Publications
Publications
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- All HBS Web
(1,542)
- Faculty Publications (787)
- June 2016 (Revised May 2017)
- Case
FANUC Corporation: Reassessing the Firm's Governance and Financial Policies
By: Benjamin C. Esty, Nobuo Sato and Akiko Kanno
In February 2015, Daniel Loeb (a U.S.–based activist investor) announced his firm had a large investment in FANUC Corporation, a leading producer of industrial robots and software for machine tools. Loeb was demanding that the Japanese firm change its financial and... View Details
Keywords: Hedge Funds; Economic Policy; Investments; Government Policy; Deregulation; Financial Management; Valuation; Investment Funds; Policy; Corporate Governance; Macroeconomics; Investment Activism; Change Management; Financial Strategy; Cross-Cultural and Cross-Border Issues; Japan; United States
- June 2016
- Supplement
FANUC Corporation: Reassessing the Firm's Governance and Financial Policies Spreadsheet Supplement
By: Benjamin C. Esty and Akiko Kanno
In February 2015, Daniel Loeb (a US-based activist investor) announced his firm had a large investment in FANUC Corporation, a leading producer of industrial robots and software for machine tools. Loeb was demanding that the Japanese firm change its financial and... View Details
- May 2016 (Revised March 2020)
- Case
Fasten: Challenging Uber and Lyft with a New Business Model
By: Feng Zhu and Angela Acocella
Fasten, a new ridesharing start-up in Boston, entered the scene in September 2015 hoping its unique vision of transparency for both driver and passenger and strategy to keep riders' fares low and charge drivers a flat $0.99 fee per ride as opposed to the 20-30%... View Details
- May 2016 (Revised August 2019)
- Teaching Note
Project Deutschland: Unpeeling the Onion of a Distressed Real Estate Portfolio
By: Nori Gerardo Lietz and Ricardo Andrade
James Tallest analyzed the opportunity to invest in a distressed portfolio of high quality properties in Germany by acquiring one or more non-performing loans from Deutschland Bank. While he considers the many aspects of the deal that is about to unfold, he must decide... View Details
- April 2016 (Revised June 2017)
- Teaching Note
Dollar General Bids for Family Dollar
By: Jonas Heese, Paula A. Price and Suraj Srinivasan
In spring 2015, Dollar General CEO Rick Dreiling was looking ahead to retiring at year's end but worried about ensuring continued growth for the company he had built since 2008 into a market leader in the U.S. discount retail world. Dollar General operated over 11,500... View Details
- April 2016 (Revised January 2018)
- Supplement
Project Deutschland: Unpeeling the Onion of a Distressed Real Estate Portfolio
By: Nori Gerardo Lietz and Ricardo Andrade
- April 2016
- Supplement
Preparing a Concession Bid at TAV Airports Holding
By: C. Fritz Foley and Çiğdem Çelik
In 2013, TAV Airports Holding prepared a bid for the concession to build and operate the third Istanbul airport. This process involved input from various parts of the firm with operating and financial expertise. Burcu Geriş, the CFO of TAV Airports Holding, and her... View Details
- April 2016
- Supplement
Preparing a Concession Bid at TAV Airports Holding - Exhibit 7 Supplement Model
By: C. Fritz Foley and Çiğdem Çelik
In 2013, TAV Airports Holding prepared a bid for the concession to build and operate the third Istanbul airport. This process involved input from various parts of the firm with operating and financial expertise. Burcu Geriş, the CFO of TAV Airports Holding, and her... View Details
- March 2016 (Revised October 2018)
- Case
Project Deutschland: Unpeeling the Onion of a Distressed Real Estate Portfolio
By: Nori Gerardo Lietz and Ricardo Andrade
James Tallest analyzed the opportunity to invest in a distressed portfolio of high quality properties in Germany by acquiring one or more non-performing loans from Deutschland Bank. While he considers the many aspects of the deal that is about to unfold, he must decide... View Details
- March 2016 (Revised November 2020)
- Case
Tableau
By: Boris Vallee
Matrix Capital Management, a long-short equity hedge fund based in Waltham, Massachusetts, is assessing its investment in Tableau, a data visualization company. Tableau, which conducted an IPO a few years ago, has been experiencing substantial growth as it aims at... View Details
