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  • September–October 2012
  • Article

Relational Contracts and Organizational Capabilities

By: Robert Gibbons and Rebecca Henderson
A large literature identifies unique organizational capabilities as a potent source of competitive advantage, yet our knowledge of why capabilities fail to diffuse more rapidly—particularly in situations in which competitors apparently have strong incentives to adopt... View Details
Keywords: Competitive Advantage; Organizations
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Gibbons, Robert, and Rebecca Henderson. "Relational Contracts and Organizational Capabilities." Organization Science 23, no. 5 (September–October 2012): 1350–1364.
  • March 2009 (Revised March 2010)
  • Case

Groupe Eurotunnel S.A. (A)

By: Stuart C. Gilson, Vincent Marie Dessain and Sarah Abbott
In the summer of 2006, the chairman and CEO of Eurotunnel Group is faced with the decision whether to file for bankruptcy protection, after having failed to gain creditor approval of an ambitious out-of-court restructuring plan. The company, which has been attempting... View Details
Keywords: Restructuring; Capital Structure; Insolvency and Bankruptcy; Laws and Statutes; Risk Management; Rail Industry; France; United Kingdom
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Gilson, Stuart C., Vincent Marie Dessain, and Sarah Abbott. "Groupe Eurotunnel S.A. (A)." Harvard Business School Case 209-062, March 2009. (Revised March 2010.)
  • September 1991
  • Case

Kaiser Steel Corporation, 1984

By: Timothy A. Luehrman
In 1984, Kaiser's shareholders were asked to approve a complicated leveraged buyout of the company. Students are asked to analyze the proposed transaction and make a recommendation. To do this, they must determine who gets what in the deal, whether and how any value is... View Details
Keywords: Leveraged Buyouts; Capital; Value Creation; Insolvency and Bankruptcy; Steel Industry
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Luehrman, Timothy A. "Kaiser Steel Corporation, 1984." Harvard Business School Case 292-028, September 1991.
  • 24 Mar 2010
  • Working Paper Summaries

Fiduciary Duties and Equity-Debtholder Conflicts

Keywords: by Bo Becker & Per Stromberg
  • June 2013
  • Case

Jamba Juice (A)

By: J. Bruce Harreld and Christian Karega
James White, the new CEO of Jamba Juice, has successfully averted bankruptcy and must now decide the future path for Jamba Juice, the leader in the smoothie and fresh bar industry. This two-part case presents the various strategic options White is considering. It then... View Details
Keywords: Beverage Industry; Strategy Execution; Turnarounds; Consumer Marketing; Franchising; Food Retail Franchising; Strategy; Leadership; Food and Beverage Industry; United States
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Harreld, J. Bruce, and Christian Karega. "Jamba Juice (A)." Harvard Business School Case 713-536, June 2013.
  • June 2016
  • Case

Augustine Heard & Co.: Building a Family Business in the China Trade (B)

By: William C. Kirby and Joycelyn W. Eby
In 1861, the Heard brothers faced a decision: should they continue their family firm's business model that had made them a successful commission house in China, or was it time to make fundamental adjustments to their work? This case reveals that the brothers decided to... View Details
Keywords: China; Mercantilism; Family Business; China
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Kirby, William C., and Joycelyn W. Eby. "Augustine Heard & Co.: Building a Family Business in the China Trade (B)." Harvard Business School Case 316-186, June 2016.
  • March 2022 (Revised October 2022)
  • Case

John F. Kennedy: Changing the World

By: Robert Simons and Max Saffer
This case traces the rise of John F. Kennedy from a wealthy family in Boston to president of the United States. The case describes how Kennedy, as a young man, lived a privileged life in the shadow of his older brother, Joe. When Joe was killed in World War II, Jack... View Details
Keywords: Politics; Business And Government; Legacy; Leadership Development; Personal Characteristics; Business and Government Relations; Success; Power and Influence; Decision Making; Personal Development and Career; United States
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Simons, Robert, and Max Saffer. "John F. Kennedy: Changing the World." Harvard Business School Case 122-088, March 2022. (Revised October 2022.)
  • July 2022
  • Case

