Costs Of Financial Distress - Publications - Faculty & Research - Harvard Business School

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June 2021
Article

Symmetric Ignorance: The Cost of Anonymous Lemons

By: Amar Bhidé

Rules that restrict information required in negotiated private transactions have spurred a vast increase in the scope of anonymous financial markets, particularly in the United States. The subtle costs of the information‐restricting rules raise questions about the... View Details

Keywords: Information Asymmetry; Liquidity; Regulation; Securities Markets; Securitization; Information; Financial Liquidity; Financial Markets; Governing Rules, Regulations, and Reforms

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November 2009
Background Note

Business Valuation and the Cost of Capital

By: Timothy A. Luehrman

This note is an introduction to the cost of capital as used in discounted cash flow valuation analyses. The note covers basic financial economic principles and practical problems encountered in calculating the cost of capital, especially WACC. It concludes with... View Details

Keywords: Economics; Capital Budgeting; Cash Flow; Cost of Capital; Valuation

18 Apr 2016
Research & Ideas

The Cost of Leaning In

“Just because we observe women doing well in a particular negotiation situation, it doesn’t necessarily mean all women will do well in that situation” But a recent laboratory experiment shows that when women avoid negotiations, they may be wise to do so. In the paper... View Details

Keywords: by Carmen Nobel

January 2017 (Revised January 2019)
Case

The Rise and Fall of Lehman Brothers

By: Stuart C. Gilson, Kristin Mugford and Sarah L. Abbott

With nearly $700 billion in assets, Lehman was the largest U.S. bankruptcy in history. In 2007, Lehman achieved record earnings of over $4 billion on revenues of $60 billion. By September 2008 the fourth largest investment bank in the world was bankrupt. How had a... View Details

August 2018 (Revised June 2019)
Case

Oaktree: Pierre Foods Investment

By: Victoria Ivashina and Mike Harmon

This case is a setting to discuss “loan to own” investment strategy that is often pursued by distressed investors. The aftermath of the 2007 financial crisis left many companies with poor liquidity and limited ability to obtain credit. One of these companies was Pierre... View Details

Keywords: Distress Investing; Investment; Debt Securities; Strategy; Restructuring

25 Sep 2019
Research & Ideas

The Economic Cost of Physician Burnout

the bottom line. “It’s not just going to be a waste of resources trying to deal with this problem,” Goh says. “Aside from all of the positive outcomes you generate, it’s probably a good View Details

Keywords: by Michael Blanding; Health

February 1996 (Revised November 2003)
Case

Indianapolis: Activity-Based Costing of City Services (A)

By: Robert S. Kaplan

A new administration in the City of Indianapolis is initially determined to privatize many municipal services. Before taking this action, however, the city managers want to know the current cost of performing these services with the municipal workers. Existing... View Details

Keywords: Cost Management; Public Sector; Activity Based Costing and Management; Service Delivery; Privatization; City; Indianapolis

August 2017
Case

Boston Public Schools' Long Term Financial Plan

By: C. Fritz Foley, Victor Wu and F. Katelynn Boland

In the fall of 2016, the senior leadership team of Boston Public Schools prepared a report indicating that costs were expected to grow faster than revenues for many years to come. They faced questions about whether the projections would be believed and about how to... View Details

Keywords: Financial Planning; Education Reform; Education; Budgets and Budgeting; Corporate Finance; Public Administration Industry; United States; Boston

June 2018
Article

Cost of Experimentation and the Evolution of Venture Capital

By: Michael Ewens, Ramana Nanda and Matthew Rhodes-Kropf

We study how technological shocks to the cost of starting new businesses have led the venture capital model to adapt in fundamental ways over the prior decade. We both document and provide a framework to understand the changes in the investment strategy of VCs in... View Details

Keywords: Innovation; Investing; Abandonment Option; Technological Innovation; Venture Capital; Investment

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2017
Working Paper

Cost of Experimentation and the Evolution of Venture Capital

By: Michael Ewens, Ramana Nanda and Matthew Rhodes-Kropf

We study how technological shocks to the cost of starting new businesses have led the venture capital model to adapt in fundamental ways over the prior decade. We both document and provide a framework to understand the changes in the investment strategy of VCs in... View Details

