More from the Author

• Working Paper | 2020

  Loan Types and the Bank Lending Channel

  Victoria Ivashina, Luc Laeven and Enrique Moral-Benito

  Using credit-registry data for Spain and Peru, we document that four main types of commercial credit—asset-based loans, cash flow loans, trade finance and leasing—are easily identifiable and represent the bulk of corporate credit. We show that credit growth dynamics and bank lending channels vary across these loan types. Moreover, aggregate credit supply shocks previously identified in the literature appear to be driven by individual loan types. The effects of monetary policy and the effects of the financial crisis propagating through banks’ balance sheets are primarily driven by cash flow loans, whereas asset-based credit appears to be largely insensitive to these types of effects.

  Keywords: bank credit; loan types; bank lending channel; credit registry; Banks and Banking; Credit; Financing and Loans;

  Citation:

  Ivashina, Victoria, Luc Laeven, and Enrique Moral-Benito. "Loan Types and the Bank Lending Channel." Working Paper, February 2020.  View Details

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• Case | HBS Case Collection | August 2017 (Revised January 2020)

  Berkshire Partners: Party City

  Victoria Ivashina and Jeffrey Boyar

  In 2005, Berkshire Partners, a Boston-based private equity firm specializing in growth equity, was one year into their ownership of Amscan, the market leader of designed, manufactured, and distributed decorated party goods and accessories. However, Amscan's primary customer, retail store Party City, was making aggressive moves to backwards integrate and cut into Amscan's profit pool. Even if Party City failed at its attempt, it could cause significant damage to the business and subsequently hurt Amscan’s top line. The Berkshire team needed to figure out a path forward. Should they try to invest in or buy Party City to thwart efforts that would potentially erode both businesses? If they did, should Party City remain a standalone company, or should it be merged with Amscan? Would Party City even come to the negotiating table? These questions, plus additional complications with investments from overlapping funds, left the Berkshire team in a difficult situation.

  Keywords: private equity; turnaround; Vertical Integration; fundraising; Cross-fund Investment; Private Equity; Vertical Integration; Governance; Valuation; Manufacturing Industry; Retail Industry; United States;

  Citation:

  Ivashina, Victoria, and Jeffrey Boyar. "Berkshire Partners: Party City." Harvard Business School Case 218-028, August 2017. (Revised January 2020.)  View Details

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• Case | HBS Case Collection | August 2017 (Revised January 2020)

  PFA Pension: Expansion of Alternatives Portfolio

  Victoria Ivashina, Federica Gabrieli and Jérôme Lenhardt

  PFA Pension was the biggest commercial pension provider in Denmark. At the end of 2015, the company had decided to boost its investments into the alternative asset class, an area where it was lagging behind its competitors. The aim was to privilege direct investments and co-investments rather than allocations through funds. One year later, PFA could count on an expert alternative investment team, a defined investment process, and a number of successful direct investments. Still, a number of questions remained: How could PFA better access attractive deal opportunities? Should PFA try to build a formal deal sourcing model? What resources and skills would be necessary to add to the alternative investment team?

  Keywords: Asset Management; Private Equity; Investment; Denmark; Europe;

  Citation:

  Ivashina, Victoria, Federica Gabrieli, and Jérôme Lenhardt. "PFA Pension: Expansion of Alternatives Portfolio." Harvard Business School Case 218-025, August 2017. (Revised January 2020.)  View Details

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