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All HBS Web
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- Faculty Publications (505)
- 2007
- Working Paper
Taxes and Portfolio Choice: Evidence from JGTRRA's Treatment of International Dividends
By: Mihir A. Desai and Dhammika Dharmapala
This paper investigates how taxes influence portfolio choices by exploring the response to the distinctive treatment of foreign dividends in the Jobs and Growth Tax Relief Reconciliation Act (JGTRRA). JGTRRA lowered the dividend tax rate to 15% for American equities...
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- 2007
- Chapter
Labor Market Regulations and European Restructuring: Evidence from Private Equity Investments
By: Ant Bozkaya and William R. Kerr
Keywords:
Labor;
Governing Rules, Regulations, and Reforms;
Restructuring;
Private Equity;
Investment;
Europe
Bozkaya, Ant, and William R. Kerr. "Labor Market Regulations and European Restructuring: Evidence from Private Equity Investments." In Essays in Entrepreneurial Finance, by Ant Bozkaya, 151–189. Université libre de Bruxelles, 2007. (Reprinted in Entrepreneurial Finance: Financing Young, Innovative Ventures, (Saarbrüken, Germany: VDM Verlag, 2009), 140-176.)
- May 2007
- Article
Corporate Financing Decisions When Investors Take the Path of Least Resistance
By: Malcolm Baker, Joshua Coval and Jeremy Stein
We explore the consequences for corporate financial policy that arise when investors exhibit inertial behavior. One implication of investor inertia is that, all else equal, a firm pursuing a strategy of equity-financed growth will prefer a stock-for-stock merger to...
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Baker, Malcolm, Joshua Coval, and Jeremy Stein. "Corporate Financing Decisions When Investors Take the Path of Least Resistance." Journal of Financial Economics 84, no. 2 (May 2007): 266–298.
- March 2007 (Revised September 2019)
- Case
Motilal Oswal Financial Services Ltd.: An IPO in India
By: Felda Hardymon, Joshua Lerner and Ann Leamon
The executives of Motilal Oswal Financial Services, Ltd., one of the largest brokerages in India, are considering an IPO on the Indian markets. The company recently received a small private equity investment from two global private equity firms, which it has not yet...
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Keywords:
Private Equity;
Initial Public Offering;
Investment;
Emerging Markets;
Financial Services Industry;
India
Hardymon, Felda, Joshua Lerner, and Ann Leamon. "Motilal Oswal Financial Services Ltd.: An IPO in India." Harvard Business School Case 807-095, March 2007. (Revised September 2019.)
- November 2006 (Revised July 2021)
- Case
Kerr-McGee
By: Robin Greenwood and André Perold
Activist investors Carl Icahn and Barry Rosenstein acquire a stake in Oklahoma-based company Kerr-McGee. They demand two board seats and ask the company to make several operational and financial changes, including the repurchase of equity and divestiture of their...
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Keywords:
Investment Activism;
Restructuring;
Equity;
Investment;
Management;
Governance Controls;
Corporate Strategy;
Chemical Industry;
Energy Industry;
United States
Greenwood, Robin, and André Perold. "Kerr-McGee." Harvard Business School Case 207-020, November 2006. (Revised July 2021.)
- November 2006 (Revised December 2011)
- Case
HCA, Inc. (A)
Focuses on the buyout of HCA by three private equity firms: Bain Capital, KKR, and Merrill Lynch Global Private Equity. It provides an opportunity to discuss a variety of issues related to leveraged buyouts including the process, the role of private equity, the...
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Keywords:
Leveraged Buyouts;
Private Equity;
Investment;
Business and Shareholder Relations;
Conflict and Resolution;
Valuation
Ruback, Richard S. "HCA, Inc. (A)." Harvard Business School Case 207-076, November 2006. (Revised December 2011.)
- October 2006
- Case
Clearwire Corporation
Explores Clearwire's decision to fund its substantial capital investments through an initial public offering (IPO) or through private equity. Clearwire is developing and deploying a broadband wireless network using WiMAX technology. It had filed a registered statement...
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- September 2006 (Revised February 2011)
- Case
Empemex
By: Lynda M. Applegate and Regina Garcia-Cuellar
Studies an entrepreneurial venture in Mexico City. The protagonists, two MBAs from HBS, started a pawn shop chain funded from their private equity office after finishing business school. This is timed at a point where the protagonists have to decide how to grow the...
