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Show Results For
- All HBS Web
(472)
- People (1)
- News (43)
- Research (385)
- Events (2)
- Multimedia (1)
- Faculty Publications (266)
- 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
- 1992
- Chapter
Organizational Changes and Value Creation in Leveraged Buyouts: The Case of O.M. Scott & Sons Company
By: George P. Baker and Karen H. Wruck
- December 1989
- Article
Organizational Changes and Value Creation in Leveraged Buyouts: The Case of O.M. Scott & Sons Company
By: George P. Baker and Karen Wruck
Baker, George P., and Karen Wruck. "Organizational Changes and Value Creation in Leveraged Buyouts: The Case of O.M. Scott & Sons Company." Journal of Financial Economics 25 (December 1989).
- Forthcoming
- Article
Weak Credit Covenants
By: Victoria Ivashina and Boris Vallée
Using novel data on 1,240 credit agreements, we investigate sources of contractual complexity in the leveraged loan market. While negative covenants are widespread, carve-out
and deductible clauses that qualify them are as frequent. We propose simple and comprehensive... View Details
Keywords: Leveraged Loans; Loan Contracts; Debt Covenants; Carve-out; Creditor Governance; LBO; Credit; Agreements and Arrangements; Leveraged Buyouts
Ivashina, Victoria, and Boris Vallée. "Weak Credit Covenants." Management Science (forthcoming). (Pre-published online April 15, 2025.)
- May 1989 (Revised August 2006)
- Case
RJR Nabisco
Gives students the opportunity to explore issues facing the board of directors in a leveraged buyout. RJR Nabisco is valued under different operating strategies and the source of gains in leveraged buyouts is stressed. View Details
Ruback, Richard S. "RJR Nabisco." Harvard Business School Case 289-056, May 1989. (Revised August 2006.)
- 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
Davis, Steven J., John Haltiwanger, Kyle Handley, Ron Jarmin, Josh Lerner, and Javier Miranda. "Private Equity, Jobs, and Productivity." American Economic Review 104, no. 12 (December 2014): 3956–3990. (Earlier versions distributed as National Bureau of Economic Research Working Paper No. 17399 and Harvard Business School Working Paper No. 12-033.) (Originally called "Private Equity and Employment.")
- July 2017
- Supplement
Centerbridge Partners and Great Wolf Resorts (B)
By: Josh Lerner, John D. Dionne and Amram Migdal
The case examines the aftermath of the March 2015 Centerbridge Partners acquisition of Great Wolf Resorts, a North American family-oriented indoor water parks and hotel operator, from a private equity (PE) competitor, Apollo Global Management. View Details
Keywords: Private Equity Financing; Commercial Mortgage Backed Securities; CMBS; Secondary Buyouts; Business Ventures; Acquisition; Leveraged Buyouts; Business Exit or Shutdown; Finance; Borrowing and Debt; Cost; Cost of Capital; Equity; Private Equity; Financial Instruments; Debt Securities; Accommodations Industry; Entertainment and Recreation Industry; Financial Services Industry; North and Central America; United States
Lerner, Josh, John D. Dionne, and Amram Migdal. "Centerbridge Partners and Great Wolf Resorts (B)." Harvard Business School Supplement 818-024, July 2017.
- October 2013 (Revised November 2013)
- Case
Blackstone and the Sale of Citigroup's Loan Portfolio
By: Victoria Ivashina and David Scharfstein
The credit boom that preceded the 2007-2009 financial crisis led to several lending practices that exposed banks to large risks. In particular, when the financial crisis unraveled, there were several billion dollars' worth of leveraged buyout (LBO) loans that were... View Details
Keywords: Restructuring; Private Equity; Insolvency and Bankruptcy; Credit Derivatives and Swaps; Financial Markets; Investment; Banking Industry; Financial Services Industry
Ivashina, Victoria, and David Scharfstein. "Blackstone and the Sale of Citigroup's Loan Portfolio." Harvard Business School Case 214-037, October 2013. (Revised November 2013.)
- 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
Davis, Steven J., John Haltiwanger, Kyle Handley, Ron Jarmin, Josh Lerner, and Javier Miranda. "Private Equity, Jobs, and Productivity—Online Appendix." American Economic Review 104, no. 12 (December 2014).
- November 1988 (Revised September 1991)
- Case
Simmons Japan Ltd.
By: W. Carl Kester and Richard P. Melnick
Concerns the first leveraged buyout to occur in Japan. Analytic tasks include a valuation of the company and an assessment of its debt capacity. Also provides opportunities to discuss agency costs associated with alternative capital and equity ownership structures,... View Details
Keywords: Leveraged Buyouts; Restructuring; Borrowing and Debt; Capital Structure; Cost; Equity; Production; Valuation; Japan; United States
Kester, W. Carl, and Richard P. Melnick. "Simmons Japan Ltd." Harvard Business School Case 289-001, November 1988. (Revised September 1991.)
- February 2001 (Revised March 2001)
- Case
Apax Partners and Dialog Semiconductor: March 1998
By: G. Felda Hardymon, Josh Lerner, Antonio Alvarez-Cano and Borja Martinez
Apax Partners is considering a complex buyout of a semiconductor manufacturer. The firms must assess in a compressed timeframe the complex technological, financial, and operational risks that the proposed transaction poses. View Details
Keywords: Market Transactions; Leveraged Buyouts; Restructuring; Time Management; Production; Risk Management; Financial Services Industry; Semiconductor Industry
Hardymon, G. Felda, Josh Lerner, Antonio Alvarez-Cano, and Borja Martinez. "Apax Partners and Dialog Semiconductor: March 1998." Harvard Business School Case 201-044, February 2001. (Revised March 2001.)
