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Show Results For
- All HBS Web
(686)
- People (2)
- News (69)
- Research (513)
- Multimedia (3)
- Faculty Publications (278)
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- July 2010
- Article
Board Interlocks and the Propensity to Be Targeted in Private Equity Transactions
By: Toby E. Stuart and Soojin Yim
In this paper, we examine the propensity for U.S. public companies to become targets for private equity-backed, take-private transactions. We consider the characteristics of 483 private equity-backed deals in the 2000-2007 period relative to public companies, and find... View Details
Keywords: Board Interlocks; Board Networks; Social Networks; Private Equity; Corporate Governance; Public Ownership; Market Transactions; Governing and Advisory Boards; United States
Stuart, Toby E., and Soojin Yim. "Board Interlocks and the Propensity to Be Targeted in Private Equity Transactions." Journal of Financial Economics 97, no. 1 (July 2010): 174–189.
- November 2018
- Teaching Note
The Tax Man: Taxes in Private Equity Real Estate
By: Nori Gerardo Lietz and Sayiddah Fatima McCree
Teaching Note for HBS No. 218-077. This teaching note provides the back up analysis for the various alternatives to be considered in choosing the optimal investment structure for the real estate acquisition. It contrasts the interests of the tax exempt investors... View Details
- October 2017
- Article
'Be Careless with That!' Availability of Product Upgrades Increases Cavalier Behavior Toward Possessions
By: Silvia Bellezza, Joshua M. Ackerman and Francesca Gino
Consumers are often faced with the opportunity to purchase a new, enhanced product, such as a new phone, even though the product they currently own is still fully functional. We propose that consumers act more recklessly with their current products when in the presence... View Details
Keywords: Carelessness; Product Upgrade; Ownership; Justification; Consumer Behavior; Attitudes; Property
Bellezza, Silvia, Joshua M. Ackerman, and Francesca Gino. "'Be Careless with That!' Availability of Product Upgrades Increases Cavalier Behavior Toward Possessions." Journal of Marketing Research (JMR) 54, no. 5 (October 2017): 768–784.
- 2011
- Working Paper
The First Deal: The Division of Founder Equity in New Ventures
By: Thomas F. Hellmann and Noam Wasserman
This paper examines the division of founder shares in entrepreneurial ventures, focusing on the decision of whether or not to divide the shares equally among all founders. To motivate the empirical analysis we develop a simple theory of costly bargaining, where... View Details
Keywords: Business Startups; Decision Choices and Conditions; Entrepreneurship; Fairness; Equity; Managerial Roles; Negotiation Deal; Ownership Stake; Value
Hellmann, Thomas F., and Noam Wasserman. "The First Deal: The Division of Founder Equity in New Ventures." NBER Working Paper Series, No. 16922, April 2011.
- February 2018 (Revised December 2019)
- Case
The Tax Man: Taxes in Private Equity Real Estate
By: Nori Gerardo Lietz, Timothy J. Becker, Ricardo Andrade and Sayiddah F. McCree
In January 2018, Caelan Langan, an associate at KSW Partners LLC (“KSW”), was asked by Katherine Scott, the partner for whom he worked, to recommend a proposed structure to acquire a prominent office building in San Francisco for their most recent fund. Caelan was... View Details
Keywords: Real Estate; Alternative Investment Structures; Property; Acquisition; Private Equity; Investment; Management; Taxation; Policy
Lietz, Nori Gerardo, Timothy J. Becker, Ricardo Andrade, and Sayiddah F. McCree. "The Tax Man: Taxes in Private Equity Real Estate." Harvard Business School Case 218-077, February 2018. (Revised December 2019.)
- December 2013
- Article
Leviathan as a Minority Shareholder: Firm-level Implications of State Equity Purchases
By: Carlos F. K. V. Inoue, Sergio G. Lazzarini and Aldo Musacchio
In many countries, firms face institutional voids that raise the costs of doing business and thwart entrepreneurial activity. We examine a particular mechanism to address those voids: minority state ownership. Due to their minority nature, such stakes are less affected... View Details
Keywords: Business Groups; Development Banks; State Capitalism; Performance; State Ownership; Brazil
Inoue, Carlos F. K. V., Sergio G. Lazzarini, and Aldo Musacchio. "Leviathan as a Minority Shareholder: Firm-level Implications of State Equity Purchases." Academy of Management Journal 56, no. 6 (December 2013).
