Faculty and Research

Books

Esty, Benjamin C. Modern Project Finance Teaching Notes. New York: John Wiley & Sons, Inc. , 2004.

Esty, Benjamin C. Modern Project Finance: A Casebook. New York: John Wiley & Sons, Inc., 2003.

Published Papers

Esty, B. C. "Why Study Large Projects? An Introduction to Research on Project Finance." European Financial Management 10, no. 2 (June 2004): 213-224.

Esty, Benjamin C., and William L. Megginson. "Creditor Rights, Enforcement, and Debt Ownership Structure: Evidence from the Global Syndicated Loan Market." Journal of Financial and Quantitative Analysis 38, no. 1 (March 2003): 37-59.

Esty, B. C. "Returns on Project-Financed Investments: Evolution and Managerial Implications." Journal of Applied Corporate Finance 15, no. 1 (spring 2002): 71-86.

Esty, B. C., and Irina L. Christov. "Recent Trends in Project Finance: A 5-Year Perspective." 10th Anniversary Issue. Project Finance International, no. 249 (September 18, 2002): 74-82.

Esty, Benjamin C. "Structuring Loan Syndicates: A Case Study of the Hong Kong Disneyland Project Loan." Journal of Applied Corporate Finance 14, no. 3 (fall 2001): 80-95.

Esty, B. C. "The Information Content of Litigation Participation Securities: The Case of CalFed Bancorp." Journal of Financial Economics 60, nos. 2-3 (September 2001): 371-399.

Esty, B. C. "The Equate Project: An Introduction to Islamic Project Finance." Journal of Project Finance 5, no. 4 (winter 2000): 7-20.

Esty, B. C. "What Determines Comparability When Valuing Firms with Multiples." Journal of Financial Education 26 (fall 2000): 24-33.

Esty, B. C. "Petrozuata: A Case Study on the Effective Use of Project Finance." Journal of Applied Corporate Finance 12, no. 3 (fall 1999): 26-42.

Esty, B. C. "Improved Techniques for Valuing Large-Scale Projects." Journal of Project Finance 5, no. 1 (spring 1999): 9-25.

Esty, B. C., Bhanu Narasimhan, and Peter Tufano. "Interest-Rate Exposure and Bank Mergers." Journal of Banking and Finance 23, nos. 2-4 (February 1999): 255-285.

Esty, B. C. "The Impact of Contingent Liability on Commercial Bank Risk Taking." Journal of Financial Economics 47, no. 2 (February 1998): 189-218.

Esty, B. C. "A Case Study of Organizational Form and Risk Shifting in Savings and Loan Industry." Journal of Financial Economics 44, no. 1 (April 1997): 57-76.

Esty, B. C. "Organizational Form and Risk Taking in the Savings and Loan Industry." Journal of Financial Economics 44, no. 1 (April 1997): 25-55.

Esty, B. C. "South Shore Bank: Is It the Model of Success for Community Development Banks?" Journal of Marketing and Psychology 12, no. 8 (1995): 789-819.

Esty, B. C., P. Tufano, and J. Headley. "Banc One Corporation: Asset and Liability Management." Journal of Applied Corporate Finance 7, no. 3 (fall 1994): 33-51.

Esty, B. C., and P. Tufano. "Commentaries on Banc One's Hedging Strategy." Journal of Applied Corporate Finance 7, no. 3 (fall 1994): 63-65.

Esty, B. C. "Republic N.Y.'s Bid for Green Point Holds Lessons on S&L Conversions." American Banker (January 1994): 6 and 17.

Book Chapters

Esty, B. C. "Project Finance." Chapter D4 of Handbook of Modern Finance, edited by James Seward and Dennis Logue. New York: Warren, Gorham & Lamont, 2004.

Esty, B. C. Comment on "Comments on Restructuring Bank Regulation." Restructuring Regulation and Financial Institutions, edited by J. R. Barth, R. D. Brumbaugh and F. Yago, 79-84. Santa Monica, Calif.: Milken Institute Press, 2000.

Baldwin, C. Y., and B. C. Esty. "Lessons from the Thrift Crisis." Chapter 2 of Financial Services: Perspectives and Challenges, edited by Samuel L. Hayes III, 35-64. Boston, Mass.: Harvard Business School Press, 1993.

