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All HBS Web
(223)
- Faculty Publications (84)
- April 2011
- Article
Institutional Tax Clienteles and Payout Policy
By: Mihir Desai and Li Jin
This paper employs heterogeneity in institutional shareholder tax characteristics to identify the relation between firm payout policy and tax incentives. Analysis of a panel of firms matched with the tax characteristics of the clients of their institutional...
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Keywords:
Institutional Investors;
Clienteles;
Payout Policy;
Private Equity;
Investment;
Taxation;
Ownership Stake;
Business and Shareholder Relations
Desai, Mihir, and Li Jin. "Institutional Tax Clienteles and Payout Policy." Journal of Financial Economics 100, no. 1 (April 2011): 68–84.
- January 2011
- Case
A Slice of the Pie: Ruby Collins and Tenants in Common
By: John D. Macomber and Kristian Peterson
A securitized small real estate investment vehicle fails and the many individual owners have to decide how to manage or dispose of the asset. This case follows Ruby Collins, a small investor, through the logic of Section 1031 Like Kind Exchanges as well as the...
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Keywords:
Financial Instruments;
Investment;
Risk Management;
Ownership Stake;
Partners and Partnerships;
Valuation;
Real Estate Industry
Macomber, John D., and Kristian Peterson. "A Slice of the Pie: Ruby Collins and Tenants in Common." Harvard Business School Case 211-008, January 2011.
- December 2010
- Teaching Note
VeeV on the Rocks? (TN)
By: Christopher Marquis, Joshua D. Margolis and Bobbi Thomason
Teaching Note for 410006.
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- November 2010 (Revised February 2013)
- Case
Cresud S.A., Farmer or Real Estate Developer?
By: Ray Goldberg, Arthur I Segel, Gustavo Herrero and Andrew Terris
Alejandro Elsztain, CEO of Cresud S.A., is faced with the difficult choice of whether to sell, develop, or continue to hold the 151,000 hectares of remaining undeveloped farmland at the company's Los Pozos farm in Argentina. Developing the land will further expose...
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Keywords:
Agribusiness;
Investment;
Investment Portfolio;
Risk Management;
Ownership Stake;
Property;
Agriculture and Agribusiness Industry;
Real Estate Industry;
Argentina
Goldberg, Ray, Arthur I Segel, Gustavo Herrero, and Andrew Terris. "Cresud S.A., Farmer or Real Estate Developer?" Harvard Business School Case 211-011, November 2010. (Revised February 2013.)
- August 2010 (Revised March 2012)
- Case
The Dow Acquisition of Rohm and Haas (A)
By: Jay W. Lorsch and Melissa Barton
The Rohm and Haas Board decided how to move forward after its largest shareholder chose to sell all of its shares in the company.
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Keywords:
Governing and Advisory Boards;
Leadership;
Management Teams;
Ownership Stake;
Business and Shareholder Relations;
Chemical Industry
Lorsch, Jay W., and Melissa Barton. "The Dow Acquisition of Rohm and Haas (A)." Harvard Business School Case 411-001, August 2010. (Revised March 2012.)
- August 2010 (Revised February 2014)
- Case
Vitalia Franchise
By: Regina E. Herzlinger and Beatriz Munoz-Seca
Cathy Hoffmann has rapidly grown her novel facilities for day care therapy for elders with mild cognitive and physical problems. But she needs to decide whether to franchise or own the next expansion.
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Keywords:
Entrepreneurship;
Health Care and Treatment;
Growth and Development Strategy;
Ownership Stake;
Franchise Ownership;
Expansion;
Health Industry;
Spain
Herzlinger, Regina E., and Beatriz Munoz-Seca. "Vitalia Franchise." Harvard Business School Case 311-035, August 2010. (Revised February 2014.)
- March 2010
- Article
Extreme Governance: An Analysis of Dual-Class Firms in the United States
By: Paul A. Gompers, Joy Ishii and Andrew Metrick
We construct a comprehensive list of dual-class firms in the United States and use this list to analyze the relationship between insider ownership and firm value. Our data have two useful features. First, since dual-class stock separates cash-flow rights from voting...
