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All HBS Web
(1,434)
- People (1)
- News (152)
- Research (1,093)
- Events (5)
- Multimedia (6)
- Faculty Publications (953)
- 24 Jul 2000
- Research & Ideas
Something Ventured, Something Gained: A European View of Venture Capital
"that's where we have a distinct advantage." For Tazartes and his colleagues, in fact, the demand for the services they render has never been greater, as governments privatize state-run operations and companies consolidate in a heady period of View Details
- 01 Jan 2006
- News
William H. Donaldson, MBA 1958
News. And as soon as he graduated in 1953, he joined the U.S. Marine Corps and became an officer. Fast forward to 1959. Just out of Harvard Business School, Donaldson, 28, was rooming with Dan Lufkin (MBA ’57) in New York and working in the View Details
- 30 Nov 2020
- Working Paper Summaries
Short-Termism, Shareholder Payouts, and Investment in the EU
Keywords:
by Jesse M. Fried and Charles C.Y. Wang
- September 2020 (Revised June 2021)
- Supplement
Eaton Corporation: Portfolio Transformation and The Cost of Capital
By: Benjamin C. Esty, Scott Mayfield and Daniel Fisher
In 2000, Eaton Corporation was a broadly diversified industrial conglomerate. But its strategy was evolving and its focus was narrowing around “power management” and more recently on “intelligent power,” the use of digitally enabled products and services designed to...
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- October 2019
- Case
Impax Laboratories: Executing Accretive Acquisitions (A)
By: Benjamin C. Esty and Daniel Fisher
Impax Laboratories was a technology-based pharmaceutical company that used a “dual platform” strategy to sell both generic and branded treatments. While Impax had grown organically for most of its history, it was beginning to use major acquisitions for growth. In the...
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Keywords:
Financial Reporting;
Financial Statements;
Mergers and Acquisitions;
Capital Structure;
Competition;
Competitive Advantage;
Corporate Strategy;
Pharmaceutical Industry;
United States
Esty, Benjamin C., and Daniel Fisher. "Impax Laboratories: Executing Accretive Acquisitions (A)." Harvard Business School Case 220-030, October 2019.
- October 2012
- Teaching Plan
Vertex Pharmaceuticals and the Cystic Fibrosis Foundation: Venture Philanthropy Funding for Biotech (TP)
By: Robert F. Higgins
This is the teaching note related to HBS case 808005. In 2001, Vertex Pharmaceuticals Incorporated acquired the San Diego-based biotech company, Aurora Biosciences. The combination of Vertex's and Aurora's technologies would improve the flow of novel drug candidates...
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Keywords:
Venture Philanthropy;
Biotechnology;
Funding Philanthropy Venture;
Cystic Fibrosis;
Foundations;
Pharmaceuticals;
Mergers and Acquisitions;
For-Profit Firms;
Venture Capital;
Philanthropy and Charitable Giving;
Science-Based Business;
Nonprofit Organizations;
Pharmaceutical Industry;
Biotechnology Industry;
United States;
San Diego
- Article
Investor Activism and Takeovers
By: Robin Greenwood and Michael Schor
Recent work documents large positive abnormal returns around the time that a hedge fund announces its activist intentions with a publicly listed firm. We show that these returns are largely explained by the ability of activists to force target firms into a takeover: In...
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Keywords:
Mergers and Acquisitions;
Private Equity;
Investment Return;
Investment Activism;
Investment Portfolio;
Public Ownership
Greenwood, Robin, and Michael Schor. "Investor Activism and Takeovers." Journal of Financial Economics 92, no. 3 (June 2009): 362–375.
- 2007
- Working Paper
Hedge Fund Investor Activism and Takeovers
By: Robin Greenwood and Michael Schor
We examine long-horizon stock returns around hedge fund activism in a comprehensive sample of 13D filings by portfolio investors between 1993 and 2006. Abnormal returns surrounding investor activism are high for the subset of targets that are...
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Keywords:
Mergers and Acquisitions;
Private Equity;
Investment Return;
Investment Activism;
Investment Portfolio;
Corporate Governance
Greenwood, Robin, and Michael Schor. "Hedge Fund Investor Activism and Takeovers." Harvard Business School Working Paper, No. 08-004, July 2007.
