Publications

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August 2000 (Revised July 2002)
Background Note

Fundamental Enterprise Valuation: Return on Invested Capital (ROIC)

By: Carliss Y. Baldwin

A technical note that defines return on invested capital (ROIC). View Details

Keywords: Valuation; Business Ventures; Capital

November 1999 (Revised April 2008)
Case

Revere Street

By: Arthur I Segel, John H. Vogel, Jr., Lisa Strope and Erich Dylus

Although inexperienced in real estate, Edward Alexander hopes in June 1999 that youthful enthusiasm and an $80,000 inheritance will help him enter the real estate business. His experience chronicles the process of finding, evaluating, and acquiring a four-unit... View Details

Keywords: Acquisition; Investment; Housing; Real Estate Industry; Boston

Article

Grandstanding in the Venture Capital Industry

By: Paul A. Gompers

Keywords: Venture Capital; Business Ventures

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August 2020 (Revised November 2024)
Case

NextView Ventures

By: Jo Tango and Nori Gerardo Lietz

David Beisel, Rob Go, and Lee Hower are non-partners at different-and-established venture capital (VC) firms. They decide to leave their positions to start a new seed-stage VC firm. The case covers the genesis of the firm, the formulation of its strategy and... View Details

Keywords: Entrepreneurship; Venture Capital; Business Startups; Strategy

September 2002 (Revised March 2003)
Technical Note

Technical Note on Equity-Linked Consideration, Part 3: Cash-and-Stock Deals

By: Carliss Y. Baldwin

The consideration paid by an acquiring company to a target can be a combination of cash and stock. During the 1980s and 1990s, for example, approximately 12% to 13% of all deals between public companies involved both cash and stock. This case series describes the basic... View Details

Keywords: Price; Acquisition; Business and Shareholder Relations

February 2023
Case

Kapor Capital

By: Jeffrey J. Bussgang, Lindsay N. Hyde and Julia Kelley

Kapor Capital, a leading impact investment venture capital (VC) firm, is on the cusp of a generational transition. The two rising managing directors are about to take over the firm from the VC’s eponymous founders. How should they think about strategy, brand, and... View Details

Keywords: Entrepreneurship; Venture Capital; Operations; Business Startups; Financial Services Industry; United States

August 2021
Case

BYJU’S: EdTech Giant Investing in Brick and Mortar

By: John J-H Kim and Rachna Tahilyani

The founder and CEO of BYJU’S, India’s largest edtech firm and one of the world’s most valuable edtech companies, is considering acquiring Aakash Educational Services (Aakash), one of India’s largest brick-and-mortar test-prep firms, for $1 billion. Is this a good... View Details

Keywords: Edtech; Business Strategy; Diversification; Investment; Acquisition; Education Industry; Asia; India; United States

September 2002 (Revised March 2003)
Technical Note

Technical Note on Equity-Linked Consideration, Part 1: All-Stock Deals

By: Carliss Y. Baldwin

What the acquiring company pays for a target in a merger or acquisition is called "consideration." Consideration can be in the form of cash, shares, or a combination of cash and shares. During the 1990s, equity-linked consideration became the dominant method of payment... View Details

Keywords: Price; Acquisition; Business and Shareholder Relations

23 Nov 2018
News

The Founder of Panera Bread Explains the Economic Forces That Led to Trump

February 2021 (Revised June 2021)
Case

Barbarians at the Gate or Turnaround Gurus? Private Equity and the Rise of the LBO

By: Tom Nicholas and John Masko

During the 1980s, leveraged buyouts (LBOs) and the private equity (PE) firms responsible for carrying them out revolutionized both investment and management in the U.S. Between 1980 and 1989, buyout activity in the U.S. surged from $1 billion per year to $60 billion.... View Details

Keywords: Leveraged Buyouts; Mergers and Acquisitions; Business Conglomerates; Restructuring; Borrowing and Debt; Private Equity; Bonds; Investment Return; Institutional Investing; Profit Sharing; Business History; Management Style; Private Ownership; Performance Effectiveness; Value Creation; Financial Services Industry; United States

June 2006 (Revised January 2012)
Case

Teena Lerner: Dividing the Pie at Rx Capital (A)

By: Boris Groysberg, Victoria Winston and Robin Abrahams

Teena Lerner started her own hedge fund firm in 2001 after nearly 20 years as a star biotechnology analyst and hedge fund manager. After the start-up phase, her firm became highly profitable. In 2004, however, one of her four analysts lost a lot of money for the firm.... View Details

Keywords: Managerial Roles; Investment Funds; Performance; Business Startups; Compensation and Benefits; Corporate Finance; Financial Services Industry

Career Coach

Cheryl Rousseau

transitions of all kinds: On-Boarding; Inter-Company Movements; Succession/Planned Exits; Out-Boarding; Job Search; Boards Seats. Cheryl has an MBA in Finance and Strategy (Kellogg ’87) and gained first-hand executive knowledge in a... View Details

Keywords: Consulting; Investment Banking; Financial Services (All); Investment Management; Financial Services (All); Private Equity; Financial Services (All); Health Care; Retail

February 1995 (Revised September 1995)
Case

The Bourland Companies

By: William J. Poorvu and John H. Vogel Jr.

Michael Bourland, the president of the Bourland Companies, needs to refinance two properties, an office building in southern New Hampshire and a retail property in Massachusetts. He is considering three alternatives: a renewal of a bank mini-perm, a 15-year mortgage... View Details

Keywords: Capital Markets; Property; Mortgages; Family Business; Financial Management; Family Ownership; Real Estate Industry; Massachusetts; North and Central America

01 Dec 2006
News

Faculty Books

Invisible Engines by David S. Evans, Andrei Hagiu, and Richard Schmalensee (MIT Press) Assistant Professor Hagiu and his coauthors offer detailed studies of the personal computer, video-game console, PDA, smart mobile phone, and digital media software-platform... View Details

Keywords: Colleges, Universities, and Professional Schools; Educational Services

25 Mar 2013
Research & Ideas

How Chapter 11 Saved the US Economy

It's no surprise that Harvard Business School professor Stuart C. Gilson gave an enthusiastic thumbs-up to the recently announced $11 billion US Airways/American Airlines merger. The deal, which came after American's parent company, AMR... View Details

Keywords: by Kim Girard; Financial Services

October 2022
Case

Beam Dental (A)

By: Rembrand Koning and Alicia Dadlani

In May 2014, Alex Frommeyer, cofounder and CEO of Kentucky-based Beam Dental, a seed-stage startup that developed connected toothbrushes that tracked brushing habits, needed to decide which strategy to pitch to a venture capital firm. The first pitch deck played to the... View Details

Keywords: Business Startups; Business Strategy; Entrepreneurship; Financing and Loans; Presentations; Product Development; Insurance Industry; United States; Kentucky; Ohio

Web

Staff Directory | Baker Library

Business Operations Administration & Finance Areas of Expertise: Human Resources, Communication, Project Management, Facilities Management, Event Planning and Implementation, Administration, View Details

March 2004
Teaching Note

Meadowlands (TN)

By: Arthur I Segel

Teaching Note to (9-898-074). View Details

Keywords: Urban Development; Financing and Loans; Acquisition; District of Columbia