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  • July 1991 (Revised August 1991)
  • Case

Philip Morris Companies, Inc. (B)

By: Samuel L. Hayes III
Looks at the company's plans for a new debt offering under the Rule 415 shelf underwriting provision--in this instance from the vantage point of the lead investment banker for the deal. The decision-maker must assess the risks of the issuer, the tone of the market, the... View Details
Keywords: Risk Management; Stocks; Initial Public Offering; Consumer Products Industry; United States
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  • December 2004 (Revised July 2008)
  • Case

Delaware Worldwide Corporation

By: Ronald W. Moore
Discusses the bankruptcy reorganization process, with an emphasis on valuation and capital structure. Serves as the basis for a bankruptcy reorganization game that has been used for many years in Creating Value Through Corporate Restructuring, a second-year finance... View Details
Keywords: Restructuring; Capital Structure; Insolvency and Bankruptcy; Financial Strategy; Valuation
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    How Quantitative Easing Works: Evidence on the Refinancing Channel

    When LSAPs are needed the most, simply bending the yield curve through purchasing government debt is not effective for stimulating the mortgage market (a key sector of the economy for the transmission of monetary policy). Purchasing mortgage-backed... View Details

    • July 1991 (Revised August 1991)
    • Case

    Philip Morris Companies, Inc. (A)

    By: Samuel L. Hayes III
    This large tobacco and diversified food processor is seeking to refinance debt funds raised to accomplish a large acquisition. It has filed a large "shelf" registration that authorizes it to issue during the subsequent two years. At the time of the case, the market... View Details
    Keywords: Stocks; Initial Public Offering; Consumer Products Industry; United States
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      Jung Koo Kang

      Jung Koo Kang is an assistant professor in the Accounting and Management Unit. He teaches the Financial Reporting and Control course in the MBA required curriculum.

      Professor Kang’s research focuses on financial technology and innovation, alternative data,... View Details

      • 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
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      • 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
      Keywords: Quality; Bonds; Forecasting and Prediction; Credit
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      • 08 Jun 2017
      • News

      Harvard Business School Announces Social Enterprise Loan Repayment Assistance Program

      • 12 Jun 2012
      • News

      Devils take in more than $30M during Stanley Cup run

      • 31 Oct 2010
      • News

      Leveraging Admissions Tests to Increase Financial Savvy

      • 2021
      • Working Paper

      No-fault Default, Chapter 11 Bankruptcy, and Financial Institutions

      By: Robert C. Merton and Richard T. Thakor
      This paper analyzes the costs and benefits of a no-fault-default debt structure as an alternative to the typical bankruptcy process. We show that the deadweight costs of bankruptcy can be avoided or substantially reduced through no-fault-default debt, which permits a... View Details
      Keywords: No-fault Default; Chapter 11; Insolvency and Bankruptcy; Borrowing and Debt; Governing Rules, Regulations, and Reforms; Financial Institutions; Contracts
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        Samuel G. Hanson

        Samuel G. Hanson is the William L. White Professor of Business Administration at Harvard Business School, a Research Associate at the National Bureau of Economic Research, and a Faculty Affiliate of the Harvard Economics department. He teaches Finance 1... View Details

        Keywords: asset management; banking; brokerage; federal government; financial services; investment banking industry
        • 19 Sep 2011
        • News

        How to Bring Our Companies' Foreign Profits Back Home

        • June 2009
        • Case

        Midland Energy Resources, Inc.: Cost of Capital

        By: Timothy A. Luehrman and Joel L. Heilprin
        The senior vice president of project finance for a global oil and gas company must determine the weighted average cost of capital for the company as a whole and each of its divisions as part of the annual capital budgeting process. The case uses comparable companies to... View Details
        Keywords: Risk Assessment; Risk and Uncertainty; Risk Management; Cost of Capital; Cash Flow; Capital Structure; Valuation; Capital Budgeting; Energy Industry
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        • July 2001
        • Technical Note

        Technical Note on LBO Valuation (A): LBO Structure and the Target IRR Method of Valuation

        By: Carliss Y. Baldwin
        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
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        • 18 Jan 2013
        • News

        Raise the Age for Medicare & Soc. Security?

        • 24 Feb 2021
        • Blog Post

        My HBS Student Loan Story: Les Williams (MBA 2005)

        their student loans. Still, taking-on student debt to finance an MBA is a significant commitment, and we recognize that personal circumstances influence how each student approaches that commitment. To better understand how HBS graduates... View Details
        • Research Summary

        Overview

        Professor Vallée focuses on financial innovation, investigating it from different angles. This research thread has led him to relate the methods and insights of corporate finance and banking with those of other subfields, including household finance, public finance,... View Details
        • 28 Jul 2015
        • First Look

        First Look: July 28, 2015

        https://cb.hbsp.harvard.edu/cbmp/product/515025-PDF-ENG Harvard Business School Case 115-063 Greece's Debt: Sustainable? The case "Greece's Debt: Sustainable?" describes the Greek economic crisis, bailout from the European Union and the International Monetary... View Details
        Keywords: Carmen Nobel
        • September 2016 (Revised April 2018)
        • Case

        Western Technology Investment

        By: Ramana Nanda, William A. Sahlman and Nicole Keller
        Based in Portola Valley, California, Western Technology Investment (WTI) specialized in a hybrid form of debt and equity financing for early-stage companies. Like traditional venture capital and private equity firms, WTI raised funds from institutional investors and... View Details
        Keywords: Entrepreneurial Finance; Equity; Finance; Venture Capital; Entrepreneurship; Financing and Loans; California
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