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    Price Anchors and Mergers and Acquisitions

    Prior stock price peaks of targets affect several aspects of merger and acquisition activity. Offer prices are biased toward recent peak prices although they are economically unremarkable. An offer's probability of acceptance jumps discontinuously when it exceeds a... View Details

    • 20 Dec 2006
    • Op-Ed

    Investors Hurt by Dual-Track Tax Reporting

    Since when do the taxman and the shareholder agree? IRS Commissioner Mark Everson and SEC Chairman Christopher Cox (HBS MBA '76) have advanced a simple, but controversial proposal. Companies would be required to disclose how much they pay... View Details
    Keywords: by Mihir Desai
    • 17 Mar 2010
    • Working Paper Summaries

    Conceptual Foundations of the Balanced Scorecard

    Keywords: by Robert S. Kaplan
    • Fall 2013
    • Article

    In Strange Company: The Puzzle of Private Investment in State-Controlled Firms

    By: Mariana Pargendler, Aldo Musacchio and Sergio G. Lazzarini
    A large legal and economic literature describes how state-owned enterprises (SOEs) suffer from a variety of agency and political problems. Less theory and evidence, however, have been generated about the reasons why state-owned enterprises listed in stock markets... View Details
    Keywords: State-owned Enterprises; Oil Companies; Corporate Governance; Business and Shareholder Relations; Energy Industry; Brazil; Mexico; Norway
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    • March 2024
    • Supplement

    ELCA's Series A Cap Table Exercise (Student Version)

    By: Raymond Kluender, Anke Becker and Johnson Elugbadebo
    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
    Keywords: Analysis; Venture Capital; Investment; Ownership Stake
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    • February 2004
    • Case

    Czech Mate: CME and Vladimir Zelezny (A)

    By: Mihir A. Desai, Alberto Moel and Kathleen Luchs
    This case examines how insiders can expropriate value from shareholders in emerging markets when property rights are ill-defined. As such, it provides a platform for considering how institutions and legal rules impact financing patterns and economic outcomes. CME,... View Details
    Keywords: Developing Countries and Economies; Fairness; Financial Institutions; Corporate Governance; Rights; Ownership Stake
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    • 24 May 2018
    • News

    American firms reveal the gulf between bosses’ and workers’ pay

    • Research Summary

    Overview

    Professor Becker’s research revolves around the way financing supply and financial conditions affect firm behavior, investment, and financing choices. His work on financial contracting has revealed that, in recent years, greater competition has tended to lower rather... View Details
    • December 2001 (Revised July 2005)
    • Case

    E.I. du Pont de Nemours and Company: The Conoco Split-off (A)

    By: Stuart C. Gilson and Perry Fagan
    After taking 30% of its Conoco oil and gas subsidiary public in the largest domestic initial public offering (IPO) in U.S. history, management of E.I. du Pont de Nemours and Co. (DuPont) is considering divesting its remaining interest in Conoco. This goal is to be... View Details
    Keywords: Business Conglomerates; Business Subsidiaries; Restructuring; Non-Renewable Energy; Chemicals; Assets; Initial Public Offering; Business and Shareholder Relations; Diversification; Value; Chemical Industry; United States
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    • February 2005
    • Article

    Can Foreign Firms Bond Themselves Effectively by Renting U.S. Securities Laws?

    By: Jordan I. Siegel
    The study tests the functional convergence hypothesis, which states that foreign firms can leapfrog their countries' weak legal institutions by listing equities in New York and agreeing to follow U.S. securities law. Evidence shows that the SEC and minority... View Details
    Keywords: Corporate Governance; Cross-listing; Reputation; Bonding; Business Ventures; Laws and Statutes; Financial Instruments; United States; Mexico
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    • 27 Aug 2018
    • News

    Trump and Warren offer the wrong diagnosis of short-termism

    • 31 Jul 2018
    • News

    Are Stock Buybacks Starving the Economy?

    • November 2019
    • Case

    Apple, Einhorn, and iPrefs (Abridged)

    By: Carliss Y. Baldwin and W. Carl Kester
    In March 2013, Apple Computer has a very large cash balance, and is under pressure to return cash to shareholders. Hedge fund manager David Einhorn thinks Apple can "unlock value" by issuing perpetual preferred stock, dubbed iPrefs. Henry Blodget, CEO of Business... View Details
    Keywords: Markets; Stock Shares; Value Creation; Business and Shareholder Relations
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    • August 2011 (Revised October 2015)
    • Case

    Boardroom Battle Behind Bars: Gome Electrical Appliances Holdings—A Corporate Governance Drama

    By: William C. Kirby and Tracy Yuen Manty
    Despite widespread news of the incarceration of Gome Electronics' CEO, Huang Guangyu, Bain Capital felt they carefully undertook due diligence before making a significant investment in the company. The venture capital firm was confident that it and the current... View Details
    Keywords: China; Legal Aspects Of Business; Corruption; Risk; Corporate Governance; Crime and Corruption; Power and Influence; Risk Management; Business and Shareholder Relations; Venture Capital; Ethics; Governing and Advisory Boards; Governing Rules, Regulations, and Reforms; Values and Beliefs; Private Equity; China
    Related
    • Article

    Is ‘Not Guilty’ the Same as ‘Innocent’? Evidence from SEC Financial Fraud Investigations

    By: Eugene F. Soltes and David H. Solomon
    When the Securities and Exchange Commission (SEC) investigates firms for financial fraud, investors learn about the investigation only if managers disclose it, or regulators sanction the firm. We investigate the effects of such disclosures using confidential records on... View Details
    Keywords: Financial Fraud; Corporate Disclosure; Performance; Outcome or Result
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    • 06 Oct 2020
    • News

    Covid-19 Is Rewriting the Rules of Corporate Governance

    • Web

    Faculty & Research

    valuable skills and have a future with the company; those who don't may face demotions and pay cuts. However, there is pushback from the company's shareholders and leaders. Some want to use the program as a fig leaf for laying off staff;... View Details
    • November 2008
    • Supplement

    NEC Electronics (CW)

    By: C. Fritz Foley, Robin Greenwood and James Quinn
    Why do shares in NEC Electronics, a publicly listed subsidiary of Japan conglomerate NEC trade at a discount to their fundamental value? Can Perry Capital, a U.S. hedge fund, restructure this subsidiary and generate significant returns? This case provides students with... View Details
    Keywords: Business Conglomerates; Business Subsidiaries; Restructuring; Decisions; Investment Return; Investment Funds; Price; Ownership; Agency Theory; Business and Shareholder Relations; Value Creation; Electronics Industry; Japan; United States
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    • April 27, 2020
    • Article

    A Crisis Playbook for Family Businesses

    By: Josh Baron and Ben Francois
    In a business crisis, the power of family business owners is magnified. Unlike public companies, which typically focus on maximizing shareholder value, family owners value objectives that usually go well beyond financial returns (e.g., family legacy, reputation). This... View Details
    Keywords: COVID-19 Pandemic; Crisis Management; Family Ownership; Family and Family Relationships
    Related
    • June 2015 (Revised August 2016)
    • Case

    Qualcomm Inc., 2009-2015

    By: David B. Yoffie
    In the years after 2009, Qualcomm navigated the wireless industry's transition from 3G to 4G, retaining its technological leadership and experiencing dramatic growth in revenue and profit. In March 2014, Qualcomm appointed a new CEO, Steve Mollenkopf, who had to... View Details
    Keywords: Communication Technologies; Technology; Wireless Technologies; Mobile and Wireless Technology; Strategy; Communication Technology; Competitive Strategy; Change Management; Electronics Industry; Telecommunications Industry; California
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