Keywords: Innovation; Investing; Abandonment Option; Technological Innovation; Venture Capital; Entrepreneurship; Investment

December 2000 (Revised May 2001)
Supplement

Cost of Capital at Ameritrade

By: Mark L. Mitchell and Erik Stafford

Spreadsheet to (9-201-046). Download only. View Details

Keywords: Financial Services Industry

December 2018
Article

Improving Resilience Among Employees High in Depression, Anxiety, and Workplace Distress

By: Allison L. Williams, Acacia C. Parks, Grace Cormier, Julia Stafford and A.V. Whillans

Depression and anxiety are costly for both employees and employers, in terms of direct medical costs as well as costs stemming from lost productive time and missed days at work. Resilience training has been shown to improve workplace functioning for employees, which... View Details

Keywords: Depression; Anxiety; Engagement; Resilience; Presenteeism; Employee Engagement; Mental Health; Employees; Emotions; Health; Internet and the Web; Performance Productivity

2020
Working Paper

Bankruptcy and the COVID-19 Crisis

By: Jialan Wang, Jeyul Yang, Benjamin Iverson and Raymond Kluender

We examine the impact of the COVID-19 economic crisis on business and consumer bankruptcies in the United States using real-time data on the universe of filings. Historically, bankruptcies have closely tracked the business cycle and contemporaneous unemployment rates.... View Details

Keywords: Bankruptcy; Financial Distress; COVID-19; Insolvency and Bankruptcy; Financial Crisis; Health Pandemics; United States

May 2019
Article

Corporate Debt, Firm Size and Financial Fragility in Emerging Markets

By: Laura Alfaro, Gonzalo Asis, Anusha Chari and Ugo Panizza

The post-Global Financial Crisis period shows a surge in corporate leverage in emerging markets and a number of countries with deteriorated corporate financial fragility indicators (Altman’s Z-score). Firm size plays a critical role in the relationship between... View Details

Keywords: Corporate Debt; Firm Size; Financial Fragility; Emerging Market; Organizations; Borrowing and Debt; Financial Condition; Emerging Markets; System Shocks

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Web

How HBS Financial Aid Can Help You Meet the Cost of Your MBA | MBA

How HBS Financial Aid Can Help You Meet the Cost of Your MBA By Katie Kelsall on January 21, 2022 Share via Facebook Share via LinkedIn Print Share via email As a... View Details

2011
Working Paper

The Cost of Capital for Alternative Investments

By: Jakub W. Jurek and Erik Stafford

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 offers monthly liquidity and complete transparency... View Details

Keywords: Cost of Capital; Financial Liquidity; Investment; Investment Return; Mathematical Methods; Risk and Uncertainty

14 Oct 2011
Working Paper Summaries

The Cost of Capital for Alternative Investments

Keywords: by Jakub W. Jurek & Erik Stafford

March 2025
Article

Do Public Financial Statements Influence Private Equity and Venture Capital Financing?

By: Brian K. Baik, Natalie Berfeld and Rodrigo S. Verdi

We study whether private firm public financial statements influence the probability of raising venture capital (VC) and private equity (PE) financing. In particular, we propose that private firms’ public financial statements can help the VC/PE search process by... View Details

Keywords: Business Economics; Search Costs; Accounting; Venture Capital; Governance; Private Equity; Financial Statements

May 2010 (Revised January 2012)
Case

Lincoln Financial Meets the Financial Crisis

By: Robert C. Pozen and Peter Goodspeed Spring

In March of 2009, Lincoln Financial Group's CEO Dennis Glass was facing a difficult decision as to how he would replenish his company's capital, which could quickly fall to dangerously low levels as a result of the financial crisis. Though the cost of raising capital... View Details

Keywords: Cost vs Benefits; Financial Crisis; Capital; Private Equity; Crisis Management; Business and Government Relations; Business and Stakeholder Relations; Insurance Industry

Web

Annual Cost of Attendance | MBA

of Attendance makes allowances for many of the typical expenses, there is no way to anticipate specific costs for each individual student. It is important to understand that... View Details

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