Other Papers

Esty, Benjamin C. "When Do Foreign Banks Finance Domestic Projects? New Evidence on the Importance of Legal and Financial Systems." 2004. Mimeo.

Esty, Benjamin C. "The Economic Motivations for Using Project Finance." 2003. Mimeo.

Esty, Benjamin C., and Pankaj Ghemawat. "Airbus vs. Boeing in Superjumbos: A Case of Failed Preemption." Harvard Business School Working Paper, No. 02-061, 2002.

Esty, B. C. "The Wealth Effects of Large, Project-Financed Investment Decisions." 2001. Mimeo.

Teaching and Training Materials

Esty, B. C. Project Finance Portal.. (This portal is a reference guide for people interested in project finance. In addition to bibliographical references for books, articles, and case studies, the site contains links to related sites.)

HBS Course Materials

Esty, Benjamin C., Lori A. Flees, and Mathew M Millett. "Acquisition of Consolidated Rail Corporation (A), The." Harvard Business School Case 298-006.

Esty, Benjamin C., Lori A. Flees, and Mathew M Millett. "Acquisition of Consolidated Rail Corporation (B), The." Harvard Business School Case 298-095.

Esty, Benjamin C., and Mathew M Millett. "Acquisition of Consolidated Rail Corporation, The (A and B) TN." Harvard Business School Teaching Note 298-087.

Esty, Benjamin C. "Acquistion of Consolidated Rail Corporation (A), The." Harvard Business School Spreadsheet Supplement 298-738.

Esty, Benjamin C., and Michael Kane. "Airbus A3XX: Developing the World's Largest Commercial Jet (A)." Harvard Business School Case 201-028.

Esty, Benjamin C., and Michael Kane. "Airbus A3XX: Developing the World's Largest Commercial Jet (A) and (B) TN." Harvard Business School Teaching Note 201-040.

Esty, Benjamin C., and Michael Kane. "Airbus A3XX: Developing the World's Largest Commercial Jet (B)." Harvard Business School Case 201-126.

Esty, Benjamin C., and Aldo Sesia. "Aluminium Bahrain (Alba): The Pot Line 5 Expansion Project." Harvard Business School Case 205-027.

Esty, Benjamin C., and Aldo Sesia. "Aluminium Bahrain (Alba): The Pot Line 5 Expansion Project (CW)." Harvard Business School Spreadsheet Supplement 205-708.

Esty, Benjamin C., and Aldo Sesia. "Aluminium Bahrain (Alba): The Pot Line 5 Expansion Project (TN)." Harvard Business School Teaching Note 205-029.

Esty, Benjamin C., Mathew M Millett, and Tracy Aronson. "Atlantic Energy/Delmarva Power & Light (A)." Harvard Business School Case 298-034.

Esty, Benjamin C., Mathew M Millett, and Tracy Aronson. "Atlantic Energy/Delmarva Power & Light (B)." Harvard Business School Case 298-066.

Esty, Benjamin C. "Australia-Japan Cable: Structuring the Project Company." Harvard Business School Spreadsheet Supplement 202-746.

Esty, Benjamin C., and Carrie Ferman. "Australia-Japan Cable: Structuring the Project Company." Harvard Business School Case 203-029.

Esty, Benjamin C., and Carrie Ferman. "Australia-Japan Cable: Structuring the Project Company (TN)." Harvard Business School Teaching Note 203-030.

Esty, Benjamin C., Peter Tufano, and Jon Headley. "Banc One Corporation: Asset and Liability Management." Harvard Business School Case 294-079.

Esty, Benjamin C., and Jason Auerbach. "Bankruptcy and Restructuring at Marvel Entertainment Group." Harvard Business School Case 298-059.

Esty, Benjamin C. "Bankruptcy and Restructuring at Marvel Entertainment Group, Teaching Note." Harvard Business School Teaching Note 298-028.

Esty, Benjamin C., and Aldo Sesia. "Basel II: Assessing the Default and Loss Characterisrics of Project Finance Loans." Harvard Business School Spreadsheet Supplement 203-702.

