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- All HBS Web (398)
- Faculty Publications (281)
- January 2010 (Revised October 2011)
- Case
The Congressional Oversight Panel's Valuation of the TARP Warrants (A)
The Congressional Oversight Panel wants to value the warrants issued to the government in connection with the TARP investments of 2008, in order to increase the transparency of options repurchases. The case describes the methodology used to value the warrants. Students... View Details
Keywords: Financial Crisis; Asset Pricing; Financial Instruments; Investment; Business and Government Relations; Mathematical Methods; Valuation; Banking Industry; Public Administration Industry; United States
Baldwin, Carliss Y. "The Congressional Oversight Panel's Valuation of the TARP Warrants (A)." Harvard Business School Case 210-035, January 2010. (Revised October 2011.)
- 2017
- Working Paper
Explaining the Vertical-to-Horizontal Transition in the Computer Industry
This paper seeks to explain the technological forces that led to the rise of vertically integrated corporations in the late 19th century and the opposing forces that led to a vertical-to-horizontal transition in the computer industry 100 years later. I first model the... View Details
Keywords: Organizational Design; Business History; Vertical Integration; Horizontal Integration; Digital Platforms; Computer Industry
Baldwin, Carliss Y. "Explaining the Vertical-to-Horizontal Transition in the Computer Industry." Harvard Business School Working Paper, No. 17-084, March 2017.
- September 2002 (Revised March 2003)
- Technical Note
Technical Note on Equity-Linked Consideration, Part 3: Cash-and-Stock Deals
The consideration paid by an acquiring company to a target can be a combination of cash and stock. During the 1980s and 1990s, for example, approximately 12% to 13% of all deals between public companies involved both cash and stock. This case series describes the basic... View Details
Baldwin, Carliss Y. "Technical Note on Equity-Linked Consideration, Part 3: Cash-and-Stock Deals." Harvard Business School Technical Note 903-029, September 2002. (Revised March 2003.)
- October 2007 (Revised February 2008)
- Module Note
Evaluating M&A Deals: Introduction to the Deal NPV
Introduces a framework for evaluating mergers and acquisitions. Assumes that the criterion of a good deal is that it creates value for shareholders; i.e., has a positive deal NPV. Looks at the deal NPV from both the buyer's and seller's point of view. Explains how a... View Details
Baldwin, Carliss Y. "Evaluating M&A Deals: Introduction to the Deal NPV." Harvard Business School Module Note 208-060, October 2007. (Revised February 2008.)
- March 2003
- Case
Compaq's Struggle
By: Carliss Y. Baldwin and David Lane
In 1997, Compaq Computer was locked in price competition with industry leader Dell. Although Compaq sought to escape difficulty by acquiring Digital Equipment Corp. ,a maker of more lucrative servers and minicomputers, in 1998 the simultaneous effort to remain a... View Details
Keywords: Mergers and Acquisitions; Business Exit or Shutdown; Asset Pricing; Alliances; Competitive Strategy; Computer Industry
Baldwin, Carliss Y., and David Lane. "Compaq's Struggle." Harvard Business School Case 903-021, March 2003.
- 2012
- Working Paper
Risky Business: The Impact of Property Rights on Investment and Revenue in the Film Industry
By: Venkat Kuppuswamy and Carliss Y. Baldwin
Our paper tests a key prediction of property rights theory, specifically, that agents will respond to marginal incentives embedded in property rights when making non-contractible, revenue-enhancing investments (Grossman and Hart, 1986; Hart and Moore, 1990). Using rich... View Details
Keywords: Property Rights; Property; Rights; Investment; Contracts; Revenue; Motivation and Incentives; Motion Pictures and Video Industry; United States
Kuppuswamy, Venkat, and Carliss Y. Baldwin. "Risky Business: The Impact of Property Rights on Investment and Revenue in the Film Industry." Harvard Business School Working Paper, No. 13-007, July 2012. (Revised August 2012.)
