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- All HBS Web
(1,936)
- People (1)
- News (322)
- Research (1,375)
- Events (3)
- Multimedia (12)
- Faculty Publications (951)
- January 2014
- Case
Barclays Bank and Contingent Capital Notes, 2012
By: Lucy White and Trent Kim
In 2012, regulatory changes following the financial crisis mean that Barclays Bank is faced with the need to raise large amounts of capital in order to comply with increased capital requirements, tightening rules as to the "quality of capital," and increased risk... View Details
White, Lucy, and Trent Kim. "Barclays Bank and Contingent Capital Notes, 2012." Harvard Business School Case 214-063, January 2014.
- 2023
- Working Paper
The Credit Supply Channel of Monetary Policy Tightening and Its Distributional Impacts
By: Joshua Bosshardt, Marco Di Maggio, Ali Kakhbod and Amir Kermani
This paper studies how tightening monetary policy transmits to the economy through the mortgage market and sheds new light on the distributional consequences at both the individual and regional levels. We find that credit supply factors, specifically restrictions on... View Details
Bosshardt, Joshua, Marco Di Maggio, Ali Kakhbod, and Amir Kermani. "The Credit Supply Channel of Monetary Policy Tightening and Its Distributional Impacts." NBER Working Paper Series, No. 31464, July 2023. (Revised November 2023.)
- 25 Jul 2011
- News
Five Tips for Coping with Uncertainty — and Finding Opportunity
- 2014
- Working Paper
Corporate Financial Policies in Misvalued Credit Markets
By: Jarrad Harford, Marc Martos-Vila and Matthew Rhodes-Kropf
We theoretically and empirically investigate the repercussions of credit market misvaluation for a firm's borrowing and investment decisions. Using an ex-post measure of the accuracy of credit ratings to capture debt market misvaluation, we find evidence that firms... View Details
Harford, Jarrad, Marc Martos-Vila, and Matthew Rhodes-Kropf. "Corporate Financial Policies in Misvalued Credit Markets." Harvard Business School Working Paper, No. 14-097, April 2014.
- 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
Musacchio, Aldo, Andrew Christopher Goodman, and Claire K. Qureshi. "Dubai: Debt, Development, and Crisis (A)." Harvard Business School Case 710-069, June 2010. (Revised July 2012.)
- 24 Mar 2010
- Working Paper Summaries
Fiduciary Duties and Equity-Debtholder Conflicts
Keywords: by Bo Becker & Per Stromberg
- August, 2024
- Article
Absenteeism, Productivity, and Relational Contracts Inside the Firm
By: Achyuta Adhvaryu, Jean-François Gauthier, Anant Nyshadham and Jorge Tamayo
We study relational contracts among managers using a unique dataset that tracks transfers of workers across teams in Indian ready-made garment factories. We focus on how relational contracts help managers cope with worker absenteeism shocks, which are frequent, often... View Details
Keywords: Implicit Contracts; Productivity; Misallocation; Absenteeism; Supervisors; Readymade Garments; Performance Productivity; Employees; Relationships; Fashion Industry; India
Adhvaryu, Achyuta, Jean-François Gauthier, Anant Nyshadham, and Jorge Tamayo. "Absenteeism, Productivity, and Relational Contracts Inside the Firm." Journal of the European Economic Association 22, no. 4 (August, 2024): 1628–1677.
- February 1997
- Background Note
Savings and Loans and the Mortgage Markets
By: Robert C. Merton and Alberto Moel
Provides a brief overview of the history of the savings and loans, the savings and loans crisis of the 1980s and 1990s, and the creation of the mortgage markets in the United States. Also explains briefly the most common types of mortgage-backed securities available. View Details
Merton, Robert C., and Alberto Moel. "Savings and Loans and the Mortgage Markets." Harvard Business School Background Note 297-090, February 1997.
- March 2013
- Article
Bridging the Gap? Government Subsidized Lending and Access to Capital
By: Josh Lerner and Kristle Romero-Cortes
The consequences of providing public funds to financial institutions remain controversial. We examine the Community Development Financial Institution (CDFI) Fund's impact on credit union activity, using hitherto little studied U.S. Treasury data. The CDFI Fund grants... View Details
Keywords: Financing and Loans; Credit; Government and Politics; Financial Institutions; United States
Lerner, Josh, and Kristle Romero-Cortes. "Bridging the Gap? Government Subsidized Lending and Access to Capital." Review of Corporate Finance Studies 2, no. 1 (March 2013): 98–128.
- 2013
- Book
Business Analysis and Valuation: Using Financial Statements, Text and Cases
By: Krishna G. Palepu and Paul M. Healy
This book provides a framework for business analysis and has been used by business schools throughout the world. It provides a foundation for analysis using four key steps: 1) Strategy analysis: Identifying a firm's strategy and understanding sources of its competitive... View Details
Keywords: Governance; Debt Securities; Valuation; Performance Evaluation; Financial Statements; Credit; Business Ventures; Strategy; Financial Condition; Mergers and Acquisitions; Forecasting and Prediction
Palepu, Krishna G., and Paul M. Healy. Business Analysis and Valuation: Using Financial Statements, Text and Cases. 5th ed. Cengage Learning, 2013.
