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- Faculty Publications (165)
- March 2009 (Revised September 2010)
- Case
HOYA Corporation (A)
By: W. Carl Kester and Masako Egawa
In 2007, HOYA of Japan must decide whether to change its friendly exchange offer for Pentax into a hostile cash tender offer. A surprising sequence of events had caused a friendly merger agreement to fall apart, resulting in a boardroom coup at Pentax and the...
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Keywords:
Mergers and Acquisitions;
Investment Activism;
Corporate Governance;
Governance Controls;
Governing and Advisory Boards;
Negotiation Tactics;
Business and Shareholder Relations;
Valuation;
Japan
Kester, W. Carl, and Masako Egawa. "HOYA Corporation (A)." Harvard Business School Case 209-065, March 2009. (Revised September 2010.)
- January 2009
- Supplement
The Tip of the Iceberg: JP Morgan Chase and Bear Stearns (B2)
By: Clayton S. Rose, Daniel Baird Bergstresser and David Lane
Bear Stearns & Co burned through nearly all of its $18 billion in cash reserves during the week of March 10, 2008, and an unprecedented provision of liquidity support from the Federal Reserve on Friday March 13 was insufficient to reverse the decline in Bear's...
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Keywords:
Economic Slowdown and Stagnation;
Capital;
Insolvency and Bankruptcy;
Financial Liquidity;
Banks and Banking;
Governance;
Crisis Management;
Goals and Objectives;
System;
Valuation;
New York (state, US)
Rose, Clayton S., Daniel Baird Bergstresser, and David Lane. "The Tip of the Iceberg: JP Morgan Chase and Bear Stearns (B2)." Harvard Business School Supplement 309-091, January 2009.
- January 2009 (Revised November 2011)
- Case
The Tip of the Iceberg: JP Morgan Chase and Bear Stearns (A)
By: Clayton S. Rose, Daniel Baird Bergstresser and David Lane
"Bear Stearns & Co. burned through nearly all of its $18 billion in cash reserves during the week of March 10, 2008, and an unprecedented provision of liquidity support from the Federal Reserve on Friday, March 13 was insufficient to reverse the decline in Bear's...
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Keywords:
Mergers and Acquisitions;
Financial Crisis;
Capital;
Financial Liquidity;
Financial Strategy;
Corporate Governance;
Crisis Management;
Business and Stakeholder Relations;
Competition;
Valuation;
Financial Services Industry
Rose, Clayton S., Daniel Baird Bergstresser, and David Lane. "The Tip of the Iceberg: JP Morgan Chase and Bear Stearns (A)." Harvard Business School Case 309-001, January 2009. (Revised November 2011.)
- January 2009
- Supplement
The Tip of the Iceberg: JP Morgan Chase and Bear Stearns (B1)
By: Clayton S. Rose, Daniel Baird Bergstresser and David Lane
Bear Stearns & Co burned through nearly all of its $18 billion in cash reserves during the week of March 10, 2008, and an unprecedented provision of liquidity support from the Federal Reserve on Friday March 13 was insufficient to reverse the decline in Bear's...
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Keywords:
Economic Slowdown and Stagnation;
Capital;
Financial Liquidity;
Banks and Banking;
Governance;
Crisis Management;
Failure;
Business and Stakeholder Relations;
Balance and Stability;
Valuation;
New York (state, US)
Rose, Clayton S., Daniel Baird Bergstresser, and David Lane. "The Tip of the Iceberg: JP Morgan Chase and Bear Stearns (B1)." Harvard Business School Supplement 309-070, January 2009.
- September 2008
- Article
Does Innovation Cause Stock Market Runups? Evidence from the Great Crash
By: Tom Nicholas
This article examines the stock market's changing valuation of corporate patentable assets between 1910 and 1939. It shows that the value of knowledge capital increased significantly during the 1920s compared to the 1910s as investors responded to the quality of...
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Keywords:
History;
Technological Innovation;
Patents;
Stocks;
Valuation;
Financial Crisis;
Financial Services Industry;
United States
Nicholas, Tom. "Does Innovation Cause Stock Market Runups? Evidence from the Great Crash." American Economic Review 98, no. 4 (September 2008): 1370–1396.
- May 2008
- Supplement
Finansbank 2006 (CW)
By: C. Fritz Foley and Linnea Meyer
How do financial policy requirements and benefits of ownership concentration affect the need for and process of corporate restructuring? This case provides students with an opportunity to analyze the restructuring of a Turkish multinational business group by way of a...
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- May 2008 (Revised June 2009)
- Case
Finansbank 2006
By: C. Fritz Foley and Linnea Meyer
How do financial policy requirements and benefits of ownership concentration affect the need for and process of corporate restructuring? This case provides students with an opportunity to analyze the restructuring of a Turkish multinational business group by way of a...