David Crane’s Clean(er) Energy Strategy at NRG

By: George Serafeim, Michael W. Toffel and Tom Quinn
In 2015, David Crane was the CEO of NRG, the second-largest energy producer in the United States. NRG got most of its power from fossil fuels, but Crane – hired as CEO in 2003 as NRG emerged from bankruptcy – had invested heavily in alternative energy, loudly... View Details
Keywords: Energy; Leadership; Corporate Governance; Transformation; Alternative Energy; Energy Generation; Climate Change; Corporate Accountability; Renewable Energy; Energy Industry; United States
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Serafeim, George, Michael W. Toffel, and Tom Quinn. "David Crane’s Clean(er) Energy Strategy at NRG." Harvard Business School Case 623-005, July 2022.
  • October 2013 (Revised October 2013)
  • Case

Rhythm & Blues

By: Willy Shih
The bankruptcy filing of Rhythm & Hues, who received an Oscar for the arresting visual effects in Life of Pi, raised questions about the challenges faced by the firms like it as well as the broader post-production industry. The rapid pace of technology certainly... View Details
Keywords: Post-production; Visual Effects; Digital; Entertainment; Animation Entertainment; Film Entertainment; Television Entertainment; Theater Entertainment; Job Cuts and Outsourcing; Information Technology; Internet and the Web; Applications and Software; Information Infrastructure; Motion Pictures and Video Industry; Los Angeles
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Shih, Willy. "Rhythm & Blues." Harvard Business School Case 614-036, October 2013. (Revised October 2013.)
  • August 2000
  • Article

Corporate Reorganizations and Non-Cash Auctions

By: Matthew Rhodes-Kropf and S. Viswanathan
This paper extends the theory of non-cash auctions by considering the revenue and efficiency of using different securities. Research on bankruptcy and privatization suggests using non-cash auctions to increase cash-constrained bidder participation. We examine this... View Details
Keywords: Auctions; Revenue; Debt Securities; Insolvency and Bankruptcy; Privatization; Capital Structure; Bids and Bidding; Motivation and Incentives; Performance Efficiency; Contracts
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Rhodes-Kropf, Matthew, and S. Viswanathan. "Corporate Reorganizations and Non-Cash Auctions." Journal of Finance 55, no. 4 (August 2000): 1807–1849.
  • January 2008 (Revised May 2009)
  • Case

Restructuring at Delphi Corporation (A)

By: Stuart C. Gilson and Sarah L. Abbott
Delphi Corporation, operating under Chapter 11 bankruptcy protection, has filed a plan of reorganization with the court, under which a consortium of hedge funds led by Appaloosa Management will invest up to $2.6 billion in new equity. Also participating in the plan is... View Details
Keywords: Restructuring; Capital Structure; Private Equity; Insolvency and Bankruptcy; Investment Funds; Labor and Management Relations; Auto Industry; Service Industry
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Gilson, Stuart C., and Sarah L. Abbott. "Restructuring at Delphi Corporation (A)." Harvard Business School Case 208-069, January 2008. (Revised May 2009.)
  • December 2021 (Revised January 2023)
  • Supplement

Katerra (B)

By: Lindsay N. Hyde, Thomas R. Eisenmann and Tom Quinn
In May 2020, SoftBank executives, having invested nearly $2 billion in Katerra, decided the vision of an end-to-end, vertically-integrated construction process was worth saving—with some major changes to company structure. The SoftBank Vision Fund invested $200 million... View Details
Keywords: Business Startups; Failure; Insolvency and Bankruptcy; Entrepreneurship; Construction; Real Estate Industry; Construction Industry; Technology Industry; United States
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Hyde, Lindsay N., Thomas R. Eisenmann, and Tom Quinn. "Katerra (B)." Harvard Business School Supplement 822-025, December 2021. (Revised January 2023.)
  • January 2002 (Revised January 2003)
  • Case

Finova Group, Inc. (A), The

By: Stuart C. Gilson and Perry Fagan
Finova Group, a $14 billion commercial finance company, filed for Chapter 11 in early March 2001, in what was one of the largest U.S. bankruptcy filings of all time and the largest corporate bond default since the Great Depression. While in Chapter 11, Finova became... View Details
Keywords: Acquisition; Business Startups; Borrowing and Debt; Equity; Insolvency and Bankruptcy; Debt Securities; Price; Crisis Management; Bids and Bidding; Partners and Partnerships; Strategy; Valuation; Financial Services Industry; United States
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Gilson, Stuart C., and Perry Fagan. "Finova Group, Inc. (A), The." Harvard Business School Case 202-095, January 2002. (Revised January 2003.)
  • November 1993 (Revised April 2007)
  • Case

