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- February 2025
- Case
Blue Owl Financing of Ping Identity
By: Victoria Ivashina and Srimayi Mylavarapu
In the fall of 2022, Blue Owl Capital's investment committee evaluated a potential investment in the technology sector. The proposed transaction centered on Ping Identity Corporation (“Ping”), a fast-growing identity access management (IAM) software company that was... View Details
Keywords: Mergers and Acquisitions; Borrowing and Debt; Cash Flow; Investment; Privatization; Financial Services Industry; Technology Industry
Ivashina, Victoria, and Srimayi Mylavarapu. "Blue Owl Financing of Ping Identity." Harvard Business School Case 225-078, February 2025.
- March 1997
- Article
Transactions Costs and Capital Structure Choice: Evidence from Financially Distressed Firms
By: S. C. Gilson
This study provides evidence that transactions costs discourage debt reductions by financially distressed firms when they restructure their debt out of court. As a result, these firms remain highly leveraged and one-in-three subsequently experience financial distress.... View Details
Keywords: Cost; Capital Structure; Decision Choices and Conditions; Information; Finance; Business Ventures
Gilson, S. C. "Transactions Costs and Capital Structure Choice: Evidence from Financially Distressed Firms." Journal of Finance 52, no. 1 (March 1997): 161–196. (Abstracted in Contemporary Finance Digest 1 (autumn 1997))
- 23 Aug 2011
- First Look
First Look: August 23
case:http://cb.hbsp.harvard.edu/cb/product/311128-PDF-ENG How Government Debt Accumulates Dante Roscini and Jonathan SchleferHarvard Business School Note 711-087 This note discusses the economics of government View Details
Keywords: Sean Silverthorne
- 2020
- Chapter
Reserve Accumulation, Sovereign Debt, and Exchange Rate Policy
By: Laura Alfaro and Fabio Kanczuk
In the past decade, foreign participation in local-currency bond markets in emerging countries increased dramatically. Additionally, emerging countries are increasingly deviating from inflation targeting regimes, managing their exchange rate and engaging in... View Details
Alfaro, Laura, and Fabio Kanczuk. "Reserve Accumulation, Sovereign Debt, and Exchange Rate Policy." In Asset Management at Central Banks and Monetary Authorities: New Practices in Managing International Foreign Exchange Reserves, edited by Jacob Bjorheim. Springer, 2020. (Book link.)
- 2014
- Working Paper
Saving More to Borrow Less: Experimental Evidence from Access to Formal Savings Accounts in Chile
By: Felipe Kast and Dina Pomeranz
Poverty is often characterized not only by low and unstable income, but also by heavy debt burdens. We find that reducing barriers to saving through access to free savings accounts decreases participants' short-term debt by about 20%. In addition, participants who... View Details
Kast, Felipe, and Dina Pomeranz. "Saving More to Borrow Less: Experimental Evidence from Access to Formal Savings Accounts in Chile." NBER Working Paper Series, No. 20239, June 2014. (Revision requested by Journal of Public Economics. Featured in La Tercera. Harvard Business School Working Paper, No. 14-001, July 2013)
- June 1991
- Case
Continental Carriers, Inc.
By: W. Carl Kester
A U.S. trucking company is considering using debt for the first time to acquire another company. The directors of the company are divided in their opinion of the likely impact of leverage on Continental Carriers' performance. Their differences must be reconciled and a... View Details
Keywords: Debt Securities; Financing and Loans; Acquisition; Borrowing and Debt; Equity; Transportation Industry; United States
Kester, W. Carl. "Continental Carriers, Inc." Harvard Business School Case 291-080, June 1991.
- January 2013 (Revised June 2017)
- Case
The Perfect Storm: What Happens When the Market Moves Four Standard Deviations?
Adam Carter was the portfolio manager for Tate Modern Finance III, L.P. (“Tate” or the “Fund”), the third in a series of U.S. commercial real estate debt funds sponsored by the London-based Tate Partners. The Fund was capitalized with $700 million of equity... View Details
Lietz, Nori Gerardo. "The Perfect Storm: What Happens When the Market Moves Four Standard Deviations?" Harvard Business School Case 213-077, January 2013. (Revised June 2017.)
- Research Summary
Distress Investing
By: Arthur I Segel
Because of the economic crisis this past few years, I am interested in more work on debt restructuring and reorganization of real estate projects/companies. View Details
- July 2005 (Revised December 2005)
- Case
General Motors U.S. Pension Funds
By: Luis M. Viceira and Helen Tung
In June 2003, General Motors Corp. (GM) successfully marketed the largest corporate debt offering in U.S. history, worth $17.6 billion. The offering included $13.6 billion worth of debt denominated in dollars, euros, and pounds and $4 billion dollars denominated in... View Details
Keywords: Decisions; Bonds; Investment Return; Policy; Borrowing and Debt; Corporate Finance; Auto Industry; United States
Viceira, Luis M., and Helen Tung. "General Motors U.S. Pension Funds." Harvard Business School Case 206-001, July 2005. (Revised December 2005.)
- March 1996 (Revised August 1997)
- Case
Recycling Problem: International Bank Lending in the 1970s
By: Huw Pill
Provides a brief overview of international bank lending to developing countries in the 1970s and its culmination in the Third-World debt crisis after 1982. View Details
Keywords: International Finance; Financing and Loans; Borrowing and Debt; Developing Countries and Economies; Financial Crisis; Banking Industry
Pill, Huw. "Recycling Problem: International Bank Lending in the 1970s." Harvard Business School Case 796-131, March 1996. (Revised August 1997.)
- February 2016
- Article
Do Measures of Financial Constraints Measure Financial Constraints?
