Publications

2015
Working Paper

Cashing Out: The Rise of M&A in Bankruptcy

By: Stuart Gilson, Edith Hotchkiss and Matthew Osborn

The use of M&A in bankruptcy has increased dramatically in recent years, leading to concerns that the Chapter 11 process has shifted toward excessive liquidation of viable firms. In this paper, we argue that the rise of M&A has blurred traditional distinctions between... View Details

Keywords: M＆A; Chapter 11; Distress; Bankruptcy; Mergers and Acquisitions; Insolvency and Bankruptcy

Read Now

June 2013
Article

Issuer Quality and Corporate Bond Returns

By: Robin Greenwood and Samuel G. Hanson

We show that the credit quality of corporate debt issuers deteriorates during credit booms, and that this deterioration forecasts low excess returns to corporate bondholders. The key insight is that changes in the pricing of credit risk disproportionately affect the... View Details

Keywords: Quality; Bonds; Forecasting and Prediction; Credit

Read Now

September 2005 (Revised September 2006)
Case

ICICI's Global Expansion

By: Tarun Khanna and Ramana Nanda

Follows the decision by ICICI (one of India's largest banks) to expand internationally in June 2001. View Details

Keywords: Emerging Markets; Global Strategy; Banks and Banking; Banking Industry; India

July 2002 (Revised March 2005)
Case

Kendall Square Research Corporation (A) (Abridged)

By: William J. Bruns Jr. and F. Warren McFarlan

Kendall Square Research was a small competitor in the supercomputer industry. Sales grew rapidly in 1992 and early 1993, and the company sold stock to the public for the first time. Analysts forecasted higher earnings for 1993, then the company's revenue recognition... View Details

Keywords: Revenue Recognition; Standards; Accounting Audits; Computer Industry

April 2000 (Revised December 2001)
Case

AirTex Aviation

By: Brian J. Hall and Carleen Madigan

Two young and inexperienced MBAs buy a virtually bankrupt company. They design a decentralized control system organized around profit centers. As a case in control systems, there is ample detail for a discussion of design issues, control of independent profit centers,... View Details

Keywords: Air Transportation; Management Systems; Insolvency and Bankruptcy; Air Transportation Industry

April 1997
Case

Pricing for Profit: The UK Credit Card Industry in the Late 1980s (A)

Describes the United Kingdom credit card industry in the late 1980s, which was really three businesses: a cashless transaction business for merchants, a cashless transaction business for card holders, and a credit business for card holders. At the time of the case,... View Details

Keywords: Credit Cards; Price; Decision Making; Game Theory; United Kingdom

16 Apr 2001
Research & Ideas

Depression or Euphoria? Navigating the Market’s Mood Swings

The financial field may be permanently changed by the explosive ups and downs of the tech sector, but old standards of quality and planning will still make or break new businesses, HBS professor Howard H. Stevenson said. In his keynote... View Details

Keywords: by Carrie Levine

22 Feb 2022
News

Q&A: The Post-Pandemic Path

associate dean for Faculty Development and Research and faculty director of the Behavioral Finance & Financial Stability Project. “The national unemployment rate early in the pandemic had jumped to over 13 percent; the standard prediction... View Details

Keywords: April White

Scott D. Cook

century. The success of Quicken was just the beginning. Cook and Intuit went on to launch a full suite of financial applications from on-line bill payment for individuals to inventory and account receivables management for small... View Details

Keywords: Computers & Electronics

Web

College Students & Recent Graduates | MBA

College Students & Recent Graduates External Funding Bowdoin College George and Mary Knox Graduate Scholarship Provides financial assistance for Bowdoin College graduates who attend HBS. For further information visit Graduate... View Details

James E. Davis

At a young age, Davis and his 3 brothers helped their father open the family’s first store in Miami, FL. As the brothers grew older, they increased the number of family owned stores to 34, and eventually acquired the Winn & Lovett chain, which added 78 stores. As... View Details

Keywords: Retail

Forthcoming
Article

Reflexivity in Credit Markets

By: Robin Greenwood, Samuel G. Hanson and Lawrence J. Jin

Reflexivity is the idea that investors' biased beliefs affect market outcomes and that market outcomes in turn affect investors’ future biases. We develop a dynamic behavioral model of the credit cycle featuring this two-way feedback loop. Investors form beliefs about... View Details

Keywords: Reflexivity; Attitudes; Financial Markets; Forecasting and Prediction; Investment; Credit

Read Now

1993
Chapter

The Strategy of a Merger: Fleet and Bank of New England

By: D. B. Crane and J.C. Linder

Keywords: Mergers and Acquisitions; Business Strategy; Banks and Banking; Banking Industry; New England

September 2013
Article

Combining Banking with Private Equity Investing

By: Lily H. Fang, Victoria Ivashina and Josh Lerner

Bank-affiliated private equity groups account for 30% of all private equity investments. Their market share is highest during peaks of the private equity market, when the parent banks arrange more debt financing for in-house transactions yet have the lowest exposure to... View Details

Keywords: Regulation; Private Equity; Leveraged Buyouts; Banks and Banking; Banking Industry

SSRN

October 2012
Supplement

Hill Country Snack Foods Co., Spreadsheet for Students (Brief Case) (CW)

By: W. Carl Kester and Craig Stephenson

Keywords: United States; Debt Management; Retail Trade; Risk Management; Food; Capital Structure; Borrowing and Debt; Financial Strategy; Retail Industry; United States

March 2001 (Revised March 2003)
Case

Chase's Strategy for Syndicating the Hong Kong Disneyland Loan (B)

By: Benjamin C. Esty and Michael Kane

Supplements the (A) case. View Details

Keywords: Working Capital; Project Finance; Relationships; Financing and Loans; Financial Strategy; Tourism Industry; Hong Kong

March 1998
Case

Collapse in Asia: 1997-1998

By: George C. Lodge and Anthony St. George

Discusses the Asian crisis and economists' opinions and solutions. View Details

Keywords: Financial Crisis; Developing Countries and Economies; Economic Slowdown and Stagnation; Asia

Other Unpublished Work

Going Bust in Bangkok: Lessons from Bankruptcy Law Reform in Thailand

By: C. Fritz Foley

Keywords: Insolvency and Bankruptcy; Law; Governing Rules, Regulations, and Reforms; Thailand