Esty, Benjamin C., and Aldo Sesia. "Basel II: Assessing the Default and Loss Characteristics of Project Finance Loans (A)." Harvard Business School Case 203-035.

Esty, Benjamin C., and Aldo Sesia. "Basel II: Assessing the Default and Loss Characteristics of Project Finance Loans (B)." Harvard Business School Case 204-094.

Esty, Benjamin C., and Aldo Sesia. "Basel II: Assessing the Default and Loss Characteristics of Project Finance Loans (TN)." Harvard Business School Teaching Note 203-055.

Esty, Benjamin C. "BP Amoco (A) & (B)TN." Harvard Business School Teaching Note 202-089.

Esty, Benjamin C., and Michael Kane. "BP Amoco (A): Policy Statement on the Use of Project Finance." Harvard Business School Case 201-054.

Esty, Benjamin C., and Michael Kane. "BP Amoco (B): Financing Development of the Caspian Oil Fields." Harvard Business School Case 201-067.

Esty, Benjamin C., and Michael Kane. "Calpine Corporation: The Evolution from Project to Corporate Finance." Harvard Business School Case 201-098.

Esty, Benjamin C., and Michael Kane. "Calpine Corporation: The Evolution From Project to Corporate Finance TN." Harvard Business School Teaching Note 201-121.

Esty, Benjamin C. "Chad-Cameroon Petroleum Development and Pipeline Project (A) and (B), The TN." Harvard Business School Teaching Note 202-032.

Esty, Benjamin C., and Carrie Ferman. "Chad-Cameroon Petroleum Development and Pipeline Project (A), The." Harvard Business School Case 202-010.

Esty, Benjamin C., and Carrie Ferman. "Chad-Cameroon Petroleum Development and Pipeline Project (B), The." Harvard Business School Supplement 202-012.

Esty, Benjamin C., and Aldo Sesia. "Chad-Cameroon Petroleum Development and Pipeline Project (C)." Harvard Business School Case 206-129.

Esty, Benjamin C., and Aldo Sesia. "Chad-Cameroon Petroleum Development and Pipeline Project (C) (Abridged)." Harvard Business School Case 206-139.

Esty, Benjamin C., and Aldo Sesia. "Chad-Cameroon Petroleum Development and Pipeline Project (D)." Harvard Business School Supplement 207-087.

Esty, Benjamin C., and Aldo Sesia. "The Chad-Cameroon Petroleum Development and Pipeline Project (E)." Harvard Business School Supplement 209-082.

Esty, Benjamin C. "Chad-Cameroon Petroleum Project." Harvard Business School Spreadsheet Supplement 202-710.

Esty, Benjamin C., and Michael Kane. "Chase's Strategy for Syndicating the Hong Kong Disneyland Loan (A)." Harvard Business School Case 201-072.

Esty, Benjamin C., and Michael Kane. "Chase's Strategy for Syndicating the Hong Kong Disneyland Loan (A) and (B) TN." Harvard Business School Teaching Note 201-087.

Esty, Benjamin C., and Michael Kane. "Chase's Strategy for Syndicating the Hong Kong Disneyland Loan (B)." Harvard Business School Case 201-086.

Esty, Benjamin C., and Aldo Sesia. "Contractual Innovation in the U.K. Energy Markets: Enron Europe, The Eastern Group, and the Sutton Bridge Project (TN)." Harvard Business School Teaching Note 203-085.

Esty, Benjamin C., and Peter Tufano. "Contractual Innovation in the UK Energy Markets: Enron Europe, The Eastern Group, and the Sutton Bridge Project." Harvard Business School Case 200-051.

Esty, Benjamin C., and Craig F Schreiber. "Dividend Policy at FPL Group, Inc. (A)." Harvard Business School Case 295-059.

Esty, Benjamin C. "Dividend Policy at FPL Group, Inc. (A) and (B) TN." Harvard Business School Teaching Note 296-072.

Esty, Benjamin C., and Craig F Schreiber. "Dividend Policy at FPL Group, Inc. (B)." Harvard Business School Supplement 295-106.

Esty, Benjamin C., Frank J. Lysy, and Carrie Ferman. "An Economic Framework for Assessing Development Impact." Harvard Business School Note 202-052.

