Publications

SSRN

Research Summary

Financing Payouts

Despite the obvious interest in payout policy, no paper to date has systematically analyzed how payouts are funded, perhaps because the answer might have appeared just too obvious: payouts are funded with free cash flow — at least over long enough time periods.... View Details

10 Dec 2020
News

Canceling Student Loan Debt Leads To Higher Income And Better Jobs, Clever Study Finds

September 2010 (Revised December 2010)
Case

Santander Consumer Finance

By: J. Gunnar Trumbull, Elena Corsi and Andrew Barron

A Spanish company has to decide if they should expand into the fragmented European consumer finance market and has to make important organizational strategy decisions in the midst of the world economic downturn that followed the 2007 U.S. credit crunch. Since 2002, the... View Details

Keywords: Borrowing and Debt; Financial Markets; International Finance; Personal Finance; Consolidation; Corporate Strategy; Expansion; Financial Services Industry; European Union; Spain

22 Feb 2022
News

Finance and the Economic Recovery

Illustration by Michael Austin A pandemic that has caused public health and economic crises also has afforded business leaders the opportunity to better understand and lead through disruptions affecting... View Details

July 1997 (Revised September 1997)
Case

USAA: Catastrophe Risk Financing

By: Kenneth A. Froot and Mark Seasholes

Describes the first major risk financing using catastrophe bonds. Provides a basis for discussing the securitization of insurance risks. View Details

Keywords: Financial Management; Insurance; Capital Markets; Natural Disasters; Risk Management; Bonds; Insurance Industry; Financial Services Industry; United States

January 2001
Supplement

Pharmacyclics: Financing Research and Development

By: Richard S. Ruback

Spreadsheet to (9-201-056). Presents exhibits 2, 3, 4, 9, 10, and 11. Download only. View Details

1994
Other Unpublished Work

Losing Interest: Interest Allocation Rules and the Cost of Debt Finance

By: K. A. Froot and J. Hines

Keywords: Accounting; Corporation Taxation; Interest Deductibility; Cost Of Capital; Corporate Finance; Borrowing and Debt; Financing and Loans; Interest Rates

Fast Answer

Infrastructure funds and project finance

Where do I find information on infrastructure investments and project finance? LSEG Workspace includes a project finance screening tool that allows searching by initiative type, geography, View Details

30 Jan 2008
Working Paper Summaries

Cost of External Finance and Selection into Entrepreneurship

Keywords: by Ramana Nanda

2014
Other Teaching and Training Material

Entrepreneurship Reading: Financing Entrepreneurial Ventures

By: William R. Kerr, Ramana Nanda and James McQuade

"Financing Entrepreneurial Ventures" introduces students to the key issues involved in the financing of entrepreneurial enterprises. The Reading begins by examining how business models shape external financing requirements. It then contrasts the choice to bootstrap... View Details

November 1997 (Revised May 2001)
Background Note

Introduction to Entrepreneurial Finance

By: Paul A. Gompers

Presents an overview of the issues covered in Entrepreneurial Finance. The frameworks of analysis as well as themes of the course are covered. Additionally, provides references on entrepreneurial finance from both academics and the popular press. View Details

Keywords: Entrepreneurship; Corporate Finance

2008
Working Paper

Cost of External Finance and Selection into Entrepreneurship

By: Ramana Nanda

This paper examines the extent to which the positive relationship between personal wealth and entry into entrepreneurship is due to financing constraints. I exploit a tax reform and use unique micro-data from Denmark to study how exogenous changes in the cost of... View Details

Keywords: Business Startups; Entrepreneurship; Cost; Financing and Loans; Personal Finance; Human Capital; Wealth; Denmark

Read Now

October 2019
Article

Returns to Talent and the Finance Wage Premium

By: Boris Vallée and Claire Célérier

To study the role of talent in finance workers' pay, we exploit a special feature of the French higher education system. Wage returns to talent have been significantly higher and have risen faster in finance since the 1980s than in other sectors. Both wage returns to... View Details

Keywords: Compensation; Finance; Compensation and Benefits; Wages; Banking Industry

Find at Harvard

Read Now

December 2010
Case

Financing Higher Education in Australia

By: David A. Moss and Stephanie Lo

Even before Australian lawmakers abolished university tuition in 1973, students in Australia had long benefited from low tuition and large government subsidies. By the early 1980s, however, the nation's universities faced growing budget challenges and an apparent... View Details

Keywords: Economic Slowdown and Stagnation; Higher Education; Borrowing and Debt; Governing Rules, Regulations, and Reforms; Policy; Education Industry; Australia

May 2016 (Revised May 2017)
Case

Supply Chain Finance at Procter & Gamble

By: Benjamin C. Esty, E. Scott Mayfield and David Lane

In April 2013, Procter & Gamble (P&G), the world’s largest consumer packaged goods (CPG) company, announced that it would extend its payment terms to suppliers by 30 days. At the same time, P&G announced a new supply chain financing (SCF) program giving suppliers the... View Details

June 2024 (Revised February 2025)
Case

Accounting for Loans at SoFi Technologies

By: Joseph Pacelli and Michael Norris

At the release of its first quarter earnings report on May 1, 2023, digital bank SoFi beat its earnings guidance by 25%. On May 2, Wedbush Securities analyst David Chiaverini issued a report downgrading the stock. A second downgrade followed from Chiaverini on May 15.... View Details

Keywords: Accounting; Banks and Banking; Financing and Loans; Valuation; Stocks; Banking Industry; United States