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- October 2002 (Revised May 2003)
- Case
Dynatrol Corporation: Andover Assembly Division
By: H. Kent Bowen, Janice H. Hammond and Ramchandran Jaikumar
While grappling with glitches in the design and operation of its production system, Andover Assembly must also launch a new sensor product line to meet ultimatums issued by frustrated Signatron vice presidents. The financial returns of the division are not meeting... View Details
- August 2002 (Revised January 2003)
- Case
Australia-Japan Cable: Structuring the Project Company
By: Benjamin C. Esty and Carrie Ferman
In late September 1999, representatives from Telstri, Japan Telecom, and Teleglobe met to discuss the structure of the Australia-Japan Cable (AJC) project, a $520 million submarine cable system that would run from Australia to Japan. The sponsors, excited by the... View Details
- July 2002 (Revised August 2002)
- Supplement
Australia-Japan Cable: Structuring the Project Company
By: Benjamin C. Esty
Spreadsheet to (9-203-024). Download only. View Details
- July 2002 (Revised August 2003)
- Case
Unilever Superannuation Fund vs. Merrill Lynch, The
By: Andre F. Perold and Joshua Musher
In 2001, the Unilever Superannuation Fund sued Merrill Lynch for damages of 130 million British pounds. Over the period 1977 to 1998, the Unilever Fund had significantly underperformed the benchmark, and its trustees contended that the poor returns resulted from... View Details
- April 2002 (Revised February 2003)
- Background Note
An Economic Framework for Assessing Development Impact
By: Benjamin C. Esty, Frank J. Lysy and Carrie Ferman
Discusses the differences between private and social returns and describes an economic framework for assessing a project's social return [known as the economic rate of return (ERR)]. The framework begins by analyzing the impact of a new project on private financiers... View Details
- April 2002 (Revised May 2003)
- Case
Nghe An Tate & Lyle Sugar Company (Vietnam)
By: Benjamin C. Esty, Frank J. Lysy and Carrie Ferman
In September 1998, Paul Cooper, Tate & Lyle's finance director for international investments, asked the International Finance Corp. (IFC) to consider lending up to $45 million to finance a $90 million sugar mill in northern Vietnam. Ewen Cobban, an IFC agricultural... View Details
- April 2002
- Article
Limited Arbitrage in Mergers and Acquisitions
By: Malcolm Baker and Serkan Savasoglu
A diversified portfolio of risk arbitrage positions produces an abnormal return of 0.6-0.9% per month over the period from 1981 to 1996. We trace these profits to practical limits on risk arbitrage. In our model of risk arbitrage, arbitrageurs' risk-bearing capacity... View Details
- spring 2002
- Article
Returns on Project-Financed Investments: Evolution and Managerial Implications
By: B. C. Esty
- March 2002 (Revised November 2003)
- Case
Satellite Radio
By: Thomas R. Eisenmann and Alastair Brown
In early 2002, XM and Sirius were fighting for control of the emerging U.S. market for satellite radio. Each company targeted consumers in automobiles, providing 100 channels of CD-quality audio for a monthly subscription fee of $10-$13. Wall Street analysts predicted... 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
- 2002
- Other Unpublished Work
The Maturity of Debt Issues and Predictable Variation in Bond Returns
By: Malcolm Baker, Robin Greenwood and Jeffrey Wurgler
The maturity of new debt issues predicts excess bond returns. When the share of long term debt issues in total debt issues is high, future excess bond returns are low. This predictive power comes in two parts. First, inflation, the real short-term rate, and the term... View Details
- December 2001
- Case
Natural Pork Production
By: Ray A. Goldberg and James M Beagle
An entrepreneurial hog farmer's creative use of contracts and capital structure drives very successful growth and returns in a depressed commodity industry. View Details
- October 2001 (Revised February 2002)
- Case
Acme Investment Trust: January 2001
By: Josh Lerner
The managers of a large corporate pension fund must decide whether to invest in a private equity fund that is offering a guaranteed rate of return of 20% on part of its portfolio. The background behind and implications of the guarantee are explored. View Details
- August 2001 (Revised March 2008)
- Case
Helios Health (A)
By: Regina E. Herzlinger and Alfred Martin
Helios PC system provides personalized drug information to the patients in the doctor's waiting room. It has met with considerable consumer acceptance and a very high return for the drug companies that sponsor it. What price should it charge them for the service? View Details
- August 2001 (Revised March 2008)
- Supplement
Kirk Arnold
By: Nitin Nohria and Alan Price
Supplements NerveWire, Inc. View Details
- August 2001 (Revised April 2002)
- Case
Strategic Capital Management, LLC (A)
By: Mark L. Mitchell, Erik Stafford and Todd Pulvino
Strategic Capital Management, LLC, is a hedge fund that is planning to make financial investments in Creative Computers and Ubid. Creative Computers recently sold approximately 20% of its Internet auction subsidiary, Ubid, to the public at $15 per share. Ubid's stock... View Details
- August 2001
- Case
Strategic Capital Management, LLC (B)
By: Mark L. Mitchell, Erik Stafford and Todd Pulvino
Supplements the (A) case. View Details
- August 2001
- Case
Strategic Capital Management, LLC (C)
By: Mark L. Mitchell, Erik Stafford and Todd Pulvino
Supplements the (A) case. View Details