Publications

June 2024 (Revised August 2024)
Case

Cementos Argos in the U.S.: Go Big or Go Home?

By: Jorge Tamayo, Ruth Costas, Pedro Levindo and Karina Souza

In April 2011, Colombian group Cementos Argos had to decide on whether to double down its business in the U.S., amidst the U.S. cement industry’s lowest performance in 30 years. Argos— Colombia’s leading cement producer and one of the “jewels” of Grupo GEA, the... View Details

Keywords: Mergers and Acquisitions; Business Organization; Business Subsidiaries; Talent and Talent Management; Decision Making; Cost vs Benefits; Financial Crisis; Cross-Cultural and Cross-Border Issues; Global Strategy; Strategy; Construction Industry; Manufacturing Industry; Latin America; South America; North and Central America; United States; Colombia

2010
Working Paper

When Do Analysts Add Value? Evidence from Corporate Spinoffs

By: Emilie Rose Feldman, Stuart Gilson and Belen Villalonga

We investigate the information content and forecast accuracy of 1,793 analyst reports written around 62 spinoffs—a setting in which analysts' ability to inform investors is potentially very high. We find that analysts pay little attention to subsidiaries about to be... View Details

Keywords: Earnings Management; Mergers and Acquisitions; Business Subsidiaries; Restructuring; Forecasting and Prediction; Insolvency and Bankruptcy; Initial Public Offering; Price; Reports; Research

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September 2009
Teaching Note

Odyssey Healthcare (TN)

By: Robert F. Higgins

Teaching Note for [809052]. View Details

Keywords: Governing and Advisory Boards; Initial Public Offering; Mergers and Acquisitions; Growth and Development; Governing Rules, Regulations, and Reforms; Economic Slowdown and Stagnation; Service Operations; Revenue; Business Exit or Shutdown; Health Industry

May 2008 (Revised September 2014)
Teaching Note

TD Canada Trust (A), (B), and (C)

By: Dennis Campbell

Keywords: Performance Evaluation; Banks and Banking; Mergers and Acquisitions; Customer Focus and Relationships; Profit; Balanced Scorecard; Service Delivery; Announcements; Compensation and Benefits; Canada

September 1996
Case

InterSoft of Argentina (C)

By: Linda A. Hill and Stacy Palestrant

Supplements the (A) and (B) cases. Designed to be handed out at the end of class. View Details

Keywords: Applications and Software; Cross-Cultural and Cross-Border Issues; Business Growth and Maturation; Mergers and Acquisitions; Management Teams; Groups and Teams; Partners and Partnerships; Conflict Management; Information Technology Industry; Argentina; Russia

Article

Do Strong Fences Make Strong Neighbors?

By: Mihir Desai and Dhammika Dharmapala

Many features of U.S. tax policy towards multinational firms-including the governing principle of capital export neutrality, the byzantine system of expense allocation, and anti-inversion legislation-reflect the intuition that building "strong fences" around the United... View Details

Keywords: International Taxation; Initial Public Offerings; Foreign Portfolio Investment; Policy; Taxation; Multinational Firms and Management; Globalized Markets and Industries; Initial Public Offering; Mergers and Acquisitions; Foreign Direct Investment; United States

SSRN

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20 Aug 2001
Research & Ideas

Making an Ally of Uncle Sam

antitrust, intellectual property, product approval processes, and technical standards. When governments review applications for mergers and acquisitions or hear legal cases concerning intellectual-property... View Details

Keywords: by Michael Watkins, Mickey Edwards & Usha Thakrar

16 Apr 2013
First Look

First Look: April 16

held online retailer of shoes, clothing, and other soft-line retail categories, learned that Amazon.com, a $19 billion multinational online retailer, had won its Board of Directors' approval to offer to merge the two companies. Amazon had been courting Zappos since... View Details

Keywords: Sean Silverthorne

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

March 2024
Case

Funderbeam: Teaming Up or Going Alone?

By: Paul A. Gompers, Elena Corsi and Orna Dan

Funderbeam, a global platform founded in Estonia to enable start-ups to run private syndications and secondaries while offering liquidity for private equity investors, was at a crossroads. Over its ten-year run, the company had expanded its services and areas of... View Details

Keywords: Decision Making; Business Exit or Shutdown; Transition; Leading Change; Business or Company Management; Organizational Change and Adaptation; Law; Mergers and Acquisitions; Financing and Loans; Cross-Cultural and Cross-Border Issues; Ownership Stake; Expansion; Business Startups; Venture Capital; Financial Services Industry; Estonia; Republic of Ireland; United Kingdom; Singapore

May 2011
Article

Consequences and Institutional Determinants of Unregulated Corporate Financial Statements: Evidence from Embedded Value Reporting

By: George Serafeim

I analyze Embedded Value (EV) reporting by firms with life insurance operations to assess the impact of unregulated financial reporting on transparency and to examine the institutional characteristics that promote unregulated reporting. Under EV accounting the present... View Details

Keywords: Financial Statements; Mergers and Acquisitions; Financial Reporting; Cash Flow; Contracts; Equity; Profit; Value; Corporate Disclosure; Governing Rules, Regulations, and Reforms; Business and Shareholder Relations; Business Earnings

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August 2021 (Revised March 2024)
Case

Danaher Corporation (Abridged)

By: Bharat Anand, David J. Collis and Sophie Hood

Between 1985 and 2007, Danaher has been one of the best-performing industrial conglomerates in the U.S. This case examines the corporate strategy of this diversified, global corporation. It describes the firm's portfolio strategy and the Danaher Business System—a... View Details

Keywords: Business Conglomerates; Global Strategy; Multinational Firms and Management; Growth and Development Strategy; Corporate Strategy; Value Creation; Mergers and Acquisitions; Competitive Strategy

01 Jun 2018
News

June 2018 Alumni and Faculty Books

And his afterlife: “When three-headed Cerberus greeted him / Socrates replied: ‘I won’t need / an attack dog, thank you. I married one.’” Mergers and Acquisitions: Integration and Transformation Management as the Gateway to Success by... View Details

11 Dec 2007
First Look

First Look: December 11, 2007

merger or acquisition is called "consideration." Consideration can be in the form of cash, shares, or a combination of the two. Lays out the basic mechanics of equity consideration. Derives... View Details

Keywords: Martha Lagace

February 2006 (Revised May 2006)
Case

JA Worldwide: Managing Change in a Multi-governed Environment

By: Michael Chu and Barbara Zepp Larson

Post-merger, the head of Junior Achievement (JA) Worldwide must now oversee operations in 98 countries serving 6.6 million students, with over 7,600 local chapter board directors. President and CEO David Chernow's own board has increased to 111 members. Two separate... View Details

Keywords: Mergers and Acquisitions; Business Model; Change Management; Cross-Cultural and Cross-Border Issues; Governance; Business or Company Management; Service Operations; Organizational Structure; Nonprofit Organizations; Balance and Stability