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- Faculty Publications (188)
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- All HBS Web (526)
- Faculty Publications (188)
- 13 Oct 2010
- Research & Ideas
How Government can Discourage Private Sector Reliance on Short-Term Debt
debt? Robin Greenwood: We have some earlier research on the determinants of corporate borrowing. In that work, we noticed that the maturity structure of corporate debt responds...
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- Research Summary
Design of Corporate Governance: Role of Ownership Structure, Takeovers, Bank Debt and Large Shareholder Monitoring, 2000
Co-authored with Kose John
- 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.)
- March 1999 (Revised June 2005)
- Case
Saevig Corporation
By: Henry B. Reiling and Mark Pollard
The taxpayer purchased land and later transferred it to a family controlled corporation in return for an earn out. When funds were eventually received, the IRS treated them as dividends, whereas the individual and corporate taxpayers contended they were sums paid on...
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Keywords:
Investment Return;
Debt Securities;
Taxation;
Outcome or Result;
Financial Reporting;
Family Business;
Assets;
Business and Stakeholder Relations
Reiling, Henry B., and Mark Pollard. "Saevig Corporation." Harvard Business School Case 299-082, March 1999. (Revised June 2005.)
- September 2011 (Revised September 2011)
- Case
Penn Warranty Corporation
By: Richard S. Ruback and Royce Yudkoff
Penn Warranty Corporation sold warranty contracts to the used car market. During the recession in 2008/2009 Penn's sales declined by 26% Instead of growing by 11% as forecasted. Also, disruptions in financial and insurance markets created a cash shortfall. In the...
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Ruback, Richard S., and Royce Yudkoff. "Penn Warranty Corporation." Harvard Business School Case 212-007, September 2011. (Revised from original August 2011 version.)
- 13 Jul 2011
- News
House Democratic Tax Writer Says Debt Fight Poisons Reform
- March 2002 (Revised June 2003)
- Case
MAC Development Corporation
By: Richard G. Hamermesh and Colleen McCaffrey
Deals with MAC Development's efforts to develop a 41-acre site near Chicago. Reviews two years of efforts and highlights the remaining issues of: 1) gaining town approval for development and tax reductions, 2) meeting the bank's debt covenants, including finding a...
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Keywords:
Risk Management;
Taxation;
Financial Instruments;
Borrowing and Debt;
Asset Pricing;
Construction Industry;
Chicago
Hamermesh, Richard G., and Colleen McCaffrey. "MAC Development Corporation." Harvard Business School Case 802-140, March 2002. (Revised June 2003.)
- June 2013
- Article
Issuer Quality and Corporate Bond Returns
By: Robin Greenwood and Samuel G. Hanson
We show that the credit quality of corporate debt issuers deteriorates during credit booms, and that this deterioration forecasts low excess returns to corporate bondholders. The key insight is that changes in the pricing of credit risk disproportionately affect the...
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Greenwood, Robin, and Samuel G. Hanson. "Issuer Quality and Corporate Bond Returns." Review of Financial Studies 26, no. 6 (June 2013): 1483–1525. (Internet Appendix Here.)
- 10 Dec 2013
- News
Wall Street feeds the ravenous debt beast again
- 2012
- Working Paper
Issuer Quality and Corporate Bond Returns
By: Robin Greenwood and Samuel G. Hanson
We show that the credit quality of corporate debt issuers deteriorates during credit booms, and that this deterioration forecasts low excess returns to corporate bondholders. The key insight is that changes in the pricing of credit risk disproportionately affect the...
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Keywords:
Price;
Credit;
Risk and Uncertainty;
Investment Return;
Forecasting and Prediction;
Bonds;
Market Design;
Cost of Capital;
Mathematical Methods;
System Shocks
Greenwood, Robin, and Samuel G. Hanson. "Issuer Quality and Corporate Bond Returns." Harvard Business School Working Paper, No. 11-065, January 2011. (Revised September 2012, Internet Appendix Here.)
- 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...
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Keywords:
Financial Crisis;
Economic Slowdown and Stagnation;
Economic Growth;
Economic Sectors;
Borrowing and Debt;
Credit
Ivashina, Victoria, Sebnem Kalemli-Özcan, Luc Laeven, and Karsten Müller. "Corporate Debt, Boom-Bust Cycles, and Financial Crises." NBER Working Paper Series, No. 32225, March 2024.
- Research Summary
Financial Markets and Corporate Governance
By: Dwight B. Crane
Corporate scandals beginning in the late 1990s focused renewed attention on corporate governance, but significant cracks in the governance system also contributed to recent problems. Deregulation and growth of financial markets, as well as changes in the competitive...
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- October 2014
- Article
Good Cop, Bad Cop: Complementarities Between Debt and Equity in Disciplining Management
By: Alexander Guembel and Lucy White
In this paper we examine how the quantity of information generated about firm prospects can be improved by splitting a firm's cash flow into a "safe" claim (debt) and a "risky" claim (equity). The former, being relatively insensitive to upside risk, provides a...
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Guembel, Alexander, and Lucy White. "Good Cop, Bad Cop: Complementarities Between Debt and Equity in Disciplining Management." Journal of Financial Intermediation 23, no. 4 (October 2014): 541–569.
- April 2017 (Revised August 2020)
- Case
The U-Turns of National Truck Stops
By: Nori Gerardo Lietz and Alexander W. Schultz
Raj Makam had spent months trying to restructure a 2006 investment he had made in National Truck Stops, Inc. (NTS) as a senior member of Oaktree Capital Management’s (Oaktree) Mezzanine finance business within their Corporate Debt platform. It was the first time they...
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Keywords:
Mezzanine Financing;
Corporate Debt;
Bankruptcy;
Real Assets;
Financing and Loans;
Borrowing and Debt;
Insolvency and Bankruptcy;
Restructuring;
Private Equity;
Cost vs Benefits;
Atlanta;
New York (city, NY)
Lietz, Nori Gerardo, and Alexander W. Schultz. "The U-Turns of National Truck Stops." Harvard Business School Case 217-062, April 2017. (Revised August 2020.)
- June 2017
- Teaching Note
The U-Turns of National Truck Stops
By: Nori Gerardo Lietz and Alexander W. Schultz
Raj Makam had spent months trying to restructure a 2006 investment he had made in National Truck Stops, Inc. (“NTS”) as a senior member of Oaktree Capital Management’s (“Oaktree”) Mezzanine finance business within their Corporate Debt platform. It was the first time...
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- 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.)
- 17 Nov 2016
- Working Paper Summaries
Sovereign Risk, Currency Risk, and Corporate Balance Sheets
Keywords:
by Wenxin Du and Jesse Schreger
- 24 Feb 2011
- Working Paper Summaries
Issuer Quality and Corporate Bond Returns
Keywords:
by Robin Greenwood & Samuel G. Hanson
- 07 Aug 2011
- News