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  • 15 Nov 2016
  • First Look

November 15, 2016

will be critical to their success. Publisher's link: https://www.hbs.edu/faculty/Pages/item.aspx?num=51813 Fiscal Rules and Sovereign Default By: Alfaro, Laura, and Fabio Kanczuk Abstract—We provide a quantitative analysis of fiscal rules in a standard model of... View Details
Keywords: Sean Silverthorne
  • 08 May 2012
  • First Look

First Look: May 8

activity between strategic (operating firms) and financial (private equity) acquirers. What are the economic factors that drive either financial or strategic buyers to dominant positions in M&A activity? We introduce debt market... View Details
Keywords: Carmen Nobel
  • Article

Credit Access and Social Welfare: The Rise of Consumer Lending in the United States and France

By: Gunnar Trumbull
Research into the causes of the 2008 financial crisis has drawn attention to a link between growing income inequality in the United States and high household indebtedness. Most accounts trace the U.S. idea of credit-as-welfare to the period of wage stagnation and... View Details
Keywords: Household Finance; Welfare State; Credit; Personal Finance; Welfare; Borrowing and Debt; France; United States
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  • 31 Aug 2009
  • Research & Ideas

Why Competition May Not Improve Credit Rating Agencies

In the run-up to the global financial crisis, credit rating agencies gave high marks to such risky financial vehicles as collateralized debt obligations, which few people understood. It has been argued that these ratings misled investors... View Details
Keywords: by Martha Lagace; Financial Services
  • February 1988 (Revised May 1988)
  • Background Note

Note on Debt-Equity Conversions in Latin American Countries

By: Ray A. Goldberg
Keywords: Borrowing and Debt; Equity; Development Economics; Latin America
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  • 28 Apr 2016
  • Blog Post

3 Concerns I Had about HBS

decision I’d never been in debt before attending HBS. I was lucky enough to attend undergrad fully funded, and the idea of taking on so much debt was not only overwhelming, but counter to the ideals that I... View Details
  • 06 Nov 2012
  • First Look

First Look: November 6

entrepreneurs. The results are consistent with intra-section learning, where the close ties between section-mates lead to insights about the merits of business plans. Corporate Ownership Structure and the Choice Between Bank Debt and... View Details
Keywords: Sean Silverthorne
  • 15 May 2007
  • First Look

First Look: May 15, 2007

http://www.hbs.edu/research/pdf/07-078.pdf   Cases & Course MaterialsAid, Debt Relief, and Trade: An Agenda for Fighting World Poverty (A) Harvard Business School Case 707-029 At the 2005 Group of Eight summit, world leaders agreed to... View Details
Keywords: Martha Lagace
  • 20 Nov 2018
  • First Look

New Research and Ideas, November 20, 2018

PE-backed companies increased investments relative to their peers, while also experiencing greater equity and debt inflows. The effects are stronger among financially constrained companies and those whose private equity investors had more... View Details
Keywords: Dina Gerdeman
  • September 1998 (Revised December 1998)
  • Case

Infinity Carpets, Inc.

By: Ronald W. Moore and Thomas R. Piper
A turnaround expert must determine whether a firm in distress is worth more as a going concern than its liquidation value. If so, the finances of the firm must be restructured in a way consistent with the bargaining power of the holders of the various securities. The... View Details
Keywords: Restructuring; Borrowing and Debt; Financial Liquidity; Crisis Management; Value; Apparel and Accessories Industry
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  • January 1994
  • Case

National Convenience Stores, Inc.

By: Steven R. Fenster, Stuart C. Gilson and Roy Burstin
National Convenience Stores seeks to emerge from Chapter 11. Central to the nature of the reorganization plan is the company's determining enterprise value. The various constituencies (secured debt, unsecured debt, etc.) will seek to find an enterprise value that... View Details
Keywords: Capital Structure; Valuation; Restructuring; Strategic Planning; Borrowing and Debt; Food and Beverage Industry; Texas
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  • March 2021
  • Article

Loan Guarantees and Credit Supply

By: Natalie Bachas, Olivia S. Kim and Constantine Yannelis
The efficiency of federal lending guarantees depends on whether guarantees increase lending supply or simply act as a subsidy to lenders. We use notches in the guarantee rate schedule for Small Business Administration (SBA) loans to estimate the elasticity of bank... View Details
Keywords: Borrowing and Debt; Financing and Loans; Banks and Banking; Credit
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  • 11 Feb 2015
  • Research & Ideas

Politicians Benefited From Using Toxic Loans

their study on France, having gained access to two valuable data sets: The first contained the entire debt portfolio for most of the 300 largest French local governments as of December 31, 2007; and the second contained the loan-level... View Details
Keywords: by Carmen Nobel; Financial Services
  • 01 Sep 2013
  • News

A Start-Up with Giddyup

with cowboy boots.' They're timeless and appreciated worldwide, so I don't have to guess fashion trends." Best advice "Don't worry about a business plan, just go and sell 50 pairs of boots." Capitalization "So far, just me and my savings; I don't want to be in View Details
Keywords: Clothing and Clothing Accessories Stores; Retail Trade
  • 14 Jun 2004
  • Research & Ideas

The Big Money for Big Projects

debt, which means the loan repayments must come from project cash flows only. In municipally financed or public financed projects, a government entity is the borrower or the debt is backed by a government guarantee. In the case of the Big... View Details
Keywords: by Ann Cullen; Financial Services
  • 17 Oct 2006
  • First Look

First Look: October 17, 2006

Activism in Sovereign Debt: "Vulture" Tactics or Market Backbone Harvard Business School Case 706-057 The role of distressed debt funds, also known as "vulture funds," in sovereign debt... View Details
Keywords: Sean Silverthorne
  • February 2014
  • Article

Accountability of Independent Directors—Evidence from Firms Subject to Securities Litigation

By: Francois Brochet and Suraj Srinivasan
We examine which independent directors are held accountable when investors sue firms for financial- and disclosure-related fraud. Investors can name independent directors as defendants in lawsuits, and they can vote against their re-election to express displeasure over... View Details
Keywords: Independent Directors; Litigation Risk; Class Action Lawsuits; Director Accountability; Reputation; Boards Of Directors; Corporate Governance; Debt Securities; Corporate Accountability; Lawsuits and Litigation
Related
  • 2013
  • Working Paper

Accountability of Independent Directors—Evidence from Firms Subject to Securities Litigation

By: Francois Brochet and Suraj Srinivasan
We examine which independent directors are held accountable when investors sue firms for financial and disclosure related fraud. Investors can name independent directors as defendants in lawsuits, and they can vote against their re-election to express displeasure over... View Details
Keywords: Debt Securities; Lawsuits and Litigation; Legal Liability
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  • February 2002
  • Background Note

Note on Commercial Real Estate Financial Market

By: Arthur I Segel and Melissa Yin-Yin Lam
Discusses the recent history of the commercial real estate financial market (pre-1990s-2001). Looks at the shift to more conventional capital markets for commercial real estate debt. View Details
Keywords: History; Capital Markets; Financial Markets; Borrowing and Debt; Real Estate Industry
Related

    James J. Ling

    Ling was a maverick in the development of the conglomerate business model, building in 14 years the 14th largest industrial corporation in the United States. A major risk taker, Ling extensively used debt to sustain parent company growth... View Details
    Keywords: Fabricated Goods