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  • November 2019
  • Case

Apple, Einhorn, and iPrefs (Abridged)

By: Carliss Y. Baldwin and W. Carl Kester
In March 2013, Apple Computer has a very large cash balance, and is under pressure to return cash to shareholders. Hedge fund manager David Einhorn thinks Apple can "unlock value" by issuing perpetual preferred stock, dubbed iPrefs. Henry Blodget, CEO of Business... View Details
Keywords: Markets; Stock Shares; Value Creation; Business and Shareholder Relations
Related
  • February 2004
  • Case

Czech Mate: CME and Vladimir Zelezny (A)

By: Mihir A. Desai, Alberto Moel and Kathleen Luchs
This case examines how insiders can expropriate value from shareholders in emerging markets when property rights are ill-defined. As such, it provides a platform for considering how institutions and legal rules impact financing patterns and economic outcomes. CME,... View Details
Keywords: Developing Countries and Economies; Fairness; Financial Institutions; Corporate Governance; Rights; Ownership Stake
Related

    Deals: The Economic Structure of Business Transactions

    Business transactions take widely varying forms―from multibillion-dollar corporate mergers to patent licenses to the signing of an all-star quarterback. Yet every deal shares the same goal, or at least should: to maximize the joint value created and to distribute... View Details
    • 2021
    • Working Paper

    Going by the Book: Valuation Ratios and Stock Returns

    By: Ki-Soon Choi, Eric So and Charles C.Y. Wang
    We study the use of firms’ book-to-market ratios (B/M) in value investing and its implications for comovements in firms’ stock returns and trading volumes. We show B/M has become increasingly detached from common alternative valuation ratios over time while also... View Details
    Keywords: Valuation Ratios; Book-to-market Ratios; Investment Return; Investment; Decision Making
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    • 16 Oct 2019
    • News

    Where ESG Fails

    • November 2012
    • Teaching Note

    Brink's Company: Activists Push for a Spin-off (TN)

    By: Suraj Srinivasan
    The case this Teaching Note addresses studies the decision of the security services company Brink's Corporation to spin off its home security division from the rest of the company. The decision followed intense pressure on the company by three activist hedge funds that... View Details
    Keywords: Activist Investors; Spin-off; Leveraged Recapitalization; Debt; Hedge Funds; Conglomerates; Valuation; Restructuring; Accounting; Business Strategy; Investment Activism; Service Industry
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    • January 2017
    • Case

    T. Rowe Price and the Dell Inc. MBO (A)

    By: Lena G. Goldberg
    T. Rowe Price’s mutual funds, separate accounts, institutional investors, and retirement accounts were, in the aggregate, Dell Inc.’s third largest shareholder in 2013 when Dell announced a management-led buyout, or MBO, structured as a merger. In considering whether... View Details
    Keywords: Fiduciary Duties; Management Buy-out; Mergers and Acquisitions; Valuation; Business and Shareholder Relations; Financial Services Industry; Computer Industry; Delaware
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    • 30 Jan 2017
    • Research & Ideas

    Vanguard, Trian And The Problem With 'Passive' Index Funds

    need to get shareholders more engaged? What shape should the separation of management and ownership take in the twenty-first century?” “We are now in a situation where index investors are the major View Details
    Keywords: by Michael Blanding; Financial Services
    • July 2019
    • Article

    Using Behavioral Science to Inform the Design of Sugary Drink Portion Limit Policies: Reply to Wilson and Stolarz-Fantino (2018)

    By: Leslie John, Grant E. Donnelly and Christina A. Roberto
    In their commentary, Wilson & Stolarz-Fantino argue that specific design features of our research mean that it cannot have policy implications and that researchers “need to consider profit maximization in menu design or studies are likely to suggest ill-informed... View Details
    Keywords: Policy Implementation; Food; Governing Rules, Regulations, and Reforms; Policy
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    • March 1996 (Revised July 1996)
    • Case

    Service Corporation International

    By: Benjamin C. Esty and Craig F Schreiber
    The CFO of a high-growth company in the low-growth and fragmented funeral services industry must decide how to optimize capital structure and earnings growth while maximizing the company's market value. View Details
    Keywords: Financial Management; Value Creation; Business Growth and Maturation; Consolidation; Industry Growth; Capital Structure; Expansion; Service Industry; United States; North and Central America
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    • May–June 2018
    • Article

    Data Uncertainty in Markov Chains: Application to Cost-Effectiveness Analyses of Medical Innovations

