Publications
Publications
Show Results For
-
All HBS Web
(392)
- Faculty Publications (98)
Page 1 of
98
Results
→
- 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...
View Details
- November 2021 (Revised February 2022)
- Case
The Global Great Depression, 1929-1939
By: Alberto Cavallo, Sophus A. Reinert and Federica Gabrieli
The Great Depression was, by far, the worst economic contraction of the twentieth century, and some of the most important ideas about both fiscal and monetary policy in the second half of the century were developed in response to it. The economic collapse, which...
View Details
- March 2021
- Supplement
Making Impact Investing Markets: IFC (B)
By: Shawn A. Cole, John Masko and T. Robert Zochowski
In 2018, Thailand’s Bank of Ayudhya (known as Krungsri), was considering whether to participate in the first issue of a new financial instrument from the International Finance Corporation (IFC), known as a gender bond. Building on the success of the Green Bond program...
View Details
Keywords:
Impact Investment;
Development Economics;
Developing Countries and Economies;
Borrowing and Debt;
Credit;
Equity;
Bonds;
Financing and Loans;
Growth and Development;
Emerging Markets;
Non-Governmental Organizations;
Corporate Social Responsibility and Impact;
Financial Instruments;
Gender;
Financial Services Industry;
Thailand
- February 6, 2021
- Editorial
The Chinese Debt Trap Is a Myth: The Narrative Wrongfully Portrays Both Beijing and the Developing Countries It Deals With.
By: Deborah Brautigam and Meg Rithmire
Our research shows that Chinese banks are willing to restructure the terms of existing loans and have never actually seized an asset from any country, much less the port of Hambantota. A Chinese company’s acquisition of a majority stake in the port was a cautionary...
View Details
- January 2021
- Supplement
Aster DM Healthcare: Budget Exercise
By: V.G. Narayanan and Amy Klopfenstein
In April 2020, Alisha Moopen, Deputy Managing Director of Aster DM Healthcare, a network of clinics, hospitals, and pharmacies in the Middle East and India, must create her company’s budget for the 2021 fiscal year in light of the onset of Covid-19. The pandemic had...
View Details
Keywords:
Decision Making;
Decisions;
Forecasting and Prediction;
Judgments;
Decision Choices and Conditions;
Cost vs Benefits;
Finance;
Borrowing and Debt;
Financial Institutions;
Banks and Banking;
Financial Condition;
Financial Liquidity;
Accounting;
Budgets and Budgeting;
Management;
Crisis Management;
Health Pandemics;
Health Industry;
Asia;
India;
United Arab Emirates;
Dubai
- January 2021 (Revised March 2021)
- Case
Juno (A): Leveraging Student Power
By: Joshua Schwartzstein, Kathleen L. McGinn and Amy Klopfenstein
In March 2020, Chris Abkarians and Nikhil Agarwal were in the midst of preparing the annual auction for their student loan assistance startup, Juno. Both current MBA students at Harvard Business School, the duo founded Juno in 2018 to leverage student bargaining power...
View Details
Keywords:
Decision Making;
Decision Choices and Conditions;
Decisions;
Cost vs Benefits;
Education;
Higher Education;
Finance;
Borrowing and Debt;
Strategy;
Adaptation;
Alignment;
Negotiation;
Agreements and Arrangements;
Negotiation Participants;
Negotiation Process;
Negotiation Tactics;
Negotiation Deal;
Negotiation Offer;
Negotiation Types;
Financial Services Industry;
Education Industry;
North and Central America;
United States;
Massachusetts;
Boston
- January 2021 (Revised March 2021)
- Supplement
Juno (B): Leveraging Student Power
By: Joshua Schwartzstein, Kathleen L. McGinn and Amy Klopfenstein
In March 2020, Juno co-founders Chris Abkarians and Nikhil Agarwal decided to pitch banks in anticipation of their annual auction while negotiating directly with private lender Eager. Responses from the majority of private lenders—including Juno’s 2019 partner—were not...
View Details
Keywords:
Decision Making;
Decision Choices and Conditions;
Decisions;
Cost vs Benefits;
Judgments;
Education;
Higher Education;
Finance;
Borrowing and Debt;
Strategy;
Adaptation;
Alignment;
Negotiation;
Negotiation Deal;
Negotiation Offer;
Negotiation Participants;
Negotiation Process;
Negotiation Types;
Financial Services Industry;
Education Industry;
North and Central America;
United States;
Massachusetts;
Boston
- January 2021 (Revised March 2021)
- Supplement
Juno (C): Leveraging Student Power
By: Joshua Schwartzstein, Kathleen L. McGinn and Amy Klopfenstein
In May 2020, Juno co-founders Chris Abkarians and Nikhil Agarwal decided to hold the annual auction for their student loan assistance startup. Five lenders submitted bids, and the co-founders ultimately opted to select Eager Bank as their partner for the 2020-2021...
