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  • All HBS Web  (1,215)
    • Faculty Publications  (155)

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    • All HBS Web  (1,215)
      • Faculty Publications  (155)

      Debt Markets Remove Debt Markets →

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      Lessons Unlearned? Corporate Debt in Emerging Markets
      Lessons Unlearned? Corporate Debt in Emerging Markets
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      • 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
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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

      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).
      • 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.)
      • August 2020 (Revised December 2020)
      • Case

      Latam Airlines and COVID-19: Seeking Bankruptcy Protection in the United States

      By: Laura Alfaro, Mauricio Larrain, Carlos Vilches and Sarah Jeong
      On May 26, 2020, Latam Airlines became the largest airline in the world to be driven to bankruptcy by COVID-19. With a complex debt structure and international investor composition, the company decided to file for bankruptcy protection in the United States, which...  View Details
      Keywords: Airlines; Pandemic; Coronavirus Pandemic; Health Pandemics; Air Transportation; Insolvency and Bankruptcy; Capital Markets; Strategy; Latin America; Chile; United States
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      Alfaro, Laura, Mauricio Larrain, Carlos Vilches, and Sarah Jeong. "Latam Airlines and COVID-19: Seeking Bankruptcy Protection in the United States." Harvard Business School Case 321-027, August 2020. (Revised December 2020.)
      • 2015
      • Working Paper

      On the Increasing Centralization of US Money and Credit

      By: Amar Bhidé
      My current work on the debt market liquidity (Bhidé 2015) and antecedent book (Bhidé 2010) critiques the de facto centralization of credit extension in the U.S. This essay examines how the increased centralization of credit maps into a decline in the decentralized...  View Details
      Keywords: Centralization; Money; Credit; United States
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      Bhidé, Amar. "On the Increasing Centralization of US Money and Credit." Harvard Business School Working Paper, No. 21-022, June 2015.
      • April 2020
      • Teaching Note

      Oaktree: Pierre Foods Investment

      By: Victoria Ivashina, Michael Harmon and Terrence Shu
      Teaching Note for HBS No. 219-018. This case is a setting to discuss “loan to own” investment strategy that is often pursued by distressed investors. The aftermath of the 2007 financial crisis left many companies with poor liquidity and limited ability to obtain...  View Details
      Keywords: Distress Investing; Investment; Debt Securities; Strategy; Restructuring
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      Ivashina, Victoria, Michael Harmon, and Terrence Shu. "Oaktree: Pierre Foods Investment." Harvard Business School Teaching Note 220-083, April 2020.
      • April 2020
      • Supplement

      Oaktree: Pierre Foods Investment

      By: Victoria Ivashina and Terrence Shu
      This case is a setting to discuss “loan to own” investment strategy that is often pursued by distressed investors. The aftermath of the 2007 financial crisis left many companies with poor liquidity and limited ability to obtain credit. One of these companies was Pierre...  View Details
      Keywords: Distress Investing; Investment; Debt Securities; Strategy; Restructuring
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      Ivashina, Victoria, and Terrence Shu. "Oaktree: Pierre Foods Investment." Harvard Business School Spreadsheet Supplement 220-715, April 2020.
      • March 2020 (Revised July 2020)
      • Case

      Performance Management at Afreximbank

      By: Robert S. Kaplan, Siko Sikochi and Josh Steimle
      Based in Cairo, Afreximbank was founded in October 1993 as a specialized continental financial institution designed to address the low level of intra-African trade, the decline in financial flows to Africa, the worsening external debt situation of many African...  View Details
      Keywords: Performance Management; Balanced Scorecard; Performance Expectations; Performance Evaluation; Performance Improvement; Organizational Culture; Strategy; Banking Industry; Africa; Egypt
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      Kaplan, Robert S., Siko Sikochi, and Josh Steimle. "Performance Management at Afreximbank." Harvard Business School Case 120-029, March 2020. (Revised July 2020.)
      • 2021
      • Working Paper

      International Evidence on the Effects of a Local Presence by U.S. Credit Rating Agencies