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Gompers, Paul A., Joy Ishii, and Andrew Metrick. "Extreme Governance: An Analysis of Dual-Class Firms in the United States." Review of Financial Studies 23, no. 3 (March 2010).
- February 2010 (Revised June 2014)
- Supplement
CityCenter (D): Financial Crisis, Grand Opening, and a New Paradigm
By: John D. Macomber and Griffin James
"CityCenter (D)" follows the (A), (B), and (C) cases with subsequent chronological events through CityCenter's grand opening in December 2009 and financial results through March 2010. The case includes a simple valuation exercise intended to explore CEO Jim Murren's...
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Keywords:
Insolvency and Bankruptcy;
Private Equity;
Games, Gaming, and Gambling;
Decision Choices and Conditions;
Entertainment and Recreation Industry;
Nevada;
New Jersey
Macomber, John D., and Griffin James. "CityCenter (D): Financial Crisis, Grand Opening, and a New Paradigm." Harvard Business School Supplement 210-067, February 2010. (Revised June 2014.)
- July 2009 (Revised August 2011)
- Case
What Happened at Citigroup? (A)
By: Clayton S. Rose and Aldo Sesia
What went wrong at Citigroup? In 1998, the Travelers Group and Citicorp merged to create Citigroup Inc., considered the first true global "financial supermarket" and a business model to be envied, feared, and emulated. By year-end 2006 the firm had a market...
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Keywords:
Mergers and Acquisitions;
Business Model;
Decision Choices and Conditions;
Globalized Firms and Management;
Leadership;
Risk Management;
Failure;
Financial Services Industry
Rose, Clayton S., and Aldo Sesia. "What Happened at Citigroup? (A)." Harvard Business School Case 310-004, July 2009. (Revised August 2011.)
- June 2009
- Teaching Note
Negotiating Equity Splits at UpDown (TN)
By: Noam T. Wasserman and Deepak Malhotra
Teaching Note for [809020].
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- May 2009
- Article
Synchronicity and Firm Interlocks in an Emerging Market
By: Tarun Khanna and Catherine Thomas
Stock price synchronicity has been attributed to poor corporate governance and a lack of firm-level transparency. This paper investigates the association between different kinds of firm interlocks, control groups, and synchronicity in Chile. A unique data set...
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Keywords:
Stocks;
Price;
Corporate Governance;
Governance Controls;
Governing and Advisory Boards;
Resource Allocation;
Emerging Markets;
Ownership Stake;
Chile
Khanna, Tarun, and Catherine Thomas. "Synchronicity and Firm Interlocks in an Emerging Market." Journal of Financial Economics 92, no. 2 (May 2009).
- March 2009
- Case
Aderans
By: Robin Greenwood, Rakesh Khurana and Masako Egawa
Steel Partners is a U.S.-based hedge fund that has made a large investment in Japan-based wigmaker Aderans. The case is set at the close of the annual meeting in May 2008, when shareholders have voted against all incumbent board members. Steel Partners must act...
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Keywords:
Voting;
Investment;
Corporate Governance;
Governing and Advisory Boards;
Ownership Stake;
Business and Shareholder Relations;
Japan
Greenwood, Robin, Rakesh Khurana, and Masako Egawa. "Aderans." Harvard Business School Case 209-090, March 2009.
- March 2009 (Revised December 2009)
- Case
Relational Investors and Home Depot (A)
By: Jay W. Lorsch and Kaitlyn Simpson
In 2006, amidst shareholder upset over CEO Robert Nardelli's compensation and Home Depot's declining stock price, Relational Investors decided to further investigate the situation. As experts in turning around underperforming and undervalued companies, Relational's...
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Keywords:
Restructuring;
Financial Management;
Investment;
Corporate Governance;
Governing and Advisory Boards;
Organizational Change and Adaptation;
Ownership Stake;
Business and Shareholder Relations;
Corporate Strategy
Lorsch, Jay W., and Kaitlyn Simpson. "Relational Investors and Home Depot (A)." Harvard Business School Case 409-076, March 2009. (Revised December 2009.)
