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Publications

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    • Faculty Publications  (88)

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    • All HBS Web  (684)
      • Faculty Publications  (88)

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      International Capital Allocation, Sovereign Borrowing, and Growth
      Tom Paine Mutual Life Insurance Company
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      • 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.
      • 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...  View Details
      Keywords: Private Debt; Private Credit; Industry Evolution; private Equity; Investment; Analysis
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      Viceira, Luis M., John D. Dionne, Soracha Prathanrasnikorn, and Ari Sunshine. "Francisco Partners Private Credit Opportunity Fund." Harvard Business School Case 221-002, October 2020.
      • 2021
      • Working Paper

      Elusive Safety: The New Geography of Capital Flows and Risk

      By: Laura Alfaro, Ester Faia, Ruth Judson and Tim Schmidt-Eisenlohr
      A confidential dataset with industry-level disaggregation of U.S. cross-border claims and liabilities, shows U.S. securities to be increasingly intermediated by tax-haven-financial-centers (THFC) and less regulated funds. These securities are risky, in...  View Details
      Keywords: Tax Havens; Geography Of Flows; Profit Shifting; Tax Avoidance; Risk; Safe Assets; Endogenous Entry; Regulatory Arbitrage; Assets; Safety; Risk And Uncertainty; Capital; Global Range
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      Alfaro, Laura, Ester Faia, Ruth Judson, and Tim Schmidt-Eisenlohr. "Elusive Safety: The New Geography of Capital Flows and Risk." Harvard Business School Working Paper, No. 20-099, March 2020. (Revised February 2021.)
      • October 2019 (Revised June 2020)
      • Case

      Pantheon Ventures in 2019

      By: Victoria Ivashina and Tonia Labruyere
      The case discusses the strategy of Pantheon, a UK-based fund of funds investing in private equity. Client demands and preferences had changed in the aftermath of the 2008 global financial crisis and Pantheon had to adapt its business model to accommodate requests for...  View Details
      Keywords: Financial Management; private Equity; Corporate Strategy; Financial Services Industry; United Kingdom
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      Ivashina, Victoria, and Tonia Labruyere. "Pantheon Ventures in 2019." Harvard Business School Case 220-001, October 2019. (Revised June 2020.)
      • 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,...  View Details
      Keywords: Student Debt; Private Student Loans; Legal Settlement; Mobility; Debt Collection; Debt Relief; Borrowing And debt; Personal Finance; Outcome Or Result; United States
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      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.)
      • 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...  View Details
      Keywords: private Equity; Financial Crisis; Performance; Financial Condition
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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.)
      • February 2019 (Revised January 2020)
      • Case

      Pierre Foods Acquisition of Advance Foods (A)

      By: Guhan Subramanian and Mike Harmon
      This case (A), and its related cases (B-E), establish a setting to discuss an M&A transaction and some of the key legal contracts that are associated with it. In 2010, private equity backed food manufacturer Pierre Foods is contemplating the acquisition of a key...  View Details
      Keywords: Mergers And Acquisitions; Contracts; Agreements And Arrangements; Negotiation; Complexity
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      Subramanian, Guhan, and Mike Harmon. "Pierre Foods Acquisition of Advance Foods (A)." Harvard Business School Case 919-022, February 2019. (Revised January 2020.)
      • September 2018 (Revised January 2019)
      • Teaching Note

      Gemini Investors

      By: Richard S. Ruback, Royce Yudkoff and Ahron Rosenfeld
      Teaching Note for HBS No. 211-066. Gemini Investors was a private equity firm that targeted equity investments of between $4 million to $6 million per firm. In the period from 2000 to 2015, Gemini had successfully deployed four funds, all licensed as Small Business...  View Details
      Keywords: Small & Medium-sized Enterprises; Small Business; private Equity; Investment Funds; Decision Making; Financial Services Industry; United States
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      Ruback, Richard S., Royce Yudkoff, and Ahron Rosenfeld. "Gemini Investors." Harvard Business School Teaching Note 219-002, September 2018. (Revised January 2019.)
      • June 2018
      • Case

      Burton Sensors, Inc.

      By: William E. Fruhan and Wei Wang
      Burton Sensors presents a realistic situation where a small, rapidly growing, and profitable temperature sensor original equipment manufacturer (OEM) reaches its debt capacity and seeks equity financing to sustain high growth. The president of the company must decide...  View Details
      Keywords: Financing And Loans; Acquisition; Investment; Financial Strategy; Decision Choices And Conditions
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      Fruhan, William E., and Wei Wang. "Burton Sensors, Inc." Harvard Business School Brief Case 918-539, June 2018.
      • February 2018
      • Case

