Publications
Publications
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- All HBS Web
(149)
- Faculty Publications (53)
- 2017
- Working Paper
Why and How Investors Use ESG Information: Evidence from a Global Survey
Using survey data from a sample of senior investment professionals from mainstream (i.e., not SRI funds) investment organizations, we provide insights into why and how investors use reported environmental, social, and governance (ESG) information. The primary reason... View Details
Keywords: Investment Management; Sustainability; ESG; ESG (Environmental, Social, Governance) Performance; Investment Fund; Investment Strategy; Corporate Accountability; Activist Shareholder; Engagement; Environment; Climate Change; Customers; Customer Satisfaction; Employee Engagement; Global Warming; Investment; Decision Making; Environmental Sustainability; Performance Expectations
- October 2016 (Revised October 2017)
- Case
Misaki Capital and Sangetsu Corporation
By: Ian Gow, Charles C.Y. Wang, Naoko Jinjo and Nobuo Sato
Japan’s corporate culture has traditionally prioritized the interests of stakeholders such as customers, employees, and suppliers over those of shareholders. After a decades-long economic slump, Japan’s government has revitalized efforts to improve corporate governance... View Details
- August 2016 (Revised May 2017)
- Case
eBay vs. Carl Icahn, 2014
By: David B. Yoffie and Eric Baldwin
This case explores Carl Icahn's attack on eBay, starting in January 2014. The case examines how John Donahoe, CEO of eBay, should respond to Icahn's demand that eBay spin off PayPal and accept Icahn's two nominees to the board of directors. View Details
- 2016
- Working Paper
Shareholder Activism on Sustainability Issues
By: Jody Grewal, George Serafeim and Aaron Yoon
Shareholder activism on sustainability issues has become increasingly prevalent over the years, with the number of proposals filed doubling from 1999 to 2013. We use recent innovations in accounting standard setting to classify 2,665 shareholder proposals that address... View Details
Keywords: Sustainability; Activism; Activist Investors; Activist Shareholder; Corporate Social Responsibility; Environment; Corporate Performance; Corporate Accountability; Corporate Social Responsibility and Impact; Performance; Environmental Sustainability; Corporate Governance; Business and Shareholder Relations; Investment Activism
- 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
- March 2016 (Revised October 2023)
- Case
Central European Distribution Corporation: Hostile Takeover, Bankruptcy Makeover
By: Stuart C. Gilson and Sarah L. Abbott
In early 2013, Central European Distribution Corporation (CEDC), a large publicly traded producer and distributer of vodka and spirits in Eastern and Central Europe, has suffered significant declines in its financial performance, is at risk of defaulting on its debt,... View Details
- January 2016 (Revised January 2019)
- Case
The Allergan Board Under Fire (A)
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; Governing and Advisory Boards; Mergers and Acquisitions; Corporate Governance; Management Teams; Business and Shareholder Relations; Pharmaceutical Industry
- 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
- 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
- September 2015 (Revised September 2017)
- Case
Pershing Square 2.0
By: Robin Greenwood, Samuel Hanson and David Biery
In June 2015 William A. Ackman, the CEO and founder of New York hedge fund Pershing Square Capital, reflects on the success of the fund he has spent over a decade building. Since its inception in 2004, Pershing Square's assets under management had grown from $500... View Details
- September 2015 (Revised February 2016)
- Case
Novell (A): When an Activist Hedge Fund Came Calling on the Board
By: Richard L. Nolan
No corporation and its board of directors is immune to a disruptive shareholder activist attack. The Novell (A) and (B) cases take students through a shareholder activist attack and its aftermath—a saga that spanned 5 years. The cases outline the activist playbook in... View Details
Keywords: Investment Activism
- September 2015 (Revised February 2016)
