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  • January 2001 (Revised March 2002)
  • Case

Ford Motor Company's Value Enhancement Plan

By: Andre F. Perold
In April 2000, Ford Motor Co. announced a shareholder Value Enhancement Plan (VEP) to significantly recapitalize the firm's ownership structure. Ford had accumulated $23 billion in cash reserves and under the VEP would return as much as $10 billion of this cash to... View Details
Keywords: Restructuring; Forecasting and Prediction; Capital Structure; Cash; Financial Liquidity; Policy; Business and Shareholder Relations; Value; Auto Industry
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  • 2016
  • Working Paper

Financing Payouts

By: Joan Farre-Mensa, Roni Michaely and Martin Schmalz
We study the extent to which firms rely on the capital markets to fund their payouts. We find that 42% of firms that pay out capital also initiate debt or equity issues in the same year, resulting in 32% of aggregate payouts being externally financed. Most firms with... View Details
Keywords: Payout Policy; Financing Decisions; Debt Issues; Equity Issues; Capital Structure; Decision Making; Financing and Loans; Corporate Finance
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  • 04 Jan 2012
  • First Look

First Look: January 4

tribes and U.S. states often find themselves at the bargaining table, often negotiating "compacts" to govern gaming operations on tribal lands. The operational success of the Pequot gaming operation in Connecticut, Foxwoods, and the substantial revenue View Details
Keywords: Carmen Nobel
  • 13 Dec 2016
  • First Look

December 13, 2016

“cloak” their most valuable trades. This takes the form, for instance, of a manager who sells her entire position of Microsoft on March 30, and then repurchases to re-establish the same position on April 1. This manager will economically... View Details
Keywords: Carmen Nobel
  • 11 May 2010
  • First Look

First Look: May 11

firm, minority shareholders fare poorly after listing. Parent firms often repurchase subsidiaries at large discounts to valuations at the time of listing and experience positive abnormal returns when View Details
Keywords: Martha Lagace
  • 07 Aug 2012
  • First Look

First Look: August 7

several features of the data, including equilibrium dividend policies similar to a Lintner partial-adjustment model; modal dividend changes of zero, stronger market reactions to dividend cuts than increases, relative infrequency and irregularity of View Details
Keywords: Sean Silverthorne
  • 17 Mar 2021
  • Research & Ideas

Beyond Pajamas: Sizing Up the Pandemic Shopper

forth. It’s a well-known phenomenon that repurchase rates after the first transaction are lower than repurchase rates after several transactions. In other words, customers who make a few purchases are more... View Details
Keywords: by Ayelet Israeli, Eva Ascarza, and Laura Castrillo; Retail
  • 03 Jul 2012
  • First Look

First Look: July 3

risk managers, can become influential. Download the paper: http://www.hbs.edu/research/pdf/11-068.pdf   Cases & Course MaterialsNote: Net Cash, Share Repurchases and EPS Growth William E. Fruhan Jr.... View Details
Keywords: Sean Silverthorne
  • 18 May 2010
  • First Look

First Look: May 18

payout policy, profitability, and industry. We consider interpretations of these results based on both time-varying risk premia and mispricing. Our results are primarily consistent with the view that firms issue and repurchase View Details
Keywords: Martha Lagace
  • 14 Dec 2010
  • Op-Ed

Tax US Companies to Spur Spending

would also help enormously in directing these cash hoards toward investment. But even cash disgorged through dividends, share repurchases or mergers would have a potentially stimulative effect compared with... View Details
Keywords: by Mihir A. Desai
  • 04 Jan 2021
  • What Do You Think?

How Do We Sustain Organization Diversity?

you think? Share your insights in the comments below. References:Mahzarin R. Banaji and Anthony G. Greenwald, Blind Spot: Hidden Biases of Good People (New York: Delacorte Press, 2013). Jennifer Maloney and Lauren Weber, "Coke’s Elusive... View Details
Keywords: by James Heskett
  • 22 Aug 2007
  • Research & Ideas

The Hedge Fund as Activist

removal of a poison pill (a device that makes it difficult for a firm to be acquired), ask for a share repurchase or dividend increase, or, in extreme cases, ask for the removal of the CEO. While a few... View Details
Keywords: by Robin Greenwood; Financial Services
  • 11 Jan 2011
  • First Look

First Look: Jan. 11

strengthen their virtuous cycles, undermine those of rivals, and even use them to turn competitors' strengths into weaknesses. Read the article: http://hbr.org/2011/01/how-to-design-a-winning-business-model/ar/1# Share Issuance and Factor... View Details
Keywords: Sean Silverthorne
  • 25 May 2010
  • First Look

First Look: May 25

minority shareholders fare poorly after listing. Parent firms often repurchase subsidiaries at large discounts to valuations at the time of listing and experience positive abnormal returns when repurchases... View Details
Keywords: Martha Lagace
  • 18 Aug 2009
  • First Look

First Look: August 18

characteristics of the clients of their institutional shareholders indicates that "dividend-averse" institutions are significantly less likely to hold shares in firms with larger dividend payouts. This relation between the tax... View Details
Keywords: Martha Lagace
  • 03 Jan 2017
  • First Look

January 3, 2017

these issues. Firms devote more external capital to finance their share repurchases than to avoid regular dividend cuts. Debt is the main source of capital used to externally finance payouts, particularly... View Details
Keywords: Carmen Nobel
  • 06 Nov 2000
  • Research & Ideas

The Determinants of Corporate Venture Capital Success

XTV ventures, however, could produce products for "leading-edge" users, who emphasized technological performance over careful documentation. Giving Up Control Like independent venture capitalists, XTV intended to give up control of the companies in which they... View Details
Keywords: by Paul Gompers & Josh Lerner
  • 10 Apr 2007
  • First Look

First Look: April 10, 2007

Kerr-McGee. They demand two board seats and ask the company to make several operational and financial changes, including the repurchase of equity and divestiture of their chemicals business. The case protagonist, Luke Corbett, CEO,... View Details
Keywords: Martha Lagace
  • 02 Aug 2016
  • First Look

August 2, 2016

periods. We show that the resulting opportunistic earnings management is concentrated in CEOs, firms, and periods where such incentives are likely to be strongest: (1) where CEO wealth is sensitive to change in the share price, (2) where... View Details
Keywords: Sean Silverthorne
  • 06 Mar 2018
  • First Look

First Look at Research and Ideas, March 6, 2018

stock repurchases to net income is misleading and ignores two important factors: first, focusing on dividends and buybacks ignores the substantial (direct and indirect) equity issuances firms engage in; second, net income is a poor metric... View Details
Keywords: Sean Silverthorne

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