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- October 2023
- Case
Leading Transformation at IHCL
By: Krishna G. Palepu, V.G. Narayanan and Malini Sen
In November 2017, Puneet Chhatwal, took charge as MD and CEO of IHCL, popularly referred to as the Taj Hotels. Despite being India’s largest hospitality company by market capitalization and respected for its values and service, IHCL had made losses for the last seven...
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- 2023
- Working Paper
The Imperfect Intermediation of Money-Like Assets
By: Jonathan Wallen and Jeremy C. Stein
We study supply-and-demand effects in the U.S. Treasury bill market by comparing the returns on T-bills to the administered policy rate on the Federal Reserve’s reverse repurchase (RRP) facility. In spite of the arguably more money-like properties of an investment in...
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- 2023
- Working Paper
The Credit Supply Channel of Monetary Policy Tightening and Its Distributional Impacts
By: Joshua Bosshardt, Marco Di Maggio, Ali Kakhbod and Amir Kermani
This paper studies how tightening monetary policy transmits to the economy through the mortgage market and sheds new light on the distributional consequences at both the individual and regional levels. We find that credit supply factors, specifically restrictions on...
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- June 2023
- Article
Why Is Dollar Debt Cheaper? Evidence from Peru
By: Bryan Gutiérrez, Victoria Ivashina and Juliana Salomao
In emerging markets, a significant share of corporate loans are denominated in dollars. Using novel data that enables us to see currency and the cost of credit, in addition to several other transaction-level characteristics, we re-examine the reasons behind dollar...
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- 2022
- Working Paper
The Issuance and Design of Sustainability-linked Loans
By: Maria Loumioti and George Serafeim
Sustainability-linked loans (i.e., syndicated loans for which pricing is linked to a sustainability performance indicator) have rapidly evolved into a significant private debt product. We find that sustainability-linked lending has been available mostly to borrowers...
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- October 2022
- Case
Masdar City: Aiming for Sustainable and Profitable Real Estate
By: Boris Vallee and Fares Khrais
Masdar City broke ground in 2008 and was conceived by the Abu Dhabi government to be an international beacon of innovation in sustainable energy and real estate. It was also to be a profitable investment for the government. At first glance, the two goals pulled in...
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Keywords:
Analysis;
Business Growth And Maturation;
Decisions;
Public Sector;
Financial Crisis;
Construction;
Climate Change;
Green Technology;
Borrowing And Debt;
Corporate Finance;
Capital;
Capital Budgeting;
Capital Structure;
Cost Of Capital;
Equity;
REIT;
Financial Management;
Financial Strategy;
Initial Public Offering;
Innovation;
Growth And Development Strategy;
Emerging Markets;
Urban Development;
Middle East;
United Arab Emirates;
Sustainable Cities;
Green Building;
Business and Government Relations;
Decision Choices and Conditions;
Financing and Loans;
Real Estate Industry;
Construction Industry;
Energy Industry;
Green Technology Industry;
Abu Dhabi
- 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...
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- February 2022 (Revised May 2022)
- Case
Jaypee Infratech and the Indian Bankruptcy Code
By: Kristin Mugford, William Vrattos and Radhika Kak
In 2016, India passed a new bankruptcy law (IBC) to counter a brewing bank crisis and increased corporate distress. Homebuilder Jaypee Infratech, one of India largest distressed companies (the “dirty dozen”) began restructuring under the IBC in 2017. Two years later,...
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Keywords:
Restructuring;
Decisions;
Judgments;
Voting;
Developing Countries and Economies;
Financial Crisis;
Public Sector;
Asset Pricing;
Borrowing and Debt;
Corporate Finance;
Credit;
Insolvency and Bankruptcy;
Debt Securities;
Bonds;
Investment Return;
Price;
Government Legislation;
Laws and Statutes;
Bids and Bidding;
Business and Stakeholder Relations;
Risk and Uncertainty;
Valuation;
Real Estate Industry;
India;
Delhi
- 2022
- Working Paper
Calling All Issuers: The Market for Debt Monitoring
By: Huaizhi Chen, Lauren Cohen and Weiling Liu
A substantial fraction of local governments refinance their long-term debt with significant delays—resulting in sizable losses. Using data from 2001 to 2018, we estimate that U.S. municipals lost over $31 billion from this delayed refinancing, whereas the entire U.S....
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- November 2021 (Revised January 2023)
- Case
The Global Great Depression, 1929-1939
By: Alberto Cavallo, Sophus A. Reinert and Federica Gabrieli
The Great Depression was, by far, the worst economic contraction of the twentieth century, and some of the most important ideas about both fiscal and monetary policy in the second half of the century were developed in response to it. The economic collapse, which...
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- March 2021 (Revised April 2021)
- Case
Making Impact Investing Markets: IFC (A)
By: Shawn A. Cole, John Masko and T. Robert Zochowski
In 2017, the International Finance Corporation (IFC) faced the first big investment decision in its new Scaling Solar project. Founded in 1956, IFC was an international investment body with national governments as shareholders, whose mission was to promote economic...
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Keywords:
Impact Investing;
Development Economics;
Developing Countries and Economies;
Renewable Energy;
Climate Change;
Environmental Sustainability;
Borrowing and Debt;
Credit;
Equity;
Bonds;
Financing and Loans;
Growth and Development;
Emerging Markets;
Non-Governmental Organizations;
Corporate Social Responsibility and Impact;
Investment;
Decision Making;
Financial Services Industry;
Energy Industry;
Zambia
- March 2021
- Supplement
Making Impact Investing Markets: IFC (B)
By: Shawn A. Cole, John Masko and T. Robert Zochowski
In 2018, Thailand’s Bank of Ayudhya (known as Krungsri), was considering whether to participate in the first issue of a new financial instrument from the International Finance Corporation (IFC), known as a gender bond. Building on the success of the Green Bond program...
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Keywords:
Impact Investment;
Development Economics;
Developing Countries and Economies;
Borrowing and Debt;
Credit;
Equity;
Bonds;
Financing and Loans;
Growth and Development;
Emerging Markets;
Non-Governmental Organizations;
Corporate Social Responsibility and Impact;
Financial Instruments;
Gender;
Financial Services Industry;
Thailand
- Article
CDS Trading and Nonrelationship Lending Dynamics
By: Jung Koo Kang, Christopher Williams and Regina Wittenberg-Moerman
We investigate how credit default swaps (CDSs) affect lenders’ incentives to initiate new lending relationships. We predict that CDSs reduce adverse selection that nonrelationship lead arrangers face when competing for loans. Consistently, we find that a loan is...
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- 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...
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- February 2021
- Supplement
HNA Group: Global Excellence with Chinese Characteristics (C)
By: William C. Kirby, Billy Chan and John P. McHugh
July 2017 was supposed to be a triumphant month for HNA Group. The latest Fortune Global 500 list showed the company had again skyrocketed in its ranking to no. 170, an improvement of over 200 positions from the year prior. Yet earlier that same July, the mysterious...
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Keywords:
Conglomerate;
Airline Industry;
Coronavirus;
Financial Risk;
Debt;
Bankruptcy;
Global Strategy;
Restructuring;
Health Pandemics;
Financial Markets;
Organizational Change and Adaptation;
Financial Condition;
Globalized Firms and Management;
Business and Government Relations;
Air Transportation Industry;
Financial Services Industry;
China
- January 2021 (Revised March 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...
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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
- 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...
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Keywords:
Collusion;
Antitrust;
IPO Underwriting;
Syndication;
＂Repeated Games＂;
Markets;
Game Theory
- 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...
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- 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...
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- 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...
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