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All HBS Web
(733)
- Faculty Publications (168)
- April 2020
- Supplement
Oaktree: Pierre Foods Investment
By: Victoria Ivashina and Terrence Shu
This case is a setting to discuss “loan to own” investment strategy that is often pursued by distressed investors. The aftermath of the 2007 financial crisis left many companies with poor liquidity and limited ability to obtain credit. One of these companies was Pierre...
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- April 2020
- Teaching Note
Oaktree: Pierre Foods Investment
By: Victoria Ivashina, Michael Harmon and Terrence Shu
Teaching Note for HBS No. 219-018. This case is a setting to discuss “loan to own” investment strategy that is often pursued by distressed investors. The aftermath of the 2007 financial crisis left many companies with poor liquidity and limited ability to obtain...
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- 2019
- Chapter
From Coast to Hinterland: Fiscal State Formation in British and French West Africa, c. 1880–1960
By: Ewout Frankema and Marlous van Waijenburg
This chapter contrasts and compares the ways different colonial states in West Africa developed local fiscal capacity. We show that per capita revenues were higher in the more commercialised coastal export economies than in remote parts of the interior. We argue that...
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Keywords:
Fiscal Capacity;
Public Debt;
French West Africa;
British West Africa;
Geography;
History;
Africa
Frankema, Ewout, and Marlous van Waijenburg. "From Coast to Hinterland: Fiscal State Formation in British and French West Africa, c. 1880–1960." In Fiscal Capacity and the Colonial State in Africa and Asia, c. 1850–1960, edited by Ewout Frankema and Anne Booth, 161–192. Cambridge: Cambridge University Press, 2019.
- June 2019
- Article
Debt Redemption and Reserve Accumulation
By: Laura Alfaro and Fabio Kanczuk
In the past decade, foreign participation in local-currency bond markets in emerging countries increased dramatically. We revisit sovereign debt sustainability under the assumptions that countries can accumulate reserves and borrow internationally using their own...
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Keywords:
Sovereign Debt;
Local-currency Bonds;
Foreign Reserves;
Sovereign Finance;
Borrowing and Debt;
Bonds;
Financial Markets;
Developing Countries and Economies
Alfaro, Laura, and Fabio Kanczuk. "Debt Redemption and Reserve Accumulation." IMF Economic Review 67, no. 2 (June 2019): 261–287. (Also NBER Working Paper No. 19098.)
- June 2019
- Article
Debt Traps? Market Vendors and Moneylender Debt in India and the Philippines
By: Dean Karlan, Sendhil Mullainathan and Benjamin Roth
A debt trap occurs when someone takes on a high-interest rate loan and is barely able to pay back the interest, and thus perpetually finds themselves in debt (often by refinancing). Studying such practices is important for understanding financial decision-making of...
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Keywords:
Borrowing and Debt;
Household;
Personal Finance;
Decision Making;
Behavior;
India;
Philippines
Karlan, Dean, Sendhil Mullainathan, and Benjamin Roth. "Debt Traps? Market Vendors and Moneylender Debt in India and the Philippines." American Economic Review: Insights 1, no. 1 (June 2019): 27–42.
- May 2019
- Article
Corporate Debt, Firm Size and Financial Fragility in Emerging Markets
By: Laura Alfaro, Gonzalo Asis, Anusha Chari and Ugo Panizza
The post-Global Financial Crisis period shows a surge in corporate leverage in emerging markets and a number of countries with deteriorated corporate financial fragility indicators (Altman’s Z-score). Firm size plays a critical role in the relationship between...
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Keywords:
Corporate Debt;
Firm Size;
Financial Fragility;
Emerging Market;
Organizations;
Borrowing and Debt;
Financial Condition;
Emerging Markets;
System Shocks
Alfaro, Laura, Gonzalo Asis, Anusha Chari, and Ugo Panizza. "Corporate Debt, Firm Size and Financial Fragility in Emerging Markets." Journal of International Economics 118 (May 2019): 1–19. (Also NBER Working Paper 25459.)
- April 2019
- Article
Private Equity and Financial Fragility during the Crisis
By: Shai Bernstein, Josh Lerner and Filippo Mezzanotti
Do private equity firms contribute to financial fragility during economic crises? We find that during the 2008 financial crisis, PE-backed companies increased investments relative to their peers, while also experiencing greater equity and debt inflows. The effects are...
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Bernstein, Shai, Josh Lerner, and Filippo Mezzanotti. "Private Equity and Financial Fragility during the Crisis." Review of Financial Studies 32, no. 4 (April 2019): 1309–1373. (Earlier version distributed as National Bureau of Economic Research Working Paper No. 23626 and Harvard Business School Working Paper No. 18-005.)
- 2023
- Working Paper
Reflexivity in Credit Markets
By: Robin Greenwood, Samuel G. Hanson and Lawrence J. Jin
Reflexivity is the idea that investors' biased beliefs affect market outcomes and that market outcomes in turn affect investors’ future biases. We develop a dynamic behavioral model of the credit cycle featuring this two-way feedback loop. Investors form beliefs about...
