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- 08 May 2017
- Working Paper Summaries
Monetary Policy and Global Banking
- Research Summary
The Ownership and Trading of Debt Claims in Chapter 11 Restructurings (with Victoria Ivashina and David Smith)
This paper explores a novel data set that identifies over 71,000 investors holding debt claims of 136 companies filing for U.S. Chapter 11 bankruptcy protection during the period of 1998 through 2009. We investigate how concentration in debt ownership relates to... View Details
- 23 Feb 2018
- Working Paper Summaries
Trade Creditors' Information Advantage
- 26 Jun 2020
- Working Paper Summaries
Weak Credit Covenants
- 15 Jun 2012
- Working Paper Summaries
Reaching for Yield in the Bond Market
Keywords: by Bo Becker & Victoria Ivashina
- 01 Jul 2010
- Working Paper Summaries
Cyclicality of Credit Supply: Firm Level Evidence
- 03 May 2016
- Working Paper Summaries
Pay Now or Pay Later? The Economics within the Private Equity Partnership
- 24 Jun 2010
- Working Paper Summaries
“An Unfair Advantage”? Combining Banking with Private Equity Investing
- 09 Sep 2013
- Working Paper Summaries
The Disintermediation of Financial Markets: Direct Investing in Private Equity
- 14 Mar 2023
- In Practice
What Does the Failure of Silicon Valley Bank Say About the State of Finance?
lasting effects on the VC industry side, a subject for another day. Victoria Ivashina is the Lovett-Learned Professor of Finance and head of the Finance Unit. Erik Stafford:... View Details
- 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... View Details
Keywords: by Rachel Layne
- 18 Jul 2016
- Research & Ideas
Is Greed Ruining Private Equity Firms?
and continuity of the firm” This pattern of unequal pay was much more extensive than anticipated among the 717 private equity partnerships studied by HBS finance professor View Details
- 25 Sep 2018
- First Look
New Research and Ideas, September 25, 2018
operations. Product failures are, therefore, likely to impact firms’ subsequent innovation activities. Using 13 years of Food and Drug Administration data, we examine the effects of firm and competitor... View Details
Keywords: Dina Gerdeman
- 06 Nov 2018
- First Look
New Research and Ideas, November 6, 2018
https://www.hbs.edu/faculty/Pages/item.aspx?num=55194 Large Banks and Small Firm Lending By: Bord, Vitaly, Victoria Ivashina, and Ryan D. Taliaferro Abstract—We show that since... View Details
Keywords: Dina Gerdeman
- December 2020
- Article
Monetary Policy and Global Banking
By: Falk Bräuning and Victoria Ivashina
When central banks adjust interest rates, the opportunity cost of lending in local currency changes, but—in absence of frictions—there is no spillover effect to lending in other currencies. However, when equity capital is limited, global banks must benchmark domestic... View Details
Keywords: Global Banks; Monetary Policy Transmission; Cross-border Lending; Banks and Banking; Financial Markets; Global Range
Bräuning, Falk, and Victoria Ivashina. "Monetary Policy and Global Banking." Journal of Finance 75, no. 6 (December 2020): 3055–3095.
- February 2023
- Article
Disruption and Credit Markets
By: Bo Becker and Victoria Ivashina
We show that over the past half century innovative disruptions were central to understanding corporate defaults. In a given year, industries experiencing abnormally high VC or IPO activity subsequently see higher default rates, higher segment exits by conglomerates,... View Details
Becker, Bo, and Victoria Ivashina. "Disruption and Credit Markets." Journal of Finance 78, no. 1 (February 2023): 105–139.
- October 2013 (Revised November 2013)
- Case
Blackstone and the Sale of Citigroup's Loan Portfolio
By: Victoria Ivashina and David Scharfstein
The credit boom that preceded the 2007-2009 financial crisis led to several lending practices that exposed banks to large risks. In particular, when the financial crisis unraveled, there were several billion dollars' worth of leveraged buyout (LBO) loans that were... View Details
Keywords: Restructuring; Private Equity; Insolvency and Bankruptcy; Credit Derivatives and Swaps; Financial Markets; Investment; Banking Industry; Financial Services Industry
Ivashina, Victoria, and David Scharfstein. "Blackstone and the Sale of Citigroup's Loan Portfolio." Harvard Business School Case 214-037, October 2013. (Revised November 2013.)
- Working Paper
Covenant-Light Contracts and Creditor Coordination
By: Bo Becker and Victoria Ivashina
In 2015, 70% of newly issued leveraged loans had weaker enforcement features, called covenant-light or "cov-lite"; this is nearly a three-time increase in cov-lite issuance compared to a previous peak in 2007. We evaluate whether this development can be attributed to... View Details
Keywords: Credit Cycles; Loan Contracts; Debt Covenants; Contracts; Financing and Loans; Credit; Borrowing and Debt
Becker, Bo, and Victoria Ivashina. "Covenant-Light Contracts and Creditor Coordination." Swedish House of Finance Research Paper, No. 16-09, March 2016.
- June 2020
- Article
U.S. Monetary Policy and Emerging Market Credit Cycles
By: Falk Bräuning and Victoria Ivashina
Foreign banks’ lending to firms in emerging market economies (EMEs) is large and denominated predominantly in U.S. dollars. This creates a direct connection between U.S. monetary policy and EME credit cycles. We estimate that over a typical U.S. monetary easing cycle,... View Details
Keywords: Global Business Cycle; Monetary Policy; Reaching For Yield; Money; Policy; Credit; Emerging Markets
Bräuning, Falk, and Victoria Ivashina. "U.S. Monetary Policy and Emerging Market Credit Cycles." Journal of Monetary Economics 112 (June 2020): 57–76.
- September 2022 (Revised January 2023)
- Case
York Capital CLOs and WorldStrides International
By: Victoria Ivashina and William Vrattos
The case follows the debt restructuring of WorldStrides International, a travel program provider in the education market, after the onset of COVID-19. The pandemic severely impacted the travel industry, creating challenges for many companies like WorldStrides, which... View Details
Keywords: COVID-19 Pandemic; Debt Restructuring; CLO; Compliance; Debt Securities; Financing and Loans; Decision Making; Travel Industry; Education Industry
Ivashina, Victoria, and William Vrattos. "York Capital CLOs and WorldStrides International." Harvard Business School Case 223-034, September 2022. (Revised January 2023.)