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February 2016 (Revised March 2019)
Case

Bankruptcy at Caesars Entertainment

By: Kristin Mugford and David Chan

Caesars Entertainment was a large casino operator in the United States that had been purchased in a 2008 leveraged buyout by Apollo and TPG. In January 2015, Caesars Entertainment Operating Company (CEOC), its largest subsidiary, filed for Chapter 11. This set up a... View Details

Keywords: Gaming; Chapter 11; Fraudulent Conveyance; Apollo; TPG; Bankruptcy; Leveraged Buyouts; Restructuring; Capital Structure; Insolvency and Bankruptcy; Private Equity; Financial Management; Lawsuits and Litigation; Negotiation; Games, Gaming, and Gambling; Entertainment and Recreation Industry; Las Vegas

07 Jul 2008
Research & Ideas

Innovation Corrupted: How Managers Can Avoid Another Enron

Enron's board of directors fail to understand and act decisively upon increasing internal evidence that Enron was financially distressed and heading toward insolvency? Why did Lay's espoused faith and... View Details

Keywords: by Martha Lagace; Energy; Utilities

2024
Working Paper

Creditor-on-Creditor Violence and Secured Debt Dynamics

By: Samuel Antill, Neng Wang and Zhaoli Jiang

Secured lenders have recently demanded a new condition in distressed debt restructurings: competing secured lenders must lose priority. We model the implications of this “creditor-on-creditor violence” trend. In our dynamic model, secured lenders enjoy higher priority... View Details

Keywords: Insolvency and Bankruptcy; Debt Securities; Conflict and Resolution

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April 2025
Article

Crisis Interventions in Corporate Insolvency

By: Samuel Antill and Christopher Clayton

We model the optimal resolution of insolvent firms in general equilibrium. Collateral-constrained banks lend to (i) solvent firms to finance investments and (ii) distressed firms to avoid liquidation. Liquidations create negative fire-sale externalities. Liquidations... View Details

Keywords: Insolvent Firms; Government Intervention; Liquidation; Econometric Models; Insolvency and Bankruptcy; Policy

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13 Jan 2010
Working Paper Summaries

Private Equity and Industry Performance

Keywords: by Shai Bernstein, Josh Lerner, Morten Sørensen & Per Strömberg

July 2017
Case

Centerbridge Partners and Great Wolf Resorts: Buying from a Highly Regarded Competitor

By: Josh Lerner, John D. Dionne and Amram Migdal

The case examines the March 2015 Centerbridge Partners investment decision regarding whether to acquire Great Wolf Resorts, a North American family-oriented indoor water parks and hotel operator, from a private equity (PE) competitor, Apollo Global Management. The case... View Details

Keywords: Private Equity Financing; Commercial Mortgage Backed Securities; CMBS; Secondary Buyouts; Business Ventures; Acquisition; Finance; Borrowing and Debt; Cost; Cost of Capital; Equity; Private Equity; Financial Instruments; Debt Securities; Financial Services Industry; Financial Services Industry; Financial Services Industry; North and Central America; United States

February 2022 (Revised May 2022)
Case

Jaypee Infratech and the Indian Bankruptcy Code

By: Kristin Mugford, William Vrattos and Radhika Kak

In 2016, India passed a new bankruptcy law (IBC) to counter a brewing bank crisis and increased corporate distress. Homebuilder Jaypee Infratech, one of India largest distressed companies (the “dirty dozen”) began restructuring under the IBC in 2017. Two years later,... View Details

November 2006 (Revised May 2014)
Case

Li Ka-Shing and the Growth of Cheung Kong

By: Nitin Nohria, Anthony J. Mayo and Mark Benson

Events in the history of Cheung Kong's growth reveal how Li Ka-Shing applied his skills as a "first-class noticer" to complex political and socioeconomic environments. While Li's determination to succeed is legendary, so are his skills in reading and responding to the... View Details

Keywords: Mergers and Acquisitions; Competency and Skills; Decision Choices and Conditions; Investment Portfolio; Business History; Leadership; Personal Development and Career; Hong Kong

2005
Working Paper

Investor Sentiment and the Cross-Section of Stock Returns

By: Malcolm Baker and Jeffrey Wurgler

We examine how investor sentiment affects the cross-section of stock returns. Theory predicts that a broad wave of sentiment will disproportionately affect stocks whose valuations are highly subjective and are difficult to arbitrage. We test this prediction by studying... View Details

Keywords: Investment Return; Behavioral Finance; Stocks; Theory; Forecasting and Prediction

July 2020
Teaching Note

COVID-19: The Global Shutdown

By: Laura Alfaro and Sarah Jeong

In the first months of 2020, a pandemic overwhelmed the world. COVID-19, commonly known as the coronavirus, spread from China and created a severe public health emergency across countries. While an immediate fear of the disease’s impact on human life permeaacted... View Details

