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  • February 2022 (Revised May 2022)
  • Case

Jaypee Infratech and the Indian Bankruptcy Code

By: Kristin Mugford, William Vrattos and Radhika Kak
In 2016, India passed a new bankruptcy law (IBC) to counter a brewing bank crisis and increased corporate distress. Homebuilder Jaypee Infratech, one of India largest distressed companies (the “dirty dozen”) began restructuring under the IBC in 2017. Two years later,... View Details
Keywords: Restructuring; Decisions; Judgments; Voting; Developing Countries and Economies; Financial Crisis; Public Sector; Asset Pricing; Borrowing and Debt; Corporate Finance; Credit; Insolvency and Bankruptcy; Debt Securities; Bonds; Investment Return; Price; Government Legislation; Laws and Statutes; Bids and Bidding; Business and Stakeholder Relations; Risk and Uncertainty; Valuation; Real Estate Industry; India; Delhi
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  • June 2010 (Revised July 2012)
  • Supplement

Dubai: Debt, Development, and Crisis (C)

By: Aldo Musacchio, Andrew Christopher Goodman and Claire K. Qureshi
On November 25, 2009, the city state of Dubai stunned markets by announcing that Dubai World, its flagship state holding company, would seek a six month "standstill" on at least $4 billion U.S. dollars of its $26 billion in debt obligations. This case describes Dubai's... View Details
Keywords: Finance; Investment; Emerging Markets; Trade; Insolvency and Bankruptcy; Development Economics; Financial Crisis; State Ownership; Sovereign Finance; Business Strategy; Dubai
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  • 08 Dec 2011
  • Working Paper Summaries

Are There Too Many Safe Securities? Securitization and the Incentives for Information Production

Keywords: by Samuel G. Hanson & Adi Sunderam; Financial Services

    Victoria Ivashina

    Victoria Ivashina is the Lovett-Learned Professor of Finance and Head of the Finance Unit at Harvard Business School. She also serves as a Research Associate at the National Bureau of Economic Research (NBER), a Research Fellow at the Center for Economic Policy... View Details

    Keywords: banking; federal government; financial services; investment banking industry; private equity (LBO funds); private equity (other)
    • April 2010 (Revised March 2011)
    • Case

    The Auction for Travelport (A)

    By: Andrei Hagiu and Misha Sanwal
    A senior Blackstone director is deciding how aggressively to bid for Travelport, a travel distribution business containing several key services and platforms. Travelport's most important properties were Galileo, one of the top 3 global distribution systems (GDSs),... View Details
    Keywords: Value Creation; Product Positioning; Cost vs Benefits; Private Equity; Leveraged Buyouts; Competitive Advantage; Auctions; Industry Structures; Travel Industry
    Related
    • June 2010 (Revised July 2012)
    • Case

    Dubai: Debt, Development, and Crisis (A)

    By: Aldo Musacchio, Andrew Christopher Goodman and Claire K. Qureshi
    On November 25, 2009, the city state of Dubai stunned markets by announcing that Dubai World, its flagship state holding company, would seek a six-month "standstill" on at least $4 billion U.S. dollars of its $26 billion in debt obligations. This case describes Dubai's... View Details
    Keywords: Accounting; Decision Choices and Conditions; Development Economics; Financial Crisis; Borrowing and Debt; Financial Strategy; State Ownership; Business and Government Relations; Dubai
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    • 01 Oct 2009
    • Working Paper Summaries

    Systemic Risk and the Refinancing Ratchet Effect

    Keywords: by Amir E. Khandani, Andrew W. Lo & Robert C. Merton; Construction; Real Estate
    • March 1992 (Revised December 1992)
    • Case

    Salomon and the Treasury Securities Auction

    By: Dwight B. Crane
    Set in June 1991, two months prior to Salomon Brothers' announcement that the firm had violated the Treasury Department's rules governing the auctions of new Treasury securities. Salomon Vice Chairman John Meriwether must decide how to address problems that continue to... View Details
    Keywords: Debt Securities; Managerial Roles; Ethics; Market Transactions; Bonds; Investment Banking; Crisis Management; Auctions; Legal Liability; Banking Industry
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    • 2008
    • Working Paper

    Laws vs. Contracts: Legal Origins, Shareholder Protections, and Ownership Concentration in Brazil, 1890–1950

    By: Aldo Musacchio
    The early development of large multidivisional corporations in Latin America required much more than capable managers, new technologies, and large markets. Behind such corporations was a market for capital in which entrepreneurs had to attract investors to buy either... View Details
    Keywords: Voting; Entrepreneurship; Investment; Governance Controls; Contracts; Laws and Statutes; Ownership Stake; Brazil
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    • 14 Feb 2008
    • Working Paper Summaries

