Skip to Main Content
HBS Home
  • About
  • Academic Programs
  • Alumni
  • Faculty & Research
  • Baker Library
  • Giving
  • Harvard Business Review
  • Initiatives
  • News
  • Recruit
  • Map / Directions
Faculty & Research
  • Faculty
  • Research
  • Featured Topics
  • Academic Units
  • …→
  • Harvard Business School→
  • Faculty & Research→
  • Research
    • Research
    • Publications
    • Global Research Centers
    • Case Development
    • Initiatives & Projects
    • Research Services
    • Seminars & Conferences
    →
  • Publications→

Publications

Publications

Filter Results : (8) Arrow Down
Filter Results : (8) Arrow Down Arrow Up

Show Results For

  • All HBS Web  (22)
    • Faculty Publications  (8)

    Show Results For

    • All HBS Web  (22)
      • Faculty Publications  (8)

      Deleveraging Remove Deleveraging →

      Page 1 of 8 Results

      Are you looking for?

      → Search All HBS Web
      • January 2023
      • Case

      Digital Transformation at Tata Steel

      By: Krishna Palepu, Das Narayandas and Radhika Kak
      T.V. Narendran, CEO of Tata Steel, India’s oldest steel manufacturing firm, had taken concrete business and cultural transformation steps to future-ready the firm since taking over in 2013. He had deleveraged and instilled financial discipline, acquired new businesses,...  View Details
      Keywords: Digital Transformation; Digital Strategy; Change Management; Steel Industry; Asia; India
      Citation
      Educators
      Related
      Palepu, Krishna, Das Narayandas, and Radhika Kak. "Digital Transformation at Tata Steel." Harvard Business School Case 323-053, January 2023.
      • 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...  View Details
      Keywords: Debt Covenants; Incurrence Covenants; Borrowing and Debt; Banks and Banking
      Citation
      Find at Harvard
      Read Now
      Related
      Bräuning, Falk, Victoria Ivashina, and Ali Ozdagli. "High-Yield Debt Covenants and Their Real Effects." NBER Working Paper Series, No. 29888, March 2022.
      • May 2020
      • Article

      How Quantitative Easing Works: Evidence on the Refinancing Channel

      By: Marco Di Maggio, Amir Kermani and Christopher Palmer
      We document the transmission of large-scale asset purchases by the Federal Reserve to the real economy using rich borrower-linked mortgage-market data and an identification strategy based on mortgage market segmentation. We find that central bank QE1 MBS purchases...  View Details
      Keywords: Monetary Policy; MBS; Quantitative Easing; LSAP; Refinancing; Deleveraging; HARP; GSE; Central Banking; Global Range; Financing and Loans; Credit; United States
      Citation
      SSRN
      Find at Harvard
      Related
      Di Maggio, Marco, Amir Kermani, and Christopher Palmer. "How Quantitative Easing Works: Evidence on the Refinancing Channel." Review of Economic Studies 87, no. 3 (May 2020): 1498–1528.
      • October 22, 2012
      • Article

      Interest Rate Pass-Through: Mortgage Rates, Household Consumption, and Voluntary Deleveraging

      By: Marco Di Maggio, Amir Kermani, Benjamin Keys, Tomasz Piskorski, Rodney Ramcharan, Amit Seru and Vincent Yao
      Exploiting variation in the timing of resets of adjustable-rate mortgages (ARMs), we find that a sizable decline in mortgage payments (up to 50%) induces a significant increase in car purchases (up to 35%). This effect is attenuated by voluntary deleveraging. Borrowers...  View Details
      Keywords: Monetary Policy; Household Finance; Refinancing; Contract Rigidities; Debt Rigidity; MPC; Deleveraging; Personal Finance; Household; Policy; Borrowing and Debt; Macroeconomics
      Citation
      Find at Harvard
      Related
      Di Maggio, Marco, Amir Kermani, Benjamin Keys, Tomasz Piskorski, Rodney Ramcharan, Amit Seru, and Vincent Yao. "Interest Rate Pass-Through: Mortgage Rates, Household Consumption, and Voluntary Deleveraging." American Economic Review 107, no. 11 (November 2017): 3550–3588. (Note: this is a combined version of working papers Monetary Policy Pass-Through: Household Consumption and Voluntary Deleveraging by M. Di Maggio, A. Kermani and R. Ramcharan previously Revise & Resubmit at American Economic Review and Mortgage Rates, Household Balance Sheets, and the Real Economy by B. Keys, T. Piskorski, A. Seru, and V. Yao previously Revise and Resubmit at Journal of Political Economy.)
      • September 2017
      • Teaching Note