- 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.
- 2018
- Book
American Fair Trade: Proprietary Capitalism, Corporatism, and the 'New Competition,' 1890–1940
By: Laura Phillips Sawyer
American Fair Trade explores the contested political and legal meanings of the term fair trade from the late nineteenth century through the New Deal era. This history of American capitalism argues that business associations partnered with regulators to... View Details
Keywords: Economic Systems; Competition; Policy; Fairness; History; Governing Rules, Regulations, and Reforms; United States
Phillips Sawyer, Laura. American Fair Trade: Proprietary Capitalism, Corporatism, and the 'New Competition,' 1890–1940. New York: Cambridge University Press, 2018.
- 14 Dec 2010
- Working Paper Summaries
Regulating for Legitimacy: Consumer Credit Access in France and America
Keywords: by Gunnar Trumbull
- December 2012
- Background Note
Jefferson County: Specific Swap Detail
Jefferson County, Alabama, faces an EPA mandate requiring sewer system upgrades. How will they finance the upgrades? What consequences will follow? View Details
Keywords: Local Government; Political Process; Bankruptcy; Debt Management; Financial Planning; Financial Management; Urban Development; City; Infrastructure; Government and Politics; Alabama
Bergstresser, Daniel, Randolph Cohen, and Jeff Klein. "Jefferson County: Specific Swap Detail." Harvard Business School Background Note 213-061, December 2012.
- November 2011
- Case
Brink's Company: Activists Push for a Spin-off
By: Suraj Srinivasan, Aldo Sesia and Amy Kaser
The case studies the decision of the security services corporation Brink's Company to spin-off its home security division from the rest of the company. The decision followed intense pressure on the company by three activist hedge funds that felt that Brink's was... View Details
Keywords: Activist Investors; Spin-off; Leveraged Recapitalization; Debt; Valuation; Hedge Funds; Conglomerates; Investment Activism
Srinivasan, Suraj, Aldo Sesia, and Amy Kaser. "Brink's Company: Activists Push for a Spin-off." Harvard Business School Case 112-055, November 2011.
- November 2016 (Revised April 2018)
- Case
Darby's Investment in Sirma: Professionalizing an Entrepreneurial Firm
By: Suraj Srinivasan and Eren Kuzucu
In March 2010, Burak Dalgın (HBS MBA 2004) led private equity firm Darby's investment in Sırma, a local Turkish water and beverage company. Sırma was owned and managed by members of two Turkish business families. The existing management, while being highly... View Details
Keywords: Control Systems; Variance Analysis; Emerging Markets; Debt; Family Ownership; Turkey; Valuation; Business or Company Management; Private Equity; Financial Reporting; Investment; Budgets and Budgeting; Food and Beverage Industry; Turkey
Srinivasan, Suraj, and Eren Kuzucu. "Darby's Investment in Sirma: Professionalizing an Entrepreneurial Firm." Harvard Business School Case 117-033, November 2016. (Revised April 2018.)
- 24 Jul 2000
- Research & Ideas
Value Maximization and Stakeholder Theory
our actions and opportunities, at least in the short run. It is our job as directors, managers, and employees to resist the temptation to conform to the pressures of equity and... View Details
Keywords: by Michael C. Jensen
- July 2014
- Supplement
Barclays Bank and Contingent Capital Notes, 2012 (CW)
By: Lucy White and Trent Kim
In 2012, regulatory changes following the financial crisis mean that Barclays Bank is faced with the need to raise large amounts of capital in order to comply with increased capital requirements, tightening rules as to the "quality of capital," and increased risk... View Details
- September 1992 (Revised March 1993)
- Case
Empresas ICA and the Mexican Road Privatization Program
By: Willis M. Emmons III and Monica Brand
Mexico's largest construction company, Empresas ICA, makes an initial public offering to international equity investors in April 1992 to help fund its participation in an ambitious new private-sector approach to highway development. Under the new program, launched by... View Details
Keywords: Construction; Transportation Networks; Infrastructure; Privatization; Private Equity; Investment; Initial Public Offering; Private Sector; Government and Politics; Policy; Construction Industry; Mexico
Emmons, Willis M., III, and Monica Brand. "Empresas ICA and the Mexican Road Privatization Program." Harvard Business School Case 793-028, September 1992. (Revised March 1993.)
- 2018
- Introduction
Introduction: History and Political Economy
By: Sophus A. Reinert and Robert Fredona
This volume offers a snapshot of the resurgent historiography of political economy in the wake of the ongoing global financial crisis, and suggests fruitful new agendas for research on the political-economic nexus as it has developed in the Western world since the end... View Details
Reinert, Sophus A., and Robert Fredona. "Introduction: History and Political Economy." Introduction to New Perspectives on the History of Political Economy, edited by Robert Fredona and Sophus A. Reinert, 11–32. New York: Palgrave Macmillan, 2018.