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- All HBS Web (1,272)
- Faculty Publications (958)
- December 2015 (Revised May 2017)
- Case
Corning, 2002
By: Malcolm Baker
Corning, with large investments in fiber optic technology, was hit particularly hard by the collapse of the telecommunications industry in 2001. With over $4 billion in debt, the firm's survival appears to rest on raising additional equity capital. James Flaws, the... View Details
- 15 Jul 2008
- First Look
First Look: July 15, 2008
there is financial data available in the years before and after their initial public offering (IPO), I differentiate between those that have private equity sponsorship (PE-backed firms) and those that do not (non-PE-backed firms). The... View Details
Keywords: Martha Lagace
- Web
Research Areas - Doctoral
analysis into practical solutions to real-world problems. 6. Finance researchers strive to understand how managers and firms make value-enhancing decisions; and how financial institutions, markets, and View Details
- Web
Great American Business Leaders of the 20th Century - Leadership
Manufacturing, 1975–1979 Leon Hess Amerada Hess, 1933–1995 William R. Hewlett Hewlett-Packard Company, 1969–1978 Frank G. Hickey General Instrument Corporation, 1978–1990 Wayne Hicklin Avon Products, 1967–1972 John M. Hiebert Sterling... View Details
- 2015
- Report
Clusters and Regional Economies: Implications for the Great Lakes - St. Lawrence Region
By: Christian H.M. Ketels
The Great Lakes – St. Lawrence Region, covering eight U.S. states and two Canadian provinces located around the lakes and waterways that have given this region its name, is what economic developers call a 'macro region'. It is an area of intensive economic interaction... View Details
Keywords: Clusters; Regional Policy; Great Lakes; Economic Development; Industry Clusters; Economy; Canada; United States
Ketels, Christian H.M. "Clusters and Regional Economies: Implications for the Great Lakes - St. Lawrence Region." Report, Conference of Great Lakes and St. Lawrence Governors and Premiers, Chicago, IL, August 2015.
- July 2009 (Revised July 2009)
- Case
Delphi Corp. and the Credit Derivatives Market (A)
By: Stuart C. Gilson, Victoria Ivashina and Sarah Abbott
In 2005, Jane Bauer-Martin, a hedge fund manager, is considering what she should do with the fund's large investment in the publicly traded bonds of Delphi Corp., a financially troubled auto parts supplier. Delphi is General Motor's key auto parts supplier, and, like... View Details
Keywords: Borrowing and Debt; Insolvency and Bankruptcy; Credit Derivatives and Swaps; Bonds; Financial Management; Risk Management
Gilson, Stuart C., Victoria Ivashina, and Sarah Abbott. "Delphi Corp. and the Credit Derivatives Market (A)." Harvard Business School Case 210-002, July 2009. (Revised July 2009.)
- 14 Jun 2018
- Cold Call Podcast
How Chase Sapphire Made Credit Cool for Millennials
- December 2023
- Article
Intermediary Balance Sheets and the Treasury Yield Curve
By: Wenxin Du, Benjamin Hebert and Wenhao Li
We document a regime change in the Treasury market post-Global Financial Crisis (GFC): dealers switched from net short to net long Treasury bonds. We construct “net-long” and “net-short” curves that account for balance sheet and financing costs, and show that actual... View Details
Du, Wenxin, Benjamin Hebert, and Wenhao Li. "Intermediary Balance Sheets and the Treasury Yield Curve." Art. 103722. Journal of Financial Economics 150, no. 3 (December 2023).
- Working Paper
Measuring the Perceived Liquidity of the Corporate Bond Market
By: Sergey Chernenko and Adi Sunderam
We propose a novel measure of bond market liquidity that does not depend on transaction data: the strength of the cross-sectional relationship between mutual fund cash holdings and fund flow volatility. Our measure captures how liquid funds perceive their portfolio... View Details
Chernenko, Sergey, and Adi Sunderam. "Measuring the Perceived Liquidity of the Corporate Bond Market." NBER Working Paper Series, No. 27092, May 2020.
- 22 Apr 2014
- First Look
First Look: April 22
decision-making is limited. Exploiting exogenous variation in state compulsory schooling laws in both standard and two-sample instrumental variable strategies, we show education increases financial market... View Details
Keywords: Sean Silverthorne
- Web
Business, Government & the International Economy - Faculty & Research
assemble a large country-level panel dataset from 1960 to 2015, and exploit improvements in air, relative to sea, transportation to derive a time-varying instrument for economic integration. We find that economic integration with... View Details
- 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
Green, Daniel. "Corporate Refinancing, Covenants, and the Agency Cost of Debt." Working Paper, 2018. (Revise and Resubmit, Journal of Finance.)
