Publications

February 2014 (Revised June 2016)
Case

Mylan Laboratories' Proposed Merger with King Pharmaceutical

By: Lucy White and Matt Kozlowski

Perry Capital owns shares in King and, to facilitate approval of the merger, buys shares in Mylan, whilst hedging out its economic exposure to Mylan's share price using derivatives. The price at which Mylan proposes to merge with King is generous to King shareholders,... View Details

Keywords: Mergers and Acquisitions; Voting; Ethics; Stock Shares; Investment; Lawsuits and Litigation; Ownership Stake

17 Jun 2002
Research & Ideas

Entrepreneurship in Asia and Foreign Direct Investment

Barron's Business Terms, FDI is "investment in a country by foreign citizens, often involving majority stock ownership of an enterprise." Huang is looking deeper into how and why FDI played quite... View Details

Keywords: by Martha Lagace

January 1996
Case

Transportation Displays Incorporated (C): The Case for a Preemptive Restructuring

By: Stuart C. Gilson, Joel T. Schwartz, Steve Silver and David Stemerman

A company nears the end of a long multiyear turnaround and now must consider how to "cash out" so its management can realize a financial return on investment. The privately held company has several options, including a leveraged ESOP and a leveraged recapitalization. View Details

Keywords: Business Exit or Shutdown; Capital; Employee Stock Ownership Plan; Private Ownership

February 2014
Teaching Note

Mylan Lab's Proposed Merger with King Pharmaceuticals

By: Lucy White

Perry Capital owns shares in King and, to facilitate approval of the merger, buys shares in Mylan, whilst hedging out its economic exposure to Mylan's share price using derivatives. The price at which Mylan proposes to merge with King is generous to King shareholders,... View Details

Keywords: Mergers and Acquisitions; Voting; Ethics; Stock Shares; Investment; Lawsuits and Litigation; Ownership Stake

January 2009 (Revised February 2014)
Case

Mylan Lab's Proposed Merger with King Pharmaceutical (Abridged)

By: Lucy White

Perry Capital owns shares in King and, to facilitate approval of the merger, buys shares in Mylan, whilst hedging out its economic exposure to Mylan's share price using derivatives. The price at which Mylan proposes to merge with King is generous to King shareholders,... View Details

Keywords: Mergers and Acquisitions; Voting; Ethics; Stock Shares; Investment; Lawsuits and Litigation; Ownership Stake

10 Jul 2000
Research & Ideas

Privatization and the New European Economy

politicians—cared only about their own objectives." As the new German Railway tries to wean itself from total government ownership of its stock while depending on the powers that be in Berlin for... View Details

Keywords: by James E. Aisner; Air Transportation; Transportation

01 Aug 2001
News

Robert B. Stobaugh (DBA '68)

that board members of the best-performing companies frequently owned substantial amounts of stock in the firms they oversaw. In 1995, he chaired the Blue Ribbon Commission of the National Association of Corporate Directors (NACD), whose... View Details

Keywords: Alumni Achievement Award; Educational Services

11 Oct 2006
Research & Ideas

The Success of Reverse Leveraged Buyouts

the market. But when Lerner and Cao started analyzing the actual performance numbers, they saw that conventional wisdom had it wrong. "Reverse LBOs appear to consistently outperform other IPOs and the stock market as a whole. The... View Details

Keywords: by Sean Silverthorne; Banking; Financial Services

Article

The Role of Lockups in Initial Public Offerings

By: Alon Brav and Paul A. Gompers

In a sample of 2,794 initial public offerings (IPOs), we test three potential explanations for the existence of IPO lockups: lockups serve as (i) a signal of firm quality, (ii) a commitment device to alleviate moral hazard problems, or (iii) a mechanism for... View Details

Keywords: Initial Public Offering; Quality; Moral Sensibility; Compensation and Benefits; Venture Capital; Problems and Challenges; Stock Shares; Going Public

Find at Harvard

01 Sep 2003
News

An Electrifying Tale

fire alarm, security, and data lines — which is expected to grow to $10 million. For the employees, a stock ownership plan is in the works. “I want it to be a flourishing company that I’ll feel really proud... View Details

Keywords: Electric Power Generation, Transmission, Distribution; Utilities

17 May 2010
Research & Ideas

What Brazil Teaches About Investor Protection

size of stock markets across countries and on the ownership structure of railways and other companies in France. In one of his books he argues that France was the largest "financial democracy" in... View Details

Keywords: by Sean Silverthorne; Banking; Financial Services

07 Apr 2015
First Look

First Look: April 7

2015 Journal of Financial Economics The Ownership and Trading of Debt Claims in Chapter 11 Restructurings By: Ivashina, Victoria, Benjamin Iverson, and David C. Smith Abstract—What is the ownership structure... View Details

Keywords: Sean Silverthorne

May 2009
Teaching Note

Nextel Partners: Put Option (TN)

By: Timothy A. Luehrman

Teaching Note for [207-128] View Details

Keywords: Business and Shareholder Relations; Voting; Price; Public Ownership; Valuation; Financial Liquidity; Stock Options; Management Practices and Processes; Telecommunications Industry

03 Nov 2009
First Look

First Look: Nov. 3

wrongdoers is consistent with their judgments, and we offer preliminary evidence on how to reduce these biases. Download the paper: http://www.hbs.edu/research/pdf/09-020.pdf Stock Price Fragility Authors:Robin Greenwood and David Thesmar... View Details

Keywords: Martha Lagace

12 Apr 2011
First Look

First Look: April 12

has on the acquirer's characteristics, form of payment, announcement returns, long-run stock price, and operating performance. We find that compared to the acquirers of other private companies, firms that acquire private venture... View Details

Keywords: Sean Silverthorne

29 Mar 2011
First Look

First Look: March 29

http://www.francescagino.com/uploads/4/7/4/7/4747506/gino_shea_deception_chapter_2012.pdf Stock Price Fragility Authors:Robin Greenwood and David Thesmar Publication:Journal of Financial Economics (forthcoming) Abstract We investigate the... View Details

Keywords: Sean Silverthorne

September 2021
Case

Brown Capital Management

By: Luis M. Viceira, Emily R. McComb and Sarah Mehta

Set in July 2021, this case looks at several growth strategies under consideration at Brown Capital, the second-oldest Black-owned asset management firm in the U.S. Since its 1983 founding, Baltimore-based Brown Capital has specialized in small company growth... View Details