      Infrastructure in Nigeria: Unlocking Pension Fund Investments

      By: John Macomber and Pippa Tubman Armerding
      The so-called “infrastructure finance gap” was a problem in Nigeria as in many parts of the world. Infrastructure projects like power plants and dams were very large capital investments that could generate long-term consistent cash flows, but their financing and...  View Details
      Keywords: Pension Fund Investing; Infrastucture; Emerging Markets; Power/energy; Credit Enhancement; Infrastructure; Project Finance; Investment Funds; Emerging Markets; Nigeria; Africa
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      Macomber, John, and Pippa Tubman Armerding. "Infrastructure in Nigeria: Unlocking Pension Fund Investments." Harvard Business School Case 218-071, February 2018.
      • February 2018 (Revised August 2018)
      • Case

      Blue Haven Initiative: The PEGAfrica Investment

      By: Vikram S. Gandhi, Caitlin Reimers Brumme and Amram Migdal
      This case examines Blue Haven Initiative (BHI), an impact investing fund and family office, and one of its investments, PEGAfrica (PEG). BHI founder Liesel Pritzker Simmons’ motivations for using her family wealth to start a family office focused on impact investing,...  View Details
      Keywords: Impact Investing; Family Office; Development; International Development; International Development Investing; Development Fund; Sustainability; Solar Energy; Solar; Pay As You Go; Payg; Microfinance; Mfi; Social Venture; Business Ventures; Acquisition; Business Growth And Maturation; Business Startups; Economics; Development Economics; Energy; Energy Conservation; Energy Sources; Renewable Energy; Social Entrepreneurship; Finance; Assets; Asset Pricing; Capital; Capital Budgeting; Capital Structure; Venture Capital; Cash; Cash Flow; Currency; Currency Exchange Rate; Equity; private Equity; Financial Instruments; debt Securities; Stock Shares; Financing And Loans; Microfinance; International Finance; Investment; Investment Return; Investment Activism; Investment Funds; Investment Portfolio; Price; Geography; Geographic Location; Emerging Markets; Ownership; Ownership Stake; private Ownership; Social Enterprise; Value; Valuation; Value Creation; Energy Industry; Financial Services Industry; Green Technology Industry; Africa; United States
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      Gandhi, Vikram S., Caitlin Reimers Brumme, and Amram Migdal. "Blue Haven Initiative: The PEGAfrica Investment." Harvard Business School Case 318-003, February 2018. (Revised August 2018.)
      • January 2018 (Revised December 2018)
      • 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
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      Kester, W. Carl, and Emily R. McComb. "Capital Allocation at HCA." Harvard Business School Case 218-039, January 2018. (Revised December 2018.)
      • 2018
      • Working Paper

      Trade Creditors' Information Advantage

      By: Victoria Ivashina and Benjamin Iverson
      Using information on the sales of debt claims for 132 U.S. Chapter 11 bankruptcy cases, we show that large trade creditors’ decisions to sell receivables of a distressed company in bankruptcy are predictive of lower recovery rates, and that in such cases these...  View Details
      Keywords: Trade Credit; Distress; Bankruptcy; Credit; Information; Insolvency And Bankruptcy
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      Ivashina, Victoria, and Benjamin Iverson. "Trade Creditors' Information Advantage." NBER Working Paper Series, No. 24269, January 2018.
      • September 2017 (Revised February 2019)
      • Case

      Blackstone's GSO Capital: Crosstex Investment

      By: Victoria Ivashina, John D. Dionne and Jeffrey Boyar
      This case focuses on the Blackstone credit arm, GSO Capital as it evaluated a proposal for an equity investment into the distressed company, Crosstex Energy L.P., an integrated midstream energy company, that was hit hard by declining natural gas prices during the 2008...  View Details
      Keywords: Distress Investing; Rescue Financing; Investment; Borrowing And debt; Financial Condition
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      Ivashina, Victoria, John D. Dionne, and Jeffrey Boyar. "Blackstone's GSO Capital: Crosstex Investment." Harvard Business School Case 218-008, September 2017. (Revised February 2019.)
      • 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.
      • July 2017
      • Case

      Centerbridge Partners and Great Wolf Resorts: Buying from a Highly Regarded Competitor

      By: Josh Lerner, John D. Dionne and Amram Migdal
      The case examines the March 2015 Centerbridge Partners investment decision regarding whether to acquire Great Wolf Resorts, a North American family-oriented indoor water parks and hotel operator, from a private equity (PE) competitor, Apollo Global Management. The case...  View Details
      Keywords: Private Equity Financing; Commercial Mortgage Backed Securities; Cmbs; Secondary Buyouts; Business Ventures; Acquisition; 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: Buying from a Highly Regarded Competitor." Harvard Business School Case 818-023, July 2017.
      • June 2017
      • Teaching Note

