Publications

February 1992 (Revised September 1995)
Case

Goldman, Sachs & Co.: Nikkei Put Warrants--1989

By: Peter Tufano

Japanese financial institutions' willingness to sell put options on the Nikkei Stock Average provides investment banks with the raw material from which to create a security that would allow U.S. investors to bet on falls in the Japanese Stock Market. The investment... View Details

Keywords: Debt Securities; Investment Banking; Product Design; Globalized Markets and Industries; Japan; United States

June 2007
Exercise

EZAmuse Negotiation Background (A)

By: G. Felda Hardymon and Ann Leamon

This is the background to an exercise in negotiation. A promising venture-capital-backed company, EZAmuse Communications, is raising a B round. Its existing backer, Reality Venture Partners, would like it to raise enough for six or nine months, when it will have... View Details

Keywords: Borrowing and Debt; Negotiation Deal; Valuation; Leadership Style; Venture Capital; Partners and Partnerships; Product; Germany

13 Jun 2017
Research & Ideas

Why Global Investments Are Still a Good Bet

years than it is today,” says Viceira, “and I think that is safer than betting on any one specific economy.” Related Reading: Lessons Unlearned? Corporate Debt in Emerging Markets View Details

Keywords: by Michael Blanding; Financial Services

April 2021
Supplement

Exercise for Revlon: Surviving Covid-19

By: Kristin Mugford and Sarah Gulick

Exercise for Revlon: Surviving Covid-19 View Details

Keywords: Leveraged Buyouts; Insolvency and Bankruptcy; Financial Liquidity; Bonds; Corporate Finance; Borrowing and Debt; Beauty and Cosmetics Industry; Financial Services Industry; United States

24 Sep 2014
Op-Ed

The ABCs of Addressing Climate Change (From a Business Perspective)

It's Climate Week in New York City. The schedule features a UN Climate Summit, a People's Climate March, the Clinton Global Initiative, substantial criticism of the whole endeavor, and plenty of agitated interaction. There is a lot of noise here. How can businesses cut... View Details

Keywords: by John Macomber; Energy; Utilities

September 1987
Background Note

What Do Venture Capitalists Do?

By: William A. Sahlman

Presents the results derived from 49 responses to a questionnaire mailed to 100 venture capitalists in late 1984. The purpose of the survey was to shed light on the relationship between venture capitalists and their portfolio companies. The survey revealed that the... View Details

Keywords: Borrowing and Debt; Venture Capital; Investment Portfolio; Recruitment; Surveys; Managerial Roles; Service Operations; Relationships; Service Industry

Find at Harvard

February 2004 (Revised September 2006)
Case

Apax Partners and Xerium S.A.

By: Josh Lerner, G. Felda Hardymon and Ann Leamon

In 2002, Apax Partners had to decide whether to accept a less-than-perfect offer for one of its portfolio companies or to refinance it. This company, a maker of paper industry consumables with a global presence, had been purchased in 1999 and performed extremely well... View Details

Keywords: Leveraged Buyouts; Globalized Markets and Industries; Business Exit or Shutdown; Borrowing and Debt; Investment; Cash Flow; Pulp and Paper Industry

May 1985 (Revised November 1990)
Case

Spinnaker Software Corp.

By: Howard H. Stevenson

Describes the problems faced by a company that has experienced remarkable growth, but growth which is below projections. The management must evaluate the company's position in the turbulent software industry. The two partners must then decide whether to cut back to... View Details

Keywords: Decisions; Borrowing and Debt; Insolvency and Bankruptcy; Profit; Growth and Development; Growth and Development Strategy; Problems and Challenges; Software; Information Technology Industry

09 Jan 2006
Research & Ideas

Rebuilding Commercial Real Estate

every major Wall Street firm has become active in real estate private equity. "Morgan Stanley alone has gone from zero dollars under management to almost $40 billion over the past fifteen years," says Slaughter. Securitized debt... View Details