- February 2003 (Revised January 2006)
- Case
AIT Group Plc
By: G. Felda Hardymon, Josh Lerner and Ann Leamon
A U.S. venture capital firm has just learned that the deal structure for purchasing an illiquid U.K. software firm is unacceptable to institutional investors. The group must decide if it still wants to go through with the deal. This decision hinges on whether the...
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Keywords:
Price;
Business and Stakeholder Relations;
Mergers and Acquisitions;
Venture Capital;
Financial Condition;
Risk and Uncertainty;
Decision Making;
Financial Services Industry;
United States;
United Kingdom
Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "AIT Group Plc." Harvard Business School Case 803-104, February 2003. (Revised January 2006.)
- January 2011 (Revised March 2011)
- Case
Predictive Biosciences
By: Thomas R. Eisenmann, Jeffrey J. Bussgang and David Kiron
A small cancer diagnostics start-up is deciding whether to acquire a laboratory to make and sell its bladder cancer test or build its own manufacturing and sales team.
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Keywords:
Mergers and Acquisitions;
Factories, Labs, and Plants;
Business Startups;
Entrepreneurship;
Health Testing and Trials;
Growth and Development Strategy;
Product Development;
Biotechnology Industry
Eisenmann, Thomas R., Jeffrey J. Bussgang, and David Kiron. "Predictive Biosciences." Harvard Business School Case 811-015, January 2011. (Revised March 2011.)
- September 2006 (Revised January 2008)
- Case
Providian Financial Corporation
By: John R. Wells
On October 3, 2005, Washington Mutual acquired Providian Financial Corporation, the ninth-largest credit card issuer in the U.S., for $6.5 billion. At the time, Providian had approximately 10 million customer relationships and a balance of $18.6 billion. For some...
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Keywords:
Mergers and Acquisitions;
Restructuring;
Customer Relationship Management;
Insolvency and Bankruptcy;
Credit Cards;
Organizational Change and Adaptation;
Financial Services Industry;
United States
Wells, John R. "Providian Financial Corporation." Harvard Business School Case 707-446, September 2006. (Revised January 2008.)
- October 1981 (Revised August 2010)
- Case
Quabbin Cablevision Company
By: Henry B. Reiling
Several entrepreneurs are considering the purchase of an existing cable TV business with the financial assistance of several investors. They must decide whether to establish the company as a partnership or a corporation, and how to capitalize the company for an optimal...
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Keywords:
Mergers and Acquisitions;
Business Organization;
Television Entertainment;
Entrepreneurship;
Capital Structure;
Taxation;
Telecommunications Industry;
Massachusetts
Reiling, Henry B. "Quabbin Cablevision Company." Harvard Business School Case 282-003, October 1981. (Revised August 2010.)
- August 2010 (Revised March 2012)
- Supplement
The Dow Acquisition of Rohm and Haas (D)
By: Jay W. Lorsch and Melissa Barton
Dow's board and management team worked on arranging appropriate financing to complete the acquisition of Rohm and Haas. Meanwhile, the board of Rohm and Haas filed suit against Dow after it delayed the completion of the acquisition.
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Keywords:
Mergers and Acquisitions;
Financing and Loans;
Governing and Advisory Boards;
Lawsuits and Litigation;
Management Teams;
Chemical Industry
Lorsch, Jay W., and Melissa Barton. "The Dow Acquisition of Rohm and Haas (D)." Harvard Business School Supplement 411-004, August 2010. (Revised March 2012.)
- August 2007 (Revised April 2008)
- Case
Texas Pacific Group--J. Crew
By: Michael J. Roberts, William A. Sahlman and Lauren Barley
Describes Texas Pacific Group's purchase and operation of J. Crew, the catalog and specialty clothing retailer. Highlights the issues involved in financing such a transaction, and then focuses on the operational challenges of turning around the business, and of TPG's...
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Keywords:
Mergers and Acquisitions;
Private Equity;
Financing and Loans;
Investment;
Operations;
Organizational Change and Adaptation;
Apparel and Accessories Industry;
Retail Industry
Roberts, Michael J., William A. Sahlman, and Lauren Barley. "Texas Pacific Group--J. Crew." Harvard Business School Case 808-017, August 2007. (Revised April 2008.)