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Keywords:
Leveraged Buyouts;
Mergers and Acquisitions;
Restructuring;
Capital Budgeting;
Agreements and Arrangements;
Valuation;
Turkey;
Greece
Foley, C. Fritz, and Linnea Meyer. "Finansbank 2006." Harvard Business School Case 208-108, May 2008. (Revised June 2009.)
- May 2008 (Revised March 2009)
- Case
SKS Microfinance
By: Shawn A. Cole and Theresa Chen
Vikram Akula, CEO of SKS Microfinance, seeks a venture capital investment to fund his firm. SKS, one of the largest and fastest growing microfinance institutions in India, is a profitable, for-profit institution with a social mission. In what is one of the first...
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Keywords:
For-Profit Firms;
Venture Capital;
Microfinance;
Corporate Social Responsibility and Impact;
Valuation;
Financial Services Industry;
India
Cole, Shawn A., and Theresa Chen. "SKS Microfinance." Harvard Business School Case 208-137, May 2008. (Revised March 2009.)
- 2008
- Working Paper
Structural Closure and Exposure: Market Reactions to Announcements of Acquisitions and Divestitures
By: Mikolaj Jan Piskorski and Nitin Nohria
This paper develops an exchange-network perspective on corporate diversification and proposes two measures of corporate scope: structural closure and structural exposure. Structural closure focuses on exchanges of goods and services inside the firm...
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- March 2008
- Article
When Growth Stalls
By: Matthew S. Olson, Derek C. M. van Bever and Seth Verry
This article includes a one-page preview that quickly summarizes the key ideas and provides an overview of how the concepts work in practice along with suggestions for further reading.
An abrupt and lasting drop in revenue growth is a crisis that can strike even the...
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Olson, Matthew S., Derek C. M. van Bever, and Seth Verry. "When Growth Stalls." Harvard Business Review 86, no. 3 (March 2008): 50–61.
- January 2008 (Revised March 2009)
- Case
Framedia (A) Abridged
By: Li Jin, Carliss Y. Baldwin, Li Liao, Huabing Li and Jielun Zhu
Examines an acquisition in the highly competitive outdoor media advertising industry in China in late 2005. The transaction leads to eventual consolidation of the whole industry and positive stock reactions. Discusses equity consideration in the context of an M&A...
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Keywords:
Mergers and Acquisitions;
Venture Capital;
Equity;
Private Equity;
Corporate Governance;
Emerging Markets;
Organizations;
Consolidation;
Valuation;
Advertising Industry;
China
Jin, Li, Carliss Y. Baldwin, Li Liao, Huabing Li, and Jielun Zhu. "Framedia (A) Abridged." Harvard Business School Case 208-048, January 2008. (Revised March 2009.)
- December 2007
- Article
Applying Modern Risk Management to Equity and Credit Analysis
By: Robert C. Merton
Traditional conventions of accounting and actuarial science distort the valuation of capital risk in corporations with pension plans because under these conventions, pension assets and liabilities are not included in balance sheet calculations. The modern risk...
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Keywords:
Risk Management;
Valuation;
Financial Reporting;
Decision Making;
Credit;
Financial Statements;
Capital;
Equity;
Compensation and Benefits
Merton, Robert C. "Applying Modern Risk Management to Equity and Credit Analysis." CFA Institute Conference Proceedings Quarterly 24 (December 2007): 14–22.
- 2007
- Text Book
Business Analysis and Valuation: Using Financial Statements
By: Paul M. Healy and Krishna G. Palepu
Financial statements are the basis for a wide range of business analysis. Managers, securities analysts, bankers, and consultants all use them to make business decisions. There is strong demand among business students for course materials that provide a framework for...
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Healy, Paul M., and Krishna G. Palepu. Business Analysis and Valuation: Using Financial Statements. 4th ed. Mason, OH: Thomson South-Western, 2007.
- April 2007 (Revised April 2008)
- Case
Corrections Corporation of America
By: Edward J. Riedl
This case illustrates a comprehensive valuation of a publicly traded firm specializing in building and managing prisons. Students must assess the firm's strategy and risks, evaluate key financial reports, derive forecasts of future performance, and use these forecasts...
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Keywords:
Financial Statements;
Buildings and Facilities;
For-Profit Firms;
Crime and Corruption;
Forecasting and Prediction;
Risk Management;
Valuation;
Construction Industry;
Public Administration Industry;
Service Industry
Riedl, Edward J. "Corrections Corporation of America." Harvard Business School Case 107-071, April 2007. (Revised April 2008.)
