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  • 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
  • March 1992 (Revised November 1992)
  • Case

Lockheed Aeromod Center, Inc.

By: Timothy A. Luehrman
A wholly-owned subsidiary of Lockheed Corp. has an $11 million expansion underway in South Carolina. The company must decide how best to take advantage of the opportunity to issue tax exempt debt. Specifically, the decision involves choices about the maturity and... View Details
Keywords: Business Subsidiaries; Decisions; Borrowing and Debt; Financial Strategy; Taxation; Opportunities; Expansion; Valuation; South Carolina
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  • 25 Sep 2007
  • First Look

First Look: September 25, 2007

cash-flow implications of a venture debt loan, and assess how much additional "runway" (months till cash runs out) the venture debt will provide. Students must also look at the prospective returns... View Details
Keywords: Martha Lagace
  • 28 Mar 2018
  • Research & Ideas

Sophisticated Investors May Be Harming Fintech Lending Platforms

Zeng found, is the amount of information available about loan applicants. When platforms share a lot of information about applicants with potential investors—data such as income, debt level, and credit history, and even whether the loan... View Details
Keywords: by Dina Gerdeman; Banking; Financial Services
  • March 2005
  • Article

Short- and Long-term Demand Curves for Stocks: Theory and Evidence on the Dynamics of Arbitrage

By: Robin Greenwood
I develop a framework to analyze demand curves for multiple risky securities at extended horizons in a setting with limits-to-arbitrage. Following an unexpected change in uninformed investor demand for several assets, I predict returns of each security to be... View Details
Keywords: Limits To Arbitrage; Event Studies; Demand Curves; Portfolio Choice; Framework; Demand and Consumers; Change; Risk and Uncertainty; Debt Securities; Forecasting and Prediction; Stocks; Assets; Investment Portfolio; System Shocks; Price; Japan
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  • 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
  • November 2000 (Revised May 2002)
  • Case

FleetBoston Financial: Online Banking

By: Frances X. Frei and Hanna Rodriguez-Farrar
As the ninth largest bank holding company in the United States in 2000, FleetBoston Financial Corp. provided a myriad of financial services, including retail banking, loan origination, and brokerage accounts. This case explores how FleetBoston responded to the Internet... View Details
Keywords: Business Model; Borrowing and Debt; Cost Management; Banks and Banking; Consumer Behavior; Service Operations; Competition; Online Technology; Banking Industry; United States
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  • 09 Aug 2016
  • First Look

August 9, 2016

the performance of the “U.S. Endowment Model,” and compares Christ Church’s performance against others as he weighs a variety of investment strategies including redevelopment, land sales, specialist funds, pooling capital with the other Oxford Colleges, and taking on... View Details
Keywords: Sean Silverthorne
  • 31 May 2016
  • First Look

May 31, 2016

consider the possibility that the risk anomaly represents mispricing and develop its implications for corporate leverage. The risk anomaly generates a simple tradeoff theory: at zero leverage, the overall cost of capital falls as leverage increases equity risk, but as... View Details
Keywords: Sean Silverthorne
  • 10 Nov 2015
  • First Look

November 10, 2015

were realized. What we label the CEO-specific Q and past return explains equity issuance, but it does not explain debt issuance, investment, or profitability. Two discontinuity analyses show that the specific share price that the current... View Details
Keywords: Sean Silverthorne
  • 12 May 2008
  • Research & Ideas

Accounting Information as Political Currency

management can be used to mislead financial-statement users, including shareholders, debt holders, regulators, and so on. Q: Would your methods apply in countries other than the United States? A: The data used to construct earnings... View Details
Keywords: by Martha Lagace
  • March 1999 (Revised June 2005)
  • Case

Saevig Corporation

By: Henry B. Reiling and Mark Pollard
The taxpayer purchased land and later transferred it to a family controlled corporation in return for an earn out. When funds were eventually received, the IRS treated them as dividends, whereas the individual and corporate taxpayers contended they were sums paid on... View Details
Keywords: Investment Return; Debt Securities; Taxation; Outcome or Result; Financial Reporting; Family Business; Assets; Business and Stakeholder Relations
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  • 15 Jul 2014
  • First Look

First Look: July 15

The case concerns bidding and negotiations strategies as well as deal structuring issues. In particular, the cross border nature of the investment, a UK firm investing in Norway, leads to a number of financing issues related to raising the View Details
Keywords: Carmen Nobel
  • 19 Jun 2018
  • First Look

New Research and Ideas, June 19, 2018

of Prime Minister Noburu Takeshita and his entire cabinet. A few years later, Recruit was mired in debt with interest payments of 65 billion yen when its annual income was only 62 billion yen. In the early ‘90s, the development of the... View Details
Keywords: Dina Gerdeman
  • 24 Apr 2012
  • First Look

First Look: April 24

2012. The projections appeared contrary to Hayman Capital's views on Japan, where the fund had built a bearish position. Japan had the world's highest debt burden, whether expressed as a percentage of GDP or government revenue. Guided by... View Details
Keywords: Carmen Nobel
  • 25 Jan 2011
  • First Look

First Look: Jan. 25

disproportionately affect the debt financing costs faced by low credit quality firms. As a result, time-series variation in the average quality of debt issuers may be useful for forecasting excess corporate... View Details
Keywords: Sean Silverthorne
  • 05 Mar 2019
  • First Look

New Research and Ideas, March 5, 2019

firms lever up, the overall cost of capital falls as leverage increases equity beta, but as debt becomes riskier the marginal benefit of increasing equity beta declines. As a simple theoretical framework predicts, we find that leverage is... View Details
Keywords: Dina Gerdeman
  • 13 Oct 2015
  • First Look

October 13, 2015

private information with borrowers. When lenders grant debt forgiveness to borrowers, borrowers communicate that information to other borrowers, who are then more likely to strategically default on their own obligations. This strategic... View Details
  • 13 Sep 2004
  • Research & Ideas

Cash and the Woman-Owned Business

more, as compared to 58 percent of their male counterparts.13 However, when women choose to seek debt capital, there appears to be no systematic gender bias. Instead, the owner's age, the size of the firm, credit history, and the ability... View Details
Keywords: by Candida Brush, Nancy M. Carter, Elizabeth Gatewood, Patricia G. Greene & Myra M. Hart
  • April 1994 (Revised September 1994)
  • Case

KENETECH Corporation

By: William E. Fruhan Jr.
Involves a strategic decision about how fast to ramp up sales. Improvements in technology have driven down the cost of electric power generated from wind turbines to the point where they are competitive with fossil-fuel plants. KENETECH needs to raise equity capital to... View Details
Keywords: Renewable Energy; Borrowing and Debt; Equity; Initial Public Offering; Growth and Development Strategy; Market Entry and Exit; Going Public; Sales; Competition; Energy Industry
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