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- 2024
- Working Paper
The Effects of Medical Debt Relief: Evidence from Two Randomized Experiments
By: Raymond Kluender, Neale Mahoney, Francis Wong and Wesley Yin
Two in five Americans have medical debt, nearly half of whom owe at least $2,500. Concerned by this burden, governments and private donors have undertaken large, high-profile efforts to relieve medical debt. We partnered with RIP Medical Debt to conduct two randomized... View Details
Kluender, Raymond, Neale Mahoney, Francis Wong, and Wesley Yin. "The Effects of Medical Debt Relief: Evidence from Two Randomized Experiments." NBER Working Paper Series, No. 32315, April 2024.
- 2023
- Working Paper
Sovereign Default and the Decline in Interest Rates
By: Max Miller, James Paron and Jessica Wachter
Sovereign debt yields have declined dramatically over the last half-century. Standard explanations, including aging populations and increases in asset demand from abroad, encounter difficulties when confronted with the full range of evidence. We propose an explanation... View Details
- February 2023
- Supplement
Performance Management at Afreximbank (B)
By: Robert S. Kaplan, Siko Sikochi, Anna Ngarachu and Namrata Arora
Supplements the (A) case. Founded in October 1993, the Cairo-based African Export-Import Bank (Afreximbank) was a specialized continental financial institution designed to address the low level of intra-African trade, the decline in financial flows to Africa, the... View Details
Keywords: COVID-19 Pandemic; Performance Evaluation; Organizational Culture; Crisis Management; Banking Industry; Africa
Kaplan, Robert S., Siko Sikochi, Anna Ngarachu, and Namrata Arora. "Performance Management at Afreximbank (B)." Harvard Business School Supplement 123-043, February 2023.
- June 2022 (Revised January 2023)
- Case
South Africa – a 'Just Energy Transition'
By: Richard Vietor
South Africa, like most other countries, is in the process of reducing its carbon emissions to comply with COP26 and, hopefully, reach net zero emissions by 2050. However, because South Africa relies almost wholly on coal (93%) for electricity, and on coal for... View Details
Keywords: Energy; Economic Development; Climate Change; Coal Mining; Emission Reduction; Environmental Regulation; Environmental Sustainability; Environmental Law; Labor and Management Relations; Labor Unions; Natural Resources; Energy Policy; Energy Sources; South Africa
Vietor, Richard. "South Africa – a 'Just Energy Transition'." Harvard Business School Case 722-069, June 2022. (Revised January 2023.)
- Article
The Economic Consequences of Bankruptcy Reform
By: Tal Gross, Raymond Kluender, Feng Liu, Matthew J. Notowidigdo and Jialan Wang
A more generous consumer bankruptcy system provides greater insurance against financial risks but may also raise the cost of credit. We study this trade-off using the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), which increased the costs of... View Details
Keywords: Bankruptcy; Bankruptcy Abuse Prevention And Consumer Protection Act; Borrowing and Debt; Credit
Gross, Tal, Raymond Kluender, Feng Liu, Matthew J. Notowidigdo, and Jialan Wang. "The Economic Consequences of Bankruptcy Reform." American Economic Review 111, no. 7 (July 2021): 2309–2341.
- 2024
- Working Paper
Public Debt and Investment Under Political Competition: Evidence from Toxic Loans
By: Julien Sauvagnat and Boris Vallée
We examine the response from local governments and their voters to a large and exogenous
increase in municipal indebtedness. We first show that municipalities with loans that become
“toxic” exhibit a reduction in municipal investments as large as the associated... View Details
Keywords: Public Debt; Public Investments; Political Contestation; Toxic Loans; Borrowing and Debt; Investment; Public Sector; Government and Politics; Local Range; Financing and Loans
Sauvagnat, Julien, and Boris Vallée. "Public Debt and Investment Under Political Competition: Evidence from Toxic Loans." Working Paper, 2024.
- 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
- 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
Narayanan, V.G., and Amy Klopfenstein. "Aster DM Healthcare: Budgeting for a Crisis." Harvard Business School Case 121-001, January 2021.
- March 2020 (Revised February 2023)
- Case
Performance Management at Afreximbank (A)
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
Kaplan, Robert S., Siko Sikochi, and Josh Steimle. "Performance Management at Afreximbank (A)." Harvard Business School Case 120-029, March 2020. (Revised February 2023.)
- 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
Kester, W. Carl, and Emily R. McComb. "Capital Allocation at HCA." Harvard Business School Case 218-039, January 2018. (Revised April 2021.)
