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- Faculty Publications (274)
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- All HBS Web (501)
- Faculty Publications (274)
- March 2013
- Supplement
HOYA Corporation (A)
By: W. Carl Kester
- April 2000 (Revised July 2000)
- Case
Ameritrade Holding Corporation
By: Lisa K. Meulbroek
Some of the senior managers at Ameritrade, an Internet brokerage firm, are selling their holdings in the firm. Why are the managers selling, how will it affect shareholders, and what should the CEO do about it? The CEO is concerned that the market will interpret... View Details
Keywords: Valuation; Internet and the Web; Stock Options; Risk Management; Financial Services Industry
Meulbroek, Lisa K. "Ameritrade Holding Corporation." Harvard Business School Case 200-057, April 2000. (Revised July 2000.)
- September 1997 (Revised May 1999)
- Case
Automated Intelligence Corporation
By: James K. Sebenius and David T. Kotchen
Precision Controls is a Minnesota-based manufacturer of electronic control devices. To enhance its product line, Precision would like to establish an artificial intelligence research group, either through internal development or, preferably, by merging with or... View Details
Keywords: Information Technology; Valuation; Research and Development; Stock Shares; Negotiation Process; Negotiation Tactics; Mergers and Acquisitions; Manufacturing Industry; Electronics Industry; Minnesota
Sebenius, James K., and David T. Kotchen. "Automated Intelligence Corporation." Harvard Business School Case 898-045, September 1997. (Revised May 1999.)
- October 2007 (Revised January 2009)
- Case
The Hertz Corporation (A)
By: Timothy A. Luehrman and Douglas Scott
Examines the leveraged buyout of Hertz in 2005, a complex, high-profile deal and a good example of cutting-edge practice in private equity. The first of a two-part series on the Hertz LBO, adopts the perspective of Clayton, Dubilier & Rice, the leader of a private... View Details
Keywords: Leveraged Buyouts; Private Equity; Bids and Bidding; Negotiation Deal; Valuation; Value Creation; Financial Services Industry; United States
Luehrman, Timothy A., and Douglas Scott. "The Hertz Corporation (A)." Harvard Business School Case 208-030, October 2007. (Revised January 2009.)
- January 1992
- Teaching Note
Congoleum Corporation (Abridged) TN
Teaching Note for (9-287-029). View Details
- August 2013 (Revised November 2013)
- Case
Gordon Brothers: Collateralizing Corporate Loans by Brands
By: Paul Healy and Maria Loumioti
The case explores the collateralization of intellectual property in a loan agreement between a highly leveraged apparel company and a large US bank. Leveraging intangibles in the credit market is a new practice that has significantly grown over the past few years.... View Details
Healy, Paul, and Maria Loumioti. "Gordon Brothers: Collateralizing Corporate Loans by Brands." Harvard Business School Case 114-016, August 2013. (Revised November 2013.)
- September 2001 (Revised December 2003)
- Case
Eskimo Pie Corporation (Abridged)
In early 1991, Reynolds Metals, the makers of aluminum products, decided to sell its holding of Eskimo Pie, a marketer of branded frozen novelties. Reynolds had an offer from Nestle to acquire Eskimo Pie. However, Reynolds decided instead to make an initial public... View Details
Keywords: Food; Initial Public Offering; Cost of Capital; Valuation; Business Divisions; Brands and Branding; Food and Beverage Industry
Ruback, Richard S. "Eskimo Pie Corporation (Abridged)." Harvard Business School Case 202-037, September 2001. (Revised December 2003.)
- Article
Market Reaction to and Valuation of IFRS Reconciliation Adjustments: First Evidence from the UK
By: Joanne Horton and George Serafeim
We investigate the market reaction to, and the value-relevance of, information contained in the mandatory transitional documents required by International Financial Reporting Standards (IFRS) 1 (2005). We find significant negative abnormal returns for firms reporting... View Details
Keywords: Valuation; Markets; Information; International Finance; Earnings Management; Stock Shares; Taxation; Goodwill Accounting; Price; Financial Reporting; Standards; Corporate Disclosure; United Kingdom
Horton, Joanne, and George Serafeim. "Market Reaction to and Valuation of IFRS Reconciliation Adjustments: First Evidence from the UK." Review of Accounting Studies 15, no. 4 (December 2010).
- Teaching
Overview
Charles C.Y. Wang is the Tandon Family Professor of Business Administration at Harvard Business School in the Accounting and Management Unit and is currently course head of Financial Reporting and Control in the MBA core curriculum; he is also a coordinator of the... View Details
- April 1998 (Revised May 2001)
- Supplement
Acquisition of Consolidated Rail Corporation (B), The
By: Benjamin C. Esty, Lori A. Flees and Mathew M Millett
Eight days after CSX announced it was going to buy Consolidated Rail (Conrail) for $88.65 per share, Norfolk Southern made a hostile $100 per share bid for Conrail. Over the next several months, the potential acquirers upped their bids while exchanging criticism in the... View Details
Keywords: Law; Valuation; Rail Transportation; Bids and Bidding; Governance Controls; Mergers and Acquisitions; Business Strategy; Corporate Finance; Rail Industry; United States
Esty, Benjamin C., Lori A. Flees, and Mathew M Millett. "Acquisition of Consolidated Rail Corporation (B), The." Harvard Business School Supplement 298-095, April 1998. (Revised May 2001.)
