Publications
Publications
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- All HBS Web
(2,851)
- Faculty Publications (1,388)
- February 2021 (Revised June 2021)
- Case
Barbarians at the Gate or Turnaround Gurus? Private Equity and the Rise of the LBO
By: Tom Nicholas and John Masko
During the 1980s, leveraged buyouts (LBOs) and the private equity (PE) firms responsible for carrying them out revolutionized both investment and management in the U.S. Between 1980 and 1989, buyout activity in the U.S. surged from $1 billion per year to $60 billion.... View Details
Keywords: Leveraged Buyouts; Mergers and Acquisitions; Business Conglomerates; Restructuring; Borrowing and Debt; Private Equity; Bonds; Investment Return; Institutional Investing; Profit Sharing; Business History; Management Style; Private Ownership; Performance Effectiveness; Value Creation; Financial Services Industry; United States
- February 2021 (Revised April 2021)
- Case
Board Director Dilemmas—Back the SPAC?
By: Suraj Srinivasan, David G. Fubini and Amram Migdal
This case focuses on a board director of a diversified holding company. The firm’s longtime CEO had always exhibited a cautious, methodical approach to growth. Now, the CEO is raising the idea of joining with a special purpose acquisition company (SPAC) to spin off... View Details
- February 2021 (Revised June 2021)
- Case
Brainlab: Imaging a MedTech Future
By: Regina E. Herzlinger, Gregory P. Licholai and Federica Gabrieli
Can Brainlab, a privately held firm, compete with giants like Medtronic and Amazon in delivering the Digital Operating Room of the future? The CEO is pondering solutions for secure exchange of medical information, pricing a new robotic imaging device, and reorganizing... View Details
Keywords: Surgery; Robotics; Health Care; Private Healthcare; Pricing; Technology Platform; Acquisition; Business Growth and Maturation; Growth and Development Strategy; Business Strategy; Corporate Strategy; Corporate Entrepreneurship; Health Care and Treatment; Health; Innovation and Invention; Innovation and Management; Innovation Strategy; Technological Innovation; Applications and Software; Information Infrastructure; Information Technology; Digital Platforms; Health Industry; Europe; Germany; Munich
- February 2021 (Revised March 2021)
- Case
AptDeco: Circular Economy Furniture Marketplace
By: Ayelet Israeli and Jamie Merkrebs
AptDeco, a used furniture marketplace, was growing rapidly in the tri-state area. The co-founders were confident that the business model, financial position, and unit economics positioned AptDeco for scaling in the massive $120 billion furniture market, despite its... View Details
Keywords: E-Commerce Strategy; Mobile; Word-of-Mouth; Word-of-mouth Marketing; Word Of Mouth; Internet Marketing; Growth Strategy; Platform; Platforms; Two Sided Markets; Two-sided Market; Two-sided Marketplace; Two-Sided Markets; Two-sided Network; Black Entrepreneurs; Black Leadership; African Americans; Circular; Peer-to-peer Markets; Furniture Industry; Furniture; Growth Hacking; Monetization Strategy; African-American Protagonist; Growth Management; Marketing Strategy; Entrepreneurship; Digital Platforms; Marketing Channels; Digital Marketing; Consumer Behavior; Acquisition; Growth and Development Strategy; Customer Focus and Relationships; E-commerce; Retail Industry; Consumer Products Industry; Technology Industry; Web Services Industry; United States; North America; New York (city, NY); New York (state, US)
- February 6, 2021
- Editorial
The Chinese Debt Trap Is a Myth: The Narrative Wrongfully Portrays Both Beijing and the Developing Countries It Deals With.
