Financial Liquidity - Publications - Faculty & Research - Harvard Business School

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2020
Working Paper

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 US. The subtle costs of the information restricting rules raise questions about the social value of... View Details

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

September 2023
Case

Diamond Standard

By: Lauren H. Cohen, Zhaoheng Gong and Grace Headinger

Cormac Kinney, Founder and CEO of Diamond Standard, was on a mission to transform the U.S. diamond market through unlocking the precious gems as market-traded assets. As a serial FinTech entrepreneur, he hoped to add an additional service to his vault: Carats. The... View Details

2010
Article

The Effect of Financial Development on the Investment Cash Flow Relationship: Cross-Country Evidence from Europe

We investigate financing constraints in a large cross-country data set covering most of the European economy. Firm-level investment sensitivity to cash flow is used to identify financing constraints. We find that the sensitivities are significantly positive, on... View Details

Keywords: Growth and Development; Development Economics; Investment; Cash Flow; Cross-Cultural and Cross-Border Issues; Relationships; Economy; Financial Markets; Business Subsidiaries; Capital Markets; Assets; Financing and Loans; Europe

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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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September 2008 (Revised June 2013)
Case

Odyssey Healthcare

By: Robert F. Higgins, Virginia Fuller and Umer Raffat

In January 2001, Dick Burnham, CEO of Odyssey Healthcare, and Odyssey's Board of Directors were considering selling the hospice care company to a larger provider or making an initial public offering (IPO). With 38 hospice locations in 21 states, Odyssey had been... View Details

Keywords: Liquidity; Venture Creation/development; Hospice; Venture Capital; Financial Liquidity; Business Exit or Shutdown; Business Growth and Maturation; Business Plan; Entrepreneurship; Health Industry; United States

22 Jun 2009
Research & Ideas

“Too Big To Fail”: Reining In Large Financial Firms

restructure, sell, or liquidate a failing company. Bottom line, no firm should be too big to fail. At the same time, the majority of financial firms that pose no systemic risk should face relatively light... View Details

Keywords: by Roger Thompson; Financial Services; Financial Services

2023
Working Paper

Fintech to the (Worker) Rescue: Access to Earned Wages, Financial Health and Employee Turnover

By: Jose Murillo, Boris Vallée and Dolly Yu

Using novel data from a Mexican FinTech firm, we study the usage by workers of earned wages access, an innovative financial service offered by firms to their employees as a benefit. We find usage to be significant and concentrated towards the end of the pay cycle. We... View Details

Keywords: Fintech; Present Bias; Earned Wage Access; Wages; Employees; Retention; Well-being; Mexico

November 2006 (Revised August 2012)
Background Note

A Strategic Perspective on Bankruptcy

By: Bill George, Jim Sharpe and Andrew N. McLean

An overview of bankruptcy procedures in U.S. courts, recent filing data and a framework for evaluating a reorganization with creditors or considering opening a court-supervised reorganization under Chapter 11 of the Bankruptcy Code. View Details

Keywords: Bankruptcy; Financial Distress; Turnarounds; Legal Aspects Of Business; Liquidation; Boards Of Directors; Hedge Funds; Strategy; Law; Governing and Advisory Boards; Negotiation; Crisis Management; Policy; Insolvency and Bankruptcy; Credit; Financial Crisis; United States

August 2012 (Revised November 2012)
Case

Bonne Chance

With a competitor nipping at his heels, his bank reluctantly covering his recent overdraft, Jacob Zimmerman is considering expanding his Midwestern retail jewelry business by bringing on the new Swatch watch line to augment his high end Rolex offerings. Only 14 weeks... View Details

Keywords: Entrepreneurial Management; Entrepreneurs; Financial Crisis; Crisis Management; Bank Loan; Entrepreneurial Finance; Turnarounds; Negotiation; Liquidation; Entrepreneurship; Retail Industry; Fashion Industry; United States

2015
Working Paper

Collateral Shortages and Intermediation Networks

By: Marco Di Maggio and Alireza Tahbaz-Salehi

This paper argues that in the presence of trading frictions and agency problems, the interbank market may be overly fragile, in the sense that small changes in the liquidity of assets used as collateral may lead to large swings in haircuts and a potential credit... View Details

Keywords: Financial Intermediation; Financial Networks; Secured Lending; Collateral; Repo Runs; ABCP Collapse; Networks; Negotiation; Financing and Loans; Financial Crisis

