Publications
Publications
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(1,157)
- Faculty Publications (479)
- August 2014 (Revised March 2015)
- Case
Molycorp: Issuing the 'Happy Meal' Securities (B)
By: Benjamin C. Esty and E. Scott Mayfield
Molycorp, the Western hemisphere's only producer of rare earth minerals, was in the middle of a $1 billion capital expansion in its effort to become a vertically integrated supplier of rare earth minerals, oxides, and metals. After reporting lower than expected... View Details
Keywords: Convertible Debt; Uncertainty; Startup; Growth; Rare Earth Minerals; Mining; Hedge Funds; Short Selling; Equity Capital; Capital Structure; Financial Strategy; Valuation; Metals and Minerals; Equity; Capital; Debt Securities; Stock Shares; Financial Management; Mining Industry; Industrial Products Industry; Canada; California
- July 2014
- Case
Paramount Equipment, Inc.
By: Carliss Y. Baldwin and Wei Wang
Paramount Equipment, Inc., based in Fort Wayne, Indiana, is a large manufacturer of cranes and compact construction equipment, aerial work platforms, and food service equipment. Founded in 1987, Paramount now had manufacturing operations in 24 countries. However, it... View Details
- June 2014
- Case
Financial Policy at Apple, 2013 (A)
By: Mihir A. Desai and Elizabeth A. Meyer
By the end of 2013, Apple had $137 billion dollars in cash and marketable securities. This case explores how companies can generate such large amounts of cash and how and if they should distribute it to shareholders, especially in the face of shareholder pressure. In... View Details
Keywords: Apple; Steve Jobs; Forecast; Forecasting; Forecasting And Prediction; Shareholder Activism; Share Repurchase; Dividends; Financial Ratios; Preferred Shares; Cash Distribution; Corporate Finance; Borrowing and Debt; Financial Management; Financial Strategy; Technology Industry; Consumer Products Industry; United States; Republic of Ireland
- June 2014 (Revised October 2015)
- Case
Molycorp: Financing the Production of Rare Earth Minerals (A)
By: Benjamin C. Esty and E. Scott Mayfield
Molycorp, the western hemisphere's only producer of rare earth minerals, was in the middle of a $1 billion capital expenditure project in its effort to become a vertically integrated supplier of rare earth minerals, oxides, and metals. Yet it had just reported lower... View Details
Keywords: Convertible Debt; Uncertainty; Competition; Startup; China; Supply ＆ Demand; Growth; Rare Earth Minerals; Discounted Cash Flows; Mining; Payoff Diagrams; Option Pricing; Capital Budgeting; Capital Structure; Cash Flow; Financial Strategy; Market Entry and Exit; Vertical Integration; Valuation; Metals and Minerals; Mining Industry; Industrial Products Industry; Canada; California
- June 2014
- Supplement
Financial Policy at Apple, 2013 Student Supplement
By: Mihir Desai and Elizabeth A. Meyer
This is the student spreadsheet supplement to case 214-085, Financial Policy at Apple, 2013 (A). View Details
Keywords: Apple; Steve Jobs; Forecast; Forecasting; Forecasting And Prediction; Shareholder Activism; Share Repurchase; Dividends; Financial Ratios; Preferred Shares; Cash Distribution; Corporate Finance; Borrowing and Debt; Financial Management; Financial Strategy; Technology Industry; Consumer Products Industry; United States; Republic of Ireland
- June 2014
- Supplement
Financial Policy at Apple, 2013 (B)
By: Mihir Desai and Elizabeth A. Meyer
This case is meant to accompany Financial Policy at Apple, 2013 (A) and details the results of Apple's Q2 2013 earnings call. View Details
Keywords: Apple; Steve Jobs; Forecast; Forecasting; Forecasting And Prediction; Shareholder Activism; Share Repurchase; Dividends; Financial Ratios; Preferred Shares; Cash Distribution; Corporate Finance; Borrowing and Debt; Financial Management; Financial Strategy; Technology Industry; Consumer Products Industry; United States; Republic of Ireland
- June 2014
- Article
Frictions in Shadow Banking: Evidence from the Lending Behavior of Money Market Funds
By: Sergey Chernenko and Adi Sunderam
We document the consequences of money market fund risk taking during the European sovereign debt crisis. Using a novel data set of security-level holdings of prime money market funds, we show that funds with large exposures to risky Eurozone banks suffered significant... View Details
- May 2014
- Case
Building a High Performance Culture at IDFC
By: V.G. Narayanan and Vidhya Muthuram
IDFC was set up in 1997 to direct private finance to infrastructure projects in India. Over the years, it expanded its capabilities to become a 'complete solutions provider' offering financing solutions including debt and equity, investment banking, brokerage and asset... View Details
- 2014
- Working Paper
Financial Repression in the European Sovereign Debt Crisis
By: Bo Becker and Victoria Ivashina
