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Publications

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  • All HBS Web  (355)
    • Faculty Publications  (144)

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    • All HBS Web  (355)
      • Faculty Publications  (144)

      Leveraged Buyouts Remove Leveraged Buyouts →

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      The Success of Reverse Leveraged Buyouts
      As Hertz approaches what is expected to be a $1 billion "quick flip" IPO just ten months after being acquired, critics are again taking aim...
      Wisconsin Central Ltd. Railroad and Berkshire Partners (A): Leveraged Buyouts and Financial Distress
      → Search All HBS Web
      • February 2021
      • Case

      Barbarians at the Gate or Turnaround Gurus? Private Equity and the Rise of the LBO

      By: Tom Nicholas and John Masko
      During the 1980s, leveraged buyouts (LBOs) and the private equity (PE) firms responsible for carrying them out revolutionized both investment and management in the U.S. Between 1980 and 1989, buyout activity in the U.S. surged from $1 billion per year to $60 billion....  View Details
      Keywords: leveraged buyouts; Mergers And Acquisitions; Business Conglomerates; Restructuring; Borrowing And Debt; Private Equity; Bonds; Investment Return; Institutional Investing; Profit Sharing; Business History; Management Style; Private Ownership; Performance Effectiveness; Value Creation; Financial Services Industry; United States
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      Nicholas, Tom, and John Masko. "Barbarians at the Gate or Turnaround Gurus? Private Equity and the Rise of the LBO." Harvard Business School Case 821-016, February 2021.
      • 2020
      • Working Paper

      Weak Credit Covenants

      By: Victoria Ivashina and Boris Vallée
      Using novel data on 1,240 credit agreements, we investigate sources of contractual complexity in the leveraged loan market. While negative covenants are widespread, carve-out and deductible clauses that weaken them are as frequent. We propose simple measures of...  View Details
      Keywords: Loan Contracts; Debt Covenants; Creditor Governance; Credit; Agreements And Arrangements; leveraged buyouts
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      Ivashina, Victoria, and Boris Vallée. "Weak Credit Covenants." NBER Working Paper Series, No. 27316, June 2020. (R&R at the Journal of Financial Economics.)
      • December 2019 (Revised January 2021)
      • Supplement

      The Leveraged Buyout of TXU: (B) Energy Future Holdings

      By: Trevor Fetter, Erik Snowberg and Rebecca M. Henderson
      This case is designed to support a lively discussion about the relative merits of shareholder vs. stakeholder perspectives in the context of a company that provides a vital public service that has important environmental implications. The 2007 purchase of TXU, the...  View Details
      Keywords: leveraged buyouts; Transformation; Insolvency And Bankruptcy; Environmental Sustainability; Business And Shareholder Relations; Business And Stakeholder Relations; Energy Generation; Utilities Industry; Energy Industry; Texas
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      Fetter, Trevor, Erik Snowberg, and Rebecca M. Henderson. "The Leveraged Buyout of TXU: (B) Energy Future Holdings." Harvard Business School Supplement 320-065, December 2019. (Revised January 2021.)
      • December 2019 (Revised January 2021)
      • Case

      TXU (A): Powering the Largest Leveraged Buyout in History

      By: Trevor Fetter, Erik Snowberg and Rebecca M. Henderson
      This case is designed to support a lively discussion about the relative merits of shareholder vs. stakeholder perspectives in the context of a company that provides a vital public service that has important environmental implications. The 2007 purchase of TXU, the...  View Details
      Keywords: leveraged buyouts; Transformation; Insolvency And Bankruptcy; Environmental Sustainability; Business And Shareholder Relations; Business And Stakeholder Relations; Energy Generation; Utilities Industry; Energy Industry; Texas
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      Fetter, Trevor, Erik Snowberg, and Rebecca M. Henderson. "TXU (A): Powering the Largest Leveraged Buyout in History." Harvard Business School Case 320-064, December 2019. (Revised January 2021.)
      • October 2019 (Revised December 2019)
      • Case

      BC Partners: Acuris

      By: Victoria Ivashina and Terrence Shu
      This case follows Nikos Stathopoulos, Managing Partner of BC Partners, as he and his team evaluate the potential sale of one of BC Partners’ portfolio companies, Acuris. Acuris was a global financial intelligence, news, and data company that had been acquired by BC...  View Details
      Keywords: Fund Management; Fund Raising; Leveraged Buyout; buyout; Portfolio Management; Operations Improvement; Exit; Exit Strategy; Valuation Ratios; Finance; Private Equity; leveraged buyouts; Operations; Performance Improvement; Acquisition; Valuation
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      Ivashina, Victoria, and Terrence Shu. "BC Partners: Acuris." Harvard Business School Case 220-041, October 2019. (Revised December 2019.)
      • January 2019
      • Article

