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  • August 2005
  • Background Note

Dual Class Share Companies

By: Samuel L. Hayes III, Lynn S. Paine and Christopher Bruner
Provides a brief historical overview of dual class share companies in the United States, focusing on the New York Stock Exchange's evolving position on dual class structures since the 1920s, the impact of hostile takeovers on their use since the 1980s, and recent... View Details
Keywords: Acquisition; Debates; Capital Structure; Equity; Business History; Law; Organizational Structure; Business and Shareholder Relations; Perspective; Europe; United States
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  • Article

Coercive Dual Class Exchange Offers

By: R. S. Ruback
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  • September 2016
  • Article

Disproportional Control Rights and the Bonding Role of Debt

By: Aiyesha Dey, Valeri Nikolaev and Xue Wang
We examine the governance role of debt in the context of U.S.-based dual class ownership structures. We hypothesize that the use of debt alleviates the conflict between shareholder classes by balancing the power of controlling insiders. We document that dual class... View Details
Keywords: Dual Class; Private Debt; Debt Covenants; Bonding Mechanisms; Ownership Type; Capital Structure; Borrowing and Debt
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  • October 2013 (Revised September 2014)
  • Case

The TELUS Share Conversion Proposal

By: Lucy White, Benjamin C. Esty and Lisa Mazzanti
On February 21, 2013, TELUS announced a proposal to convert the firm's non-voting shares into voting shares on a one-to-one basis, thereby eliminating the firm's dual class structure. Shareholders were scheduled to vote on the proposal at the firm's annual general... View Details
Keywords: Proxy Contest; Proxy Battle; Proxy Advisor; ISS; Glass Lewis ＆ Co.; Hedge Fund; Short Selling; Share Lending; Telecommunications; Voting Rights; Empty Voting; Equity Decoupling; Share Unification; Dual Class Shares; Canada; Exchange Ratio; Shareholder Activism; Shareholder Votes; Investment Activism; Public Equity; Capital Structure; Investment Return; Corporate Governance; Corporate Finance; Ownership Stake; Business and Shareholder Relations; Valuation; Telecommunications Industry; Canada; British Columbia; United States; New York (city, NY)
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  • March 2014 (Revised May 2014)
  • Teaching Note

The TELUS Share Conversion Proposal

By: Lucy White and Benjamin C. Esty
On February 21, 2013, TELUS announced a proposal to convert the firm's non-voting shares into voting shares on a one-to-one basis, thereby eliminating the firm's dual class structure. Shareholders were scheduled to vote on the proposal at the firm's annual general... View Details
Keywords: Proxy Contest; Proxy Battle; Proxy Advisor; ISS; Glass Lewis ＆ Co.; Hedge Fund; Short Selling; Share Lending; Telecommunications; Voting Rights; Empty Voting; Equity Decoupling; Share Unification; Dual Class Shares; Canada; Exchange Ratio; Shareholder Activism; Shareholder Votes; Investment Activism; Public Equity; Capital Structure; Investment Return; Corporate Governance; Corporate Finance; Ownership Stake; Business and Shareholder Relations; Valuation; Telecommunications Industry; Canada; British Columbia; United States; New York (city, NY)
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  • October 2013 (Revised May 2014)
  • Supplement

The TELUS Share Conversion Proposal, Spreadsheet Supplement

By: Lucy White and Benjamin C. Esty
A proxy battle between a Canadian firm and a US hedge fund over a proposal to unify the firm's dual class share structure. View Details
Keywords: Stock Shares; Capital Structure; Investment Funds; Telecommunications Industry; Canada; United States
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  • Teaching Interest

Demystifying the Family Enterprise

By: Christina R. Wing

This course is primarily designed for students who are pursuing a career in family run businesses, family owned businesses, investment roles in family offices, or students that might invest in or wholly purchase a family owned business through a private equity firm,... View Details

