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- Faculty Publications (168)
- June 2014
- Article
Frictions in Shadow Banking: Evidence from the Lending Behavior of Money Market Funds
By: Sergey Chernenko and Adi Sunderam
We document the consequences of money market fund risk taking during the European sovereign debt crisis. Using a novel data set of security-level holdings of prime money market funds, we show that funds with large exposures to risky Eurozone banks suffered significant...
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Keywords:
Money Market Mutual Funds;
European Sovereign Debt Crisis;
Runs;
Contagion;
Risk Taking;
Investment Funds;
Financial Crisis;
Europe
Chernenko, Sergey, and Adi Sunderam. "Frictions in Shadow Banking: Evidence from the Lending Behavior of Money Market Funds." Review of Financial Studies 27, no. 6 (June 2014): 1717–1750.
- March 2014
- Article
Cyclicality of Credit Supply: Firm Level Evidence
By: Bo Becker and Victoria Ivashina
Theory predicts that there is a close link between bank credit supply and the evolution of the business cycle. Yet fluctuations in bank-loan supply have been hard to quantify in the time series. While loan issuance falls in recessions, it is not clear if this is due to...
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Keywords:
Business Cycles;
Borrowing and Debt;
Credit;
Banks and Banking;
Bonds;
Financial Markets;
Financing and Loans;
Banking Industry
Becker, Bo, and Victoria Ivashina. "Cyclicality of Credit Supply: Firm Level Evidence." Journal of Monetary Economics 62 (March 2014): 76–93.
- October 2013 (Revised August 2016)
- Case
NOWaccount
By: Ramana Nanda, William A. Sahlman and Lauren Barley
It was September 2013, and NOWaccount Network Corporation (NOW®) co-founders John Hayes and Lara Hodgson were putting the final touches on the presentation deck for their annual shareholders' meeting. Along with co-founder Stacey Abrams, the pair had designed NOW's... View Details
Nanda, Ramana, William A. Sahlman, and Lauren Barley. "NOWaccount." Harvard Business School Case 814-048, October 2013. (Revised August 2016.)
- October 2013
- Module Note
Note on LBO Capital Structure
By: Victoria Ivashina, Paul A. Gompers, Paul A. Gompers, Victoria Ivashina, Joris Van Gool and Joris Van Gool
This note discusses the capital structure often found in LBO transactions. Although the specifics of each capital structure vary case by case, in any given year, there is a great deal of similarity in the capital structure of these buyouts. These similarities exist...
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Gompers, Paul A., Victoria Ivashina, and Joris Van Gool. "Note on LBO Capital Structure." Harvard Business School Module Note 214-039, October 2013.
- September 2013
- Article
Combining Banking with Private Equity Investing
By: Lily H. Fang, Victoria Ivashina and Josh Lerner
Bank-affiliated private equity groups account for 30% of all private equity investments. Their market share is highest during peaks of the private equity market, when the parent banks arrange more debt financing for in-house transactions yet have the lowest exposure to...
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Fang, Lily H., Victoria Ivashina, and Josh Lerner. "Combining Banking with Private Equity Investing." Review of Financial Studies 26, no. 9 (September 2013): 2139–2173.
- June 2013 (Revised April 2015)
- Case
Buffett's Bid for Media General's Newspapers
By: Benjamin C. Esty and Aldo Sesia
On May 12, 2012, BH Media Group, a subsidiary of Warren Buffett's Berkshire Hathaway, announced an offer to buy Media General's (MEG) newspaper division for $142 million in cash and provide debt financing to the struggling firm. Reactions from investors and industry...
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Keywords:
Mergers & Acquisitions;
Bankruptcy;
Mergers and Acquisitions;
Valuation;
Capital Structure;
Insolvency and Bankruptcy;
Financial Strategy;
Risk Management;
Executive Compensation;
Cash Flow;
Business Exit or Shutdown;
Media;
Advertising;
Restructuring;
Media and Broadcasting Industry;
Publishing Industry;
United States
Esty, Benjamin C., and Aldo Sesia. "Buffett's Bid for Media General's Newspapers." Harvard Business School Case 213-142, June 2013. (Revised April 2015.)
