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October 1995 (Revised June 1996)
Case

ABN-AMRO Holding N.V. and Smit Transformatoren N.V. (A)

By: Peter Tufano

ABN-AMRO, the largest bank in the Netherlands, must decide whether to take any action in regard to the poor performance of Smit Transformatoren, a Dutch transformer manufacturer. ABN-AMRO acted as lead underwriter for the IPO of Smit, and also released a favorable... View Details

Keywords: Initial Public Offering; Capital Markets; Investment Banking; Banking Industry; Financial Services Industry; Netherlands

November 2019
Supplement

Gillette: Cutting Prices to Regain Share

By: Benjamin C. Esty and Daniel Fisher

After losing market share to low-priced competitors such as Harry’s and Dollar Shave Club for several years, Gillette decided to fight back by cutting prices on its razors and blades in April 2017. Bonnie Herzog, an equity analyst at Wells Fargo, must assess how the... View Details

Keywords: Marketing Strategy; Product Positioning; Business Strategy; Competition; Price; Public Equity; Retail Industry; Consumer Products Industry; United States

June 1991 (Revised December 1997)
Case

Takeover of the Norton Co., The

By: Thomas R. Piper

After a decade of mediocre performance, the Norton Co. enters 1990 with the prospect of increased sales in the next few years. Yet Norton is pursuing slow growth industries, and a lower than expected earnings announcement at the beginning of 1990 has depressed earnings... View Details

Keywords: Mergers and Acquisitions; Business Conglomerates; Goals and Objectives; Forecasting and Prediction; Performance Evaluation; Revenue; Bids and Bidding; Business Processes; Ownership Stake

January 2023
Case

EKI Energy Services: One Billion Carbon Credits

By: George Serafeim

Within nine months from the time of its Initial Public Offering (IPO) in April of 2021, EKI Energy Services (EKI) shares had increased by more than 8,000%. Equally explosive was the growth of the company’s revenues and Earnings Before Interest, Taxes and Depreciation... View Details

Keywords: Carbon Credits; Carbon Emissions; Growth; Business Analysis; Environmental Sustainability; Corporate Valuation; Climate Change; Accounting; Valuation; Transition; Renewable Energy; Analysis; Product Positioning; India

03 Oct 2022
Research & Ideas

Why a Failed Startup Might Be Good for Your Career After All

In August, mega venture capital firm Andreessen Horowitz announced a $350 million investment in residential real estate company Flow—the single largest investment the VC titan had ever made. But a bigger surprise than the investment... View Details

Keywords: by Sean Silverthorne

December 1996 (Revised October 1999)
Case

Kidder, Peabody & Co.: Creating Elusive Profits

By: Robert L. Simons and Antonio Davila

On April 17, 1994, Kidder, Peabody & Co. announced a $350 million charge against earnings resulting from the discovery of false trading profits. That same day, the termination of Joseph Jett's employment with the company was made public. By illustrating the mechanics... View Details

Keywords: Bonds; Governance Controls; Crime and Corruption; Financial Reporting; Profit; Financial Strategy

November 2008
Journal Article

Can Research Committees Add Value for Investors? An Analysis of Lehman Brothers' Ten Uncommon Values® Recommendations

By: Boris Groysberg, Paul M. Healy and Yang Gui

Since 1949 Lehman Brothers has used an investment committee to select the top ten recommendations made by its analysts each year. We examine the performance of this committee's recommendations and find that on average its selections generated abnormal returns of 2.7%... View Details

Keywords: Forecasting and Prediction; Stocks; Financial Markets; Investment; Investment Return; Governing Rules, Regulations, and Reforms; Performance Expectations; Groups and Teams; Research; Value Creation

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January 2015 (Revised May 2018)
Case

$19B 4 txt app WhatsApp...omg!