- March 2016
- Case
Preparing a Concession Bid at TAV Airports Holding
By: C. Fritz Foley and Çiğdem Çelik
In 2013, TAV Airports Holding prepared a bid for the concession to build and operate the third Istanbul airport. This process involved input from various parts of the firm with operating and financial expertise. Burcu Geriş, the CFO of TAV Airports Holding, and her... View Details
- March 2016
- Article
An Analysis of Firms' Self-reported Anticorruption Efforts
By: Paul M. Healy and George Serafeim
We use Transparency International's ratings of self-reported anticorruption efforts for 480 corporations to analyze factors underlying the ratings. Our tests examine whether these forms of disclosure reflect firms' real efforts to combat corruption or are cheap talk.... View Details
- March 2016
- Article
To Groupon or Not to Groupon: The Profitability of Deep Discounts
By: Benjamin Edelman, Sonia Jaffe and Scott Duke Kominers
We examine the profitability and implications of online discount vouchers, a relatively new marketing tool that offers consumers large discounts when they prepay for participating firms' goods and services. Within a model of repeat experience good purchase, we examine... View Details
- February 2016
- Case
Hon Hai's Investment in Sharp
By: Mihir A. Desai, Keith Chi-ho Wong and Zachary Markovich
In March 2012, Hon Hai Precision Industry Company, Ltd. (Hon Hai) announced its investment in the Sharp Corporation (Sharp). The deal was structured in two parts: the first had Hon Hai investing in Sharp, and the second involved Hon Hai founder, chairman, and CEO Terry... View Details
Keywords: Hon Hai; Sharp; LCD-TFT; East Asia; Net Present Value; Acquisitions; Valuation; Negotiation Deal; Acquisition; East Asia
- February 2016
- Supplement
The Valuation and Financing of Lady M Confections Case Supplement
By: Mihir Desai
- February 2016 (Revised January 2017)
- Case
Bidding for Finansbank
By: David Scharfstein and Esel Çekin
Because of the deepening Greek crisis, in October 2015, National Bank of Greece (NBG) was required to sell one of its most valuable assets, Finansbank, the eighth largest Turkish bank. There were three potential buyers: Garanti Bank, Turkey's second largest private... View Details
- January 2016 (Revised January 2019)
- Supplement
The Allergan Board Under Fire (B)
By: Lynn S. Paine, Suraj Srinivasan, John C. Coates and David Lane
In 2014, the Allergan Inc. board of directors received a surprise takeover offer from Valeant Pharmaceuticals in alliance with hedge fund activist Bill Ackman's Pershing Square Capital Management. In the unprecedented arrangement between an acquirer and a hedge fund... View Details
Keywords: Allergan, Inc.; Valeant; Ackman; Pershing Square; Tender Offer; Activist Investors; Business Models; R＆D; Board Of Directors; Securities Litigation; Acquisition Strategy; Takeover Defenses; Hedge Funds; Shareholder Rights; Proxy Contest; Shareholder Special Meetings; Legal Issues In Contested Takeovers; Corporate Governance; Investment Activism; Business and Stakeholder Relations; Business Model; Business and Shareholder Relations; Valuation; Pharmaceutical Industry
- December 2015 (Revised May 2017)
- Case
Corning, 2002
By: Malcolm Baker
Corning, with large investments in fiber optic technology, was hit particularly hard by the collapse of the telecommunications industry in 2001. With over $4 billion in debt, the firm's survival appears to rest on raising additional equity capital. James Flaws, the... View Details
- November 2015 (Revised October 2017)
- Case
Dollar General Bids for Family Dollar
By: Jonas Heese, Paula A. Price, Suraj Srinivasan and David Lane
In spring 2015, Dollar General's CEO Rick Dreiling was looking ahead to retiring at year's end but worried about ensuring continued growth for the company he had built since 2008 into a market leader in the U.S. discount retail world. Dollar General operated over... View Details
- October 2015
- Case
Facebook: The First Ten Years
By: Shane Greenstein, Marco Iansiti and Christine Snively
Facebook celebrated its ten year anniversary in February 2014. Over the past decade it has grown into the largest social network in the world with one billion users. After filing an IPO in 2012 at a $104 billion valuation (the third largest IPO in U.S. history), the... View Details