Publications

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

January 2009 (Revised June 2010)
Case

Lyons Document Storage Corporation: Bond Math

By: William J. Bruns Jr.

In 2009 a recent MBA must analyze the possible refunding of bonds issued in 2000 when interest rates were much higher. She must consider the possible consequences of repurchasing company bonds outstanding using cash that might be obtained by issuing new bonds at a... View Details

Keywords: Financial Accounting; Quantitative Analysis; Securities; Debt Securities; Bonds; Cash Flow; Mathematical Methods; Accounting; Interest Rates

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

25 Jun 2013
First Look

First Look: June 25

their career, want to run their own companies. This note looks at the funded search as a means to entrepreneurship through acquisition and describes the path to buy and run a business using debt and equity as a means of View Details

Keywords: Anna Secino

19 Mar 2007
Research & Ideas

Handicapping the Best Countries for Business

for the next few years—maybe larger, maybe smaller (barring some catastrophe). Thus, net foreign debt will rise. Thus, the dollar will weaken. Thus, there will be upward pressure on real interest rates thus, thus, thus. These are then... View Details

Keywords: by Sean Silverthorne

April 2010
Teaching Note

Groupe Ariel S.A.: Parity Conditions and Cross-Border Valuation (Brief Case)

By: Timothy A. Luehrman and James Quinn

Teaching Note for 4194 View Details

Keywords: Exchange Rates; Securities Analysis; Project Evaluation; Debt Securities; Analysis; Currency Exchange Rate; Performance Evaluation; Projects; Capital Budgeting

20 May 2014
First Look

First Look: May 20

(inflows minus outflows of private capital) are positively correlated with countries' productivity growth; (2) net sovereign debt flows (government borrowing minus reserves) are negatively correlated with growth only if net public View Details

Keywords: Sean Silverthorne

April–May 2024
Article

Gone with the Big Data: Institutional Lender Demand for Private Information

By: Jung Koo Kang

I explore whether big-data sources can crowd out the value of private information acquired through lending relationships. Institutional lenders have been shown to exploit their access to borrowers’ private information by trading on it in financial markets. As a shock... View Details

Keywords: Analytics and Data Science; Borrowing and Debt; Financial Markets; Value; Knowledge Dissemination; Financing and Loans

SSRN

Read Now

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

December 2006 (Revised August 2013)
Teaching Note

Hexcel Turnaround -- 2001 (A), (B) and (C)

By: Paul W. Marshall

This is the teaching note that is supplemental to the Hexcel Cases A, B & C. View Details

Keywords: Private Equity; Negotiation; Management Teams; Organizational Change and Adaptation; Strategy; Change Management; Crisis Management; Borrowing and Debt; Aerospace Industry; Electronics Industry; United States

March 2011
Article

Institutional Demand Pressure and the Cost of Corporate Loans

By: Victoria Ivashina and Zheng Sun

Between 2001 and 2007, annual institutional funding in highly leveraged loans went up from $32 billion to $426 billion, accounting for nearly 70% of the jump in total syndicated loan issuance over the same period. Did the inflow of institutional funding in the... View Details

Keywords: Leveraged Buyouts; Financial Crisis; Credit; Debt Securities; Financing and Loans; Interest Rates; Investment

SSRN

Find at Harvard

09 Jun 2003
Research & Ideas

Around the World of Entrepreneurial Ventures

doesn't have a global perspective on access to resources. Its customers include Wal-Mart, Kmart, and Target; it has 60 percent market share in the U.S. But, like many Korean firms, Jinwoong financed itself with lots of View Details

Keywords: by Martha Lagace

January 2022
Technical Note

Introduction to Capital Structure Analytics

By: Samuel Antill and Ted Berk

This technical note provides an overview of key analytical approaches that are useful in assessing the appropriateness of a firm’s capital structure and funding plan. This note introduces basic quantitative tools and metrics that are commonly used as inputs to this... View Details

Keywords: Budgets and Budgeting; Business Plan; Forecasting and Prediction; Borrowing and Debt; Corporate Finance; Capital Structure; Cash Flow; Financial Liquidity; Financial Management; Financing and Loans

21 Dec 2009
Research & Ideas

Good Banks, Bad Banks, and Government’s Role as Fixer

sponsor. In response to the financial crisis, the federal government has substantially increased its intervention into the financial markets. Although such intervention is justified in certain cases, federal guarantees of debt offering... View Details

Keywords: by Roger Thompson; Banking; Financial Services

09 Sep 2013
Lessons from the Classroom

Teaching Climate Change to Skeptics

A few years ago, Joseph B. Lassiter traveled to San Francisco, Houston, and New York to hold discussions with Harvard alumni on the topic of business and the environment. Each time, he surveyed the audience about the touchy subject of climate change and how society... View Details

Keywords: by Carmen Nobel

June 2009 (Revised November 2020)
Case

Busse Place

By: Arthur I Segel, William J. Poorvu, Richard Kessler, Justin Seth Ginsburgh and Eric Fleiss

Busse Corporate Center's largest tenant recently declared bankruptcy, leaving the building 38% occupied and significantly overleveraged. In a depressed suburban Chicago office market, Hannah Sanchez, the leasing agent, has to negotiate lease proposals with three... View Details

Keywords: Buildings and Facilities; Restructuring; Borrowing and Debt; Financial Management; Mortgages; Investment; Leasing; Property; Real Estate Industry; Chicago