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    • All HBS Web  (2,243)
      • Faculty Publications  (547)

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      Contractual Restrictions and Debt Traps
      Undisclosed Debt Sustainability
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      • February 2021
      • Case

      Barbarians at the Gate or Turnaround Gurus? Private Equity and the Rise of the LBO

      By: Tom Nicholas and John Masko
      During the 1980s, leveraged buyouts (LBOs) and the private equity (PE) firms responsible for carrying them out revolutionized both investment and management in the U.S. Between 1980 and 1989, buyout activity in the U.S. surged from $1 billion per year to $60 billion....  View Details
      Keywords: Leveraged Buyouts; Mergers And Acquisitions; Business Conglomerates; Restructuring; Borrowing And debt; Private Equity; Bonds; Investment Return; Institutional Investing; Profit Sharing; Business History; Management Style; Private Ownership; Performance Effectiveness; Value Creation; Financial Services Industry; United States
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      Nicholas, Tom, and John Masko. "Barbarians at the Gate or Turnaround Gurus? Private Equity and the Rise of the LBO." Harvard Business School Case 821-016, February 2021.
      • February 6, 2021
      • Editorial

      The Chinese Debt Trap Is a Myth: The Narrative Wrongfully Portrays Both Beijing and the Developing Countries It Deals With.

      By: Deborah Brautigam and Meg Rithmire
      Our research shows that Chinese banks are willing to restructure the terms of existing loans and have never actually seized an asset from any country, much less the port of Hambantota. A Chinese company’s acquisition of a majority stake in the port was a cautionary...  View Details
      Keywords: Financing And Loans; Developing Countries And Economies; International Relations; China
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      Brautigam, Deborah, and Meg Rithmire. "The Chinese Debt Trap Is a Myth: The Narrative Wrongfully Portrays Both Beijing and the Developing Countries It Deals With." The Atlantic (website) (February 6, 2021).
      • 2021
      • Working Paper

      The Effects of Local Government Financial Distress: Evidence from Toxic Loans

      By: Boris Vallee and Julien Sauvagnat
      We examine the response from both local governments and their voters to a sudden increase in public debt burden. We exploit plausibly exogenous variation in the ex post cost of toxic loans, a notorious financial innovation adopted by a large number of local governments....  View Details
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      Vallee, Boris, and Julien Sauvagnat. "The Effects of Local Government Financial Distress: Evidence from Toxic Loans." Working Paper, February 2021.
      • January 2021
      • Case

      Aster DM Healthcare: Budgeting for a Crisis

      By: V.G. Narayanan and Amy Klopfenstein
      In April 2020, Alisha Moopen, Deputy Managing Director of Aster DM Healthcare, a network of clinics, hospitals, and pharmacies in the Middle East and India, must create her company’s budget for the 2021 fiscal year in light of the onset of Covid-19. The pandemic had...  View Details
      Keywords: Decision Making; Decisions; Forecasting And Prediction; Judgments; Decision Choices And Conditions; Cost Vs Benefits; Budgets And Budgeting; Health Pandemics; Health Industry; Asia; India; United Arab Emirates; Dubai
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      Narayanan, V.G., and Amy Klopfenstein. "Aster DM Healthcare: Budgeting for a Crisis." Harvard Business School Case 121-001, January 2021.
      • January 2021
      • Supplement

      Aster DM Healthcare: Budget Exercise

      By: V.G. Narayanan and Amy Klopfenstein
      In April 2020, Alisha Moopen, Deputy Managing Director of Aster DM Healthcare, a network of clinics, hospitals, and pharmacies in the Middle East and India, must create her company’s budget for the 2021 fiscal year in light of the onset of Covid-19. The pandemic had...  View Details
      Keywords: Decision Making; Decisions; Forecasting And Prediction; Judgments; Decision Choices And Conditions; Cost Vs Benefits; Finance; Borrowing And debt; Financial Institutions; Banks And Banking; Financial Condition; Financial Liquidity; Accounting; Budgets And Budgeting; Management; Crisis Management; Health Pandemics; Health Industry; Asia; India; United Arab Emirates; Dubai
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      Narayanan, V.G., and Amy Klopfenstein. "Aster DM Healthcare: Budget Exercise." Harvard Business School Spreadsheet Supplement 121-025, January 2021.
      • January 2021 (Revised January 2021)
      • Case

