Publications

December 2003 (Revised October 2006)
Case

Globalizing the Cost of Capital and Capital Budgeting at AES

By: Mihir A. Desai and Douglas Kurt Schillinger

With electricity generating businesses around the world, AES Corp. is seeking a methodology for calculating the cost of capital for its various businesses and potential projects. In the past, AES used the same cost of capital for all of its capital budgeting, but the... View Details

Keywords: International Finance; Risk Management; Globalized Firms and Management; Cost of Capital; Valuation; Emerging Markets; Foreign Direct Investment; Capital Budgeting; Energy Industry; South America

16 Jun 2015
First Look

First Look: June 16, 2015

senior executives emphasize in their communications. We find that our measure of disclosure time horizon is associated with capital market pressures and executives' short-term monetary incentives. Consistent with the language emphasized... View Details

Keywords: Sean Silverthorne

21 May 2021
Blog Post

Alumni Spotlight: Cissy Chen (MBA 2019)

values taught in this class within the firm. In these HBS courses and in the work you have pursued, you have gained perspective on ESG frameworks and their application to the markets in Asia. Can you provide an example of how you’ve... View Details

24 Jul 2007
First Look

First Look: July 24, 2007

waste into by-product. In some cases, when the markets for the primary and by-products are "separable," it is optimal to convert only a portion of the waste into by-product and disposing of the rest. In other cases, when the... View Details

Keywords: Martha Lagace

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

Keywords: Dollar General; Family Dollar; Dollar Tree; Antitrust; Board Of Directors; Activist Investors; Federal Trade Commission; Acquisition; Valuation; Corporate Strategy; Retail Industry

October 2009
Case

A Big (Double) Deal: Anadarko's Acquisition of Kerr-McGee and Western Gas Resources

By: Clayton M. Christensen and Curtis Rising

On June 23, 2006, Anadarko Petroleum Corporation announced that it was simultaneously acquiring two public companies, Kerr-McGee and Western Gas Resources, in all-cash deals. The total price was about $24 billion, a figure close to Anadarko's market cap at the time.... View Details

Keywords: Acquisition; Business Model; Transformation; Negotiation; Organizational Culture; Public Ownership; Business and Shareholder Relations; Alignment; Valuation; Energy Industry; United States

10 Nov 2009
First Look

First Look: Nov. 10

http://www.hbs.edu/research/pdf/07-104.pdf Stretching the Inelastic Rubber: Taxation, Welfare and Lobbies in Amazonia, 1870-1910 Author:Felipe Tâmega Fernandes Abstract This paper examines the effect of government intervention via taxation on domestic welfare. A case... View Details

Keywords: Martha Lagace

February 2010 (Revised June 2022)
Case

Dollarama Inc.

By: Andre F. Perold

Dollarama is the leading operator of dollar stores in Canada. The firm performed extraordinarily well after a leveraged buyout in 2004 and recently executed a highly successful IPO. The company sources its goods primarily from Asia. It has strong brand recognition and... View Details

Keywords: Price; Growth and Development Strategy; Product Positioning; Supply Chain; Competitive Advantage; Valuation; Consumer Products Industry; Retail Industry; Canada

20 Feb 2008
First Look

First Look: February 20, 2008

Working PapersFinding Missing Markets (and a disturbing epilogue): Evidence from an Export Crop Adoption and Marketing Intervention in Kenya Authors:Nava Ashraf, Xavier Gine, and Dean Karlan Abstract In... View Details

Keywords: Martha Lagace

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

01 Jan 2014
News

To Spot Financial Trouble Early, Use Three Circles: A conversation with Blythe McGarvie of Harvard Business School

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

Web

Courses by Faculty Unit - Course Catalog

and Valuation Using Financial Statements Joseph Pacelli Fall 2025 Q1Q2 3.0 Yuan Zou Spring 2026 Q3Q4 3.0 Changing the World: Life Choices of Influential Leaders (also listed under General Management) Robert Simons Fall 2025 Q1Q2 3.0... View Details

07 Apr 2015
News

Warrior Spirit

martial arts for the last 5,000 years, and MMA is a sport that is intuitively grasped, like hockey is for Canadians. But until now, no one here has tried to commercialize martial arts for the masses.” As a catchall Cui adds, “Asia” doesn’t really capture the diversity... View Details

Keywords: Julia Hanna; Performing Arts, Spectator Sports, and Related Industries; Arts, Entertainment; Amusement, Gambling, and Recreation Industries; Arts, Entertainment; Technical and Trade Schools; Educational Services

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

Keywords: Dollar General; Family Dollar; Dollar Tree; Antitrust; Board Of Directors; Activist Investors; Federal Trade Commission; Acquisition; Valuation; Corporate Strategy; Retail Industry; United States

13 Mar 2005
Research & Ideas

The Tricky Business of Nonprofit Brands

Starbucks. How important is it for NGOs to know what their brand valuation is, and how should they use this information? A: It is important for any organization, for-profit or nonprofit, to know the value of their brand so that they can... View Details

Keywords: by Manda Salls

April 2005 (Revised August 2011)
Case

Berkshire Partners: Bidding for Carter's

By: Malcolm P. Baker and James Quinn

A five-member team from Berkshire Partners must recommend a final bid and financial structure for a leveraged buyout of William Carter Co., a leading producer of children's apparel. Investorcorp, a global investment group, has put the company up for auction. Goldman... View Details

Keywords: Leveraged Buyouts; Capital Structure; Private Equity; Financing and Loans; Auctions; Bids and Bidding; Valuation; Apparel and Accessories Industry

June 2016
Supplement

FANUC Corporation: Reassessing the Firm's Governance and Financial Policies Spreadsheet Supplement

By: Benjamin C. Esty and Akiko Kanno

In February 2015, Daniel Loeb (a US-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: Financial Management; Valuation; Investment Funds; Policy; Corporate Governance; Macroeconomics; Investment Activism; Change Management; Financial Strategy; Cross-Cultural and Cross-Border Issues; Japan; United States