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  • 24 Mar 2002
  • Lessons from the Classroom

Case Study: A Lesson in Private Venture Financing

growth. Being listed on the stock exchange does mark a company's value but in this case it was a low mark.— Walter Kuemmerle Kuemmerle fired questions at conference participants on Gray's available options. Should they go public? Doing so... View Details
Keywords: by Julia Hanna
  • July 2024
  • Case

Knowledge-Enabled Financial Advice: Digital Transformation at Edward Jones

By: Lauren Cohen, Richard Ryffel, Grace Headinger and Sophia Pan
Edward Jones, a wealth management advisory firm that prided itself on its interpersonal connections and face-to-face interactions, was eager to augment their services with AI capabilities. Built on 1-to-1 close-knit relationships, the firm had more than 15,000 offices... View Details
Keywords: Fintech; Innovation And Strategy; Financial Advisors; Big Data; Artificial Intelligence; Digitization; Financial Institutions; Business Strategy; Competitive Advantage; Technology Adoption; Business Plan; Technological Innovation; Interpersonal Communication; Communication Intention and Meaning; Communication Strategy; Transformation; Employee Stock Ownership Plan; Disruptive Innovation; Innovation Strategy; Innovation and Management; Innovation Leadership; Knowledge Acquisition; Knowledge Use and Leverage; Customer Relationship Management; AI and Machine Learning; Digital Strategy; Financial Services Industry; St. Louis; Missouri; United States; Canada
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  • 19 Jan 2011
  • Research & Ideas

Activist Board Members Increase Firm’s Market Value

conduct an impromptu experiment. They hypothesized that the market reaction to the SEC announcement could help determine whether increasing shareholder power would be considered good or bad in the eyes of the stock market. They detail... View Details
Keywords: by Carmen Nobel
  • 24 Jul 2000
  • Research & Ideas

Something Ventured, Something Gained: A European View of Venture Capital

fundraising there were traditionally far more modest, with the bulk of it in Great Britain; buyouts and later-stage investment opportunities were the prevailing mindset; and the requirements of the established stock exchanges made going... View Details
Keywords: by James E. Aisner; Financial Services
  • October 2006 (Revised May 2007)
  • Case

King Arthur Flour

By: Thomas J. DeLong, James Holian and Joshua Weiss
Steve Voigt, the CEO of King Arthur Flour, must determine how the company can continue to grow, whilst preserving its unique culture. In 1996, the company was sold to employees in as ESOP transaction. The following decade saw significant growth, despite declining sales... View Details
Keywords: Employee Stock Ownership Plan; Business or Company Management; Organizational Culture; Employee Ownership
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  • 13 May 2014
  • Op-Ed

The Alibaba Effect

American reasons: to "raise capital and maintain management control," which they couldn't do in Hong Kong. Hong Kong believes in the principle that each share of stock is entitled to one vote. The US markets, on the other hand,... View Details
Keywords: by Bill Kirby & Warren McFarlan; Retail
  • 28 Apr 2009
  • First Look

First Look: April 28, 2009

these mechanisms in publicly traded companies is widespread throughout the world and in the United States. Understanding how the various mechanisms contribute to the separation between economic ownership and control is important for the... View Details
Keywords: Martha Lagace
  • 12 Nov 2008
  • First Look

First Look: November 12, 2008

front of him. As he sat back in his chair and looked out the window, he began to take stock of how his life had taken such a dramatic path over the last few years. Life was good for the founder and CEO of Lammtara Pictures, the United... View Details
Keywords: Martha Lagace
  • Article

Why Do Pro Forma and Street Earnings Not Reflect Changes in GAAP? Evidence from SFAS 123R

By: Ian D. Gow, Mary E. Barth and Daniel Taylor
This study examines how key market participants—managers and analysts—responded to SFAS 123R's controversial requirement that firms recognize stock-based compensation expense. Despite mandated recognition of the expense, some firms' managers exclude it from pro forma... View Details
Keywords: Motivation and Incentives; Employee Stock Ownership Plan
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  • January 2011
  • Supplement

Matrix Capital Management (C)

By: Malcolm P. Baker and David Lane
Ben Balbale, a partner at hedge fund Matrix Capital, must decide whether to exit their investment in Rovi Corporation, a company with a diverse portfolio of patents used primarily for digital interactive guides. Rovi's shares are up over 50% from the time Balbale... View Details
Keywords: Public Ownership; Cash Flow; Management Analysis, Tools, and Techniques; Investment Funds; Financial Strategy; Valuation; Partners and Partnerships; Markets; Performance Efficiency; Patents; Stock Shares; Decisions; Financial Services Industry
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  • 17 Jul 2000
  • What Do You Think?

Where Is the Microsoft Board?

Microsoft caused by (2) a defense personally led by Bill Gates and (3) by the failure of the company's board to provide counsel. In the case of a high-tech company where significant ownership rests in the hands of management (e.g... View Details
Keywords: by James Heskett
  • 31 Mar 2009
  • First Look

First Look: March 31, 2009

held. Firms in all countries in the sample tend to have concentrated ownership at the time they go public. Decreases in ownership concentration are more likely for firms in countries with stronger... View Details
Keywords: Martha Lagace
  • 18 Nov 2010
  • Research & Ideas

GM’s IPO: Back to the Future

place in the private sector, the owners would probably hold the stock until the company was in robust health. The realized price on the stock would then in all likelihood be higher. But the Obama... View Details
Keywords: by Staff; Auto
  • 08 Jan 2019
  • First Look

New Research and Ideas, January 8, 2019

supply expenses are provided. Publisher's link: https://www.hbs.edu/faculty/Pages/item.aspx?num=55343 Financing the Response to Climate Change: The Pricing and Ownership of U.S. Green Bonds By: Baker, Malcolm, Daniel Bergstresser, George... View Details
Keywords: Dina Gerdeman
  • 26 Jun 2018
  • First Look

New Research and Ideas, June 26, 2018

our sample period. Stock indexes can transform longstanding behavior via non-pecuniary channels. Download working paper: https://www.hbs.edu/faculty/Pages/item.aspx?num=53030 Patent Trolls: Evidence from Targeted Firms By: Cohen, Lauren,... View Details
Keywords: Dina Gerdeman
  • 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
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  • 15 Apr 2014
  • First Look

First Look: April 15

that have ownership and control rights in the SOE. Building on Vernon, we argue that the SOE can break free from this power imbalance and establish resource independence from other state actors by becoming a multinational firm and/or by... View Details
Keywords: Sean Silverthorne
  • 17 Jun 2008
  • First Look

First Look: June 17, 2008

ownership concentration affect the need for and process of corporate restructuring? This case provides students with an opportunity to analyze the restructuring of a Turkish multinational business group by way of a merger. Finansbank AŞ... View Details
Keywords: Martha Lagace
  • 16 Jun 2015
  • First Look

First Look: June 16, 2015

Abstract—Under fairly general assumptions, expected stock returns are a linear combination of two firm fundamentals-book-to-market ratio and return on equity. This parsimonious relation is pervasive, producing expected return proxies... View Details
Keywords: Sean Silverthorne
  • 25 Feb 2014
  • First Look

First Look: February 25

and $12 billion, which equates to between 1.3% and 8.7% of the stock of prepackaged software in private fixed investment in the United States and a very high rate of return to the original federal investment in the Internet. We argue that... View Details
Keywords: Sean Silverthorne

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