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All HBS Web
(1,628)
- People (1)
- News (249)
- Research (1,136)
- Events (1)
- Multimedia (14)
- Faculty Publications (835)
- 19 Sep 2011
- News
How to Bring Our Companies' Foreign Profits Back Home
- March 1986 (Revised July 1986)
- Case
Applications for Financial Futures
Consists of a series of four brief descriptions of the use of financial futures as hedging vehicles: a savings and loan hedging the rollover of three-month money market certificates with T-bill futures, a corporate debt issuer hedging the cost of a future debt issue...
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Keywords:
Financial Instruments
Mason, Scott P. "Applications for Financial Futures." Harvard Business School Case 286-109, March 1986. (Revised July 1986.)
- June 2009
- Case
Midland Energy Resources, Inc.: Cost of Capital
By: Timothy A. Luehrman and Joel L. Heilprin
The senior vice president of project finance for a global oil and gas company must determine the weighted average cost of capital for the company as a whole and each of its divisions as part of the annual capital budgeting process. The case uses comparable companies to...
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Keywords:
Risk Assessment;
Risk and Uncertainty;
Risk Management;
Cost of Capital;
Cash Flow;
Capital Structure;
Valuation;
Capital Budgeting;
Energy Industry
Luehrman, Timothy A., and Joel L. Heilprin. "Midland Energy Resources, Inc.: Cost of Capital." Harvard Business School Brief Case 094-129, June 2009.
- March 1984 (Revised June 1998)
- Case
MCI Communications Corp.--1983
MCI Communications Corp. is faced with a large need for external financing to support rapid growth and substantial uncertainty due to the AT&T antitrust settlement. The case illustrates the value of convertible debt as a financing instrument in these circumstances.
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Keywords:
Growth Management;
Emerging Markets;
Financing and Loans;
Telecommunications Industry;
United States
Greenwald, Bruce C. "MCI Communications Corp.--1983." Harvard Business School Case 284-057, March 1984. (Revised June 1998.)
- February 1997 (Revised August 2016)
- Case
Stone Container Corporation (A)
By: W. Carl Kester and Kirk Goldman
In early 1993, Stone Container was heavily burdened by debt following a series of highly leveraged acquisitions. A prolonged depression in paper prices necessitated the development of a comprehensive financial plan to relieve the financial pressures on Stone. Among the...
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Keywords:
Leveraged Buyouts;
Borrowing and Debt;
Capital Structure;
Equity;
Price;
Strategic Planning
Kester, W. Carl, and Kirk Goldman. "Stone Container Corporation (A)." Harvard Business School Case 297-047, February 1997. (Revised August 2016.)
- July 1991 (Revised August 1991)
- Case
Philip Morris Companies, Inc. (B)
Looks at the company's plans for a new debt offering under the Rule 415 shelf underwriting provision--in this instance from the vantage point of the lead investment banker for the deal. The decision-maker must assess the risks of the issuer, the tone of the market, the...
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Keywords:
Risk Management;
Stocks;
Initial Public Offering;
Consumer Products Industry;
United States
Hayes, Samuel L., III. "Philip Morris Companies, Inc. (B)." Harvard Business School Case 292-006, July 1991. (Revised August 1991.)
- December 2004 (Revised July 2008)
- Case
Delaware Worldwide Corporation
By: Ronald W. Moore
Discusses the bankruptcy reorganization process, with an emphasis on valuation and capital structure. Serves as the basis for a bankruptcy reorganization game that has been used for many years in Creating Value Through Corporate Restructuring, a second-year finance...
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Keywords:
Restructuring;
Capital Structure;
Insolvency and Bankruptcy;
Financial Strategy;
Valuation
Moore, Ronald W. "Delaware Worldwide Corporation." Harvard Business School Case 205-047, December 2004. (Revised July 2008.)
- 2010
- Other Unpublished Work
Why Takeover Vulnerability Matters to Debtholders
By: Joan Farre-Mensa
Recent work documents that firms that are more vulnerable to takeover have higher borrowing costs. This paper investigates the reasons behind this stylized fact. My results show that firms with few antitakeover defenses face a higher cost of debt because lenders are...
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Keywords:
Acquisition;
Borrowing and Debt;
Cost;
Equity;
Banks and Banking;
Investment Portfolio;
Risk Management;
Agreements and Arrangements;
Business and Shareholder Relations;
Conflict and Resolution
Farre-Mensa, Joan. "Why Takeover Vulnerability Matters to Debtholders." 2010.
Samuel G. Hanson
Samuel G. Hanson is the William L. White Professor of Business Administration at Harvard Business School, a Research Associate at the National Bureau of Economic Research, and a Faculty Affiliate of the Harvard Economics department. He teaches Finance 1... View Details
- February 2010 (Revised March 2010)
- Supplement
Leading Change at Simmons (E)
By: Amy C. Edmondson and Susan Thyne
This case updates the “Leading Change at Simmons” series by examining Simmons' increasing debt under the ownership of Thomas H. Lee, a private equity firm. Charlie Eitel, the former CEO, wonders what the company's, and his, legacy will be after declaring bankruptcy...