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Keywords:
Developing Countries and Economies;
Entrepreneurship;
Venture Capital;
Investment;
Growth and Development Strategy;
Mexico City;
United States
Applegate, Lynda M., and Regina Garcia-Cuellar. "Empemex." Harvard Business School Case 807-031, September 2006. (Revised February 2011.)
- August 2006
- Article
Predicting Returns with Managerial Decision Variables: Is There a Small-Sample Bias?
By: Malcolm Baker, Ryan Taliaferro and Jeffrey Wurgler
Many studies find that aggregate managerial decision variables, such as aggregate equity issuance, predict stock or bond market returns. Recent research argues that these findings may be driven by an aggregate time-series version of Schultz's (2003, Journal of Finance...
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Keywords:
Prejudice and Bias;
Fairness;
Managerial Roles;
Management Analysis, Tools, and Techniques;
Equity;
Bonds;
Financial Markets;
Investment;
Capital Markets;
Borrowing and Debt;
Investment Return
Baker, Malcolm, Ryan Taliaferro, and Jeffrey Wurgler. "Predicting Returns with Managerial Decision Variables: Is There a Small-Sample Bias?" Journal of Finance 61, no. 4 (August 2006): 1711–1730. (Section V of "Pseudo Market Timing and Predictive Regressions, NBER Working Paper Series, No. 10823, contains additional analyses.)
- April 2006 (Revised April 2012)
- Background Note
The Role of Private Equity Firms in Merger and Acquisition Transactions
Explores the importance of private equity firms in merger and acquisitions activity around the globe. In many countries, these firms now account for one quarter of the total merger and acquisition activity of all firms. The larger private equity firms generate fees for...
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Keywords:
Leveraged Buyouts;
Mergers and Acquisitions;
Private Equity;
Investment Funds;
Value Creation
Fruhan, William E., Jr. "The Role of Private Equity Firms in Merger and Acquisition Transactions." Harvard Business School Background Note 206-101, April 2006. (Revised April 2012.)
- April 2006 (Revised October 2006)
- Case
Chrysanthemum and Dragon: JAFCO Asia in China
By: Rawi E. Abdelal and David Lane
In the autumn of 2002, JAFCO Asia, a subsidiary of JAFCO Co., Ltd., became the first foreign private equity firm to open an office in Beijing's Haidian Science Park. JAFCO was the only Japanese private equity firm operating in China. As such, Managing Director Vincent...
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Keywords:
History;
International Relations;
Business and Shareholder Relations;
Business and Government Relations;
Expansion;
Market Entry and Exit;
Performance Effectiveness;
Foreign Direct Investment;
Business Strategy;
Financial Services Industry;
China;
Beijing;
Japan
Abdelal, Rawi E., and David Lane. "Chrysanthemum and Dragon: JAFCO Asia in China." Harvard Business School Case 706-012, April 2006. (Revised October 2006.)
- March 2006 (Revised August 2006)
- Case
Putnam Investments: Rebuilding the Culture
By: Nitin Nohria and Charles Nichols
Charles "Ed" Haldeman Jr. is promoted CEO of Putnam Investments after the firm was badly damaged by a series of improper trading practices. He is charged with the task of managing the crisis, repairing the company culture, and putting the firm back into a pattern of...
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Keywords:
Crime and Corruption;
Organizational Culture;
Organizational Change and Adaptation;
Ethics;
Investment Funds;
Investment;
Leading Change;
Decision Choices and Conditions;
Financial Services Industry;
United States
Nohria, Nitin, and Charles Nichols. "Putnam Investments: Rebuilding the Culture." Harvard Business School Case 406-009, March 2006. (Revised August 2006.)
- February 2006 (Revised January 2007)
- Case
ABRY Partners, LLC: WideOpenWest
By: Josh Lerner and Smart Darren
ABRY, a Boston-based private equity group, is considering whether to terminate its investment in WideOpenWest or to try to salvage the transaction by acquiring a division of telecommunications unit Ameritech.
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Keywords:
Private Equity;
Investment Portfolio;
Problems and Challenges;
Financial Services Industry;
Media and Broadcasting Industry;
Boston
Lerner, Josh, and Smart Darren. "ABRY Partners, LLC: WideOpenWest." Harvard Business School Case 806-116, February 2006. (Revised January 2007.)
- February 2006 (Revised June 2007)
- Case
Brazos Partners and Cheddar's Inc.
By: G. Felda Hardymon, Josh Lerner and Ann Leamon
Randall Fojtasek, a partner at Brazos Private Equity Partners, must decide whether to invest more money in Cheddar's restaurant chain, which the firm invested in 10 months earlier. The incremental investment would fund a real estate subsidiary that would own the...
