Publications

Research Summary

Comparative Financial Systems and Corporate Governance

One implication of the inherent logic of a financial system lies in the effects on corporate governance. Differences in financial systems across countries -- for instance, in terms of the role of banks, equity markets, and shareholder voting systems -- result in... View Details

June 2014 (Revised May 2017)
Case

Southeastern Asset Management Challenges Buyout at Dell

By: Paul Healy, Suraj Srinivasan and Aldo Sesia

In late 2012, Michael Dell wants to take Dell Inc., the company he founded, private. Mr. Dell believes that the successful company's transformation from a personal computer (PC) manufacturer to an enterprise solutions and services provider (ESS) is dependent on going... View Details

2024
Working Paper

Public Debt and Investment Under Political Competition: Evidence from Toxic Loans

By: Julien Sauvagnat and Boris Vallée

We examine the response from local governments and their voters to a large and exogenous increase in municipal indebtedness. We first show that municipalities with loans that become “toxic” exhibit a reduction in municipal investments as large as the associated... View Details

Keywords: Public Debt; Public Investments; Political Contestation; Toxic Loans; Borrowing and Debt; Investment; Public Sector; Government and Politics; Local Range; Financing and Loans

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June 2007 (Revised January 2009)
Case

Nextel Partners: Put Option

By: Timothy A. Luehrman and Douglas Scott

Nextel Partners' shareholders have voted to exercise a put option that will require the company's largest shareholder, Sprint Nextel Corp., to purchase all the shares it does not already own. However, the put option does not stipulate a price to be paid, but rather a... View Details

Keywords: Mergers and Acquisitions; Stock Options; Price; Public Ownership; Valuation

30 Apr 2019
First Look

New Research and Ideas, April 30, 2019

https://www.hbs.edu/faculty/Pages/item.aspx?num=56032 in press Cognition I Know Why You Voted for Trump: (Over)inferring Motives Based on Choice By: Barasz, Kate, Tami Kim, and Ioannis Evangelidis Abstract—People often speculate about why... View Details

Keywords: Dina Gerdeman

August 2021
Case

Danone S.A.: Becoming a Mission-Driven Company (A)

By: Benjamin C. Esty and Emilie Billaud

Emmanuel Faber became CEO of Danone SA, the French food and beverage company, in 2014. Right from the start, he ran the company with a dual commitment to both profit and purpose (i.e., ESG objectives). In fact, in 2018, he said, “It’s time to make sustainable business... View Details

Keywords: Business and Stakeholder Relations; Corporate Governance; Leadership; Corporate Social Responsibility and Impact; Mission and Purpose; Environmental Sustainability; Goals and Objectives; Consumer Products Industry; Food and Beverage Industry; France; Europe

Article

Beyond Good Intentions: Prompting People to Make Plans Improves Follow-through on Important Tasks

By: Todd Rogers, Katherine L Milkman, Leslie K. John and Michael I. Norton

Many intend to stay fit but fail to exercise or eat healthfully; students intend to earn good grades but study too little; citizens intend to vote but fail to turnout. How can policymakers help people follow through on intentions like these? Plan-making, a tool that... View Details

Keywords: Behavior; Success; Planning

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January 2014 (Revised January 2014)
Case

Showdown at Cracker Barrel

By: Suraj Srinivasan and Tim Gray

In the fall of 2011, activist investor, Sardar Biglari, has acquired nearly 10% ownership in the Cracker Barrel restaurant chain. He believes that the board and senior management have failed and the company has underperformed relative to its peers. When he is denied a... View Details

August 2010 (Revised October 2012)
Exercise

To Catch a Vandal: A Power & Influence Exercise

By: Amy J.C. Cuddy, Ruwan Tharindu Gunatilake and Meredith Hodges

This exercise is based on the "Mafia" game created by psychologist Dimma Davidoff, and is designed to give students a broad introduction to multiple theories of influence and to challenge their instincts about which techniques are the most powerful and how they may be... View Details

