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- Faculty Publications (241)
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- All HBS Web (419)
- Faculty Publications (241)
- January 2000 (Revised May 2007)
- Case
Dressen
By: Thomas R. Piper and Jeremy Cott
Divisional management must decide whether to support a leveraged buyout by a private equity group and, if so, what percent of ownership should go to the various partners involved. The appropriateness of the financing structure and the value of the equity depend on the...
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Keywords:
Leveraged Buyouts;
Capital Structure;
Valuation;
Ownership Stake;
Forecasting and Prediction
Piper, Thomas R., and Jeremy Cott. "Dressen." Harvard Business School Case 200-041, January 2000. (Revised May 2007.)
- February 2002
- Article
Market Timing and Capital Structure
By: Malcolm Baker and Jeffrey Wurgler
It is well known that firms tend to raise equity when their market values are high relative to book and past market values. We document that the resulting effects on capital structure are very persistent. As a consequence, current capital structure is strongly related...
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Baker, Malcolm, and Jeffrey Wurgler. "Market Timing and Capital Structure." Journal of Finance 57, no. 1 (February 2002): 1–32. (Winner of Brattle Prize. First Prize Paper For outstanding papers on corporate finance published in the Journal of Finance presented by Brattle Group, Inc. Reprinted in Recent Developments in Corporate Finance, edited by Jay Ritter. Edward Elgar Publishing: UK, 2005.)
- 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.)
- September 1991 (Revised March 2005)
- Case
WPP Group and Its Acquisitions
By: William J. Bruns Jr.
WPP Group acquired J. Walter Thompson and Ogilvy & Mather, paying high premiums in relation to earnings. In each acquisition the goodwill acquired was immediately charged off against owners' equity. Then, WPP Group established a value for the brand names of the two...
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Keywords:
Goodwill Accounting;
Accounting;
Brands and Branding;
Product Positioning;
Market Transactions;
Equity;
Private Equity;
Relationships;
Mergers and Acquisitions;
Management Style;
Consumer Products Industry;
United States;
United Kingdom
Bruns, William J., Jr. "WPP Group and Its Acquisitions." Harvard Business School Case 192-038, September 1991. (Revised March 2005.)
- February 2005 (Revised January 2012)
- Case
Liston Mechanics Corporation
By: Marc L. Bertoneche
Reviews, through a rather simple and straightforward situation, the various methods of valuation--free cash flow, weighted average cost of capital, equity cash flow, adjusted present value, multiples, etc.
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Bertoneche, Marc L. "Liston Mechanics Corporation." Harvard Business School Case 205-070, February 2005. (Revised January 2012.)
- March 2014 (Revised May 2014)
- Teaching Note
The TELUS Share Conversion Proposal
By: Lucy White and Benjamin C. Esty
On February 21, 2013, TELUS announced a proposal to convert the firm's non-voting shares into voting shares on a one-to-one basis, thereby eliminating the firm's dual class structure. Shareholders were scheduled to vote on the proposal at the firm's annual general...
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Keywords:
Proxy Contest;
Proxy Battle;
Proxy Advisor;
ISS;
Glass Lewis & Co.;
Hedge Fund;
Short Selling;
Share Lending;
Telecommunications;
Voting Rights;
Empty Voting;
Equity Decoupling;
Share Unification;
Dual Class Shares;
Canada;
Exchange Ratio;
Shareholder Activism;
Shareholder Votes;
Investment Activism;
Public Equity;
Capital Structure;
Investment Return;
Corporate Governance;
Corporate Finance;
Ownership Stake;
Business and Shareholder Relations;
Valuation;
Telecommunications Industry;
Canada;
British Columbia;
United States;
New York (city, NY)
- August 2008
- Case
Thoma Bravo - Citect Corporation Take-Private
In 2006, Citect Corporation, a publicly traded Australian software company, was the target of a takeover battle between a financial sponsor and a strategic buyer. Thoma Bravo, the U.S.-based private equity firm, had to decide on its acquisition strategy in the face of...
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Keywords:
Mergers and Acquisitions;
Private Equity;
Investment;
Negotiation Deal;
Privatization;
Valuation;
Australia
El-Hage, Nabil N., and Michelle Cathryne Simon. "Thoma Bravo - Citect Corporation Take-Private." Harvard Business School Case 209-022, August 2008.
- August 2007 (Revised January 2008)
- Case
Dollar General Going Private
Intended to improve students' understanding and encourage their use of financial statement analysis. The context is Dollar General Corporation's acquisition by private equity sponsor KKR, which took the company private in 2007. Although the proposed merger generated a...
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Keywords:
Financial Statements;
Mergers and Acquisitions;
Private Equity;
Price;
Privatization;
Valuation;
Retail Industry
Katz, Sharon P. "Dollar General Going Private." Harvard Business School Case 108-015, August 2007. (Revised January 2008.)
- Research Summary
Research
The founding and expansion of new firms is central to innovation and economic growth, but the determinants of a new idea’s success are difficult to ascertain. The decision to form a new firm and its ultimate outcome are impacted by ownership structure, financing... View Details
- January 2004 (Revised April 2004)
- Case
Ford Motor Company: Quality of Earnings Growth Analysis (A)
By: David F. Hawkins and Jacob Cohen
Even though Ford Motor Co. reports improved profitability, an equity analyst issues a sell recommendation and Standard & Poor's downgrades long-term debt.
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Keywords:
Quality;
Business Earnings;
Valuation;
Investment Return;
Profit;
Financial Statements;
Revenue;
Auto Industry;
Consulting Industry
Hawkins, David F., and Jacob Cohen. "Ford Motor Company: Quality of Earnings Growth Analysis (A)." Harvard Business School Case 104-059, January 2004. (Revised April 2004.)