- August 1986 (Revised May 2005)
- Case
Mike Finkelstein (B)
By: Carliss Y. Baldwin, Charles Bryan and Ken Leet
Following his successful turnaround of WTXX, Waterbury, Mike Finkelstein joined Odyssey Partners with a mandate to build a communications company. From 1982-1985, he acquired three more stations, financing each as an independent partnership. However, increasing... View Details
Keywords: Business Exit or Shutdown; Cash; Business or Company Management; Bonds; Cost vs Benefits; SWOT Analysis; Alignment; Acquisition; Financial Strategy; Corporate Finance; Communications Industry
Baldwin, Carliss Y., Charles Bryan, and Ken Leet. "Mike Finkelstein (B)." Harvard Business School Case 287-021, August 1986. (Revised May 2005.)
- 2024
- Article
Supply and Demand and the Term Structure of Interest Rates
By: Robin Greenwood, Samuel Hanson and Dimitri Vayanos
We survey the growing literature emphasizing the role that supply-and-demand forces play in shaping the term structure of interest rates. Our starting point is the Vayanos and Vila (2009, 2021) model of the term structure of default-free bond yields, which we present... View Details
Greenwood, Robin, Samuel Hanson, and Dimitri Vayanos. "Supply and Demand and the Term Structure of Interest Rates." Annual Review of Financial Economics 16 (2024): 115–151.
- October 2019
- Article
Limited Investment Capital and Credit Spreads
Using proprietary credit default swap (CDS) data, I investigate how capital shocks at protection sellers impact pricing in the CDS market. Seller capital shocks—measured as CDS portfolio margin payments—account for 12% of the time-series variation in weekly spread... View Details
Keywords: Credit Risk; Derivatives; Credit Derivatives and Swaps; Capital Markets; Credit; Financial Institutions
Siriwardane, Emil N. "Limited Investment Capital and Credit Spreads." Journal of Finance 74, no. 5 (October 2019): 2303–2347.
- 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
Chernenko, Sergey, Samuel G. Hanson, and Adi Sunderam. "The Rise and Fall of Demand for Securitizations." NBER Working Paper Series, No. 20777, December 2014.
- August 2012 (Revised March 2013)
- Case
Preem (A)
By: Bo Becker, Annelena Lobb and Aldo Sesia
High yield bond fund Proventus Capital Partners (PCP) has invested in underwater bonds issued by Preem, a large oil refinery. As maturity approaches, in the midst of financial crisis, Preem appear unlikely to be able to refinance. Meanwhile, Prreem has a complicated... View Details
Keywords: Insolvency and Bankruptcy; Financial Liquidity; Restructuring; Courts and Trials; Negotiation; Bonds; Mining Industry; Energy Industry; Europe
Becker, Bo, Annelena Lobb, and Aldo Sesia. "Preem (A)." Harvard Business School Case 213-008, August 2012. (Revised March 2013.)
- 11 Apr 2023
- Research & Ideas
Is Amazon a Retailer, a Tech Firm, or a Media Company? How AI Can Help Investors Decide
health care, utilities, energy, real estate, and technology by as much as 2.5 percentage points on an annualized basis. The TOPICS method uses sophisticated financial models to spot hidden similarities in risk and return profiles among... View Details
- July 1991 (Revised August 1991)
- Case
Philip Morris Companies, Inc. (A)
This large tobacco and diversified food processor is seeking to refinance debt funds raised to accomplish a large acquisition. It has filed a large "shelf" registration that authorizes it to issue during the subsequent two years. At the time of the case, the market... View Details
Hayes, Samuel L., III. "Philip Morris Companies, Inc. (A)." Harvard Business School Case 292-005, July 1991. (Revised August 1991.)
- December 2007
- Case
Ruling the Modern Corporation: The Debate over Limited Liability in Massachusetts
By: David A. Moss and Eugene Kintgen
In 1830, Governor Levi Lincoln, Jr. urged the Massachusetts state legislature to introduce a limited liability regime for manufacturing corporations similar to that adopted in neighboring states. At least since 1809, shareholders in the state's manufacturing... View Details
Keywords: Capital; Debt Securities; Legal Liability; Production; Business and Shareholder Relations; Manufacturing Industry; Massachusetts
Moss, David A., and Eugene Kintgen. "Ruling the Modern Corporation: The Debate over Limited Liability in Massachusetts." Harvard Business School Case 708-016, December 2007.