- December 2014
- Article
Market Competition, Earnings Management, and Persistence in Accounting Profitability Around the World
We examine how cross-country differences in product, capital, and labor market competition, and earnings management affect mean reversion in accounting return on assets. Using a sample of 48,465 unique firms from 49 countries, we find that accounting returns mean... View Details
Keywords: Corporate Performance; Valuation; Equity Valuation; Persistence; Competitive Advantage; Institutions; Earnings Management; Labor Market; Capital Markets; Competition; Profit; Performance; Supply and Industry; Financial Statements; Government and Politics; Globalized Markets and Industries
Healy, Paul M., George Serafeim, Suraj Srinivasan, and Gwen Yu. "Market Competition, Earnings Management, and Persistence in Accounting Profitability Around the World." Review of Accounting Studies 19, no. 4 (December 2014): 1281–1308.
- January 2009
- Teaching Note
The Hertz Corporation (B) (TN)
By: Timothy A. Luehrman
Teaching Note to [208031]. View Details
- 2020
- Working Paper
How ESG Issues Become Financially Material to Corporations and Their Investors
By: George Serafeim
Management and disclosure of environmental, social and governance (ESG) issues have received substantial interest over the last decade. In this paper, we outline a framework of how ESG issues become financially material, affecting corporate profitability and valuation.... View Details
Keywords: Materiality; ESG; Pharmaceutical Companies; Business Ethics; Sustainability; Environment; Disclosure; Disclosure And Access; Regulation; Social Impact; Environmental Sustainability; Social Issues; Corporate Governance; Ethics; Corporate Disclosure; Corporate Accountability; Resource Allocation; Finance; Accounting; Valuation
Freiberg, David, Jean Rogers, and George Serafeim. "How ESG Issues Become Financially Material to Corporations and Their Investors." Harvard Business School Working Paper, No. 20-056, November 2019. (Revised November 2020.)
- April 1998 (Revised July 2005)
- Case
Acquisition of Consolidated Rail Corporation (A), The
By: Benjamin C. Esty, Lori A. Flees and Mathew M Millett
On October 15, 1996, Virginia-based CSX and Pennsylvania-based Consolidated Rail (Conrail), the first and third largest railroads in the eastern United States, announced their intent to merge in a friendly deal worth $8.3 billion. This deal was part of an industry-wide... View Details
Esty, Benjamin C., Lori A. Flees, and Mathew M Millett. "Acquisition of Consolidated Rail Corporation (A), The." Harvard Business School Case 298-006, April 1998. (Revised July 2005.)
- August 2008
- Case
Thoma Bravo - Citect Corporation Take-Private
In 2006, Citect Corporation, a publicly traded Australian software company, was the target of a takeover battle between a financial sponsor and a strategic buyer. Thoma Bravo, the U.S.-based private equity firm, had to decide on its acquisition strategy in the face of... View Details
Keywords: Mergers and Acquisitions; Private Equity; Investment; Negotiation Deal; Privatization; Valuation; Australia
El-Hage, Nabil N., and Michelle Cathryne Simon. "Thoma Bravo - Citect Corporation Take-Private." Harvard Business School Case 209-022, August 2008.
- 24 Nov 2003
- Research & Ideas
Boards and Corporate Governance: A Balanced Scorecard Approach
performance. The Balanced Scorecard approach has evolved into a tool that can be used to help companies create greater value at the business unit level, the corporate level, and the board level. This is done through three Balanced... View Details
Keywords: Re: Robert S. Kaplan & Krishna G. Palepu
- 2020
- Working Paper
Measuring the Cost of Corporate Water Usage
By: DG Park, George Serafeim and T. Robert Zochowski
We develop a methodology that calculates the impact that organizations have on the environment through their water consumption relating to water stress risk. Using the methodology, we derive estimates for four companies that show how assumptions on the geographic... View Details
Keywords: Water; Water Management; Environment; Sustainability; Environmental Impact; Impact-Weighted Accounts; IWAI; Organizations; Environmental Sustainability; Valuation
Park, DG, George Serafeim, and T. Robert Zochowski. "Measuring the Cost of Corporate Water Usage." Harvard Business School Working Paper, No. 21-036, September 2020.
- September 2016 (Revised February 2017)
- Case
MyTime
By: Juliane Begenau and Robin Greenwood
Ethan Anderson, the CEO of San Francisco–based e-commerce company MyTime, must decide on the company's growth strategy. MyTime’s first product was a website and mobile app that offered consumers a convenient way to book appointments with local merchants throughout the... View Details
- May 1994 (Revised November 1995)
- Case
Shawmut National Corporation's Merger with Bank of Boston Corporation (A)
By: Benjamin C. Esty
Presents the merger negotiations between Bank of Boston (BOB) and Shawmut National Corp. (SNC), two of the country's largest bank holding companies and requires students to value BOB's current offer for SNC. Provides an overview of recent events and trends in the... View Details
Keywords: Mergers and Acquisitions; Banks and Banking; Ethics; Negotiation; Valuation; Management; Banking Industry; United States
Esty, Benjamin C. "Shawmut National Corporation's Merger with Bank of Boston Corporation (A)." Harvard Business School Case 294-119, May 1994. (Revised November 1995.)
- October, 2023
- Article
Cleaning Up the Great Lakes: Housing Market Impacts of Removing Legacy Pollutants
By: Alecia Cassidy, Robyn C. Meeks and Michale R. Moore
The Great Lakes and their tributaries make up the largest freshwater system on the planet, providing drinking water and recreational value to millions of people. Yet manufacturing plants left a legacy of toxic pollutants in the region, tarnishing it as part of the... View Details
Keywords: Valuation Of Environmental Effects; Housing Demand; Water Pollution; Water Quality; Infrastructure; Pollution; Consumer Behavior
Cassidy, Alecia, Robyn C. Meeks, and Michale R. Moore. "Cleaning Up the Great Lakes: Housing Market Impacts of Removing Legacy Pollutants." Journal of Public Economics 226 (October, 2023).