- 2020
- Working Paper
Design Rules, Volume 2: How Technology Shapes Organizations: Chapter 5 Ecosystems and Complementarities
The purpose of this chapter is to introduce two new building blocks to the theory of how technology shapes organizations. The first is a new layer of organization structure: a business “ecosystem.” The second is the economic concept of “complementarity.” Ecosystems are... View Details
Baldwin, Carliss Y. "Design Rules, Volume 2: How Technology Shapes Organizations: Chapter 5 Ecosystems and Complementarities." Harvard Business School Working Paper, No. 21-033, August 2020.
- 2016
- Working Paper
The Mirroring Hypothesis: Theory, Evidence and Exceptions
By: Lyra J. Colfer and Carliss Y. Baldwin
The mirroring hypothesis predicts that organizational ties within a project, firm, or group of firms (e.g., communication, collocation, employment) will correspond to the technical patterns of dependency in the work being performed. A thorough understanding of the... View Details
Keywords: Modularity; Innovation; Product And Process Development; Organization Design; Design Structure; Organizational Ties; Mirroring Hypothesis; Industry Architecture; Product Architecture; Complex Technical Systems; Information Technology; Organizational Design; Organizational Structure; Relationships; Innovation and Invention; Product Development
Colfer, Lyra J., and Carliss Y. Baldwin. "The Mirroring Hypothesis: Theory, Evidence and Exceptions." Harvard Business School Working Paper, No. 16-124, April 2016. (Revised May 2016.)
- Article
Exploring the Duality Between Product and Organizational Architectures: A Test of the 'Mirroring' Hypothesis
By: Alan MacCormack, Carliss Y. Baldwin and John Rusnak
A variety of academic studies argue that a relationship exists between the structure of an organization and the design of the products that the organization produces. Specifically, products tend to "mirror" the architectures of the organizations in which they are... View Details
Keywords: Organization Design; Architecture; Modularity; Open Source Software; Communication; Design; Governance; Management Practices and Processes; Open Source Distribution; Product Design; Mission and Purpose; Organizational Structure; Performance; Problems and Challenges; Behavior; Software
MacCormack, Alan, Carliss Y. Baldwin, and John Rusnak. "Exploring the Duality Between Product and Organizational Architectures: A Test of the 'Mirroring' Hypothesis." Research Policy 41, no. 8 (October 2012): 1309–1324.
- 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... View Details
Baldwin, Carliss Y., and W. Carl Kester. "Apple, Einhorn, and iPrefs (Abridged)." Harvard Business School Case 220-043, November 2019.
- June 2003 (Revised June 2003)
- Background Note
M & A Legal Context: Basic Framework for Corporate Governance
By: Carliss Y. Baldwin, Constance E. Bagley and James Quinn
Students are introduced to the basic framework for corporate governance. Begins by describing the complex role of the modern corporation, then proceeds by discussing the fiduciary duties to which a board of trustees is bound (duty of care, duty of loyalty, etc.), and... View Details
Baldwin, Carliss Y., Constance E. Bagley, and James Quinn. "M & A Legal Context: Basic Framework for Corporate Governance." Harvard Business School Background Note 803-200, June 2003. (Revised June 2003.)
- July 2003 (Revised February 2004)
- Background Note
M&A Legal Context: Hostile Takeovers
By: Carliss Y. Baldwin, Constance E. Bagley and James Quinn
Introduces students to the main tactical maneuvers used by hostile bidders, including bear hugs, proxy fights, tender offers, and toeholds. Also describes how, in the United States, tender offers are regulated by the federal government via the Williams Act. View Details
Keywords: Acquisition; Cash; Governing Rules, Regulations, and Reforms; Code Law; Bids and Bidding; United States
Baldwin, Carliss Y., Constance E. Bagley, and James Quinn. "M&A Legal Context: Hostile Takeovers." Harvard Business School Background Note 904-005, July 2003. (Revised February 2004.)
- 2019
- Working Paper
Design Rules, Volume 2: How Technology Shapes Organizations: Chapter 17 The Wintel Standards-based Platform
The purpose of this chapter is to use the theory of bottlenecks laid out in previous chapters to better understand the dynamics of an open standards-based platform. I describe how the Wintel platform evolved from 1990 through 2000 under joint sponsorship of Intel and... View Details
Keywords: Open Platforms; Bottlenecks; Wintel Platform; Disintermediation; Information Infrastructure; Applications and Software; Business History; Digital Platforms; Computer Industry
Baldwin, Carliss Y. "Design Rules, Volume 2: How Technology Shapes Organizations: Chapter 17 The Wintel Standards-based Platform." Harvard Business School Working Paper, No. 20-055, November 2019.