Erik Stafford
Erik Stafford joined the faculty at HBS in July 1999, where he has taught finance in the required and elective curricula of the MBA Program and in the CFA Investment Management Workshop.
Erik's research efforts focus on investment management, capital... View Details
Keywords:
financial services
- June 2001
- Case
ESL Golf (A)
By: Carliss Y. Baldwin and Christopher R Gordon
Todd Peterson and his colleagues have spent five weeks analyzing CMP Capital Partners' potential leveraged buyout of ESL Golf. They are about to present their analysis and bid proposal to the investment committee, consisting of all CMP partners, which must approve any...
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- October 2013 (Revised September 2014)
- Case
The TELUS Share Conversion Proposal
By: Lucy White, Benjamin C. Esty and Lisa Mazzanti
On February 21, 2013, TELUS announced a proposal to convert the firm's non-voting shares into voting shares on a one-to-one basis, thereby eliminating the firm's dual class structure. Shareholders were scheduled to vote on the proposal at the firm's annual general...
View Details
Keywords:
Proxy Contest;
Proxy Battle;
Proxy Advisor;
ISS;
Glass Lewis & Co.;
Hedge Fund;
Short Selling;
Share Lending;
Telecommunications;
Voting Rights;
Empty Voting;
Equity Decoupling;
Share Unification;
Dual Class Shares;
Canada;
Exchange Ratio;
Shareholder Activism;
Shareholder Votes;
Investment Activism;
Public Equity;
Capital Structure;
Investment Return;
Corporate Governance;
Corporate Finance;
Ownership Stake;
Business and Shareholder Relations;
Valuation;
Telecommunications Industry;
Canada;
British Columbia;
United States;
New York (city, NY)
White, Lucy, Benjamin C. Esty, and Lisa Mazzanti. "The TELUS Share Conversion Proposal." Harvard Business School Case 214-001, October 2013. (Revised September 2014.)
- 21 Feb 2005
- Research & Ideas
The VC Quandary: Too Much Money
home run" or for U.S. firms that need to penetrate the European market. Mullen spoke as a member of the panel "State of the Venture Capital Industry: Past, Present and Future" at the 11th Annual Venture Capital & Private View Details
- 17 Apr 2009
- Working Paper Summaries
The Investment Strategies of Sovereign Wealth Funds
- April 2015
- Case
Accor: Designing an Asset-Right Business and Disclosure Strategy
By: Mozaffar Khan and George Serafeim
Sebastien Bazin was now in charge of Accor, the world's largest French hotelier, a CAC 40 company with 3,600 hotels in 92 countries and a market cap of €10 billion. Previously as the European head of Colony Capital, one of the largest private equity groups and the...
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Khan, Mozaffar, and George Serafeim. "Accor: Designing an Asset-Right Business and Disclosure Strategy." Harvard Business School Case 115-036, April 2015.
- April 2001 (Revised March 2002)
- Case
Seagate Technology Buyout
By: Gregor M. Andrade, Stuart C. Gilson and Todd C. Pulvino
In March 2000, a group of private investors and senior managers were negotiating a deal to acquire the disk drive operations of Seagate Technology. The motivating factor for the buyout was the apparently anomalous market value of Seagate's equity: Seagate's equity...
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Andrade, Gregor M., Stuart C. Gilson, and Todd C. Pulvino. "Seagate Technology Buyout." Harvard Business School Case 201-063, April 2001. (Revised March 2002.)
- October 2008 (Revised September 2011)
- Supplement
PepsiCo's Bid for Quaker Oats (B)
By: Carliss Y. Baldwin and Leonid Soudakov
Second in a series on PepsiCo's bid for Quaker Oats. Describes the negotiations between PepsiCo and Quaker including due-diligence process, first bid, and counteroffer. Quaker's counteroffer included a collar on equity consideration, and thus the case offers an...
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Keywords:
Mergers and Acquisitions;
Equity;
Bids and Bidding;
Negotiation Offer;
Negotiation Preparation;
Valuation;
Food and Beverage Industry
Baldwin, Carliss Y., and Leonid Soudakov. "PepsiCo's Bid for Quaker Oats (B)." Harvard Business School Supplement 209-078, October 2008. (Revised September 2011.)
- December 2006 (Revised May 2008)
- Case
Lion Capital and the Blackstone Group: The Orangina Deal
By: G. Felda Hardymon, Josh Lerner and Ann Leamon
The managing partners of two private equity firms are hoping to forestall a third bidding round for a target company, the European beverage division of Cadbury Schweppes. As they wait to meet with the CEO, they revisit their assumptions on the deal and review the...
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Keywords:
Mergers and Acquisitions;
Private Equity;
Negotiation Deal;
Negotiation Process;
Partners and Partnerships;
Valuation;
Europe
Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Lion Capital and the Blackstone Group: The Orangina Deal." Harvard Business School Case 807-005, December 2006. (Revised May 2008.)
- September 2009
- Supplement
One South: Investing in Emerging Markets (B)
By: Nicolas P. Retsinas and Justin Seth Ginsburgh
A United States private equity fund, The Saboput Group, must decide whether to invest in a new technology park development in Chennai, India. The B case provides the reader with due diligence observations, which reveal numerous potential problems with the investment....
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Keywords:
Decisions;
Private Equity;
Investment;
Foreign Direct Investment;
Markets;
Emerging Markets;
Problems and Challenges;
Partners and Partnerships;
Valuation;
Real Estate Industry;
Chennai;
United States
Retsinas, Nicolas P., and Justin Seth Ginsburgh. "One South: Investing in Emerging Markets (B)." Harvard Business School Supplement 210-027, September 2009.