Keywords: COVID-19; Health Pandemics; Trade; Microeconomics; Macroeconomics; Financial Crisis; Economy; Policy; Governance; Economic Systems; Economic Slowdown and Stagnation; Economic Sectors

November 2007 (Revised August 2009)
Case

WL Ross & Co. and INVESCO

Wilbur Ross has built a successful private equity firm focused on distressed investing, WL Ross & Co. In 2006, INVESCO, an asset management company, approaches him about acquiring his firm. INVESCO has had weak performance in recent years and is looking to increase its... View Details

Keywords: Private Equity; Decision Choices and Conditions; Investment; Acquisition; Financial Services Industry

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12 Jun 2012
First Look

First Look: June 12

investor relations. A study is conducted of the language used by executives in conference calls discussing earnings with investors and financial analysts. A correlation was found between the use of language indicating a short-term focus... View Details

Keywords: Sean Silverthorne

March 2009 (Revised November 2009)
Case

WL Ross and Plascar

By: C. Fritz Foley and Linnea Meyer

How can distressed investors take advantage of the procedures governing an international bankruptcy? Wilbur L. Ross, chairman and CEO of the private equity firm WL Ross & Co., LLC, has the opportunity to bid for debt and equity claims on Plascar Industria e Comercio... View Details

Keywords: Borrowing and Debt; Private Equity; Insolvency and Bankruptcy; Investment; Cross-Cultural and Cross-Border Issues; Globalized Firms and Management; Globalized Markets and Industries

Teaching Interest

Large-Scale Investment (LSI, MBA Elective Curriculum)

By: Benjamin C. Esty

Large-Scale Investment (LSI) is a case-based course about project finance that is designed for second-year MBA students. Project finance involves the creation of a legally independent project company financed with nonrecourse debt for the purpose of investing in a... View Details

Keywords: Project Finance; Corporate Finance; Corporate Governance; Valuation; Capital Budgeting

December 2019
Article

Brokers and Order Flow Leakage: Evidence from Fire Sales

By: Andrea Barbon, Marco Di Maggio, Francesco Franzoni and Augustin Landier

Using trade-level data, we study whether brokers play a role in spreading order flow information. We focus on large portfolio liquidations, which result in temporary drops in stock prices, and identify the brokers that intermediate these trades. We show that these... View Details

Keywords: Predatory Trading; Back Running; Fire Sales; Brokers; Stocks; Price; Information; Knowledge Dissemination; Ethics

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March 2009 (Revised November 2009)
Supplement

Washington Mutual's Covered Bonds Courseware

By: Daniel Baird Bergstresser, Robin Greenwood and James Quinn

Washington Mutual issues 6 billion Euro of covered bonds in 2006. The objective of the case is to ask whether these bonds are mispriced in late 2008. The case is set in September 20008, and Washington Mutual is facing considerable distress due to mounting losses on its... View Details

Keywords: Banks and Banking; Bonds; Education; Information; Banking Industry

March 2009 (Revised November 2016)
Case

Washington Mutual's Covered Bonds

By: Daniel Baird Bergstresser, Robin Greenwood and James Quinn

Washington Mutual issued 6 billion euro of covered bonds in 2006. The objective of the case is to ask whether these bonds are mispriced in late 2008. The case is set in September 2008, and Washington Mutual is facing considerable distress due to mounting losses in its... View Details

Keywords: Capital Markets; Financial Liquidity; Bonds; Mortgages; Price; Banking Industry; United States

January – February 2011
Article

Creating Shared Value

By: Michael E. Porter and Mark R. Kramer

The capitalist system is under siege. In recent years business has been criticized as a major cause of social, environmental, and economic problems. Companies are widely thought to be prospering at the expense of their communities. Trust in business has fallen to new... View Details

Keywords: Customer Value and Value Chain; Economic Growth; Economic Systems; Corporate Social Responsibility and Impact; Environmental Sustainability; Trust; Human Needs; Welfare; Competitive Advantage; Value Creation

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August 2006
Article

Investor Sentiment and the Cross Section of Stock Returns

By: Malcolm Baker and Jeffrey Wurgler

We examine how investor sentiment affects the cross-section of stock returns. Theory predicts that a broad wave of sentiment will disproportionately affect stocks whose valuations are highly subjective and are difficult to arbitrage. We test this prediction by... View Details

Keywords: Behavioral Finance; Stocks; Investment Return; Forecasting and Prediction; Motivation and Incentives; Risk and Uncertainty; Volatility

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September 2009 (Revised June 2011)
Supplement

Citigroup's Exchange Offer (B)

By: Robin Greenwood and James Quinn

Citigroup faced considerable distress in early 2009. In late 2008, the bank had accepted $45 billion in preferred equity from the United States government via the Troubled Assets Relief Program (TARP). Yet, the stock had continued to slide in early 2009. In late... View Details

Keywords: Financial Instruments; Financial Services Industry

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