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  • 2010
  • Other Unpublished Work

Why Takeover Vulnerability Matters to Debtholders

By: Joan Farre-Mensa
Recent work documents that firms that are more vulnerable to takeover have higher borrowing costs. This paper investigates the reasons behind this stylized fact. My results show that firms with few antitakeover defenses face a higher cost of debt because lenders are... View Details
Keywords: Acquisition; Borrowing and Debt; Cost; Equity; Banks and Banking; Investment Portfolio; Risk Management; Agreements and Arrangements; Business and Shareholder Relations; Conflict and Resolution
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    Howard H. Stevenson

    Howard H. Stevenson is Sarofim-Rock Baker Foundation Professor emeritus, former Senior Associate Dean, Director of Publishing, and Chair of the Harvard Business Publishing Company board. The Sarofim-Rock Chair was established in 1982 to provide a continuing base for... View Details

    Keywords: investment banking industry; investment banking industry; investment banking industry; investment banking industry; investment banking industry; investment banking industry; investment banking industry; investment banking industry; investment banking industry; investment banking industry; investment banking industry; investment banking industry; investment banking industry; investment banking industry; investment banking industry; investment banking industry; investment banking industry; investment banking industry
    • September 2024
    • Case

    Comun: Partners in Peril

    By: Jeffrey J. Bussgang and Alexis Lefort
    In spring 2023, Abiel Gutierrez and Andres Santos, co-founders of Comun, faced a critical decision at their fintech startup serving Latino immigrants. Having launched their product the previous year, they experienced rapid growth but encountered rising fraud and... View Details
    Keywords: Fintech; Business Development; Venture Capital; Business Startups; Partners and Partnerships; Governing Rules, Regulations, and Reforms; Banking Industry; Banking Industry; Latin America; United States
    Related
    • 2021
    • Working Paper

    Nonbank Lending and Credit Cyclicality

    By: Quirin Fleckenstein, Manasa Gopal, German Gutierrez and Sebastian Hillenbrand
    We document three facts about nonbank lending in the syndicated loan market. First, nonbank lending is more than twice as cyclical as bank lending. Second, declines in nonbank lending explain most of the declines in syndicated lending during the Great Recession and... View Details
    Keywords: Nonbank Lending; Credit Cycles; CLO; Mutual Funds; Leveraged Lending; COVID-19; Great Migration; Non-bank Financial Institutions; Financing and Loans; Business Cycles
    Related
    • 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
    Keywords: Decision Making; Decision Choices and Conditions; Decisions; Cost vs Benefits; Judgments; Education; Higher Education; Finance; Borrowing and Debt; Strategy; Adaptation; Alignment; Negotiation; Negotiation Deal; Negotiation Offer; Negotiation Participants; Negotiation Process; Negotiation Types; Financial Services Industry; Education Industry; North and Central America; United States; Massachusetts; Boston
    Related
    • March 2011 (Revised May 2011)
    • Supplement

    China Construction America (B): The Baha Mar Resort Deal

    Why is a Chinese state-owned construction company building the largest mega-resort and casino in the Caribbean? This case examines the intricate deal-making by which CSCEC, China's leading global engineering and construction contractor, emerged as a key market player.... View Details
    Keywords: Project Finance; Competitive Strategy; Global Strategy; Financial Strategy; Construction Industry; Tourism Industry; China; Bahamas
    Related

      How Quantitative Easing Works: Evidence on the Refinancing Channel

      When LSAPs are needed the most, simply bending the yield curve through purchasing government debt is not effective for stimulating the mortgage market (a key sector of the economy for the transmission of monetary policy). Purchasing mortgage-backed... View Details

      • July 2005 (Revised December 2006)
      • Case

      Japan: Deficits, Demography, and Deflation

      By: Richard H.K. Vietor
      By 2005, Japan's debt had risen to 163% of GDP. For more than a decade, the government had run huge deficits, trying unsuccessfully to stimulate economic growth. Interest rates, meanwhile, had been zero for years. But with slow growth and banks in crisis, nothing had... View Details
      Keywords: Economy; Economic Growth; Demographics; Financial Condition; Inflation and Deflation; Banks and Banking; Borrowing and Debt; Macroeconomics; Policy; Government and Politics; Welfare; Health Care and Treatment; Japan
      Related
      • 31 Jul 2020
      • Blog Post

      Building a DTC Brand Through COVID

      Farah Azmi is a rising EC student at HBS and proud member of Section B. Farah spent her undergrad at University of Utah, majoring in finance. She worked at Barclays in investment banking and after at Tommy Hilfiger in corporate strategy.... View Details
      • September 1994 (Revised April 1995)
      • Case

      Banque Paribas: Paribas Derives Garantis

      In March 1993, the management of Paribas Capital Markets is making a final review of the proposal to set up Paribas Derives Garantis (PDG), a special-purpose subsidiary of Compagnie Financiere de Paribas (CFP), that would guarantee derivative products offered by Banque... View Details
      Keywords: Credit Derivatives and Swaps; Business Subsidiaries; Banks and Banking; Financial Services Industry
      Related
      • February 2013 (Revised June 2013)
      • Case

