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  • October 1990
  • Article

Bankruptcy, Boards, Banks, and Blockholders: Evidence on Changes in Corporate Ownership and Control When Firms Default

By: S. C. Gilson
In 111 publicly traded firms that either file for bankruptcy or privately restructure their debt between 1979 and 1985, bank lenders frequently become major stockholders or appoint new directors. On average, only 46% of incumbent directors remain when bankruptcy or... View Details
Keywords: Insolvency and Bankruptcy; Governance; Banks and Banking; Change; Business Ventures; Ownership
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  • February 2010 (Revised June 2014)
  • Supplement

CityCenter (C): Turmoil and Choices

By: John D. Macomber
"CityCenter (C)" follows the (A) and (B) cases chronologically. The (C) case explores the decisions facing MGM MIRAGE following a lawsuit by partner Dubai World and suspension of Dubai World's cash contributions to the project in early 2009. Issues include the... View Details
Keywords: Lawsuits and Litigation; Private Equity; Games, Gaming, and Gambling; Decisions; Partners and Partnerships; Conflict and Resolution; Entertainment and Recreation Industry; Nevada
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  • August 2017 (Revised January 2023)
  • Case

Enel: The Future of Energy

By: Mark R. Kramer and Bhanuteja Nadella
Enel has transformed from the Italian state-owned energy monopoly into a global leader in renewable energy and shared value creation. Through its open innovation model, the company has catapulted to the cutting edge of electric mobility and distributed power... View Details
Keywords: Energy Generation; Renewable Energy; Growth and Development Strategy; Strategic Planning; Energy Industry
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  • October 2006 (Revised April 2007)
  • Case

Ayala Corporation

Ayala Corporation is the oldest conglomerate in the Philippines and has been controlled by the Zobel de Ayala family for seven generations. Over the past 25 years, Ayala has evolved from a real estate family business into a highly diversified and professionally managed... View Details
Keywords: Diversification; Family Business; Business Conglomerates; Valuation; Financial Strategy; Public Ownership; Real Estate Industry; Philippines
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  • 12 Feb 2008
  • First Look

First Look: February 12, 2007

firms. They also affect trading signal classifications, back-testing inferences, track records of individual analysts, and models of analysts' career outcomes in the three years following the changes. Long-Run Stockholder Consumption Risk... View Details
Keywords: Martha Lagace
  • June 2013
  • Supplement

Elasto Therm: The Next Step (Video Supplement)

By: Jim Sharpe
This is the Video Supplement for Elasto Therm: The Next Step (HBS Case #813030). View Details
Keywords: Entrepreneurial Management; Entrepreneurs; Search; Search Funds; Manufacturing; Pricing Policies; Pricing; Pricing Strategy; Sales Channels; Sales Force Management; Customer Focus; Customer Specificity; Manufacturing Tools; Acquisitions; Growth Strategy; Growth And Development Strategy; Growth; Plastics; Turnarounds; Labor Management; Stockholders; Careers; Job Design; Gender; Life Planning; Employee Empowerment; Work/family Balance; Work-life Balance; Entrepreneurship; Management; Employee Ownership; Acquisition; Rubber Industry; Auto Industry; United States
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  • July 2013 (Revised October 2013)
  • Supplement

United Rentals (B)

By: Jay W. Lorsch and Kathleen Durante
In April 2012, Jenne Britell, the Chairman of the board of directors of United Rentals, Inc. (NYSE: URI) was preparing her notes for an upcoming stockholders' meeting. It was a meeting unlike most other meetings she had chaired. Stockholders were about to vote on a... View Details
Keywords: Boards Of Directors; Board Committees; Chairman; Governing and Advisory Boards; Corporate Governance; Construction Industry; North America
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  • 2012
  • Chapter

