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  • April 2005 (Revised January 2007)
  • Case

Furman Selz LLC (A): A Tale of Two Acquisitions

By: Nancy D. Beaulieu, Boris Groysberg and Kyle Doherty
Profiles a firm that was reacquired by two companies with different degrees of success. Highlights integration challenges present in acquisition deals when the primary assets of the target are human capital. Focuses on Furman Selz's acquisition by Xerox in 1987; its... View Details
Keywords: Mergers and Acquisitions; Transition; Valuation; Human Capital; Compensation and Benefits; Integration; Organizational Culture; Banking Industry; Financial Services Industry; United States
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  • June 2020
  • Case

TransDigm: The Acquisition of Aerosonic Corp.

By: Benjamin C. Esty and Daniel W. Fisher
In April 2013, TransDigm, a company that manufactured a wide range of highly engineered aerospace parts for both military and commercial aircraft, announced an agreement to acquire Aerosonic Corporation for $39 million in cash (1.2 times Aerosonic’s sales of $31... View Details
Keywords: Mergers and Acquisitions; Growth Management; Business Strategy; Competitive Strategy; Value Creation; Valuation; Negotiation; Cash Flow; Contracts; Aerospace Industry; Air Transportation Industry; United States
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    George Serafeim

    George Serafeim is the Charles M. Williams Professor of Business Administration at Harvard Business School. He co-leads a Lab, within Harvard's Digital, Data, Design Institute, that focuses on organizational transformation through major shifts, including those... View Details

    Keywords: asset management; insurance industry; automobiles; industrial goods; fashion; food; green technology

      Luis M. Viceira

      Luis M. Viceira is the George E. Bates Professor in the Finance Unit  and a Research Associate at the National Bureau of Economic Research. His research, course development, and teaching focus on the areas of investment management... View Details

      Keywords: banking; education industry; financial services; nonprofit industry; retail financial services
      • Article

      What Do Private Equity Firms Say They Do?

      By: Paul A. Gompers, Steven N. Kaplan and Vladimir Mukharlyamov
      We survey 79 private equity investors with combined assets under management (AUM) of over $750 billion about their practices in firm valuation, capital structure, governance, and value creation. Investors rely primarily on internal rate of return (IRR) and multiples to... View Details
      Keywords: Private Equity; Valuation; Capital Structure; Value Creation
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      • September 2017
      • Case

      Blackstone's Julia Kahr at the Summit

      By: Paul A. Gompers, John D. Dionne and Amram Migdal
      In 2009, Blackstone, the New York-based alternative asset and financial services firm, committed to invest up to $750 million into Summit Materials, a new company in the aggregates sector (i.e., construction materials, such as crushed stone, sand, gravel, cement,... View Details
      Keywords: Roll Up; Private Equity Roll Up; Aggregates; Aggregates Materials; Construction Materials; Business Ventures; Acquisition; Leveraged Buyouts; Business Growth and Maturation; Engineering; Construction; Finance; Capital; Equity; Private Equity; Financial Instruments; Investment; Housing; Management; Goals and Objectives; Growth and Development Strategy; Growth Management; Personal Development and Career; Management Teams; Planning; Problems and Challenges; Value; Valuation; Value Creation; Construction Industry; Financial Services Industry; United States
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      • Program

      Mergers and Acquisitions

      Summary Across the globe, mergers and acquisitions are reshaping the corporate and competitive landscape. To help companies gain a strategic advantage and expand market share, this M&A program takes you inside the process—from strategy and View Details
      • February 2022
      • Supplement

      SpartanNash Company: The Amazon Warrants (A)

      By: Benjamin C. Esty, E. Scott Mayfield and Daniel Fisher
      As of 12/31/21, Amazon held $22 billion of equity and warrants in related companies. In fact, it often requests a free grant of warrants when it enters into a new commercial agreement with a supplier. Over the past 20 years, Amazon has gotten warrants almost 20... View Details
      Keywords: Valuation; Value Creation; Consumer Behavior; Negotiation; Distribution; Ownership; Partners and Partnerships; Business Strategy; Equity; Distribution Industry; Food and Beverage Industry; United States
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      • Web

      Faculty & Advisors | MBA

      Fisher Scientific in 2009 after serving in multiple senior roles at the company. He became Chairman in 2020. Prior to joining Thermo Fisher, Marc served as President, Chief Executive Officer and a director of Kendro Laboratory Products.... View Details
      • January 2022
      • Supplement