By: David Collis, Ashley Hartman and Aakash Mehta

In February 2014, Facebook announced the acquisition of WhatsApp for $19 billion. WhatsApp, founded in 2009, was a relatively young company that employed only 50 people and earned merely $10 million in revenue in 2013. It was one of many mobile messaging services that... View Details

2014
Working Paper

The Contract Year Phenomenon in the Corner Office: An Analysis of Firm Behavior During CEO Contract Renewals

By: Ping Liu and Yuhai Xuan

This paper investigates how executive employment contracts influence corporate financial policies during the final year of the contract term, using a new, hand-collected data set of CEO employment agreements. On the one hand, the impending expiration of fixed-term... View Details

Keywords: Management Style; Contracts; Behavior; Employment

14 Aug 2009
Working Paper Summaries

Insider Trading Preceding Goodwill Impairments

Keywords: by Karl A. Muller III, Monica Neamtiu & Edward J. Riedl

October 2019
Supplement

Impax Laboratories: Executing Accretive Transactions (A)

By: Benjamin C. Esty and Daniel Fisher

Impax Laboratories was a technology-based pharmaceutical company that used a “dual platform” strategy to sell both generic and branded treatments. While Impax had grown organically for most of its history, it was beginning to use major acquisitions for growth. In the... View Details

Keywords: Financial Reporting; Financial Statements; Mergers and Acquisitions; Capital Structure; Financial Strategy; Competition; Competitive Advantage; Corporate Strategy; Pharmaceutical Industry; United States

October 2019
Case

Impax Laboratories: Executing Accretive Acquisitions (A)

By: Benjamin C. Esty and Daniel Fisher

Impax Laboratories was a technology-based pharmaceutical company that used a “dual platform” strategy to sell both generic and branded treatments. While Impax had grown organically for most of its history, it was beginning to use major acquisitions for growth. In the... View Details

Keywords: Financial Reporting; Financial Statements; Mergers and Acquisitions; Capital Structure; Competition; Competitive Advantage; Corporate Strategy; Pharmaceutical Industry; United States

August 2024
Article

Not a One-Trick Pony: Price Impact of Rating Agency Information

By: Michael Machokoto and Anywhere Sikochi

Prior literature on the informational role of credit rating agencies has largely focused on announcements by the rating agencies regarding rating actions. We take a tangent in this paper and examine the relevance of rating agencies' other information disclosures beyond... View Details

Keywords: Credit; Investment Return; Financial Reporting

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 2013 (Revised September 2015)
Case

Procter & Gamble

By: Jay W. Lorsch and Kathleen Durante

On July 12, 2012, Bill Ackman's Pershing Square Capital Management announced publicly that it had purchased about $2 billion of Procter and Gamble (P&G) stock. Shares in the company closed up 3.75% the day the disclosure was made public. Ackman told the New York... View Details

Keywords: Ackman; P＆G; Pershing Square Capital Managment; Disruption; Management Succession; Crisis Management; Acquisition; Consumer Products Industry; Financial Services Industry

February 2015
Case

Beckman Coulter, 2011

By: John R. Wells and Galen Danskin

In early 2011, Danaher was contemplating the acquisition of Beckman Coulter. With $3.7 billion of revenues in 2010 and $431 million in operating profits, California-based Beckman Coulter was a global leader in blood cell count diagnostic systems and also supplied a... View Details

Keywords: Acquisition; Strategy; Decision Choices and Conditions; Medical Devices and Supplies Industry

July 2024 (Revised July 2024)
Case

Dynamic Pricing at Wendy’s: Where’s the Beef?

By: Elie Ofek, Alicia Dadlani and Martha Hostetter

In early 2024, Wendy’s new CEO announced on an earnings call that the company would install digital menus in its US locations so it could begin testing dynamic pricing—changing prices up or down in response to shifts in supply and demand – as well as allow engaging in... View Details

Keywords: Dynamic Pricing; Marketing Strategy; Price; Technology Adoption; Consumer Behavior; AI and Machine Learning; Customer Focus and Relationships; Policy; Food and Beverage Industry

2011
Article

The Causal Impact of Media in Financial Markets

By: Christopher Parsons and J. Engelberg

Disentangling the causal impact of media reporting from the impact of the events being reported is challenging. We solve this problem by comparing the behaviors of investors with access to different media coverage of the same information event. We use zip codes to... View Details

Keywords: Media; Financial Markets

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April 2019 (Revised October 2020)
Case

Kraft Heinz: The $8 Billion Brand Write-Down

On Friday, February 22, 2019, following an unexpected and disappointing earnings report, The Kraft Heinz Company’s stock price fell 27%, wiping out $16 billion in market value. CEO Bernardo Hees had announced that the company had taken a $15.4 billion asset write-down,... View Details

01 Aug 2016
Research & Ideas

Retail Execs Underplay Current Performance to Investors--but Why?

“leaning against the wind.” But in looking at basic stock return data, it became clear that managers understated their post-quarter private information. And in studying management guidance issued around earnings View Details

Keywords: by Dina Gerdeman; Financial Services

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