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Show Results For
- All HBS Web
(1,703)
- News (278)
- Research (1,262)
- Events (2)
- Multimedia (14)
- Faculty Publications (812)
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- August 2013
- Article
Corporate Ownership Structure and the Choice Between Bank Debt and Public Debt
By: Chen Lin, Yue Ma, Paul Malatesta and Yuhai Xuan
This paper examines the relation between a borrowing firm's ownership structure and its choice of debt source using a novel, hand-collected data set on corporate ownership, control, and debt structures for 9,831 firms in 20 countries from 2001 to 2010. We find that the... View Details
Lin, Chen, Yue Ma, Paul Malatesta, and Yuhai Xuan. "Corporate Ownership Structure and the Choice Between Bank Debt and Public Debt." Journal of Financial Economics 109, no. 2 (August 2013): 517–534.
- February 2019 (Revised November 2023)
- Case
Rent-a-Center/Vintage Capital
By: Guhan Subramanian and Caeden Brynie
Christopher Korst, General Counsel for Rent-A-Center (RAC), looked at the time. It was late in the evening on December 17, 2018, yet no notice of extension had come from Vintage Capital. In June, Vintage had agreed to buy RAC for $15 per share in cash, amounting to... View Details
Subramanian, Guhan, and Caeden Brynie. "Rent-a-Center/Vintage Capital." Harvard Business School Case 919-031, February 2019. (Revised November 2023.)
- November 2011 (Revised September 2012)
- Case
Underwater Engineer at Intel Corporation
Molly Miller, an Intel employee and shareholder, must decide whether to vote FOR or AGAINST Intel's proposed 2009 option exchange program. Given recent declines in Intel's stock price, more than 99% of Intel's outstanding employee stock options are "underwater," and... View Details
Mayfield, E. Scott. "Underwater Engineer at Intel Corporation." Harvard Business School Case 212-047, November 2011. (Revised September 2012.)
- October 2009 (Revised November 2009)
- Case
Acciona and the Battle for Control of Endesa
Acciona, S.A. is a global infrastructure and renewable energy conglomerate that is publicly traded in Spain and controlled by the Entrecanales family. In 2006, the company joined the highly politicized cross-border takeover battle for Spain's largest electric utility,... View Details
Keywords: Mergers and Acquisitions; Business Conglomerates; Renewable Energy; Cross-Cultural and Cross-Border Issues; Ownership Stake; Business and Government Relations; Business Strategy; Energy Industry; Utilities Industry; Spain
Villalonga, Belen, and Rachelle Silverberg. "Acciona and the Battle for Control of Endesa." Harvard Business School Case 210-029, October 2009. (Revised November 2009.)
- December 1999 (Revised October 2006)
- Case
Praedium Corporation
By: Henry B. Reiling and Catherine M. Conneely
George Hicks and Patricia Ferrey, primary shareholders of the Praedium Corp., faced a dilemma that could dissolve their real estate management company. Praedium received an attractive offer to lease one of its properties, however, Hicks did not want to terminate the... View Details
- February 2012 (Revised August 2014)
- Case
Poles Apart on PZU (A)
By: Francesca Gino, Vincent Dessain, Karol Misztal and Michael Khayyat
In October 2008, Andrzej Klesyk, CEO of Poland's largest insurer PZU, reflected on possible ways of resolving a decade-long cross-border shareholder conflict at his company. Owned 55% by the Polish State Treasury and 33% by the Dutch insurer Eureko as of October 2008,... View Details
Gino, Francesca, Vincent Dessain, Karol Misztal, and Michael Khayyat. "Poles Apart on PZU (A)." Harvard Business School Case 912-013, February 2012. (Revised August 2014.)
- March 2007 (Revised October 2008)
- Case
The New York Times Co.
The Sulzberger family owns 20% of the New York Times Co. (NYT) but controls 70% of the board through a dual-class share structure. At the company's April 2006 annual shareholder meeting, Morgan Stanley Investment Management (MSIM) and other investors, holding 28% of... View Details
Keywords: Family Business; Investment Activism; Corporate Governance; Governance Controls; Governing and Advisory Boards; Business and Shareholder Relations; Publishing Industry; New York (city, NY)
Villalonga, Belen, and Christopher Hartman. "The New York Times Co." Harvard Business School Case 207-113, March 2007. (Revised October 2008.)
