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  • 20 Aug 2012
  • Research & Ideas

The Acquirers

between the average interest rate on commercial and industrial loans and the federal funds rate, moved in opposite directions with merger activity. This spread, the researcher argued, enabled more M&A liquidity and easier financing.... View Details
Keywords: by Kim Girard; Financial Services
  • 11 Aug 2009
  • First Look

First Look: August 11, 2009

argue that time-series variation in the maturity of aggregate corporate debt issues arises because firms behave as macro liquidity providers, absorbing the large supply shocks associated with changes in the maturity structure of... View Details
Keywords: Martha Lagace
  • 02 Oct 2018
  • First Look

New Research and Ideas, October 2, 2018

corporate profitability, Japan introduced the JPX-Nikkei400 in 2014. The index highlighted the country's “best-run” companies by annually selecting the 400 most profitable among Japan's large and liquid firms. We find that managers... View Details
Keywords: Dina Gerdeman
  • 01 Jul 2008
  • First Look

First Look: July 1, 2008

American trade deficit and the price of oil at more than $130 per barrel (at press time) have created an inevitable pool of financial liquidity among oil exporters in the Arabian Gulf. But this era of petrodollar surpluses is markedly... View Details
Keywords: Martha Lagace
  • 03 Jan 2017
  • First Look

January 3, 2017

structure and liquidity policies—for tax or agency reasons—appears to be a key driver of their decision to simultaneously raise and pay out capital. Download working paper: https://www.hbs.edu/faculty/Pages/item.aspx?num=48383 Online... View Details
Keywords: Carmen Nobel
  • 20 Sep 2011
  • First Look

First Look: September 20

Authors:Jakub W. Jurek and Erik Stafford Abstract This paper studies the cost of capital for alternative investments. We document that the risk profile of the aggregate hedge fund universe can be accurately matched by a simple index put option writing strategy that... View Details
Keywords: Sean Silverthorne
  • 23 Dec 2008
  • First Look

First Look: December 23, 2008

and, in particular, senior risk officers play in fifteen international banks. The research was carried out between June 2006 and June 2007, thus it offers a rare snapshot of the "calm before the storm"—the state of risk management at fifteen large players... View Details
Keywords: Martha Lagace
  • December 2004 (Revised May 2005)
  • Case

Levenger Company

By: Myra M. Hart, Kristin Lieb and Victoria Winston
The Leveens started a high-end catalog business as a small home-based venture in 1987. It grew into a nationally recognized, $60 million company, offering products that ranged from unique pens and pencils to leather briefcases and fully furnished offices. In 1999, it... View Details
Keywords: Strategic Planning; Financial Liquidity; Business Exit or Shutdown; Expansion; Business Growth and Maturation; Value; Entrepreneurship; Financing and Loans; Globalization; Business Startups; Growth and Development Strategy; Retail Industry; United States
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  • February 2024 (Revised June 2024)
  • Case

Can Families Conquer Private Equity? Pritzker Private Capital

By: Lauren Cohen and Sophia Pan
Anthony (Tony) Pritkzer, Paul Carbone, and the Pritzker Private Capital (PPC) team wondered how to approach the firm’s next phase of growth. PPC was a private equity firm that offered a differentiated approach to the family capital market. Back in 2016, the partners... View Details
Keywords: Family Office; External Financing; Succession; Leadership Transition; Family Business; Private Equity; Investment; Business Growth and Maturation; Financial Strategy; Investment Portfolio; Business Model; Private Sector; Financial Liquidity; Risk Management; Organizational Structure; Competitive Advantage; Venture Capital; Management Succession; Financial Services Industry; Chicago; Illinois; United States
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  • 14 Nov 2017
  • First Look

New Research and Ideas: November 14, 2017

profitability in Japan, the JPX-Nikkei400 Index was introduced in 2014. Each year the Index selected 400 large and liquid firms deemed best performing in terms of profitability; membership is considered highly prestigious. We document... View Details
Keywords: Carmen Nobel
  • 01 Oct 2013
  • First Look

First Look: October 1

also more pronounced for the insurance firms for which regulatory capital requirements are more binding. The results hold both at issuance and for trading in the secondary market and are robust to a series of bond and issuer controls, including issuer fixed effects as... View Details
Keywords: Sean Silverthorne
  • 13 Jul 2010
  • First Look

First Look: July 13

forces. We recognize the advantage of using fair values in circumstances where these are based on observable prices in liquid secondary markets, but caution against expanding fair values to financial reporting more generally. We conclude... View Details
Keywords: Martha Lagace
  • February 2019 (Revised October 2022)
  • Case

Scandal at Steinhoff

By: Kristin Mugford and Phil Caruso
Keywords: Volatility; Borrowing and Debt; Insolvency and Bankruptcy; Financial Liquidity; Bonds; Corporate Accountability; Failure; International Finance; Restructuring; Business Conglomerates; Crime and Corruption; Retail Industry; South Africa; Austria; Netherlands
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  • 18 Mar 2014
  • First Look

First Look: March 18

v. Van Gorkum); and the board's role and process in hiring, firing, and severance decisions (Ovitz at Disney). Purchase this case: http://hbr.org/product/these-people-are-fiduciaries/an/314067-PDF-ENG Harvard Business School Case 514-024 Coca-Cola: View Details
Keywords: Sean Silverthorne
  • 04 Feb 2021
  • Research & Ideas

Inside CEOs' Pandemic Worries: Uncertainty, Employees, and Kids

and their ability to pay for each of our projects to assess the situation.” Uncertainty about “what the runway of cash should be and how long to plan for” compounded CEOs' liquidity concerns. Family and friends. Like everyone else, CEOs... View Details
Keywords: by Gamze D. Yucaoglu, Robin Abrahams, and Boris Groysberg
  • 20 Dec 2016
  • First Look

December 20, 2016

staff at the Securities and Exchange Commission, is based on the notion that cash held in overseas locations is not instantly available to meet firms’ liquidity needs. We test this proposition and find evidence consistent with the notion... View Details
Keywords: Carmen Nobel
  • 17 Nov 2009
  • First Look

First Look: Nov. 17

banks to roll over their short-term debt. We document that there was a simultaneous run by borrowers who drew down their credit lines, leading to a spike in commercial and industrial loans reported on bank balance sheets. We examine whether these two stresses on bank... View Details
Keywords: Martha Lagace
  • 10 Mar 2009
  • First Look

First Look: March 10, 2009

its $18 billion in cash reserves during the week of March 10, 2008, and an unprecedented provision of liquidity support from the Federal Reserve on Friday, March 13 was insufficient to reverse the decline in Bear's condition. Federal... View Details
Keywords: Martha Lagace
  • 03 Feb 2009
  • First Look

First Look: February 3, 2009

faced a liquidity crunch. Aracapita offered Islamic-compliant private equity, real estate, and venture capital products. In the wake of the 9/11 terrorist attack, however, Islamic banking was an endangered species in the U.S. Should... View Details
Keywords: Martha Lagace
  • 23 Apr 2014
  • HBS Case

Are Electronic Cigarettes a Public Good or Health Hazard?

health," one health advocate said. Consisting of a small barrel-shaped design that mimics an actual cigarette, the devices vaporize a liquid nicotine solution, which is then inhaled without the tar and carcinogens found in smoke.... View Details
Keywords: by Michael Blanding; Food & Beverage; Advertising

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