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    • Faculty Publications  (63)

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    • All HBS Web  (236)
      • Faculty Publications  (63)

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      Coordination Frictions in Venture Capital Syndicates
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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...  View Details
      Keywords: Collusion; Antitrust; Ipo Underwriting; Syndication; "repeated Games"; Markets; Game Theory
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      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).
      • July 2020
      • Article

      The Persistent Effect of Initial Success: Evidence from Venture Capital

      By: Ramana Nanda, Sampsa Samila and Olav Sorenson
      We use investment-level data to study performance persistence in venture capital (VC). Consistent with prior studies, we find that each additional IPO among a VC firm's first ten investments predicts as much as an 8% higher IPO rate on its subsequent investments,...  View Details
      Keywords: Performance; Monitoring; Selection; Status; Venture Capital; Performance Consistency; Investment
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      Nanda, Ramana, Sampsa Samila, and Olav Sorenson. "The Persistent Effect of Initial Success: Evidence from Venture Capital." Journal of Financial Economics 137, no. 1 (July 2020): 231–248.
      • Working Paper

      Measuring the Perceived Liquidity of the Corporate Bond Market

      By: Sergey Chernenko and Adi Sunderam
      We propose a novel measure of bond market liquidity that does not depend on transaction data: the strength of the cross-sectional relationship between mutual fund cash holdings and fund flow volatility. Our measure captures how liquid funds perceive their portfolio...  View Details
      Keywords: Bond Market; Bonds; Financial Liquidity; Measurement and Metrics
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      Chernenko, Sergey, and Adi Sunderam. "Measuring the Perceived Liquidity of the Corporate Bond Market." NBER Working Paper Series, No. 27092, May 2020.
      • 2019
      • Chapter

      Coordination Frictions in Venture Capital Syndicates

      By: Ramana Nanda and Matthew Rhodes-Kropf
      An extensive literature on venture capital has studied asymmetric information and agency problems between investors and entrepreneurs, examining how separating entrepreneurs from the investor can create frictions that might inhibit the funding of good projects. It has...  View Details
      Keywords: Syndication; Frictions; Venture Capital; Networks; Entrepreneurship
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      Nanda, Ramana, and Matthew Rhodes-Kropf. "Coordination Frictions in Venture Capital Syndicates." In The Oxford Handbook of Entrepreneurship and Collaboration, edited by Jeffrey J. Reuer, Sharon Matusik, and Jessica F. Jones. New York: Oxford University Press, 2019.
      • January 11, 2019
      • Editorial

      Why Is Immigration Different from Trade?

      By: Amar Bhidé
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      Bhidé, Amar. "Why Is Immigration Different from Trade?" Project Syndicate (January 11, 2019).
      • July 10, 2018
      • Other Article

      La amenaza proteccionista de Trump a América Latina [Trump's Protectionist Threat to Latin America]

      By: Laura Alfaro, Pablo Guidotti, Guillermo Perry and Liliana Rojas-Suarez
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      Alfaro, Laura, Pablo Guidotti, Guillermo Perry, and Liliana Rojas-Suarez. "La amenaza proteccionista de Trump a América Latina [Trump's Protectionist Threat to Latin America]." Project Syndicate (July 10, 2018).
      • Editorial

      Corralling the Info Monopolists

      By: Amar Bhidé
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      Bhidé, Amar. "Corralling the Info Monopolists." Project Syndicate (May 14, 2018).
      • 2019
      • Working Paper

      Collusion in Markets with Syndication

      By: John William Hatfield, Scott Duke Kominers, Richard Lowery and Jordan M. Barry
      Many markets, including markets for IPOs and debt issuances, are syndicated: each winning bidder invites competitors to join its syndicate to complete production. Using repeated extensive form games, we show that collusion in syndicated markets may become easier as...  View Details
      Keywords: Collusion; Antitrust; Ipo Underwriting; Syndication; "repeated Games"
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      Hatfield, John William, Scott Duke Kominers, Richard Lowery, and Jordan M. Barry. "Collusion in Markets with Syndication." Harvard Business School Working Paper, No. 18-009, July 2017. (Revised June 2019.)
      • 2018
      • Working Paper

      Coordination Frictions in Venture Capital Syndicates

      By: Ramana Nanda and Matthew Rhodes-Kropf
      An extensive literature on venture capital has studied asymmetric information and agency problems between investors and entrepreneurs, examining how separating entrepreneurs from the investor can create frictions that might inhibit the funding of good projects. It has...  View Details
      Keywords: Syndication; Venture Capital; Networks; Entrepreneurship
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      Nanda, Ramana, and Matthew Rhodes-Kropf. "Coordination Frictions in Venture Capital Syndicates." Harvard Business School Working Paper, No. 17-089, April 2017. (Revised January 2019. Published in The Oxford Handbook of Entrepreneurship and Collaboration.)
      • 2017
      • Other Unpublished Work

      Latin America's Policy Options for Times of Protectionism

      By: Laura Alfaro, Guillermo Calvo, Alberto Carrasquilla, Augusto de la Torre, Roque Benjamin Fernandez, Pablo Guidotti, Enrique Mendoza, Guillermo Perry and Liliana Rojas-Suarez
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      Alfaro, Laura, Guillermo Calvo, Alberto Carrasquilla, Augusto de la Torre, Roque Benjamin Fernandez, Pablo Guidotti, Enrique Mendoza, Guillermo Perry, and Liliana Rojas-Suarez. "Latin America's Policy Options for Times of Protectionism." Comité Latinoamericano de Asuntos Financieros (CLAAF) Statement, no. 37, April 2017. (See Project Syndicate article and CLAAF 's website for previous statements.)
      • 2016
      • Working Paper