By: Deborah Brautigam and Meg Rithmire
Our research shows that Chinese banks are willing to restructure the terms of existing loans and have never actually seized an asset from any country, much less the port of Hambantota. A Chinese company’s acquisition of a majority stake in the port was a cautionary... View Details
- January 2021
- Case
Takeda Pharmaceutical Company Limited (A)
By: David J. Collis, Nobuo Sato and Akiko Kanno
This case follows Christophe Weber, President and CEO of Takeda Pharmaceutical Company Limited, a leading pharmaceutical company headquartered in Tokyo, Japan, as Takeda considers acquiring Shire Plc, a biotech company based in Ireland. The acquisition would turn... View Details
- January 2021
- Supplement
Takeda Pharmaceutical Company Limited (B)
By: David J. Collis, Nobuo Sato and Akiko Kanno
This case is a follow up to HBS Case No. 721-373, Takeda Pharmaceutical Company Limited (A). Following the events of the previous case, Takeda reached an agreement to acquire Ireland-based Shire Plc. The case follows some of the achievements and challenges Takeda and... View Details
- January 2021 (Revised June 2021)
- Supplement
Eaton Corporation: Portfolio Transformation and The Cost of Capital (Abridged)
By: Benjamin C. Esty, E. Scott Mayfield and Daniel Fisher
In 2000, Eaton Corporation was a broadly diversified industrial conglomerate. But its strategy was evolving and its focus was narrowing around “power management” and more recently on “intelligent power,” the use of digitally enabled products and services designed to... View Details
- January 2021 (Revised June 2021)
- Case
Eaton Corporation: Portfolio Transformation and the Cost of Capital (Abridged)
By: Benjamin C. Esty, E. Scott Mayfield and Daniel Fisher
In 2000, Eaton Corporation was a broadly diversified industrial conglomerate. But its strategy was evolving and its focus was narrowing around “power management” and more recently on “intelligent power,” the use of digitally enabled products and services designed to... View Details
- January 2021 (Revised March 2021)
- Case
THE YES: Reimagining the Future of E-Commerce with Artificial Intelligence (AI)
By: Jill Avery, Ayelet Israeli and Emma von Maur
THE YES, a multi-brand shopping app launched in May 2020 offered a new type of buying experience for women’s fashion, driven by a sophisticated algorithm that used data science and machine learning to create and deliver a personalized store for every shopper, based on... View Details
Keywords: Data; Data Analytics; Artificial Intelligence; AI; AI Algorithms; AI Creativity; Fashion; Retail; Retail Analytics; E-Commerce Strategy; Platform; Platforms; Big Data; Preference Elicitation; Preference Prediction; Predictive Analytics; App Development; ＂Marketing Analytics＂; Advertising; Mobile App; Mobile Marketing; Apparel; Online Advertising; Referral Rewards; Referrals; Female Ceo; Female Entrepreneur; Female Protagonist; Analytics and Data Science; Analysis; Creativity; Marketing Strategy; Brands and Branding; Consumer Behavior; Demand and Consumers; Forecasting and Prediction; Marketing Channels; Digital Marketing; Internet and the Web; Mobile and Wireless Technology; AI and Machine Learning; E-commerce; Digital Platforms; Fashion Industry; Retail Industry; Apparel and Accessories Industry; Consumer Products Industry; United States
- January 2021
- Case
mPharma (A)
By: Rembrand Koning, John D. Macomber, Pippa Tubman Armerding and Wale Lawal
mPharma pioneered electronic prescriptions in Ghana, and aimed to increase drug affordability and accessibility in Africa, but the company remained unprofitable. Following investor concerns about mPharma's business, CEO Gregory Rockson considered alternative business... View Details
Keywords: Strategy; Entrepreneurship; Acquisition; Health; Business Model; Health Industry; Technology Industry; Ghana
- December 2020 (Revised February 2021)
- Case
Kerry Group: Inspiring Food, Nourishing Life
By: Forest L. Reinhardt, José B. Alvarez, Damien McLoughlin, Tonia Labruyere and Tonia Junker
