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- 10 Feb 2015
- First Look
First Look: February 10
in terms of both the bankruptcy code and the cultural attitudes toward corporate restructuring. This case can fit into an introductory course in a module on capital structure and the tradeoff between the costs and benefits of debt or in... View Details
Keywords: Sean Silverthorne
- 04 Aug 2014
- Op-Ed
Why Small-Business Lending Is Not Recovering
Assessing creditworthiness of small businesses can be difficult due to information asymmetry. Little, if any, public information exists about the performance of most small businesses because they rarely issue publicly traded equity or View Details
- 09 Sep 2009
- First Look
First Look: September 9
http://cb.hbsp.harvard.edu/cb/product/709495-PDF-ENG Wal-Mart's Use of Interest Rate Swaps Harvard Business School Case 108-038 "Wal-Mart's Use of Interest Rate Swaps" recounts Wal-Mart's use of interest rate swaps to hedge the fair value of its fixed-rate... View Details
Keywords: Martha Lagace
- 01 Oct 2001
- Research & Ideas
Five Questions for Stuart Gilson
stagnating sales, accounting losses, or a falling stock price. In extreme cases such poor performance may cause the company to default on its debt, resulting in bankruptcy. Restructuring the debt can be difficult and costly, although in... View Details
Keywords: by Sean Silverthorne
- 11 Dec 2007
- First Look
First Look: December 11, 2007
perceived as value-destroying and may not improve a firm's competitive advantage. Bank Debt and Corporate Governance Authors:Victoria Ivashina, Vinay Nair, Anthony Saunders, Nadia Massoud, and Roger Stover Periodical:Review of Financial... View Details
Keywords: Martha Lagace
- 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
- 08 Aug 2017
- First Look
First Look at Research and Ideas, August 8, 2017
Barry Abstract—Many markets, including the markets for IPOs and debt issuances, are syndicated, in that a bidder who wins a contract will often invite competitors to join a syndicate that will fulfill the contract. We model syndicated... View Details
Keywords: Sean Silverthorne
- 19 Jan 2016
- First Look
January 19, 2016
documents a role for debt financing related to innovation. We highlight the new literature on learning and experimentation across multi-stage innovation projects and how this impacts optimal financing design. We further highlight the... View Details
Keywords: Sean Silverthorne
- 08 Mar 2004
- Research & Ideas
Secret to Success: Go for “Just Enough”
reasoning. But, argues the wise chorus, "from death alone he still cannot escape . . . Limitation is built in to the human condition. You need to bend to higher laws." Limits? Tell that to today's college graduates, more in debt... View Details
Keywords: by Laura Nash & Howard Stevenson
- 26 Nov 2013
- First Look
First Look: November 26
to adverse economic, industry, or competitive developments; require the company to devote a substantial portion of its cash flow to debt service, reducing the funds available for other purposes; limit their ability to obtain additional... View Details
Keywords: Sean Silverthorne
- 17 Nov 2015
- First Look
November 17, 2015
evolving structure of corporate debt markets—and given rise to new questions about the private and social costs and benefits of leverage and, in particular, the role of leverage in affecting the likelihood and extent of systemic financial... View Details
Keywords: Sean Silverthorne
- 22 Apr 2015
- Op-Ed
Reforming Greece: Myths and Truths
were unable to provide new loans to underwrite company growth. “The recessionary measures that were taken in Greece were not the cause of the crisis.” Even large companies that could ordinarily rely on public equity or debt markets... View Details
Keywords: by George Serafeim
- 22 Jul 2014
- First Look
First Look: July 22
Working Papers Debt Redemption, Reserve Accumulation, and Exchange-Rate Regimes By: Alfaro, Laura, and Fabio Kanczuk Abstract—Foreign participation in local-currency-bond markets in emerging countries has increased dramatically over the... View Details
Keywords: Sean Silverthorne
- 20 Apr 2010
- First Look
First Look: April 20
Simmons (E) Amy C. Edmondson and Susan ThyneHarvard Business School Supplement 610-061 This case updates the "Leading Change at Simmons" series by examining Simmons' increasing debt under the ownership of Thomas H. Lee, a... View Details
Keywords: Martha Lagace
- 05 Jul 2006
- First Look
First Look: July 5, 2006
American multinational firms respond to politically risky environments by adjusting their capital structures abroad and at home. Foreign subsidiaries located in politically risky countries have significantly more debt than do other... View Details
Keywords: Sean Silverthorne
- June 2025
- Case
TfL Pension Fund and the 2022 Gilt Market Crisis
By: Emil N. Siriwardane, Vincent Dessain, Emer Moloney and Carlota Moniz
On September 27, 2022, Padmesh Shukla, CIO of the Transport for London (TfL) Pension Fund, was keeping a careful eye on the turmoil in the U.K. sovereign bond (or gilt) market. When the new government announced the largest tax cuts the U.K. had seen in half a century,... View Details
Keywords: Financial Crisis; Macroeconomics; Assets; Asset Management; Borrowing and Debt; Corporate Finance; Capital Markets; Equity; Financial Liquidity; Financial Instruments; Financial Strategy; Interest Rates; Governing and Advisory Boards; Crisis Management; Resource Allocation; Investment; Financial Services Industry; United Kingdom; England; London; Europe
Siriwardane, Emil N., Vincent Dessain, Emer Moloney, and Carlota Moniz. "TfL Pension Fund and the 2022 Gilt Market Crisis." Harvard Business School Case 225-098, June 2025.
- 29 May 2020
- Op-Ed
How Leaders Are Fighting Food Insecurity on Three Continents
COVID-19 is creating unprecedented strains on food security worldwide. The United Nations' World Food Programme warns that the pandemic could almost double the number of people facing food crises in low- and middle-income populations to 265 million by the end of 2020.... View Details
- 22 Sep 2014
- Op-Ed
Online Banks Fill Funding Needs for Small Business
which other online upstarts such as Amazon.com changed retail and Square changed the small business payments business. A few factors account for the rapid growth of the entrants. First, institutional debt and equity investors have been... View Details
- 08 Nov 2016
- First Look
November 8, 2016
it was all debt finance) or by accepting larger chunks of capital from a major global bank and a private equity firm, getting them much closer to the threshold but at the cost of significant dilution (35%) as these financiers were also... View Details
Keywords: Sean Silverthorne