- June 2013
- Article
Are There Too Many Safe Securities? Securitization and the Incentives for Information Production
By: Samuel G. Hanson and Adi Sunderam
We present a model that helps explain several past collapses of securitization markets. Originators issue too many informationally insensitive securities in good times, blunting investor incentives to become informed. The resulting endogenous scarcity of informed...
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Hanson, Samuel G., and Adi Sunderam. "Are There Too Many Safe Securities? Securitization and the Incentives for Information Production." Journal of Financial Economics 108, no. 3 (June 2013): 565–584. (Internet Appendix Here.)
- 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.)
- 2013
- Working Paper
Combining Banking with Private Equity Investing
By: Lily Fang, Victoria Ivashina and Josh Lerner
Bank-affiliated private equity groups account for 30% of all private equity investments. Their market share is highest during peaks of the private equity market, when the parent banks arrange more debt financing for in-house transactions yet have the lowest exposure to...
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Fang, Lily, Victoria Ivashina, and Josh Lerner. "Combining Banking with Private Equity Investing." NBER Working Paper Series, No. 19300, August 2013.
- January 2013 (Revised June 2017)
- Case
The Perfect Storm: What Happens When the Market Moves Four Standard Deviations?
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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Lietz, Nori Gerardo. "The Perfect Storm: What Happens When the Market Moves Four Standard Deviations?" Harvard Business School Case 213-077, January 2013. (Revised June 2017.)
- December 2012 (Revised May 2014)
- Case
Hotel Ivory
By: Arthur I Segel, Nicolas P. Retsinas and Jonathan Lo
Cheick Sanankoua is an MBA student who believes that he has found the perfect investment property, a small, independently owned hotel, on the Ivory Coast. However, he has had trouble raising money for the investment beyond friends and family. Through contacts in the...
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Keywords:
Real Estate;
Emergent Countries;
Investing;
Entrepreneurial Finance;
Debts;
Cash Flow;
Quantitative Analysis;
Financing;
Development Stage Enterprises;
Small & Medium-sized Enterprises;
Africa;
Ivory Coast;
Venture Capital;
Emerging Markets;
Property;
Investment;
Accommodations Industry;
Real Estate Industry;
Africa
Segel, Arthur I., Nicolas P. Retsinas, and Jonathan Lo. "Hotel Ivory." Harvard Business School Case 213-050, December 2012. (Revised May 2014.)
- November 2012 (Revised November 2013)
- Case
Persephone's Pomegranate: Crédit Agricole and Emporiki
By: Dante Roscini, Daniela Beyersdorfer and Jerome Lenhardt
In 2006 the French bank Crédit Agricole bought the Greek Emporiki bank, for €2.8 billion, at the peak of a bull market for bank takeovers. Six years, a major financial crisis, and €5.2 billion of losses later, in a context of great uncertainty in the European banking...
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Keywords:
Business and Government Relations;
Currency;
Development Economics;
International Finance;
International Relations;
Banking Industry;
Greece
Roscini, Dante, Daniela Beyersdorfer, and Jerome Lenhardt. "Persephone's Pomegranate: Crédit Agricole and Emporiki." Harvard Business School Case 713-055, November 2012. (Revised November 2013.)
- October 2012
- Case
Harrah's Entertainment
By: Paul A. Gompers, Kristin Mugford and J. Daniel Kim
This case examines the issues of establishing and managing a capital structure for the leveraged buyout of Harrah's Entertainment.
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Keywords:
Leveraged Buyouts;
Debt Markets;
Loan Contracts;
Covenants;
Casinos;
Gaming;
Private Equity;
Entertainment and Recreation Industry;
United States
Gompers, Paul A., Kristin Mugford, and J. Daniel Kim. "Harrah's Entertainment." Harvard Business School Case 213-054, October 2012.
