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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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  • 13 Jun 2017
  • Research & Ideas

Why Global Investments Are Still a Good Bet

sectors that are booming. However, as markets in different countries have increasingly moved in tandem or correlated, from 50 or 60 percent in the 1990s to more than 90 percent after the financial crisis of 2008, that strategy has seemed... View Details
Keywords: by Michael Blanding; Financial Services
  • 21 Jul 2010
  • Research & Ideas

HBS Faculty Debate Financial Reform Legislation

catastrophe that followed the bankruptcy of Lehman Brothers in September. In fact, had the reform legislation been in place starting in the 1990s or early 2000s, we might well have avoided the worst aspects of the financial crisis... View Details
Keywords: by Staff
  • March 2006 (Revised December 2013)
  • Case

Hexcel Turnaround — 2001 (A)

By: Paul W. Marshall, James Quinn and Reed Martin
Hexcel's new CEO is faced with deciding how to "take out" $60 million in cash costs in fiscal 2002, as two of the company's end markets—electronics and commercial aerospace—are expected to decline precipitously. Options include closing plants, exiting a business, or... 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
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  • 01 Sep 2009
  • News

Consumer Finance Makes HBS Debut

which we launched last January. This substantive example of intra-University collaboration also dovetailed nicely with my role as senior associate dean for Planning and University Affairs. It would seem that the timing was perfect given the many consumer credit and... View Details
Keywords: Roger Thompson; Colleges, Universities, and Professional Schools; Educational Services; Finance
  • 23 May 2017
  • First Look

First Look at New Ideas and Research: May 23, 2017

Corporate Debt in Emerging Markets By: Alfaro, Laura, Gonzalo Asis, Anusha Chari, and Ugo Panizza Abstract—This paper documents a set of stylized facts about leverage and financial fragility in the nonfinancial corporate sector in... View Details
Keywords: Carmen Nobel
  • 01 Dec 2011
  • News

A Modest Tax Proposal

"How about 'No new taxes after these new taxes'?" © James Stevenson/The New Yorker Collection/www.cartoonbank.com As Congress starts the next round of debt ceiling negotiations, the US Chamber of Commerce and other business groups are... View Details
Keywords: Robert C. Pozen; tax holidays
  • 2011
  • Working Paper

Why Fears about Municipal Credit Are Overblown

Highly publicized predictions of 50-100 municipal defaults have caused anxiety among municipal bond investors. While there is some chance that negative investor sentiment will lead to further spread widening, the probability of the kind of widespread default that would... View Details
Keywords: Financial Crisis; Borrowing and Debt; Insolvency and Bankruptcy; Bonds; Investment Return; City
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  • 26 Sep 2017
  • First Look

First Look at New Research and Ideas, September 26, 2017

stylized facts about leverage and financial fragility for emerging market firms following the Global Financial Crisis (GFC). Corporate debt vulnerability indicators during the Asian Financial View Details
Keywords: Sean Silverthorne
  • 30 Jun 2009
  • First Look

First Look: June 30

inflation-indexed bond markets in the U.S. and the U.K. It documents a massive decline in long-term real interest rates from the 1990s until 2008, followed by a sudden spike in these rates during the financial crisis of 2008. Breakeven... View Details
Keywords: Martha Lagace
  • 22 Feb 2011
  • Research & Ideas

The Most Important Management Trends of the (Still Young) Twenty-First Century

including emerging economies like China, India, and Brazil. This list will continue to grow. A by-product of the intertwining of globalization and technology enabled networks is that events are no longer isolated, the impact of which was on vivid display during the... View Details
Keywords: by Sean Silverthorne
  • 31 Aug 2010
  • First Look

First Look: August 31

and a 0.4 point (7%) increase in the maximum debt to EBITDA covenant. This translates to as much as a 4 percentage point increase in equity return to the leveraged buyout firm. Download the paper... View Details
Keywords: Sean Silverthorne
  • 09 Jun 2003
  • Research & Ideas

Around the World of Entrepreneurial Ventures

doesn't have a global perspective on access to resources. Its customers include Wal-Mart, Kmart, and Target; it has 60 percent market share in the U.S. But, like many Korean firms, Jinwoong financed itself with lots of debt from Korean... View Details
Keywords: by Martha Lagace
  • 17 Apr 2007
  • First Look

First Look: April 17, 2007

often for two or more years. Any debtor, no matter how small, could hold up the process at any point by issuing written complaints to the court. Fernando needed to figure out whether the company was worth saving, whether it had a business strategy that could succeed if... View Details
Keywords: Martha Lagace
  • 04 Feb 2014
  • First Look

First Look: February 4

by smart competitors and changes in their industries. In each case, there were opportunities to act before a crisis engulfed the organization. At Kodak, for example, CEO George Fisher attempted to move the company into the digital era in... View Details
Keywords: Sean Silverthlorne
  • 18 Jun 2013
  • First Look

First Look: June 18

grown its real GDP at about 6% annually. This came after a huge debt crisis in 2001-02, wherein Turkey had to borrow $16 billion more from the IMF and comport with its difficult conditionality. Today, Turkey... View Details
Keywords: Anna Secino
  • 08 Jul 2008
  • First Look

First Look: July 8, 2008

http://www.hbsp.harvard.edu/b01/en/common/item_detail.jhtml?id=208088 Collateralized Debt Obligations (CDOs) Harvard Business School Note 208-113 This lesson integrated Merton's (1974) contingent claims model of View Details
Keywords: Martha Lagace
  • January 2009 (Revised October 2011)
  • Case

Barack Obama and the Bush Tax Cuts (A)

By: Matthew C. Weinzierl and Eric D. Werker
As his inauguration approached, President-elect Obama faced a financial sector meltdown, a costly bailout, and massive government deficits. With the economy in recession, interest rates near zero, and joblessness on the rise, Obama needed to decide whether, and how... View Details
Keywords: Decision Choices and Conditions; Financial Crisis; Borrowing and Debt; Financial Management; Policy; Government Administration; Taxation; United States
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  • 19 Apr 2016
  • First Look

April 19, 2016

and limiting production volumes; illegal poultry imports threaten food safety while undercutting prices of domestic product; corruption is rampant; debt is exorbitantly expensive; commercial real estate is sparse; and electricity is... View Details
Keywords: Sean Silverthorne
  • 08 Mar 2016
  • Research & Ideas

Solving an Economic Mystery Surrounding Argentina and Chile

streets of Buenos Aires. Yet this kind of globalized economy also created distortions, as it was the owners of land and commodities who became rich. When globalization came to a shuddering halt with the Great Depression, there was a crisis. Chile passed through an... View Details
Keywords: by Sean Silverthorne