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    • All HBS Web  (696)
      • Faculty Publications  (89)

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      Lessons Unlearned? Corporate Debt in Emerging Markets
      Lessons Unlearned? Corporate Debt in Emerging Markets
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      • April 2021
      • Supplement

      Exercise for Revlon: Surviving Covid-19

      By: Kristin Mugford and Sarah Gulick
      Exercise for Revlon: Surviving Covid-19  View Details
      Keywords: Leveraged Buyouts; Insolvency and Bankruptcy; Financial Liquidity; Bonds; Corporate Finance; Borrowing and Debt; Beauty and Cosmetics Industry; Financial Services Industry; United States
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      Mugford, Kristin, and Sarah Gulick. "Exercise for Revlon: Surviving Covid-19." Harvard Business School Spreadsheet Supplement 221-710, April 2021.
      • March 2021
      • Case

      Chime Solutions

      By: Shai Benjamin Bernstein, William R. Kerr, Christopher Stanton and Mel Martin
      Just two years after launching their 10k by 2020 initiative to hire 10,000 employees by 2020, the Covid-19 pandemic forced Chief Executive Officer Mark Wilson to send nearly all of his staff at Chime Solutions (Chime) to work from home. Chime was a customer contact...  View Details
      Keywords: Finance; Working Capital; Operations; Recruitment; Performance; Change Management; Communications Industry; Service Industry; United States
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      Bernstein, Shai Benjamin, William R. Kerr, Christopher Stanton, and Mel Martin. "Chime Solutions." Harvard Business School Case 821-105, March 2021.
      • March 2021
      • Case

      Revlon: Surviving Covid-19

      By: Kristin Mugford and Sarah Gulick
      In October 2020, Revlon faced a crossroads. While it had been struggling with high levels of debt before COVID-19, the pandemic had caused it to go further into debt. Unlike other financial crises, many consumers had stopped buying skincare or cosmetics, and sales of...  View Details
      Keywords: Leveraged Buyouts; Insolvency and Bankruptcy; Financial Liquidity; Bonds; Corporate Finance; Borrowing and Debt; Beauty and Cosmetics Industry; Financial Services Industry; United States
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      Mugford, Kristin, and Sarah Gulick. "Revlon: Surviving Covid-19." Harvard Business School Case 221-084, March 2021.
      • November 2020 (Revised February 2021)
      • Case

      Integrating Beam Suntory (A)

      By: David G. Fubini, Rawi Abdelal and David Lane
      The spring 2014 acquisition of U.S. alcoholic spirits maker Beam Inc. by Japan’s Suntory Holdings vaulted Suntory from 15th to third-largest international spirits company in the world. Yet Suntory had borrowed nearly the entire $16 billion purchase price, and relied on...  View Details
      Keywords: Family Business; Communication; Borrowing and Debt; Globalization; Corporate Governance; Governing and Advisory Boards; Retention; Leadership; Supply Chain; Organizational Structure; Ownership; Relationships; Conflict and Resolution; Integration; Value Creation; Food and Beverage Industry; Japan; United States; Chicago
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      Fubini, David G., Rawi Abdelal, and David Lane. "Integrating Beam Suntory (A)." Harvard Business School Case 421-003, November 2020. (Revised February 2021.)
      • November 2020
      • Supplement

      Integrating Beam Suntory (B)

      By: David G. Fubini, Rawi Abdelal and David Lane
      Supplements (A) case: The spring 2014 acquisition of U.S. alcoholic spirits maker Beam Inc. by Japan’s Suntory Holdings vaulted Suntory from 15th to third-largest international spirits company in the world. Yet Suntory had borrowed nearly the entire $16 billion...  View Details
      Keywords: Family Business; Communication; Borrowing and Debt; Globalization; Corporate Governance; Governing and Advisory Boards; Retention; Leadership; Supply Chain; Organizational Structure; Ownership; Relationships; Conflict and Resolution; Integration; Value Creation; Food and Beverage Industry; Japan; United States; Chicago
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      Fubini, David G., Rawi Abdelal, and David Lane. "Integrating Beam Suntory (B)." Harvard Business School Supplement 421-004, November 2020.
      • October 2020
      • Article

      Corporate Legal Structure and Bank Loan Spread

      By: Anywhere (Siko) Sikochi
      This study examines how a corporate legal structure may affect borrowing costs. Corporate legal structure refers to the legal fragmentation of a firm into multiple, separately incorporated entities. This fragmentation is bound to be a factor when lenders determine the...  View Details
      Keywords: Corporate Legal Structure; Subsidiaries; Bank Loans; Minority Interest; Credit Risk; Organizational Structure; Business Subsidiaries; Financing and Loans
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      Sikochi, Anywhere (Siko). "Corporate Legal Structure and Bank Loan Spread." Journal of Corporate Finance 64 (October 2020).
      • 2020
      • Working Paper

