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  • March 2006
  • Case

Wells Fargo Convertible Bonds

By: Malcolm P. Baker and Elizabeth Kind
Howard Atkins, the chief financial officer of Wells Fargo, is considering issuing $3 billion in convertible debt. With an investment-grade credit rating, Wells Fargo is not the typical issuer of convertible securities, but the market conditions in 2003 are unusual.... View Details
Keywords: Capital Structure; Financial Institutions; Banks and Banking; Debt Securities; Financial Management; Financial Strategy; Strategy; Banking Industry
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  • 25 Oct 2004
  • Research & Ideas

Planning for Surprises

many U.S. airlines, the debt owed to customers in the form of miles is a value significantly larger than the airlines' market capitalization. This is simply not sustainable. Airlines have already reduced the value of miles by making seats... View Details
Keywords: by Martha Lagace
  • 01 Sep 2018
  • News

After the Fall

is in 2006 and 2007, when banks were offering subprime mortgages to just about anyone and junk-rated firms were borrowing in droves. “When it looks like everyone has loosened... View Details
Keywords: Jennifer Myers; illustration by Dan Bejar; Securities, Commodities, and Other Financial Investments; Securities, Commodities, and Other Financial Investments; Securities, Commodities, and Other Financial Investments; Securities, Commodities, and Other Financial Investments; Securities, Commodities, and Other Financial Investments; Securities, Commodities, and Other Financial Investments
  • 15 Jul 2008
  • First Look

First Look: July 15, 2008

Theory of Corporate Debt Maturity Choice Authors:Robin Greenwood, Jeremy C. Stein, and Samuel Hanson Abstract We argue that time-series variation in the maturity of aggregate corporate View Details
Keywords: Martha Lagace
  • May 2005 (Revised January 2006)
  • Case

Mortgage Backs at Ticonderoga

Ticonderoga is a small hedge fund that trades in mortgage-backed securities--securities created from pooled mortgage loans. They often appear as straightforward so-called "pass-throughs," but can also be pooled again to create collateral for a mortgage security known... View Details
Keywords: Debt Securities; Mortgages; Investment Funds
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  • 21 Mar 2017
  • First Look

First Look at New Research, March 21

in sequence, map onto how very young children play. These components are (1) focusing on substitutes and borrowing selectively from peers, (2) testing assumptions about profit logics before committing to... View Details
Keywords: Sean Silverthorne
  • 20 Dec 2011
  • First Look

First Look: December 20

limited managers' incentives to take actions favoring equity over debt for firms in the vicinity of financial distress. We show that this ruling increased the likelihood of equity issues, increased investment, View Details
Keywords: Carmen Nobel
  • 29 Sep 2008
  • Research & Ideas

Financial Crisis Caution Urged by Faculty Panel

owned homes or could borrow under such conditions. As a response, the modern housing finance system undergirded by the federal government arose during the New Deal to make credit and liquidity available to... View Details
Keywords: by Martha Lagace; Financial Services
  • 2011
  • Working Paper

Why Fears about Municipal Credit Are Overblown

Highly publicized predictions of 50-100 municipal defaults have caused anxiety among municipal bond investors. While there is some chance that negative investor sentiment will lead to further spread widening, the probability of the kind of widespread default that would... View Details
Keywords: Financial Crisis; Borrowing and Debt; Insolvency and Bankruptcy; Bonds; Investment Return; City
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  • 15 Jun 2010
  • First Look

First Look: June 15

identifying the effects of bank credit supply. First, we focus on firms' choice between two close forms of external financing: bank debt and public bonds. By conditioning the sample of firms raising new... View Details
Keywords: Martha Lagace
  • May 1996
  • Case

First Capital Holdings Corp.

By: Stuart C. Gilson, Harry DeAngelo and Linda DeAngelo
The manager of a money-management firm considers whether to invest in the securities of a large, financially troubled, California-based life insurance holding company that holds 40% of its assets in high-yield junk bonds. Over the past year, the value of its portfolio... View Details
Keywords: Risk Management; Debt Securities; Bonds; Valuation; Investment Return; Fair Value Accounting; Financial Institutions; Insurance Industry
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  • 29 Mar 2016
  • First Look

March 29, 2016

debt crisis of the 1980s, the Washington Consensus era, and reform efforts in the 2000s. Purchase this case: https://cb.hbsp.harvard.edu/cbmp/product/711040-PDF-ENG Harvard Business School Case 816-065 The... View Details
Keywords: Sean Silverthorne
  • 01 Dec 2011
  • News

Greek Drama

Samaras: Enough pain. Photo AFP/Getty Images The debt drama unfolding in Greece is made even more gripping by the long relationship between two of the country’s leaders, former Socialist Prime Minister George Papandreou View Details
Keywords: Executive, Legislative, and Other General Government Support; Executive, Legislative, and Other General Government Support
  • 11 Oct 2022
  • Research & Ideas

Shrinking the Racial Wealth Gap, One Mortgage at a Time

“Loan officers seem to be having an important influence on mortgage outcomes.” “Loan officers seem to be having an important influence on mortgage outcomes,” Sunderam says. “The most surprising finding in the paper is the fact that minority officers are approving more... View Details
Keywords: by Rachel Layne; Financial Services
  • 05 Jul 2006
  • Research & Ideas

Reinventing the Dowdy Savings Bond

moderate-income families. Low-risk and low-profile, savings bonds have been around for decades, offering the dual benefit of funding the national debt while acting as a savings vehicle for millions of... View Details
Keywords: by Julia Hanna; Banking; Financial Services
  • 13 Oct 2003
  • Research & Ideas

How to Pick Managers for Disruptive Growth

We suspect that the mistakes happen when firms choose managers at any level—from CEO to business unit head to project manager—based on what we call "right stuff" thinking, borrowing the term from Tom Wolfe's famous book View Details
Keywords: by Michael Raynor
  • January 1994
  • Exercise

Walt Disney Company's Sleeping Beauty Bonds

By: Carliss Y. Baldwin
Walt Disney Co. issues a 100-year bond. This case describes the terms of the bond and immediate capital market reaction. View Details
Keywords: Capital Markets; Cash Flow; Debt Securities; Bonds; Interest Rates; Value
Related
  • 24 Oct 2006
  • First Look

First Look: October 24, 2006

listed on the Luxemburg exchange, has declined by over 90 percent. Only two months earlier they had been planning a $200 million to $400 million equity and debt offering on the New York Stock Exchange, to... View Details
Keywords: Sean Silverthorne
  • 17 Apr 2007
  • First Look

First Look: April 17, 2007

architecture." Because many of these crises involved defaults on sovereign bonds, an important component of the discussion revolved around the composition of international capital flows and sovereign View Details
Keywords: Martha Lagace
  • 05 Jun 2007
  • First Look

First Look: June 5, 2007

executed by bankers, managers, and investors during the 1990s—trading foreign stocks and bonds, borrowing in foreign currencies—had been illegal in many countries only decades,... View Details
Keywords: Martha Lagace