      The U-Turns of National Truck Stops

      By: Nori Gerardo Lietz and Alexander W. Schultz
      Raj Makam had spent months trying to restructure a 2006 investment he had made in National Truck Stops, Inc. (“NTS”) as a senior member of Oaktree Capital Management’s (“Oaktree”) Mezzanine finance business within their Corporate Debt platform. It was the first time...  View Details
      Keywords: Mezzanine Financing; Corporate Debt; Bankruptcy; Restructuring; Real Assets; Private Equity; Financing And Loans; Borrowing And debt; Insolvency And Bankruptcy; Restructuring; private Equity; Cost Vs Benefits; Atlanta; New York (city, Ny)
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      Lietz, Nori Gerardo, and Alexander W. Schultz. "The U-Turns of National Truck Stops." Harvard Business School Teaching Note 217-075, June 2017.
      • April 2017 (Revised August 2020)
      • Case

      The U-Turns of National Truck Stops

      By: Nori Gerardo Lietz and Alexander W. Schultz
      Raj Makam had spent months trying to restructure a 2006 investment he had made in National Truck Stops, Inc. (NTS) as a senior member of Oaktree Capital Management’s (Oaktree) Mezzanine finance business within their Corporate Debt platform. It was the first time they...  View Details
      Keywords: Mezzanine Financing; Corporate Debt; Bankruptcy; Real Assets; Financing And Loans; Borrowing And debt; Insolvency And Bankruptcy; Restructuring; private Equity; Cost Vs Benefits; Atlanta; New York (city, Ny)
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      Lietz, Nori Gerardo, and Alexander W. Schultz. "The U-Turns of National Truck Stops." Harvard Business School Case 217-062, April 2017. (Revised August 2020.)
      • October 2016 (Revised January 2017)
      • Supplement

      Bally Total Fitness (B): The Fall, 2005–2016

      By: John R. Wells and Gabriel Ellsworth
      By many measures the largest health-club chain in the United States in the early 2000s, Bally Total Fitness sold most of its remaining fitness clubs to 24 Hour Fitness in 2014 and disappeared from the industry top 100 rankings. After Bally was bedeviled by accounting...  View Details
      Keywords: Bally Total Fitness; Accounting; Accounting Audits; Accrual Accounting; Business Earnings; Revenue Recognition; Financial Statements; Acquisition; Business Exit Or Shutdown; For-profit Firms; Crime And Corruption; Borrowing And debt; Capital; Capital Structure; Cash; Cash Flow; Public Equity; Financial Condition; Insolvency And Bankruptcy; Financing And Loans; Investment Activism; Profit; Revenue; Geographic Scope; Business History; Executive Compensation; Resignation And Termination; Annual Reports; Contracts; Lawsuits And Litigation; Business Or Company Management; Marketing; Market Entry And Exit; private Ownership; Public Ownership; Problems And Challenges; Strategy; Business Strategy; Competition; Corporate Strategy; Health Industry; Accounting Industry; United States; Illinois; Chicago
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      Wells, John R., and Gabriel Ellsworth. "Bally Total Fitness (B): The Fall, 2005–2016." Harvard Business School Supplement 717-422, October 2016. (Revised January 2017.)
      • October 2016
      • Case

      The Quiet Ascension of LA Fitness

      By: John R. Wells and Gabriel Ellsworth
      In 2016, LA Fitness was the largest chain of non-franchised fitness clubs in North America, operating 676 clubs, serving 4.9 million members, and generating revenues of over $1.9 billion. Founded by Chinyol Yi, Louis Welch, and Paul Norris in 1984, the privately held...  View Details
      Keywords: La Fitness; Health Clubs; Fitness; Gyms; Chain; Exercise; Personal Training; Retention; Bally Total Fitness; 24 Hour Fitness; Planet Fitness; Buildings And Facilities; Acquisition; Business Growth And Maturation; Business Model; For-profit Firms; Customers; Customer Focus And Relationships; Customer Satisfaction; Demographics; Age; Gender; Income; Residency; Borrowing And debt; Capital; Capital Structure; Cash; Cash Flow; Cost; private Equity; Financial Condition; Financial Liquidity; Financing And Loans; Investment Return; Price; Profit; Revenue; Geographic Location; Geographic Scope; Multinational Firms And Management; Business History; Employees; Recruitment; Selection And Staffing; Human Capital; Contracts; Business Or Company Management; Goals And Objectives; Growth And Development Strategy; Market Entry And Exit; Operations; Service Operations; Leasing; private Ownership; Problems And Challenges; Sales; Salesforce Management; Situation Or Environment; Opportunities; Sports; Strategy; Business Strategy; Competition; Competitive Strategy; Competitive Advantage; Corporate Strategy; Expansion; Segmentation; Information Technology; Mobile Technology; Technology Platform; Health Industry; United States; California; Los Angeles
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      Wells, John R., and Gabriel Ellsworth. "The Quiet Ascension of LA Fitness." Harvard Business School Case 717-424, October 2016.
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