Browsing HBS Scholarly Articles by Author "Ivashina, Victoria"

Now showing items 1-11 of 11

    • Cyclicality of Credit Supply: Firm Level Evidence 

      Becker, Bo; Ivashina, Victoria (Elsevier, 2013-11-25)
      Theory predicts that there is a close link between bank credit supply and the evolution of the business cycle. Yet fluctuations in bank-loan supply have been hard to quantify in the time series. While loan issuance falls ...

    • The Disintermediation of Financial Markets: Direct Investing in Private Equity 

      Fang, Lily; Ivashina, Victoria; Lerner, Joshua (Elsevier, 2015-02-19)
      We examine twenty years of direct private equity investments by seven large institutions. These direct investments perform better than public market indices, especially buyout investments and those made in the 1990s. ...

    • Disruption and Credit Markets 

      Becker, Bo; Ivashina, Victoria (Wiley, 2022-11-26)
      We show that over the past half‐century, innovative disruptions were central to understanding corporate defaults. In a given year, industries experiencing abnormally high venture capital or initial public offering activity ...

    • Dollar Funding and the Lending Behavior of Global Banks 

      Ivashina, Victoria; Scharfstein, David Stuart; Stein, Jeremy C. (Oxford University Press (OUP), 2015-05-19)
      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 ...

    • Financial Repression in the European Sovereign Debt Crisis 

      Becker, Bo; Ivashina, Victoria (Oxford University Press (OUP), 2018-02)
      By the end of 2013, the share of government debt held by the domestic banking sectors of Eurozone countries was more than twice its 2007 level. We show that this type of increasing reliance on the domestic banking sector ...

    • Monetary Policy and Global Banking 

      BRÄUNING, FALK; Ivashina, Victoria (Wiley, 2020-07-27)
      When central banks adjust interest rates, the opportunity cost of lending in local currency changes, but—in absence of frictions—there is no spillover effect to lending in other currencies. However, when equity capital is ...

    • The Ownership and Trading of Debt Claims in Chapter 11 Restructurings 

      Ivashina, Victoria; Iverson, Benjamin; Smith, David C. (Elsevier, 2015-05-19)
      What is the ownership structure of bankrupt debt claims? How does the ownership evolve though bankruptcy? And how does debt ownership influence Chapter 11 outcomes? To answer these questions, we construct a data set that ...

    • Reaching for Yield in the Bond Market 

      Becker, Bo; Ivashina, Victoria (Wiley-Blackwell, 2013-11-25)
      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 analyses this phenomenon in the corporate bond ...

    • Securitization without Adverse Selection: The Case of CLOs 

      Benmelech, Effi; Dlugosz, Jennifer; Ivashina, Victoria (Elsevier, 2013-11-25)
      In this paper, we investigate whether securitization was associated with risky lending in the corporate loan market by examining the performance of individual loans held by CLOs. We employ two different datasets that ...

    • Unstable Equity: Combining Banking with Private Equity Investing 

      Fang, Lily H.; Ivashina, Victoria; Lerner, Josh (Oxford University Press (OUP), 2013-11-25)
      Bank-affiliated private equity groups account for 30% of all private equity investments. Their market share is highest during peaks of the private equity market, when the parent banks arrange more debt financing for in-house ...

    • Why Is Dollar Debt Cheaper? Evidence from Peru 

      Gutierrez, Bryan; Ivashina, Victoria; Salomao, Juliana (Elsevier BV, 2023-06)
      In emerging markets, a significant share of corporate loans are denominated in dollars. Using novel data that enables us to see currency and the cost of credit, in addition to several other transaction-level characteristics, ...