Publications

July 1991 (Revised August 1991)
Case

Philip Morris Companies, Inc. (A)

By: Samuel L. Hayes III

This large tobacco and diversified food processor is seeking to refinance debt funds raised to accomplish a large acquisition. It has filed a large "shelf" registration that authorizes it to issue during the subsequent two years. At the time of the case, the market... View Details

Keywords: Stocks; Initial Public Offering; Consumer Products Industry; United States

Person Page

Media

This lists media reports covering my firm dollarDEX Investments or me (or my colleagues), or columns written by me (or my colleagues). There are all... View Details

February 2001
Case

Trans-Share Inc.

By: David F. Hawkins

The seller of fractional interest aircraft programs must decide how to account in its IPO for the sales of fractional interest aircraft programs. Teaching Purpose: To expose students to revenue recognition issues. View Details

Keywords: Initial Public Offering; Revenue Recognition; Air Transportation Industry

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Research Summary

The Institutional Foundations of Lending: Indirect Regulation and State-Building

The Institutional Foundations of Lending: Indirect Regulation and State-Building makes two main theoretical contributions to the scholarship on credit markets and institutional development. First, the book demonstrates that opportunistic lenders can take... View Details

May 2020
Article

The Creation and Evolution of Entrepreneurial Public Markets

By: Shai Bernstein, Abhishek Dev and Josh Lerner

This paper explores the creation and evolution of new stock exchanges around the world geared towards entrepreneurial companies, known as second-tier exchanges. Using hand-collected novel data, we document the proliferation of these new stock exchanges that were... View Details

Keywords: Stock Exchanges; Entrepreneurship; Finance; Initial Public Offering; Capital; Entrepreneurial Finance

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05 Nov 2019
Blog Post

Environmental Change and Ground-level Impact

Established in 2010, the HBS Business & Environment Initiative (BEI) works to deepen understanding of the environmental challenges facing business leaders and inspire new ideas and practical, effective solutions. BEI has established a... View Details

July 1991 (Revised August 1991)
Supplement

Philip Morris Companies, Inc. (C)

By: Samuel L. Hayes III

Supplements the (B) case. View Details

Keywords: Risk Management; Stocks; Initial Public Offering; Consumer Products Industry; United States

March 2007 (Revised September 2019)
Case

Motilal Oswal Financial Services Ltd.: An IPO in India

By: Felda Hardymon, Joshua Lerner and Ann Leamon

The executives of Motilal Oswal Financial Services, Ltd., one of the largest brokerages in India, are considering an IPO on the Indian markets. The company recently received a small private equity investment from two global private equity firms, which it has not yet... View Details

Keywords: Private Equity; Initial Public Offering; Investment; Emerging Markets; Financial Services Industry; India

December 2003 (Revised February 2005)
Case

HiJinx, Inc.

HiJinx is formulating its financial policy after a failed IPO. Options include landlord financing of its expansion, though with the knowledge that its real estate strategy may be compromised. View Details

Keywords: Initial Public Offering; Expansion; Valuation; Financial Strategy

April 1996 (Revised June 2000)
Case

Boston Beer Company, Inc., The

Capital markets may have overcapitalized the craft brewing industry during a flurry of new IPOs. In the context of this "hot" IPO market each individual company's valuation may seem reasonable. However, after careful analysis of each company's financial statement and... View Details

Keywords: Initial Public Offering; Analysis; Valuation; Industry Growth; Food and Beverage Industry; Boston

September 1999 (Revised July 2022)
Case

The Goldman Sachs IPO

By: Ashish Nanda, Malcolm S. Salter, Boris Groysberg and Sarah Matthews

Addresses the proposed IPO and raises questions regarding how agency costs may rise or fall as Goldman converts from a private partnership to a public limited corporation. View Details

Keywords: Initial Public Offering; Going Public; Corporate Governance; Agency Theory; Transformation; Financial Services Industry

November 2012 (Revised June 2013)
Case

The Facebook IPO Litigation

By: Lena G. Goldberg and Annelena Loeb

Despite its success in the social-networking space, Facebook Inc.'s May 2012 IPO was largely considered a failure. Facebook faced multiple lawsuits and its share price had dropped significantly. Adversaries contended that Facebook had misled investors and violated... View Details

Keywords: Social Networking; IPO; Litigation Risk; Initial Public Offering; Ethics; Lawsuits and Litigation; Failure; Consumer Products Industry; Information Technology Industry; Entertainment and Recreation Industry; United States

February 2010
Supplement

Valuing Visa? Priceless (CW)

By: Peter Tufano

Students must determine whether or not Visa, which had an IPO one month prior, is a good investment. The case provides an overview of multisided platform businesses and the payments industry in general. Visa's business model and economics are reviewed. View Details

Keywords: Credit Cards; Initial Public Offering; Valuation; Multi-Sided Platforms; Microeconomics

01 Mar 2019
News

Napkin Finance: Say It in a Picture

around Initial Coin Offerings, or ICOs, made that particular napkin a challenge, for example. “In first-year Finance at HBS there was a lot of focus on spreadsheets and numbers,” says Hay, who studied... View Details

Keywords: Julia Hanna

July 2017 (Revised November 2017)
Case

Media Markets Down South: Goldman Sachs' Investment in Grupo Clarín

By: Rafael Di Tella, Jose Liberti and Sarah McAra

Founded in 1945, Grupo Clarín expanded over several decades to become Argentina’s largest media conglomerate. With leading positions in newspapers, broadcast television, broadcast radio, cable television, and Internet services, Grupo Clarín caught the attention of... View Details

Keywords: Media; Business and Government Relations; Risk and Uncertainty; Initial Public Offering; Investment; Journalism and News Industry; Media and Broadcasting Industry; Argentina

March 2017 (Revised July 2019)
Case

Interline Brands: Don't Stop Believing

By: Nori Gerardo Lietz and Ricardo Andrade

Interline Brands, a leading distributor of residential housing maintenance and repair parts and equipment in the U.S., had just held its November 2014 board meeting. The meeting had been productive but not without some soul searching for both the company’s management... View Details

Keywords: Private Equity Exit; Consumer Goods; IPO; Private Equity; Initial Public Offering; Decision Choices and Conditions