    Laws vs. Contracts: Legal Origins, Shareholder Protections, and Ownership Concentration in Brazil, 1890-1950

    Keywords: by Aldo Musacchio
    • 10 Nov 2009
    • First Look

    First Look: Nov. 10

    http://www.hbs.edu/research/pdf/07-104.pdf Stretching the Inelastic Rubber: Taxation, Welfare and Lobbies in Amazonia, 1870-1910 Author:Felipe Tâmega Fernandes Abstract This paper examines the effect of government intervention via taxation on domestic welfare. A case... View Details
    Keywords: Martha Lagace
    • 01 Dec 2014
    • Working Paper Summaries

    Financing Innovation

    Keywords: by William R. Kerr & Ramana Nanda

      Adi Sunderam

      Adi Sunderam is the Willard Prescott Smith Professor of Corporate Finance at Harvard Business School, a Research Associate at the National Bureau of Economic Research, and a Faculty Affiliate of the Harvard Economics department. He teaches Finance 2 in... View Details

      Keywords: asset management; banking; brokerage; federal government; financial services; investment banking industry
      • 2014
      • Working Paper

      The Rise and Fall of Demand for Securitizations

      By: Sergey Chernenko, Samuel G. Hanson and Adi Sunderam
      Collateralized debt obligations (CDOs) and private-label mortgage-backed securities (MBS) backed by nonprime loans played a central role in the recent financial crisis. Little is known, however, about the underlying forces that drove investor demand for these... View Details
      Keywords: Debt Securities; Financial Markets; Financial Crisis
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      • October 1997 (Revised March 1998)
      • Case

      Appalachian Mountain Club: Transforming Governance

      By: Walter J. Salmon and Jaan Elias
      Starting in 1988, the Appalachian Mountain Club (AMC) began a controversial transformation in management and governance. For its first 112 years, the AMC's structure had resembled that of a country club--volunteer leaders directed the club's operations and its small,... View Details
      Keywords: Budgets and Budgeting; Transformation; Corporate Governance; Employee Relationship Management; Recruitment; Leading Change; Organizational Culture; Labor and Management Relations; Nonprofit Organizations; Education Industry; Entertainment and Recreation Industry
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      • April 2006 (Revised April 2012)
      • Background Note

      The Company Sale Process

      By: William E. Fruhan Jr.
      Lays out the steps, the timeline, and the process by which a company is sold. Focuses on the sale of companies with enterprise values greater than $100 million. These transactions are large enough to require the help of a financial adviser and attract both strategic... View Details
      Keywords: Mergers and Acquisitions; Auctions; Bids and Bidding; Agreements and Arrangements; Sales
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      • March 2005 (Revised July 2007)
      • Case

      Capital Controls in Chile in the 1990s (A)

      By: Laura Alfaro, Rafael M. Di Tella and Ingrid Vogel
      In 1991, Chile adopted a framework of capital controls focused on reducing the massive flows of foreign investment coming into the country as international interest rates remained low. Capital inflows threatened the Central Bank's ability to manage the exchange rate... View Details
      Keywords: Developing Countries and Economies; Economic Growth; Financial Crisis; Capital; Governance Controls; Business and Government Relations; Chile
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      • June 2014
      • Case

      Financial Policy at Apple, 2013 (A)

      By: Mihir A. Desai and Elizabeth A. Meyer
      By the end of 2013, Apple had $137 billion dollars in cash and marketable securities. This case explores how companies can generate such large amounts of cash and how and if they should distribute it to shareholders, especially in the face of shareholder pressure. In... View Details
      Keywords: Apple; Steve Jobs; Forecast; Forecasting; Forecasting And Prediction; Shareholder Activism; Share Repurchase; Dividends; Financial Ratios; Preferred Shares; Cash Distribution; Corporate Finance; Borrowing and Debt; Financial Management; Financial Strategy; Technology Industry; Consumer Products Industry; United States; Republic of Ireland
      Related
      • 23 Dec 2014
      • First Look

      First Look: December 23

      answer might have appeared just too obvious: payouts are funded with free cash flow-at least over long enough time periods. In stark contrast to this commonly held view, we find that firms rely on the capital markets to finance a third of... View Details
      Keywords: Carmen Nobel
      • 02 Sep 2015
      • Research & Ideas

      Explaining China's Crash

      After more than a decade of nearly can’t-miss growth, China’s stock market began a precipitous summer slide that has spooked investors worldwide. In July, the Shanghai composite index dropped 15 percent from June, prompting the People’s... View Details
      Keywords: by Christina Pazzanese; Financial Services