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- March 2021
- Article
On the Direct and Indirect Real Effects of Credit Supply Shocks
By: Laura Alfaro, Manuel García-Santana and Enrique Moral-Benito
We explore the real effects of bank-lending shocks and how they permeate the economy through buyer-supplier linkages. We combine administrative data on all Spanish firms with a matched bank-firm-loan dataset of all corporate loans from 2003 to 2013 to estimate...
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Keywords:
Credit Supply Shocks;
Bank Lending Channel;
Input-output Linkages;
Output;
Mechanisms;
Trade Credits;
Price Effects;
Economics;
Credit;
System Shocks;
Employment;
Investment;
Spain
Alfaro, Laura, Manuel García-Santana, and Enrique Moral-Benito. "On the Direct and Indirect Real Effects of Credit Supply Shocks." Journal of Financial Economics 139, no. 3 (March 2021): 895–921.
- October 2020
- Article
Peer Influence on Trade Credit
By: Daniel Gyimah, Michael Machokoto and Anywhere (Siko) Sikochi
We examine the influence of peer firms on trade credit policies of listed firms in the United States. We posit and find evidence that firms mimic their peers in formulating trade credit policies. The findings are more pronounced for firms in highly competitive product...
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Keywords:
Trade Credit;
Peer Effects;
Product Market Competition;
Trade;
Credit;
Policy;
Competition
Gyimah, Daniel, Michael Machokoto, and Anywhere (Siko) Sikochi. "Peer Influence on Trade Credit." Journal of Corporate Finance 64 (October 2020).
- 2020
- Working Paper
Currency Hedging in Emerging Markets: Managing Cash Flow Exposure
By: Laura Alfaro, Mauricio Calani and Liliana Varela
Foreign currency derivative markets are among the largest in the world, yet their role in emerging markets in particular, is relatively understudied. We study firms' currency risk exposure and their hedging choices by employing a unique dataset covering the universe of...
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Keywords:
Foreign Currency Hedging;
Fx Derivatives;
Cash Flow;
Foreign Currency Debt;
Currency Mismatch;
Trade Credit
Alfaro, Laura, Mauricio Calani, and Liliana Varela. "Currency Hedging in Emerging Markets: Managing Cash Flow Exposure." Harvard Business School Working Paper, No. 21-096, March 2021.
- 2020
- Working Paper
Loan Types and the Bank Lending Channel
By: Victoria Ivashina, Luc Laeven and Enrique Moral-Benito
Using credit registry data for Spain and Peru, we document that four main types of commercial credit—asset-based loans, cash flow loans, trade finance and leasing—are easily identifiable and represent the bulk of corporate credit. We show that credit growth dynamics...
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Keywords:
Bank Credit;
Loan Types;
Bank Lending Channel;
Credit Registry;
Banks and Banking;
Credit;
Financing and Loans
Ivashina, Victoria, Luc Laeven, and Enrique Moral-Benito. "Loan Types and the Bank Lending Channel." NBER Working Paper Series, No. 27056, April 2020.
- January 2020
- Case
SK Group: Social Progress Credits
By: George Serafeim, Ethan Rouen and David Freiberg
SK Group was one of the largest companies South Korea. A family-run conglomerate consisting of around 120 subsidiaries and employing more than 100,000, SK was tightly knit into the fabric of Korean society. SK viewed their future success as contingent upon the strength...
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Keywords:
Impact;
Impact Investing;
Impact Measurement;
Social Value;
Social Development;
Conglomerates;
Measurement Of Purpose;
Esg;
Esg (environmental, Social, Governance) Performance;
Capital Markets;
Innovation;
Environmental Impact;
Collaboration;
Social Enterprise;
Social and Collaborative Networks;
Social Issues;
Measurement and Metrics;
Value Creation;
Cooperation;
Environmental Sustainability;
Employment;
Accounting;
Energy Industry;
Telecommunications Industry;
Chemical Industry;
South Korea
Serafeim, George, Ethan Rouen, and David Freiberg. "SK Group: Social Progress Credits." Harvard Business School Case 120-071, January 2020.
- November 2019 (Revised December 2019)
- Case
Marcus by Goldman Sachs
By: Rory McDonald, Samir Junnarkar and David Lane
Five years on from the 2008 financial crisis, Goldman Sachs remained wounded. Revenues at the global investment bank had stagnated below pre-crisis levels, and the firm had yet to rebound from a substantial decline in securities-trading revenues. Marcus by Goldman...
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Keywords:
Corporate Entrepreneurship;
Banks and Banking;
Innovation Leadership;
Growth and Development Strategy;
Growth Management;
Organizational Culture;
Financial Services Industry;
United Kingdom
McDonald, Rory, Samir Junnarkar, and David Lane. "Marcus by Goldman Sachs." Harvard Business School Case 620-005, November 2019. (Revised December 2019.)
- May 2019
- Teaching Note
Tesla, Inc. in 2018
By: Siko Sikochi and Suraj Srinivasan
Teaching Note for HBS No. 119-013. The case facilitates a discussion about corporate governance and its role in achieving sustainable profitability and driving long-term shareholder value. The discussion can focus on such questions as what constitutes good governance,...
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- 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...
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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.)
- 2018
- Working Paper
OTC Intermediaries
By: Andrea L. Eisfeldt, Bernard Herskovic, Sriram Rajan and Emil Siriwardane
Over-the-counter (OTC) markets for financial assets are dominated by a relatively small number of core intermediaries and a large number of peripheral customers. In this paper, we develop a model of trade in a core-periphery network and estimate its key structural...
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Keywords:
Otc Markets;
Intermediaries;
Dealers;
Credit Default Swaps;
Risk Sharing;
Networks;
Price;
Risk and Uncertainty
Eisfeldt, Andrea L., Bernard Herskovic, Sriram Rajan, and Emil Siriwardane. "OTC Intermediaries." Working Paper, August 2018.
