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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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    George Serafeim

    George Serafeim is the Charles M. Williams Professor of Business Administration at Harvard Business School, where he co-leads the Climate and Sustainability Impact Lab within the Digital, Data, and Design Institute. He teaches the MBA course “Risks, Opportunities,... View Details

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

    Faculty & Research

    Using large language models to measure firms' climate solution products and services, we find that high-climate solution firms exhibit lower stock returns and higher market valuation multiples. Their stock prices respond positively to... View Details
    • 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
    Related
    • 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

      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
      • 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
      • 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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      • 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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      • 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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      • 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
      Related

        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

        Finance - Faculty & Research

        financial institutions, markets, and instruments contribute to this process. Our approach to research is distinguished by its unique combination of theory, empirical analysis, mathematical modeling, and field observations at companies. Recent Publications Dynamic... View Details
        • Web

        About - Business & Environment

        integrate climate in the core of the management curriculum, and drive new course development on a range of topics from climate finance to adaptation and resilience, to accelerating climate solutions. She leads an awesome team that convenes and supports students,... 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
        • Web

        Human Behavior & Decision-Making - Faculty & Research

        Research on Multiple Identities: Toward an Intrapersonal Network Approach By: Lakshmi Ramarajan Psychologists, sociologists, and philosophers have long recognized that people have multiple identities—based... 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
        • 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