Publications

November 2013 (Revised January 2015)
Case

Restructuring JAL

By: Malcolm Baker, Adi Sunderam, Nobuo Sato and Akiko Kanno

Hideo Seto, the recently appointed chairman of the investment committee of the Enterprise Turnaround Initiative Corporation, must decide whether to push JAL group, Japan's largest airline, into bankruptcy or to act as a sponsor in an out-of-court restructuring. The... View Details

Keywords: Bankruptcy; Costs Of Financial Distress; Cost vs Benefits; Air Transportation; Restructuring; Capital Structure; Insolvency and Bankruptcy; Air Transportation Industry; Japan; United States

Web

Global Crises Data by Country - Behavioral Finance & Financial Stability

exchange rate crises, stock market crises, sovereign debt growth and default, and many other data series. To see Carmen’s related research, please visit her website here. The BFFS Project keeps this data updated and available for... View Details

09 Nov 2023
News

From the Brink

Antonio Weiss (MBA 1994), Adam Chepenik (MBA 2010), Sebastián Negrón-Reichard (JD/MBA 2024) As the senior top official in the US Treasury Department on domestic finance issues, Antonio Weiss (MBA 1994) could see Puerto Rico’s financial meltdown coming, like watching a... View Details

Keywords: Ralph Ranalli

Victoria Ivashina

Victoria Ivashina is the Lovett-Learned Professor of Finance and Head of the Finance Unit at Harvard Business School. She also serves as a Research Associate at the National Bureau of Economic Research (NBER), a Research Fellow at the Center for Economic Policy... View Details

Keywords: banking; federal government; financial services; investment banking industry; private equity (LBO funds); private equity (other)

April 2018
Case

Globalizing Japan's Dream Machine: Recruit Holdings Co., Ltd.

By: Sandra J. Sucher and Shalene Gupta

Recruit Holdings, an advertising media, staffing, and business support conglomerate was founded in 1960 by Hiromasa Ezoe. Recruit was built on the principle that the company should add value to society. To do this, it hired young and talented employees and created a... View Details

Keywords: Business Conglomerates; Mission and Purpose; Organizational Culture; Crime and Corruption; Transition; Globalization; Japan

June 2010 (Revised July 2012)
Case

Dubai: Debt, Development, and Crisis (A)

By: Aldo Musacchio, Andrew Christopher Goodman and Claire K. Qureshi

On November 25, 2009, the city state of Dubai stunned markets by announcing that Dubai World, its flagship state holding company, would seek a six-month "standstill" on at least $4 billion U.S. dollars of its $26 billion in debt obligations. This case describes Dubai's... View Details

Keywords: Accounting; Decision Choices and Conditions; Development Economics; Financial Crisis; Borrowing and Debt; Financial Strategy; State Ownership; Business and Government Relations; Dubai

Web

Behavioral Finance & Financial Stability

firms lever up, the overall cost of capital falls as leverage increases equity beta, but as debt becomes riskier the marginal benefit of increasing equity beta declines. They find that leverage is inversely related to asset beta,... View Details

May 2014
Case

Building a High Performance Culture at IDFC

By: V.G. Narayanan and Vidhya Muthuram

IDFC was set up in 1997 to direct private finance to infrastructure projects in India. Over the years, it expanded its capabilities to become a 'complete solutions provider' offering financing solutions including debt and equity, investment banking, brokerage and asset... View Details

June 2010 (Revised July 2012)
Supplement

Dubai: Debt, Development, and Crisis (C)

By: Aldo Musacchio, Andrew Christopher Goodman and Claire K. Qureshi

On November 25, 2009, the city state of Dubai stunned markets by announcing that Dubai World, its flagship state holding company, would seek a six month "standstill" on at least $4 billion U.S. dollars of its $26 billion in debt obligations. This case describes Dubai's... View Details

Keywords: Finance; Investment; Emerging Markets; Trade; Insolvency and Bankruptcy; Development Economics; Financial Crisis; State Ownership; Sovereign Finance; Business Strategy; Dubai

December 2023 (Revised April 2024)
Case

Yellow Corporation: On the Verge of Bankruptcy

By: Benjamin C. Esty and Edward A. Meyer

Yellow Corporation, one of the country’s oldest and largest less-than-truckload (LTL) carriers, was nearing its 100th anniversary in 2024. Whether it would reach that milestone, however, was uncertain as the company was attempting to restructure its operations to... View Details

Keywords: Labor Unions; Labor and Management Relations; Capital Structure; Restructuring; Financial Management; Ethics; Borrowing and Debt; Insolvency and Bankruptcy; Financial Strategy; Truck Transportation; Change Management; Transportation Industry; Shipping Industry; United States

Meg Rithmire is the James E. Robison Professor in the Business, Government, and International Economy Unit. Professor Rithmire holds a PhD in Government from Harvard University, and her primary expertise is in the comparative political economy of development with a... View Details

Keywords: real estate

February 2019 (Revised January 2020)
Case

Pierre Foods Acquisition of Advance Foods (A)

By: Guhan Subramanian and Mike Harmon

This case (A), and its related cases (B-E), establish a setting to discuss an M&A transaction and some of the key legal contracts that are associated with it. In 2010, private equity backed food manufacturer Pierre Foods is contemplating the acquisition of a key... View Details

Keywords: Mergers and Acquisitions; Contracts; Agreements and Arrangements; Negotiation; Complexity

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

December 2017 (Revised June 2021)
Case

Tesla's Bid for SolarCity

By: Charles C.Y. Wang and Raaj Zutshi

In October 2016, Tesla asked its shareholders to ratify their $2.4 billion bid for SolarCity. Tesla had announced a series of large projects in the preceding months including the unveiling of the Model 3, the new Solar Roof, and pushing forward the opening of the... View Details

Keywords: Mergers and Acquisitions; Business and Shareholder Relations; Project Finance

2009
Working Paper

The Impact of Private Equity Ownership on Portfolio Firms' Corporate Tax Planning

By: Brad Badertscher, Sharon P. Katz and Sonja Olhoft Rego

This study investigates whether private equity (PE) firms influence the tax practices of their portfolio firms. Prior research documents that PE firms create economic value in portfolio firms through effective governance, financial, and operational engineering. Given... View Details

Keywords: Private Equity; Investment Portfolio; Corporate Governance; Taxation; Ownership Stake; Value Creation