- 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...
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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.)
- 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...
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Ivashina, Victoria, and Benjamin Iverson. "Trade Creditors' Information Advantage." NBER Working Paper Series, No. 24269, January 2018.
- 2016
- Working Paper
The Stock Market and Bank Risk-Taking
By: David S. Scharfstein and Antonio Falato
We argue that stock market pressure to generate earnings encourages banks to increase risk. We measure risk using confidential supervisory ratings as well as financial information released in regulatory filings. We document that there is an increase in the risk-taking...
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Keywords:
Stock Market;
Financial Markets;
Business Earnings;
Banks and Banking;
Risk and Uncertainty
Scharfstein, David S., and Antonio Falato. "The Stock Market and Bank Risk-Taking." NBER Working Paper Series, No. 22689, September 2016.
- May 2016
- Supplement
2016 Update: Argentina Turns the Page
By: David E. Bell, Forest Reinhardt and Natalie Kindred
This brief case is a supplement to “Cresud and Argentina” (515-043) and “Note on Agriculture in Argentina” (515-069). Set in early 2016, it describes developments in Argentina under newly elected President Mauricio Macri, including the country’s return to international...
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Keywords:
Argentina;
" Cresud;
Agriculture;
Economic Reform;
Economic Policy;
Land Investment;
Macri;
Currency;
Agribusiness;
Diversification;
Economy;
Emerging Markets;
Credit;
Currency Exchange Rate;
Investment;
Business and Government Relations;
Government and Politics;
Inflation and Deflation;
Trade;
Agriculture and Agribusiness Industry;
Argentina;
Buenos Aires;
South America
Bell, David E., Forest Reinhardt, and Natalie Kindred. "2016 Update: Argentina Turns the Page." Harvard Business School Supplement 716-077, May 2016.
- March 2016
- Article
Trade Credit and Taxes
By: Mihir Desai, C. Fritz Foley and James R. Hines Jr.
This paper analyzes the extent to which firms use trade credit to reallocate capital in response to tax incentives. Tax-induced differences in pretax returns encourage the use of trade credit to reallocate capital from firms facing low tax rates to those facing high...
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Desai, Mihir, C. Fritz Foley, and James R. Hines Jr. "Trade Credit and Taxes." Review of Economics and Statistics 98, no. 1 (March 2016): 132–139.
- 2015
- Working Paper
Collateral Shortages and Intermediation Networks
By: Marco Di Maggio and Alireza Tahbaz-Salehi
This paper argues that in the presence of trading frictions and agency problems, the interbank market may be overly fragile, in the sense that small changes in the liquidity of assets used as collateral may lead to large swings in haircuts and a potential credit...
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- Article
Reaching for Yield in the Bond Market
By: Bo Becker and Victoria Ivashina
Reaching for yield—the propensity to buy riskier assets in order to achieve higher yields—is believed to be an important factor contributing to the credit cycle. This paper analyzes this phenomenon in the corporate bond market. Specifically, we show evidence for...
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Keywords:
Fixed Income;
Reaching For Yield;
Financial Intermediation;
Insurance Companies;
Insurance;
Assets;
Bonds;
Investment Return;
Investment Portfolio;
Risk Management;
Insurance Industry
Becker, Bo, and Victoria Ivashina. "Reaching for Yield in the Bond Market." Journal of Finance 70, no. 5 (October 2015): 1863–1902.
- August 2015
- Article
Dollar Funding and the Lending Behavior of Global Banks
By: Victoria Ivashina, David S. Scharfstein and Jeremy C. Stein
A large share of dollar-denominated lending is done by non-U.S. banks, particularly European banks. We present a model in which such banks cut dollar lending more than euro lending in response to a shock to their credit quality. Because these banks rely on wholesale...
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Keywords:
Banks;
Global Banks;
Credit Supply;
Dollar Funding;
International Finance;
Banks and Banking;
Banking Industry
Ivashina, Victoria, David S. Scharfstein, and Jeremy C. Stein. "Dollar Funding and the Lending Behavior of Global Banks." Quarterly Journal of Economics 130, no. 3 (August 2015): 1241–1281.
- August 2015
- Article
Poultry in Motion: A Study of International Trade Finance Practices
By: Pol Antràs and C. Fritz Foley
This paper analyzes the financing terms that support international trade and sheds light on how these terms shape the impact of economic shocks on trade. Analysis of transaction-level data from a U.S.-based exporter of frozen and refrigerated food products, primarily...
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Antràs, Pol, and C. Fritz Foley. "Poultry in Motion: A Study of International Trade Finance Practices." Journal of Political Economy 123, no. 4 (August 2015): 853–901. (Revised May 2014. Online Appendix.)
- September 2014 (Revised September 2015)
- Case
Doing Business in Morocco
By: Jill Avery, Tonia Junker and Daniela Beyersdorfer
This case examines the challenges and opportunities of doing business in Morocco. It highlights Morocco's ongoing economic transformation in the decades leading up to 2014 in the context of its historical, political, and cultural background. The case summarizes some of...
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- October 2013 (Revised August 2016)
- Case
NOWaccount
By: Ramana Nanda, William A. Sahlman and Lauren Barley
It was September 2013, and NOWaccount Network Corporation (NOW®) co-founders John Hayes and Lara Hodgson were putting the final touches on the presentation deck for their annual shareholders' meeting. Along with co-founder Stacey Abrams, the pair had designed NOW's... View Details
Nanda, Ramana, William A. Sahlman, and Lauren Barley. "NOWaccount." Harvard Business School Case 814-048, October 2013. (Revised August 2016.)