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- All HBS Web (431)
- Faculty Publications (166)
Show Results For
- All HBS Web (431)
- Faculty Publications (166)
- 25 Mar 2013
- Research & Ideas
How Chapter 11 Saved the US Economy
relatively short time, much of the corporate debt that defaulted during the financial crisis has been managed down, mass liquidations have been averted, and corporate profits, balance sheets, and values have rebounded with remarkable... View Details
- 17 Nov 2016
- Working Paper Summaries
Sovereign Risk, Currency Risk, and Corporate Balance Sheets
Keywords: by Wenxin Du and Jesse Schreger
- May 2005 (Revised November 2005)
- Background Note
Note on Credit Derivatives
Provides the basic underlying model for credit risk analysis, as well as covers basic credit risk derivatives, such as asset swaps, credit default swaps, total return of rate swaps, and credit spread options. View Details
Chacko, George C., Peter A. Hecht, Anders Sjoman, and Kate Hao. "Note on Credit Derivatives." Harvard Business School Background Note 205-111, May 2005. (Revised November 2005.)
- July 2009 (Revised July 2009)
- Case
Delphi Corp. and the Credit Derivatives Market (A)
By: Stuart C. Gilson, Victoria Ivashina and Sarah Abbott
In 2005, Jane Bauer-Martin, a hedge fund manager, is considering what she should do with the fund's large investment in the publicly traded bonds of Delphi Corp., a financially troubled auto parts supplier. Delphi is General Motor's key auto parts supplier, and, like... View Details
Keywords: Borrowing and Debt; Insolvency and Bankruptcy; Credit Derivatives and Swaps; Bonds; Financial Management; Risk Management
Gilson, Stuart C., Victoria Ivashina, and Sarah Abbott. "Delphi Corp. and the Credit Derivatives Market (A)." Harvard Business School Case 210-002, July 2009. (Revised July 2009.)
- October 2003 (Revised January 2004)
- Case
The 2001 Crisis in Argentina: An IMF-Sponsored Default? (A)
By: Rafael M. Di Tella and Ingrid Vogel
At the end of 2001, Argentina's economy and society both appeared on the verge of collapse. Furious about controls imposed on the convertibility of their bank deposits into cash (the "corralito") and huge proposed government spending cuts amidst high unemployment and... View Details
Keywords: Financial Crisis; Economic Slowdown and Stagnation; Banks and Banking; Problems and Challenges; Decision Choices and Conditions; Currency Exchange Rate; Economy; Government Administration; Crime and Corruption; Argentina
Di Tella, Rafael M., and Ingrid Vogel. "The 2001 Crisis in Argentina: An IMF-Sponsored Default? (A)." Harvard Business School Case 704-004, October 2003. (Revised January 2004.)
- 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
Greenwood, Robin, Samuel G. Hanson, and Lawrence J. Jin. "Reflexivity in Credit Markets." Journal of Finance (forthcoming).
- October 2014 (Revised April 2018)
- Supplement
Creditor Activism in Sovereign Debt: Argentina vs. Holdout Investors (B)
By: Laura Alfaro, Gaurav Toshniwal and Hilary White
Keywords: Argentina; Debt; Debt Crisis; Debt Markets; Debt Repayment; Debt Restructuring; Government Bonds; Government Debt; Law; Default; Sovereign Debt; Sovereign Debt Crisis; Hedge Fund; Hedge Funds; Strategy; Bonds; Bond Risk; Debt Management; Borrowing and Debt; Governance; Macroeconomics; Economics; Economy; Government Legislation; Argentina; Latin America; United States
Alfaro, Laura, Gaurav Toshniwal, and Hilary White. "Creditor Activism in Sovereign Debt: Argentina vs. Holdout Investors (B)." Harvard Business School Supplement 715-017, October 2014. (Revised April 2018.)
- Research Summary
Debt Maturity: Is Long-Term Debt Optimal? (with Fabio Kanczuk)
By: Laura Alfaro
We model and calibrate the arguments in favor and against short-term and long-term debt. These arguments broadly include: maturity-term premium, tax smoothing, rolling over risk and the cost from defaulting. We use a dynamic equilibrium model with tax distortion,... View Details
- September 2008
- Article
Firm Heterogeneity and Credit Risk Diversification
By: Samuel G. Hanson, M. Hashem Pesaran and Til Schuermann
This paper examines the impact of neglected heterogeneity on credit risk. We show that neglecting heterogeneity in firm returns and/or default thresholds leads to under estimation of expected losses (EL), and its effect on portfolio risk is ambiguous. Once EL is... View Details
Keywords: Volatility; Credit; Investment Return; Outcome or Result; Risk and Uncertainty; Loss; Diversification; Complexity; United States
Hanson, Samuel G., M. Hashem Pesaran, and Til Schuermann. "Firm Heterogeneity and Credit Risk Diversification." Journal of Empirical Finance 15, no. 4 (September 2008): 583–612.
