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- All HBS Web
(1,976)
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- Research (1,370)
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- October 2014
- Article
Sovereigns, Upstream Capital Flows and Global Imbalances
By: Laura Alfaro, Sebnem Kalemli-Ozcan and Vadym Volosovych
We construct measures of net private and public capital flows for a large cross-section of developing countries considering both creditor and debtor side of the international debt transactions. Using these measures, we demonstrate that sovereign-to-sovereign... View Details
Keywords: Current Account; Aid/government Debt; Reserves; Puzzles; Productivity; Sovereign Finance; Developing Countries and Economies; Macroeconomics
Alfaro, Laura, Sebnem Kalemli-Ozcan, and Vadym Volosovych. "Sovereigns, Upstream Capital Flows and Global Imbalances." Journal of the European Economic Association 12, no. 5 (October 2014): 1240–1284. (Also NBER Working Paper 17396. Online Appendix.
See International capital flows database for the data on measures of net private and public capital flows for a large cross-section of developing countries.)
- April 2003
- Teaching Note
Fresh Start? Peru's Legacy of Debt and Default (A) (TN)
By: Julio J. Rotemberg
Teaching Note for (9-703-001). View Details
Keywords: Peru
- May 2025
- Article
The Effects of Medical Debt Relief: Evidence from Two Randomized Experiments
By: Raymond Kluender, Neale Mahoney, Francis Wong and Wesley Yin
Two in five Americans have medical debt, nearly half of whom owe at least $2,500. Concerned by this burden, governments and private donors have undertaken large, high-profile efforts to relieve medical debt. We partnered with RIP Medical Debt (now Undue Medical Debt)... View Details
Kluender, Raymond, Neale Mahoney, Francis Wong, and Wesley Yin. "The Effects of Medical Debt Relief: Evidence from Two Randomized Experiments." Quarterly Journal of Economics 140, no. 2 (May 2025): 1187–1241.
- May 2005 (Revised December 2005)
- Case
Nexgen: Structuring Collateralized Debt Obligations (CDOs)
A client asks Luc Giraud, CEO of the structured finance solutions provider Nexgen Financial Solutions, to put together a solution that allows the client to add AAA-rated bonds to its portfolio. The client cannot find suitably priced top-rated bonds in the market and... View Details
Keywords: Credit Derivatives and Swaps; Risk and Uncertainty; Debt Securities; Bonds; Financial Services Industry
Chacko, George C., Peter A. Hecht, Marti Subrahmanyam, Vincent Dessain, and Anders Sjoman. "Nexgen: Structuring Collateralized Debt Obligations (CDOs)." Harvard Business School Case 205-121, May 2005. (Revised December 2005.)
- 2012
- Chapter
Banking on Consumer Credit: Explaining Patterns of Household Borrowing in the United States and France
Keywords: Credit; Commercial Banking; Personal Finance; Borrowing and Debt; Financing and Loans; Consumer Behavior; Banking Industry; United States; France
Trumbull, J. Gunnar. "Banking on Consumer Credit: Explaining Patterns of Household Borrowing in the United States and France." Chap. 7 in The Development of Consumer Credit in Global Perspective: Business, Regulation, and Culture, edited by Jan Logemann. New York: Palgrave Macmillan, 2012.
- October 2012
- Supplement
Winfield Refuse Management, Inc.: Raising Debt vs. Equity, Spreadsheet for Students (Brief Case) (CW)
By: W. Carl Kester and Sunru Yong
- November 1977
- Article
An Application of Management Science to Bank Borrowing Strategies
By: D. B. Crane, Frederick Knoop and William Pettigrew
Crane, D. B., Frederick Knoop, and William Pettigrew. "An Application of Management Science to Bank Borrowing Strategies." Interfaces 8, no. 1 (November 1977).