Keywords: by Roger Thompson; Construction; Real Estate

14 Jun 2016
First Look

June 14, 2016

of the Private Capital Research Institute By: Lerner, Josh, and Leslie Jeng Abstract—Private markets are becoming an increasingly important way of financing rapidly growing and mature firms, and private investors are reputed to have... View Details

Keywords: Sean Silverthorne

24 Dec 2013
First Look

First Look: December 24

alternative financing models of corporate lenders, including banks and finance companies.) The second major component of the case concerns distressed debt investment strategies... View Details

Keywords: Carmen Nobel

December 2005 (Revised April 2007)
Case

Flagstar Companies, Inc. (Abridged)

By: Stuart C. Gilson

A large restaurant chain undergoes a leveraged buyout and subsequent recapitalization. Financial and operating problems at the company force it to consider various restructuring options, including a prepackaged Chapter 11 exchange offer to its public bondholders. Two... View Details

Keywords: Leveraged Buyouts; Restructuring; Capital; Insolvency and Bankruptcy; Debt Securities; Competition; Valuation; Financial Services Industry; United States

February 2008 (Revised November 2011)
Case

The International Monetary Fund in Crisis

By: Rawi Abdelal, David Moss and Eugene Kintgen

When Dominique Strauss-Kahn became the Managing Director of the International Monetary Fund in late 2007, he faced a number of significant changes. The organization had lost much of its legitimacy over the previous decade, and countries seemed increasingly reluctant to... View Details

Keywords: History; Globalized Economies and Regions; Problems and Challenges; Developing Countries and Economies; Borrowing and Debt; Government and Politics; Financial Institutions; Business Strategy; Macroeconomics; Financial Services Industry

15 Jul 2008
First Look

First Look: July 15, 2008

when the ratio of government debt to total debt is higher; and ii) by firms with stronger balance sheets. Our theory provides a new perspective on the apparent ability of firms to exploit bond-market return... View Details

Keywords: Martha Lagace

April 2012 (Revised August 2013)
Teaching Note

Parmalat Uruguay (A) & (B)

By: Paul W. Marshall and Jim Sharpe

This teaching note is for cases Parmalat Urguguay A & B. View Details

Keywords: Mergers and Acquisitions; Restructuring; Entrepreneurship; Borrowing and Debt; Negotiation; Performance Improvement; Financial Services Industry; Uruguay

2010
Working Paper

Regulating for Legitimacy: Consumer Credit Access in France and America

By: J. Gunnar Trumbull

Theories of legitimate regulation have emphasized the role of governments either in fixing market failures to promote greater efficiency or in restricting the efficient functioning of markets in order to pursue public welfare goals. In either case, features of markets... View Details

Keywords: Borrowing and Debt; Credit; Financial Markets; Personal Finance; Governing Rules, Regulations, and Reforms; Business History; Business and Government Relations; Welfare; France; United States

Read Now

August 2008 (Revised July 2011)
Case

Consumer Payment Systems — United States

By: Benjamin Edelman and Andrei Hagiu

In 2008, the U.S. consumer payments landscape was characterized by the ongoing prevalence of credit and debit card networks, the decline of checks, the rise of stored value cards, and the growth of new payment methods such as PayPal, Bill Me Later, and decoupled debit.... View Details

Keywords: Borrowing and Debt; Financial Management; Personal Finance; Digital Platforms; Motivation and Incentives; Competitive Strategy; Internet and the Web; United States

January 2004 (Revised June 2004)
Case

Innovation at the Treasury: Treasury Inflation-Protection Securities (A)

By: Kenneth A. Froot, Peter A. Hecht and Christopher Edward James Payton

In 1997, the U.S. Treasury was deciding whether to proceed with a proposal to issue inflation-indexed bonds. This case explores the challenges facing innovation in the financial markets as the Treasury tries to determine whether to introduce Treasury... View Details

Keywords: Inflation; Innovation; Federal Government; Securities; Debt Securities; Risk Management; Bonds; Investment Portfolio; Capital Markets; Inflation and Deflation; Government and Politics; Innovation and Invention; United States