Publications

2013
Chapter

Who Chooses Board Members?

By: Ali Akyol and Lauren Cohen

We exploit a recent regulation passed by the US Securities and Exchange Commission (SEC) to explore the nomination of board members to US publicly traded firms. In particular, we focus on firms’ use of executive search firms versus allowing internal members (often... View Details

Keywords: Boards; Boards Of Directors; Executive Search Firms; Governance; SEC Regulation; Governing and Advisory Boards; Management Succession; Executive Compensation

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2013
Teaching Note

The COFCO Group (TN)

By: F. Warren McFarlan, Zheng Xiaoming and Ziqian Zhao

COFCO was China's sole legitimate window for agricultural foreign trade before 1987. The reform of China's foreign trade system beginning in 1987 cost COFCO its monopoly position. Subsequently, the SOE giant capitalized on its foreign trade expertise to strategically... View Details

Keywords: China; Food; China

2013
Case

The COFCO Group

By: F. Warren McFarlan, Zheng Xiaoming and Ziqian Zhao

COFCO was China's sole legitimate window for agricultural foreign trade before 1987. The reform of China's foreign trade system beginning in 1987 cost COFCO its monopoly position. Subsequently, the SOE giant capitalized on its foreign trade expertise to strategically... View Details

Keywords: China; Food; China

March 1980 (Revised December 1995)
Case

American Chemical Corp.

By: William E. Fruhan Jr. and John P. Goldsberry III

A large chemical manufacturer divests a plant that is acquired by a small specialty chemicals manufacturer. The acquisition decision is viewed from the vantage point of the small specialty chemicals manufacturer. View Details

Keywords: Mergers and Acquisitions; Chemicals; Factories, Labs, and Plants; Decision Making; Manufacturing Industry; Chemical Industry

November 2008 (Revised August 2010)
Case

Whole Foods Acquires Wild Oats (A)

Examines the implications of Whole Foods' CEO's anonymous message board postings including its potential impact on the company's proposed merger with Wild Oats. View Details

Keywords: Forms of Communication; Acquisition; Communication Strategy; Retail Industry; Food and Beverage Industry

January 2008
Article

The Five Competitive Forces That Shape Strategy

By: Michael E. Porter

This article includes a one-page preview that quickly summarizes the key ideas and provides an overview of how the concepts work in practice along with suggestions for further reading. In 1979, a young associate professor at Harvard Business School published his first... View Details

Keywords: Profit; Five Forces Framework; Industry Growth; Industry Structures; Business and Government Relations; Competitive Strategy

Find at Harvard

02 Oct 2000
Research & Ideas

The Dubious Logic of Global Megamergers

ones—lots of growth opportunities. The 1998 merger of BP and Amoco, for example, led to the disposal of 12 oil-storage terminals scattered across North America. The terminals were purchased by the Williams Companies, a small business... View Details

Keywords: by Pankaj Ghemawat & Fariborz Ghadar

May 2016 (Revised September 2017)
Case

Canadian Pacific's Bid for Norfolk Southern

By: Benjamin C. Esty and E. Scott Mayfield

In December 2015, Canadian Pacific Railroad (CPR) has just made its third bid to acquire Norfolk Southern Corporation (NSC), one of the largest railroads in the United States. Having rejected the prior offers, NSC’s CEO James Squires and the NSC board must now value... View Details

Keywords: Capital Structure; Cash Flow; Cost of Capital; Financial Strategy; Investment Activism; Bids and Bidding; Negotiation Offer; Corporate Strategy; Rail Transportation; Mergers and Acquisitions; Transformation; United States; Canada

October 2007 (Revised May 2009)
Case

Offering the Right Service in the Right Place: Growing Orthopedics at the Brigham and Women's/Faulkner (BW/F) Hospitals

By: V.G. Narayanan, Michael G. Wilson and Rachel Gordon

After the merger of two local hospitals, hospital leaders much decide how to reorganize services to take advantage of newly created efficiencies. Focuses on the Orthopedics department at one of the hospitals. View Details

Keywords: Cost Accounting; Mergers and Acquisitions; Cost vs Benefits; Service Operations; Organizational Structure; Performance Efficiency; Competitive Advantage; Health Industry

October 1999
Case

CIBC Corporate and Investment Banking (C): 1997-1999

By: Joseph L. Bower and Michael Raynor

By 1997 the turnaround of CIBC's troubled investment bank, Wood Gundy, and its integration with corporate banking activities was complete. Marketplace results were encouraging, but scuttled mergers and tumultuous succession issues made the future uncertain. View Details