Continental Airlines--1992 (Abridged)

By: Stuart C. Gilson
The CEO is preparing a recommendation to the board regarding several potential outside investments in the company, which is currently operating in bankruptcy. In making his decision, the CEO has to consider various financial and strategic factors, including possible... View Details
Keywords: Capital Structure; Cash Flow; Cost of Capital; Insolvency and Bankruptcy; Investment; Taxation; Risk and Uncertainty; Valuation; Aerospace Industry; United States
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Gilson, Stuart C. "Continental Airlines--1992 (Abridged)." Harvard Business School Case 294-058, November 1993. (Revised April 2007.)
  • November 2011
  • Article

Ownership Structure and Financial Constraints: Evidence from a Structural Estimation

By: Chen Lin, Yue Ma and Yuhai Xuan
This article examines the impact of the divergence between corporate insiders' control rights and cash-flow rights on firms' external finance constraints via generalized method of moments estimation of an investment Euler equation.  Using a large sample of U.S.... View Details
Keywords: Ownership; Social Enterprise; Reputation; Cash Flow; Annuities; Investment; Investment Funds; Financial Reporting; Accounting Audits; Financial Services Industry; United States
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Lin, Chen, Yue Ma, and Yuhai Xuan. "Ownership Structure and Financial Constraints: Evidence from a Structural Estimation." Journal of Financial Economics 102, no. 2 (November 2011): 416–431.
  • March 1992 (Revised December 1992)
  • Case

Harley-Davidson, Inc.--1987

By: W. Carl Kester and Julia Morley
After an LBO and near bankruptcy in the early 1980s, Harley-Davidson makes an astonishing recovery, going public in 1986. Its listing on the New York Stock Exchange in 1987 provides the occasion of an equity analyst to publish a research report in which she must issue... View Details
Keywords: Leveraged Buyouts; Currency Exchange Rate; Reports; Crisis Management; Going Public; Research; Competition; Auto Industry; Japan; New York (city, NY)
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Kester, W. Carl, and Julia Morley. "Harley-Davidson, Inc.--1987." Harvard Business School Case 292-082, March 1992. (Revised December 1992.)
  • January 2015
  • Case

Sergio Marchionne at Chrysler

By: Rob Kaplan and Bernardo Bertoldi
Chrysler recently exited from the bankruptcy process, with U.S. government support and with Sergio Marchionne as CEO. Now was the time to work out how to create synergies with FIAT, how to improve the current manufacturing, product, and distribution-network... View Details
Keywords: Insolvency and Bankruptcy; Auto Industry; North America; Italy
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Kaplan, Rob, and Bernardo Bertoldi. "Sergio Marchionne at Chrysler." Harvard Business School Case 415-045, January 2015.
  • November 2014
  • Case

Jazztel

By: Jay Lorsch and Emily McTague
In October 2004 Fernández Pujals, founder of Telepizza, an international home delivery pizza business, bought 24.9% of Jazztel (€90 million), a telecom company. At the time, Jazztel was near bankruptcy and needed a capital injection to finish the year. Over the next... View Details
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Lorsch, Jay, and Emily McTague. "Jazztel." Harvard Business School Case 415-042, November 2014.
  • 12 Oct 2006
  • First Look

First Look: October 12, 2006

http://www.hbs.edu/research/pdf/07-021.pdf Coerced Confessions: Self-Policing in the Shadow of the Regulator Authors:Jodi L. Short and Michael W. Toffel Abstract As part of a... View Details
Keywords: Sean Silverthorne
  • 2012
  • Working Paper

Relational Contracts and Organizational Capabilities

By: R. Gibbons and R. Henderson
A large literature identifies unique organizational capabilities as a potent source of competitive advantage, yet our knowledge of why capabilities fail to diffuse more rapidly-particularly in situations in which competitors apparently have strong incentives to adopt... View Details
Keywords: Competitive Advantage; Motivation and Incentives; Management Practices and Processes; Contracts; Competency and Skills; Relationships; Complexity
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Gibbons, R., and R. Henderson. "Relational Contracts and Organizational Capabilities." Harvard Business School Working Paper, No. 12-061, January 2012.
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