      Corporate Leadership and Creditor Recovery Rates: Evidence from Executive Gender

      By: Clarissa Hauptmann, Syrena Shirley and Anywhere Sikochi
      We examine the relationship between the gender of executives and corporate creditor recovery rates. Using 2,288 defaulted debt instruments, we find that female executives are associated with higher creditor recovery rates. Our findings are robust to tests that correct...  View Details
      Keywords: Executive Gender; Default; Recovery Rates; Debt; Corporate Bonds; Conservatism; Leadership; Gender; Borrowing and Debt; Bonds; Risk Management
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      Hauptmann, Clarissa, Syrena Shirley, and Anywhere Sikochi. "Corporate Leadership and Creditor Recovery Rates: Evidence from Executive Gender." Harvard Business School Working Paper, No. 20-087, February 2020.
      • September 2019
      • Case

      Funding Sources for Science & Technology Start-ups in India

      By: Tarun Khanna, Arjun Swarup and Rachna Tahilyani
      India's start-up ecosystem is amongst the largest globally, with a variety of funding options from angel investors, venture capital and corporate venture capital to debt. Classic consumer focused start-ups which look to leverage technology have been able to raise...  View Details
      Keywords: Venture Capital; Business Startups; Science; Technology; Financial Services Industry; Banking Industry; Technology Industry; India; South Asia
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      Khanna, Tarun, Arjun Swarup, and Rachna Tahilyani. "Funding Sources for Science & Technology Start-ups in India." Harvard Business School Case 720-401, September 2019.
      • 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...  View Details
      Keywords: Corporate Debt; Firm Size; Financial Fragility; Emerging Market; Organizations; Borrowing and Debt; Financial Condition; Emerging Markets; System Shocks
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      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 (Revised November 2019)
      • Case

      Sears: The Demise of an American Icon

      By: Kristin Mugford and Sarah L. Abbott
      In 2019, ESL Investments’ $5.2 billion offer to purchase Sears Holdings out of Chapter 11 bankruptcy, was accepted, despite opposition from the company's unsecured creditors and other parties. ESL, which was led by Eddie Lampert, had acquired a stake in Sears following...  View Details
      Keywords: Bankruptcy; Reorganization; Bonds; Restructuring; Business Divisions; Transformation; Fairness; Borrowing and Debt; Credit; Insolvency and Bankruptcy; Corporate Governance; Motivation and Incentives; Retail Industry; United States
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      Mugford, Kristin, and Sarah L. Abbott. "Sears: The Demise of an American Icon." Harvard Business School Case 219-106, April 2019. (Revised November 2019.)
      • February 2019 (Revised February 2020)
      • Case

      Scandal at Steinhoff

      By: Kristin Mugford and Phil Caruso
      Keywords: Volatility; Borrowing and Debt; Insolvency and Bankruptcy; Financial Liquidity; Bonds; Corporate Accountability; Failure; International Finance; Restructuring; Business Conglomerates; Crime and Corruption; Retail Industry; South Africa; Austria; Netherlands
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      Mugford, Kristin, and Phil Caruso. "Scandal at Steinhoff." Harvard Business School Case 219-098, February 2019. (Revised February 2020.)
      • February 2019 (Revised January 2020)
      • Case

      Pierre Foods Acquisition of Advance Foods (A)

      By: Guhan Subramanian and Mike Harmon
      This case (A), and its related cases (B-E), establish a setting to discuss an M&A transaction and some of the key legal contracts that are associated with it. In 2010, private equity backed food manufacturer Pierre Foods is contemplating the acquisition of a key...  View Details
      Keywords: Mergers and Acquisitions; Contracts; Agreements and Arrangements; Negotiation; Complexity
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      Subramanian, Guhan, and Mike Harmon. "Pierre Foods Acquisition of Advance Foods (A)." Harvard Business School Case 919-022, February 2019. (Revised January 2020.)
      • 2018
      • Working Paper

      Corporate Refinancing, Covenants, and the Agency Cost of Debt

      By: Daniel Green
      How valuable are restrictive debt covenants in reducing the agency costs of debt? I exploit the revealed preference decision to refinance fixed-coupon bonds, which weighs observable interest rate savings against the unobservable costs of a change in restrictive...  View Details
      Keywords: Covenants; Refinancing; Corporate Bonds; Agency Costs; Debt Policy; Borrowing and Debt; Bonds; Interest Rates
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      Green, Daniel. "Corporate Refinancing, Covenants, and the Agency Cost of Debt." Working Paper, 2018. (Revise and Resubmit, Journal of Finance.)
      • June 2018
      • Case

      Burton Sensors, Inc.

