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Show Results For
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All HBS Web
(714)
- People (1)
- News (89)
- Research (533)
- Multimedia (1)
- Faculty Publications (265)
- 2016
- Working Paper
Credit Migration and Covered Interest Rate Parity
By: Gordon Y Liao
I document economically large and persistent discrepancies in the pricing of credit risk between corporate bonds denominated in different currencies. The discrepancies amount to 50-100 basis points on trillions of dollars of debt notional. I relate this violation of...
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Keywords:
Market Segmentation;
Debt Issuance;
Covered Interest Rate Parity;
Cross-currency Basis;
Credit Risk;
Financial Markets;
Credit
Liao, Gordon Y. "Credit Migration and Covered Interest Rate Parity." Working Paper, October 2016.
- 2 PM – 3 PM EST, 02 Dec 2015
- Webinars: Trending@HBS
Managing Family Strife: Market Baskets Lessons about Buyouts
You'd have to have been sleeping under a rock to miss the family war and media frenzy over Market Basket, the Boston-based, family-owned supermarket chain. The confrontation between two cousins (both named Arthur Demoulas) over control of the company was finally... View Details
- June 2006 (Revised April 2024)
- Case
Creditor Activism in Sovereign Debt: 'Vulture' Tactics or Market Backbone
By: Laura Alfaro and Ingrid Vogel
The role of distressed debt funds, also known as "vulture funds," in sovereign debt restructuring was a hotly debated topic, especially after the success of Elliot Associates in converting an $11 million investment in Peruvian bonds worth $21 million into a $58 million...
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Keywords:
Vulture Funds;
Borrowing and Debt;
Bonds;
Investment Activism;
Investment Funds;
Sovereign Finance;
Government and Politics;
Contracts;
Business and Government Relations;
Peru
Alfaro, Laura, and Ingrid Vogel. "Creditor Activism in Sovereign Debt: 'Vulture' Tactics or Market Backbone." Harvard Business School Case 706-057, June 2006. (Revised April 2024.)
- 2019
- Working Paper
Fiscal Rules and Sovereign Default
By: Laura Alfaro and Fabio Kanczuk
Recurrent concerns over debt sustainability in emerging and developed nations have prompted renewed debate on the role of fiscal rules. Their optimality, however, remains unclear. We provide a quantitative analysis of fiscal rules in a standard model of sovereign debt...
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Alfaro, Laura, and Fabio Kanczuk. "Fiscal Rules and Sovereign Default." Harvard Business School Working Paper, No. 16-134, June 2016. (Also NBER Working Paper w23370. Revised January 2019.)
- October 2014 (Revised April 2018)
- Supplement
Creditor Activism in Sovereign Debt: Argentina vs. Holdout Investors (B)
By: Laura Alfaro, Gaurav Toshniwal and Hilary White
Keywords:
Argentina;
Debt;
Debt Crisis;
Debt Markets;
Debt Repayment;
Debt Restructuring;
Government Bonds;
Government Debt;
Law;
Default;
Sovereign Debt;
Sovereign Debt Crisis;
Hedge Fund;
Hedge Funds;
Strategy;
Bonds;
Bond Risk;
Debt Management;
Borrowing and Debt;
Governance;
Macroeconomics;
Economics;
Economy;
Government Legislation;
Argentina;
Latin America;
United States
Alfaro, Laura, Gaurav Toshniwal, and Hilary White. "Creditor Activism in Sovereign Debt: Argentina vs. Holdout Investors (B)." Harvard Business School Supplement 715-017, October 2014. (Revised April 2018.)
- 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.)
- February 2002
- Background Note
Note on Commercial Real Estate Financial Market
By: Arthur I Segel and Melissa Yin-Yin Lam
Discusses the recent history of the commercial real estate financial market (pre-1990s-2001). Looks at the shift to more conventional capital markets for commercial real estate debt.
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Segel, Arthur I., and Melissa Yin-Yin Lam. "Note on Commercial Real Estate Financial Market." Harvard Business School Background Note 802-165, February 2002.