- February 2009 (Revised March 2013)
- Case
Messer Griesheim (A)
By: Josh Lerner, Ann-Kristin Achleitner, Eva Lutz and Kerry Herman
In 2001, Allianz Capital Partners and Goldman Sachs acquired a majority stake in Messer Griesheim, a European industrial gas concern held by Hoechst. The dealmakers faced several challenges, including delicate corporate governance issues due to partial family ownership...
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Keywords:
Mergers and Acquisitions;
Restructuring;
Venture Capital;
Private Equity;
Corporate Governance;
Family Ownership;
Chemical Industry;
Industrial Products Industry;
Europe
Lerner, Josh, Ann-Kristin Achleitner, Eva Lutz, and Kerry Herman. "Messer Griesheim (A)." Harvard Business School Case 809-056, February 2009. (Revised March 2013.)
- February 2009 (Revised March 2013)
- Supplement
Messer Griesheim (B)
By: Josh Lerner, Ann-Kristin Achleitner, Eva Lutz and Kerry Herman
In 2001, Allianz Capital Partners and Godlman Sachs acquired a majority stake in Messer Greisheim, a European industrial gas concern held by Hoeschst. The dealmakers faced several challenges, including delicate corporate governance issues due to partial family...
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Keywords:
Mergers and Acquisitions;
Private Equity;
Stock Options;
Stock Shares;
Corporate Governance;
Governance Controls;
Family Ownership;
Problems and Challenges;
Energy Industry;
Europe
Lerner, Josh, Ann-Kristin Achleitner, Eva Lutz, and Kerry Herman. "Messer Griesheim (B)." Harvard Business School Supplement 809-057, February 2009. (Revised March 2013.)
- October 2008 (Revised November 2010)
- Case
NEC Electronics
By: C. Fritz Foley, Robin Greenwood and James Quinn
Why do shares in NEC Electronics, a publicly listed subsidiary of Japan conglomerate NEC, trade at a discount to their fundamental value? Can Perry Capital, a U.S. hedge fund, restructure this subsidiary and generate significant returns? This case provides students...
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Keywords:
Restructuring;
Private Equity;
Investment Return;
Ownership Stake;
Business and Shareholder Relations;
Financial Services Industry;
Japan
Foley, C. Fritz, Robin Greenwood, and James Quinn. "NEC Electronics." Harvard Business School Case 209-001, October 2008. (Revised November 2010.)
- July 2008 (Revised November 2012)
- Supplement
UpDown: Confidential Instructions for GEORG
By: Noam Wasserman and Deepak Malhotra
Michael Reich is having severe doubts about how he split the equity with his co-founders two months ago, when they completed a one-page "November Agreement." Since then, Michael has found an angel investor and has worked non-stop on the business, while one co-founder...
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Wasserman, Noam, and Deepak Malhotra. "UpDown: Confidential Instructions for GEORG." Harvard Business School Supplement 809-022, July 2008. (Revised November 2012.)
- July 2008 (Revised November 2012)
- Supplement
UpDown: Confidential Instructions for MICHAEL
By: Noam Wasserman and Deepak Malhotra
Michael Reich is having severe doubts about how he split the equity with his co-founders two months ago, when they completed a one-page "November Agreement." Since then, Michael has found an angel investor and has worked non-stop on the business, while one co-founder...
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Wasserman, Noam, and Deepak Malhotra. "UpDown: Confidential Instructions for MICHAEL." Harvard Business School Supplement 809-021, July 2008. (Revised November 2012.)
- July 2008 (Revised November 2012)
- Supplement
UpDown: Confidential Instructions for PHUC
By: Noam Wasserman and Deepak Malhotra
Michael Reich is having severe doubts about how he split the equity with his co-founders two months ago, when they completed a one-page "November Agreement." Since then, Michael has found an angel investor and has worked non-stop on the business, while one co-founder...
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Wasserman, Noam, and Deepak Malhotra. "UpDown: Confidential Instructions for PHUC." Harvard Business School Supplement 809-023, July 2008. (Revised November 2012.)
- 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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