      Pay Now or Pay Later? The Economics within the Private Equity Partnership

      By: Victoria Ivashina and Josh Lerner
      The economics of partnerships have been of enduring interest to economists, but many issues regarding intergenerational conflicts and their impact on the continuity of these organizations remain unclear. We examine 717 private equity partnerships and show that (a) the...  View Details
      Keywords: Partnerships; Leveraged Buyout; Partners And Partnerships; Private Equity; Venture Capital; leveraged buyouts
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      Ivashina, Victoria, and Josh Lerner. "Pay Now or Pay Later? The Economics within the Private Equity Partnership." Journal of Financial Economics 131, no. 1 (January 2019): 61–87.
      • September 2018
      • Case

      Clayton, Dubilier & Rice at 40

      By: Josh Lerner, Abhijit Tagade and Terrence Shu
      In 2018, private equity firm Clayton, Dubilier & Rice celebrated its 40th anniversary and its 20th year under the leadership of CEO Don Gogel. In those decades, CD&R showed solid portfolio performance and generated strong returns for its investors - accomplishments...  View Details
      Keywords: Finance; Private Equity; Succession; buyout; Leveraged Buyout; Turnaround; Operations; Private Equity; Management Succession; Business Model; leveraged buyouts; Trends; Organizational Change And Adaptation
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      Lerner, Josh, Abhijit Tagade, and Terrence Shu. "Clayton, Dubilier & Rice at 40." Harvard Business School Case 819-055, September 2018.
      • September 2017
      • Case

      Blackstone's Julia Kahr at the Summit

      By: Paul A. Gompers, John D. Dionne and Amram Migdal
      In 2009, Blackstone, the New York-based alternative asset and financial services firm, committed to invest up to $750 million into Summit Materials, a new company in the aggregates sector (i.e., construction materials, such as crushed stone, sand, gravel, cement,...  View Details
      Keywords: Roll Up; Private Equity Roll Up; Aggregates; Aggregates Materials; Construction Materials; Business Ventures; Acquisition; leveraged buyouts; Business Growth And Maturation; Engineering; Construction; Finance; Capital; Equity; Private Equity; Financial Instruments; Investment; Housing; Management; Goals And Objectives; Growth And Development Strategy; Growth Management; Personal Development And Career; Management Teams; Planning; Problems And Challenges; Value; Valuation; Value Creation; Construction Industry; Financial Services Industry; United States
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      Gompers, Paul A., John D. Dionne, and Amram Migdal. "Blackstone's Julia Kahr at the Summit." Harvard Business School Case 218-002, September 2017.
      • August 2017
      • Case

      Altoona State Investment Board & Bain Capital Fund XI

      By: Josh Lerner and Ted Berk
      Considers the decision faced by state pension fund manager Rod Calhoun as he decides whether to invest $200 million in Bain Capital's eleventh global buyout fund: Bain Capital Fund XI. For the fund, Bain was offering its limited partners a choice among three different...  View Details
      Keywords: Capital; Design; Entrepreneurship; Equity Method; Finance; Leveraged Buyout; Management; Management Buyout; Private Equity; Venture Capital; Capital; Design; Entrepreneurship; Finance; leveraged buyouts; Management; Private Equity; Venture Capital; Banking Industry; Massachusetts
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      Lerner, Josh, and Ted Berk. "Altoona State Investment Board & Bain Capital Fund XI." Harvard Business School Case 218-022, August 2017.
      • July 2017
      • Supplement

      Centerbridge Partners and Great Wolf Resorts (B)

      By: Josh Lerner, John D. Dionne and Amram Migdal
      The case examines the aftermath of the March 2015 Centerbridge Partners acquisition of Great Wolf Resorts, a North American family-oriented indoor water parks and hotel operator, from a private equity (PE) competitor, Apollo Global Management.  View Details
      Keywords: Private Equity Financing; Commercial Mortgage Backed Securities; Cmbs; Secondary Buyouts; Business Ventures; Acquisition; leveraged buyouts; Business Exit Or Shutdown; Finance; Borrowing And Debt; Cost; Cost Of Capital; Equity; Private Equity; Financial Instruments; Debt Securities; Accommodations Industry; Entertainment And Recreation Industry; Financial Services Industry; North And Central America; United States
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      Lerner, Josh, John D. Dionne, and Amram Migdal. "Centerbridge Partners and Great Wolf Resorts (B)." Harvard Business School Supplement 818-024, July 2017.
      • February 2017 (Revised January 2019)
      • Supplement

