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    • Faculty Publications  (106)

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    • All HBS Web  (109,034)
      • Faculty Publications  (106)

      Ivashina, Victoria Remove Ivashina, Victoria →

      Page 1 of 106 Results →
      • February 2023
      • Article

      Disruption and Credit Markets

      By: Bo Becker and Victoria Ivashina
      We show that over the past half century innovative disruptions were central to understanding corporate defaults. In a given year, industries experiencing abnormally high VC or IPO activity subsequently see higher default rates, higher segment exits by conglomerates,...  View Details
      Keywords: Default; Corporate Bonds; Disruption; Corporate Finance; Bonds
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      Becker, Bo, and Victoria Ivashina. "Disruption and Credit Markets." Journal of Finance 78, no. 1 (February 2023): 105–139.
      • September 2022 (Revised January 2023)
      • Case

      York Capital CLOs and WorldStrides International

      By: Victoria Ivashina and William Vrattos
      The case follows the debt restructuring of WorldStrides International, a travel program provider in the education market, after the onset of COVID-19. The pandemic severely impacted the travel industry, creating challenges for many companies like WorldStrides, which...  View Details
      Keywords: COVID-19 Pandemic; Debt Restructuring; CLO; Compliance; Debt Securities; Financing and Loans; Decision Making; Travel Industry; Education Industry
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      Ivashina, Victoria, and William Vrattos. "York Capital CLOs and WorldStrides International." Harvard Business School Case 223-034, September 2022. (Revised January 2023.)
      • August 2022
      • Teaching Note

      PE Secondaries: Blackstone Strategic Partners

      By: Victoria Ivashina and Luis M. Viceira
      Teaching Note for HBS Case No. 222-027.  View Details
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      Ivashina, Victoria, and Luis M. Viceira. "PE Secondaries: Blackstone Strategic Partners." Harvard Business School Teaching Note 223-022, August 2022.
      • June 2022
      • Case

      PFA Pensions: The Climate Plus Product

      By: Daniel Green, Victoria Ivashina and Alys Ferragamo
      The case explores whether alternative investments play a unique role in achieving low carbon dioxide emissions at the portfolio level. This case is set in April of 2020 and follows Kasper Ahrndt Lorenzen, Chief Investment Officer, and Peter Tind Larsen, Head of...  View Details
      Keywords: Carbon Emissions; Carbon Footprint; Alternative Assets; Alternative Investment Vehicles; Pension Fund Investing; Private Equity; Renewable Energy; Investment Portfolio; Corporate Social Responsibility and Impact; Environmental Sustainability; Denmark
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      Green, Daniel, Victoria Ivashina, and Alys Ferragamo. "PFA Pensions: The Climate Plus Product." Harvard Business School Case 222-088, June 2022.
      • May 2022
      • Case

      Grupo Big Exit: Options for Advent and Walmart

      By: Victoria Ivashina, Ruth Costas and Pedro Levindo
      After conducting an impressive turnaround in Walmart’s subsidiary in Brazil, Private Equity firm Advent International has to decide how to exit this investment: through an IPO or selling the business to Carrefour.  View Details
      Keywords: Turnaround; Divestiture; Finance; Strategy; Private Equity; Brazil; Latin America
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      Ivashina, Victoria, Ruth Costas, and Pedro Levindo. "Grupo Big Exit: Options for Advent and Walmart." Harvard Business School Case 222-086, May 2022.
      • Article

      Weak Corporate Insolvency Rules: The Missing Driver of Zombie Lending

      By: Bo Becker and Victoria Ivashina
      "Zombie lending"—lending to less-productive firms at subsidized rates—can help banks with misaligned incentives in the short run, but it prolongs economic downturns. We propose that inefficient resolution of insolvency is a significant contributor to this problem. We...  View Details
      Keywords: Zombie Credit; Insolvency and Bankruptcy; Financing and Loans; Economic Slowdown and Stagnation
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      Becker, Bo, and Victoria Ivashina. "Weak Corporate Insolvency Rules: The Missing Driver of Zombie Lending." AEA Papers and Proceedings 112 (May 2022): 516–520.
      • 2022
      • Working Paper