- August 2018 (Revised April 2021)
- Case
The Fuji-Xerox Merger
By: Guhan Subramanian and Annie Zhao
In January 2018, Xerox, a well-known American digital document firm, convened its board of directors to decide whether to approve a merger with Japanese imaging company Fujifilm. Activist Xerox shareholders were suing to halt the transaction, and documents unearthed... View Details
Keywords: Mergers and Acquisitions; Negotiation Deal; Negotiation Process; Corporate Governance; Law
Subramanian, Guhan, and Annie Zhao. "The Fuji-Xerox Merger." Harvard Business School Case 919-002, August 2018. (Revised April 2021.)
- March 2001 (Revised December 2003)
- Case
Circon (A)
By: Brian J. Hall, Guhan Subramanian and Christopher A Rose
In 1996, U.S. Surgical launched a hostile takeover bid against Circon Corp. After building the company for 20 years, CEO Richard Auhll takes a defensive stand that includes inviting an old HBS friend (George Cloutier) to join the fight as a director of Circon. A... View Details
Keywords: Motivation and Incentives; Corporate Governance; Medical Devices and Supplies Industry; United States
Hall, Brian J., Guhan Subramanian, and Christopher A Rose. "Circon (A)." Harvard Business School Case 801-403, March 2001. (Revised December 2003.)
- November 2017
- Case
Third Point Paints a Target on Sotheby's
By: Lena G. Goldberg
When faced with the increasing accumulation of its stock by activist investors led by Daniel Loeb’s Third Point LLC and the activists’ stated objective to replace management and at least some Sotheby’s Board members, Sotheby’s, the world’s oldest auction house,... View Details
Keywords: Fiduciary Duties; Activists; Activist Investors; Rights Plan; Poison Pills; Takeover Defenses; Corporate Governance; Laws and Statutes; Lawsuits and Litigation; Ownership Stake; Value Creation; Crisis Management
Goldberg, Lena G. "Third Point Paints a Target on Sotheby's." Harvard Business School Case 318-086, November 2017.
- February 1998
- Case
Lyondell Petrochemical Company
By: Jay W. Lorsch and Daniel P. Erikson
In August 1994, Lyondell Petrochemical Co.'s corporate parent and largest single shareholder effectively shed its stock, resulting in the resignation of 5 of its 11 directors. The remaining outside directors immediately acted to overhaul the executive compensation plan... View Details
Keywords: Corporate Governance; Governing and Advisory Boards; Executive Compensation; Design; Business or Company Management; Management Teams; Mining Industry
Lorsch, Jay W., and Daniel P. Erikson. "Lyondell Petrochemical Company." Harvard Business School Case 498-028, February 1998.
- February 1994 (Revised February 1996)
- Case
Union Carbide Corporation: Interest Rate Risk Management
By: Peter Tufano
Union Carbide's board of directors is asked to evaluate a proposal from the staff treasurer's that would articulate policies to manage its debt portfolio. The staff proposes that shareholder value will be maximized if the firm manages its exposure to interest rates by... View Details
Tufano, Peter, and Jon Headley. "Union Carbide Corporation: Interest Rate Risk Management." Harvard Business School Case 294-057, February 1994. (Revised February 1996.)
- 05 Oct 2009
- Research & Ideas
The Vanguard Corporation
In her new book SuperCorp, Rosabeth Moss Kanter argues that capitalism is near a crossroads. The old ways of doing business no longer work. Traditional leadership roles are breaking down. And the public is fed up with greedy executives and their institutions that feast... View Details
Keywords: by Sean Silverthorne
- August 1998
- Case
General Motors Corp. (D),The : 1993-1996
By: Peter Tufano
The fourth in a four-part series, the case details the financial policies and practices at General Motors from 1990 to 1996. This case describes the set of financial decisions taken by the firm as its business recovered, and focuses on an immediate decision faced by... View Details
Tufano, Peter, Markus Mullarkey, and William J Widlern. "General Motors Corp. (D),The : 1993-1996." Harvard Business School Case 299-009, August 1998.