    By: Joel Goh, Mohsen Bayati, Stefanos A. Zenios, Sundeep Singh and David Moore
    Cost-effectiveness studies of medical innovations often suffer from data inadequacy. When Markov chains are used as a modeling framework for such studies, this data inadequacy can manifest itself as imprecision in the elements of the transition matrix. In this paper,... View Details
    Keywords: Markov Chains; Cost Effectiveness; Medical Innovations; Colorectal Cancer; Health Care and Treatment; Cost vs Benefits; Innovation and Invention; Mathematical Methods; Health Industry
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    • January 2012 (Revised January 2014)
    • Case

    Hengdeli: The Art of Coexistence

    By: Rohit Deshpandé and Nancy Hua Dai
    In October 2011, Zhang Yuping, founder and chairman of Hengdeli, the largest Swiss watch retailer in the world, wondered how to work more closely with its key suppliers—Swatch Group, Richemont Group, LVMH Group, and Rolex Group—to maintain strong growth in the Greater... View Details
    Keywords: Supply Chain Management; Apparel and Accessories Industry; Retail Industry; China
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    • 23 Apr 2019
    • First Look

    New Research and Ideas, April 23, 2019

    offer opportunities for future research. Publisher's link: https://www.hbs.edu/faculty/Pages/item.aspx?num=56001 Rehabilitating Corporate Purpose By: Salter, Malcolm S. Abstract—In this paper, I address how the ascendance of the theory of View Details
    Keywords: Dina Gerdeman
    • 02 Aug 2004
    • What Do You Think?

    For Greater Transparency, Is Section 404 an Effective Response?

    transparency for shareholders and other stakeholders. The primary argument is that, without high standards of personal integrity posed from within, Section 404 will be of limited value. As John Louk put it, "I personally believe that... View Details
    Keywords: by James Heskett
    • June 2018
    • Background Note

    Introduction to Life Settlements

    By: Alexander Braun, Lauren H. Cohen, Christopher J. Malloy and Jiahua Xu
    Life insurance is an asset owned by the majority of American adults (61%). Note that this 61% penetration rate is essentially at parity with home ownership (64%) and higher than that of 401(k) retirement account ownership (53%). Life settlements, or life insurance... View Details
    Keywords: Insurance; Assets; Value; Markets; Investment Return
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    • September 2022
    • Background Note

    On CUE: The Quest for Optimal Customer Unit Economics

    By: Elie Ofek, Barak Libai and Eitan Muller
    Startups are often evaluated by how well they perform on unit economics, defined as the ratio of a customer’s lifetime value (LTV) to acquisition costs (CAC). A common target for unit economics, advocated by many VCs and analysts, is 3:1 (i.e., LTV/CAC=3). While there... View Details
    Keywords: Unit Economics; Business Startups; Performance Evaluation; Customer Value and Value Chain; Customer Relationship Management; Analysis
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    • 2019
    • Chapter

    Return on Invested Capital (ROIC)

    By: Carliss Y. Baldwin
    Return on invested capital (ROIC) is a financial measure of the profitability of a firm or business unit. If it is greater than the business's cost of capital, then reinvestment of earnings increases shareholder VALUE. The ROIC also determines a maximum self-sustaining... View Details
    Keywords: Capital Efficiency; Dupont Analysis; Financial Metrics; Schumpeterian Competition; Sustainable Growth; Competitive Advantage; Financial Strategy; Resource Allocation; Valuation; Value Creation
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    • January 2014 (Revised October 2014)
    • Supplement

    Mittal Steel's Pursuit of Arcelor (B)

    By: Paul M. Healy and Penelope Rossano
    Lakshmi Mittal, CEO of Mittal Steel, a UK-based company with Indian roots, took advantage of a weakened Arcelor that had successfully won a bidding war for Canadian steel company Dofasco, with an unsolicited bid to buy the company. Mittal's plans for acquiring Arcelor... View Details
    Keywords: Strategy; Fiduciary Duty; Negotiation; Steel; India; Europe; Governance; Mergers; Board Decisions; White Knight; Valuation; Mergers and Acquisitions; Corporate Governance; Economics; Steel Industry; Canada; United Kingdom; India
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    • Teaching Interest

    Competing in the Age of Digital Platforms—(Executive Education)

    By: David B. Yoffie
    Summary

    Without exception, the most valuable companies in the world today are platforms. Microsoft, Apple, Amazon, Google, Facebook, and many other firms have built their fortunes by facilitating innovation across global ecosystems or... View Details
    Keywords: Platforms; Technology; Strategy; Digital Business; Social Networks; Self-driving Cars; Mobile Gaming; Esports; Financial Services; Online Retail; Ride-sharing; Search; Auctions; United States; Asia; China; Europe
    • 27 Apr 2012
    • Working Paper Summaries

    Putting Integrity into Finance: A Purely Positive Approach

    Keywords: by Werner Erhard & Michael C. Jensen