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Greenwood, Robin, Samuel G. Hanson, and Lawrence J. Jin. "Reflexivity in Credit Markets." Working Paper, December 2023.
- November 2018 (Revised October 2019)
- Case
Rebuilding Puerto Rico
By: Laura Alfaro, Laura Phillips Sawyer and Haviland Sheldahl-Thomason
On September 20, 2017, Hurricane Maria swept over Puerto Rico, devastating the island’s infrastructure and agriculture. The natural disaster was layered atop years of mounting financial distress. Before the hurricane, Puerto Rico had accumulated $74 billion in debt and...
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Keywords:
Natural Disasters;
Financial Crisis;
Infrastructure;
Borrowing and Debt;
Economy;
Strategic Planning;
Governing Rules, Regulations, and Reforms;
Puerto Rico
Alfaro, Laura, Laura Phillips Sawyer, and Haviland Sheldahl-Thomason. "Rebuilding Puerto Rico." Harvard Business School Case 719-018, November 2018. (Revised October 2019.)
- August 2018 (Revised June 2019)
- Case
Oaktree: Pierre Foods Investment
By: Victoria Ivashina and Mike Harmon
This case is a setting to discuss “loan to own” investment strategy that is often pursued by distressed investors. The aftermath of the 2007 financial crisis left many companies with poor liquidity and limited ability to obtain credit. One of these companies was Pierre...
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Ivashina, Victoria, and Mike Harmon. "Oaktree: Pierre Foods Investment." Harvard Business School Case 219-018, August 2018. (Revised June 2019.)
- July 2018
- Teaching Note
The Perfect Storm: What Happens When the Market Moves Four Standard Deviations?
By: Nori Gerardo Lietz and Sayiddah Fatima McCree
Adam Carter was the portfolio manager for Tate Modern Finance III, L.P. (“Tate” or the “Fund”), the third in a series of U.S. commercial real estate debt funds sponsored by the London-based Tate Partners. The Fund was capitalized with $700 million of equity...
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Keywords:
CMBS;
CLO;
Repo Financing;
Real Estate;
Financial Strategy;
Investment Funds;
Financing and Loans
- 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...
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Keywords:
Pension Fund Investing;
Infrastucture;
Power/Energy;
Credit Enhancement;
Infrastructure;
Project Finance;
Investment Funds;
Emerging Markets;
Nigeria;
Africa
Macomber, John, and Pippa Tubman Armerding. "Infrastructure in Nigeria: Unlocking Pension Fund Investments." Harvard Business School Case 218-071, February 2018.
- February 2018 (Revised August 2018)
- Case
Blue Haven Initiative: The PEGAfrica Investment
By: Vikram S. Gandhi, Caitlin Reimers Brumme and Amram Migdal
This case examines Blue Haven Initiative (BHI), an impact investing fund and family office, and one of its investments, PEGAfrica (PEG). BHI founder Liesel Pritzker Simmons’ motivations for using her family wealth to start a family office focused on impact investing,...
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Keywords:
Impact Investing;
Family Office;
Development;
International Development;
International Development Investing;
Development Fund;
Sustainability;
Solar Energy;
Solar;
Pay As You Go;
PAYG;
MFI;
Social Venture;
Business Ventures;
Acquisition;
Business Growth and Maturation;
Business Startups;
Economics;
Development Economics;
Energy;
Energy Conservation;
Energy Sources;
Renewable Energy;
Social Entrepreneurship;
Finance;
Assets;
Asset Pricing;
Capital;
Capital Budgeting;
Capital Structure;
Venture Capital;
Cash;
Cash Flow;
Currency;
Currency Exchange Rate;
Equity;
Private Equity;
Financial Instruments;
Debt Securities;
Stock Shares;
Financing and Loans;
Microfinance;
International Finance;
Investment;
Investment Return;
Investment Activism;
Investment Funds;
Investment Portfolio;
Price;
Geography;
Geographic Location;
Emerging Markets;
Ownership;
Ownership Stake;
Private Ownership;
Social Enterprise;
Value;
Valuation;
Value Creation;
Energy Industry;
Financial Services Industry;
Green Technology Industry;
Africa;
United States
Gandhi, Vikram S., Caitlin Reimers Brumme, and Amram Migdal. "Blue Haven Initiative: The PEGAfrica Investment." Harvard Business School Case 318-003, February 2018. (Revised August 2018.)
- January 2018 (Revised April 2021)
- Case
Capital Allocation at HCA
By: W. Carl Kester and Emily R. McComb
In early 2017, HCA Holdings, an investor-owned hospital management company, faced a strategically important capital allocation decision. After the exit of its private equity sponsors in 2016, HCA had to determine how best to allocate its substantial annual free cash...