      Juno (A): Leveraging Student Power

      By: Joshua Schwartzstein, Kathleen L. McGinn and Amy Klopfenstein
      In March 2020, Chris Abkarians and Nikhil Agarwal were in the midst of preparing the annual auction for their student loan assistance startup, Juno. Both current MBA students at Harvard Business School, the duo founded Juno in 2018 to leverage student bargaining power...  View Details
      Keywords: Decision Making; Decision Choices And Conditions; Decisions; Cost Vs Benefits; Education; Higher Education; Finance; Borrowing And debt; Strategy; Adaptation; Alignment; Negotiation; Agreements And Arrangements; Negotiation Participants; Negotiation Process; Negotiation Tactics; Negotiation Deal; Negotiation Offer; Negotiation Types; Financial Services Industry; Education Industry; North And Central America; United States; Massachusetts; Boston
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      Schwartzstein, Joshua, Kathleen L. McGinn, and Amy Klopfenstein. "Juno (A): Leveraging Student Power." Harvard Business School Case 921-032, January 2021. (Revised January 2021.)
      • January 2021 (Revised January 2021)
      • Supplement

      Juno (B): Leveraging Student Power

      By: Joshua Schwartzstein, Kathleen L. McGinn and Amy Klopfenstein
      In March 2020, Juno co-founders Chris Abkarians and Nikhil Agarwal decided to pitch banks in anticipation of their annual auction while negotiating directly with private lender Eager. Responses from the majority of private lenders—including Juno’s 2019 partner—were not...  View Details
      Keywords: Decision Making; Decision Choices And Conditions; Decisions; Cost Vs Benefits; Judgments; Education; Higher Education; Finance; Borrowing And debt; Strategy; Adaptation; Alignment; Negotiation; Negotiation Deal; Negotiation Offer; Negotiation Participants; Negotiation Process; Negotiation Types; Financial Services Industry; Education Industry; North And Central America; United States; Massachusetts; Boston
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      Schwartzstein, Joshua, Kathleen L. McGinn, and Amy Klopfenstein. "Juno (B): Leveraging Student Power." Harvard Business School Supplement 921-033, January 2021. (Revised January 2021.)
      • January 2021 (Revised January 2021)
      • Supplement

      Juno (C): Leveraging Student Power

      By: Joshua Schwartzstein, Kathleen L. McGinn and Amy Klopfenstein
      In May 2020, Juno co-founders Chris Abkarians and Nikhil Agarwal decided to hold the annual auction for their student loan assistance startup. Five lenders submitted bids, and the co-founders ultimately opted to select Eager Bank as their partner for the 2020-2021...  View Details
      Keywords: Decision Making; Decision Choices And Conditions; Decisions; Cost Vs Benefits; Judgments; Education; Higher Education; Finance; Borrowing And debt; Strategy; Adaptation; Alignment; Negotiation; Agreements And Arrangements; Negotiation Deal; Negotiation Offer; Negotiation Participants; Negotiation Process; Negotiation Tactics; Negotiation Types; Financial Services Industry; Education Industry; North And Central America; United States; Massachusetts; Boston
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      Schwartzstein, Joshua, Kathleen L. McGinn, and Amy Klopfenstein. "Juno (C): Leveraging Student Power." Harvard Business School Supplement 921-034, January 2021. (Revised January 2021.)
      • January 2021 (Revised February 2021)
      • Case

      Carnival Corporation: Cruising Through COVID-19

      By: Stuart C. Gilson and Sarah Abbott
      In March 2020, in response to the global pandemic, the cruise industry ceased operations. Carnival was the largest cruise line operator in the world, and CEO Arnold Donald and his management team worked to position the company to survive. They slashed operating...  View Details
      Keywords: Debt Issuance; Equity Issuances; Convertible Debt; Cruise Lines; Restructuring; Capital; Crisis Management; Cash Flow; Travel Industry; United States
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      Gilson, Stuart C., and Sarah Abbott. "Carnival Corporation: Cruising Through COVID-19." Harvard Business School Case 221-028, January 2021. (Revised February 2021.)
      • 2021
      • Working Paper

      No-fault Default, Chapter 11 Bankruptcy, and Financial Institutions

      By: Robert C. Merton and Richard T. Thakor
      This paper analyzes the costs and benefits of a no-fault-default debt structure as an alternative to the typical bankruptcy process. We show that the deadweight costs of bankruptcy can be avoided or substantially reduced through no-fault-default debt, which permits a...  View Details
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      Merton, Robert C., and Richard T. Thakor. "No-fault Default, Chapter 11 Bankruptcy, and Financial Institutions." NBER Working Paper Series, No. 28341, January 2021.
      • 2021
      • Working Paper

      Real Credit Cycles

      By: Pedro Bordalo, Nicola Gennaioli, Andrei Shleifer and Stephen J. Terry
      We incorporate diagnostic expectations, a psychologically founded model of overreaction to news, into a workhorse business cycle model with heterogeneous firms and risky debt. A realistic degree of diagnosticity, estimated from the forecast errors of managers of US...  View Details
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      Bordalo, Pedro, Nicola Gennaioli, Andrei Shleifer, and Stephen J. Terry. "Real Credit Cycles." NBER Working Paper Series, No. 28416, January 2021.
      • December 2020
      • Case

