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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...
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- 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
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...
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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...
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Keywords:
Airlines;
Pandemic;
Coronavirus Pandemic;
Health Pandemics;
Air Transportation;
Insolvency and Bankruptcy;
Capital Markets;
Strategy;
Latin America;
Chile;
United States
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...
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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...
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- 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...
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- 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...
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Keywords:
Performance Management;
Balanced Scorecard;
Performance Expectations;
Performance Evaluation;
Performance Improvement;
Organizational Culture;
Strategy;
Banking Industry;
Africa;
Egypt
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...
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Keywords:
Credit Rating Agencies;
Credit Ratings;
Rating Adjustments;
Rating Disagreement;
Geographic Proximity;
Soft Information;
Credit;
Geographic Location;
Local Range
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...
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Keywords:
Foreign Currency Hedging;
Fx Derivatives;
Cash Flow;
Foreign Currency Debt;
Currency Mismatch;
Trade Credit
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...
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- 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...
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Keywords:
Transformation;
Chemicals;
Leading Change;
Crisis Management;
Organizational Change and Adaptation;
Chemical Industry;
United States
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
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
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...
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Keywords:
Fiscal Capacity;
Public Debt;
French West Africa;
British West Africa;
Geography;
History;
Africa
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...
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Keywords:
Borrowing and Debt;
Household;
Personal Finance;
Decision Making;
Behavior;
India;
Philippines
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...
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Keywords:
Sovereign Debt;
Local-currency Bonds;
Foreign Reserves;
Sovereign Finance;
Borrowing and Debt;
Bonds;
Financial Markets;
Developing Countries and Economies
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,...
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Keywords:
Student Debt;
Private Student Loans;
Legal Settlement;
Mobility;
Debt Collection;
Debt Relief;
Borrowing and Debt;
Personal Finance;
Outcome or Result;
United States
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...
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Keywords:
Corporate Debt;
Firm Size;
Financial Fragility;
Emerging Market;
Organizations;
Borrowing and Debt;
Financial Condition;
Emerging Markets;
System Shocks
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...
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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...
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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.