Publications

October 1991 (Revised November 1993)
Case

Dynashears, Inc.

By: Thomas R. Piper

A senior loan officer is reviewing the recent performance of a company that has failed to repay its loan as scheduled. The failure results from a cyclical downturn in sales, coupled with a lag in cutting back production. Inventory risk is minimal. Teaching objective:... View Details

Keywords: Borrowing and Debt; Business Cycles; Financial Condition; Risk and Uncertainty; Failure

March 2025
Case

Taylor Guitars: Making Employee Ownership Work The Taylor Way

By: Dennis Campbell, Petros Kusmu and Stacy Straaberg

In 2013, guitar manufacturer Taylor Guitars’ co-founders Bob Taylor and Kurt Listug were considering several exit options including selling to a competitor or to a private equity firm. The co-founders decided, instead, to embark on a seven-year process to transfer 100%... View Details

2000
Other Unpublished Work

Private Versus Public Debt: Evidence from Firms that Replace Bank Loans with Junk Bonds

By: S. C. Gilson and J. Warner

Keywords: Borrowing and Debt; Financing and Loans; Bonds; Banking Industry

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

March 2010 (Revised May 2011)
Case

Dubai in Crisis

By: Noel Maurer

On November 25, 2009, the small city-state of Dubai shook financial markets across the world when the Dubai World holding companies announced that it would ask its creditors to standstill its debts. After three decades of phenomenal growth, something had gone off the... View Details

Keywords: Business Model; Development Economics; Financial Crisis; Borrowing and Debt; Business History; Business and Government Relations; Dubai

22 Apr 2014
First Look

First Look: April 22

misvaluation for a firm's borrowing and investment decisions. Using an ex-post measure of the accuracy of credit ratings to capture debt market misvaluation, we find evidence... View Details

Keywords: Sean Silverthorne

12 Apr 2011
First Look

First Look: April 12

to 2008. We find that the divergence between control rights and cash-flow rights of a borrowing firm's largest ultimate owner has a significant impact on the concentration and... View Details

Keywords: Sean Silverthorne

04 Mar 2009
Op-Ed

Credit is Not the Bogey

their income for housing, and rejecting "credit-impaired" borrowers with less-than-stellar records. Credit card companies have raised fees and increased penalties.... View Details

Keywords: by Nicolas P. Retsinas & Eric S. Belsky; Construction; Real Estate; Financial Services

fall 2001
Article

Structuring Loan Syndicates: A Case Study of the Hong Kong Disneyland Project Loan

By: Benjamin C. Esty

Keywords: Groups and Teams; Borrowing and Debt; Entertainment; Hong Kong

Web

HBS - Financials | Statement of Activity & Cash Flows

Cash Available from Capital Activities $107 $72 $76 Capital Expenses $(43) $(22) $(43) Change in Capital Project-Prefunding 10 (14) 8 Use of Gifts for Capital Projects 5 6 5 Net Capital Expenses $(28) $(30) $(30) New Borrowings $0 $0 $0... View Details

January 2021 (Revised March 2021)
Supplement

Juno (B): Leveraging Student Power

By: Joshua Schwartzstein, Kathleen L. McGinn and Amy Klopfenstein

In March 2020, Juno co-founders Chris Abkarians and Nikhil Agarwal decided to pitch banks in anticipation of their annual auction while negotiating directly with private lender Eager. Responses from the majority of private lenders—including Juno’s 2019 partner—were not... View Details

14 Mar 2011
Research & Ideas

Keeping Credit Flowing to Consumers in Need

strengthen consumer protections. The risk they run is that too stringent regulation could make it harder for borrowers in need to get money. In today's challenging economic climate and with high... View Details

Keywords: by Sean Silverthorne; Financial Services; Construction; Real Estate

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

June 2002
Background Note

Convertible Securities

This case covers the general characteristics of convertible securities and briefly discusses their history, investors, issuers, and method of valuation. View Details

Keywords: Debt Securities

March 2005 (Revised May 2006)
Case

Buckingham Park

By: Arthur I Segel and Joshua A. Katzin

In September, 2004, Stephen Lebowitz, President of CBL, a $6 billion publicly traded shopping mall real estate investment trust (REIT) with over 70 million square feet, is considering acquiring 170 acres for a new retail development at a racetrack site in Southern New... View Details

Keywords: Buildings and Facilities; Debt Securities; Investment; Real Estate Industry; New Hampshire

September 1987
Background Note

What Do Venture Capitalists Do?

By: William A. Sahlman

Presents the results derived from 49 responses to a questionnaire mailed to 100 venture capitalists in late 1984. The purpose of the survey was to shed light on the relationship between venture capitalists and their portfolio companies. The survey revealed that the... View Details

Keywords: Borrowing and Debt; Venture Capital; Investment Portfolio; Recruitment; Surveys; Managerial Roles; Service Operations; Relationships; Service Industry

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

SSRN

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