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  • October 2016
  • Case

Turkasset: Bringing Customer-Centricity to Debt Collection

By: Dennis Campbell and Gamze Yucaoglu
In December 2014, in preparation for the year-end board presentation, Hilmi Guvenal (PMD 1993), shareholder and CEO of Turkasset, and Ilker Yoney, COO, sat down to discuss Turkasset’s five- and ten-year strategic plans. Since taking leadership of the company in 2009,... View Details
Keywords: Customer Satisfaction; Customer Experience; Customer Service; Customer-centric; Emerging Market; Customer Focus; Employee Empowerment; Employee Engagement; Employee Training; Staffing; Operations Management; Quality Management; Service Management; Service Quality; Continuous Improvement; Turkasset; Collections Agency; NPL; Call Center; Financial Services; Borrowing and Debt; Customer Focus and Relationships; Organizational Culture; Operations; Management; Service Operations; Quality; Competitive Advantage; Cost vs Benefits; Financial Services Industry; Turkey
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  • Forthcoming
  • Article

Second Chance: Life with Less Student Debt

By: Marco Di Maggio, Ankit Kalda and Vincent Yao
This paper examines the effect of student debt relief on individual credit and labor market outcomes. We exploit an episode of plausibly random debt discharge due to the loss of paperwork for thousands of borrowers to examine the effects of private student debt relief... View Details
Keywords: Student Debt; Private Student Loans; Legal Settlement; Mobility; Debt Collection; Debt Relief; Personal Finance; Borrowing and Debt; Outcome or Result
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  • 2019
  • Working Paper

Second Chance: Life with Less Student Debt

By: Marco Di Maggio, Ankit Kalda and Vincent Yao
Rising student debt is considered one of the creeping threats of our time. This paper examines the effect of student debt relief on individual credit and labor market outcomes. We exploit the plausibly random debt discharge due to the inability of National Collegiate,... View Details
Keywords: Student Debt; Private Student Loans; Legal Settlement; Mobility; Debt Collection; Debt Relief; Borrowing and Debt; Personal Finance; Outcome or Result; United States
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  • July 2021
  • Article

Medical Debt in the U.S., 2009–2020

By: Raymond Kluender, Neale Mahoney, Francis Wong and Wesley Yin
Importance: Medical debt is an increasing concern in the US, yet there is limited understanding of the amount and distribution of medical debt, and its association with health care policies.

Objective: To measure the amount of medical debt nationally and by... View Details
Keywords: Debt; Borrowing and Debt; Health Care and Treatment; United States
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  • 17 Apr 2017
  • HBS Case

This Turkish Debt Collector Is Customer-friendly

Debt collectors aren’t perceived as providing great service to debtors.Source: BrianAJackson  On the list of industries known for great customer service, debt collection is far... View Details
Keywords: by Michael Blanding; Financial Services
  • 23 Jul 2024
  • Research & Ideas

Forgiving Medical Debt Won't Make Everyone Happier

been enduring the hospital collections process for 12 months or 15 months, once that debt has been sent to collections, it's very unlikely to be repaid. Debt relief—at that... View Details
Keywords: by Rachel Layne; Health
  • 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
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  • 2024
  • Working Paper

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 to conduct two randomized... View Details
Keywords: Borrowing and Debt; Credit; Outcome or Result; Well-being; Personal Finance
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  • October 2014
  • Article

Good Cop, Bad Cop: Complementarities Between Debt and Equity in Disciplining Management

By: Alexander Guembel and Lucy White
In this paper we examine how the quantity of information generated about firm prospects can be improved by splitting a firm's cash flow into a "safe" claim (debt) and a "risky" claim (equity). The former, being relatively insensitive to upside risk, provides a... View Details
Keywords: Information; Borrowing and Debt; Equity; Corporate Finance
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  • 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

  • 22 May 2019
  • Research & Ideas

Forgiving Student Loan Debt Leads to Better Jobs, Stronger Consumers

at play, where borrowers were thinking they didn’t want to end up in collection again.” They increased their spending. Many people relieved of student debt increased their spending afterward. Borrowers that... View Details
Keywords: by Dina Gerdeman
  • 25 Apr 2014
  • Research & Ideas

To Pay or Not to Pay: Argentina and the International Debt Market

favorable court judgment was possible with the right covenants; collecting on that debt was not. Finding "attachable assets" that successful litigants could access remains challenging to this day,... View Details
Keywords: by Laura Alfaro
  • April 2015 (Revised January 2020)
  • Case

Japan's Missing Arrow?