      Collusion in Markets with Syndication

      By: John William Hatfield, Scott Kominers and Richard Lowery
      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...  View Details
      Keywords: Collusion; Antitrust; Ipo Underwriting; Syndication; "repeated Games"
      Citation
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      Hatfield, John William, Scott Kominers, and Richard Lowery. "Collusion in Markets with Syndication." Working Paper, November 2016.
      • Working Paper

      Covenant-Light Contracts and Creditor Coordination

      By: Bo Becker and Victoria Ivashina
      In 2015, 70% of newly issued leveraged loans had weaker enforcement features, called covenant-light or "cov-lite"; this is nearly a three-time increase in cov-lite issuance compared to a previous peak in 2007. We evaluate whether this development can be attributed to...  View Details
      Keywords: Credit Cycles; Loan Contracts; Debt Covenants; Contracts; Financing and Loans; Credit; Borrowing and Debt
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      Becker, Bo, and Victoria Ivashina. "Covenant-Light Contracts and Creditor Coordination." Swedish House of Finance Research Paper, No. 16-09, March 2016.
      • March 2016
      • Article

      The Cost of Friendship

      By: Paul A. Gompers, Vladimir Mukharlyamov and Yuhai Xuan
      We investigate how personal characteristics affect people's desire to collaborate and whether this attraction enhances or detracts from performance in venture capital. We find that venture capitalists who share the same ethnic, educational, or career background are...  View Details
      Keywords: Venture Capital; Partners and Partnerships; Entrepreneurship; Personal Characteristics
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      Gompers, Paul A., Vladimir Mukharlyamov, and Yuhai Xuan. "The Cost of Friendship." Journal of Financial Economics 119, no. 3 (March 2016): 626–644.
      • February 2016
      • Article

      After The Break-Up: The Relational and Reputational Consequences of Withdrawals from Venture Capital Syndicates

      By: Pavel Zhelyazkov and Ranjay Gulati
      Traditional research has long treated reputation as an egocentric attribute, typically described as an intangible asset directly shaped by the focal actor's track record. We argue, however, that reputation is dyadic: that an actor can have different reputations with...  View Details
      Keywords: Network Formation; Network Search; Venture Capital; Syndication; Networks
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      Zhelyazkov, Pavel, and Ranjay Gulati. "After The Break-Up: The Relational and Reputational Consequences of Withdrawals from Venture Capital Syndicates." Academy of Management Journal 59, no. 1 (February 2016): 277–301.
      • Aug 2014
      • Conference Presentation

      After the Break-Up: The Relational and Reputational Consequences of Withdrawals from VC Syndicates

      By: Ranjay Gulati and Pavel Zhelyazkov
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      Gulati, Ranjay, and Pavel Zhelyazkov. "After the Break-Up: The Relational and Reputational Consequences of Withdrawals from VC Syndicates." Paper presented at the Academy of Management Annual Meeting, Philadelphia, PA, August 2014.
      • 2014
      • Working Paper

      The Cost of Friendship

      By: Paul A. Gompers, Vladimir Mukharlyamov and Yuhai Xuan
      We investigate how personal characteristics affect people's desire to collaborate and whether this attraction enhances or detracts from performance in venture capital. We find that venture capitalists who share the same ethnic, educational, or career background are...  View Details
      Keywords: Venture Capital; Partners and Partnerships; Decision Making; Identity
      Citation
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      Gompers, Paul A., Vladimir Mukharlyamov, and Yuhai Xuan. "The Cost of Friendship." Working Paper, 2014.
      • October 2013 (Revised November 2018)
      • Background Note

      Note on the Leveraged Loan Market

      By: Victoria Ivashina
      This note provides an introduction to the process of loan syndication and the evolution of the leveraged loan market. The note emphasizes the role of banks as loan originators and the evolution of the institutional investors' entry into the leveraged loan market. In...  View Details
      Keywords: Financing and Loans; Banks and Banking
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      Ivashina, Victoria. "Note on the Leveraged Loan Market." Harvard Business School Background Note 214-047, October 2013. (Revised November 2018.)
      • 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.)
      • Article

      Re-Decentralizing the Fed

      By: Amar Bhidé
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      Bhidé, Amar. "Re-Decentralizing the Fed." Project Syndicate (October 9, 2013).
      • June 2013
      • Article

      Signals across Multiple Networks: How Venture Capital and Alliance Networks Affect Interorganizational Collaboration

      By: Umit Ozmel, Jeffrey J. Reuer and Ranjay Gulati
      In this paper, we examine the contingent effects of signals generated by different types of networks on new ventures' formation of future strategic alliances. We argue that the signaling value of a given tie in reducing adverse selection is more pronounced when another...  View Details
      Keywords: Networks; Venture Capital; Alliances
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      Ozmel, Umit, Jeffrey J. Reuer, and Ranjay Gulati. "Signals across Multiple Networks: How Venture Capital and Alliance Networks Affect Interorganizational Collaboration." Academy of Management Journal 56, no. 3 (June 2013): 852–866.
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