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- Faculty Publications (57)
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- All HBS Web (119)
- Faculty Publications (57)
- 2024
- Working Paper
The Pay of Finance Professors
By: Claire Célérier, Boris Vallée and Alexey Vasilenko
This paper documents the existence of a significant wage finance premium in academia, and investigates its underlying mechanism. By exploiting an extensive dataset covering wages, publications and socio-demographics for 60,000 public-university faculty from all fields,... View Details
Célérier, Claire, Boris Vallée, and Alexey Vasilenko. "The Pay of Finance Professors." Working Paper, 2024.
- October 2012
- Article
Securitization without Adverse Selection: The Case of CLOs
By: Effi Benmelech, Jennifer Dlugosz and Victoria Ivashina
In this paper, we investigate whether securitization was associated with risky lending in the corporate loan market by examining the performance of individual loans held by CLOs. We employ two different datasets that identify loan holdings for a large set of CLOs and... View Details
Keywords: Personal Finance; Performance; Markets; Banks and Banking; Debt Securities; Investment Portfolio; Financing and Loans
Benmelech, Effi, Jennifer Dlugosz, and Victoria Ivashina. "Securitization without Adverse Selection: The Case of CLOs." Journal of Financial Economics 106, no. 1 (October 2012): 91–113.
- August 2023
- Article
Can Security Design Foster Household Risk-Taking?
By: Laurent Calvet, Claire Célérier, Paolo Sodini and Boris Vallée
This paper shows that securities with a non-linear payoff design can foster household risk-taking. We demonstrate this effect empirically by exploiting the introduction of capital guarantee products in Sweden from 2002 to 2007. The fast and broad adoption of these... View Details
Keywords: Financial Innovation; Household Finance; Structured Products; Stock Market Participation; Finance; Innovation and Invention; Household; Personal Finance; Risk and Uncertainty; Behavior; Market Participation
Calvet, Laurent, Claire Célérier, Paolo Sodini, and Boris Vallée. "Can Security Design Foster Household Risk-Taking?" Journal of Finance 78, no. 4 (August 2023): 1917–1966.
- May 2011
- Article
Institutional Stock Trading on Loan Market Information
By: Victoria Ivashina and Zheng Sun
Over the past decade, one of the most important developments in the corporate loan market has been the increasing participation of institutional investors in lending syndicates. As lenders, institutional investors routinely receive private information about borrowers.... View Details
Ivashina, Victoria, and Zheng Sun. "Institutional Stock Trading on Loan Market Information." Journal of Financial Economics 100, no. 2 (May 2011): 284–303.
- January 2025
- Case
Arsenal Capital Partners' Refinancing of Pinnacle
By: Victoria Ivashina and Srimayi Mylavarapu
Arsenal Capital Partners’ portfolio company, Pinnacle, a leading producer of high-performance adhesive technologies, has experienced rapid growth under Arsenal’s ownership. Over just two years, Pinnacle's EBITDA increased from $13.5 million to $60 million. By mid-2021,... View Details
Keywords: Business Exit or Shutdown; Decision Choices and Conditions; Private Equity; Financing and Loans; Growth Management
Ivashina, Victoria, and Srimayi Mylavarapu. "Arsenal Capital Partners' Refinancing of Pinnacle." Harvard Business School Case 225-075, January 2025.
- February 2025
- Case
Blue Owl Financing of Ping Identity
By: Victoria Ivashina and Srimayi Mylavarapu
In the fall of 2022, Blue Owl Capital's investment committee evaluated a potential investment in the technology sector. The proposed transaction centered on Ping Identity Corporation (“Ping”), a fast-growing identity access management (IAM) software company that was... View Details
Keywords: Mergers and Acquisitions; Borrowing and Debt; Cash Flow; Investment; Privatization; Financial Services Industry; Technology Industry
Ivashina, Victoria, and Srimayi Mylavarapu. "Blue Owl Financing of Ping Identity." Harvard Business School Case 225-078, February 2025.
- Article
The Disintermediation of Financial Markets: Direct Investing in Private Equity
By: Lily Fang, Victoria Ivashina and Josh Lerner
We examine twenty years of direct private equity investments by seven large institutions. These direct investments perform better than public market indices, especially buyout investments and those made in the 1990s. Outperformance by the direct investments, however,... View Details
Keywords: Financial Intermediation; Direct Investment; Co-investment; Private Equity; Entrepreneurship; Financial Markets
Fang, Lily, Victoria Ivashina, and Josh Lerner. "The Disintermediation of Financial Markets: Direct Investing in Private Equity." Journal of Financial Economics 116, no. 1 (April 2015): 160–178.
- June 2017
- Article
The Political Economy of Financial Innovation: Evidence from Local Governments
By: Christophe Pérignon and Boris Vallée
We examine the toxic loans sold by investment banks to local governments. Using proprietary data, we show that politicians strategically use these products to increase chances of being re-elected. Consistent with greater incentives to hide the cost of debt, toxic loans... View Details
Pérignon, Christophe, and Boris Vallée. "The Political Economy of Financial Innovation: Evidence from Local Governments." Review of Financial Studies 30, no. 6 (June 2017): 1903–1934.