- April 2015 (Revised January 2020)
- Case
Japan's Missing Arrow?
By: Laura Alfaro and Hilary White
In late December 2014, Shinzo Abe was elected to another term as the prime minister of Japan. His re-election was largely interpreted as a vote of confidence for his economics policies, collectively referred to as "Abenomics." Comprised of three "arrows," including... View Details
Keywords: Currency; Bonds; Government Bonds; Government Debt; Public Finance; Quantitative Easing; Stimulus; Fiscal Policy; Fiscal Deficits; Debt Management; Debt Reduction; Abenomics; Exchange Rate; Exports; Reform; Economics; Macroeconomics; Policy; Government Legislation; Government and Politics; Asia; Japan
Alfaro, Laura, and Hilary White. "Japan's Missing Arrow?" Harvard Business School Case 715-050, April 2015. (Revised January 2020.)
- November 2011
- Case
Pacific Grove Spice Company
By: William E. Fruhan and Craig Stephenson
Pacific Grove Spice Company is a profitable, rapidly growing manufacturer, marketer, and distributor of quality spices and seasonings. The company's business model requires significant investment in accounts receivable, inventory, and fixed assets to support sales.... View Details
Keywords: Capital Expenditures; Investments; Acquisitions; Securities Analysis; Debt Securities; Opportunities; Cost of Capital; Valuation; Investment; Capital Budgeting; Business Model; Cash Flow; Financing and Loans; Acquisition; Retail Industry; Food and Beverage Industry
Fruhan, William E., and Craig Stephenson. "Pacific Grove Spice Company." Harvard Business School Brief Case 114-366, November 2011.
- March 2011
- Article
Institutional Demand Pressure and the Cost of Corporate Loans
By: Victoria Ivashina and Zheng Sun
Between 2001 and 2007, annual institutional funding in highly leveraged loans went up from $32 billion to $426 billion, accounting for nearly 70% of the jump in total syndicated loan issuance over the same period. Did the inflow of institutional funding in the... View Details
Keywords: Leveraged Buyouts; Financial Crisis; Credit; Debt Securities; Financing and Loans; Interest Rates; Investment
Ivashina, Victoria, and Zheng Sun. "Institutional Demand Pressure and the Cost of Corporate Loans." Journal of Financial Economics 99, no. 3 (March 2011): 500–522.
- March 1997
- Article
Transactions Costs and Capital Structure Choice: Evidence from Financially Distressed Firms
By: S. C. Gilson
This study provides evidence that transactions costs discourage debt reductions by financially distressed firms when they restructure their debt out of court. As a result, these firms remain highly leveraged and one-in-three subsequently experience financial distress.... View Details
Keywords: Cost; Capital Structure; Decision Choices and Conditions; Information; Finance; Business Ventures
Gilson, S. C. "Transactions Costs and Capital Structure Choice: Evidence from Financially Distressed Firms." Journal of Finance 52, no. 1 (March 1997): 161–196. (Abstracted in Contemporary Finance Digest 1 (autumn 1997))
- 1990
- Book
Market-Based Debt Reduction for Developing Countries: Principles and Prospects
By: K. Froot, S. Claessens, I. Diwan and P. Krugman
Keywords: Debt Reduction; Chapter 7; Default; Debt Restructuring; Sovereign Debt; Debt Crisis; Borrowing and Debt
Froot, K., S. Claessens, I. Diwan, and P. Krugman. Market-Based Debt Reduction for Developing Countries: Principles and Prospects. Washington, D.C.: World Bank, 1990.
- December 1989
- Article
LDC Debt: Forgiveness, Indexation, and Investment Incentives
By: K. A. Froot, D. Scharfstein and J. Stein
Froot, K. A., D. Scharfstein, and J. Stein. "LDC Debt: Forgiveness, Indexation, and Investment Incentives." Journal of Finance 44, no. 5 (December 1989): 1335–1350. (Revised from NBER Working Paper No. 2541, March 1988.)
- February 1989
- Article
Buybacks, Exit Bonds, and the Optimality of Debt and Liquidity Relief
By: K. A. Froot
Keywords: Chapter 7; Debt Reduction; Default; Sovereign Debt; Debt Crisis; Debt Restructuring; Borrowing and Debt
Froot, K. A. "Buybacks, Exit Bonds, and the Optimality of Debt and Liquidity Relief." International Economic Review 30, no. 1 (February 1989): 49–70. (Revised from NBER Working Paper No. 2675, July 1988. Translated into Spanish in Estudios Economicos 4 (July 1989): 31-60.)