- 2016
- Article
The Mirroring Hypothesis: Theory, Evidence, and Exceptions
By: Lyra J. Colfer and Carliss Y. Baldwin
The mirroring hypothesis predicts that organizational ties within a project, firm, or group of firms (e.g., communication, collocation, employment) will correspond to the technical dependencies in the work being performed. This article presents a unified picture of... View Details
Keywords: Modularity; Mirroring Hypothesis; Organization Design; Conway's Law; Knowledge Boundaries; Relational Contracts; Open Source Software; Organizational Design; Organizational Structure; Boundaries; Knowledge Management; Applications and Software
Colfer, Lyra J., and Carliss Y. Baldwin. "The Mirroring Hypothesis: Theory, Evidence, and Exceptions." Industrial and Corporate Change 25, no. 5 (2016): 709–738. (Lead Article.)
- 2010
- Working Paper
When Open Architecture Beats Closed: The Entrepreneurial Use of Architectural Knowledge
This paper describes how entrepreneurial firms can use superior architectural knowledge to open up a technical system to gain strategic advantage. The strategy involves, first, identifying "bottlenecks" in the existing system, and then creating a new open architecture... View Details
Keywords: Entrepreneurship; Investment Return; Growth and Development Strategy; Product Design; Organizational Design; Competitive Advantage; Technology Industry
Baldwin, Carliss Y. "When Open Architecture Beats Closed: The Entrepreneurial Use of Architectural Knowledge." Harvard Business School Working Paper, No. 10-063, February 2010. (Revised July 2010, October 2010.)
- July 2014
- Case
Paramount Equipment, Inc.
By: Carliss Y. Baldwin and Wei Wang
Paramount Equipment, Inc., based in Fort Wayne, Indiana, is a large manufacturer of cranes and compact construction equipment, aerial work platforms, and food service equipment. Founded in 1987, Paramount now had manufacturing operations in 24 countries. However, it... View Details
Baldwin, Carliss Y., and Wei Wang. "Paramount Equipment, Inc." Harvard Business School Brief Case 914-557, July 2014.
- 2019
- Working Paper
Design Rules, Volume 2: How Technology Shapes Organizations: Chapter 15 The IBM PC
The IBM PC was the first digital computer platform that was open by as a matter of strategy, not necessity. The purpose of this chapter is to understand the IBM PC as a technical system and set of organization choices in light of the theory of how technology shapes... View Details
Baldwin, Carliss Y. "Design Rules, Volume 2: How Technology Shapes Organizations: Chapter 15 The IBM PC." Harvard Business School Working Paper, No. 19-074, January 2019.
- 18 Dec 2007
- First Look
First Look: December 18, 2007
to other firms than non-star analysts. Purchase the paper from SSRN.com ($5): http://papers.nber.org/papers/w13633 The Impact of Component Modularity on Design Evolution: Evidence from the Software Industry Authors:Alan MacCormack, John Rusnak, and View Details
Keywords: Martha Lagace
- 2020
- Working Paper
Design Rules, Volume 2: How Technology Shapes Organizations: Chapter 4 The Mirroring Hypothesis: Linkages Inside and Across Transaction Free Zones
A technology is a specific way to achieve a material goal. It describes a feasible path—a recipe—by which a group of people can arrive at a goal that none could achieve individually. Technical recipes thus require linkages between and among the various contributors to... View Details
Baldwin, Carliss Y. "Design Rules, Volume 2: How Technology Shapes Organizations: Chapter 4 The Mirroring Hypothesis: Linkages Inside and Across Transaction Free Zones." Harvard Business School Working Paper, No. 21-032, August 2020.
- Research Summary
Distributed Innovation in Open Systems—The Role of Modularity
Distributed innovation in open systems is an important trend in the modern global economy. As education levels rise and communication costs fall, more people have the means and motivation to innovate. Supply chains now stretch around the world as firms outsource... View Details