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Publications
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Equities
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- May 2009
- Teaching Note
Equity International: The Second Act (TN)
By: Nicolas P. Retsinas and Ben Creo
Teaching Note for [209110]. View Details
- May 2009
- Article
Synchronicity and Firm Interlocks in an Emerging Market
By: Tarun Khanna and Catherine Thomas
Stock price synchronicity has been attributed to poor corporate governance and a lack of firm-level transparency. This paper investigates the association between different kinds of firm interlocks, control groups, and synchronicity in Chile. A unique data set... View Details
- April 2009 (Revised December 2010)
- Case
Equity International: The Second Act
By: Nicolas P. Retsinas, Ben Creo and Ricardo Reisen de Pinho
Thomas McDonald, senior vice president of Equity International (EI), is weighing an investment in the Brazilian homebuilder Gafisa. Was this the right country? The right company? The right co-investor? The right time? McDonald would be investing alongside a Brazilian... View Details
Keywords: Private Equity; Investment; Emerging Markets; Partners and Partnerships; Interests; Brazil
- April 2009
- Teaching Note
Satelite Distribuidora de Petroleo (TN)
By: Lynda M. Applegate and Andrea Minardi
Teaching Note for [808062]. View Details
- April 2009
- Teaching Note
SKS Microfinance (TN)
By: Shawn A. Cole
Teaching Note for [208137]. View Details
- March 2009
- Background Note
Evaluating M&A Deals: Floors, Caps, and Collars
As equity consideration has become more popular in acquisitions, so has the use of the "pricing-protection" mechanisms, such as floors, caps, and collars. These contractual devices provide insurance to the shareholders of the target and may protect the buyer as well.... View Details
- March 2009
- Teaching Note
Motilal Oswal Financial Services Ltd.: An IPO in India (TN)
By: G. Felda Hardymon, Josh Lerner and Ann Leamon
Teaching Note for [807095]. View Details
- March 2009 (Revised November 2009)
- Case
WL Ross and Plascar
By: C. Fritz Foley and Linnea Meyer
How can distressed investors take advantage of the procedures governing an international bankruptcy? Wilbur L. Ross, chairman and CEO of the private equity firm WL Ross & Co., LLC, has the opportunity to bid for debt and equity claims on Plascar Industria e Comercio... View Details
- March 2009
- Article
Trading Restrictions and Stock Prices
By: Robin Greenwood
Firms can manipulate their stock price by limiting the ability of their investors to sell. I examine a series of corporate events in Japan in which firms actively reduced their float—the fraction of shares available to trade—for periods of one to three months, locking... View Details
- February 2009 (Revised March 2013)
- Case
Messer Griesheim (A)
By: Josh Lerner, Ann-Kristin Achleitner, Eva Lutz and Kerry Herman
In 2001, Allianz Capital Partners and Goldman Sachs acquired a majority stake in Messer Griesheim, a European industrial gas concern held by Hoechst. The dealmakers faced several challenges, including delicate corporate governance issues due to partial family ownership... View Details
- February 2009 (Revised March 2013)
- Supplement
Messer Griesheim (B)
By: Josh Lerner, Ann-Kristin Achleitner, Eva Lutz and Kerry Herman
In 2001, Allianz Capital Partners and Godlman Sachs acquired a majority stake in Messer Greisheim, a European industrial gas concern held by Hoeschst. The dealmakers faced several challenges, including delicate corporate governance issues due to partial family... View Details
- 2009
- Other Unpublished Work
Bridge Building in Venture Capital-Backed Acquisitions
By: Paul A. Gompers and Yuhai Xuan
We study the role of common venture capital investors in alleviating asymmetric information between public acquirers and private venture capital-backed targets. We find that acquisition announcement returns are more positive for acquisitions in which both the target... View Details
- January 2009 (Revised May 2010)
- Case
Altoona State Investment Board: December 2008
By: Josh Lerner
Rod Calhoun, the head of the Altoona State Investment Board's private equity investment program, considered the communication he had just received. It was from Permira, the leading European buyout fund, and concerned its fourth fund, to which Altoona had made a £ 100... View Details
- Article
Investor Activism and Takeovers
By: Robin Greenwood and Michael Schor
Recent work documents large positive abnormal returns around the time that a hedge fund announces its activist intentions with a publicly listed firm. We show that these returns are largely explained by the ability of activists to force target firms into a takeover: In... View Details
- December 2008 (Revised October 2010)
- Case
Paul Capital Partners: Secondary Limited Partnership Investing
This case examines the proposed purchase by Paul Capital Partners of a limited partnership (LP) interest in a private equity fund. Paul Capital has a fund dedicated to buying these "secondary" LP interests. The case is intended as a vehicle for discussing the secondary... View Details
- 2008
- Other Unpublished Work
Are Private Equity Firms Better Managed?
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
- December 2008
- Article
Style Investing and Institutional Investors
By: Kenneth A. Froot and Melvyn Teo
This paper explores institutional investors' trades in stocks grouped by style and the relationship of these trades with equity market returns. It aggregates transactions drawn from a large universe of approximately $6 trillion of institutional funds. To analyze style... View Details
- November 2008 (Revised March 2023)
- Module Note
Understanding Brands
By: Anat Keinan and Jill Avery
For many firms, the brands associated with their products and/or services are their most valuable assets, and, hence, much management attention is given to designing, communicating, nurturing, and protecting them. This note is designed to provide an understanding of... View Details
Keywords: Brand Equity; Brand Management; Brands and Branding; Management; Marketing Strategy; Value
- November 2008 (Revised January 2012)
- Case
Teena Lerner: Dividing the Pie at Rx Capital (Abridged)
By: Boris Groysberg, Victoria Winston and Robin Abrahams
Teena Lerner, the CEO of Rx Capital, had a problem. Her three-year-old hedge fund was highly profitable, but in 2004, one of her four equities analysts lost a lot of money for the firm. If Lerner followed her existing compensation system, designed to reward teamwork,... View Details