      Bankruptcy at Caesars Entertainment (B)

      By: Kristin Mugford
      Keywords: Gaming; Chapter 11; Fraudulent Conveyance; Apollo; Tpg; Bankruptcy; leveraged buyouts; Restructuring; Capital Structure; Insolvency And Bankruptcy; Private Equity; Financial Management; Lawsuits And Litigation; Negotiation; Entertainment And Recreation Industry; Las Vegas
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      Mugford, Kristin. "Bankruptcy at Caesars Entertainment (B)." Harvard Business School Supplement 217-058, February 2017. (Revised January 2019.)
      • 2016
      • Working Paper

      Pay Now or Pay Later? The Economics within the Private Equity Partnership

      By: Victoria Ivashina and Josh Lerner
      The economics of partnerships have been of enduring interest to economists, but many issues regarding intergenerational conflicts and their impact on the continuity of these organizations remain unclear. We examine 717 private equity partnerships and show that (a) the...  View Details
      Keywords: Partnerships; Leveraged Buyout; Venture Capital; Private Equity; Partners And Partnerships; leveraged buyouts
      Citation
      SSRN
      Read Now
      Related
      Ivashina, Victoria, and Josh Lerner. "Pay Now or Pay Later? The Economics within the Private Equity Partnership." Harvard Business School Working Paper, No. 16-119, March 2016.
      • March 2016 (Revised May 2018)
      • Case

      Michael Milken: The Junk Bond King

      By: Tom Nicholas and Matthew G. Preble
      Michael Milken, an investment banker who dominated the junk bond market in the 1980s, was sentenced to jail in 1990 after pleading guilty to a number of securities and tax-related felonies. In the preceding decade, Milken had helped usher in a new wave of leveraged buy...  View Details
      Keywords: Junk Bonds; High-yield Bonds; Financial Innovation; Shareholder Value; Bonds; Capital; Capital Structure; Cost Of Capital; Crime And Corruption; Entrepreneurship; Ethics; Finance; Investment Banking; leveraged buyouts; Mergers And Acquisitions; Ownership; Private Equity; Restructuring; United States
      Citation
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      Nicholas, Tom, and Matthew G. Preble. "Michael Milken: The Junk Bond King." Harvard Business School Case 816-050, March 2016. (Revised May 2018.)
      • February 2016 (Revised March 2019)
      • Case

      Bankruptcy at Caesars Entertainment

      By: Kristin Mugford and David Chan
      Caesars Entertainment was a large casino operator in the United States that had been purchased in a 2008 leveraged buyout by Apollo and TPG. In January 2015, Caesars Entertainment Operating Company (CEOC), its largest subsidiary, filed for Chapter 11. This set up a...  View Details
      Keywords: Gaming; Chapter 11; Fraudulent Conveyance; Apollo; Tpg; Bankruptcy; leveraged buyouts; Restructuring; Capital Structure; Insolvency And Bankruptcy; Private Equity; Financial Management; Lawsuits And Litigation; Negotiation; Games, Gaming, And Gambling; Entertainment And Recreation Industry; Las Vegas
      Citation
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      Mugford, Kristin, and David Chan. "Bankruptcy at Caesars Entertainment." Harvard Business School Case 216-052, February 2016. (Revised March 2019.)
      • December 2014
      • Article

      Private Equity, Jobs, and Productivity

      By: Steven J. Davis, John Haltiwanger, Kyle Handley, Ron Jarmin, Josh Lerner and Javier Miranda
      Private equity critics claim that leveraged buyouts bring huge job losses. To investigate this claim, we construct and analyze a new dataset that covers U.S. private equity transactions from 1980 to 2005. We track 3,200 target firms and their 150,000 establishments...  View Details
      Keywords: Private Equity; leveraged buyouts; Performance Productivity; Jobs And Positions; United States
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      Davis, Steven J., John Haltiwanger, Kyle Handley, Ron Jarmin, Josh Lerner, and Javier Miranda. "Private Equity, Jobs, and Productivity." American Economic Review 104, no. 12 (December 2014): 3956–3990. (Earlier versions distributed as National Bureau of Economic Research Working Paper No. 17399 and Harvard Business School Working Paper No. 12-033.) (Originally called "Private Equity and Employment.")
      • December 2014
      • Other Article