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Keywords:
Negotiation Deal;
Price;
Partners and Partnerships;
Management;
Investment;
Leadership;
Business Subsidiaries;
Stocks
Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Brazos Partners and Cheddar's Inc." Harvard Business School Case 806-069, February 2006. (Revised June 2007.)
- February 2006 (Revised September 2006)
- Case
Tad O'Malley: June 2005
By: G. Felda Hardymon, Josh Lerner and Ann Leamon
Tad O'Malley, a new associate at Empire Investment Group, a top-tier leveraged buyout firm, must evaluate three different deals and recommend which should receive additional resources for further investigation. He must consider the specifics of each company and each...
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Keywords:
Negotiation Deal;
Resource Allocation;
Private Equity;
Projects;
Management Analysis, Tools, and Techniques;
Performance Evaluation;
Leveraged Buyouts
Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Tad O'Malley: June 2005." Harvard Business School Case 806-078, February 2006. (Revised September 2006.)
- December 2005 (Revised November 2006)
- Case
Corning, 2002
By: Malcolm P. Baker and James Quinn
Corning, with large investments in fiber optic technology, was hit particularly hard by the collapse of the telecommunications industry in 2001. With over $4 billion in debt, the firm's survival appears to rest on raising additional equity capital. The protagonist is...
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Keywords:
Financial Strategy;
Financial Condition;
Financial Instruments;
Valuation;
Capital;
Public Equity;
Stock Shares;
Business or Company Management;
Strategy;
Manufacturing Industry;
Industrial Products Industry
Baker, Malcolm P., and James Quinn. "Corning, 2002." Harvard Business School Case 206-018, December 2005. (Revised November 2006.)
- September 2005 (Revised May 2007)
- Case
OuterLink Corporation (A)
By: Josh Lerner and Brenda Chia
Zero Stage Capital is addressing a troubled investment in OuterLink Corp., which has a capital deficit of $30 million and was written off by all but one of its investors as a victim of the technology bubble. The venture organization must decide whether to shutter the...
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Keywords:
Information Technology;
Decisions;
Venture Capital;
Private Equity;
Price Bubble;
Investment;
Financial Services Industry
Lerner, Josh, and Brenda Chia. "OuterLink Corporation (A)." Harvard Business School Case 806-059, September 2005. (Revised May 2007.)
- June 2005 (Revised January 2006)
- Case
Investment Policy at the Hewlett Foundation (2005)
By: Luis M. Viceira
In early January 2005, Laurance Hoagland Jr., VP and CIO of the William and Flora Hewlett Foundation (HF), and his investment team met to finish their recommendations to the HF Investment Committee for a new asset allocation policy for the foundation's investment...
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Keywords:
Investment Portfolio;
Risk and Uncertainty;
Public Equity;
Globalization;
Investment;
Property;
Risk Management;
Asset Management;
Financial Services Industry
Viceira, Luis M. "Investment Policy at the Hewlett Foundation (2005)." Harvard Business School Case 205-126, June 2005. (Revised January 2006.)
- Article
Real Estate Opportunity Funds
By: Nori Gerardo Lietz, Thea C. Hahn and David Geltner
Real estate opportunity funds are one of the fastest-growing segments of the real estate investment industry, similar in some basic respects to other private equity and alternative investment asset classes that seek high returns by taking on more risk in highly...
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Keywords:
Real Estate;
Opportunity Funds;
Investment Management;
Property;
Investment Funds;
Management;
Performance Consistency
Lietz, Nori Gerardo, Thea C. Hahn, and David Geltner. "Real Estate Opportunity Funds." Journal of Portfolio Management 31, no. 5 (2005): 143–153. (Special Real Estate Issue 2005.)
- April 2005 (Revised August 2011)
- Case
Berkshire Partners: Bidding for Carter's
By: Malcolm P. Baker and James Quinn
A five-member team from Berkshire Partners must recommend a final bid and financial structure for a leveraged buyout of William Carter Co., a leading producer of children's apparel. Investorcorp, a global investment group, has put the company up for auction. Goldman...
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Keywords:
Leveraged Buyouts;
Capital Structure;
Private Equity;
Financing and Loans;
Auctions;
Bids and Bidding;
Valuation;
Apparel and Accessories Industry
Baker, Malcolm P., and James Quinn. "Berkshire Partners: Bidding for Carter's." Harvard Business School Case 205-058, April 2005. (Revised August 2011.)