Publications

January 2023
Teaching Note

MicroStrategy’s Investment in Bitcoin

By: C. Fritz Foley, Celine Chammas and Donal O'Cofaigh

Teaching Note for HBS Case No. 222-048. View Details

Keywords: Bitcoin; Corporate Strategy; Acquisition; Investment Portfolio; Capital Structure; Equity

Yang and fellow Stanford University doctoral student, David Filo, created the precursor to Yahoo! to aid them in their use of the burgeoning world wide web. What began as a simple hobby eventually turned into one of the few success stories of the nineties Internet... View Details

Keywords: Computers & Electronics

08 Apr 2016
Research & Ideas

How to Hire a Millennial

General Electric isn’t moving to Boston’s waterfront for the views, however breathtaking they may be. In the increasingly fierce battle for millennial talent, GE’s decision to uproot its long-time headquarters from suburban Connecticut is nothing less than a... View Details

Keywords: by Joseph Fuller

May 2016 (Revised August 2019)
Teaching Note

Project Deutschland: Unpeeling the Onion of a Distressed Real Estate Portfolio

By: Nori Gerardo Lietz and Ricardo Andrade

James Tallest analyzed the opportunity to invest in a distressed portfolio of high quality properties in Germany by acquiring one or more non-performing loans from Deutschland Bank. While he considers the many aspects of the deal that is about to unfold, he must decide... View Details

Keywords: Real Estate; Distress Investing; Non-performing Loan; Borrowing and Debt; Capital Structure; Private Equity; Negotiation Deal; Valuation; Real Estate Industry; Financial Services Industry; Germany; Europe

Career Coach

Adam Bronfin

Adam spent five years in real estate private equity prior to HBS. In his previous role, he gained experience across many different verticals within the industry, including development / construction, private equity, structured finance /... View Details

May 2022
Article

Investment as the Opportunity Cost of Dividend Signaling

By: Zach Kaplan and Gerardo Pérez Cavazos

We provide evidence that firms with weak investment opportunities (those whose current earnings justify a greater valuation than firms with strong investment opportunities) signal their permanent earnings level through their dividends. In the cross-section, we show... View Details

Keywords: Dividends; Earnings; Investment Opportunities; Payout Policy; Signaling; Capital Structure; Business Earnings; Investment; Opportunities

Find at Harvard

09 Jun 2009
Research Event

Business Summit: Enterprise Risk Management

Editor's Note: This is a summary of an HBS Business Summit presentation. View a full summary and video of the event on the HBS Centennial Web site linked below. Date of Event: October 14, 2008 Moderator: Robert S. Kaplan, HBS Faculty Speakers: James Colica, Senior Vice... View Details

Keywords: Re: Robert S. Kaplan

Web

Private Equity Finance - Course Catalog

increasing or mitigating risk. Capital structure, security choice, alignment of incentives, and broader capital markets issues will be central to the cases in this module. A detailed exploration of the View Details

9 AM – 10 AM EDT, 03 Apr 2019
HBS Online

HBS Online Entrepreneurship Essentials

Master a proven framework for building and financing new ventures and learn to speak the language of the start-up world. Program Dates: April 3, 2019 - May 1, 2019 View Details

9 AM – 9 AM EDT, 12 Sep 2018
HBS Online

HBX Entrepreneurship Essentials

Master a proven framework for building and financing new ventures and learn to speak the language of the start-up world. Program Dates: September 12, 2018 - October 10, 2018 View Details

October 2000 (Revised October 2000)
Case

Off-Balance Sheet Leases in the Restaurant Industry

By: Amy P. Hutton, Paul M. Healy and Jacob Cohen

Amid mounting concern by credit agencies about off-balance sheet liabilities, an analyst for one of the leading credit-rating agencies has been asked to make a presentation about off-balance sheet liabilities, the strategic analysis behind leasing versus purchasing... View Details

Keywords: Fair Value Accounting; Property; Leasing; Financial Statements; Capital Structure; Credit; Financial Services Industry

Fast Answer

Executive changes

desired company and click to add to the search. Enter other desired search criteria, then click Search. Capital IQ:
Screen for changes: Mouse over Screening, then click Key Developments. In the menu box for Key Developments, click... View Details

01 Dec 2016
News

Summing Up the New Students

Illustrations by Chris Philpot Andrew Faulkner Homer, Alaska, “Halibut Capital of the World” CV: Structural engineer, Simpson Gumpertz & Heger (construction), Chicago “When I was accepted to the MBA Program,... View Details

Keywords: Julia Hanna

October 2013 (Revised May 2014)
Supplement

The TELUS Share Conversion Proposal, Spreadsheet Supplement

By: Lucy White and Benjamin C. Esty

A proxy battle between a Canadian firm and a US hedge fund over a proposal to unify the firm's dual class share structure. View Details

Keywords: Stock Shares; Capital Structure; Investment Funds; Telecommunications Industry; Canada; United States

Fast Answer

Securitization process and credit rating agencies

What resources are available on the securitization process, credit rating agencies and European covered bonds? Databases Bloomberg - Use Mortgages function to get information on various forms of secured loans Standard & Poor's RatingsDirect... View Details

August 2008 (Revised May 2009)
Case

Kmart and ESL Investments (A)

By: Stuart C. Gilson and Sarah Abbott

A major bankrupt retailer is poised to emerge from Chapter 11. Two activist hedge funds ("vulture investors") will own over 50% of reorganized Kmart's common stock, based on prior investments in Kmart's debt claims, and an infusion of new equity financing. The Chapter... View Details

Keywords: Restructuring; Capital Structure; Insolvency and Bankruptcy; Investment; Investment Activism; Valuation; Financial Services Industry; Retail Industry; United States

June 2003 (Revised August 2003)
Case

Pension Policy at The Boots Company PLC

By: Luis M. Viceira and Akiko M. Mitsui

In early 2000, the trustees of the pension scheme at Boots considered a proposal to move 100% of the pension assets into a bond portfolio, which would be passively managed. The Boots Co. PLC was a leading retailer of cosmetics and toiletries in the United Kingdom, and... View Details

Keywords: Performance Productivity; Employees; Asset Management; Capital Structure; Investment Portfolio; Consumer Products Industry; United Kingdom

December 2002 (Revised October 2013)
Case

Williams, 2002

By: Joshua Coval, Robin Greenwood and Peter Tufano

Williams, a Tulsa, Oklahoma-based firm in various energy businesses, must decide whether to accept a financing package offered by Berkshire Hathaway and Lehman Brothers. The proposed one-year credit facility would provide the firm with financial resources in a... View Details

Keywords: Financial Management; Crisis Management; Credit; Capital Structure; Financial Strategy; Financing and Loans; Financial Instruments; Energy Industry; United States