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All HBS Web
(1,410)
- People (1)
- News (152)
- Research (1,085)
- Events (5)
- Multimedia (6)
- Faculty Publications (943)
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- January 2002 (Revised February 2002)
- Case
Valuing the AOL Time Warner Merger
By: Lynda M. Applegate, Rena Miller and John N Rei
On January 11, 2000, AOL and Time Warner announced their intention to merge, creating what AOL CEO Stephen Case and Time Warner CEO Gerald Levin called the 21st century's first fully integrated communications, media, and entertainment company. This case, prepared from...
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Keywords:
Mergers and Acquisitions;
Management Analysis, Tools, and Techniques;
Valuation;
Situation or Environment;
Media and Broadcasting Industry;
Entertainment and Recreation Industry
Applegate, Lynda M., Rena Miller, and John N Rei. "Valuing the AOL Time Warner Merger." Harvard Business School Case 802-098, January 2002. (Revised February 2002.)
- January 1999
- Article
An Analysis of Value Destruction and Recovery in the Alliance and Proposed Merger of Volvo and Renault
By: Robert Bruner
Volvo's attempt to merge with Renault in 1993 temporarily destroyed SEK 8.6 billion (US$ 1.1 billion) in Volvo shareholder wealth. This study traces the destruction to hubris, managerialism, and the escalation of commitment—elements suggested in previous research. In...
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Keywords:
Mergers & Acquisitions;
Institutional Investors;
Alliances;
Privatization;
Mergers and Acquisitions;
Institutional Investing;
Auto Industry
Bruner, Robert. "An Analysis of Value Destruction and Recovery in the Alliance and Proposed Merger of Volvo and Renault." Journal of Financial Economics 51, no. 1 (January 1999): 125–166.
- August 2018 (Revised July 2020)
- Supplement
The Fuji-Xerox Merger (B)
By: Guhan Subramanian and Annie Zhao
Subramanian, Guhan, and Annie Zhao. "The Fuji-Xerox Merger (B)." Harvard Business School Supplement 919-005, August 2018. (Revised July 2020.)
- February 2004
- Article
Price Pressure Around Mergers
By: Mark Mitchell, T. Pulvino and Erik Stafford
Mitchell, Mark, T. Pulvino, and Erik Stafford. "Price Pressure Around Mergers." Journal of Finance 59, no. 1 (February 2004): 31–63. (Nominated for Brattle Prize. First Prize Paper for outstanding papers on corporate finance published in the Journal of Finance presented by Brattle Group, Inc.)
- 04 Jun 2019
- Working Paper Summaries
Political Influence and Merger Antitrust Reviews
- December 2014
- Article
The Real Product Market Impact of Mergers
By: Albert Sheen
I document sources of value creation in mergers by analyzing novel data on the quality and price of goods sold by merging firms. When two competitors in a product market merge, their products converge in quality, and prices fall relative to the competition. These...
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Sheen, Albert. "The Real Product Market Impact of Mergers." Journal of Finance 69, no. 6 (December 2014).
- August 2002
- Case
eBay (C): PayPal Merger
By: Frances X. Frei and Hanna Rodriguez-Farrar
Supplements the (A) case.
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Frei, Frances X., and Hanna Rodriguez-Farrar. "eBay (C): PayPal Merger." Harvard Business School Case 603-042, August 2002.
- August 2018
- Supplement
The Fuji-Xerox Merger (C)
By: Guhan Subramanian and Annie Zhao
Subramanian, Guhan, and Annie Zhao. "The Fuji-Xerox Merger (C)." Harvard Business School Supplement 919-006, August 2018.
- 2002
- Working Paper
Price Pressure Around Mergers
By: Mark Mitchell, Todd Pulvino and Erik Stafford
Mitchell, Mark, Todd Pulvino, and Erik Stafford. "Price Pressure Around Mergers." Harvard Business School Working Paper, No. 03-029, September 2002.
- Article
Estimation and Identification of Merger Effects: An Application to Hospital Mergers
By: Leemore S. Dafny
Dafny, Leemore S. "Estimation and Identification of Merger Effects: An Application to Hospital Mergers." Journal of Law & Economics 52, no. 3 (August 2009): 523–550.
- Article
Valuation Waves and Merger Activity: The Empirical Evidence
By: Matthew Rhodes-Kropf, David Robinson and S. Viswanathan
To test recent theories suggesting that valuation errors affect merger activity, we develop a decomposition that breaks the market-to-book ratio (M/B) into three components: the firm-specific pricing deviation from short-run industry pricing; sector-wide, short-run...