      By: William E. Fruhan and Wei Wang
      Burton Sensors presents a realistic situation where a small, rapidly growing, and profitable temperature sensor original equipment manufacturer (OEM) reaches its debt capacity and seeks equity financing to sustain high growth. The president of the company must decide...  View Details
      Keywords: Financing and Loans; Acquisition; Investment; Financial Strategy; Decision Choices and Conditions
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      Fruhan, William E., and Wei Wang. "Burton Sensors, Inc." Harvard Business School Brief Case 918-539, June 2018.
      • April 2018
      • Case

      Globalizing Japan's Dream Machine: Recruit Holdings Co., Ltd.

      By: Sandra J. Sucher and Shalene Gupta
      Recruit Holdings, an advertising media, staffing, and business support conglomerate was founded in 1960 by Hiromasa Ezoe. Recruit was built on the principle that the company should add value to society. To do this, it hired young and talented employees and created a...  View Details
      Keywords: Business Conglomerates; Mission and Purpose; Organizational Culture; Crime and Corruption; Transition; Globalization; Japan
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      Sucher, Sandra J., and Shalene Gupta. "Globalizing Japan's Dream Machine: Recruit Holdings Co., Ltd." Harvard Business School Case 318-130, April 2018.
      • 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...  View Details
      Keywords: Pension Fund Investing; Infrastucture; Power/energy; Credit Enhancement; Infrastructure; Project Finance; Investment Funds; Emerging Markets; Nigeria; Africa
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      Macomber, John, and Pippa Tubman Armerding. "Infrastructure in Nigeria: Unlocking Pension Fund Investments." Harvard Business School Case 218-071, February 2018.
      • February 2018
      • Article

      Financial Repression in the European Sovereign Debt Crisis

      By: Bo Becker and Victoria Ivashina
      By the end of 2013, the share of government debt held by the domestic banking sectors of Eurozone countries was more than twice its 2007 level. We show that this type of increasing reliance on the domestic banking sector for absorbing government bonds generates a...  View Details
      Keywords: Credit Cycles; Sovereign Debt; Financial Repression; Sovereign Finance; Borrowing and Debt; Credit; Europe
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      Becker, Bo, and Victoria Ivashina. "Financial Repression in the European Sovereign Debt Crisis." Review of Finance 22, no. 1 (February 2018): 83–115.
      • 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...  View Details
      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
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      Kester, W. Carl, and Emily R. McComb. "Capital Allocation at HCA." Harvard Business School Case 218-039, January 2018. (Revised April 2021.)
      • July 2017
      • Case

      Centerbridge Partners and Great Wolf Resorts: Buying from a Highly Regarded Competitor

      By: Josh Lerner, John D. Dionne and Amram Migdal
      The case examines the March 2015 Centerbridge Partners investment decision regarding whether to acquire Great Wolf Resorts, a North American family-oriented indoor water parks and hotel operator, from a private equity (PE) competitor, Apollo Global Management. The case...  View Details
      Keywords: Private Equity Financing; Commercial Mortgage Backed Securities; Cmbs; Secondary Buyouts; Business Ventures; Acquisition; Finance; Borrowing and Debt; Cost; Cost of Capital; Equity; Private Equity; Financial Instruments; Debt Securities; Accommodations Industry; Entertainment and Recreation Industry; Financial Services Industry; North and Central America; United States
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      Lerner, Josh, John D. Dionne, and Amram Migdal. "Centerbridge Partners and Great Wolf Resorts: Buying from a Highly Regarded Competitor." Harvard Business School Case 818-023, July 2017.
      • June 2017
      • Teaching Note

      The U-Turns of National Truck Stops

      By: Nori Gerardo Lietz and Alexander W. Schultz
      Raj Makam had spent months trying to restructure a 2006 investment he had made in National Truck Stops, Inc. (“NTS”) as a senior member of Oaktree Capital Management’s (“Oaktree”) Mezzanine finance business within their Corporate Debt platform. It was the first time...  View Details
      Keywords: Mezzanine Financing; Corporate Debt; Bankruptcy; Real Assets; Financing and Loans; Borrowing and Debt; Insolvency and Bankruptcy; Restructuring; Private Equity; Cost vs Benefits; Atlanta; New York (city, NY)
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      Lietz, Nori Gerardo, and Alexander W. Schultz. "The U-Turns of National Truck Stops." Harvard Business School Teaching Note 217-075, June 2017.
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      Lessons Unlearned? Corporate Debt in Emerging Markets
      Lessons Unlearned? Corporate Debt in Emerging Markets
      → Search All HBS Web
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