      High-Yield Debt Covenants and Their Real Effects

      By: Falk Bräuning, Victoria Ivashina and Ali Ozdagli
      High-yield debt including leveraged loans is characterized by incurrence financial covenants, or “cov-lite” provisions. A traditional loan agreement includes maintenance covenants, which require continuous compliance with the covenant threshold, and their violation...  View Details
      Keywords: Debt Covenants; Incurrence Covenants; Borrowing and Debt; Banks and Banking
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      Bräuning, Falk, Victoria Ivashina, and Ali Ozdagli. "High-Yield Debt Covenants and Their Real Effects." NBER Working Paper Series, No. 29888, March 2022.
      • March 2022
      • Article

      Loan Types and the Bank Lending Channel

      By: 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...  View Details
      Keywords: Bank Credit; Loan Types; Bank Lending Channel; Credit Registry; Banks and Banking; Credit; Financing and Loans
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      Ivashina, Victoria, Luc Laeven, and Enrique Moral-Benito. "Loan Types and the Bank Lending Channel." Journal of Monetary Economics 126 (March 2022): 171–187.
      • November 2021
      • Case

      PE Secondaries: Blackstone Strategic Partners

      By: Victoria Ivashina, Luis M. Viceira, John D. Dionne and Alys Ferragamo
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      Ivashina, Victoria, Luis M. Viceira, John D. Dionne, and Alys Ferragamo. "PE Secondaries: Blackstone Strategic Partners." Harvard Business School Case 222-027, November 2021.
      • November 2021 (Revised February 2022)
      • Case

      Advent International and Walmart Brazil's Deal

      By: Victoria Ivashina, Ruth Costas and Pedro Levindo
      Advent International, one of the world’s leading private equity firms, must decide whether to acquire Walmart’s subsidiary in Brazil or not. Although Walmart Brazil is losing cash at a rapid pace, Advent thinks it has a solid plan to recover the company’s finances....  View Details
      Keywords: Private Equity; Acquisition; Decision Making; Risk Management; Retail Industry; Brazil
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      Ivashina, Victoria, Ruth Costas, and Pedro Levindo. "Advent International and Walmart Brazil's Deal." Harvard Business School Case 222-047, November 2021. (Revised February 2022.)
      • Article

      Large Banks and Small Firm Lending

      By: Vitaly Bord, Victoria Ivashina and Ryan D. Taliaferro
      We examine the long-lasting effects of the 2007 real estate price collapse on small business credit supply. Banks affected by the decline in real estate prices systematically contracted their credit to small firms. At the same time, regional and local banks, many of...  View Details
      Keywords: Small Firms; Credit Supply; Banking Competition; Small Business; Credit; Financial Crisis; Banks and Banking; Competition
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      Bord, Vitaly, Victoria Ivashina, and Ryan D. Taliaferro. "Large Banks and Small Firm Lending." Journal of Financial Intermediation 48 (October 2021).
      • September 2021 (Revised October 2021)
      • Case

      Rockwood Equity: Choosing the Right Debt Package

      By: Victoria Ivashina, Terrence Shu and Alys Ferragamo
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      Ivashina, Victoria, Terrence Shu, and Alys Ferragamo. "Rockwood Equity: Choosing the Right Debt Package." Harvard Business School Case 222-039, September 2021. (Revised October 2021.)
      • 2021
      • Working Paper

      Bank Balance Sheet Constraints and Bond Liquidity

      By: Johannes Breckenfelder and Victoria Ivashina
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      Breckenfelder, Johannes, and Victoria Ivashina. "Bank Balance Sheet Constraints and Bond Liquidity." Working Paper, June 2021.
      • December 2020
      • Article

      Monetary Policy and Global Banking

      By: Falk Bräuning and Victoria Ivashina
      When central banks adjust interest rates, the opportunity cost of lending in local currency changes, but—in absence of frictions—there is no spillover effect to lending in other currencies. However, when equity capital is limited, global banks must benchmark domestic...  View Details
      Keywords: Global Banks; Monetary Policy Transmission; Cross-border Lending; Banks and Banking; Financial Markets; Global Range
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      Bräuning, Falk, and Victoria Ivashina. "Monetary Policy and Global Banking." Journal of Finance 75, no. 6 (December 2020): 3055–3095.
      • October 2020
      • Case