      Kornit Digital: The Amazon Warrants (C)

      By: Benjamin C. Esty, E. Scott Mayfield and Daniel Fisher
      As of 12/31/21, Amazon held $22 billion of equity and warrants in related companies. In fact, it often requests a free grant of warrants when it enters into a new commercial agreement with a supplier. Over the past 20 years, Amazon has gotten warrants almost 20... View Details
      Keywords: Valuation; Value Creation; Consumer Behavior; Negotiation; Distribution; Ownership; Partners and Partnerships; Business Strategy; Equity; Distribution Industry; Food and Beverage Industry; United States
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        Best-selling and New Cases by Ben Esty

        Best-Selling (MOST POPULAR) Cases:  

          1) Eaton: Portfolio Transformation & Cost of... View Details

        • 2002
        • Other Unpublished Work

        Market Liquidity as a Sentiment Indicator

        By: Malcolm Baker and Jeremy Stein
        We build a model that helps to explain why increases in liquidity—such as lower bid–ask spreads, a lower price impact of trade, or higher turnover—predict lower subsequent returns in both firm-level and aggregate data. The model features a class of irrational... View Details
        Keywords: Price; Financial Liquidity; Trade; Valuation; Markets; Forecasting and Prediction; Equity; Stock Shares; Investment Return
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        • 09 Nov 2010
        • First Look

        First Look: November 9, 2010

        versus exploitation innovations impact economic growth through a tractable endogenous growth framework that contains multiple innovation sizes, multi-product firms, and entry/exit. Firms invest in exploration R&D to acquire new... View Details
        Keywords: Sean Silverthorne
        • Web

        About - Business & Environment

        multiple HBS departments and that collaborates across Harvard University to drive climate learning, career path mentorship, and action. Previously Lynn was a VP in the Infrastructure and Energy group at Citigroup and a Director at the... View Details
        • 09 Aug 2016
        • First Look

        August 9, 2016

        Abstract—We examine immigrant entrepreneurship and the survival and growth of immigrant-founded businesses over time relative to native-founded companies. Our work quantifies immigrant contributions to new firm creation in a wide variety of fields using View Details
        Keywords: Sean Silverthorne
        • 01 Dec 2023
        • News

        Thinking Ahead

        companies, Senior Lecturer Julia Austin has a more nuanced understanding of this reality than most—and a few pointers for anxious founders to keep in mind. “It’s still unpredictable, hard, and illogical in some ways,” Austin says of the current environment. “What’s... View Details
        Keywords: Julia Hanna; Illustrations by Chris Gash; News, Library, Internet, and Other Services; Information
        • Web

        Accounting & Management Awards & Honors - Faculty & Research

        Runner-up for the 2024 Best Paper Award from the Journal of Corporate Finance for "The Stock Market Valuation of Human Capital Creation" with Matthias Regier (April 2023). Charles C.Y. Wang : Winner of the Best Paper Award at the 2024... View Details
        • 15 Jul 2014
        • First Look

        First Look: July 15

        (Search-Based Peers or SBPs) are fundamentally similar on multiple dimensions. In direct tests, SBPs dominate GICS6 industry peers in explaining cross-sectional variations in base firms' out-of-sample (a) stock returns, (b) View Details
        Keywords: Carmen Nobel
        • January 2018
        • Case

        Ak Gıda: IPO or Strategic Sale

        By: Suraj Srinivasan and Eren Kuzucu
        In 2015, Yıldiz Holding, one of the world’s largest producer of confections, biscuits and crackers, was at the end of its divestiture process from Ak Gida, one of the leading dairy companies in Turkey. The company had adopted a dual track process, pursuing an initial... View Details
        Keywords: Valuation; Private Sector; For-Profit Firms; Business Model; Business Strategy; Competitive Advantage; Growth and Development Strategy; Value Creation; Decision Making; Growth Management; Mergers and Acquisitions; Initial Public Offering; Business Conglomerates; Business Exit or Shutdown; Family Business; Joint Ventures; Food and Beverage Industry; Turkey
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        • Web

        Business Finance Course Online | HBS Online

        today, compare various valuation methods, and discuss potential risks involved in mergers and acquisitions. Highlights Common Multiples Spirit Aerosystems Dell, Inc Show Hide Details Concepts View Details