      By: Liran Eliner, Michael Machokoto and Anywhere Sikochi
      We investigate a long-standing claim in the international debt markets that major U.S.-based credit rating agencies do not fully understand developments in other economies and thereby impede firms' access to capital by assigning lower ratings. Consistent with this...  View Details
      Keywords: Credit Rating Agencies; Credit Ratings; Rating Adjustments; Rating Disagreement; Geographic Proximity; Soft Information; Credit; Geographic Location; Local Range
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      Eliner, Liran, Michael Machokoto, and Anywhere Sikochi. "International Evidence on the Effects of a Local Presence by U.S. Credit Rating Agencies." Harvard Business School Working Paper.
      • 2020
      • Working Paper

      Currency Hedging in Emerging Markets: Managing Cash Flow Exposure

      By: Laura Alfaro, Mauricio Calani and Liliana Varela
      Foreign currency derivative markets are among the largest in the world, yet their role in emerging markets in particular, is relatively understudied. We study firms' currency risk exposure and their hedging choices by employing a unique dataset covering the universe of...  View Details
      Keywords: Foreign Currency Hedging; Fx Derivatives; Cash Flow; Foreign Currency Debt; Currency Mismatch; Trade Credit
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      Alfaro, Laura, Mauricio Calani, and Liliana Varela. "Currency Hedging in Emerging Markets: Managing Cash Flow Exposure." Harvard Business School Working Paper, No. 21-096, March 2021.
      • January 2020 (Revised January 2020)
      • Case

      Salary Finance US

      By: John R. Wells and Benjamin Weinstock
      In October 2019, Dan Macklin, the newly-appointed chief executive of Salary Finance Inc., was weighing his options for the future of the business. The company’s value proposition was quite simple: partner with employers to offer employees affordable loans that were...  View Details
      Keywords: Employees; Credit; Financing and Loans; Wages; Innovation and Invention; Expansion; Growth Management; Decision Making; Financial Services Industry; United States
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      Wells, John R., and Benjamin Weinstock. "Salary Finance US." Harvard Business School Case 720-421, January 2020. (Revised January 2020.)
      • January 2020 (Revised July 2020)
      • Case

      Chemours (A)

      By: David G. Fubini and David Lane
      The July 2015 spin-off of DuPont’s performance chemicals division as the independent company Chemours burdened new CEO Mark Vergnano and his team with perilous challenges. Despite market-leading offerings in several areas, the company faced a glutted market for its...  View Details
      Keywords: Transformation; Chemicals; Leading Change; Crisis Management; Organizational Change and Adaptation; Chemical Industry; United States
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      Fubini, David G., and David Lane. "Chemours (A)." Harvard Business School Case 420-001, January 2020. (Revised July 2020.)
      • December 2019 (Revised March 2021)
      • Case

      Carroll Family Farms

      By: Forest Reinhardt, Christian Godwin and James Weber
      The Carroll Family, U.S. pig and grain farmers, needed to decide what to plant, whether to purchase land, emphasize pigs or grain, or other investments.

      Seven family members across three generations owned and operated Carroll Family Farms (CFF). In Illinois,...  View Details
      Keywords: Agribusiness; Animal-Based Agribusiness; Plant-Based Agribusiness; Operations; Strategy; Family Business; Asset Management; Globalization; Agriculture and Agribusiness Industry; United States; Brazil; China
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      Reinhardt, Forest, Christian Godwin, and James Weber. "Carroll Family Farms." Harvard Business School Case 720-005, December 2019. (Revised March 2021.)
      • 2019
      • Chapter

      From Coast to Hinterland: Fiscal State Formation in British and French West Africa, c. 1880–1960

      By: Ewout Frankema and Marlous van Waijenburg
      This chapter contrasts and compares the ways different colonial states in West Africa developed local fiscal capacity. We show that per capita revenues were higher in the more commercialised coastal export economies than in remote parts of the interior. We argue that...  View Details
      Keywords: Fiscal Capacity; Public Debt; French West Africa; British West Africa; Geography; History; Africa
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      Frankema, Ewout, and Marlous van Waijenburg. "From Coast to Hinterland: Fiscal State Formation in British and French West Africa, c. 1880–1960." In Fiscal Capacity and the Colonial State in Africa and Asia, c. 1850–1960, edited by Ewout Frankema and Anne Booth, 161–192. Cambridge: Cambridge University Press, 2019.
      • June 2019
      • Article