Keywords: Nonverbal Communication; Knowledge Use and Leverage; Management Analysis, Tools, and Techniques; Management Skills; Groups and Teams; Power and Influence; Trust

20 Jan 2020
News

Larry Fink Isn’t Going to Read Your Sustainability Report

01 Sep 2020
News

Navigating the Populism Phenomenon

January 2018
Case

Trian Partners' Proxy Contest at Procter & Gamble

By: Suraj Srinivasan and Quinn Pitcher

In July 2017, activist hedge fund Trian Partners announced that it was launching a proxy fight at U.S. consumer goods giant Procter & Gamble. P&G would be the largest company ever subjected to a proxy fight, as Trian sought to have its CEO, Nelson Peltz, elected to the... View Details

Keywords: Investment; Corporate Governance; Institutional Investing; Investment Activism; Business and Shareholder Relations; United States

November 2010 (Revised April 2011)
Supplement

Magna International, Inc. (A) (CW)

By: Timothy A. Luehrman and Yuhai Xuan

Magna International, Inc., a Canadian-based automotive parts manufacturer, is considering whether and how to unwind its dual-class ownership structure. A family trust controlled by the founder owns a 0.65% economic interest in the company but has 66% of the votes via a... View Details

Keywords: Cost vs Benefits; Voting; Governance Controls; Market Transactions; Production; Ownership; Business and Shareholder Relations; Value Creation; Auto Industry; Manufacturing Industry; Canada

Article

All Eyes on Them: A Field Experiment on Citizen Oversight and Electoral Integrity

By: Natalia Garbiras-Díaz and Mateo Montenegro

Can information and communication technologies help citizens monitor their elections? We analyze a large-scale field experiment designed to answer this question in Colombia. We leveraged Facebook advertisements sent to over 4 million potential voters to encourage... View Details

Keywords: Social Influence; Electoral Behavior; Election Outcomes; Economics; Economy; Governance; Government and Politics; Social Media; Social Marketing; Society; Political Elections; Advertising

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February 2009 (Revised June 2010)
Background Note

Note on Measuring Controlling Shareholder's Ownership, Voting, and Control Rights

Founders and their families can raise equity without relinquishing control of their companies through the use of mechanisms such as dual-class stock, pyramidal ownership, voting agreements, and disproportionate board representation. The use of these mechanisms in... View Details

Keywords: Equity; Corporate Governance; Governing and Advisory Boards; Measurement and Metrics; Ownership Stake; Business and Shareholder Relations; Valuation

May 2016 (Revised June 2017)
Case

India's Amul: Keeping Up with the Times

By: Rohit Deshpandé, Tarun Khanna, Namrata Arora and Tanya Bijlani

Amul is an Indian dairy cooperative founded in 1947—eight months before India's independence from British rule—and owned by over three million farmers in the state of Gujarat. It is India's largest food product marketing organization, selling 46 products, including... View Details

Keywords: Globalization; Expansion; Dairy; India; Cooperatives; Milk; Leadership; Agriculture; Agribusiness; Competition; Marketing; Organizational Change and Adaptation; Agriculture and Agribusiness Industry; India

Web

Class Profile - MBA

chooses to apply and enroll at HBS. We hope you will consider applying to HBS on your journey to make a difference in the world. We follow the GME Admissions Reporting Standards developed and voted on by GMAC member schools in July 2020.... View Details

Research Summary

Capital Controls, Risk and Liberalization Cycles (joint with Fabio Kanczuk)

By: Laura Alfaro

We construct an Overlapping-Generations model where agents vote on whether to open or close the economy to international capital flows. Political decisions are shaped by the risk over capital and labor returns. In an open economy, the capitalists (old) completely hedge... View Details

2023
Working Paper

Change We Can’t Believe In: Distrust of Political Converts

By: Julian J. Zlatev, Amos Schurr and Nir Halevy

We propose and test three hypotheses regarding how people respond to political converts— individuals who switch their voting from one political party to another. Across two experiments, using behavioral and attitudinal measures of trust in two different countries, we... View Details

Keywords: Political Elections; Behavior; Attitudes; Trust