- Research Summary
Good cop, Bad Cop: Complementarities between Debt and Equity in Disciplining Management
Joint work with Alexander Gümbel, Saïd Business School and Lincoln College Oxford
In this paper we examine how the quantity of information generated about firm... View Details
- Research Summary
The Ownership and Trading of Debt Claims in Chapter 11 Restructurings (with Victoria Ivashina and David Smith)
This paper explores a novel data set that identifies over 71,000 investors holding debt claims of 136 companies filing for U.S. Chapter 11 bankruptcy protection during the period of 1998 through 2009. We investigate how concentration in debt ownership relates to... View Details
- 05 Aug 2024
- Research & Ideas
Watching for the Next Economic Downturn? Follow Corporate Debt
focused on housing and household debt for good reason: In the United States, a residential housing loan collapse touched off the deep financial crisis of 2008. But in the decade-plus since, the focus on... View Details
Keywords: by Rachel Layne
- Spring 2015
- Article
Sovereign Debt Restructuring: Evaluating the Impact of the Argentina Ruling
By: Laura Alfaro
Recent rulings in the ongoing litigation over the pari passu clause in Argentinian sovereign debt instruments have generated considerable controversy. Some official-sector participants and academic articles have suggested that the rulings will disrupt or impede... View Details
Alfaro, Laura. "Sovereign Debt Restructuring: Evaluating the Impact of the Argentina Ruling." Harvard Business Law Review 5, no. 1 (Spring 2015): 47–71.
- March 2001
- Background Note
Valuing the Option Component of Debt and Its Relevance to DCF-Based Valuation Methods
The flows-to-equity or equity cash flows valuation method is a discounted cash flow method used to estimate the equity portion of the capital structure. It is closely related to the venture capital/buyout valuation method, which estimates the IRR of the stream of cash... View Details
Meulbroek, Lisa K. "Valuing the Option Component of Debt and Its Relevance to DCF-Based Valuation Methods." Harvard Business School Background Note 201-110, March 2001.
- March 2006
- Teaching Note
Redesigning Sovereign Debt Restructuring Mechanisms (TN)
By: Mihir A. Desai and Kathleen Luchs
- March 1996 (Revised June 1998)
- Case
Debt Restructuring Under the Brady Plan
By: Huw Pill and Courtenay Sprague
Pill, Huw, and Courtenay Sprague. "Debt Restructuring Under the Brady Plan." Harvard Business School Case 796-130, March 1996. (Revised June 1998.)
- July 19, 2011
- Article
A Debt Plan Republicans Can Support
By: Robert C. Pozen
Pozen, Robert C. "A Debt Plan Republicans Can Support." Washington Post (July 19, 2011).
- 2015
- Chapter
The Optimal Maturity of Government Debt
By: Robin Greenwood, Samuel Gregory Hanson, Joshua S. Rudolph and Lawrence Summers
Greenwood, Robin, Samuel Gregory Hanson, Joshua S. Rudolph, and Lawrence Summers. "The Optimal Maturity of Government Debt." Chap. 1 in The $13 Trillion Question: How America Manages Its Debt, edited by David Wessel, 1–41. Brookings Institution Press, 2015. (Working Paper version Here.)
- 2010
- Chapter
Managing Technical Debt in Software-Reliant Systems
By: Alan MacCormack, N. Brown, Y. Cai, Y. Guo, R. Kazman, M. Kim, P. Kruchten, E. Lim, R. Nord, I. Ozkaya, R. Sangwan, C. Seaman, K. Sullivan and N. Zazworka
MacCormack, Alan, N. Brown, Y. Cai, Y. Guo, R. Kazman, M. Kim, P. Kruchten, E. Lim, R. Nord, I. Ozkaya, R. Sangwan, C. Seaman, K. Sullivan, and N. Zazworka. "Managing Technical Debt in Software-Reliant Systems." In FoSER '10: Proceedings of the FSE/SDP Workshop on the Future of Software Engineering Research, 47–52. Association for Computing Machinery (ACM), 2010.
- March 2009 (Revised February 2011)
- Background Note
Note: Fair Value Accounting for Investments in Debt Securities
The note describes how fair value accounting applies to debt securities that are classified by financial institutions as (1) "trading" securities, (2) "available for sale" securities, or (3) "hold to maturity" securities. It explains the hierarchy for inputs used in... View Details
Fruhan, William E. "Note: Fair Value Accounting for Investments in Debt Securities." Harvard Business School Background Note 209-134, March 2009. (Revised February 2011.)
- February 2010 (Revised March 2013)
- Case
Negotiating Trust: Borrowers, Lenders, and the Politics of Household Debt
By: Catherine S. M. Duggan and Alexander F. Roehrkasse
Duggan, Catherine S. M., and Alexander F. Roehrkasse. "Negotiating Trust: Borrowers, Lenders, and the Politics of Household Debt." Harvard Business School Case 710-048, February 2010. (Revised March 2013.)
- 1994
- Other Unpublished Work
Interest Allocation Rules and the Changing Cost of Debt Finance
By: K. A. Froot and J. Hines