- September 1991
- Case
Kaiser Steel Corporation, 1984
By: Timothy A. Luehrman
In 1984, Kaiser's shareholders were asked to approve a complicated leveraged buyout of the company. Students are asked to analyze the proposed transaction and make a recommendation. To do this, they must determine who gets what in the deal, whether and how any value is... View Details
Luehrman, Timothy A. "Kaiser Steel Corporation, 1984." Harvard Business School Case 292-028, September 1991.
- 2019
- Working Paper
Do Banks Have an Edge?
By: Juliane Begenau and Erik Stafford
Overall, no! We show that the level and time series variation in cash flows for most bank activities are well matched by capital market portfolios with similar interest rate and credit risk to what banks report to hold. Ignoring operating expenses, bank loans earn high... View Details
Keywords: Banks; Market Efficiency; Bank Capital; Bank Debt; CAPM; Banking; Bank Deposits; Bank Funding Advantage; Leverage; Maturity Transformation; Replicating Portfolio; Efficiency; Banks and Banking; Capital Markets; Performance Evaluation; Performance Efficiency; Banking Industry; United States
Begenau, Juliane, and Erik Stafford. "Do Banks Have an Edge?" Harvard Business School Working Paper, No. 18-060, January 2018. (Revised October 2019.)
- November 2006 (Revised December 2011)
- Case
HCA, Inc. (A)
Focuses on the buyout of HCA by three private equity firms: Bain Capital, KKR, and Merrill Lynch Global Private Equity. It provides an opportunity to discuss a variety of issues related to leveraged buyouts including the process, the role of private equity, the... View Details
Keywords: Leveraged Buyouts; Private Equity; Investment; Business and Shareholder Relations; Conflict and Resolution; Valuation
Ruback, Richard S. "HCA, Inc. (A)." Harvard Business School Case 207-076, November 2006. (Revised December 2011.)
- February 1999 (Revised June 1999)
- Case
Investitori Associati: Exiting the Savio LBO (A)
By: Josh Lerner, Dino Cattaneo and Giampiero Mazza
Investitori Associati seeks to exit a leveraged buyout investment. Choosing the appropriate way in which to undertake their exit-an initial public offering or sale of the firm-proves problematic. View Details
Lerner, Josh, Dino Cattaneo, and Giampiero Mazza. "Investitori Associati: Exiting the Savio LBO (A)." Harvard Business School Case 299-048, February 1999. (Revised June 1999.)
- September 2018
- Case
Advent International: Kroton Investment
By: Victoria Ivashina, Ruth Kostas and Priscilla Zogbi
Keywords: Private Equity; Acquisition; IPO; Valuation; Education; Distance Learning; Turnaround; Growth; Exit; PE; Buyer; Middle-class; Low Income; K-12; Entrepreneur; Family Business; University; College; Consolidation; Fragmentation; Penetration; Value; Shares; Control; Negotiation; Equity; Transaction; Board; Majority; Minority; Post-secondary; Leverage; Campus; Deal; Shareholder; Tag Along; Brazil; Latin America
Ivashina, Victoria, Ruth Kostas, and Priscilla Zogbi. "Advent International: Kroton Investment." Harvard Business School Case 219-035, September 2018.
- Article
The Disintermediation of Financial Markets: Direct Investing in Private Equity
By: Lily Fang, Victoria Ivashina and Josh Lerner
We examine twenty years of direct private equity investments by seven large institutions. These direct investments perform better than public market indices, especially buyout investments and those made in the 1990s. Outperformance by the direct investments, however,... View Details
Keywords: Financial Intermediation; Direct Investment; Co-investment; Private Equity; Entrepreneurship; Financial Markets
Fang, Lily, Victoria Ivashina, and Josh Lerner. "The Disintermediation of Financial Markets: Direct Investing in Private Equity." Journal of Financial Economics 116, no. 1 (April 2015): 160–178.
- May 1981 (Revised May 1989)
- Case
Congoleum Corp.
Describes the development and terms of the largest leveraged buyout up to the date of the case. The main problem is to value the positions of the various participants: lenders, equity holders, investment bankers, and management. View Details
Mullins, David W., Jr. "Congoleum Corp." Harvard Business School Case 281-060, May 1981. (Revised May 1989.)
- June 1990 (Revised August 1995)
- Case
RJR Nabisco--1990
By: Andre F. Perold
Describes the situation facing RJR Nabisco one year after the leveraged buyout by Kohlberg Kravis and Roberts. A vehicle for analyzing the financial restructuring of a highly leveraged, but operationally healthy, company. View Details
Perold, Andre F. "RJR Nabisco--1990." Harvard Business School Case 290-021, June 1990. (Revised August 1995.)
- January 2006 (Revised May 2007)
- Case
Endo Pharmaceuticals (A): From LBO to...?
By: Richard G. Hamermesh and Brian DeLacey
Endo Pharmaceuticals was formed in 1997 as a leveraged buyout spin-off from DuPont Merck. In 1999, it must decide whether to do an IPO or merge with a smaller company. View Details
Keywords: Private Equity; Initial Public Offering; Leveraged Buyouts; Mergers and Acquisitions; Health Care and Treatment; Pharmaceutical Industry; United States
Hamermesh, Richard G., and Brian DeLacey. "Endo Pharmaceuticals (A): From LBO to...?" Harvard Business School Case 806-064, January 2006. (Revised May 2007.)