      BTG Pactual: Preserving a Partnership Culture

      By: Paul Healy
      Keywords: Stock Market; IPO; Corporate Lending; Initial Public Offering; Investment Banking; Banking Industry; Brazil
      Related
      • Article

      Immigrant Entrepreneurs in U.S. Financial History, 1775-1914

      Throughout its history, the U.S. has been the beneficiary of a worldwide in-migration of entrepreneurial talent. This article surveys finance, one of the many sectors in which immigrants made a conspicuous impact. Part I demonstrates the dominant role of immigrants in... View Details
      Keywords: History; Talent and Talent Management; Groups and Teams; Entrepreneurship; Policy; Immigration; Banks and Banking; United States
      Related
      • May 2018 (Revised January 2019)
      • Teaching Note

      Lind Equipment

      By: Richard S. Ruback, Royce Yudkoff and Ahron Rosenfeld
      Teaching Note for HBS No. 212-012. Lind Equipment, a Canadian manufacturer and distributor of industrial electrical safety equipment, was purchased in December 2007 by Brian Astl (HBS 2006) and Sean Van Doorselaer. Lind’s performance was negatively impacted by the... View Details
      Keywords: Recession; Seller Debt; Equity; Financial Condition; Borrowing and Debt; Capital; Revenue; Financing and Loans; Financial Strategy; Financial Management; Acquisition; Financial Crisis; Currency Exchange Rate; Insolvency and Bankruptcy; Manufacturing Industry; Industrial Products Industry
      Related
      • December 2012 (Revised January 2014)
      • Case

      Residencial Los Andes

      By: Nicolas P. Retsinas and Lisa Strope
      Peninsula Investment Group is deciding whether or not to recapitalize an equity investment in a Residencial Los Andes, a residential project in Santiago, Chile, or take a substantial loss. The project did not meet its sales goals and the bank pressured the investors to... View Details
      Keywords: Real Estate; Emerging Market; Latin America; Investment Management; Management; Negotiation; Finance; Entrepreneurship; Real Estate Industry; Latin America
      Related
      • August 2012 (Revised March 2013)
      • Case

      Preem (A)

      By: Bo Becker, Annelena Lobb and Aldo Sesia
      High yield bond fund Proventus Capital Partners (PCP) has invested in underwater bonds issued by Preem, a large oil refinery. As maturity approaches, in the midst of financial crisis, Preem appear unlikely to be able to refinance. Meanwhile, Prreem has a complicated... View Details
      Keywords: Insolvency and Bankruptcy; Financial Liquidity; Restructuring; Courts and Trials; Negotiation; Bonds; Mining Industry; Energy Industry; Europe
      Related
      • January 2009 (Revised March 2012)
      • Case

      Spain: Can the House Resist the Storm?

      By: Diego A. Comin
      On September 16, 2008, President Rodriguez Zapatero recognized the severity of Spain's macroeconomic situation and clearly pointed to the culprit in front of the Spanish Congress: "Let nobody doubt it; there is already a wide consensus about the origin of the crisis:... View Details
      Keywords: Business Cycles; Economy; Financial Crisis; Macroeconomics; System Shocks; Spain
      Related
      • 10 Sep 2019
      • News

      Small-business owners have no fear of a US recession, according to one online lender

      • October 2022 (Revised January 2025)
      • Case

      Founders First Capital Partners: An Approach to Capital Access Equity

      By: Brian Trelstad, Mel Martin and Amy Klopfenstein
      In June 2021, Kim T. Folsom, the founder and CEO of revenue-based financing firm Founders First Capital Partners (FFCP), must decide whether to issue another loan to OnShore Technology Group, an up-and-coming software validation company. FFCP provided revenue-based... View Details
      Keywords: Finance; Financial Instruments; Financing and Loans; Interest Rates; Investment Return; Revenue; Capital; Financial Services Industry; North and Central America; United States
      Related
      • March 1985 (Revised November 1988)
      • Case

      Precision Parts, Inc. (A)

      By: William A. Sahlman
      Contains a description of a decision confronting two entrepreneurs in mid-1981. They are considering purchasing a small manufacturer of precision electromechanical parts. Among the issues in the case are the following: 1) Should Taylor and Grayson buy Precision Parts,... View Details
      Keywords: Leveraged Buyouts; Venture Capital; Financing and Loans; Cost vs Benefits; Investment Return; Strategy; Management Practices and Processes; Risk and Uncertainty; Outcome or Result; Manufacturing Industry
      Related
      • 2024
      • Working Paper

      Long-run Returns to Impact Investing in Emerging Markets and Developing Economies

      By: Shawn Cole, Martin Melecky, Florian Mölders and Tristan Reed
      We provide the first evidence on the long-run returns to private equity in emerging and frontier markets using the cash flows from every equity investment made by the International Finance Corporation across 130 countries over 58 years. Risk-adjusted returns are... View Details
      Keywords: Impact Investing; Investment; Emerging Markets; Developing Countries and Economies; Investment Return
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