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May 2015 (Revised September 2017)
Case

Generating Higher Value at IBM (A)

By: Benjamin C. Esty and E. Scott Mayfield

This case analyzes IBM's financial performance and its capital allocation decisions over a 10-year period from 2004-2013, during which IBM returned more than $140B to shareholders through a combination of dividends and share repurchases. During this time, CEO Sam... View Details

Keywords: Dividends; Share Repurchases; Earnings Guidance; Financial Statement Analysis; Financial Ratios; Payout Policy; Earnings Per Share (EPS); Earnings Management; Change Management; Leadership; Transformation; Financial Strategy

November 2011
Case

Brink's Company: Activists Push for a Spin-off

By: Suraj Srinivasan, Aldo Sesia and Amy Kaser

The case studies the decision of the security services corporation Brink's Company to spin-off its home security division from the rest of the company. The decision followed intense pressure on the company by three activist hedge funds that felt that Brink's was... View Details

Keywords: Activist Investors; Spin-off; Leveraged Recapitalization; Debt; Valuation; Hedge Funds; Conglomerates; Investment Activism

April 2009
Case

GSK's Acquisition of Sirtris: Independence or Integration?

By: Toby E. Stuart and James Weber

An executive from pharmaceutical company GSK must choose how much to integrate a recently acquired biotechnology firm, Sirtris. Moncef Slaoui, GSK's global head of R&D, championed the acquisition of Sirtris to gain access to its potentially revolutionary science.... View Details

Keywords: Mergers and Acquisitions; Resource Allocation; Organizational Change and Adaptation; Organizational Culture; Organizational Structure; Research and Development; Science-Based Business; Integration

June 2011 (Revised September 2011)
Case

Two Key Decisions for China's Sovereign Fund

By: Robert C. Pozen and Xiaoyu Gu

The China Investment Corporation (CIC) was China's sovereign wealth fund (SWF), established with $200 billion of registered capital in September 2007 to diversify China's foreign exchange holdings and increase risk-adjusted returns on those assets. CIC was unusual in... View Details

Keywords: Business Subsidiaries; Business Growth and Maturation; Decisions; Capital; Investment Banking; Investment Funds; Corporate Social Responsibility and Impact; Ownership; Business and Shareholder Relations; Risk and Uncertainty; Wealth; Expansion; Financial Services Industry; China; United States

August 2019
Case

The Allstate Corporation, 2019

By: John R. Wells and Benjamin Weinstock

In July 2019, Allstate, the United States’ number-three property and casualty (P/C) insurer, released its second-quarter earnings, which reported first-half revenues of $22.1 billion, up 11.4% year-over-year. Shareholders cheered the top-line growth, but P/C premiums... View Details

Keywords: Insurance Companies; Strategic Analysis; Strategic Change; Insurance; Strategy; Strategic Planning; Organizational Change and Adaptation; Competitive Strategy; Insurance Industry; North America

August 2022
Case

One Tiger Per Mountain: The He Family Office

By: Lauren Cohen, Fei Wu and Grace Headinger

Roy He, founder and majority shareholder of his family construction material production company, was preparing to pass down the family business through its first generational handover to his children. His decision would establish his familial legacy and set a precedent... View Details

Keywords: Governance Structure; Family Business; Family Ownership; Strategic Planning; Family and Family Relationships; Leadership; Construction Industry; Canton (city, China); Canton (province, China); China

March 2010 (Revised January 2012)
Case

Bank of America-Merrill Lynch

By: Guhan Subramanian and Nithyasri Sharma

In September 2008, as Lehman Brothers struggled to survive, John Thain, CEO of Merrill Lynch, realized that his bank was also on the brink of failure. Throughout the weekend of September 13–14, 2008, Thain successfully negotiated a deal with Ken Lewis, CEO of Bank of... View Details

Keywords: Mergers and Acquisitions; Financial Crisis; Financing and Loans; Negotiation Deal; Business and Government Relations; Banking Industry; United States

December 2001 (Revised June 2002)
Case

Compensation at Level 3 Communications

Level 3's unique compensation plan rewarded managers for the firm's performance only if the firm's stock price movement exceeded that of the market. This design was intended to maximize shareholder value by tying manager's performance more closely to that of the firm,... View Details

Keywords: Motivation and Incentives; Compensation and Benefits; Telecommunications Industry

Innovating for Sustainability

Every major company is grappling with the meaning and application of sustainability in relation to its geographic location, industry and business model. Similarly, more and more institutional investors are incorporating sustainability into their... View Details

June 2007 (Revised December 2007)
Case

AFL-CIO: Office of Investment and Home Depot

By: Rakesh Khurana and James Weber

Describes the AFL-CIO: Office of Investments activities in their campaign to improve governance at Home Depot by calling attention to Home Depot CEO Robert Nardelli's compensation package and the company's poor performance. The AFL-CIO Office of Investments advocates... View Details

