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- Article
B Corps: Can It Remake Capitalism in Japan?
By: Geoffrey Jones
This article examines the B Corporation movement that originated in the United States in 2006. The founders sought to create a new type of company whose governance structure mandated them to consider financial, social and environmental performance. A certification...
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- 2021
- Working Paper
Governance Transparency and Firm Value: Evidence from Korean Chaebols
By: Akash Chattopadhyay, Sa-Pyung Sean Shin and Charles C.Y. Wang
We examine Korean business groups' transition from circular-shareholding structures to (relatively simple) pyramidal-shareholding structures between 2011 and 2018. When firms were removed from ownership loops, chaebol families' control or incentive conflicts in them...
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- January 2021 (Revised May 2021)
- Case
Delta Air Lines: Navigating the COVID-19 Storm
By: Ted Berk and Ryan Flamerich
This case examines Delta Air Lines’ response as demand for its services plummeted in the face of the COVID-19 pandemic, with a focus on the company’s funding needs and capital structure. Following a series of initial actions, the company’s cash “burn” had reduced from...
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- 2021
- Working Paper
No-fault Default, Chapter 11 Bankruptcy, and Financial Institutions
By: Robert C. Merton and Richard T. Thakor
This paper analyzes the costs and benefits of a no-fault-default debt structure as an alternative to the typical bankruptcy process. We show that the deadweight costs of bankruptcy can be avoided or substantially reduced through no-fault-default debt, which permits a...
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- November 2020 (Revised April 2021)
- Case
Roll-Ups and Surprise Billing: Collisions at the Intersection of Private Equity and Patient Care
By: Trevor Fetter and Kira Seiger
This case describes the increasing investment by private equity (PE) firms in patient care and other healthcare services. The case focuses on investments in physician staffing firms and roll-up strategy investments in physician practice management (PPM). Included in...
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Keywords:
Business Ventures;
Acquisition;
Mergers and Acquisitions;
Business Model;
Change;
Disruption;
Fluctuation;
Trends;
Customers;
Customer Value and Value Chain;
Ethics;
Fairness;
Finance;
Equity;
Insurance;
Private Equity;
Geography;
Geographic Scope;
Health;
Health Care and Treatment;
Markets;
Demand and Consumers;
Supply and Industry;
Industry Structures;
Ownership;
Ownership Type;
Private Ownership;
Relationships;
Agency Theory;
Business and Community Relations;
Business and Shareholder Relations;
Business and Stakeholder Relations;
Networks;
Strategy;
Competition;
Consolidation;
Expansion;
Integration;
Horizontal Integration;
Vertical Integration;
Value;
Value Creation;
Health Industry;
Insurance Industry;
United States
- January 2020
- Case
Governing PG&E
By: Lynn S. Paine and Will Hurwitz
The five commissioners of the California Public Utilities Commission (CPUC) listened intently at a public forum in April 2019 as PG&E Corporation’s out-going chairman Richard Kelly described the company’s proposed new board. PG&E, which provided electricity and natural...
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Keywords:
Bankruptcy;
Board Of Directors;
Board Dynamics;
Business Ethics;
Business Model Innovation;
Corporate Boards;
Energy Efficiency;
Environmental And Social Sustainability;
Government And Business;
Hedge Funds;
Institutional Investors;
Legal Aspects Of Business;
Regulated Monopolies;
Regulation;
Shareholders;
Stakeholder Management;
Strategy And Execution;
Utilities;
Insolvency and Bankruptcy;
Governing and Advisory Boards;
Ethics;
Capital Structure;
Climate Change;
Corporate Accountability;
Corporate Governance;
Environmental Sustainability;
Executive Compensation;
Leadership;
Management;
Safety;
Business and Government Relations;
Energy Industry;
Utilities Industry;
California;
United States
- December 2019 (Revised May 2021)
- Case
The Dutch East India Company in 1612 (A)
By: Lynn S. Paine and Giuseppe Dari-Mattiacci
The Dutch East India Company’s board of directors must decide what to do about an impending legal requirement to liquidate the company’s assets and return to shareholders their capital and any profits earned during a ten-year lock-up period. The charter granted to the...
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- December 2019
- Supplement
The Dutch East India Company in 1612 (B)
By: Lynn S. Paine and Giuseppe Dari-Mattiacci
The case relates the decision made in the A case and what happened in the aftermath.
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- November 2019
- Case
Apple, Einhorn, and iPrefs (Abridged)
By: Carliss Y. Baldwin and W. Carl Kester
In March 2013, Apple Computer has a very large cash balance, and is under pressure to return cash to shareholders. Hedge fund manager David Einhorn thinks Apple can "unlock value" by issuing perpetual preferred stock, dubbed iPrefs. Henry Blodget, CEO of Business...
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- October 2019
- Case
A Conversation with Ellen J. Kullman, Chairman & CEO of DuPont, 2009-2015
By: Lynn S. Paine and Will Hurwitz
Ellen J. Kullman, the retired Chairman and CEO of DuPont, describes how she guided the storied science and technology company through a contentious proxy battle with activist investor Trian Partners, which acquired DuPont shares in 2013 and sought to break up the...
