Research
Research
- November 2024
- Case
Moonfare and the Democratization of Private Equity
By: Victoria Ivashina and Srimayi Mylavarapu
| Founded in 2016, Moonfare headquartered in Europe, was a pioneer in the “democratization” of private equity investments. Historically, private equity was accessible only to institutional investors like pension funds, endowments, sovereign wealth funds, and large family... |
- 2024
- Working Paper
Bank Runs and Interest Rates: A Revolving Lines Perspective
By: Falk Bräuning and Victoria Ivashina
| Revolving credit is at the core of the banking business. Corporate revolving credit lines are demandable claims; thus, similar to a traditional bank run on deposits, sudden widespread drawdowns on credit lines can be destabilizing to the banking sector. However, we... |
- 2024
- Working Paper
Corporate Debt, Boom-Bust Cycles, and Financial Crises
By: Victoria Ivashina, Sebnem Kalemli-Özcan, Luc Laeven and Karsten Müller
| Using a new dataset on sectoral credit exposures covering financial and non-financial sectors in 115 economies over the period 1940–2014, we document the following evidence that corporate debt plays a key role in explaining boom-bust cycles, financial crises, and slow... |
- September 2023
- Case
Blackstone Credit and Delaware Basin Resources
By: Victoria Ivashina and Alys Ferragamo
- 2023
- Book Chapter
Private Equity Financing
| The goal of this chapter is to understand the common practices of PE funds’ structure and funding. The chapter covers three topics. First, it gives an overview of the traditional private equity (PE) financing structure; then, it discusses other investment vehicles like... |
- June 2023
- Journal of Financial Economics
Why Is Dollar Debt Cheaper? Evidence from Peru
By: Bryan Gutiérrez, Victoria Ivashina and Juliana Salomao
| In emerging markets, a significant share of corporate loans are denominated in dollars. Using novel data that enables us to see currency and the cost of credit, in addition to several other transaction-level characteristics, we re-examine the reasons behind dollar... |
- February 2023
- Journal of Finance
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,... |
- 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... |
- August 2022
- Teaching Material
PE Secondaries: Blackstone Strategic Partners
By: Victoria Ivashina and Luis M. Viceira
| Teaching Note for HBS Case No. 222-027. |
- June 2022
- Case
PFA Pensions: The Climate Plus Product
By: Daniel Green, Victoria Ivashina and Alys Ferragamo
| The case explores whether alternative investments play a unique role in achieving low carbon dioxide emissions at the portfolio level. This case is set in April of 2020 and follows Kasper Ahrndt Lorenzen, Chief Investment Officer, and Peter Tind Larsen, Head of... |
- May 2022
- Case
Grupo Big Exit: Options for Advent and Walmart
By: Victoria Ivashina, Ruth Costas and Pedro Levindo
| After conducting an impressive turnaround in Walmart’s subsidiary in Brazil, Private Equity firm Advent International has to decide how to exit this investment: through an IPO or selling the business to Carrefour. |
- AEA Papers and Proceedings
Weak Corporate Insolvency Rules: The Missing Driver of Zombie Lending
By: Bo Becker and Victoria Ivashina
| "Zombie lending"—lending to less-productive firms at subsidized rates—can help banks with misaligned incentives in the short run, but it prolongs economic downturns. We propose that inefficient resolution of insolvency is a significant contributor to this problem. We... |
- 2022
- Working Paper
High-Yield Debt Covenants and Their Real Effects
By: Falk Bräuning, Victoria Ivashina and Ali Ozdagli
| High-yield debt including leveraged loans is characterized by incurrence financial covenants, or “cov-lite” provisions. A traditional loan agreement includes maintenance covenants, which require continuous compliance with the covenant threshold, and their violation... |
- March 2022
- Journal of Monetary Economics
Loan Types and the Bank Lending Channel
By: Victoria Ivashina, Luc Laeven and Enrique Moral-Benito
| Using credit-registry data for Spain and Peru, we document that four main types of commercial credit—asset-based loans, cash flow loans, trade finance and leasing—are easily identifiable and represent the bulk of corporate credit. We show that credit growth dynamics... |