- February 1998 (Revised May 1998)
- Case
Merck-Medco: Vertical Integration in the Pharmaceutical Industry
By: V. Kasturi Rangan and Marie Bell
Records the analyses and actions taken by Merck Pharmaceuticals in its acquisition of Medco, a channel intermediary (called "pharmacy benefit manager"). While many of its competitors seem to be faring poorly, Merck seems to have managed the Medco integration superbly.
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Keywords:
Vertical Integration;
Organizational Change and Adaptation;
Competitive Strategy;
Marketing Channels;
Mergers and Acquisitions;
Pharmaceutical Industry
Rangan, V. Kasturi, and Marie Bell. "Merck-Medco: Vertical Integration in the Pharmaceutical Industry." Harvard Business School Case 598-091, February 1998. (Revised May 1998.)
- 27 Sep 2004
- Research & Ideas
How Leaders Build Winning Streaks
change, which included the 300 top executives plus another 100 natural leaders from the ranks without fancy titles. The 1,350 South Koreans I met at the Shinhan Financial Group Summit outside of Seoul in the fall of 2003 were all designated leaders for the View Details
Keywords:
by Rosabeth Moss Kanter
- 01 Dec 1999
- News
Hawes Family Funds New Classroom Building
with a recruiter in an HBS corridor in 1969 led Hawes to a small Connecticut company that focused on insurance company mergers and acquisitions. In 1972, he ventured out on his own and founded Insurance Investment Associates, which soon...
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- May 2017
- Article
Distracted Shareholders and Corporate Actions
By: Elisabeth Kempf, Alberto Manconi and Oliver Spalt
Investor attention matters for corporate actions. Our new identification approach constructs firm-level shareholder "distraction" measures, by exploiting exogenous shocks to unrelated parts of institutional shareholders' portfolios. Firms with "distracted" shareholders...
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Keywords:
Investors;
Business and Shareholder Relations;
Executive Compensation;
Stocks;
Mergers and Acquisitions
Kempf, Elisabeth, Alberto Manconi, and Oliver Spalt. "Distracted Shareholders and Corporate Actions." Review of Financial Studies 30, no. 5 (May 2017): 1660–1695.
- January 2016 (Revised January 2019)
- Case
The Allergan Board Under Fire (A)
By: Lynn S. Paine, Suraj Srinivasan, John C. Coates and David Lane
In 2014, the Allergan Inc. board of directors received a surprise takeover offer from Valeant Pharmaceuticals in alliance with hedge fund activist Bill Ackman's Pershing Square Capital Management. In the unprecedented arrangement between an acquirer and a hedge fund...
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Keywords:
Allergan, Inc.;
Valeant;
Ackman;
Pershing Square;
Tender Offer;
Activist Investors;
Business Models;
R&D;
Board Of Directors;
Securities Litigation;
Acquisition Strategy;
Takeover Defenses;
Hedge Funds;
Shareholder Rights;
Proxy Contest;
Shareholder Special Meetings;
Legal Issues In Contested Takeovers;
Governing and Advisory Boards;
Mergers and Acquisitions;
Corporate Governance;
Management Teams;
Business and Shareholder Relations;
Pharmaceutical Industry
Paine, Lynn S., Suraj Srinivasan, John C. Coates, and David Lane. "The Allergan Board Under Fire (A)." Harvard Business School Case 316-010, January 2016. (Revised January 2019.)
- September 2008
- Supplement
Mr. Nelson Peltz, Founding Partner, Trian Partners. Interviewed by Professor John Quelch
By: John A. Quelch
Professor John Quelch interviewed Mr. Nelson Peitz, Founding Partner of Trian Partners on events and decisions leading up to the decision to acquire the Snapple brand and the results of that corporate decision.
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Keywords:
Mergers and Acquisitions;
Decision Choices and Conditions;
Private Equity;
Investment;
Brands and Branding;
Financial Services Industry;
Food and Beverage Industry
Quelch, John A. "Mr. Nelson Peltz, Founding Partner, Trian Partners. Interviewed by Professor John Quelch." Harvard Business School Video Supplement 509-709, September 2008.