Esty, Benjamin C., Carin-Isabel Knoop, and Aldo Sesia. "Equator Principles, The." Harvard Business School Case 205-001.

Esty, Benjamin C., Carin-Isabel Knoop, and Aldo Sesia. "Equator Principles, The: An Industry Approach to Managing Environmental and Social Risks." Harvard Business School Case 205-114.

Esty, Benjamin C., Carin-Isabel Knoop, and Aldo Sesia. "Equator Principles, The: An Industry Approach to Managing Environmental and Social Risks (CW)." Harvard Business School Spreadsheet Supplement 205-716.

Esty, Benjamin C., and Aldo Sesia. "The Equator Principles: An Industry Approach to Managing Environmental and Social Risks (TN)." Harvard Business School Teaching Note 205-115.

Esty, Benjamin C. "Exercises in Option Pricing and Real Option Analysis." Harvard Business School Exercise 298-053.

Esty, Benjamin C., and Carrie Ferman. "Financing PPL Corporation's Growth Strategy." Harvard Business School Case 202-045.

Esty, Benjamin C. "Financing PPL Corporation's Growth Strategy (TN)." Harvard Business School Teaching Note 204-046.

Esty, Benjamin C., and Fuaad Qureshi. "Financing the Mozal Project." Harvard Business School Case 200-005.

Esty, Benjamin C. "Financing the Mozal Project TN." Harvard Business School Teaching Note 200-025.

Ghemawat, Pankaj, and Benjamin C. Esty. "Gillette's Launch of Sensor." Harvard Business School Case 792-028.

Esty, Benjamin C., Aldo Sesia Jr., and David Lane. "Going Back to Work: GMP Re-entry Planning." Harvard Business School Note 209-002.

Esty, Benjamin C., Aldo Sesia Jr., and David Lane. "Going Back to Work: GMP Re-entry Planning, Part I (Multimedia)." Harvard Business School Multimedia/Video Case 209-701.

Esty, Benjamin C., Aldo Sesia Jr., and David Lane. "Going Back to Work: GMP Re-entry Planning, Part II (Multimedia)." Harvard Business School Multimedia/Video Case 209-702.

Esty, Benjamin C., and Alan Bigman. "Hostile Bid for Red October, The." Harvard Business School Case 296-084.

Esty, Benjamin C., and Mathew M Millett. "International Investor, The: Islamic Finance and the Equate Project." Harvard Business School Case 200-012.

Esty, Benjamin C., and Mathew M Millett. "International Investor, The: Islamic Finance and the Equate Project TN." Harvard Business School Teaching Note 200-013.

Esty, Benjamin C., and Aldo Sesia. "International Rivers Network and the Bujagali Dam Project (A)." Harvard Business School Spreadsheet Supplement 204-706.

Esty, Benjamin C., and Aldo Sesia. "International Rivers Network and the Bujagali Dam Project (A)." Harvard Business School Case 204-083.

Esty, Benjamin C., and Aldo Sesia. "International Rivers Network and the Bujagali Dam Project (B)." Harvard Business School Case 204-139.

Esty, Benjamin C., and Aldo Sesia. "International Rivers Network and the Bujagali Dam Project (TN) (A & B)." Harvard Business School Teaching Note 204-115.

Esty, Benjamin C., Fuaad Qureshi, and Mathew M Millett. "Introduction to Islamic Finance, An." Harvard Business School Note 200-002.

Esty, Benjamin C. "Introduction to the Large-Scale Investment (LSI) Course at Harvard Business School." Harvard Business School Note 204-093.

Esty, Benjamin C., Fuaad Qureshi, and William J Olson. "Iridium LLC." Harvard Business School Case 200-039.

Esty, Benjamin C. "Iridium LLC TN." Harvard Business School Teaching Note 200-050.

Esty, Benjamin C., and Aldo Sesia. "Mobile Energy Services Company." Harvard Business School Case 203-061.

Esty, Benjamin C., and Aldo Sesia. "Mobile Energy Services Company (TN)." Harvard Business School Teaching Note 203-062.

Esty, Benjamin C. "NATL Sugar Company (Vietnam) Exhibits." Harvard Business School Spreadsheet Supplement 202-743.

