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  • 2020
  • Working Paper

Costly External Financing and Monetary Policy Transmission: Evidence from a Natural Experiment

By: Emily Williams
I provide new evidence that large and small banks have different external financing costs, which generates cross sectional variation in a deposits market pricing power channel of monetary policy transmission. I do so by exploiting a natural experiment using anti-trust... View Details
Keywords: External Financing; Monetary Policy Transmission; Experiment; Banks and Banking; Financing and Loans; Interest Rates
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  • Research Summary

"Pricing Practices and Market Power in International Cellular Telephone Markets" (with Dana Nunn)

As the cellular telephone market continues to grow throughout the globe, countries must determine how to best promote market growth and innovation while protecting consumers and ensuring competitive rates. The conventional wisdom has been that introducing competition... View Details
  • January 2014 (Revised April 2025)
  • Supplement

The PGA Tour (F)

By: Ramon Casadesus-Masanell and Cole Magrath

In 1994, the PGA Tour (the "Tour"), the dominant incumbent professional golf circuit, had created tremendous value for its players. In the 1974 season, players competed for $8 million in prize money; by the 1994 season, the total prize purse had increased to $56... View Details

Keywords: PGA Tour; Tim Finchem; Deane Beman; Golf; Professional Golf; Business Model; Value Creation; Adaptation; Sports; Business Strategy; Sports Industry; United States
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  • January 2014 (Revised April 2025)
  • Supplement

The PGA Tour (E)

By: Ramon Casadesus-Masanell and Cole Magrath

In 1994, the PGA Tour (the "Tour"), the dominant incumbent professional golf circuit, had created tremendous value for its players. In the 1974 season, players competed for $8 million in prize money; by the 1994 season, the total prize purse had increased to $56... View Details

Keywords: PGA Tour; Tim Finchem; Deane Beman; Golf; Professional Golf; Business Model; Value Creation; Adaptation; Sports; Business Strategy; Sports Industry; United States
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  • February 2009 (Revised March 2013)
  • Supplement

Messer Griesheim (B)

By: Josh Lerner, Ann-Kristin Achleitner, Eva Lutz and Kerry Herman
In 2001, Allianz Capital Partners and Godlman Sachs acquired a majority stake in Messer Greisheim, a European industrial gas concern held by Hoeschst. The dealmakers faced several challenges, including delicate corporate governance issues due to partial family... View Details
Keywords: Mergers and Acquisitions; Private Equity; Stock Options; Stock Shares; Corporate Governance; Governance Controls; Family Ownership; Problems and Challenges; Energy Industry; Europe
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  • 27 Feb 2018
  • HBS Seminar

Lin William Cong, University of Chicago Booth School of Business

  • 2011
  • Book

Capitalism: Its Origins and Evolution as a System of Governance

By: Bruce R. Scott
Capitalism, as defined in this book, is an indirect, three-level system of governance for economic relationships (i.e., economic, administrative, and political). Whereas economic markets can coordinate supply and demand within an existing system thanks to the invisible... View Details
Keywords: Economic Systems; Price; Governance; Government and Politics; Books; Markets; Relationships; System
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  • February 2009 (Revised March 2013)
  • Case

Messer Griesheim (A)

By: Josh Lerner, Ann-Kristin Achleitner, Eva Lutz and Kerry Herman
In 2001, Allianz Capital Partners and Goldman Sachs acquired a majority stake in Messer Griesheim, a European industrial gas concern held by Hoechst. The dealmakers faced several challenges, including delicate corporate governance issues due to partial family ownership... View Details
Keywords: Mergers and Acquisitions; Restructuring; Venture Capital; Private Equity; Corporate Governance; Family Ownership; Chemical Industry; Industrial Products Industry; Europe
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  • August 2012
  • Case

Messer Griesheim (A) (Abridged)

By: Josh Lerner, Eva Lutz and Kerry Herman

In 2001, Allianz Capital Partners and Goldman Sachs acquired a majority stake in Messer Griesheim, a European industrial gas concern held by Hoechst. The dealmakers faced several challenges, including delicate corporate governance issues due to partial family... View Details

Keywords: Germany; Energy; Private Equity; Venture Capital; Energy Industry; European Union
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    Peter Tufano

    Peter Tufano is a Baker Foundation Professor at Harvard Business School and Senior Advisor to the Harvard Salata Institute for Climate and Sustainability. From 2011 to 2021, he served as the Peter Moores Dean at View Details

    Keywords: asset management; banking; brokerage; credit card; education industry; energy; federal government; financial services; insurance industry; investment banking industry; microfinance; mining; nonprofit industry; oil ＆ gas; petroleum; real estate; retail financial services; state government; utilities; video games

      Leemore S. Dafny

      Leemore Dafny is the Bruce V. Rauner Professor of Business Administration and the Mary Ellen Jay and Jeffrey Jay Fellow at the Harvard Business School, and Professor of Public Policy at the Harvard Kennedy School. Dafny is an applied microeconomist whose... View Details

      Keywords: health care
      • Web

      Value-Based Health Care - Institute For Strategy And Competitiveness

      regulatory barriers to value-based health care, including fraud and abuse laws such as the Stark law limiting physician referrals, anti-trust laws, data privacy laws limiting information and data sharing, restrictive state licensing... View Details

        Shlok Goyal

        Shlok Goyal is a doctoral student in the Business Economics program. Prior to coming to HBS, he studied economics and statistics-machine learning at Carnegie Mellon University and worked as a research analyst at the Federal Reserve Bank of New York. His main... View Details
        • 29 Nov 2022
        • Research & Ideas

        How Much More Would Holiday Shoppers Pay to Wear Something Rare?

        consumers don’t necessarily benefit, the researchers say. After all, restricting the amounts of an item to the optimal levels for company profits also constrained the number of people who were able to enjoy it. And, the researchers caution, limiting production could... View Details
        Keywords: by Michael Blanding; Retail
        • Web

        Modern Capitalism: Mergers and Syndicates - Railroads and the Transformation of Capitalism | Harvard Business School

        transcontinental [railroad] became.” 36 Regulation supported the abilities of companies in other industries to become larger corporations as well, and companies sometimes subsumed other organizations with related functions required for their operations. Strong View Details
        • 06 Dec 2017
        • What Do You Think?

        Is It Time To Break Up Amazon, Apple, Facebook, or Google?

        a company for doing the best job they can and succeed?” Others argued that market definition is changing in ways that render United States anti-trust policy outdated in an increasingly global economy. As Craig Parietti & Partners put... View Details
        Keywords: by James Heskett; Technology; Web Services

          Walter C. Teagle

          Teagle rose threw the ranks of Standard Oil after joining in 1901, making a name for himself through his managing of the company’s international operations after the anti-trust breakup in the early 1910s. Throughout his term as president... View Details
          Keywords: Utilities & Energy

            Alexander Legge

            Legge, a forceful leader, successfully defended an anti-trust suit against the company in 1923, enabling it to retain its dominant position in the farming industry. One of his major contributions was in the area of standardization,... View Details
            Keywords: Agriculture & Mining
            • Web

            Globalization and Emerging Markets - Course Catalog

            are not historically wealthy high-income democracies, and where many of the textbook assumptions regarding how markets function—such as the enforcement of contracts, anti-trust laws, universally low or absent tariffs, governments acting... View Details
            • Web

            Shaping the Corporate Image | Baker Library | Bloomberg Center | Harvard Business School

            War II to the post-war era, U.S. Steel public relations campaigns responded to the public’s evolving perceptions of large corporations in regard to anti-trust issues, labor activism, wartime duty, profit margins, and the free enterprise... View Details