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  • January 2014
  • Case

Newfield Energy

By: William E. Fruhan and Wei Wang
In September 2013, Miles Griffin, CEO and chairman of the board of Newfield Energy, prepares to present financial proposals to the board of directors for approval. Newfield (based in Houston, Texas) was a large independent energy company primarily engaged in the... View Details
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  • March 2021
  • Case

Astralis Group: Determining a Brand Strategy

By: Benjamin C. Esty, Mette Fuglsang Hjortshoej and Emilie Billaud
After launching a Danish esports company in July 2019, and going public in December 2019 with multiple brands associated with different games, the Astralis leadership team was contemplating a shift to a single, corporate brand. While the original arguments for... View Details
Keywords: Brand Strategy; Esports; Video Games; Corporate Scope; Positioning; Ecosystem; Brands and Branding; Strategy; Business Ventures; Business Startups; Entrepreneurship; Ethics; Sports; Competitive Strategy; Value Creation; Diversification; Games, Gaming, and Gambling; Sports Industry; Entertainment and Recreation Industry; Denmark; Europe
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  • January 2021 (Revised June 2021)
  • Supplement

Eaton Corporation: Portfolio Transformation and The Cost of Capital (Abridged)

By: Benjamin C. Esty, E. Scott Mayfield and Daniel Fisher
In 2000, Eaton Corporation was a broadly diversified industrial conglomerate. But its strategy was evolving and its focus was narrowing around “power management” and more recently on “intelligent power,” the use of digitally enabled products and services designed to... View Details
Keywords: Mergers and Acquisitions; Business Conglomerates; Business Divisions; Cost of Capital; Corporate Finance; Value; Valuation; Industrial Products Industry; United States; Denmark; Republic of Ireland
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  • December 2014
  • Article

Private Equity, Jobs, and Productivity

By: Steven J. Davis, John Haltiwanger, Kyle Handley, Ron Jarmin, Josh Lerner and Javier Miranda
Private equity critics claim that leveraged buyouts bring huge job losses. To investigate this claim, we construct and analyze a new dataset that covers U.S. private equity transactions from 1980 to 2005. We track 3,200 target firms and their 150,000 establishments... View Details
Keywords: Private Equity; Leveraged Buyouts; Performance Productivity; Jobs and Positions; United States
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  • 2020
  • Working Paper

Vertical Integration of Healthcare Providers Increases Self-Referrals and Can Reduce Downstream Competition: The Case of Hospital-Owned Skilled Nursing Facilities

By: David Cutler, Leemore S. Dafny, David Grabowski, Steven S. Lee and Christopher Ody
The landscape of the U.S. healthcare industry is changing dramatically as healthcare providers expand both within and across markets. While federal antitrust agencies have mounted several challenges to same-market combinations, they have not challenged any... View Details
Keywords: Antitrust; Health Care and Treatment; Vertical Integration; Organizational Structure; Competition; Health Industry; United States
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    Acquirer-Target Social Ties and Merger Outcomes

    This paper investigates the effect of social ties between acquirers and targets on merger performance.  We find that the extent of cross-firm social connection between directors and senior executives at the acquiring and the target firms has a significantly negative... View Details
    • December 2014
    • Other Article

    Private Equity, Jobs, and Productivity—Online Appendix

    By: Steven J. Davis, John Haltiwanger, Kyle Handley, Ron Jarmin, Josh Lerner and Javier Miranda
    Private equity critics claim that leveraged buyouts bring huge job losses. To investigate this claim, we construct and analyze a new dataset that covers U.S. private equity transactions from 1980 to 2005. We track 3,200 target firms and their 150,000 establishments... View Details
    Keywords: Job Cuts and Outsourcing; Private Equity; Performance Productivity
    Related
    • 24 May 2013
    • Working Paper Summaries