- March 2024
- Supplement
ELCA's Series A Cap Table Exercise (Instructor Version)
By: Raymond Kluender and Anke Becker
In ELCA, the company must decide between two term sheets: one put forth by STV and one put forth by ESV.
This exercise is an analysis of the implications of these two term sheets on the ownership structure and the payouts of common and preferred... View Details
This exercise is an analysis of the implications of these two term sheets on the ownership structure and the payouts of common and preferred... View Details
- June 2007 (Revised January 2009)
- Case
Nextel Partners: Put Option
By: Timothy A. Luehrman and Douglas Scott
Nextel Partners' shareholders have voted to exercise a put option that will require the company's largest shareholder, Sprint Nextel Corp., to purchase all the shares it does not already own. However, the put option does not stipulate a price to be paid, but rather a... View Details
Luehrman, Timothy A., and Douglas Scott. "Nextel Partners: Put Option." Harvard Business School Case 207-128, June 2007. (Revised January 2009.)
- May 2010 (Revised August 2010)
- Case
Breaking the Buck
By: Robert C. Pozen and Elizabeth Leonard
After an incredibly volatile six months since Lehman Brothers declared bankruptcy, Finbar McCall contemplated his options. As the investment manager of RPG Prime Reserve Fund, Inc. (RPGXX), McCall had just heard the news that the U.S. Treasury was extending the... View Details
Keywords: Change Management; Financial Crisis; Financial Management; Insurance; Investment Funds; Business and Government Relations; Business and Shareholder Relations; Financial Services Industry
Pozen, Robert C., and Elizabeth Leonard. "Breaking the Buck." Harvard Business School Case 310-135, May 2010. (Revised August 2010.)
- June 2016
- Article
Corporate Governance and Executive Compensation for Corporate Social Responsibility
By: Bryan Hong, Zhichuan (Frank) Li and Dylan B. Minor
We link the corporate governance literature in financial economics to the agency cost perspective of corporate social responsibility (CSR) to derive theoretical predictions about the relationship between corporate governance and the existence of executive compensation... View Details
Keywords: Corporate Social Responsibility; Incentives For CSR; Non-financial Performance Measures; Agency Costs; Board Independence; Institutional Holdings; Managerial Power; Motivation and Incentives; Corporate Social Responsibility and Impact; Executive Compensation; Corporate Governance
Hong, Bryan, Zhichuan (Frank) Li, and Dylan B. Minor. "Corporate Governance and Executive Compensation for Corporate Social Responsibility." Journal of Business Ethics 136, no. 1 (June 2016): 199–213.
- October 2014 (Revised July 2015)
- Case
Indus Towers: From Infancy to Maturity
By: Ranjay Gulati, Maxim Sytch and Rachna Tahilyani
Indus Towers, the world's largest telecom tower company, is a joint venture between three telecom rivals in India. These rivals—Bharti Airtel, Vodafone India, and Idea Cellular—combined their telecom towers to provide "shared telecom infrastructure" to wireless telecom... View Details
Keywords: Decisions; Judgments; Customer Focus and Relationships; Management; Information Technology; Mobile and Wireless Technology; Information Infrastructure; Telecommunications Industry; India
Gulati, Ranjay, Maxim Sytch, and Rachna Tahilyani. "Indus Towers: From Infancy to Maturity." Harvard Business School Case 415-005, October 2014. (Revised July 2015.)
- November 2010 (Revised April 2011)
- Case
Magna International, Inc. (A)
By: Timothy A. Luehrman and Yuhai Xuan
Magna International, Inc., a Canadian-based automotive parts manufacturer, is considering whether and how to unwind its dual-class ownership structure. A family trust controlled by the founder owns a 0.65% economic interest in the company but has 66% of the votes via a... View Details
Keywords: Family Business; Restructuring; Cost vs Benefits; Governance Controls; Ownership Stake; Family Ownership; Auto Industry; Canada
Luehrman, Timothy A., and Yuhai Xuan. "Magna International, Inc. (A)." Harvard Business School Case 211-044, November 2010. (Revised April 2011.)