      The Productivity Decline: Demographics, Robots, or Globalization?

      By: Laura Alfaro and Hayley Pallan
      In the early 21st century, there was a noticeable trend of declining productivity growth. Despite the persistent decline in productivity growth, a consensus on its explanation had not been reached. Some of the debate focused on the technicalities of productivity...  View Details
      Keywords: Performance Productivity; Measurement and Metrics; Technological Innovation; Economic Slowdown and Stagnation; Globalization; Business and Government Relations
      Citation
      Purchase
      Related
      Alfaro, Laura, and Hayley Pallan. "The Productivity Decline: Demographics, Robots, or Globalization?" Harvard Business School Teaching Note 718-014, September 2017.
      • September 2017 (Revised August 2018)
      • Case

      The Productivity Decline: Demographics, Robots, or Globalization?

      By: Laura Alfaro, Hayley Pallan and Sarah Jeong
      In the early 21st century, there was a noticeable trend of declining productivity growth. Despite the persistent decline in productivity growth, a consensus on its explanation had not been reached. Some of the debate focused on the technicalities of productivity...  View Details
      Keywords: Productivity; Performance Productivity; Measurement and Metrics; Technological Innovation; Economic Slowdown and Stagnation; Globalization; Business and Government Relations
      Citation
      Educators
      Purchase
      Related
      Alfaro, Laura, Hayley Pallan, and Sarah Jeong. "The Productivity Decline: Demographics, Robots, or Globalization?" Harvard Business School Case 718-013, September 2017. (Revised August 2018.)
      • 2009
      • Working Paper

      Systemic Risk and the Refinancing Ratchet Effect

      By: Amir E. Khandani, Andrew W. Lo and Robert C. Merton
      The confluence of three trends in the U.S. residential housing market—rising home prices, declining interest rates, and near-frictionless refinancing opportunities—led to vastly increased systemic risk in the financial system. Individually, each of these trends is...  View Details
      Keywords: Housing; Mortgages; Risk and Uncertainty; Value; Mathematical Methods; Real Estate Industry; United States
      Citation
      Related
      Khandani, Amir E., Andrew W. Lo, and Robert C. Merton. "Systemic Risk and the Refinancing Ratchet Effect." NBER Working Paper Series, No. 15362, September 2009.
      • 2009
      • Working Paper

      Systemic Risk and the Refinancing Ratchet Effect

      By: Amir E. Khandani, Andrew W. Lo and Robert C. Merton
      The confluence of three trends in the U.S. residential housing market-rising home prices, declining interest rates, and near-frictionless refinancing opportunities-led to vastly increased systemic risk in the financial system. Individually, each of these trends is...  View Details
      Keywords: Equity; Mortgages; Interest Rates; Price; Housing; Risk and Uncertainty; United States
      Citation
      Read Now
      Related
      Khandani, Amir E., Andrew W. Lo, and Robert C. Merton. "Systemic Risk and the Refinancing Ratchet Effect." Harvard Business School Working Paper, No. 10-023, September 2009. (Revised July 2010.)
      • 1

      Are you looking for?

      → Search All HBS Web
      ǁ
      Campus Map
      Harvard Business School
      Soldiers Field
      Boston, MA 02163
      →Map & Directions
      →More Contact Information
      • Make a Gift
      • Site Map
      • Jobs
      • Harvard University
      • Trademarks
      • Policies
      • Accessibility
      • Digital Accessibility
      Copyright © President & Fellows of Harvard College