  • Article

Preventing Fairness Gerrymandering: Auditing and Learning for Subgroup Fairness

By: Michael J Kearns, Seth Neel, Aaron Leon Roth and Zhiwei Steven Wu
The most prevalent notions of fairness in machine learning are statistical definitions: they fix a small collection of pre-defined groups, and then ask for parity of some statistic of the classifier (like classification rate or false positive rate) across these groups.... View Details
Keywords: Machine Learning; Algorithms; Fairness; Mathematical Methods
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  • 27 Jun 2013
  • Working Paper Summaries

Social Norms Versus Social Responsibility: Punishing Transgressions Under Conflicting Obligations

Keywords: by Francesca Gino, Celia Moore & Lamar Pierce
  • 14 Jul 2020
  • Research & Ideas

Restarting Under Uncertainty: Managerial Experiences from Around the World

As economies reopen after forced shutdowns caused by COVID-19, managers around the world are faced with a dual challenge: keep the workforce safe while preserving business viability in an evolving and volatile market. How should... View Details
Keywords: by Raffaella Sadun, Andrea Bertoni, Alexia Delfino, Giovanni Fassio, and Mariapaola Testa
  • 05 Feb 2013
  • First Look

First Look: Feb. 5

  PublicationsIn Search of the Self at Work: Young Adults' Experiences of a Dual Identity Organization Authors:Anteby, Michel, and Amy Wrzesniewski Publication:Research in Sociology of Work Abstract Purpose: Multiple forces that shape the... View Details
Keywords: Sean Silverthorne
  • 15 Nov 2011
  • First Look

First Look: November 15

the compact arrangement of buildings, efficient use of water and power, and deployment of transit that reduces congestion. Investment and urban planning in three Asian cities are profiled as illustrations. Two sample proformas featuring multiple View Details
Keywords: Sean Silverthorne
  • 07 Mar 2017
  • First Look

First Look at New Research, March 7

way without compromising the ability of conventional monetary policy to focus on its traditional dual mandate of promoting maximum employment and stable prices. Publisher's link: https://www.hbs.edu/faculty/Pages/item.aspx?num=52330... View Details
Keywords: Sean Silverthorne
  • 16 Jul 2013
  • First Look

First Look: July 16

both. The choice is a false dichotomy. Implementing this dual approach involves three key tasks. Each has directive and enabling components. The first task is envisioning, which requires instilling both realism and hope. The second task... View Details
Keywords: Anna Secino
  • 02 May 2000
  • Research & Ideas

Leading Professional Service Firms

reflect on the material and ideas discussed in class and apply it to their own situations. This is a rich opportunity for sharing information in an informal atmosphere in which participants can build relationships with each other that... View Details
Keywords: Re: Jay W. Lorsch; Service; Consulting; Accounting
  • 30 Jan 2019
  • What Do You Think?

Who Will Measure up to These Two Remarkable Leaders?

Dimon, CEO of JP Morgan, whom he cited for his approach of “doing business in a first class way.” Dimon majored in psychology and economics at Tufts University and completed an MBA at the Harvard Business School. Darmody1 added other... View Details
Keywords: by James Heskett; Air Transportation; Financial Services
  • 05 Oct 2010
  • First Look

First Look: October 5, 2010

century founding by Werner Siemens of the Siemens electrical business in Germany. Werner's dual role as inventor and entrepreneur is explored as he created one of the world's first multinational enterprises, whose growth initially rested... View Details
Keywords: Sean Silverthorne
  • 18 Feb 2014
  • First Look

First Look: February 18

and that they needed to commit themselves to the dual goal of producing benefits for society and their firms' bottom lines-to creating "shared value." But the specific actions they could take to bring about this change were less... View Details
Keywords: Sean Silverthorne
  • 16 Nov 1999
  • Lessons from the Classroom

Leading Change and Organizational Renewal

organization in an ongoing process of change and revitalization is necessarily complex. Pitfalls lie waiting where least expected. To avoid the cyclical trap of success-failure-rebirth, firms need to develop competency in simultaneously sustaining a View Details
Keywords: by Staff
  • 20 Oct 2009
  • First Look

First Look: October 20

School Case 310-011 Acumen Fund is a global venture capital firm with a dual purpose: it looks for a return on its investments, and it also seeks entrepreneurial solutions to global poverty. This case examines Acumen's new projects in... View Details
Keywords: Martha Lagace

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