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- November 2018
- Case
Governance Transition at Anadolu Group
By: Paul M. Healy and Esel Y. Cekin
Kamil Yazici and Izzet Ozilhan founded and built Anadolu Group Holding—a family business that grew into a multi-billion-dollar regional powerhouse. For 57 years they were equal partners in running the company. They then handed over a leadership role to a next...
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Keywords:
Family-managed Business;
Professionally-run Company;
Second-generation;
Third-generation;
Governance;
Governance Changes;
Succession Planning;
Corporate Culture;
Shareholders;
Board Of Directors;
Long-term Sustainability;
Conglomerate;
Family Business;
Corporate Governance;
Change Management;
Management Succession;
Leadership;
Transition;
Organizational Structure;
Consumer Products Industry;
Turkey;
Central Asia;
Middle East
- October 2018
- Case
African Bank Investments Limited (A)
By: Lynn S. Paine and Will Hurwitz
Less than a year after joining the board of African Bank Investments Limited (ABIL), the newest director finds himself in difficult discussions with other directors about removing the struggling company’s CEO. The case is set in South Africa in mid-2014 as shares in...
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- October 2018
- Supplement
African Bank Investments Limited (B)
By: Lynn S. Paine and Will Hurwitz
Less than a year after joining the board of African Bank Investments Limited (ABIL), the newest director finds himself in difficult discussions with other directors about removing the struggling company’s CEO. The case is set in South Africa in mid-2014 as shares in...
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- September 2018 (Revised November 2018)
- Case
From Beirut With Love (A)
By: Christina R. Wing, Esel Y. Cekin and Samer Al-Rachedy
This case describes how Robert Fadel, CEO and chairman of ABC, one of Lebanon’s leading retail and real estate groups, professionalized the family business. Robert was the second son of the company’s founder, Maurice Fadel, who had run it single-handedly. Concerned...
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Keywords:
Family Conflicts;
Sibling Rivalry;
Second-generation;
Foundation;
Trust;
Work-life Balance;
Succession Planning;
Corporate Culture;
Shareholders;
Board Of Directors;
Retail;
Department Store;
Shopping Mall;
Real Estate;
Growth;
Non-executive Chairman;
Sustainability;
Family Business;
Conflict Management;
Management Succession;
Governance;
Leadership;
Transformation;
Leading Change;
Organizational Structure;
Management;
Growth and Development;
Retail Industry;
Real Estate Industry;
Lebanon;
Middle East
- September 2018
- Supplement
From Beirut With Love (B): The Last Judgment
By: Christina R. Wing, Esel Y. Cekin and Samer Al-Rachedy
Keywords:
Family Business;
Family Conflicts;
Sibling Rivalry;
Second-generation;
Foundation;
Trust;
Governance;
Work-life Balance;
Leadership;
Leading Change;
Transformation;
Succession Planning;
Management;
Organizational Structure;
Corporate Culture;
Shareholder;
Board Of Directors;
Retail;
Real Estate;
Shopping Mall;
Department Store;
Growth;
Lebanon;
Middle East;
Non-executive Chairman;
Sustainability
- March 2018 (Revised January 2021)
- Case
China Vanke: Battle for Control (A)
By: Lynn S. Paine, Charles C.Y. Wang, Dawn H. Lau and Anthony K. Woo
In June 2016, the board of China Vanke, one of China’s largest and best-known private residential real estate developers, must vote on a proposed acquisition that is opposed by its largest shareholders, state-owned China Resources Co. and the lesser-known property...
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- March 2018
- Supplement
China Vanke: Battle for Control (B)
By: Lynn S. Paine, Charles C.Y. Wang, Dawn H. Lau and Anthony K. Woo
China Resources expresses disagreement over the validity of the results of the board vote as announced by China Vanke. It further raises objections to Vanke's handling of the announcement as well as reiterates its doubts about the strategic rationale of the proposed...
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- March 2018
- Supplement
China Vanke: Battle for Control (C)
By: Lynn S. Paine, Charles C.Y. Wang, Dawn H. Lau and Anthony K. Woo
Baoneng calls for the removal of China Vanke's board of directors, citing as reasons the directors' mishandling of the Shenzhen Metro proposal as well as the company's various breaches of corporate governance requirements. Vanke defends itself against Baoneng's...
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- January 2018
- Case
Trian Partners' Proxy Contest at Procter & Gamble
By: Suraj Srinivasan and Quinn Pitcher
In July 2017, activist hedge fund Trian Partners announced that it was launching a proxy fight at U.S. consumer goods giant Procter & Gamble. P&G would be the largest company ever subjected to a proxy fight, as Trian sought to have its CEO, Nelson Peltz, elected to the...
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- October 2017
- Case
Snap Inc. Goes Public (A)
By: Lynn Sharp Paine and Will Hurwitz
Snap Inc.’s chairman must decide how to address investor concerns about the company’s unprecedented plans to issue only non-voting shares in its upcoming IPO. The case is set in early 2017 following the public availability of Snap’s IPO filing with the U.S. Securities...
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Keywords:
Ethics;
Capital Structure;
Corporate Accountability;
Governing and Advisory Boards;
Corporate Governance;
Going Public;
Business and Shareholder Relations;
Leadership;
Management;
Mobile and Wireless Technology;
Venture Capital;
Technology Industry;
Telecommunications Industry;
Information Technology Industry;
United States;
California