The Irish company Kerry Group, one of the leading global players in the taste and nutrition industry, wants to ensure its future growth in developing and developed markets. Founded in 1972 as a dairy cooperative, it had grown into a provider of taste and nutrition... View Details
- 2020
- Working Paper
Dog Eat Dog: Balancing Network Effects and Differentiation in a Digital Platform Merger
By: Chiara Farronato, Jessica Fong and Andrey Fradkin
Digital platforms are increasingly the subject of regulatory scrutiny. In comparison to multiple competitors, a single platform may increase consumer welfare if network effects are large or may decrease welfare due to higher prices or reduction in platform variety. We... View Details
- November 2020 (Revised February 2021)
- Case
Integrating Beam Suntory (A)
By: David G. Fubini, Rawi Abdelal and David Lane
The spring 2014 acquisition of U.S. alcoholic spirits maker Beam Inc. by Japan’s Suntory Holdings vaulted Suntory from 15th to third-largest international spirits company in the world. Yet Suntory had borrowed nearly the entire $16 billion purchase price, and relied on... View Details
Keywords: Family Business; Communication; Borrowing and Debt; Globalization; Corporate Governance; Governing and Advisory Boards; Retention; Leadership; Supply Chain; Organizational Structure; Ownership; Relationships; Conflict and Resolution; Integration; Value Creation; Food and Beverage Industry; Japan; United States; Chicago
- November 2020
- Supplement
Integrating Beam Suntory (B)
By: David G. Fubini, Rawi Abdelal and David Lane
Supplements (A) case: The spring 2014 acquisition of U.S. alcoholic spirits maker Beam Inc. by Japan’s Suntory Holdings vaulted Suntory from 15th to third-largest international spirits company in the world. Yet Suntory had borrowed nearly the entire $16 billion... View Details
Keywords: Family Business; Communication; Borrowing and Debt; Globalization; Corporate Governance; Governing and Advisory Boards; Retention; Leadership; Supply Chain; Organizational Structure; Ownership; Relationships; Conflict and Resolution; Integration; Value Creation; Food and Beverage Industry; Japan; United States; Chicago
- November 2020 (Revised February 2022)
- Case
CommonSpirit Health: Integrating a Merger of Equals
By: Robert S. Huckman, Hise Gibson and Nicole Gilmore
Soon after closing the 2019 merger of Catholic Health Initiatives (CHI) and Dignity Health to create CommonSpirit Health, Lloyd Dean and Kevin Lofton-–jointly appointed to the role of CEO—must make several operational and strategic decisions related to the integration... View Details
Keywords: Health Care Delivery; Hospital; Merger; Merger Integration; Hospital Mergers; Health Information Technology; CEOs; Health Care and Treatment; Mergers and Acquisitions; Integration; Leadership; Customer Value and Value Chain; Decision Choices and Conditions; Governance; Information Technology; Health Industry; United States
- 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... View Details
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
- November 12, 2020
- Article
What We Can Learn About Unity from Hostile Takeovers
In the wake of the recent election, the United States faces a fraught, difficult transfer of power. What we know about hostile takeovers in business can provide help in finding a path forward. Leaders on the winning side of the more successful acquisitions emphasized... View Details
- November 2020
- Teaching Note
Valuing Celgene's CVR
By: Benjamin C. Esty and Daniel Fisher
Teaching Note for HBS Case No. 221-031. When Bristol-Myers Squibb (BMS) acquired Celgene Corporation in November 2019, Celgene shareholders received cash, BMS stock, and a contingent value right (CVRs) that would pay $9 if the U.S. Food and Drug Administration (FDA)... View Details
- November 2020
- Supplement
Valuing Celgene's CVR
By: Benjamin C. Esty and Daniel Fisher
When Bristol-Myers Squibb (BMS) acquired Celgene Corporation in November 2019, Celgene shareholders received cash, BMS stock, and a contingent value right (CVRs) that would pay $9 if the U.S. Food and Drug Administration (FDA) approved three of Celgene’s late stage... View Details