View Details
Keywords:
Decision Making;
Decision Choices and Conditions;
Decisions;
Cost vs Benefits;
Judgments;
Education;
Higher Education;
Finance;
Borrowing and Debt;
Strategy;
Adaptation;
Alignment;
Negotiation;
Agreements and Arrangements;
Negotiation Deal;
Negotiation Offer;
Negotiation Participants;
Negotiation Process;
Negotiation Tactics;
Negotiation Types;
Financial Services Industry;
Education Industry;
North and Central America;
United States;
Massachusetts;
Boston
- October 2020
- Article
Corporate Legal Structure and Bank Loan Spread
This study examines how a corporate legal structure may affect borrowing costs. Corporate legal structure refers to the legal fragmentation of a firm into multiple, separately incorporated entities. This fragmentation is bound to be a factor when lenders determine the...
View Details
- 2020
- Working Paper
Why is Dollar Debt Cheaper? Evidence from Peru
By: Victoria Ivashina, Bryan Gutiérrez 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...
View Details
- March 2020 (Revised July 2020)
- Case
Performance Management at Afreximbank
By: Robert S. Kaplan, Siko Sikochi and Josh Steimle
Based in Cairo, Afreximbank was founded in October 1993 as a specialized continental financial institution designed to address the low level of intra-African trade, the decline in financial flows to Africa, the worsening external debt situation of many African...
View Details
- November 2019
- Case
Floating the Exchange Rate: In Pursuit of the Chinese Dream
By: Laura Alfaro and Sarah Jeong
In the decades following 2005, China faced significant financial challenges. Inflation spiraled upwards and China’s economy stagnated in the wake of the Global Financial Crisis. The country’s leaders took an interventionist approach to weather the storm, controlling...
View Details
- October 2019
- Article
Partial Deregulation and Competition: Effects on Risky Mortgage Origination
By: Marco Di Maggio, Amir Kermani and Sanket Korgaonkar
We exploit the OCC's preemption of national banks from state laws against predatory lending as a quasi-experiment to study the effect of deregulation and its interaction with competition on the supply of complex mortgages. Following the preemption ruling, national...
View Details
- September 2018 (Revised March 2019)
- Case
National Australia Bank: Looking Out for the Customer
By: Mark R. Kramer and Hugh Foley
After learning that most defaults were due to health, job or marital problems, National Australia Bank revised its debt collection department to shift from penalizing people in default to assisting them in developing a work-out plan, enabling more than 90% to meet...
View Details
- August 2018
- Case
BlackBuck (A)
By: Shikhar Ghosh and Shweta Bagai
The case presents the challenges of scaling an asset-heavy company (that relies on its operations). It highlights how decisions on the early team impact a company’s ability to scale, linkage between growth and cash flows, as well the organizational impact of high...
View Details
- June 2018 (Revised February 2019)
- Teaching Note
Home Nursing of North Carolina
By: Richard S. Ruback, Royce Yudkoff and Ahron Rosenfeld
In 2011, immediately after graduating HBS, Ari Medoff began a self-funded search for a small firm to buy and run as its CEO. After just three month of searching, he identified Home Nursing of North Carolina (HNNC), a home care agency based in Greensboro, NC, as a...
View Details
- May 2018 (Revised January 2019)
- Teaching Note
Lind Equipment
By: Richard S. Ruback, Royce Yudkoff and Ahron Rosenfeld
Teaching Note for HBS No. 212-012. Lind Equipment, a Canadian manufacturer and distributor of industrial electrical safety equipment, was purchased in December 2007 by Brian Astl (HBS 2006) and Sean Van Doorselaer. Lind’s performance was negatively impacted by the...
View Details
- March 2018 (Revised January 2019)
- Case
The TARP Bailouts: Saving the Banking and Automotive Industries
By: Kristin Mugford
Comparison of the U.S. Government response, using the $700 billion TARP fund, to downturns in the banking and auto industries during the global financial crisis.
View Details
- February 2018
- Case
Infrastructure in Nigeria: Unlocking Pension Fund Investments
By: John Macomber and Pippa Tubman Armerding
The so-called “infrastructure finance gap” was a problem in Nigeria as in many parts of the world. Infrastructure projects like power plants and dams were very large capital investments that could generate long-term consistent cash flows, but their financing and...
View Details
- February 2018
- Article
Financial Repression in the European Sovereign Debt Crisis
By: Bo Becker and Victoria Ivashina
By the end of 2013, the share of government debt held by the domestic banking sectors of Eurozone countries was more than twice its 2007 level. We show that this type of increasing reliance on the domestic banking sector for absorbing government bonds generates a...
View Details