- January 2019
- Article
Pay Now or Pay Later? The Economics within the Private Equity Partnership
By: Victoria Ivashina and Josh Lerner
The economics of partnerships have been of enduring interest to economists, but many issues regarding intergenerational conflicts and their impact on the continuity of these organizations remain unclear. We examine 717 private equity partnerships and show that (a) the... View Details
Keywords: Partnerships; Leveraged Buyout; Partners and Partnerships; Private Equity; Venture Capital; Leveraged Buyouts
Ivashina, Victoria, and Josh Lerner. "Pay Now or Pay Later? The Economics within the Private Equity Partnership." Journal of Financial Economics 131, no. 1 (January 2019): 61–87.
- April 2020
- Supplement
Oaktree: Pierre Foods Investment
By: Victoria Ivashina and Terrence Shu
This case is a setting to discuss “loan to own” investment strategy that is often pursued by distressed investors. The aftermath of the 2007 financial crisis left many companies with poor liquidity and limited ability to obtain credit. One of these companies was Pierre... View Details
- Web
Understanding Entrepreneurial Opportunity in Kazakhstan - Global Activities 2020
investors in London and New York? Kaspi.kz’s business model is one that is unlikely to have developed elsewhere, says Victoria Ivashina, the Lovett-Learned Professor of Finance View Details
- Web
2021 Virtual Presentations - Alumni
Welcome Address Dean Srikant Datar: Welcome Address Video Recording Faculty Presentations Investment Strategies Post-Pandemic Professors Malcolm Baker and Victoria Ivashina... View Details
- August 2019
- Case
Subscription Lines Dilemma
By: Victoria Ivashina and Terrence Shu
This case follows a fictional managing partner of a private equity firm, as she contemplates whether to utilize subscription lines of credit in her firm’s funds. Subscription lines are revolving lines of credit secured by commitments from a fund’s investors. Private... View Details
Ivashina, Victoria, and Terrence Shu. "Subscription Lines Dilemma." Harvard Business School Case 220-025, August 2019.
- Web
Finance - Faculty & Research
mechanism that amplifies interest rate volatility. I find strong support for these predictions in the time series of US government bond returns. 2014 Working Paper Financial Repression in the European Sovereign Debt Crisis By: Bo Becker View Details
- October 2019 (Revised December 2019)
- Case
BC Partners: Acuris
By: Victoria Ivashina and Terrence Shu
This case follows Nikos Stathopoulos, Managing Partner of BC Partners, as he and his team evaluate the potential sale of one of BC Partners’ portfolio companies, Acuris. Acuris was a global financial intelligence, news, and data company that had been acquired by BC... View Details
Keywords: Fund Management; Fund Raising; Leveraged Buyout; Buyout; Portfolio Management; Operations Improvement; Exit; Exit Strategy; Valuation Ratios; Finance; Private Equity; Leveraged Buyouts; Operations; Performance Improvement; Acquisition; Valuation
Ivashina, Victoria, and Terrence Shu. "BC Partners: Acuris." Harvard Business School Case 220-041, October 2019. (Revised December 2019.)
- Web
Global Activities 2020
Fellowship (GO: Africa), are working to encourage and scale businesses on the continent from their base in Ghana. Asia Pacific HBS Engagement Across the Region The Harvard Shanghai Center and HBS... View Details
- 19 Apr 2016
- First Look
April 19, 2016
link: https://www.hbs.edu/faculty/Pages/item.aspx?num=50837 Covenant-Light Contracts and Creditor Coordination By: Becker, Bo, and Victoria View Details
Keywords: Sean Silverthorne
- 2012
- Working Paper
Reaching for Yield in the Bond Market
By: Bo Becker and Victoria Ivashina
Reaching-for-yield—the propensity to buy riskier assets in order to achieve higher yields—is believed to be an important factor contributing to the credit cycle. This paper analyses this phenomenon in the corporate bond market. Specifically, we show evidence for... View Details
Keywords: Fixed Income; Reaching For Yield; Financial Intermediation; Insurance Companies; Insurance; Bonds; Assets; Risk Management; Investment Return; Investment Portfolio; Insurance Industry
Becker, Bo, and Victoria Ivashina. "Reaching for Yield in the Bond Market." Harvard Business School Working Paper, No. 12-103, May 2012. (Revised December 2012. NBER Working Paper Series, No. 18909, March 2013)
- 20 Sep 2011
- First Look
First Look: September 20
innovation in clusters should account for these links. Securitization without Adverse Selection: The Case of CLOs Authors:Effi Benmelech, Jennifer Dlugosz, and Victoria View Details
Keywords: Sean Silverthorne
- June 2010 (Revised November 2013)
- Case
Momentive Performance Materials, Inc.
By: Victoria Ivashina and David Scharfstein
After nearly violating its loan covenants in 2009, Momentive Performance Materials, backed by its financial sponsor Apollo Global Management, took a variety of actions to restructure its debt. The restructuring steps included an open market repurchase of publicly held... View Details
Ivashina, Victoria, and David Scharfstein. "Momentive Performance Materials, Inc." Harvard Business School Case 210-081, June 2010. (Revised November 2013.)