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  • February 2004 (Revised September 2006)
  • Case

Apax Partners and Xerium S.A.

By: Josh Lerner, G. Felda Hardymon and Ann Leamon
In 2002, Apax Partners had to decide whether to accept a less-than-perfect offer for one of its portfolio companies or to refinance it. This company, a maker of paper industry consumables with a global presence, had been purchased in 1999 and performed extremely well... View Details
Keywords: Leveraged Buyouts; Globalized Markets and Industries; Business Exit or Shutdown; Borrowing and Debt; Investment; Cash Flow; Pulp and Paper Industry
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  • February 2006
  • Case

Fraikin SA

By: W. Carl Kester, Vincent Marie Dessain and Monika Stachowiak
Provides an example of a so-called "whole business" securitization. In early 2004, Fraikin, France's leading industrial vehicle rental company, compares several alternatives for refinancing a large bridge loan within a year. Presents three primary options: a classic... View Details
Keywords: Debt Securities; Transportation; Renting or Rental; Transportation Industry; Service Industry; France
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  • July 2014
  • Case

Paramount Equipment, Inc.

By: Carliss Y. Baldwin and Wei Wang
Paramount Equipment, Inc., based in Fort Wayne, Indiana, is a large manufacturer of cranes and compact construction equipment, aerial work platforms, and food service equipment. Founded in 1987, Paramount now had manufacturing operations in 24 countries. However, it... View Details
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  • September 2011 (Revised September 2011)
  • Case

Penn Warranty Corporation

By: Richard S. Ruback and Royce Yudkoff
Penn Warranty Corporation sold warranty contracts to the used car market. During the recession in 2008/2009 Penn's sales declined by 26% Instead of growing by 11% as forecasted. Also, disruptions in financial and insurance markets created a cash shortfall. In the... View Details
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  • 2015
  • Mimeo

Market Power in Mortgage Lending and the Transmission of Monetary Policy

By: David S. Scharfstein and Adi Sunderam
We present evidence that high concentration in mortgage lending reduces the sensitivity of mortgage rates and refinancing activity to mortgage-backed security (MBS) yields. We isolate the direct effect of concentration and rule out alternative explanations in two ways.... View Details
Keywords: Mortgage Lending; Market Power; Monetary Policy Transmission; Mortgages; Banking Industry; United States
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  • August 2014
  • Article

Mortgage Convexity

By: Samuel G. Hanson
Most home mortgages in the United States are fixed-rate loans with an embedded prepayment option. When long-term rates decline, the effective duration of mortgage-backed securities (MBS) falls due to heightened refinancing expectations. I show that these changes in MBS... View Details
Keywords: Mortgages; Interest Rates; Volatility
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  • August 2021
  • Article

Rate-Amplifying Demand and the Excess Sensitivity of Long-Term Rates

By: Samuel G. Hanson, David O. Lucca and Jonathan H. Wright
Long-term nominal interest rates are surprisingly sensitive to high-frequency (daily or monthly) movements in short-term rates. Since 2000, this high-frequency sensitivity has grown even stronger in U.S. data. By contrast, the association between low-frequency changes... View Details
Keywords: Conundrum; Investor Demand; Monetary Policy Transmission; Interest Rates
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  • 28 May 2020
  • Research & Ideas

Coronavirus Could Create a 'Bankruptcy Pandemic'

reputational consequences. Before recently filing for Chapter 11, Neiman Marcus had undoubtedly discussed refinancing options with its creditors, but that did not garner the same headlines as the bankruptcy filing. To avoid or reduce... View Details
Keywords: by Dina Gerdeman; Financial Services; Banking
  • 04 Oct 2016
  • First Look

October 4, 2016

https://www.hbs.edu/faculty/Pages/item.aspx?num=43743 How Quantitative Easing Works: Evidence on the Refinancing Channel By: Di Maggio, Marco, Amir Kermani, and Christopher Palmer Abstract—Despite massive large-scale asset purchases... View Details
  • 31 Oct 2016
  • Research & Ideas

Quantitative Easing Didn’t Ease the Housing Crisis for the Neediest

virtual roller coaster of the financial markets. The findings are detailed in the paper How Quantitative Easing Works: Evidence on the Refinancing Channel, co-authored by Marco Di Maggio, an assistant professor in the Finance Unit at... View Details
Keywords: by Carmen Nobel
  • 01 Jul 2014
  • First Look

First Look: July 1

short-term debt against the refinancing risk implied by the need to roll over its debt more often. We then extend the model to allow private financial intermediaries to compete with the government in the provision of short-term,... View Details
Keywords: Carmen Nobel
  • 30 Dec 2013
  • HBS Case

HBS Cases: What Warren Buffett Saw in Newspapers

move that would help raise the cash necessary to comply with a time-sensitive refinancing agreement-was announced in February 2012. "The company's difficult circumstances brought to mind one of my favorite Buffett quotes," Esty... View Details
Keywords: by Deborah Blagg; Journalism & News; Publishing
  • 05 Oct 2010
  • First Look

First Look: October 5, 2010

optimal government debt maturity in a model where investors derive monetary services from holding riskless short-term securities. In a simple setting where the government is the only issuer of such riskless paper, it trades off the monetary premium associated with... View Details
Keywords: Sean Silverthorne
  • 13 Jul 2010
  • First Look

First Look: July 13

Refinancing Ratchet Effect (revised) Authors:Amir E. Khandani, Andrew W. Lo, and Robert C. Merton Abstract The confluence of three trends in the U.S. residential housing market-rising home prices, declining interest rates, and... View Details
Keywords: Martha Lagace
  • 08 Nov 2011
  • First Look

First Look: Nov. 8

paid down $1 million of its outstanding debt of $7.75 million. The only source for such a refinancing was the equity investors who funded the buyout purchase of the company eighteen months earlier. Purchase this... View Details
Keywords: Sean Silverthorne
  • 21 Jan 2014
  • First Look

First Look: January 21

Convexity By: Hanson, Samuel Gregory Abstract—Most home mortgages in the U.S. are fixed-rate loans with an embedded prepayment option. When long-term rates decline, the effective duration of mortgage-backed securities (MBS) falls due to heightened View Details
Keywords: Sean Silverthorne
  • 13 Nov 2012
  • First Look

First Look: November 13

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 in the first restructuring and what should PCP do to... View Details
Keywords: Sean Silverthorne

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