- October 2012
- Case
Brazil 2003: Inflation Targeting and Debt Dynamics (Abridged)
By: Laura Alfaro and Rafael Di Tella
In October 2002, Brazilians elected a left-wing president, Luis Inacio Lula da Silva, for the first time in that country's history. As markets faltered in response, Lula sought to reaffirm his commitment to fiscal discipline, a floating exchange rate, and inflation...
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- October 2012
- Article
Securitization without Adverse Selection: The Case of CLOs
By: Effi Benmelech, Jennifer Dlugosz and Victoria Ivashina
In this paper, we investigate whether securitization was associated with risky lending in the corporate loan market by examining the performance of individual loans held by CLOs. We employ two different datasets that identify loan holdings for a large set of CLOs and...
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Keywords:
Personal Finance;
Performance;
Markets;
Banks and Banking;
Debt Securities;
Investment Portfolio;
Financing and Loans
Benmelech, Effi, Jennifer Dlugosz, and Victoria Ivashina. "Securitization without Adverse Selection: The Case of CLOs." Journal of Financial Economics 106, no. 1 (October 2012): 91–113.
- September 2012 (Revised July 2013)
- Case
Can the Eurozone Survive?
By: Dante Roscini and Jonathan Schlefer
The sovereign debt crisis that took Greece by storm in 2010 began to spread to other European markets. Within a few months Ireland and Portugal had also lost access to the sovereign debt markets and had to rely on supranational loans for their financing. The risk of...
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Keywords:
Sovereign Debt Crisis;
Currency Areas;
Financial Crisis;
Borrowing and Debt;
Currency Exchange Rate;
International Relations;
Banking Industry;
European Union;
Germany;
France;
Italy;
Spain;
Greece;
Portugal
Roscini, Dante, and Jonathan Schlefer. "Can the Eurozone Survive?" Harvard Business School Case 713-034, September 2012. (Revised July 2013.)
- 2012
- Chapter
Banking on Consumer Credit: Explaining Patterns of Household Borrowing in the United States and France
Keywords:
Credit;
Commercial Banking;
Personal Finance;
Borrowing and Debt;
Financing and Loans;
Consumer Behavior;
Banking Industry;
United States;
France
Trumbull, J. Gunnar. "Banking on Consumer Credit: Explaining Patterns of Household Borrowing in the United States and France." Chap. 7 in The Development of Consumer Credit in Global Perspective: Business, Regulation, and Culture, edited by Jan Logemann. New York: Palgrave Macmillan, 2012.
- September 2011
- Case
AXA Private Equity: The Diana Investment
By: Michael J. Roberts and William A. Sahlman
The case focuses on an investment made by AXA Private Equity, a French manufacturer of food ingredients. The investment is made at the height of the financial markets, and financed with significant debt. Soon thereafter, the financial crisis impacted the company's...
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Roberts, Michael J., and William A. Sahlman. "AXA Private Equity: The Diana Investment." Harvard Business School Case 812-042, September 2011.
- 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.)
- September 2011
- Module Note
Orientation to Leadership Intelligence Days, 2011
By: Joshua D. Margolis and Anthony J. Mayo
Julie Bornstein, senior vice president of Sephora Direct, is seeking to double her budget for social media and other digital marketing initiatives for 2011. A number of digital efforts implemented in the past two years seem to be bearing fruit and there is a desire to...
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Keywords:
Budgets and Budgeting;
Borrowing and Debt;
Investment Return;
Resource Allocation;
Marketing Communications;
Marketing Strategy;
Consumer Behavior;
Online Technology;
Beauty and Cosmetics Industry
Margolis, Joshua D., and Anthony J. Mayo. "Orientation to Leadership Intelligence Days, 2011." Harvard Business School Module Note 412-057, September 2011.