By: Joan Farre-Mensa and Alexander Ljungqvist
Financial constraints are fundamental to empirical research in finance and economics. We propose two tests to evaluate how well measures of financial constraints actually capture constraints. We find that firms typically classified as constrained do not in fact behave... View Details
Keywords: Corporate Finance
Farre-Mensa, Joan, and Alexander Ljungqvist. "Do Measures of Financial Constraints Measure Financial Constraints?" Review of Financial Studies 29, no. 2 (February 2016): 271–308.
- June 2013
- Article
Issuer Quality and Corporate Bond Returns
By: Robin Greenwood and Samuel G. Hanson
We show that the credit quality of corporate debt issuers deteriorates during credit booms, and that this deterioration forecasts low excess returns to corporate bondholders. The key insight is that changes in the pricing of credit risk disproportionately affect the... View Details
Greenwood, Robin, and Samuel G. Hanson. "Issuer Quality and Corporate Bond Returns." Review of Financial Studies 26, no. 6 (June 2013): 1483–1525. (Internet Appendix Here.)
- August 2012 (Revised March 2013)
- Supplement
Preem (B)
Preem's creditors and owners made a deal with an 18 month extension of debt maturities and a minor equity injection in 2009. Now, in 2010, the new maturity is approaching, and refinancing is again unlikely. This time, all the firm's debt is coming due. What went wrong... View Details
Becker, Bo. "Preem (B)." Harvard Business School Supplement 213-014, August 2012. (Revised March 2013.)
- Research Summary
Multilateral Bankruptcy Rules
By: Jerry R. Green
A classic problem in economics is the selection of a bankruptcy rule with good normative properties. The problem as usually specified is given by the “estate” E which is to be divided among the “claims” c= (c1,... View Details
- March 2014
- Article
Cyclicality of Credit Supply: Firm Level Evidence
By: Bo Becker and Victoria Ivashina
Theory predicts that there is a close link between bank credit supply and the evolution of the business cycle. Yet fluctuations in bank-loan supply have been hard to quantify in the time series. While loan issuance falls in recessions, it is not clear if this is due to... View Details
Keywords: Business Cycles; Borrowing and Debt; Credit; Banks and Banking; Bonds; Financial Markets; Financing and Loans; Banking Industry
Becker, Bo, and Victoria Ivashina. "Cyclicality of Credit Supply: Firm Level Evidence." Journal of Monetary Economics 62 (March 2014): 76–93.
- July 2001
- Technical Note
Technical Note on LBO Valuation (A): LBO Structure and the Target IRR Method of Valuation
Explains the equity cash flow method of valuation as it applies to leveraged buyouts. Also explains: 1) earnings and cash flow forecasts, 2) debt structure and the cash sweep, 3) the cashing out horizon and terminal valuation, and 4) the target IRR method of valuation. View Details
Keywords: Valuation; Leveraged Buyouts; Capital Budgeting; Borrowing and Debt; Cash Flow; Equity; Profit; Price; Forecasting and Prediction
Baldwin, Carliss Y. "Technical Note on LBO Valuation (A): LBO Structure and the Target IRR Method of Valuation." Harvard Business School Technical Note 902-004, July 2001.
- December 2012 (Revised January 2015)
- Technical Note
Early Career LBOs Using the Search Fund Model
By: Howard Stevenson, Michael Roberts and Jim Sharpe
The funded search model is one alternative for individuals who, at some point in their career, want to run their own companies. This note looks at the funded search, as a means to entrepreneurship through acquisition and describes the path to buy and run a business... View Details
Keywords: Search Funds; Search; Entrepreneurial Finance; Investor Behavior; Career Planning; Entrepreneurial Management; Fundraising; Negotiation; Entrepreneurship; Capital Structure; Borrowing and Debt; Personal Development and Career; Private Ownership; Acquisition; Finance; Leveraged Buyouts
Stevenson, Howard, Michael Roberts, and Jim Sharpe. "Early Career LBOs Using the Search Fund Model." Harvard Business School Technical Note 813-119, December 2012. (Revised January 2015.)
- 2010
- Other Unpublished Work
Why Takeover Vulnerability Matters to Debtholders
By: Joan Farre-Mensa
Recent work documents that firms that are more vulnerable to takeover have higher borrowing costs. This paper investigates the reasons behind this stylized fact. My results show that firms with few antitakeover defenses face a higher cost of debt because lenders are... View Details
Keywords: Acquisition; Borrowing and Debt; Cost; Equity; Banks and Banking; Investment Portfolio; Risk Management; Agreements and Arrangements; Business and Shareholder Relations; Conflict and Resolution
Farre-Mensa, Joan. "Why Takeover Vulnerability Matters to Debtholders." 2010.
- January 1994
- Case
Transportation Displays, Incorporated (B)
Transportation Displays, Inc. has gone through a series of restructurings. This case describes the last few stages, which substantially reduced debt and increased the ownership of management. View Details
Keywords: Restructuring
Fenster, Steven R., and Roy Burstin. "Transportation Displays, Incorporated (B)." Harvard Business School Case 294-088, January 1994.
- March 1993 (Revised July 2008)
- Case
Liability Management at General Motors
By: Peter Tufano
An analyst at General Motors charged with managing the structure of the automaker's debt must decide whether and how to modify the interest rate exposure of the firm's most recent debt offering. The analyst must take into consideration GM's liability management policy... View Details
Keywords: Borrowing and Debt; Capital Structure; Financial Management; Interest Rates; Risk Management; Auto Industry; North America
Tufano, Peter. "Liability Management at General Motors." Harvard Business School Case 293-123, March 1993. (Revised July 2008.)