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  • February 2022
  • Case

Corporate Divestitures and Spinoffs

By: David J. Collis, Ashley Hartman and Terrence Shu
Increasingly in the 2010s, corporations turned to divestitures and spinoffs to streamline their operations. Over the course of one week in November 2021, conglomerates General Electric, Johnson & Johnson, and Toshiba announced plans for separation. The news reflected... View Details
Keywords: Divestiture; Divestment; Spin Off; Spinoffs; Business Conglomerates; Restructuring; Corporate Strategy
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  • Research Summary

Sell-Side Analysts and Corporate Spinoffs

This study investigates the information content and accuracy of analyst reports written about companies that are about to undertake equity spinoffs.  This research is among the first to provide a detailed look at the extent to which analysts evaluate upcoming... View Details
  • 17 Jun 2010
  • Working Paper Summaries

When Do Analysts Add Value? Evidence from Corporate Spinoffs

Keywords: by Emilie Rose Feldman, Stuart C. Gilson & Belén Villalonga
  • 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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  • December 2002
  • Article

Learning about Internal Capital Markets from Corporate Spinoffs

By: Robert Gertner, Eric Powers and David S. Scharfstein
Keywords: Capital; Markets; Business Ventures
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  • 2009
  • Other Unpublished Work

When Do Analysts Add Value? Evidence from Corporate Spinoffs

By: Emilie Feldman, Stuart Gilson and Belen Villalonga
Keywords: Value Creation; Business Conglomerates
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  • October 2014
  • Article

Do Analysts Add Value When They Most Can? Evidence from Corporate Spinoffs

By: Emilie Feldman, Stuart C. Gilson and Belen Villalonga
This paper investigates how securities analysts help investors understand the value of diversification. By studying the research that analysts produce about companies that have announced corporate spinoffs, we gain unique insights into how analysts portray diversified... View Details
Keywords: Analysts; Spin-offs; Diversification Discount; Information Asymmetry; Value Creation; Business Subsidiaries; Diversification; Corporate Strategy; Investment
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  • January 2017
  • Case

Danaher Corporation, 2007–2017

By: John R. Wells and Gabriel Ellsworth
On July 2, 2016, Danaher Corporation completed the spinoff of Fortive Corporation. The previous day, Danaher’s stock price had reached an all-time high. In 2015, Danaher had decided to split off its test and measurement, fuel and fleet management, and automation... View Details
Keywords: Danaher; Fortive; Larry Culp; Beckman Coulter; Pall; Life Sciences; Diagnostics; Environmental Operations; Water Management; Dental; Testing; Measurement; Fuel; Fleet Management; Automation; Toolmaking; Tools; Disease Management; Continuous Improvement; Toyota Production System; Divestiture; Spinoffs; Spin-off; Networks; Acquisition; Mergers and Acquisitions; Business Conglomerates; Business Divisions; Business Subsidiaries; Business Units; Business Growth and Maturation; Business Model; For-Profit Firms; Joint Ventures; Restructuring; Engineering; Chemicals; Construction; Machinery and Machining; Profit; Revenue; Globalized Firms and Management; Multinational Firms and Management; Health; Health Care and Treatment; Health Disorders; Medical Specialties; Business History; Job Cuts and Outsourcing; Business or Company Management; Growth and Development Strategy; Management Analysis, Tools, and Techniques; Management Practices and Processes; Management Succession; Management Systems; Resource Allocation; Market Entry and Exit; Measurement and Metrics; Logistics; Business Processes; Organizational Change and Adaptation; Public Ownership; Problems and Challenges; Science; Genetics; Natural Environment; Wastes and Waste Processing; Science-Based Business; Opportunities; Strategy; Adaptation; Business Strategy; Competition; Competitive Strategy; Competitive Advantage; Consolidation; Corporate Strategy; Diversification; Expansion; Technology; Software; Technology Networks; Technology Platform; Value; Valuation; Aerospace Industry; Auto Industry; Biotechnology Industry; Chemical Industry; Computer Industry; Construction Industry; Consumer Products Industry; Distribution Industry; Electronics Industry; Food and Beverage Industry; Health Industry; Industrial Products Industry; Information Technology Industry; Manufacturing Industry; Medical Devices and Supplies Industry; Pharmaceutical Industry; Retail Industry; Rubber Industry; Semiconductor Industry; Shipping Industry; Technology Industry; Telecommunications Industry; Utilities Industry; United States; District of Columbia
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  • 15 Jan 2013
  • First Look

First Look: January 15

http://wber.oxfordjournals.org/content/early/2012/12/09/wber.lhs031.short?rss=1 Do Analysts Add Value When They Most Can? Evidence from Corporate Spinoffs Authors:Feldman, Emilie R., Stuart C. Gilson, and... View Details
Keywords: Sean Silverthorne
  • 08 Jun 2010
  • First Look

First Look: June 8

http://www.hbs.edu/research/pdf/10-103.pdf Do Analysts Add Value? Evidence from Corporate Spinoffs Authors:Emilie Feldman, Stuart Gilson, and Belén Villalonga Abstract We investigate the information content... View Details
Keywords: Martha Lagace
  • 04 Apr 2023
  • Book

Two Centuries of Business Leaders Who Took a Stand on Social Issues

While shareholders still reign supreme at many companies, a widespread shift toward more responsible business practices is driving more leaders to take a stand on social and environmental issues today, says Harvard Business School Professor Geoffrey Jones. Jones... View Details
Keywords: by Lane Lambert; Consumer Products; Fashion; Retail; Green Technology
  • 04 Feb 2015
  • What Do You Think?

Is There a Stanford-Google-Silicon Valley School of Management?

globe which match (this) School of Management and produce high quality talent." Winfried Hermann Schoepf expressed concerns about whether we will be admiring Google's approach to management in the future. "I have some doubt about this being a sustainable... View Details
Keywords: by James Heskett; Education
  • 16 Feb 2004
  • Research & Ideas

European Private Equity—Still a Teenager?

pan-European funds and global private equity organizations), panelists pointed to corporate carve-outs and restructuring as hope for future payoffs. When I arrived in 1989, people were saying that there was too much money chasing too few... View Details
Keywords: by Martha Lagace; Financial Services
  • 18 Apr 2017
  • First Look

First Look at New Ideas, April 18

political economy implications of such transactions. Purchase this case: https://cb.hbsp.harvard.edu/cbmp/product/217050-PDF-ENG Harvard Business School Case 717-464 Danaher Corporation, 2007–2017 On July 2, 2016, Danaher Corporation... View Details
Keywords: by Sean Silverthorne

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