Integrated Reporting Requires Integrated Assurance

By: Robert G. Eccles, Michael P. Krzus and Liv A. Watson
In the wake of the recent financial crisis, increasing the effectiveness of auditing has weighed heavily on the minds of those responsible for governance. When a business is profitable and paying healthy dividends to its stockholders, fraudulent activities and... View Details
Keywords: Risk Management; Crime and Corruption; Integrated Corporate Reporting; Governance Compliance; Organizational Culture; Management Systems; Laws and Statutes; Information Management; Accounting Audits; Financial Crisis
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  • 2022
  • Article

Pills in a World of Activism and ESG

By: Guhan Subramanian and Caley Petrucci
Easterbrook and Fischel’s The Economic Structure of Corporate Law advances their now famous passivity thesis, which posits that managers should remain passive in the face of an unsolicited tender offer for the company’s shares. Consistent with the broader... View Details
Keywords: Investment Activism; Governance Controls; Business and Shareholder Relations
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  • 2008
  • Chapter

Corporate Honesty and Business Education: A Behavioral Model

By: Rakesh Khurana and Herbert Gintis
Since the mid-1970s neoclassical economic theory has dominated business school thinking and teaching in dealing with the nature of human motivation. However valuable in understanding competitive product and financial markets, neoclassical economic theory employs an... View Details
Keywords: Business Education; Ethics; Managerial Roles; Corporate Social Responsibility and Impact; Organizational Culture; Business and Shareholder Relations; Mathematical Methods; Behavior
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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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  • April 1998
  • Case

Jim Lyons and GenRad

Lyons, currently CEO of Harry Gray Associates, a consulting and investment firm, had just been approached by an executive recruiter representing GenRad, a 78-year-old electronics company headquartered in Concord, MA. The company, which manufactured integrated software... View Details
Keywords: Technology; Management Succession; Personal Development and Career; Consulting Industry; Massachusetts
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  • Research Summary

Overview

By: Boris Vallee
Professor Vallée focuses on financial innovation, investigating it from different angles. This research thread has led him to relate the methods and insights of corporate finance and banking with those of other subfields, including household finance, public finance,... View Details
  • 24 Jul 2000
  • Research & Ideas

Value Maximization and Stakeholder Theory

stakeholder theorists can see that although stockholders are not some special constituency that ranks above all others, long-term stock value is an important determinant (along with the value of debt and other instruments) of total... View Details
Keywords: by Michael C. Jensen
  • Web

Documenting the Wartime Effort | Baker Library | Bloomberg Center | Harvard Business School

(including a number of full-page images) of steel production and research efforts. In subsequent annual reports from the early to mid 1940s, images of steel production placed alongside financial statistics underscored to stockholders the... View Details
  • 14 Jun 2010
  • Research & Ideas

The Hard Work of Measuring Social Impact

Quantifying performance and measuring results are no longer the sole domain of for-profit enterprises. Today, many nonprofit organizations also find themselves on the hot seat—not with stockholders but with donors who expect similar... View Details
Keywords: by Julia Hanna
  • Web

Commercialization of the Polarizer - Edwin H. Land & Polaroid | Harvard Business School

(side 2) audio file, Baker Library, Harvard Business School. 23. "Income," Polaroid Corporation Annual Report to Stockholders 1937; "Net Sales and Income from Royalties, Research and Other Sources," Polaroid Corporation Annual Report... View Details

    Langbourne M. Williams, Jr.

    After launching a stockholder attack on the management of Freeport Sulphur in 1930, Williams found himself in the CEO position three years later. Under his direction, Freeport experienced a major turnaround in performance and became the... View Details
    Keywords: Agriculture & Mining

      Henry S. Dennison

      In 1916, Dennison Manufacturing established the first employer-initiated unemployment insurance system in the United States. Dennison also initiated a program to end absentee stockholder control over company policy, called the “Management... View Details
      Keywords: Wood, Paper & Forestry
      • Web

      Polaroid Films | Baker Library

      Cambridge. Produced for Polaroid Stockholders Meeting, 1969-1970 Play Video duration: 0:52 Edwin Land in a new factory space. Produced for Polaroid, Dr. Land Stockholders Meeting, 1969-1970 Play Video... View Details