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Keywords:
Borrowing and Debt;
Private Equity;
Insolvency and Bankruptcy;
Leading Change;
Operations;
Organizational Change and Adaptation;
Organizational Culture;
Ownership;
Performance Improvement;
Consumer Products Industry
Edmondson, Amy C., and Susan Thyne. "Leading Change at Simmons (E)." Harvard Business School Supplement 610-061, February 2010. (Revised March 2010.)
- 12 Jun 2012
- News
Devils take in more than $30M during Stanley Cup run
- 31 Oct 2010
- News
Leveraging Admissions Tests to Increase Financial Savvy
- Research Summary
Do Measures of Financial Constraints Measure Financial Constraints?
Financial constraints are fundamental to empirical research in finance and economics. In joint work with Alexander Ljunqvist, we propose two novel tests to evaluate how well measures of financial constraints actually capture constraints. We find that firms...
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- April 2021 (Revised July 2023)
- Case
The Turnaround at Ford Motor Company
By: Amy C. Edmondson and Olivia Jung
This case describes the corporate turnaround of the Ford Motor Company under the charismatic leadership of Alan Mulally. Ford was in deep trouble in the early 2000s as its prices and debt ratings plummeted and employee morale suffered. In 2006, the company anticipated...
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Keywords:
Turnaround;
Transformation;
Restructuring;
Organizational Culture;
Leading Change;
Performance Improvement;
Auto Industry;
North America
Edmondson, Amy C., and Olivia Jung. "The Turnaround at Ford Motor Company." Harvard Business School Case 621-101, April 2021. (Revised July 2023.)
- 2008
- Working Paper
Liquidity Needs in Economies with Interconnected Financial Obligations
By: Julio J. Rotemberg
A model is developed where firms in a financial system have to settle their debts to each other by using a liquid asset. The question that is studied is how many firms must obtain how much of this asset from outside the financial system to make sure that all debts...
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Rotemberg, Julio J. "Liquidity Needs in Economies with Interconnected Financial Obligations." NBER Working Paper Series, No. 14222, August 2008.
- 2010
- Other Unpublished Work
International Capital Allocation, Sovereign Borrowing, and Growth
By: Laura Alfaro, Sebnem Kalemli-Ozcan and Vadym Volosovych
The key in the investigation of "where" and "why" capital flows, relative to the neoclassical benchmark, is how we measure these flows. The macro literature has been using three main yardsticks: the current account balance, returns to capital, and the volume of net...
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- July 1991 (Revised August 1991)
- Case
Philip Morris Companies, Inc. (A)
This large tobacco and diversified food processor is seeking to refinance debt funds raised to accomplish a large acquisition. It has filed a large "shelf" registration that authorizes it to issue during the subsequent two years. At the time of the case, the market...
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Hayes, Samuel L., III. "Philip Morris Companies, Inc. (A)." Harvard Business School Case 292-005, July 1991. (Revised August 1991.)
- 28 Jul 2015
- First Look
First Look: July 28, 2015
https://cb.hbsp.harvard.edu/cbmp/product/515025-PDF-ENG Harvard Business School Case 115-063 Greece's Debt: Sustainable? The case "Greece's Debt: Sustainable?" describes the Greek economic crisis, bailout from the European Union and the International Monetary...
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Keywords:
Carmen Nobel
- September 2016 (Revised April 2018)
- Case
Western Technology Investment
By: Ramana Nanda, William A. Sahlman and Nicole Keller
Based in Portola Valley, California, Western Technology Investment (WTI) specialized in a hybrid form of debt and equity financing for early-stage companies. Like traditional venture capital and private equity firms, WTI raised funds from institutional investors and...
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Keywords:
Entrepreneurial Finance;
Equity;
Finance;
Venture Capital;
Entrepreneurship;
Financing and Loans;
California
Nanda, Ramana, William A. Sahlman, and Nicole Keller. "Western Technology Investment." Harvard Business School Case 817-019, September 2016. (Revised April 2018.)
- March 2007 (Revised December 2007)
- Supplement
Parmalat Uruguay (B)
By: Paul W. Marshall and Gustavo A. Herrero
Three young MBAs create a partnership to acquire the assets of Parmalat in Uruguay. Focuses on their analysis prior to submitting a bid and their plan for improving the operations once their bid is accepted. In addition to improving operations, they must negotiate with...
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Keywords:
Mergers and Acquisitions;
Partners and Partnerships;
Bids and Bidding;
Borrowing and Debt;
Performance Improvement;
Planning;
Uruguay
Marshall, Paul W., and Gustavo A. Herrero. "Parmalat Uruguay (B)." Harvard Business School Supplement 807-119, March 2007. (Revised December 2007.)