- 2011
- Working Paper
Leviathan as a Minority Shareholder: A Study of Equity Purchases by the Brazilian National Development Bank (BNDES), 1995-2003
By: Sergio G. Lazzarini and Aldo Musacchio
There is a growing literature comparing the performance of private vs. state-owned companies. Yet, there is little work examining the effects of having the government as a minority shareholder of private companies. We conduct such a study using data for 296 publicly... View Details
Keywords: Investment; Ownership Stake; State Ownership; Private Ownership; Performance Evaluation; Business and Government Relations; Business and Shareholder Relations; Banking Industry; Brazil
Lazzarini, Sergio G., and Aldo Musacchio. "Leviathan as a Minority Shareholder: A Study of Equity Purchases by the Brazilian National Development Bank (BNDES), 1995-2003." Harvard Business School Working Paper, No. 11-073, January 2011. (**Winner of the Prize for the Best Paper Presented at the Strategic Management Society Special Conference, Rio de Janeiro, 2011.)
- November 2020 (Revised April 2021)
- Case
Roll-Ups and Surprise Billing: Collisions at the Intersection of Private Equity and Patient Care
By: Trevor Fetter and Kira Seiger
This case describes the increasing investment by private equity (PE) firms in patient care and other healthcare services. The case focuses on investments in physician staffing firms and roll-up strategy investments in physician practice management (PPM). Included in... View Details
Keywords: Business Ventures; Acquisition; Mergers and Acquisitions; Business Model; Change; Disruption; Fluctuation; Trends; Customers; Customer Value and Value Chain; Ethics; Fairness; Finance; Equity; Insurance; Private Equity; Geography; Geographic Scope; Health; Health Care and Treatment; Markets; Demand and Consumers; Supply and Industry; Industry Structures; Ownership; Ownership Type; Private Ownership; Relationships; Agency Theory; Business and Community Relations; Business and Shareholder Relations; Business and Stakeholder Relations; Networks; Strategy; Competition; Consolidation; Expansion; Integration; Horizontal Integration; Vertical Integration; Value; Value Creation; Health Industry; Insurance Industry; United States
Fetter, Trevor, and Kira Seiger. "Roll-Ups and Surprise Billing: Collisions at the Intersection of Private Equity and Patient Care." Harvard Business School Case 321-049, November 2020. (Revised April 2021.)
- July 2023 (Revised November 2023)
- Supplement
Equity Restructuring at Dell Technologies: Buy Out, Buy Up, Buy In (B)
By: Stuart C. Gilson and Sarah L. Abbott
Following Dell’s return to the public market in 2018, the company’s stock underperformed. In June 2020, the Wall Street Journal reported that Dell was exploring various options with respect to its majority stake in the virtualization software company VMware. View Details
Keywords: Recapitalization; Reverse Merger; Spin Off; Public Ownership; Restructuring; Technology Industry; United States
Gilson, Stuart C., and Sarah L. Abbott. "Equity Restructuring at Dell Technologies: Buy Out, Buy Up, Buy In (B)." Harvard Business School Supplement 224-006, July 2023. (Revised November 2023.)
- November 2019 (Revised February 2020)
- Case
Constellation Brands' Investment in Canopy Growth: Aiming High
By: Stuart C. Gilson and Sarah L. Abbott
In 2017, Constellation Brands, the U.S.-based beverage company, acquired a 9.9% equity interest in the Canadian marijuana company, Canopy Growth. In 2018, Constellation announced a subsequent investment in Canopy—taking its ownership interest to 37%. However, Canopy’s... View Details
Keywords: Equity Investment; Marijuana; Growth Investing; New Market Development; Beverage Industry; Equity; Investment; Strategy; Consulting Industry; Food and Beverage Industry; Canada; United States
Gilson, Stuart C., and Sarah L. Abbott. "Constellation Brands' Investment in Canopy Growth: Aiming High." Harvard Business School Case 220-044, November 2019. (Revised February 2020.)
- 2002
- Article
The Diana Project: Women Business Owners & Equity Capital: The Myths Dispelled.
By: Candida G. Brush, Nancy M. Carter, Elizabeth Gatewood, Patricia G. Greene and Myra M. Hart
- 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
Nicholas, Tom, and John Masko. "Barbarians at the Gate or Turnaround Gurus? Private Equity and the Rise of the LBO." Harvard Business School Case 821-016, February 2021. (Revised June 2021.)
- January 2009
- Background Note
Financial Networks and Informal Banking in China: From Pawnshops to Private Equity
By: Elisabeth Koll
Provides an analysis of why informal financial networks and institutions still play an extremely important role in China's economy in the 21st century. Although China has emerged as one of the fastest growing economies in the world, it still suffers from a weak... View Details
Keywords: Entrepreneurship; Private Equity; Banks and Banking; Financing and Loans; Governing Rules, Regulations, and Reforms; State Ownership; Business and Government Relations; Networks; China
Koll, Elisabeth. "Financial Networks and Informal Banking in China: From Pawnshops to Private Equity." Harvard Business School Background Note 809-111, January 2009.
