Publications

03 Sep 2010
News

More PE reform and more emerging markets

February 2008 (Revised November 2015)
Case

Danaher Corporation

By: Bharat Anand, David J. Collis and Sophie Hood

Between 1985 and 2007, Danaher has been one of the best-performing industrial conglomerates in the U.S. This case examines the corporate strategy of this diversified, global corporation. It describes the firm's portfolio strategy and the Danaher Business System—a... View Details

Keywords: Business Conglomerates; Global Strategy; Multinational Firms and Management; Growth and Development Strategy; Organizational Culture; Corporate Strategy; Value Creation

June 2018
Background Note

Valuation Techniques in Private Equity: LBO Model

By: Victoria Ivashina, Alexey Tuzikov and Abhijit Tagade

This note introduces an "LBO model," the main performance assessment and valuation technique used in the private equity industry. View Details

Keywords: LBO Model; Valuation; Private Equity; Performance Evaluation

11 Sep 2020
Video

James Mwangi

James Mwangi, CEO of Kenya’s Equity Bank, which has one of the largest customer bases of any bank in Africa, discusses how the Equity Bank model evolved through learning both from Asian companies and from the bank’s own customers. View Details

2012
Working Paper

Payout Taxes and the Allocation of Investment

When corporate payout is taxed, internal equity (retained earnings) is cheaper than external equity (share issues). If there are no perfect substitutes for equity finance, payout taxes may therefore have an effect on the investment of firms. High taxes will favor... View Details

Keywords: Business Earnings; Equity; Financing and Loans; Investment; Taxation; Business and Shareholder Relations; Motivation and Incentives

Read Now

Web

Celebrating Socioeconomic Diversity and Inclusion at HBS (Part 1) - MBA

Blog Blog MBA Voices Filter Results Arrow Down Arrow Up Read posts from Author Alumni Author Career and Professional Development Staff Author HBS Community Author HBS Faculty Author MBA Admissions Author MBA Students Topics Topics 1st Year (RC) 2+2 Program 2nd Year... View Details

March 2018 (Revised July 2018)
Case

Cadre

By: Thomas R. Eisenmann, Scott Duke Kominers and David Lane

Late in 2017, CEO Ryan Williams and his team debated whether Cadre should become not only a technology-enabled investment manager, but also an online trading exchange providing high levels of liquidity for investors in commercial real estate (CRE) equity. Cadre was a... View Details

Keywords: ＂Cadre,＂; Entrepreneurship; Market Design; Digital Platforms; Strategy; Internet and the Web; Private Equity; Financial Services Industry; Real Estate Industry; United States

30 Nov 2020
Research & Ideas

COVID Not Slowing VC Investment

expect their investments to outperform major equity indexes going forward, and they’re continuing to fund new endeavors. “It’s sort of the opposite of doom and gloom,” Gompers says. “We were surprised by how relatively unaffected the... View Details

Keywords: by Danielle Kost; Financial Services; Banking

January 2004
Case

Bob Holgrom and the Buyout of the Carlson Division

By: Thomas R. Piper

The head of the Carlson Division stands to benefit substantially in financial terms if a private equity firm wins the bid for the division. The division is in the early stages of a performance turnaround, with only three quarters of profit improvement and no audited... View Details

Keywords: Private Equity; Leveraged Buyouts; Corporate Disclosure; Ethics; Financial Reporting; Laws and Statutes; Performance Improvement

Find at Harvard

11 Sep 2020
Video

James Mwangi

James Mwangi, CEO of Kenya’s Equity Bank, explains that both international and state-owned banks failed to address the issue that 96 percent of the population had no bank accounts in post-colonial Kenya, and how Equity Bank was able to dramatically expand financial... View Details

September 2001 (Revised June 2004)
Case

Cafe de Colombia

By: Rohit Deshpande and Alexandra de Royere

Discusses sustaining brand equity after a highly successful commodity-product branding ad campaign. View Details

Keywords: Globalization; Brands and Branding; Advertising Campaigns; Product; Goods and Commodities; Colombia

Career Coach

Kaushal Mehta

Kaushal enjoys helping students explore opportunities available to students in the US Private Equity and Hedge Funds space. Having worked across Private Equity and Public Markets, Kaushal can provide... View Details

January 2002 (Revised July 2007)
Case

Publishing Group of America (A)

By: Jay O. Light, Michael J. Roberts and Taslim Pirmohamed

A small start-up in the publishing business compares three possible alternatives for its new round of equity financing. View Details

Keywords: Business Startups; Venture Capital; Equity; Financing and Loans; Information Publishing; United States

March 2005 (Revised March 2007)
Supplement

Pacific Salmon Company, Inc. (CW)

By: Nabil N. El-Hage and Kenneth A. Froot

RRR, a $1 billion private equity fund, is trying to decide how much to bid for Pacific Salmon Inc. and how to finance the acquisition. View Details

Keywords: Food; Bids; Private Equity; Financing and Loans; Bids and Bidding; Acquisition; Food and Beverage Industry

23 Nov 2021
News

The Nasdaq Mandate Will Expand Diversity in Business—And That’s Good for Business

15 Jun 2010
First Look

First Look: June 15

for larger firms (which have access to bond markets), we confirm that this substitution has strong predictive power for lending volume by small and unrated firms. Download the paper: http://www.hbs.edu/research/pdf/10-107.pdf Unfair Advantage'? Combining Banking with... View Details

Keywords: Martha Lagace

May 2005 (Revised February 2006)
Background Note

Introduction to Interest Rate Options

Introduces interest rate derivatives, covering floors, caps, and swaptions. Introduces floors, caps, and swaps by analogy to equity puts, calls, and stocks. As with calls and puts on equity, a put-call parity relationship is shown to exist between caps, floors, and... View Details

Keywords: Interest Rates

January 2000 (Revised May 2007)
Case

Dressen

By: Thomas R. Piper and Jeremy Cott

Divisional management must decide whether to support a leveraged buyout by a private equity group and, if so, what percent of ownership should go to the various partners involved. The appropriateness of the financing structure and the value of the equity depend on the... View Details

Keywords: Leveraged Buyouts; Capital Structure; Valuation; Ownership Stake; Forecasting and Prediction

August 2012
Case

Messer Griesheim (A) (Abridged)

By: Josh Lerner, 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... View Details

Keywords: Germany; Energy; Private Equity; Venture Capital; Energy Industry; European Union