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September 2019
Article

Contingent Capital Trigger Effects: Evidence from Liability Management Exercises

By: Boris Vallée

This paper investigates the so called liability management exercises by European banks, which bear comparable effects to triggering contingent capital. I first explore the determinants of these exercises. I then study market reactions to these operations as well as... View Details

Keywords: Contingent Capital; Financial Distress; Regulatory Capital; Financial Institutions; Legal Liability; Management; Banking Industry; Europe

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August 2016 (Revised February 2017)
Case

Songy 2011: Restructuring to Survive (or, Surviving to Restructure?)

By: Charles F. Wu

In 2011, Songy Partners, an Atlanta-based real estate developer, was facing three distressed investments within their portfolio each with distinct sets of challenges. Having weathered a myriad of issues during the global financial crisis that included operational... View Details

Keywords: Real Estate; Distressed Debt; Global Financial Crisis; Foreclosure; Partnership; Partners and Partnerships; Valuation; Global Range; Insolvency and Bankruptcy; Property; Financial Crisis; Real Estate Industry; Atlanta

November 2006 (Revised August 2012)
Background Note

A Strategic Perspective on Bankruptcy

By: Bill George, Jim Sharpe and Andrew N. McLean

An overview of bankruptcy procedures in U.S. courts, recent filing data and a framework for evaluating a reorganization with creditors or considering opening a court-supervised reorganization under Chapter 11 of the Bankruptcy Code. View Details

Keywords: Bankruptcy; Financial Distress; Turnarounds; Legal Aspects Of Business; Liquidation; Boards Of Directors; Hedge Funds; Strategy; Law; Governing and Advisory Boards; Negotiation; Crisis Management; Policy; Insolvency and Bankruptcy; Credit; Financial Crisis; United States

Web

HBS - Financials | Supplemental Financial Information

Controlling IT costs is an important financial priority for the School, and toward that end HBS has begun to shift toward software-as-a-service platforms rather than custom-developed applications. The School... View Details

2010
Chapter

Cost Structure Patterns in the Asset Management Industry

By: Dennis Campbell and Frances X. Frei

This chapter examines patterns in the cost structure of asset management firms and establishes two important trends in cost behavior. First, when revenues are growing, "indirect" costs related to sales, distribution, marketing, personnel, technology, and occupancy are... View Details

Keywords: Financial Crisis; Asset Management; Cost Management; Financial Services Industry

December 1993 (Revised April 1994)
Case

Polaroid: Managing Environmental Responsibilities and Their Costs

Costs relating to companies' impact on the environment are increasing at a dramatic rate. Thus, managing, measuring, and reporting of these costs has become an important issue for managers. Accounting for environmental responsibilities is one of the largest and most... View Details

Keywords: Cost; Corporate Social Responsibility and Impact; Accounting; Environmental Sustainability

May 2016 (Revised August 2022)
Case

RegionFly: Cutting Costs in the Airline Industry

By: Susanna Gallani and Eva Labro

RegionFly is a small, private airline specializing in ultra-premium services. Founded shortly after the "Golden Age of airline travel," RegionFly's financial performance had been strong for several decades. More recently, however, the results have taken a downward... View Details

Keywords: Recession; Downsizing; Profitability; Cost Management; Profit; Luxury; Competitive Strategy; Mergers and Acquisitions; Business Divisions; Logistics; Decision Making; Strategic Planning; Air Transportation Industry

September 2001
Background Note

Accounting for Computer Software Development Costs

By: Robert S. Kaplan and Tatiana Sandino

Summarizes the debate on accounting for computer software development costs. Provides a historical description of the development of standards on accounting of computer software development costs, both in the United States and internationally. Describes how, after much... View Details

Keywords: Accounting; Information Technology Industry; Accounting Industry; United States

2024
Working Paper

FinTech & Financial Frictions: The Rise of Revenue-Based Financing

By: Dominic Russel, Claire Shi and Rowan Clarke

We use data from a major South African payment processor to study how digital payments mitigate asymmetric information challenges in small business “revenue-based financing” contracts, which tie repayment schedules to future revenue. Eight months post-financing,... View Details

Keywords: Fintech; Small Business; Financing and Loans; South Africa

SSRN

Web

HBS - Financials | Supplemental Financial Information

fiscal 2022. Controlling IT costs is an important financial priority for the School, and to that end HBS has begun to shift toward software-as-a-service platforms rather than custom-developed applications.... View Details

October 2009 (Revised February 2010)
Case

Merger of Equals: The Integration of Mellon Financial and The Bank of New York (A)

By: Ryan D. Taliaferro, Clayton S. Rose and David Lane

Less than a month after the close of the merger between The Bank of New York and Mellon Financial, managers at the two firms realized that plans for combining their asset servicing businesses—and realizing the $180 million of annual cost savings that they had promised... View Details

Keywords: Mergers and Acquisitions; Asset Management; Financial Institutions; Risk Management; Integration; Information Technology; Financial Services Industry

Web

HBS - Financials | Supplemental Financial Information

resumption of on-campus activities in fiscal 2022 and the need for professional services to support the School’s larger revenue base. IT spending represented 11 percent of the School’s total operating... View Details

October 2009 (Revised February 2010)
Supplement

Merger of Equals: The Integration of Mellon Financial and The Bank of New York (B)

By: Ryan D. Taliaferro, Clayton S. Rose and David Lane

[Continuation of "A" case.] Less than a month after the close of the merger between The Bank of New York and Mellon Financial, managers at the two firms realized that plans for combining their asset servicing businesses – and realizing the $180 million of annual cost... View Details

Keywords: Mergers and Acquisitions; Integration; Banks and Banking; Banking Industry

March 1986 (Revised July 1986)
Case

Applications for Financial Futures

Consists of a series of four brief descriptions of the use of financial futures as hedging vehicles: a savings and loan hedging the rollover of three-month money market certificates with T-bill futures, a corporate debt issuer hedging the cost of a future debt issue... View Details

Keywords: Financial Instruments

October 2009
Supplement

Merger of Equals: The Integration of Mellon Financial and The Bank of New York (C)

By: Ryan D. Taliaferro, Clayton S. Rose and David Lane

[Continuation of "A" and "B" cases.] Less than a month after the close of the merger between The Bank of New York and Mellon Financial, managers at the two firms realized that plans for combining their asset servicing businesses – and realizing the $180 million of... View Details

Keywords: Mergers and Acquisitions; Horizontal Integration; Financial Institutions; Business Processes; Risk Management; Strategy; Market Transactions; Assets; System; Saving; Banking Industry; New York (state, US)

1999
Chapter

The Pricing of US Catastrophe Reinsurance

By: K. Froot and P. O'Connell

Keywords: Financial Markets; Catastrophe Risk; Corporate Finance; Cost Of Capital; Banking And Insurance; Asset Pricing; Hedging; Banking; Insurance; Natural Disasters; Policy; Risk Management; Insurance Industry; United States