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- All HBS Web (497)
- Faculty Publications (272)
Show Results For
- All HBS Web (497)
- Faculty Publications (272)
- September 2002 (Revised October 2002)
- Case
Corporate Inversions: Stanley Works and the Lure of Tax Havens
By: Mihir A. Desai, James R. Hines, Jr and Mark Veblen
In response to Stanley Work's announcement that it is moving to Bermuda--and the associated jump in market value--a major competitor sets out to determine how the market is valuing the consequences of moving to a tax haven and whether his company should invert to a tax... View Details
Keywords: Financial Management; Taxation; Financial Strategy; Credit Derivatives and Swaps; International Finance; Valuation; Financial Markets; Financial Statements; United States
Desai, Mihir A., James R. Hines, Jr, and Mark Veblen. "Corporate Inversions: Stanley Works and the Lure of Tax Havens." Harvard Business School Case 203-008, September 2002. (Revised October 2002.)
- May 2023
- Teaching Note
Tesla’s Uncertain Fate as EV Race Accelerates
By: David Collis
Teaching Note for HBS Case No. 722-368. The case describes the strategic position of Tesla in 2021. While the firm has been successful in driving adoption of electric vehicles (EVs) globally and has a huge market share in the segment, it faces an impending tsunami of... View Details
- 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
Srinivasan, Suraj, Aldo Sesia, and Amy Kaser. "Brink's Company: Activists Push for a Spin-off." Harvard Business School Case 112-055, November 2011.
- 2016
- Working Paper
Shareholder Activism on Sustainability Issues
By: Jody Grewal, George Serafeim and Aaron Yoon
Shareholder activism on sustainability issues has become increasingly prevalent over the years, with the number of proposals filed doubling from 1999 to 2013. We use recent innovations in accounting standard setting to classify 2,665 shareholder proposals that address... View Details
Keywords: Sustainability; Activism; Activist Investors; Activist Shareholder; Corporate Social Responsibility; Environment; Corporate Performance; Corporate Accountability; Corporate Social Responsibility and Impact; Performance; Environmental Sustainability; Corporate Governance; Business and Shareholder Relations; Investment Activism
Grewal, Jody, George Serafeim, and Aaron Yoon. "Shareholder Activism on Sustainability Issues." Harvard Business School Working Paper, No. 17-003, July 2016.
- Teaching Interest
Overview
By: Suraj Srinivasan
Professor Srinivasan serves as the Course Head for the required MBA course Financial Reporting and Control. He has previously taught the second year MBA elective Business Analysis and Valuation Using Financial Statements and teaches the executive education version... View Details
- April 2019 (Revised October 2020)
- Case
Kraft Heinz: The $8 Billion Brand Write-Down
By: Jill Avery
On Friday, February 22, 2019, following an unexpected and disappointing earnings report, The Kraft Heinz Company’s stock price fell 27%, wiping out $16 billion in market value. CEO Bernardo Hees had announced that the company had taken a $15.4 billion asset write-down,... View Details
Keywords: Brand Management; Brand Value; Brand Equity; Marketing ROI; Brand Storytelling; Intangible Assets; Brand Valuation; Marketing; Marketing Strategy; Brands and Branding; Management; Corporate Strategy; Consumer Behavior; Food; Marketing Communications; Advertising; Private Equity; Consumer Products Industry; Food and Beverage Industry; United States; North America
Avery, Jill. "Kraft Heinz: The $8 Billion Brand Write-Down." Harvard Business School Case 519-076, April 2019. (Revised October 2020.)
- March 2016
- Article
An Analysis of Firms' Self-reported Anticorruption Efforts
By: Paul M. Healy and George Serafeim
We use Transparency International's ratings of self-reported anticorruption efforts for 480 corporations to analyze factors underlying the ratings. Our tests examine whether these forms of disclosure reflect firms' real efforts to combat corruption or are cheap talk.... View Details
Keywords: Corruption; Corporate Performance; Growth; Disclosure; Disclosure Strategy; Sustainability; Crime and Corruption; Corporate Disclosure; Performance; Sales
Healy, Paul M., and George Serafeim. "An Analysis of Firms' Self-reported Anticorruption Efforts." Accounting Review 91, no. 2 (March 2016): 489–511.