      PG&E and the First Climate Change Bankruptcy

      By: Stuart C. Gilson and Sarah L. Abbott
      In early 2020, the California-based utility PG&E filed a second amended plan of reorganization. PG&E had filed for Chapter 11 bankruptcy in the face of more than $30 billion of legal claims brought against it for its alleged role in causing California wildfires. The...  View Details
      Keywords: Chapter 11; Utilities; Liabilities; Restructuring; Insolvency And Bankruptcy; debt Securities; Legal Liability; Climate Change; Utilities Industry; United States
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      Gilson, Stuart C., and Sarah L. Abbott. "PG&E and the First Climate Change Bankruptcy." Harvard Business School Case 221-057, December 2020.
      • 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.
      • 2020
      • Working Paper

      'Repayment-by-Purchase' Helps Consumers to Reduce Credit Card Debt

      By: Grant E. Donnelly, Cait Lamberton, Stephen Bush, Zoe Chance and Michael I. Norton
      Many consumers struggle to repay their credit card debt, in part because paying small portions of large bills often feels fruitless. We introduce a novel credit card payment option—repayment-by-purchase—and examine its influence on both the amount consumers’ repay and...  View Details
      Keywords: Consumer Debt; Goal Pursuit; Goal Progress; Financial Decison-making; Personal Finance; Credit Cards; Borrowing And debt; Goals And Objectives; Motivation And Incentives; Decision Making
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      Donnelly, Grant E., Cait Lamberton, Stephen Bush, Zoe Chance, and Michael I. Norton. "'Repayment-by-Purchase' Helps Consumers to Reduce Credit Card Debt." Harvard Business School Working Paper, No. 21-060, November 2020.
      • October 2020
      • Case

      Francisco Partners Private Credit Opportunity Fund

      By: Luis M. Viceira, John D. Dionne, Soracha Prathanrasnikorn and Ari Sunshine
      In April 2020, Scott Einsenberg, the Head of Credit at the private equity firm Francisco Partners, is deciding whether to go ahead with extending a private lending agreement to Eventbrite, Inc. (NYSE: EB), a leading global event management and online ticketing...  View Details
      Keywords: Private Debt; Private Credit; Industry Evolution; Private Equity; Investment; Analysis
      Citation
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      Viceira, Luis M., John D. Dionne, Soracha Prathanrasnikorn, and Ari Sunshine. "Francisco Partners Private Credit Opportunity Fund." Harvard Business School Case 221-002, October 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).
      • October 2020
      • Article

      Collusion in Markets with Syndication

      By: John William Hatfield, Scott Duke Kominers, Richard Lowery and Jordan M. Barry
      Markets for IPOs and debt issuances are syndicated, in the sense that a bidder who wins a contract may invite losing bidders to join a syndicate that together fulfills the contract. We show that in markets with syndication, standard intuitions from industrial...  View Details
      Keywords: Collusion; Antitrust; Ipo Underwriting; Syndication; "repeated Games"; Markets; Game Theory
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      Hatfield, John William, Scott Duke Kominers, Richard Lowery, and Jordan M. Barry. "Collusion in Markets with Syndication." Journal of Political Economy 128, no. 10 (October 2020).
      • September 2020 (Revised November 2020)
      • Case

      d.light

      By: Michael Chu, Krishna G. Palepu and Dilyana Karadzhova Botha
      Kenyan off-grid-solar pioneer d.light can power entire homes in rural Africa but must now decide how to fund the growth of its asset-heavy business model. Ned Tozun and Sam Goldman founded d.light in 2006 to transform lives through solar solutions enabling access to...  View Details
      Keywords: Alternative Energy; Business Model; Capital; Emerging Markets; Expansion; Financial Strategy; Renewable Energy; Strategy; Social Entrepreneurship; Energy Industry; Africa; Kenya; India
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      Chu, Michael, Krishna G. Palepu, and Dilyana Karadzhova Botha. "d.light." Harvard Business School Case 321-069, September 2020. (Revised November 2020.)
      • 2020
      • Chapter

      Reserve Accumulation, Sovereign Debt, and Exchange Rate Policy

      By: Laura Alfaro and Fabio Kanczuk
      In the past decade, foreign participation in local-currency bond markets in emerging countries increased dramatically. Additionally, emerging countries are increasingly deviating from inflation targeting regimes, managing their exchange rate and engaging in...  View Details
      Keywords: Reserves; Exchange Rate; Sovereign Finance; Currency Exchange Rate; Policy
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      Alfaro, Laura, and Fabio Kanczuk. "Reserve Accumulation, Sovereign Debt, and Exchange Rate Policy." In Asset Management at Central Banks and Monetary Authorities: New Practices in Managing International Foreign Exchange Reserves, edited by Jacob Bjorheim. Springer, 2020. (Book link.)
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