      Private Equity, Jobs, and Productivity—Online Appendix

      By: Steven J. Davis, John Haltiwanger, Kyle Handley, Ron Jarmin, Josh Lerner and Javier Miranda
      Private equity critics claim that leveraged buyouts bring huge job losses. To investigate this claim, we construct and analyze a new dataset that covers U.S. private equity transactions from 1980 to 2005. We track 3,200 target firms and their 150,000 establishments...  View Details
      Keywords: Job Cuts And Outsourcing; Private Equity; Performance Productivity
      Citation
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      Davis, Steven J., John Haltiwanger, Kyle Handley, Ron Jarmin, Josh Lerner, and Javier Miranda. "Private Equity, Jobs, and Productivity—Online Appendix." American Economic Review 104, no. 12 (December 2014).
      • June 2014 (Revised May 2017)
      • Case

      Southeastern Asset Management Challenges Buyout at Dell

      By: Paul Healy, Suraj Srinivasan and Aldo Sesia
      In late 2012, Michael Dell wants to take Dell Inc., the company he founded, private. Mr. Dell believes that the successful company's transformation from a personal computer (PC) manufacturer to an enterprise solutions and services provider (ESS) is dependent on going...  View Details
      Keywords: Leveraged Buyout Transaction; Leveraged Buyouts; Leveraged Recapitalization; Management Buyout; Dell, Inc.; Hedge Fund; Corporate Accountability; Corporate Governance; Corporate Governance Theory; Valuation; Valuation Ratios; Valuation Methodologies; Board Of Directors; Boards Of Directors; Carl Icahn; Computer Industry; Computer Services Industries; Proxy Contest; Proxy Battles; Proxy Fight; Proxy Advisor; Financial Accounting; Financial Analysis; Financial Ratios; Corporate Finance; Finance; Corporate Accountability; Corporate Governance; Corporate Finance; leveraged buyouts; Computer Industry; United States
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      Healy, Paul, Suraj Srinivasan, and Aldo Sesia. "Southeastern Asset Management Challenges Buyout at Dell." Harvard Business School Case 114-015, June 2014. (Revised May 2017.)
      • October 2013
      • Case

      Advantage Partners: Dia Kanri (A)

      By: Paul A. Gompers, Nobuo Sato and Akiko Kanno
      This case explores the opportunity to purchase the condominium management business of a distressed real estate developer by Advantage Partners, a leading Japanese private equity firm. The case explores investment structuring, bidding strategy, and the ability of...  View Details
      Keywords: Private Equity; Lbo; Roll-up; Investment; Financing; Condominium Management; leveraged buyouts; Asia
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      Gompers, Paul A., Nobuo Sato, and Akiko Kanno. "Advantage Partners: Dia Kanri (A)." Harvard Business School Case 214-016, October 2013.
      • October 2013
      • Supplement

      Advantage Partners: Dia Kanri (B)

      By: Paul A. Gompers, Nobuo Sato and Akiko Kanno
      This case presents the final decision and outcomes for the (A) case.  View Details
      Keywords: Private Equity; Lbo; Roll-up; Investment; Condominium Management; leveraged buyouts; Asia
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      Gompers, Paul A., Nobuo Sato, and Akiko Kanno. "Advantage Partners: Dia Kanri (B)." Harvard Business School Supplement 214-017, October 2013.
      • October 2013 (Revised November 2013)
      • Case

      Blackstone and the Sale of Citigroup's Loan Portfolio

      By: Victoria Ivashina and David Scharfstein
      The credit boom that preceded the 2007-2009 financial crisis led to several lending practices that exposed banks to large risks. In particular, when the financial crisis unraveled, there were several billion dollars' worth of leveraged buyout (LBO) loans that were...  View Details
      Keywords: Restructuring; Private Equity; Insolvency And Bankruptcy; Credit Derivatives And Swaps; Financial Markets; Investment; Banking Industry; Financial Services Industry
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      Ivashina, Victoria, and David Scharfstein. "Blackstone and the Sale of Citigroup's Loan Portfolio." Harvard Business School Case 214-037, October 2013. (Revised November 2013.)
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      Are you looking for?

      The Success of Reverse Leveraged Buyouts
      As Hertz approaches what is expected to be a $1 billion "quick flip" IPO just ten months after being acquired, critics are again taking aim...
      Wisconsin Central Ltd. Railroad and Berkshire Partners (A): Leveraged Buyouts and Financial Distress
      → Search All HBS Web
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