      Debt Traps? Market Vendors and Moneylender Debt in India and the Philippines

      By: Dean Karlan, Sendhil Mullainathan and Benjamin Roth
      A debt trap occurs when someone takes on a high-interest rate loan and is barely able to pay back the interest, and thus perpetually finds themselves in debt (often by refinancing). Studying such practices is important for understanding financial decision-making of...  View Details
      Keywords: Borrowing and Debt; Household; Personal Finance; Decision Making; Behavior; India; Philippines
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      Karlan, Dean, Sendhil Mullainathan, and Benjamin Roth. "Debt Traps? Market Vendors and Moneylender Debt in India and the Philippines." American Economic Review: Insights 1, no. 1 (June 2019): 27–42.
      • June 2019
      • Article

      Debt Redemption and Reserve Accumulation

      By: Laura Alfaro and Fabio Kanczuk
      In the past decade, foreign participation in local-currency bond markets in emerging countries increased dramatically. We revisit sovereign debt sustainability under the assumptions that countries can accumulate reserves and borrow internationally using their own...  View Details
      Keywords: Sovereign Debt; Local-currency Bonds; Foreign Reserves; Sovereign Finance; Borrowing and Debt; Bonds; Financial Markets; Developing Countries and Economies
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      Alfaro, Laura, and Fabio Kanczuk. "Debt Redemption and Reserve Accumulation." IMF Economic Review 67, no. 2 (June 2019): 261–287. (Also NBER Working Paper No. 19098.)
      • 2019
      • Working Paper

      Second Chance: Life Without Student Debt

      By: Marco Di Maggio, Ankit Kalda and Vincent Yao
      Rising student debt is considered one of the creeping threats of our time. This paper examines the effect of student debt relief on individual credit and labor market outcomes. We exploit the plausibly random debt discharge due to the inability of National Collegiate,...  View Details
      Keywords: Student Debt; Private Student Loans; Legal Settlement; Mobility; Debt Collection; Debt Relief; Borrowing and Debt; Personal Finance; Outcome or Result; United States
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      Di Maggio, Marco, Ankit Kalda, and Vincent Yao. "Second Chance: Life Without Student Debt." NBER Working Paper Series, No. 25810, May 2019. (Revise and Resubmit to The Journal of Finance.)
      • 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
      • Article

      Private Equity and Financial Fragility during the Crisis

      By: Shai Bernstein, Josh Lerner and Filippo Mezzanotti
      Do private equity firms contribute to financial fragility during economic crises? We find that during the 2008 financial crisis, PE-backed companies increased investments relative to their peers, while also experiencing greater equity and debt inflows. The effects are...  View Details
      Keywords: Private Equity; Financial Crisis; Performance; Financial Condition
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      Bernstein, Shai, Josh Lerner, and Filippo Mezzanotti. "Private Equity and Financial Fragility during the Crisis." Review of Financial Studies 32, no. 4 (April 2019): 1309–1373. (Earlier version distributed as National Bureau of Economic Research Working Paper No. 23626 and Harvard Business School Working Paper No. 18-005.)
      • 2019
      • Working Paper

      Reflexivity in Credit Markets

      By: Robin Greenwood, Samuel G. Hanson and Lawrence J. Jin
      Reflexivity is the idea that investors' biased beliefs affect market outcomes, and that market outcomes in turn affect investors' beliefs. We develop a behavioral model of the credit cycle featuring such a two-way feedback loop. In our model, investors form beliefs...  View Details
      Keywords: Reflexivity; Attitudes; Financial Markets; Forecasting and Prediction; Investment; Credit
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      Greenwood, Robin, Samuel G. Hanson, and Lawrence J. Jin. "Reflexivity in Credit Markets." NBER Working Paper Series, No. 25747, April 2019.
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      Lessons Unlearned? Corporate Debt in Emerging Markets
      Lessons Unlearned? Corporate Debt in Emerging Markets
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