- January 2006 (Revised February 2006)
- Case
Deutsche Borse and the European Markets
By: Dwight B. Crane and Monika Stachowiak
In December 2004, Deutsche Borse proposed an offer for the London Stock Exchange. Some shareholders opposed the acquisition, leading to the offer's withdrawal and replacement of management, including the CEO and board members. Written from the viewpoint of Deutsche...
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Keywords:
Mergers and Acquisitions;
Strategy;
Governing and Advisory Boards;
Capital Structure;
Stocks;
Valuation;
Corporate Governance;
Price;
Change Management;
Commercialization;
Financial Services Industry;
Europe
Crane, Dwight B., and Monika Stachowiak. "Deutsche Borse and the European Markets." Harvard Business School Case 206-082, January 2006. (Revised February 2006.)
- April 2005 (Revised January 2007)
- Case
Furman Selz LLC (A): A Tale of Two Acquisitions
By: Nancy D. Beaulieu, Boris Groysberg and Kyle Doherty
Profiles a firm that was reacquired by two companies with different degrees of success. Highlights integration challenges present in acquisition deals when the primary assets of the target are human capital. Focuses on Furman Selz's acquisition by Xerox in 1987; its...
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Keywords:
Mergers and Acquisitions;
Transition;
Valuation;
Human Capital;
Compensation and Benefits;
Integration;
Organizational Culture;
Banking Industry;
Financial Services Industry;
United States
Beaulieu, Nancy D., Boris Groysberg, and Kyle Doherty. "Furman Selz LLC (A): A Tale of Two Acquisitions." Harvard Business School Case 905-066, April 2005. (Revised January 2007.)
- December 2004 (Revised October 2017)
- Background Note
Subscriber Models
By: Mihir Desai, Robin Greenwood, Scott Mayfield and Lucy White
Introduces the subscriber model as an alternative valuation framework for firms whose revenues can be traced to repeated transactions with customers.
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Desai, Mihir, Robin Greenwood, Scott Mayfield, and Lucy White. "Subscriber Models." Harvard Business School Background Note 205-061, December 2004. (Revised October 2017.)
- December 2004 (Revised April 2006)
- Case
Nestle and Alcon--The Value of a Listing
By: Mihir A. Desai, Vincent Dessain and Anders Sjoman
In response to a perceived undervaluation by the capital markets, Nestle is considering divesting a part of its ophthalmology subsidiary, Alcon, and must decide on a listing location. In the process, students are challenged to wrestle with the valuation of a...
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Keywords:
Business Conglomerates;
International Finance;
Corporate Entrepreneurship;
Markets;
Taxation;
Business Subsidiaries;
Valuation;
Food and Beverage Industry;
Health Industry;
Europe;
United States
Desai, Mihir A., Vincent Dessain, and Anders Sjoman. "Nestle and Alcon--The Value of a Listing." Harvard Business School Case 205-056, December 2004. (Revised April 2006.)
- December 2003 (Revised October 2006)
- Case
Globalizing the Cost of Capital and Capital Budgeting at AES
By: Mihir A. Desai and Douglas Kurt Schillinger
With electricity generating businesses around the world, AES Corp. is seeking a methodology for calculating the cost of capital for its various businesses and potential projects. In the past, AES used the same cost of capital for all of its capital budgeting, but the...
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Keywords:
International Finance;
Risk Management;
Globalized Firms and Management;
Cost of Capital;
Valuation;
Emerging Markets;
Foreign Direct Investment;
Capital Budgeting;
Energy Industry;
South America
Desai, Mihir A., and Douglas Kurt Schillinger. "Globalizing the Cost of Capital and Capital Budgeting at AES." Harvard Business School Case 204-109, December 2003. (Revised October 2006.)
- November 2003 (Revised March 2004)
- Case
Drilling South: Petrobras Evaluates Pecom
By: Mihir A. Desai and Ricardo Reisen de Pinho
The Brazilian oil company, Petrobras, is evaluating the acquisition of an Argentine oil company, the Perez Companc Group (Pecom). The acquisition would increase Petrobras' oil reserves and expand its interests outside Brazil, a significant step for the largest company...
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Keywords:
Mergers and Acquisitions;
Forecasting and Prediction;
Financial Crisis;
Non-Renewable Energy;
Cross-Cultural and Cross-Border Issues;
Corporate Governance;
Risk Management;
Emerging Markets;
State Ownership;
Performance Evaluation;
Risk and Uncertainty;
Valuation;
Energy Industry;
Argentina;
Brazil
Desai, Mihir A., and Ricardo Reisen de Pinho. "Drilling South: Petrobras Evaluates Pecom." Harvard Business School Case 204-043, November 2003. (Revised March 2004.)