Esty, Benjamin C. "NATL Sugar Company (Vietnam) Model." Harvard Business School Spreadsheet Supplement 202-742.

Esty, Benjamin C., Frank J. Lysy, and Carrie Ferman. "Nghe An Tate & Lyle Sugar Company (Vietnam)." Harvard Business School Case 202-054.

Esty, Benjamin C., Frank J Lysy, and Carrie Ferman. "Nghe An Tate & Lyle Sugar Company (Vietnam)." Harvard Business School Spreadsheet Supplement 203-707.

Esty, Benjamin C., and Carrie Ferman. "Nghe An Tate & Lyle Sugar Company (Vietnam), TN." Harvard Business School Teaching Note 202-067.

Esty, Benjamin C., and Mathew M Millett. "Note on the Caspian Oil Pipelines." Harvard Business School Note 299-044.

Esty, Benjamin C. "Note on Value Drivers." Harvard Business School Note 297-082.

Esty, Benjamin C., and Aldo Sesia. "An Overview of Project Finance & Infrastructure Finance - 2006 Update." Harvard Business School Note 207-107.

Esty, Benjamin C., and Aldo Sesia. "An Overview of Project Finance - 2004 Update." Harvard Business School Note 205-065.

Esty, Benjamin C., and Irina L. Christov. "An Overview of Project Finance-2002 Update." Harvard Business School Supplement 202-105.

Esty, Benjamin C., Suzanne I. Harris, and Kathleen G. Krueger. "Overview of the Project Finance Market, An." Harvard Business School Note 200-028.

Esty, Benjamin C., and Mathew M Millett. "Petrolera Zuata, Petrozuata C.A." Harvard Business School Case 299-012.

Esty, Benjamin C., and Mathew M Millett. "Petrolera Zuata, Petrozuata C.A. TN." Harvard Business School Teaching Note 299-013.

Esty, Benjamin C., and Michael Kane. "Poland's A2 Motorway." Harvard Business School Case 202-030.

Esty, Benjamin C. "Poland's A2 Motorway TN." Harvard Business School Teaching Note 202-031.

Esty, Benjamin C. "Project Finance Acronyms." Harvard Business School Note 207-086.

Esty, Benjamin C. "Project Finance Glossary." Harvard Business School Note 203-040.

Esty, Benjamin C., and Fuaad Qureshi. "Project Finance Research, Data, and Information Sources." Harvard Business School Note 201-041.

Esty, Benjamin C., and Michael Kane. "Restructuring Bulong's Project Debt." Harvard Business School Case 203-027.

Esty, Benjamin C., and Michael Kane. "Restructuring Bulong's Project Debt (TN)." Harvard Business School Teaching Note 203-028.

Esty, Benjamin C., and Craig F Schreiber. "Service Corporation International." Harvard Business School Case 296-080.

Esty, Benjamin C., and Craig F Schreiber. "Service Corporation International TN." Harvard Business School Teaching Note 297-006.

Esty, Benjamin C. "Shawmut National Corporation's Merger with Bank of Boston Corporation (A)." Harvard Business School Case 294-119.

Esty, Benjamin C. "Shawmut National Corporation's Merger with Bank of Boston Corporation (B)." Harvard Business School Supplement 294-120.

Esty, Benjamin C. "Teaching Project Finance: An Overview of the Large-Scale Investment Course." Harvard Business School Module Note, Instructor Only 202-086.

Esty, Benjamin C. "Texas High-Speed Rail Corporation." Harvard Business School Spreadsheet Supplement 293-736.

Esty, Benjamin C., and Timothy A. Luehrman. "Texas High-Speed Rail Corporation: FCF vs. ECF Valuation (TN)." Harvard Business School Teaching Note 204-051.

Esty, Benjamin C., and Tara L. Nells. "USG Corporation." Harvard Business School Case 297-052.

Esty, Benjamin C. "USG Corporation TN." Harvard Business School Teaching Note 297-093.

Esty, Benjamin C. "Why Study Large Projects?" Harvard Business School Note 203-031.

Esty, Benjamin C. "Your Case Study--A Leadership Exercise for the General Management Program (GMP)." Harvard Business School Exercise 407-011.