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  • January 2005 (Revised December 2005)
  • Case

KAMCO and the Cross-Border Securitization of Korean Non-Performing Loans

Covers the first international nonperforming loan securitization done in Korea. The CEO of KAMCO is trying to dispose of a portfolio of nonperforming commercial loans that the organization acquired from a number of banks. A group of investment bankers have proposed... View Details
Keywords: Debt Securities; Decision Choices and Conditions; Capital Markets; Financing and Loans; Cross-Cultural and Cross-Border Issues; Financial Services Industry; South Korea
Related
  • May 2016 (Revised August 2019)
  • Teaching Note

Project Deutschland: Unpeeling the Onion of a Distressed Real Estate Portfolio

By: Nori Gerardo Lietz and Ricardo Andrade
James Tallest analyzed the opportunity to invest in a distressed portfolio of high quality properties in Germany by acquiring one or more non-performing loans from Deutschland Bank. While he considers the many aspects of the deal that is about to unfold, he must decide... View Details
Keywords: Real Estate; Distress Investing; Non-performing Loan; Borrowing and Debt; Capital Structure; Private Equity; Negotiation Deal; Valuation; Real Estate Industry; Financial Services Industry; Germany; Europe
Related
  • March 2016 (Revised October 2018)
  • Case

Project Deutschland: Unpeeling the Onion of a Distressed Real Estate Portfolio

By: Nori Gerardo Lietz and Ricardo Andrade
James Tallest analyzed the opportunity to invest in a distressed portfolio of high quality properties in Germany by acquiring one or more non-performing loans from Deutschland Bank. While he considers the many aspects of the deal that is about to unfold, he must decide... View Details
Keywords: Real Estate; Distress Investing; Non-performing Loan; Borrowing and Debt; Capital Structure; Private Equity; Negotiation Deal; Valuation; Real Estate Industry; Financial Services Industry; Germany; Europe
Related
  • 30 Aug 2012
  • Working Paper Summaries

Incentivizing Calculated Risk-Taking: Evidence from an Experiment with Commercial Bank Loan Officers

Keywords: by Shawn Cole, Martin Kanz & Leora Klapper
  • April 2016 (Revised January 2018)
  • Supplement

Project Deutschland: Unpeeling the Onion of a Distressed Real Estate Portfolio

By: Nori Gerardo Lietz and Ricardo Andrade
Keywords: Real Estate; Germany; Distress Investing; Non-performing Loan; Borrowing and Debt; Capital Structure; Private Equity; Negotiation Deal; Valuation; Real Estate Industry; Financial Services Industry; Germany; Europe
Related
  • 2020
  • Working Paper

The Myth of the Lead Arranger’s Share

By: Kristian Blickle, Quirin Fleckenstein, Sebastian Hillenbrand and Anthony Saunders
We make use of Shared National Credit Program (SNC) data to examine syndicated loans in which the lead arranger retains no stake. We find that the lead arranger sells its entire loan share for 27 percent of term loans and 48 percent of Term B loans, typically shortly... View Details
Keywords: Syndicated Loans; Lead Arrangers; Financing and Loans
Related
  • 2011
  • Working Paper

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
Keywords: Business Cycles; Borrowing and Debt; Credit; Banks and Banking; Bonds; Financial Markets; Financing and Loans; Banking Industry
Related
  • 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
Keywords: Business Cycles; Borrowing and Debt; Credit; Banks and Banking; Bonds; Financial Markets; Financing and Loans; Banking Industry
Related
  • 2010
  • Working Paper

Foreign Entry and the Mexican Banking System, 1997-2007

By: Stephen Haber and Aldo Musacchio
What is the impact of foreign bank entry on the pricing and availability of credit in developing economies? The Mexican banking system provides a quasi-experiment to address this question because in 1997 the Mexican government radically changed the laws governing the... View Details
Keywords: Developing Countries and Economies; Credit; Banks and Banking; Financing and Loans; Foreign Direct Investment; Market Entry and Exit; Business and Government Relations; Banking Industry; Mexico
Related
  • Fall 2012
  • Article

Foreign Entry and the Mexican Banking System, 1997-2007

By: Stephen Haber and Aldo Musacchio
What is the impact of foreign bank entry on the pricing and availability of credit in developing economies? The Mexican banking system provides a quasi-experiment to address this question because in 1997 the Mexican government radically changed the laws governing the... View Details
Keywords: Banks and Banking; Ownership; Foreign Direct Investment; Laws and Statutes; Developing Countries and Economies; Banking Industry; Mexico
Related
  • 05 Aug 2024
  • Research & Ideas

Watching for the Next Economic Downturn? Follow Corporate Debt

widespread distress: Corporate credit quality and growth, says Harvard Business School Professor Victoria Ivashina. “It's only in the US in 2007 and 2008 that we observed the highest fraction of the non-performing View Details
Keywords: by Rachel Layne
  • 17 Apr 2017
  • HBS Case

This Turkish Debt Collector Is Customer-friendly

consortium of asset management companies (AMCs) that included the Turkish branch of Lehman Brothers. When Lehman went bankrupt, Turkasset acquired a $200 million portfolio of non-performing loans (NPLs).... View Details
Keywords: by Michael Blanding; Financial Services
  • 15 Jun 2010
  • First Look

First Look: June 15

at the firm level, we can directly address how the composition of firms raising finance varies through time. We find strong evidence of substitution from bank loans to bonds at times characterized by tight lending standards, high levels... View Details
Keywords: Martha Lagace
  • 06 Jan 2003
  • What Do You Think?

China: The Next Big Market Opportunity or the Next Big Bubble?

other hand, Joshua Kurlantzick, writing from Shanghai in The New Republic three weeks ago, paints another picture. His is of a China with a failed banking system with 50 percent of non-performing loans made... View Details
Keywords: by James Heskett
  • 24 Sep 2013
  • First Look

First Look: September 24

external funds. Conditional on issuance of new debt, we interpret firms' switching from loans to bonds as a contraction in bank credit supply. We find strong evidence of substitution from loans to bonds at... View Details
Keywords: Sean Silverthorne
  • 01 Oct 2013
  • First Look

First Look: October 1

new debt, we interpret firm's switching from loans to bonds as a contraction in bank credit supply. We find strong evidence of substitution from loans to bonds at times characterized by tight lending... View Details
Keywords: Sean Silverthorne
  • 09 Aug 2016
  • First Look

August 9, 2016

portfolio of high quality properties in Germany by acquiring one or more non-performing loans from Deutschland Bank. While he considers the many aspects of the deal that is about to unfold, he must decide... View Details
Keywords: Sean Silverthorne
  • 20 Mar 2012
  • First Look

First Look: March 20

non-performing loans and an increase in interest rate spreads, suggesting that foreign concerns bought domestic banks that had been making loans with low interest rates to... View Details
Keywords: Sean Silverthorne
  • 07 Sep 2011
  • First Look

First Look: Sept. 7

non-performing loans and loan allowances, low bank share prices and tight monetary policy. The bank-to-bond substitution can only be measured for firms with access to bond... View Details
Keywords: Sean Silverthorne
  • 04 Nov 2014
  • First Look

First Look: November 4

now own over 80% of banking assets in Mexico, and we show how, using a political economy model and a series of econometric tests, this has helped to stabilize the system and reduced non-performance loans, but it has also increased the... View Details
Keywords: Sean Silverthorne