- Supplement
Novell (B): Board of Directors Aftermath of Hedge Fund Attack
By: Richard L. Nolan
No corporation and its board of directors is immune to a disruptive shareholder activist attack. The Novell (A) and (B) cases take students through a shareholder activist attack and its aftermath—a saga that spanned 5 years. The cases outline the activist playbook in... View Details
- August 2015 (Revised September 2015)
- Case
Shareholder Activists and Corporate Strategy
By: David Collis and Ashley Hartman
By 2015, there had been an upsurge in activist shareholders arguing for radical changes in companies' corporate strategies. Personalities like Carl Icahn, Bill Ackman, and Daniel Loeb were feared and loathed in some quarters, celebrated in others. With nearly $120... View Details
Keywords: Scope; Activist Investors; Spin-offs; Synergy; Diversification; Consolidation; Hedge Fund; Corporate Strategy
- July 2015 (Revised March 2021)
- Case
Proxy Contest at DuPont
By: Jay W. Lorsch and Emily McTague
On January 9, 2015, Nelson Peltz of Trian Fund Management launched a proxy fight for four out of the twelve seats on the DuPont board. The fund had previously published a public letter addressed to shareholders outlining its proposal to break the company into three... View Details
- June 2015 (Revised August 2016)
- Case
Qualcomm Inc., 2009-2015
By: David B. Yoffie
In the years after 2009, Qualcomm navigated the wireless industry's transition from 3G to 4G, retaining its technological leadership and experiencing dramatic growth in revenue and profit. In March 2014, Qualcomm appointed a new CEO, Steve Mollenkopf, who had to... 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
Keywords: Leveraged Buyout Transaction; Leveraged Recapitalization; Management Buyout; Dell, Inc.; Hedge Fund; Corporate Governance Theory; Valuation; Valuation Ratios; Valuation Methodologies; Board Of Directors; Boards Of Directors; Carl Icahn; Computer Services Industries; Proxy Contest; Proxy Battles; Proxy Fight; Proxy Advisor; Financial Accounting; Financial Analysis; Financial Ratios; Finance; Corporate Accountability; Corporate Governance; Corporate Finance; Leveraged Buyouts; Computer Industry; United States
- 2016
- Working Paper
Consequences to Directors of Shareholder Activism
By: Ian D. Gow, Sa-Pyung Sean Shin and Suraj Srinivasan
Using a comprehensive sample for 2004–2012, we examine the impact of shareholder activist campaigns on the careers of directors of targeted firms. We find that activism is associated with directors being almost twice as likely to leave—and performance-sensitivity of... View Details
- 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
Keywords: Boards; Activist Investors; Proxy Battles; Shareholder Activism; Peer Firm; Ratio Analysis; Financial Accounting; Financial Analysis; Board Of Directors; Boards Of Directors; Financial Intermediaries; Financial Analysts; CEO Turnover; New CEO; Peer Groups; Hedge Fund; Hedge Funds; Proxy Contest; Proxy Fight; Proxy Advisor; Proxy Battle; Financial Statement Analysis; Financial Strategy; Corporate Governance; Corporate Disclosure; Governing and Advisory Boards; Competition; Valuation; Business Strategy; Value Creation; Business and Shareholder Relations; Financial Reporting; Financial Statements; Retail Industry; Food and Beverage Industry; United States
- November 2013 (Revised May 2023)
- Case
Valuing Yahoo! in 2013
By: Luis M. Viceira and Atul Khosla
In late July 2013, Danielle Engle, Managing Director of Clairemont Capital, was contemplating what to do about a large investment her fund had in the stock of Yahoo! Inc. In mid-2012, Clairemont had invested nearly $75M in Yahoo! after the tech company settled a highly... View Details
- February 2013
- Article
Does Shareholder Proxy Access Improve Firm Value? Evidence from the Business Roundtable Challenge
By: Bo Becker, Guhan Subramanian and Daniel B. Bergstresser
We use the Business Roundtable's challenge to the SEC's 2010 proxy access rule as a natural experiment to measure the value of shareholder proxy access. We find that firms that would have been most vulnerable to proxy access, as measured by institutional ownership and... View Details