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  • 23 Nov 2020
  • Research & Ideas

COVID Was Supposed to Increase Bankruptcies. Instead, They've Gone Down.

Jialan Wang and Jeyul Yang of the University of Illinois, Urbana-Champaign, and Benjamin Iverson of Brigham Young University. “The drop in... View Details
Keywords: by Rachel Layne
  • Article

The Ownership and Trading of Debt Claims in Chapter 11 Restructurings

By: Victoria Ivashina, Benjamin Iverson and David C. Smith
What is the ownership structure of bankrupt debt claims? How does the ownership evolve though bankruptcy? And how does debt ownership influence Chapter 11 outcomes? To answer these questions, we construct a data set that identifies the entire capital structure for 136... View Details
Keywords: Ownership Structure; Distressed Debt; Trading In Bankruptcy; Restructuring; Capital Structure; Insolvency and Bankruptcy; Ownership; Borrowing and Debt; United States
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  • 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
Keywords: Small Business; Insolvency and Bankruptcy; Knowledge Dissemination; Outcome or Result
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  • 01 Sep 2018
  • News

After the Fall

anniversary of the financial crisis. “One of the goals of the conference is to better understand the decisions made by secretaries Paulson and Geithner in the midst of the crisis, View Details
Keywords: Jennifer Myers; illustration by Dan Bejar; Securities, Commodities, and Other Financial Investments; Securities, Commodities, and Other Financial Investments; Securities, Commodities, and Other Financial Investments; Securities, Commodities, and Other Financial Investments; Securities, Commodities, and Other Financial Investments; Securities, Commodities, and Other Financial Investments
  • Web

Business Economics - Doctoral

lens of business. Jointly administered by HBS and the Department of Economics in the Faculty of Arts and Sciences, the program combines theoretical analysis with in-depth,... View Details
  • Web

Publications - Faculty & Research

2025 Teaching Note Blackstone Credit and Delaware Basin Resources By: Victoria Ivashina and Srimayi Mylavarapu Teaching note for case 224035 View... View Details
  • November 2012 (Revised January 2014)
  • Case

HCA, Inc. LBO Exit

By: Victoria Ivashina
This case discusses the events following the 2006 $33.2 billion buyout of Hospital Corporation of America (HCA) by a consortium of private equity firms, including Bain Capital, KKR, and Merrill Lynch's private equity arm. The case highlights some of the core features... View Details
Keywords: Entrepreneurship; Finance; Stockholders; Dividends; Private Equity; Initial Public Offering
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  • 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
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  • Web

Finance Faculty - Faculty & Research

Administration Victoria Ivashina Lovett-Learned Professor of Business Administration Anne and James F. Rothenberg Faculty Fellow Elisabeth Kempf Jaime View Details
  • 2016
  • Working Paper

Pay Now or Pay Later? The Economics within the Private Equity Partnership

By: Victoria Ivashina and Josh Lerner
The economics of partnerships have been of enduring interest to economists, but many issues regarding intergenerational conflicts and their impact on the continuity of these organizations remain unclear. We examine 717 private equity partnerships and show that (a) the... View Details
Keywords: Partnerships; Leveraged Buyout; Venture Capital; Private Equity; Partners and Partnerships; Leveraged Buyouts
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  • Web

Behavioral Finance & Financial Stability

Sentiment & Expectations More Info Dollar Funding and the Lending Behavior of Global Banks By: Victoria Ivashina , David S. Scharfstein & Jeremy C. Stein AUG 2015 Foreign banks... View Details
  • Web

Accounting & Management - Doctoral

Post-Doctoral Fellow Advisors: Charles C.Y. Wang (Chair), Victoria Ivashina , and Suraj Srinivasan Patrick Ferguson, 2021 University of Melbourne, Melbourne Business School... View Details
  • Web

Research - Private Capital Project

Arsenal’s ownership. Over just two years, Pinnacle's EBITDA increased from $13.5 million to $60 million. By mid-2021,... November 2024 (Revised December 2024) Case Moonfare and the Democratization of Private... View Details
  • Article

Reaching for Yield in the Bond Market

By: Bo Becker and Victoria Ivashina
Reaching for yield—the propensity to buy riskier assets in order to achieve higher yields—is believed to be an important factor contributing to the credit cycle. This paper analyzes this phenomenon in the corporate bond market. Specifically, we show evidence for... View Details
Keywords: Fixed Income; Reaching For Yield; Financial Intermediation; Insurance Companies; Insurance; Assets; Bonds; Investment Return; Investment Portfolio; Risk Management; Insurance Industry
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  • October 2020 (Revised July 2023)
  • Case

UCK Partners: Gong Cha

By: Victoria Ivashina and Sangyun Lee
In the Spring of 2017, Soomin Kim, Founding Partner of UCK Partners, and his team were debating the potential exit of UCK Partner’s investment in Gong Cha Korea, the sole local franchisor of the premium milk tea brand that they proprietarily sourced three years ago.... View Details
Keywords: Exit; Strategic Decision Making; Private Equity; Investment; Strategy; Investment Return; Decision Making; Bids and Bidding
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  • 01 Dec 2023
  • News

Research Brief: Staying in the Game

Illustration by Peter Hoey In Monopoly, declaring bankruptcy has a very permanent consequence. Game over; you lose. In the paper “Life After Death: A Field Experiment with Small Businesses on Information Frictions, Stigma, and Bankruptcy,” HBS professor Shai Bernstein... View Details
Keywords: Jennifer Myers; Administration of Economic Programs; Government
  • Web

Finance Awards & Honors - Faculty & Research

Ivashina : Winner of the 2017 Second Place Jensen Prize for the Best Paper Published in the Journal of Financial Economics in the Area of Corporate Finance and Organizations for "The Ownership View Details
  • Web

Finance - Faculty & Research

Basin Resources By: Victoria Ivashina and Srimayi Mylavarapu June 2025 | Teaching Note | Faculty Research Teaching note for case 224035 Citation Related Ivashina, Victoria,... View Details
  • Web

Placement - Doctoral

Harvard Business School, Post-Doctoral Fellow Dissertation: Essays on the Use of Information in Financial Intermediaries Advisors: Charles C.Y. Wang (Chair), Victoria Ivashina , View Details
  • May 2009
  • Article

Asymmetric Information Effects on Loan Spreads

By: Victoria Ivashina
The paper estimates the cost arising from information asymmetry between the lead bank and members of the lending syndicate. In a lending syndicate, the lead bank retains only a fraction of the loan but acts as the intermediary between the borrower and the syndicate... View Details
Keywords: Cost; Banks and Banking; Financing and Loans; Interest Rates; Capital; Investment Portfolio; Credit; Diversification; Risk and Uncertainty
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