- Forthcoming
- Article
Second Chance: Life with Less Student Debt
By: Marco Di Maggio, Ankit Kalda and Vincent Yao
This paper examines the effect of student debt relief on individual credit and labor market outcomes. We exploit an episode of plausibly random debt discharge due to the loss of paperwork for thousands of borrowers to examine the effects of private student debt relief... View Details
Keywords: Student Debt; Private Student Loans; Legal Settlement; Mobility; Debt Collection; Debt Relief; Personal Finance; Borrowing and Debt; Outcome or Result
Di Maggio, Marco, Ankit Kalda, and Vincent Yao. "Second Chance: Life with Less Student Debt." Journal of Finance (forthcoming).
- Research Summary
Nominal versus Indexed Debt: A Quantitative Horse Race (joint with Fabio Kanczuk)
By: Laura Alfaro
There are different arguments in favor and against nominal and indexed debt which broadly include the incentive to default through inflation versus hedging against unforeseen shocks. We model these arguments and calibrate the model to assess the quantitative importance... View Details
- July 2006 (Revised August 2007)
- Case
The Mozilla Foundation: Launching Firefox 1.0 (A)
Explores the Mozilla Foundation's decisions leading up to the launch of Firefox 1.0, including its default browser, managing corporate partnerships, managing product development, and moving toward a revenue-based model. Mitchell Baker, president of the Mozilla... View Details
Keywords: Business Model; Commercialization; Open Source Distribution; Partners and Partnerships; Information Technology; Social Entrepreneurship; Applications and Software; Innovation and Invention; Information Technology Industry; United States
O'Mahony, Siobhan, and Nikhil Raj. "The Mozilla Foundation: Launching Firefox 1.0 (A)." Harvard Business School Case 907-015, July 2006. (Revised August 2007.)
- Article
Debt Maturity: Is Long-Term Debt Optimal?
By: Laura Alfaro and Fabio Kanczuk
We model and calibrate the arguments in favor and against short-term and long-term debt. These arguments broadly include: maturity premium, sustainability, and service smoothing. We use a dynamic equilibrium model with tax distortions and government... View Details
Keywords: Borrowing and Debt; Investment Return; Development Economics; Taxation; Risk and Uncertainty; Cost; Interest Rates; Developing Countries and Economies; Welfare; United States; Brazil
Alfaro, Laura, and Fabio Kanczuk. "Debt Maturity: Is Long-Term Debt Optimal?" Review of International Economics 17, no. 5 (November 2009): 890–905. (Also Harvard Business School Working Paper, No. 06-005 and NBER Working Paper No. 13119.)
- October 2024
- Case
Estímulo: Blended Finance in Brazil
By: Vikram S. Gandhi, James Barnett, Maxim Pike Harrell and Marina Osborn
In December 2022, Estímulo—a Brazilian impact investment fund supporting small businesses—found itself at a crossroads. The fund was established in 2020 to provide emergency relief through accessible credit and financial education. When low default rates from borrowers... View Details
Keywords: Credit; Financial Management; Financing and Loans; Investment; Social Enterprise; Business Model; Financial Services Industry; Brazil; South America; Latin America
Gandhi, Vikram S., James Barnett, Maxim Pike Harrell, and Marina Osborn. "Estímulo: Blended Finance in Brazil." Harvard Business School Case 325-016, October 2024.
- 01 Aug 2016
- Working Paper Summaries
The Costs of Sovereign Default: Evidence from Argentina
Keywords: by Jesse Schreger and Benjamin Hebert
- November 1989 (Revised March 2000)
- Case
Wisconsin Central Ltd. Railroad and Berkshire Partners (A): Leveraged Buyouts and Financial Distress
By: Michael C. Jensen, Willy Burkhardt and Brian Barry
Wisconsin Central Ltd. is a regional railroad formed in a leveraged buyout, which is currently in default on its loan covenants. The case uses this situation to examine the financial structure of a typical LBO association and its internal control mechanisms and... View Details
Keywords: Financial Management; Governing and Advisory Boards; Leveraged Buyouts; Financial Condition; Financing and Loans; Corporate Finance; Rail Industry
Jensen, Michael C., Willy Burkhardt, and Brian Barry. "Wisconsin Central Ltd. Railroad and Berkshire Partners (A): Leveraged Buyouts and Financial Distress." Harvard Business School Case 190-062, November 1989. (Revised March 2000.)
- 03 Oct 2008
- News
Wall Street's Latest Crisis of Leadership
- 13 Oct 2013
- News