- 12 Jun 2019
- News
Busy IPO Market Offers Lifeline to Troubled Retailers
- 18 Jul 2005
- Research & Ideas
Identify Emerging Market Opportunities
Companies are increasingly looking to emerging markets like China as a vital source of growth. The problem is these companies often lack an effective strategy for identifying which countries to do business with. In a June Harvard Business...
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- March 2005 (Revised December 2005)
- Case
Morgan Stanley and TRAC-X: The Battle for the CDS Indexes Market
Morgan Stanley's credit derivatives business, specifically its collateralized debt obligation (CDO) business, has been hugely successful. One of its leading offerings is the TRAC-X product, jointly created and marketed by Morgan Stanley and JP Morgan. However, a new...
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Keywords:
Credit Derivatives and Swaps;
Product;
Competition;
Capital Markets;
Financial Services Industry
Chacko, George C., Vincent Dessain, Anders Sjoman, Leonie Maruani, and Kate Hao. "Morgan Stanley and TRAC-X: The Battle for the CDS Indexes Market." Harvard Business School Case 205-075, March 2005. (Revised December 2005.)
- February 1997
- Background Note
Savings and Loans and the Mortgage Markets
By: Robert C. Merton and Alberto Moel
Provides a brief overview of the history of the savings and loans, the savings and loans crisis of the 1980s and 1990s, and the creation of the mortgage markets in the United States. Also explains briefly the most common types of mortgage-backed securities available.
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Merton, Robert C., and Alberto Moel. "Savings and Loans and the Mortgage Markets." Harvard Business School Background Note 297-090, February 1997.
- 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.)
- 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
- November 2006 (Revised May 2007)
- Background Note
International Capital Markets and Sovereign Debt: Crisis Avoidance and Resolution
By: Laura Alfaro and Ingrid Vogel
Successive economic crises of the 1990s and early 2000s intensified focus on reform of the "international financial architecture." Because many of these crises involved defaults on sovereign bonds, an important component of the discussion revolved around the...
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Alfaro, Laura, and Ingrid Vogel. "International Capital Markets and Sovereign Debt: Crisis Avoidance and Resolution." Harvard Business School Background Note 707-018, November 2006. (Revised May 2007.)
- 06 Apr 2007
- What Do You Think?
Will Market Forces Stop Global Warming?
Summing Up Debate on this month's questions occurred on at least three levels. Is global warming occurring? Do humans (primarily through CO2 emissions) have much to do with it? Should we rely on market forces to provide appropriate responses, or will this require...
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- 2016
- Working Paper
Financing Payouts
By: Joan Farre-Mensa, Roni Michaely and Martin Schmalz
We study the extent to which firms rely on the capital markets to fund their payouts. We find that 42% of firms that pay out capital also initiate debt or equity issues in the same year, resulting in 32% of aggregate payouts being externally financed. Most firms with...
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Keywords:
Payout Policy;
Financing Decisions;
Debt Issues;
Equity Issues;
Capital Structure;
Decision Making;
Financing and Loans;
Corporate Finance
Farre-Mensa, Joan, Roni Michaely, and Martin Schmalz. "Financing Payouts." Harvard Business School Working Paper, No. 15-049, December 2014. (Revised December 2016.)
- 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.)
- 21 Jan 2015
- Lessons from the Classroom
Managing the Family Business: Market Basket’s Lessons About Buyouts
Mike-Arthur T. Demoulas branch bought out their cousins with the help of outside investors. The company also took on significant new debt to fund the buyout. Why Aren't There More Buyouts? The Market Basket...
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Keywords:
Retail
- January 2014 (Revised February 2014)
- Case
Japan: Betting on Inflation?
By: Julio J. Rotemberg
The case focuses on the challenges still confronting Prime Minister Shinzo Abe at the end of 2013, a year after he has been in office. It also gives an overview of Japan's earlier economic performance, focusing primarily on the period after it suffered a stock market...
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Rotemberg, Julio J. "Japan: Betting on Inflation?" Harvard Business School Case 714-040, January 2014. (Revised February 2014.)