      TowerBrook: ESG in Action (A)

      By: Victoria Ivashina, Brian Trelstad and Meaghan Conway
      This case is the first of a two-part series that follows Ramez Sousou and his team at TowerBrook Capital Partners as they face a challenging investment decision in February of 2013. Since its founding, TowerBrook has prided itself on its purpose-driven investing...  View Details
      Keywords: ESG; Finance; Private Equity; Corporate Governance; Value Creation; Investment; Decision Making
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      Ivashina, Victoria, Brian Trelstad, and Meaghan Conway. "TowerBrook: ESG in Action (A)." Harvard Business School Case 221-045, October 2020.
      • October 2020
      • Supplement

      TowerBrook: ESG in Action (B)

      By: Victoria Ivashina, Brian Trelstad and Meaghan Conway
      This case is the second of a two-part series that follows Ramez Sousou and his team at TowerBrook Capital Partners as they face a challenging investment decision in February of 2013. It is intended to be distributed at the end of the discussion of “TowerBrook: ESG in...  View Details
      Keywords: ESG; Finance; Private Equity; Corporate Governance; Value Creation
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      Ivashina, Victoria, Brian Trelstad, and Meaghan Conway. "TowerBrook: ESG in Action (B)." Harvard Business School Supplement 221-046, October 2020.
      • October 2020 (Revised December 2020)
      • Case

      AfricInvest: A Pan-African Investment Platform

      By: Victoria Ivashina and Youssef Abdel Aal
      The case is set in December 2018, when Ziad Oueslati, co-managing director and co-founder of AfricInvest, a leading pan-African private equity firm headquartered in Tunisia, was reflecting on the future direction of his firm. AfricInvest started as a traditional small...  View Details
      Keywords: Finance; Private Equity; Venture Capital; Strategy; Governance; Financial Services Industry; Tunisia; Africa; Middle East
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      Ivashina, Victoria, and Youssef Abdel Aal. "AfricInvest: A Pan-African Investment Platform." Harvard Business School Case 221-037, October 2020. (Revised December 2020.)
      • October 2020
      • Case

      Unison Capital Korea: Gong Cha

      By: Victoria Ivashina and Sangyun Lee
      In the Spring of 2017, Soomin Kim, Founding Partner of Unison Capital Korea, and his team were debating the potential exit of Unison Capital Korea’s investment in Gong Cha Korea, the sole local franchisor of the premium milk tea brand that they proprietarily sourced...  View Details
      Keywords: Exit; Strategic Decision Making; Private Equity; Investment; Strategy; Investment Return; Decision Making; Bids and Bidding
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      Ivashina, Victoria, and Sangyun Lee. "Unison Capital Korea: Gong Cha." Harvard Business School Case 221-040, October 2020.
      • September 2020
      • Case

      Blackstone: Crocs Investment

      By: Victoria Ivashina, John D. Dionne and Terrence Shu
      This case follows Prakash Melwani (HBS MBA '86), CIO of Blackstone's Private Equity Group, and his teams’ investment in the footwear company Crocs. Instead of a traditional secondary offering, Crocs opted for a unique deal structure by taking Blackstone's cash in a...  View Details
      Keywords: Private Investment In Public Equity; PIPE Deal; Investment; Brands and Branding; Strategy
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      Ivashina, Victoria, John D. Dionne, and Terrence Shu. "Blackstone: Crocs Investment." Harvard Business School Case 221-023, September 2020.
      • September 2020
      • Case

      Summit Partners: Independent Vetcare

      By: Victoria Ivashina and Terrence Shu
      This case follows Summit Partners, a leading growth equity firm, as it evaluates an investment opportunity in IVC, a veterinary care group in the U.K. market. The case allows students to articulate and evaluate the investment thesis of this transaction. Additionally,...  View Details
      Keywords: Growth Equity; Investment Evaluation; Private Equity; Investment; Decision Making; Valuation
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      Ivashina, Victoria, and Terrence Shu. "Summit Partners: Independent Vetcare." Harvard Business School Case 221-024, September 2020.
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