By: Laura Alfaro and Hilary White
In late December 2014, Shinzo Abe was elected to another term as the prime minister of Japan. His re-election was largely interpreted as a vote of confidence for his economics policies, collectively referred to as "Abenomics." Comprised of three "arrows," including... View Details
Keywords: Currency; Bonds; Government Bonds; Government Debt; Public Finance; Quantitative Easing; Stimulus; Fiscal Policy; Fiscal Deficits; Debt Management; Debt Reduction; Abenomics; Exchange Rate; Exports; Reform; Economics; Macroeconomics; Policy; Government Legislation; Government and Politics; Asia; Japan
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  • 2019
  • Chapter

From Coast to Hinterland: Fiscal State Formation in British and French West Africa, c. 1880–1960

By: Ewout Frankema and Marlous van Waijenburg
This chapter contrasts and compares the ways different colonial states in West Africa developed local fiscal capacity. We show that per capita revenues were higher in the more commercialised coastal export economies than in remote parts of the interior. We argue that... View Details
Keywords: Fiscal Capacity; Public Debt; French West Africa; British West Africa; Geography; History; Africa
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  • September 2018 (Revised March 2019)
  • Case

National Australia Bank: Looking Out for the Customer

By: Mark R. Kramer and Hugh Foley
After learning that most defaults were due to health, job or marital problems, National Australia Bank revised its debt collection department to shift from penalizing people in default to assisting them in developing a work-out plan, enabling more than 90% to meet... View Details
Keywords: Banks and Banking; Borrowing and Debt; Customer Focus and Relationships; Success; Australia
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  • June 2006 (Revised April 2024)
  • Case

Creditor Activism in Sovereign Debt: 'Vulture' Tactics or Market Backbone

By: Laura Alfaro and Ingrid Vogel
The role of distressed debt funds, also known as "vulture funds," in sovereign debt restructuring was a hotly debated topic, especially after the success of Elliot Associates in converting an $11 million investment in Peruvian bonds worth $21 million into a $58 million... View Details
Keywords: Vulture Funds; Borrowing and Debt; Bonds; Investment Activism; Investment Funds; Sovereign Finance; Government and Politics; Contracts; Business and Government Relations; Peru
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  • Research Summary

Multilateral Bankruptcy Rules

By: Jerry R. Green

A classic problem in economics is the selection of a bankruptcy rule with good normative properties.  The problem as usually specified is given by the “estate” E which is to be divided among the “claims” c= (c1,... View Details

  • April 2015 (Revised April 2022)
  • Case

Bankruptcy in the City of Detroit

By: Stuart Gilson, Kristin Mugford and Annelena Lobb
The June 2013 bankruptcy of the city of Detroit, Michigan was, at the time, the largest municipal bankruptcy in American history. Detroit had struggled for years with a weakening tax base, high unemployment, a heavy debt load and increasing retiree costs. These... View Details
Keywords: Chapter 9; Chapter 11; Bankruptcy; Municipal Finance; Restructuring; Financial Liquidity; Insolvency and Bankruptcy; City; Government Administration; Public Sector; Financial Crisis; Financial Management; Failure; Labor Unions; Urban Development; Budgets and Budgeting; Decision Making; Demographics; Economics; Finance; Public Administration Industry; Michigan; Detroit
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  • 09 Apr 2009
  • Working Paper Summaries

The Economics of Structured Finance

Keywords: by Joshua D. Coval, Jakub Jurek & Erik Stafford
  • 25 Mar 2013
  • Research & Ideas

How Chapter 11 Saved the US Economy

the airline to work with the court to restructure and unload a significant amount of its debt, giving an iconic company "a second bite of the apple," says Gilson. An unabashed advocate of Chapter 11 and debt restructuring,... View Details
Keywords: by Kim Girard; Financial Services

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