By the end of 2013, the share of government debt held by the domestic banking sectors of Eurozone countries was more than twice its 2007 level. We show that this type of increasing reliance on the domestic banking sector for absorbing government bonds generates a... View Details
- 2014
- Article
Bond Supply and Excess Bond Returns
By: Robin Greenwood and Dimitri Vayanos
We examine empirically how the maturity structure of government debt affects bond yields and excess returns. Our analysis is based on a theoretical model of preferred habitat in which clienteles with strong preferences for specific maturities trade with arbitrageurs.... View Details
- March 2014
- Article
Cyclicality of Credit Supply: Firm Level Evidence
By: Bo Becker and Victoria Ivashina
Theory predicts that there is a close link between bank credit supply and the evolution of the business cycle. Yet fluctuations in bank-loan supply have been hard to quantify in the time series. While loan issuance falls in recessions, it is not clear if this is due to... View Details
- February 2014
- Background Note
Raising Startup Capital
By: Jeffrey Bussgang
Entrepreneurs typically focus their full energies on business-building. But raising capital is a core part of building a valuable business. Developing expertise in raising capital is more than a necessary evil, it is a competitive weapon. Master it and you will be in a... View Details
Keywords: Fund Raising; Venture Capital Term Sheet; Venture Creation/development; Venture Investing; Venture Philanthropy; Entrepreneurial Finance; Entrepreneurial Management; Entrepreneurs; Jumpstart Our Business Startups (JOBS) Act; Non-equity Financing; Convertible Notes; Convertible Debt; Debt Financing; Raising Capital; National Venture Capital Association; Venture Capital Firm Compensation; Crowdfunding; Crowd-funding; Startup; Start-up; Startup Management; Startups; Angel Investors; Angels; Accelerator; Venture Capital; Financing and Loans; Entrepreneurship; Business Startups; Financial Services Industry; United States
- February 2014 (Revised May 2014)
- Background Note
Finding the Money: An Overview of Infrastructure Finance Challenges and Opportunities
By: Rosabeth Moss Kanter and Daniel Fox
This overview describes how the United States funds and finances infrastructure investment to maintain its economic competitiveness. It considers the roles of taxpayers, users, government allocators and lenders, and private investors in the infrastructure funding... View Details
- February 2014 (Revised October 2014)
- Case
ISS A/S: The Buyout
By: Clayton Rose, Carsten Bienz and Lucy White
Provides the opportunity to value a leveraged buy-out; and to examine the nature and extent of a company's responsibilities to its bondholders. Here, the context is a "going private" transaction in Europe, where the financing plan called for the addition to the... View Details
Keywords: LBO; Private Equity; Contracts; Global Business; International Business; Finance; Ethics; Law; Service Industry; Europe
- February 2014 (Revised March 2022)
- Case
School Specialty, Inc.
By: Stuart C. Gilson and Kristin Mugford
Set in 2013, School Specialty was a financially troubled supplier of educational products to primary and secondary schools in the United States. The company planned to file Chapter 11 in order to address its excessive debt load, but needed to arrange... View Details
- 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
- Winter 2013
- Article
Fear of Rejection? Tiered Certification and Transparency
By: Emmanuel Farhi, Josh Lerner and Jean Tirole
The sub-prime crisis has shone a harsh spotlight on the practices of securities underwriters, which provided too many complex securities that proved to ultimately have little value. This uproar calls attention to the fact that the literature on intermediaries has... View Details
- November 2013 (Revised January 2015)
- Case
Restructuring JAL
By: Malcolm Baker, Adi Sunderam, Nobuo Sato and Akiko Kanno
Hideo Seto, the recently appointed chairman of the investment committee of the Enterprise Turnaround Initiative Corporation, must decide whether to push JAL group, Japan's largest airline, into bankruptcy or to act as a sponsor in an out-of-court restructuring. The... View Details
- November 2013
- Supplement
Arch Wireless, Inc. (B): Food for Vultures
By: Stuart C. Gilson
In 2002, a hedge fund investor acquires the distressed bank debt of a bankrupt wireless paging company and converts his holding into common stock of the reorganized entity. Determining his likely return from this investment is challenging, given that the entire... View Details
- October 2013 (Revised August 2016)
- Case
NOWaccount
By: Ramana Nanda, William A. Sahlman and Lauren Barley
It was September 2013, and NOWaccount Network Corporation (NOW®) co-founders John Hayes and Lara Hodgson were putting the final touches on the presentation deck for their annual shareholders' meeting. Along with co-founder Stacey Abrams, the pair had designed NOW's... View Details