July 2012 (Revised April 2013)
Case

Peter Jepsen

By: Howard H. Stevenson, Michael J. Roberts and James M. Sharpe

About to break bank covenants, Peter Jepsen has to deal with a contentious prior owner, improve profitability and staff appropriately all while maintaining credibility with his investors, in the furniture hardware company he has owned for less than a year. View Details

June 2013
Teaching Note

Eric Weston (TN)

By: Jim Sharpe and Noah Fisher

This is the Teaching Note Associated with case #813045 (Eric Weston). View Details

Keywords: Acquisitions; Bankruptcy; Financing; Turnarounds; Liquidation; Negotiation; Entrepreneurial Management; Crisis Management; Entrepreneurs; Bank Loan; Career Planning; Financial Analysis; Insolvency and Bankruptcy; Entrepreneurship; Acquisition; Retail Industry; United States

July 2012 (Revised April 2013)
Case

Eric Weston

Facing bankruptcy or keeping the doors open, Eric Weston assesses his continued survival in the retail garden supply business he has owned for seven years. View Details

Keywords: Acquisitions; Bankruptcy; Financing; Turnarounds; Liquidation; Negotiation; Entrepreneurial Management; Crisis Management; Entrepreneurs; Bank Loan; Career Planning; Financial Analysis; Insolvency and Bankruptcy; Entrepreneurship; Acquisition; Retail Industry; United States

Research Summary

Get in Line: Chapter 11 Restructuring in Crowded Bankruptcy Courts

This paper tests whether Chapter 11 restructuring outcomes are affected by time constraints in busy bankruptcy courts. On average, total bankruptcy filings rise by 32% during economic recessions, leaving bankruptcy judges with far less time per case exactly when... View Details

Keywords: Bankruptcy; Restructuring; Financial Distress; Insolvency and Bankruptcy

June 2010
Teaching Note

The Southeast Bank of Texas in the Financial Crisis (TN)

By: Robert C. Pozen and Benjamin Greff Schneider

Teaching Note for 310141. View Details

Keywords: Banks and Banking; Financial Crisis; Decision Choices and Conditions; Financial Liquidity; Governing Rules, Regulations, and Reforms; Capital; Forecasting and Prediction; Banking Industry; Texas

Forthcoming
Article

Institutional Corporate Bond Pricing

By: Ishita Sen, Lorenzo Bretscher, Lukas Schmid and Varun Sharma

We propose an equilibrium corporate bond pricing model that accommodates the heterogeneity in institutional investors' preferences and mandates in an empirically tractable way. Our model, estimated on rich holdings data, quantifies investors' preferences and demand... View Details

Keywords: Corporate Bonds; Demand Systems; Insurance Companies; Mutual Funds; Liquidity; Bonds; Price; Investment Funds

October 2019
Teaching Note

Granite Equity Partners

By: Victoria Ivashina and Terrence Shu

This teaching note accompanies HBS case 219-040, “Granite Equity Partners,” which follows the private equity firm as it evaluates the potential acquisition of Tyrell Corp., a Minnesota-based quality control biomaterials company. Granite Equity’s fund was different from... View Details

Keywords: Private Equity Exit; Investing; Fund Exit; Fund Management; Wealth Management; Liquidity; Buyout; Exit Strategy; Preferred Shares; Convertible Notes; Finance; Private Equity; Investment; Asset Management; Wealth; Management; Financial Liquidity; Minnesota; United States

February 2019 (Revised March 2019)
Case

Banorte and the Capital Call Facility: Infrastructure Finance in Mexico

By: John D. Macomber, Carla Larangeira and Fernanda Miguel

As a result of Mexico´s pension industry deregulation, pension funds were able to invest in energy and infrastructure projects through a variety of financial instruments, particularly through Capital Development Certificates (CKDs), an asset class that served as a... View Details

Keywords: Financial Products; Fund Management; Capital Call Facility; Pension Funds; Infrastructure; Energy; Finance; Decision Making; Investment Funds; Financial Instruments; North America; Mexico

February 2021
Supplement

HNA Group: Global Excellence with Chinese Characteristics (C)

By: William C. Kirby, Billy Chan and John P. McHugh

July 2017 was supposed to be a triumphant month for HNA Group. The latest Fortune Global 500 list showed the company had again skyrocketed in its ranking to no. 170, an improvement of over 200 positions from the year prior. Yet earlier that same July, the mysterious... View Details

Keywords: Conglomerate; Airline Industry; Coronavirus; Financial Risk; Debt; Bankruptcy; Global Strategy; Restructuring; Health Pandemics; Financial Markets; Organizational Change and Adaptation; Financial Condition; Globalized Firms and Management; Business and Government Relations; Financial Services Industry; Financial Services Industry; China

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

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