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Show Results For
- All HBS Web
(1,606)
- People (1)
- News (249)
- Research (1,158)
- Events (1)
- Multimedia (14)
- Faculty Publications (856)
- September 2011 (Revised September 2011)
- Case
Penn Warranty Corporation
By: Richard S. Ruback and Royce Yudkoff
Penn Warranty Corporation sold warranty contracts to the used car market. During the recession in 2008/2009 Penn's sales declined by 26% Instead of growing by 11% as forecasted. Also, disruptions in financial and insurance markets created a cash shortfall. In the... View Details
Ruback, Richard S., and Royce Yudkoff. "Penn Warranty Corporation." Harvard Business School Case 212-007, September 2011. (Revised from original August 2011 version.)
- 09 Apr 2009
- Working Paper Summaries
The Economics of Structured Finance
- 2014
- Working Paper
The Rise and Fall of Demand for Securitizations
By: Sergey Chernenko, Samuel G. Hanson and Adi Sunderam
Collateralized debt obligations (CDOs) and private-label mortgage-backed securities (MBS) backed by nonprime loans played a central role in the recent financial crisis. Little is known, however, about the underlying forces that drove investor demand for these... View Details
Chernenko, Sergey, Samuel G. Hanson, and Adi Sunderam. "The Rise and Fall of Demand for Securitizations." NBER Working Paper Series, No. 20777, December 2014.
- Article
Does the Classic Microfinance Model Discourage Entrepreneurship Among the Poor? Experimental Evidence from India
By: Erica Field, Rohini Pande, John Papp and Natalia Rigol
Do the repayment requirements of the classic microfinance contract inhibit investment in high-return but illiquid business opportunities among the poor? Using a field experiment, we compare the classic contract which requires that repayment begin immediately after loan... View Details
Field, Erica, Rohini Pande, John Papp, and Natalia Rigol. "Does the Classic Microfinance Model Discourage Entrepreneurship Among the Poor? Experimental Evidence from India." American Economic Review 103, no. 6 (October 2013): 2196–2226.
- Article
Survive Another Day: Using Changes in the Composition of Investments to Measure the Cost of Credit Constraints
By: Luis Garicano and Claudia Steinwender
We introduce a novel empirical strategy to measure the size of credit shocks. Theoretically, we show that credit shocks reduce the value of long-term relative to short-term investments. Empirically, we can therefore compare the reduction of long-term relative to... View Details
Keywords: Credit Constraints; Credit Crunch; Spain; Investment Behavior; Credit Squeeze; Financial Crisis; Economic Growth; Investment; Credit; Manufacturing Industry; Spain; European Union
Garicano, Luis, and Claudia Steinwender. "Survive Another Day: Using Changes in the Composition of Investments to Measure the Cost of Credit Constraints." Review of Economics and Statistics 98, no. 5 (December 2016): 913–924.
- 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.)
- 14 Aug 2013
- News
Student-Loan Load Kills Startup Dreams
- 29 Apr 2008
- News
How to Revive Securitization Markets
- Web
Publications - Faculty & Research
Investment Portfolio ; Interest Rates ; Debt Securities ; Risk and Uncertainty ; Financial Statements ; Risk Management ; Financial Services Industry ; United States Citation Purchase Related Kang, Jung Koo, Krishna G. Palepu, and Charles... View Details
- 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.
- August 2020
- Article
Leverage and the Beta Anomaly
By: Malcolm Baker, Mathias F. Hoeyer and Jeffrey Wurgler
The well-known weak empirical relationship between beta risk and the cost of equity—the beta anomaly—generates a simple tradeoff theory: As firms lever up, the overall cost of capital falls as leverage increases equity beta, but as debt becomes riskier the marginal... View Details
Baker, Malcolm, Mathias F. Hoeyer, and Jeffrey Wurgler. "Leverage and the Beta Anomaly." Journal of Financial and Quantitative Analysis 55, no. 5 (August 2020): 1491–1514.
- March 2009 (Revised May 2013)
- Supplement
Kinyuseisaku: Monetary Policy in Japan (B)
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 (B)." Harvard Business School Supplement 709-056, March 2009. (Revised May 2013.)
- 03 Oct 2019
- News
Where Are All the Women in Private Equity?
Fiduciary Duties and Equity-debtholder Conflicts
We use an important legal event to examine the effect of managerial fiduciary duties on equity-debt conflicts. A 1991 legal ruling changed corporate directors’ fiduciary duties in Delaware firms, limiting managers’ incentives to take actions that favor... View Details
- Research Summary
Financial Markets and Corporate Governance
By: Dwight B. Crane
Corporate scandals beginning in the late 1990s focused renewed attention on corporate governance, but significant cracks in the governance system also contributed to recent problems. Deregulation and growth of financial markets, as well as changes in the competitive... View Details
- December 1988 (Revised March 1989)
- Case
Pabst Brewing Co.
At the end of 1984 the Pabst Brewing Co. was the object of a takeover contest for the second time in three years. Nearly two years after a reorganization in early 1983 Pabst still suffered from low margins and high debt service costs. This case describes the takeover... View Details
Keywords: Valuation; Restructuring; Bids and Bidding; Acquisition; Manufacturing Industry; Food and Beverage Industry; United States
Tiemann, Jonathan. "Pabst Brewing Co." Harvard Business School Case 289-031, December 1988. (Revised March 1989.)
- February 2014 (Revised March 2022)
- Case
School Specialty, Inc.
By: Stuart C. Gilson and Kristin Mugford
Set in 2013, School Specialty was a financially troubled supplier of educational products to primary and secondary schools in the United States. The company planned to file Chapter 11 in order to address its excessive debt load, but needed to arrange... View Details
Keywords: School Specialty; Bankruptcy; Section 363; Financing; Chapter 11; Capital Structure; Financing and Loans; Insolvency and Bankruptcy; Distribution Industry; Education Industry; United States
Gilson, Stuart C., and Kristin Mugford. "School Specialty, Inc." Harvard Business School Case 214-084, February 2014. (Revised March 2022.)
- April 2006 (Revised April 2012)
- Background Note
The Company Sale Process
Lays out the steps, the timeline, and the process by which a company is sold. Focuses on the sale of companies with enterprise values greater than $100 million. These transactions are large enough to require the help of a financial adviser and attract both strategic... View Details
Fruhan, William E., Jr. "The Company Sale Process." Harvard Business School Background Note 206-108, April 2006. (Revised April 2012.)
- 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.)
- September 2011
- Case
AXA Private Equity: The Diana Investment
By: Michael J. Roberts and William A. Sahlman
The case focuses on an investment made by AXA Private Equity, a French manufacturer of food ingredients. The investment is made at the height of the financial markets, and financed with significant debt. Soon thereafter, the financial crisis impacted the company's... View Details
Roberts, Michael J., and William A. Sahlman. "AXA Private Equity: The Diana Investment." Harvard Business School Case 812-042, September 2011.