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Rhodes-Kropf, Matthew, David Robinson, and S. Viswanathan. "Valuation Waves and Merger Activity: The Empirical Evidence." Journal of Financial Economics 77, no. 3 (September 2005): 561–603.
- June 2004 (Revised June 2004)
- Case
Utah Symphony and Utah Opera: A Merger Proposal
By: Thomas J. DeLong and David L. Ager
Anne Ewers, general director of Utah Opera, is awaiting the decision of the members of the board of the Utah Symphony and Utah Opera about whether to merge Utah's top two arts organizations. If the vote favors the merger, Ewers will be asked to assume the helm of the...
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Keywords:
Mergers and Acquisitions;
Change Management;
Organizational Culture;
Human Resources;
Management;
Fine Arts Industry;
Music Industry;
Utah
DeLong, Thomas J., and David L. Ager. "Utah Symphony and Utah Opera: A Merger Proposal." Harvard Business School Case 404-116, June 2004. (Revised June 2004.)
- Research Summary
Investigating the Economic Role of Mergers (with Erik Stafford)
What is the economic role of mergers? We investigate this issue by performing a comparative study of mergers and other forms of corporate investment, at the industry and firm levels. In our framework, merger activity is motivated by both firm- and industry-level...
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- May 2014 (Revised June 2016)
- Supplement
Mylan Lab's Proposed Merger with King Pharmaceuticals—courseware
By: Lucy White
Perry Capital owns shares in King and, to facilitate approval of the merger, buys shares in Mylan, whilst hedging out its economic exposure to Mylan's share price using derivatives. The price at which Mylan proposes to merge with King is generous to King shareholders,...
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- February 2014 (Revised June 2016)
- Case
Mylan Laboratories' Proposed Merger with King Pharmaceutical
By: Lucy White and Matt Kozlowski
Perry Capital owns shares in King and, to facilitate approval of the merger, buys shares in Mylan, whilst hedging out its economic exposure to Mylan's share price using derivatives. The price at which Mylan proposes to merge with King is generous to King shareholders,...
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Keywords:
Mergers and Acquisitions;
Voting;
Ethics;
Stock Shares;
Investment;
Lawsuits and Litigation;
Ownership Stake
White, Lucy, and Matt Kozlowski. "Mylan Laboratories' Proposed Merger with King Pharmaceutical." Harvard Business School Case 214-078, February 2014. (Revised June 2016.)
- February 1999
- Article
Interest-Rate Exposure and Bank Mergers
By: B. C. Esty, Bhanu Narasimhan and Peter Tufano
Esty, B. C., Bhanu Narasimhan, and Peter Tufano. "Interest-Rate Exposure and Bank Mergers." Journal of Banking & Finance 23, nos. 2-4 (February 1999): 255–285.
- September 1988 (Revised January 1989)
- Case
Unisys: The Merger of Burroughs and Sperry
Mike Blumenthal, CEO of Burroughs, successfully executes the merger of Burroughs and Sperry in 1986. The case discusses the putting together of the two firms in a fast time period in order to achieve cost savings, high earnings, and an integrated culture. Blumenthal...
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Jick, Todd D. "Unisys: The Merger of Burroughs and Sperry." Harvard Business School Case 489-055, September 1988. (Revised January 1989.)
- January 2006 (Revised May 2007)
- Supplement
Endo Pharmaceuticals (B): Merger Decision
By: Richard G. Hamermesh and Brian DeLacey
Hamermesh, Richard G., and Brian DeLacey. "Endo Pharmaceuticals (B): Merger Decision." Harvard Business School Supplement 806-065, January 2006. (Revised May 2007.)
- June 2008
- Article
The Market for Mergers and the Boundaries of the Firm
By: Matthew Rhodes-Kropf and David Robinson
We relate the property rights theory of the firm to empirical regularities in the market for mergers and acquisitions. We first show that high market-to-book acquirers typically do not purchase low market-to-book targets. Instead, mergers pair together firms with...
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Rhodes-Kropf, Matthew, and David Robinson. "The Market for Mergers and the Boundaries of the Firm." Journal of Finance 63, no. 3 (June 2008): 1169–1211.
- December 2018 (Revised February 2019)
- Teaching Note
Merger Arbitrage at Tannenberg Capital
By: Samuel G. Hanson
Teaching Note for HBS Nos. 218-065 and 218-066.
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