    Improving Store Liquidation

    Keywords: by Nathan Craig & Ananth Raman; Retail
    • January 2018
    • Case

    Ak Gıda: IPO or Strategic Sale

    By: Suraj Srinivasan and Eren Kuzucu
    In 2015, Yıldiz Holding, one of the world’s largest producer of confections, biscuits and crackers, was at the end of its divestiture process from Ak Gida, one of the leading dairy companies in Turkey. The company had adopted a dual track process, pursuing an initial... View Details
    Keywords: Valuation; Private Sector; For-Profit Firms; Business Model; Business Strategy; Competitive Advantage; Growth and Development Strategy; Value Creation; Decision Making; Growth Management; Mergers and Acquisitions; Initial Public Offering; Business Conglomerates; Business Exit or Shutdown; Family Business; Joint Ventures; Food and Beverage Industry; Turkey
    Related

      Eaton Corp.: Portfolio Transformation and the Cost of Capital

      In 2000, Eaton Corporation was broadly diversified industrial conglomerate.  But its strategy was evolving and its focus was narrowing around “power management” and more recently on “intelligent power,” the use of digitally enabled products and services designed... View Details
      • June 2014
      • Article

      Acquirer-Target Social Ties and Merger Outcomes

      By: Joy Ishii and Yuhai Xuan
      This paper investigates the effect of social ties between acquirers and targets on merger performance. Using data on educational background and past employment, we construct a measure of the extent of cross-firm social connection between directors and senior executives... View Details
      Keywords: Mergers; Acquisitions; Social Ties; Social Connections; Mergers and Acquisitions; Relationships; Outcome or Result
      Related
      • October 2021
      • Case

      Yildiz Holding's Corporate Strategy: Managing Diversification for Growth

      By: Juan Alcácer and Esel Çekin
      The case opens in May 2018 with Nurtaç Ziyal Afridi, chief strategy and growth officer of Yıldız Holding, a Turkish conglomerate, reflecting on the group’s diversification journey. In ten years, the group had achieved a remarkable growth through diversification: seven... View Details
      Keywords: Strategy; Diversification; Growth Management; Mergers and Acquisitions; Global Strategy; Restructuring; Food and Beverage Industry; North America; United Kingdom; Turkey; Asia
      Related
      • Profile

      Adriann Dolphin

      these two years at HBS. She has been embracing the HBS experience more than me. She took on leadership roles in the Sustainability Club and Divest Harvard while I was still getting my bearings. I love that she has been able to convert her... View Details
      • 01 Oct 2001
      • Research & Ideas

      How To Make Restructuring Work for Your Company

      company can divest a subsidiary through a tax-free spin-off, management must first decide how corporate overhead will be allocated between the subsidiary and the parent. The allocation decision can be complicated by management's... View Details
      Keywords: by Stuart C. Gilson
      • Research Summary

      Competing on a Common Platform

      Why have over 100 firms joined the Eclipse Foundation to collectively produce an open source platform and tools for software application development? What are they trying to accomplish? This research analyzes IBMs divestment of the Eclipse Java Integrated Development... View Details
      • Web

      Case Studies - Social Impact Collaboratory

      its new President Laurie Patton faced the challenge of students calling for divestment from fossil fuels, trustees opposed to it, and a series of day to day administrative challenges that demanded her immediate attention. How does change... View Details
      • Web

      Leadership Transitions | Baker Library | Bloomberg Center | Harvard Business School

      securities division, bought Lehman Brothers to become Shearson Lehman/American Express. Glucksman left Lehman Brothers at that time and began his own consultancy company on Wall Street. In the 1990s, Lehman Brothers continued to expand internationally. When American... View Details
      • 04 Aug 2003
      • Research & Ideas

      Shackleton: An Entrepreneur of Survival

      Leading Business, one of our executive education programs. Both groups pointed to the fact that there was a huge amount of Shackleton's ego that he found very hard to divest until the ship ran into trouble. He insisted on sailing out of... View Details
      Keywords: by Martha Lagace
      • Research Summary

      Overview

      The overarching goal of my research is to produce works that are influential and informative to both academics and practitioners in the field of operations management. To accomplish this, I collaborate with industry partners who provide knowledge about their field,... View Details
      • 28 Nov 2005
      • Research & Ideas

      Unilever: Transformation and Tradition

      account individual circumstances. From the 1980s Unilever also honed skills in divesting businesses. Unilever's ability to identify acquisition targets, and to absorb the capabilities of acquired companies, became one of its principal... View Details
      Keywords: by Geoffrey Jones; Consumer Products