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Show Results For
- All HBS Web
(1,147)
- People (1)
- News (122)
- Research (932)
- Multimedia (2)
- Faculty Publications (727)
- May 2019
- Background Note
Sources of Capital for Black Entrepreneurs
By: Steven Rogers, Stanley Onuoha and Kayin Barclay
This note was written primarily for black entrepreneurs in order to help them raise capital. The second objective was to recognize the capital providers who are part of the solution to the problem of less than 2% of private equity capital and 1.7% of debt capital in... View Details
Rogers, Steven, Stanley Onuoha, and Kayin Barclay. "Sources of Capital for Black Entrepreneurs." Harvard Business School Background Note 319-117, May 2019.
- 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.
- January 2011 (Revised July 2019)
- Case
Houghton Mifflin Harcourt
By: Stuart C. Gilson and Sarah L. Abbott
One of the leading publishers of textbooks and other educational materials for the U.S. K-12 educational instruction market has suffered a dramatic decline in sales and profits in the wake of the 2008-2009 financial market crisis and economic recession, and is now... View Details
Keywords: Restructuring; Capital Structure; Financial Crisis; Insolvency and Bankruptcy; Decision Choices and Conditions; Publishing Industry; Massachusetts
Gilson, Stuart C., and Sarah L. Abbott. "Houghton Mifflin Harcourt." Harvard Business School Case 211-027, January 2011. (Revised July 2019.)
- 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
- March 2009
- Article
Trading Restrictions and Stock Prices
By: Robin Greenwood
Firms can manipulate their stock price by limiting the ability of their investors to sell. I examine a series of corporate events in Japan in which firms actively reduced their float—the fraction of shares available to trade—for periods of one to three months, locking... View Details
Greenwood, Robin. "Trading Restrictions and Stock Prices." Review of Financial Studies 22, no. 3 (March 2009): 509–539.
- April 2010 (Revised March 2011)
- Case
The Auction for Travelport (A)
By: Andrei Hagiu and Misha Sanwal
A senior Blackstone director is deciding how aggressively to bid for Travelport, a travel distribution business containing several key services and platforms. Travelport's most important properties were Galileo, one of the top 3 global distribution systems (GDSs),... View Details
Keywords: Value Creation; Product Positioning; Cost vs Benefits; Private Equity; Leveraged Buyouts; Competitive Advantage; Auctions; Industry Structures; Travel Industry
Hagiu, Andrei, and Misha Sanwal. "The Auction for Travelport (A)." Harvard Business School Case 710-474, April 2010. (Revised March 2011.)
- June 2012 (Revised October 2018)
- Case
Home Nursing of North Carolina
By: Richard S. Ruback and Royce Yudkoff
Ari Medoff's (HBS '11) goal was to control his own professional destiny by owning his own company. His search identified a suitable acquisition in Home Nursing of North Carolina, and he had negotiated a purchase price of $3.5 million, or 4.2x trailing EBITDA. Medoff... View Details
Keywords: Search Funds; Small Companies; Acquisitions; Negotiation; Medical Services; Negotiation Process; Valuation; Investment; Acquisition; Health Industry
Ruback, Richard S., and Royce Yudkoff. "Home Nursing of North Carolina." Harvard Business School Case 212-120, June 2012. (Revised October 2018.)
- Web
Publications - Faculty & Research
Bank: Gone in 36 Hours By: Jung Koo Kang , Krishna G. Palepu and Charles C.Y. Wang Keywords: Accounting Standards ; Bank Runs ; Financial Accounting ; Financial Reporting ; Social Media ; Banks and Banking ; Financing and Loans ;... View Details
- August 2020 (Revised December 2020)
- Case
Latam Airlines and COVID-19: Seeking Bankruptcy Protection in the United States
By: Laura Alfaro, Mauricio Larrain, Carlos Vilches and Sarah Jeong
On May 26, 2020, Latam Airlines became the largest airline in the world to be driven to bankruptcy by COVID-19. With a complex debt structure and international investor composition, the company decided to file for bankruptcy protection in the United States, which... View Details
Keywords: Airlines; Pandemic; Coronavirus Pandemic; Health Pandemics; Air Transportation; Insolvency and Bankruptcy; Capital Markets; Strategy; Latin America; Chile; United States
Alfaro, Laura, Mauricio Larrain, Carlos Vilches, and Sarah Jeong. "Latam Airlines and COVID-19: Seeking Bankruptcy Protection in the United States." Harvard Business School Case 321-027, August 2020. (Revised December 2020.)
- 2024
- Working Paper
Internal and External Capital Markets of Large Banks
By: Lina Lu, Marco Macchiavelli and Jonathan Wallen
Despite regulatory restrictions, large U.S. bank holding companies have sizable and dynamic internal capital markets. They raise long-term debt at the holding company and deposits at the commercial bank to internally make unsecured loans to affiliated broker-dealers.... View Details
Lu, Lina, Marco Macchiavelli, and Jonathan Wallen. "Internal and External Capital Markets of Large Banks." Working Paper, November 2024.
- January 2008 (Revised April 2009)
- Case
Kinyuseisaku: Monetary Policy in Japan (A)
By: Laura Alfaro and Akiko Kanno
Toshihiko Fukui, Governor of the Bank of Japan, faced a complex situation in the fall of 2007. An economic recovery had allowed the central bank to abandon its zero interest rate policy, which had been in place for years, and raise rates to 0.5%. The Bank of Japan was... View Details
Alfaro, Laura, and Akiko Kanno. "Kinyuseisaku: Monetary Policy in Japan (A)." Harvard Business School Case 708-017, January 2008. (Revised April 2009.)