Keywords: Integration; Investment Banking; Success; Risk and Uncertainty; Management Succession; Mergers and Acquisitions; Financial Services Industry

December 2017 (Revised June 2021)
Case

Tesla's Bid for SolarCity

By: Charles C.Y. Wang and Raaj Zutshi

In October 2016, Tesla asked its shareholders to ratify their $2.4 billion bid for SolarCity. Tesla had announced a series of large projects in the preceding months including the unveiling of the Model 3, the new Solar Roof, and pushing forward the opening of the... View Details

Keywords: Mergers and Acquisitions; Business and Shareholder Relations; Project Finance

May 2008 (Revised October 2010)
Case

Tribune Company, 2007

By: Timothy A. Luehrman and Eric Seth Gordon

This case describes the proposed acquisition of Tribune Company by Sam Zell in 2007. Tribune Company is one of the largest newspapers and broadcasting companies in the United States. Zell's proposed acquisition is unusual in several respects. It is two-tiered, employs... View Details

Keywords: Mergers and Acquisitions; Financial Markets; Employee Stock Ownership Plan; Negotiation Offer; Journalism and News Industry; Publishing Industry

2018
Working Paper

Managing Through Organizational Change: Employee Alignment in the Presence of Unexpected Career Concerns

By: Ohchan Kwon and Jee-Eun Shin

This study examines performance consequences due to unexpected career concerns – layoff risks due to institutional reasons. Exploiting a company-wide announcement of a merger decision by management as a trigger event for unexpected career concerns, we examine employee... View Details

Keywords: Career Changes; Performance Measures; Incentives; M＆A; Employees; Personal Development and Career; Mergers and Acquisitions; Organizational Change and Adaptation; Performance; Motivation and Incentives

January 2018 (Revised March 2018)
Case

Lagunitas Brewing Company

By: Joshua Margolis, Allison Ciechanover and Jeff Huizinga

The CEO of a California-based craft brewery manages new partnership with—and potential acquisition by—industry giant Heineken. View Details

Keywords: Culture; Non-profit; International; Organizational Behavior; Food; Leadership; Mergers and Acquisitions; Organizational Culture; Management; Partners and Partnerships; Technology Industry; Food and Beverage Industry; United States

April 2010
Case

Talent Agencies

By: Thomas R. Eisenmann, Toby E. Stuart and Lauren Barley

The case overviews the talent agency industry in Hollywood in 2009. Focuses on the role of the talent agent, the dynamics of professional service firms, the challenges facing agencies in light of major changes in the entertainment industries, and a possible merger... View Details

Keywords: Mergers and Acquisitions; Problems and Challenges; Change; Entertainment and Recreation Industry; Los Angeles

September 2000 (Revised May 2003)
Case

Radio One, Inc.

By: Richard S. Ruback and Pauline M Fischer

Radio One (NYSE: ROIA and RIOAK), the largest radio group targeting African-Americans in the country, had the opportunity to acquire 12 urban stations in the top 50 markets from Clear Channel Communications, Inc. (NYSE: CCU) in the winter of 2000. The stations were... View Details

Keywords: Negotiation; Valuation; Race; Mergers and Acquisitions; Financial Strategy; Media and Broadcasting Industry; Indiana; United States; North Carolina

August 2012 (Revised December 2012)
Case

Telecommunications Regulation and Coordinated Competition in Romania

By: Arthur Daemmrich, Alex Radu and Ana Sarbu

Leaders of the Romanian telecommunications agency must decide about a proposed international merger and how to structure bandwidth auctions critical to the telecoms market. The case is designed to teach about regulatory choices from the perspective of a regulatory... View Details

Keywords: Regulation; Auction Policy; European Union; Government Policy; Cell Phone Industry; Mergers and Acquisitions; Telecommunications Industry; Romania

July 2022 (Revised September 2024)
Case

Call of Fiduciary Duty: Microsoft Acquires Activision Blizzard

By: Jonas Heese, Joseph Pacelli and James Barnett

In January 2022, Microsoft announces its acquisition of the video game company Activision Blizzard, in a deal valued at $68.7 billion, which would make Microsoft the world’s third largest video game company. The deal came as Activision Blizzard faced gender pay... View Details

Keywords: Accounting; Goodwill Accounting; Analysis; Decision Making; Talent and Talent Management; Games, Gaming, and Gambling; Ethics; Leadership; Risk and Uncertainty; Mergers and Acquisitions; Lawsuits and Litigation; Entertainment and Recreation Industry; Video Game Industry; North America; California