- November 2013
- Teaching Plan
Hotel Ivory
By: Nicolas P. Retsinas and Lisa Strope
Cheick Sanankoua is an MBA student who believes that he has found the perfect investment property, a small, independently-owned hotel, on the Ivory Coast. However, he has had trouble raising money for the investment beyond friends and family. Through contacts in the... View Details
Retsinas, Nicolas P., and Lisa Strope. "Hotel Ivory." Harvard Business School Teaching Plan 214-002, November 2013.
- March 2014
- Supplement
Transforming Tommy Hilfiger (B)
By: Raffaella Sadun, Hanoch Feit, Vaibhav Gujral and Gerard Zouein
Keywords: Turnaround; Private Equity; Private Ownership; Diversification; Acquisition; Retail Industry; Apparel and Accessories Industry; United States; Europe
Sadun, Raffaella, Hanoch Feit, Vaibhav Gujral, and Gerard Zouein. "Transforming Tommy Hilfiger (B)." Harvard Business School Supplement 714-452, March 2014.
- November 2016 (Revised April 2018)
- Case
Darby's Investment in Sirma: Professionalizing an Entrepreneurial Firm
By: Suraj Srinivasan and Eren Kuzucu
In March 2010, Burak Dalgın (HBS MBA 2004) led private equity firm Darby's investment in Sırma, a local Turkish water and beverage company. Sırma was owned and managed by members of two Turkish business families. The existing management, while being highly... View Details
Keywords: Control Systems; Variance Analysis; Emerging Markets; Debt; Family Ownership; Turkey; Valuation; Business or Company Management; Private Equity; Financial Reporting; Investment; Budgets and Budgeting; Food and Beverage Industry; Turkey
Srinivasan, Suraj, and Eren Kuzucu. "Darby's Investment in Sirma: Professionalizing an Entrepreneurial Firm." Harvard Business School Case 117-033, November 2016. (Revised April 2018.)
- March 2014
- Case
Transforming Tommy Hilfiger (A)
By: Raffaella Sadun, Hanoch Feit, Vaibhav Gujral and Gerard Zouein
At the end of 2005, Tommy Hilfiger is taken private by Apax Partners after years of disappointing performance and strategic impasse. Students are asked to evaluate alternative strategic options for the company, and to propose a concrete turnaround plan for the first... View Details
Keywords: Turnaround; Private Equity; Private Ownership; Diversification; Acquisition; Retail Industry; Apparel and Accessories Industry; United States; Europe
Sadun, Raffaella, Hanoch Feit, Vaibhav Gujral, and Gerard Zouein. "Transforming Tommy Hilfiger (A)." Harvard Business School Case 714-451, March 2014.
- March 2014
- Teaching Note
Transforming Tommy Hilfiger (A) and (B)
By: Raffaella Sadun
Teaching Note for "Transforming Tommy Hilfiger (A)" and "Transforming Tommy Hilfiger (B)" View Details
- 2017
- Working Paper
The Benefits of Selective Disclosure: Evidence from Private Firms
By: Joan Farre-Mensa
Private firms’ ability to communicate confidentially with selected investors implies that valuation disagreements between firms and investors are larger at public firms than at private ones. Consistent with the notion that misvaluation concerns lead public firms to... View Details
Keywords: Finance; Equity; Private Companies; Corporate Cash; Precautionary Motives; Share Issuance; IPOs; Selective Disclosure; Private Ownership; Cash; Market Timing; Corporate Finance; Public Ownership; Corporate Disclosure; United States
Farre-Mensa, Joan. "The Benefits of Selective Disclosure: Evidence from Private Firms." Harvard Business School Working Paper, No. 14-095, April 2014. (Revised March 2017.)
- 2009
- Chapter
Do Private Equity-owned Firms Have Better Management Practices?
By: Nicholas Bloom, Raffaella Sadun and John Van Reenen
We use an innovative survey tool to collect management practice data from over 4,000 medium sized manufacturing firms across Asia, Europe and the US. These measures of managerial practice are strongly associated with firm-level performance (e.g. productivity,... View Details
Keywords: Private Equity; Management Practices and Processes; Production; Private Ownership; Performance Improvement; Performance Productivity
Bloom, Nicholas, Raffaella Sadun, and John Van Reenen. "Do Private Equity-owned Firms Have Better Management Practices?" Chap. 1 in The Global Economic Impact of Private Equity Report 2009, 1–23. Globalization of Alternative Investments Working Papers. Geneva, Switzerland: World Economic Forum, 2009.