- Teaching Interest
Large-Scale Investment (LSI, MBA Elective Curriculum)
By: Benjamin C. Esty
Large-Scale Investment (LSI) is a case-based course about project finance that is designed for second-year MBA students. Project finance involves the creation of a legally independent project company financed with nonrecourse debt for the purpose of investing in a... View Details
- 2017
- Working Paper
The Benefits of Selective Disclosure: Evidence from Private Firms
By: Joan Farre-Mensa
Private firms’ ability to communicate confidentially with selected investors implies that valuation disagreements between firms and investors are larger at public firms than at private ones. Consistent with the notion that misvaluation concerns lead public firms to... View Details
Keywords: Finance; Equity; Private Companies; Corporate Cash; Precautionary Motives; Share Issuance; IPOs; Selective Disclosure; Private Ownership; Cash; Market Timing; Corporate Finance; Public Ownership; Corporate Disclosure; United States
Farre-Mensa, Joan. "The Benefits of Selective Disclosure: Evidence from Private Firms." Harvard Business School Working Paper, No. 14-095, April 2014. (Revised March 2017.)
- December 2017 (Revised January 2018)
- Teaching Note
Bega Cheese: Bidding to Bring Vegemite Back Home
By: Benjamin C. Esty, Lauren G. Pickle and Greg Saldutte
In January 2017, the leadership team of Bega Cheese—the Australian dairy company—was considering a bid for Mondelēz International’s Australia and New Zealand (ANZ) grocery business which included several leading consumer brands such as Vegemite, the iconic Australian... View Details
Keywords: Mergers ＆ Acquisitions; Value Drivers; Discounted Cash Flow (DCF); Dairy Industry; Corporate Scope; Diversification; Consumer Goods; Iconic Brands; Australia; Corporate Finance; Bidding Strategy; Cross Border; Financing; Mergers and Acquisitions; Valuation; Value Creation; Business Divisions; Capital Structure; Food; Bids and Bidding; Consumer Products Industry; Food and Beverage Industry; Australia; United States
Ivashina, Victoria, Alexey Tuzikov, and Abhijit Tagade. "Valuation Techniques in Private Equity: LBO Model." Harvard Business School Background Note 218-106, June 2018.
- May 2015
- Case
Venture Republic, 2011
By: W. Carl Kester and Mayuka Yamazaki
In December 2011, the founders of Venture Republic, a Japanese developer and operator of on-line search engines for shopping and travel, faced a decison about whether or not to take the company private in a management buyout transaction just three years after an... View Details
- March 2013
- Case
NovaStar Financial: A Short Seller's Battle
By: Suraj Srinivasan and Amy Kaser
The NovaStar case describes the challenges faced by short seller Marc Cohodes of hedge fund Rocker Partners as he tried to expose what he thought was widespread fraud in mortgage lender NovaStar Financial. The case is set in the time period from 2001 to 2007 and tracks... View Details
Keywords: Short Selling; Financial Accounting; Financial Analysis; Financial Analysts; Valuation; Business Analysis; Financial Statement Analysis; Financial Statements; Securitization; Securities Analysis; Fraud; Accounting Quality; Accounting Red Flags; Accounting Restatements; Hedge Fund; Hedge Funds; Accounting Scandal; Accounting Fraud; Financial Crisis; Financial Intermediaries; Financial Firms; Corporate Accountability; Subprime Lending; Mortgage Lending; Accounting; Accrual Accounting; Fair Value Accounting; Governance; Governance Compliance; Corporate Governance; Governance Controls; Financial Services Industry; United States; California
Srinivasan, Suraj, and Amy Kaser. "NovaStar Financial: A Short Seller's Battle." Harvard Business School Case 113-120, March 2013.