Keywords: Investment; Corporate Governance; Governing and Advisory Boards; Executive Compensation; Labor Unions; Organizational Change and Adaptation; Business and Shareholder Relations

Web

Accounting & Management - Faculty & Research

volume brings together insights from legal advisors, investors, and governance experts and covers topics ranging from board refreshment and audit committees to shareholder activism, cybersecurity, and global governance trends. June 2025... View Details

23 Apr 2019
First Look

New Research and Ideas, April 23, 2019

offer opportunities for future research. Publisher's link: https://www.hbs.edu/faculty/Pages/item.aspx?num=56001 Rehabilitating Corporate Purpose By: Salter, Malcolm S. Abstract—In this paper, I address how the ascendance of the theory of View Details

Keywords: Dina Gerdeman

Article

B Corps: Can It Remake Capitalism in Japan?

By: Geoffrey Jones

This article examines the B Corporation movement that originated in the United States in 2006. The founders sought to create a new type of company whose governance structure mandated them to consider financial, social and environmental performance. A certification... View Details

Keywords: Corporate Responsibility; Sustainability; B Corporations; Stakeholder Capitalism; Governance; Organizational Structure; Corporate Social Responsibility and Impact; Japan

30 Apr 2024
Book

When Managers Set Unrealistic Expectations, Employees Cut Ethical Corners

willing to approve continued sales of a drug known to be lethal to some customers in fulfilment of their assigned role to maximise value for shareholders (Armstrong, 1977, p. 204). And so on. Yet, the insights from this research and their... View Details

Keywords: by Dina Gerdeman

January 2024 (Revised May 2024)
Case

Pioneer Natural Resources: Enhancing the Capital Return Strategy with Variable Dividends

By: Benjamin C. Esty, Elisabeth Kempf and E. Scott Mayfield

In February 2021, Scott Sheffield, the CEO of Pioneer Natural Resources (an independent oil and gas company based in Texas), was considering the possibility of enhancing the firm’s capital return strategy by introducing a variable dividend tied to cash flows in... View Details

Keywords: Corporate Finance; Cash Flow; Financial Management; Financial Strategy; Value Creation; Decision Choices and Conditions; Investment Return; Profit; Policy; Business and Shareholder Relations; Energy Industry; United States; North America; Texas

2025
Working Paper

An Empirical Examination of Business Climate Alliances: Effective and/or Harmful?

By: Matteo Gasparini and Peter Tufano

This research studies business alliances that seek to address climate change, offering empirical evidence to address claims advanced by alliance supporters and critics. We study eleven major alliance mostly focused on financial services firms and 424 major... View Details

Keywords: Antitrust; Climate Change; Financial Institutions; Competition; Network Effects; Alliances

February 2025
Article

Deep Responsibility, SDGs, and Asia: A Historical Perspective

By: Geoffrey Jones

Although it was only in 2015 the 17 SDGs were adopted by UN Member States, many of the underlying ideas can be found in the strategies of some businesses going back to the nineteenth century. Asia was the home of many of the most advanced concepts of business... View Details

Keywords: ESG; Multinational Corporation; Sustainability; Corporate Social Responsibility and Impact; Multinational Firms and Management; Corporate Governance; Leadership; Asia

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May 2004 (Revised April 2006)
Case

Ultra: The Quest for Leadership (A)

By: Dwight B. Crane and Ricardo Reisen de Pinho

Ultra is one of a small group of competing Brazilian petrochemical companies, each of which buys raw material and is a minority owner of Copene, a "cracking" company that provides ethylene and other materials. Because of an industry restructuring, an auction of shares... View Details

Keywords: Capital; Capital Budgeting; Investment; Risk and Uncertainty; Risk Management; Industry Structures; Cash Flow; Cost of Capital; Valuation; Bids and Bidding; Economy; Ownership Stake; Chemical Industry; Brazil

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December 1999 (Revised March 2000)
Case

Workplace Safety at Alcoa (B)

At the May 1996 annual shareholders meeting, Alcoa CEO Paul O'Neill reported that Alcoa was making great progress toward becoming a world-class leader, both in terms of workplace safety and profitability. This validated of O'Neill's decade-long emphasis on safety as... View Details

Keywords: Safety; Working Conditions; Quality; Cost; Profit; Management Systems

TransDigm in 2017: The Beginning of the End or The End of the Beginning?

TransDigm, an incredibly successful yet relatively unknown company, manufactures a wide range of highly engineered aerospace parts utilizing a somewhat controversial strategy. In the 10 years following its IPO in March 2006, its stock price increased by... View Details

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