oct 2009
Lessons from the Classroom

HBS Begins Teaching Consumer Finance

dovetailed nicely with my role as senior associate dean for Planning and University Affairs. Q: It would seem that the timing was perfect given the many consumer credit and debt issues that played key roles in the economic View Details

Keywords: by Roger Thompson; Financial Services; Education

05 Oct 2010
First Look

First Look: October 5, 2010

and recovery to be associated with increases in orders from Hugo Boss's retailer customers Download the paper: http://www.hbs.edu/research/pdf/11-034.pdf A Comparative-Advantage Approach to Government Debt Maturity Authors:Robin... View Details

Keywords: Sean Silverthorne

February 2019 (Revised January 2021)
Case

Quiksilver Inc. and Oaktree Capital Management

By: Kristin Mugford and Mike Harmon

Sports lifestyle company Quiksilver filed for bankruptcy in September 2015. Oaktree is considering an additional investment in the company to facilitate the restructuring. Students must consider whether Oaktree should invest given the risks of the turnaround... View Details

Keywords: Bankruptcy; Bankruptcy Reorganization; Insolvency and Bankruptcy; Acquisition; Restructuring; Debt Securities; Transformation; Decision Making; Borrowing and Debt; Investment Return; Crisis Management; Negotiation; Retail Industry; Apparel and Accessories Industry; Consumer Products Industry; France; United States

25 Sep 2018
First Look

New Research and Ideas, September 25, 2018

219-018 "Oaktree: Pierre Foods Investment This case is a setting to discuss “loan to own” investment strategy that is often pursued by distressed investors. The aftermath of the 2007 financial crisis left many companies with poor... View Details

Keywords: Dina Gerdeman

April 2012
Case

Credit Rating Agency Reform in the US and EU

By: Robert C. Pozen and Brian Conroy

The purpose of this note is to explore reform options for the credit rating industry. The note examines the ways in which credit rating agencies contributed to the recent financial crisis, particularly through ratings of securitized products and sovereign debt. It... View Details

Keywords: Debt Securities; Financial Condition; Standards; Financial Crisis; Corporate Finance; Financial Services Industry; United States; European Union