- Forthcoming
- Article
Reflexivity in Credit Markets
By: Robin Greenwood, Samuel G. Hanson and Lawrence J. Jin
Reflexivity is the idea that investors' biased beliefs affect market outcomes and that market outcomes in turn affect investors’ future biases. We develop a dynamic behavioral model of the credit cycle featuring this two-way feedback loop. Investors form beliefs about... View Details
Greenwood, Robin, Samuel G. Hanson, and Lawrence J. Jin. "Reflexivity in Credit Markets." Journal of Finance (forthcoming).
- 2023
- Working Paper
Life After Death: A Field Experiment with Small Businesses on Information Frictions, Stigma, and Bankruptcy
By: Shai Benjamin Bernstein, Emanuele Colonnelli, Mitchell Hoffman and Benjamin Iverson
In a randomized control trial (RCT) with U.S. small businesses, we document that a large share of firms are not well-informed about bankruptcy. Many assume that bankruptcy necessarily entails the death of a business and do not know about Chapter 11 bankruptcy, where... View Details
Bernstein, Shai Benjamin, Emanuele Colonnelli, Mitchell Hoffman, and Benjamin Iverson. "Life After Death: A Field Experiment with Small Businesses on Information Frictions, Stigma, and Bankruptcy." NBER Working Paper Series, No. 30933, February 2023.
- 2021
- Working Paper
Elusive Safety: The New Geography of Capital Flows and Risk
By: Laura Alfaro, Ester Faia, Ruth Judson and Tim Schmidt-Eisenlohr
A confidential dataset with industry-level disaggregation of U.S. cross-border claims and liabilities, shows U.S. securities to be increasingly intermediated by tax-haven-financial-centers (THFC) and less regulated funds. These securities are risky, in... View Details
Keywords: Tax Havens; Financial Centers; Geography Of Flows; Profit Shifting; Tax Avoidance; Risk; Safe Assets; Hetergeneous Firms; Endogenous Entry; Endogenous Monitoring; Regulatory Arbitrage; Assets; Safety; Risk and Uncertainty; Capital; Global Range
Alfaro, Laura, Ester Faia, Ruth Judson, and Tim Schmidt-Eisenlohr. "Elusive Safety: The New Geography of Capital Flows and Risk." Harvard Business School Working Paper, No. 20-099, March 2020. (Revised February 2021.)
- January 2004 (Revised May 2005)
- Case
Gold Hill Venture Lending
By: G. Felda Hardymon, Josh Lerner and Ann Leamon
David Fischer is trying to raise $200 million for a first-time venture debt fund that will be affiliated with Silicon Valley Bank, a major technology lender. Despite his lengthy experience in venture lending, the process is proving difficult. He and his partners are... View Details
Keywords: Information Technology; Value Creation; Venture Capital; Partners and Partnerships; Decision Choices and Conditions; Investment Funds; Banking Industry; Financial Services Industry
Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Gold Hill Venture Lending." Harvard Business School Case 804-083, January 2004. (Revised May 2005.)
- 12 Feb 2008
- First Look
First Look: February 12, 2007
analysis. Then, you'll learn how to apply these tools in a variety of decision contexts, including securities analysis, credit analysis, corporate financing policies analysis, mergers and acquisitions analysis, and governance and... View Details
Keywords: Martha Lagace
- 2014
- Article
Bond Supply and Excess Bond Returns
By: Robin Greenwood and Dimitri Vayanos
We examine empirically how the maturity structure of government debt affects bond yields and excess returns. Our analysis is based on a theoretical model of preferred habitat in which clienteles with strong preferences for specific maturities trade with arbitrageurs.... View Details
Greenwood, Robin, and Dimitri Vayanos. "Bond Supply and Excess Bond Returns." Review of Financial Studies 27, no. 3 (March 2014): 663–713. (Also earlier version NBER Working Paper Series, No. 13806, February 2008.)
- 2024
- Working Paper
Economic Budgeting for Endowment-Dependent Universities
By: John Y. Campbell, Jeremy C. Stein and Alex A. Wu
To understand their financial position, universities need to understand the long-term implications of their operating revenues and costs in relation to the financial assets they have available. Standard budgeting procedures that focus on one or two years at a time and... View Details
Campbell, John Y., Jeremy C. Stein, and Alex A. Wu. "Economic Budgeting for Endowment-Dependent Universities." Working Paper, March 2024.
- January 2017 (Revised August 2017)
- Case
Earl Gordon - Eastern Circle
By: Steven Rogers and Greg White
This case follows an African-American entrepreneur through the process of sourcing a potential acquisition, valuing a company, and securing the funding to purchase the company. This entrepreneur must decide if he should close the deal and which financing term sheet to... View Details
Keywords: Negotiations; Manufacturing; LBO; Leveraged Buyout; Entrepreneurship; Term Sheets; Deal Structuring; Financial Statements; Acquisition; Leveraged Buyouts; Business Model; Forecasting and Prediction; Cost vs Benefits; Cash Flow; Borrowing and Debt; Cost of Capital; Private Equity; Negotiation Deal; Negotiation Offer; Negotiation Process; Valuation; Value Creation; California
Rogers, Steven, and Greg White. "Earl Gordon - Eastern Circle." Harvard Business School Case 317-061, January 2017. (Revised August 2017.)
- 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.)