Charles C.Y. Wang
Charles C.Y. Wang is the Tandon Family Professor of Business Administration at Harvard Business School. He is a research member of the European Corporate Governance Institute (ECGI) and an associate editor of Management Science and Journal of Accounting Research,... View Details
- 13 Oct 2011
- Working Paper Summaries
Market Competition, Government Efficiency, and Profitability Around the World
- December 2007
- Article
Applying Modern Risk Management to Equity and Credit Analysis
By: Robert C. Merton
Traditional conventions of accounting and actuarial science distort the valuation of capital risk in corporations with pension plans because under these conventions, pension assets and liabilities are not included in balance sheet calculations. The modern risk... View Details
Keywords: Risk Management; Valuation; Financial Reporting; Decision Making; Credit; Financial Statements; Capital; Equity; Compensation and Benefits
Merton, Robert C. "Applying Modern Risk Management to Equity and Credit Analysis." CFA Institute Conference Proceedings Quarterly 24 (December 2007): 14–22.
E. Scott Mayfield
Scott Mayfield is a Senior Lecturer of Business Administration in the Finance Unit at the Harvard Business School. Prior rejoining the faculty in 2011, Professor Mayfield was an assistant professor and member of the Finance Unit at HBS from 1997 to... View Details
- 10 Nov 2010
- News
A New Era for Raiders
- December 2017 (Revised February 2021)
- Case
Bega Cheese: Bidding to Bring Vegemite Back Home
By: Benjamin C. Esty and Lauren G. Pickle
In January 2017, the leadership team of Bega Cheese—the Australian dairy company—was considering a bid for Mondelēz International’s Australia and New Zealand (ANZ) grocery business, which included several leading consumer brands such as Vegemite, the iconic Australian... View Details
Keywords: Mergers ＆ Acquisitions; Value Drivers; Discounted Cash Flow (DCF); Dairy Industry; Corporate Scope; Consumer Goods; Iconic Brands; Bidding Strategy; Cross Border; Financing; Mergers and Acquisitions; Valuation; Value Creation; Diversification; Business Divisions; Corporate Finance; Capital Structure; Food; Bids and Bidding; Consumer Products Industry; Food and Beverage Industry; Australia; United States
Esty, Benjamin C., and Lauren G. Pickle. "Bega Cheese: Bidding to Bring Vegemite Back Home." Harvard Business School Case 218-001, December 2017. (Revised February 2021.)
- December 2017 (Revised January 2022)
- Supplement
Bega Cheese: Bidding to Bring Vegemite Back Home
By: Benjamin C. Esty and Lauren G. Pickle
In January 2017, the leadership team of Bega Cheese—the Australian dairy company—was considering a bid for Mondelēz International’s Australia and New Zealand (ANZ) grocery business which included several leading consumer brands including Vegemite, the iconic Australian... View Details
Keywords: Mergers ＆ Acquisitions; Value Drivers; Discounted Cash Flow (DCF); Dairy Industry; Corporate Scope; Consumer Goods; Iconic Brands; Bidding Strategy; Cross Border; Financing; Mergers and Acquisitions; Valuation; Value Creation; Business Divisions; Capital Structure; Food; Bids and Bidding; Diversification; Brands and Branding; Corporate Finance; Consumer Products Industry; Food and Beverage Industry; Australia; United States
- 2013
- Working Paper
FIN Around the World: The Contribution of Financing Activity to Profitability
By: Russell Lundholm, George Serafeim and Gwen Yu
We study how the availability of domestic credit influences the contribution that financing activities make to a firm's return on equity (ROE). Using a sample of 51,866 firms from 69 countries, we find that financing activities contribute more to a firm's ROE in... View Details
Keywords: Domestic Credit; Return Of Equity; Corporate Performance; Financial Statement Analysis; Financial Statements; Valuation; Cost of Capital; Asset Pricing; Economic Growth
Lundholm, Russell, George Serafeim, and Gwen Yu. "FIN Around the World: The Contribution of Financing Activity to Profitability." Harvard Business School Working Paper, No. 13-011, July 2012. (Revised March 2014.)