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Keywords:
Capital Allocation;
Cash Distribution Policy;
Dividends;
Share Repurchases;
Growth Strategy And Execution;
Growth Investing;
Capital Expenditures;
Debt Management;
Debt Reduction;
Debt Policy;
Hospital Management;
Investor-owned Hospital Chains;
Capital Budgeting;
Capital Structure;
Cash Flow;
Corporate Finance;
Decision Choices and Conditions;
Health Industry;
United States
Kester, W. Carl, and Emily R. McComb. "Capital Allocation at HCA." Harvard Business School Case 218-039, January 2018. (Revised April 2021.)
- 2019
- Working Paper
Do Banks Have an Edge?
By: Juliane Begenau and Erik Stafford
Overall, no! We show that the level and time series variation in cash flows for most bank activities are well matched by capital market portfolios with similar interest rate and credit risk to what banks report to hold. Ignoring operating expenses, bank loans earn high...
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Keywords:
Banks;
Market Efficiency;
Bank Capital;
Bank Debt;
CAPM;
Banking;
Bank Deposits;
Bank Funding Advantage;
Leverage;
Maturity Transformation;
Replicating Portfolio;
Efficiency;
Banks and Banking;
Capital Markets;
Performance Evaluation;
Performance Efficiency;
Banking Industry;
United States
Begenau, Juliane, and Erik Stafford. "Do Banks Have an Edge?" Harvard Business School Working Paper, No. 18-060, January 2018. (Revised October 2019.)
- September 2017 (Revised February 2019)
- Case
Blackstone's GSO Capital: Crosstex Investment
By: Victoria Ivashina, John D. Dionne and Jeffrey Boyar
This case focuses on the Blackstone credit arm, GSO Capital as it evaluated a proposal for an equity investment into the distressed company, Crosstex Energy L.P., an integrated midstream energy company, that was hit hard by declining natural gas prices during the 2008...
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Ivashina, Victoria, John D. Dionne, and Jeffrey Boyar. "Blackstone's GSO Capital: Crosstex Investment." Harvard Business School Case 218-008, September 2017. (Revised February 2019.)
- 2019
- Working Paper
Collusion in Markets with Syndication
By: John William Hatfield, Scott Duke Kominers, Richard Lowery and Jordan M. Barry
Many markets, including markets for IPOs and debt issuances, are syndicated: each winning bidder invites competitors to join its syndicate to complete production. Using repeated extensive form games, we show that collusion in syndicated markets may become easier as...
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Hatfield, John William, Scott Duke Kominers, Richard Lowery, and Jordan M. Barry. "Collusion in Markets with Syndication." Harvard Business School Working Paper, No. 18-009, July 2017. (Revised June 2019.)
- 2017
- Working Paper
Lessons Unlearned? Corporate Debt in Emerging Markets
By: Laura Alfaro, Gonzalo Asis, Anusha Chari and Ugo Panizza
This paper documents a set of new stylized facts about leverage and financial fragility for emerging market firms following the Global Financial Crisis (GFC). Corporate debt vulnerability indicators during the Asian Financial Crisis (AFC) attributed to corporate...
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Keywords:
Corporate Debt;
Financial Fragility;
Firm-level Data;
Large Firms;
Emerging Markets;
Borrowing and Debt;
Corporate Finance;
Financial Condition
Alfaro, Laura, Gonzalo Asis, Anusha Chari, and Ugo Panizza. "Lessons Unlearned? Corporate Debt in Emerging Markets." Harvard Business School Working Paper, No. 17-097, May 2017. (Revised October 2017. NBER Working Paper Series, No. 23407, May 2017)
- April 2017 (Revised February 2020)
- Case
Restructuring Ukraine
By: Kristin Mugford, Seema Amble and Tian Feng
In June 2015, Ukraine found itself struggling with a volatile and devalued currency, dramatically diminished foreign reserves, and a projected financing shortfall of $40 billion. Ukraine’s new government sought to return the nation to stability following political...
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Keywords:
Exchange Rates;
Politics;
Macroeconomics;
Financial Crisis;
Insolvency and Bankruptcy;
Restructuring;
Economy;
Currency Exchange Rate;
Banks and Banking;
Economic Slowdown and Stagnation;
Bonds;
Sovereign Finance;
Capital Markets;
Credit;
Debt Securities;
Financial Liquidity;
Financial Markets;
Government and Politics;
Ukraine
Mugford, Kristin, Seema Amble, and Tian Feng. "Restructuring Ukraine." Harvard Business School Case 217-049, April 2017. (Revised February 2020.)
- Article
Market Reactions to Sovereign Litigation
By: Faisal Z. Ahmed and Laura Alfaro
Recent rulings in the ongoing litigation over the pari passu clause in Argentinian sovereign debt instruments have generated considerable controversy. Some official-sector participants and academic articles have suggested that the rulings will disrupt or impede...
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Keywords:
Sovereign Debt;
Litigation;
Vulture Funds;
Argentina;
Sovereign Finance;
Lawsuits and Litigation;
Markets;
Argentina
Ahmed, Faisal Z., and Laura Alfaro. "Market Reactions to Sovereign Litigation." Capital Markets Law Journal 12, no. 2 (April 2017): 141–163.