Research
Research
- 2025
- Working Paper
Performance Capital Flows in DC Pensions
By: Bryan Gutierrez Cortez, Victoria Ivashina and Juliana Salomao
| Are defined contribution (DC) pension funds' capital flows sensitive to performance? We examine pressures from individual account holders who can switch their pension managers. Using novel data on retirement accounts for nearly 10 million individuals, we analyze... |
- February 2025
- Case
Blue Owl Financing of Ping Identity
By: Victoria Ivashina and Srimayi Mylavarapu
| In the fall of 2022, Blue Owl Capital's investment committee evaluated a potential investment in the technology sector. The proposed transaction centered on Ping Identity Corporation (“Ping”), a fast-growing identity access management (IAM) software company that was... |
- January 2025
- Case
Arsenal Capital Partners' Refinancing of Pinnacle
By: Victoria Ivashina and Srimayi Mylavarapu
| Arsenal Capital Partners’ portfolio company, Pinnacle, a leading producer of high-performance adhesive technologies, has experienced rapid growth under Arsenal’s ownership. Over just two years, Pinnacle's EBITDA increased from $13.5 million to $60 million. By mid-2021,... |
- November 2024 (Revised December 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... |
- Spring 2024
- Brookings Papers on Economic Activity
The Evolution of Banking in the 21st Century: Evidence and Regulatory Implications
By: Samuel Gregory Hanson, Victoria Ivashina, Laura Nicolae, Jeremy C. Stein, Adi Sunderam and Daniel K. Tarullo
| As revealed by the failures of three regional banks in the spring of 2023, bank runs are not a thing of the past. To inform the ongoing discussion of the appropriate regulatory response, we examine trends in the banking industry over the last twenty-five years. On the... |
- 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... |