Publications

02 Jun 2025
Video

Why Diversity Efforts Fail: Ivy Onyeador on Effective Strategies for Leaders

05 May 2021
News

Are Ceos Living up to the Pledges They Made after George Floyd’s Murder?

September 1992 (Revised March 1993)
Case

Empresas ICA and the Mexican Road Privatization Program

By: Willis M. Emmons III and Monica Brand

Mexico's largest construction company, Empresas ICA, makes an initial public offering to international equity investors in April 1992 to help fund its participation in an ambitious new private-sector approach to highway development. Under the new program, launched by... View Details

Keywords: Construction; Transportation Networks; Infrastructure; Privatization; Private Equity; Investment; Initial Public Offering; Private Sector; Government and Politics; Policy; Construction Industry; Mexico

October 2008 (Revised August 2010)
Case

The Christmas Eve Closing

By: Peter Tufano

In 2002, two homeowners in Massachusetts are deciding whether to refinance their home less than two years after taking out an initial mortgage and a subsequent home equity line of credit. View Details

Keywords: Mortgages; Personal Finance; Consumer Behavior; Banking Industry; Massachusetts

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

Read Now

11 Aug 2015
Working Paper Summaries

Structural GARCH: The Volatility-Leverage Connection

Keywords: by Robert F. Engle & Emil N. Siriwardane

20 Sep 2020
News

Buyout groups blasted at SEC meeting for ‘misleading numbers’

November 2006 (Revised June 2007)
Case

Centre Partners - American Seafoods 2003

Centre Partners, a leading private equity firm, is contemplating ways to realize liquidity from its successful investment in American Seafoods Corp., Inc. An apparently innovative solution is developed, which calls for issuing Income Deposit Securities. Does this... View Details

Keywords: Private Equity; Financial Liquidity; Capital Structure; Financial Services Industry

February 2017 (Revised February 2018)
Case

Frank Baker: Siris Capital Group and Titan Systems

By: Steven Rogers and Derrick Collins

Private equity firm, Siris Capital Group, must decide if they should raise their offer to take Titan Telecom private by acquiring its publicly traded stock. Siris’ decision to pay a premium for Titan must be made in the context of their unique (and somewhat complex)... View Details

Keywords: Acquisition; Leveraged Buyouts; Mergers and Acquisitions; Private Equity; Mobile Technology; Financial Services Industry; Communications Industry; Telecommunications Industry; United States

July 1973 (Revised August 1987)
Case

Central Express Corp.

Deals with the choice between debt and equity as a vehicle for financing expansion. Introduces the concept of EBIT charts and raises a number of other issues (e.g. dilution, leverage, etc.). View Details

Keywords: Expansion; Financing and Loans

April 2004 (Revised April 2011)
Case

Enron Corporation: May 6, 2001 Sell Recommendation

By: David F. Hawkins and Jacob Cohen

A consulting firm to institutional investors recommends selling Enron Corp.'s equity short on May 6, 2001, while many sellside analysts are recommending the stock as a "buy." View Details

Keywords: Judgments; Financial Reporting; Investment; Competency and Skills; Financial Statements; Consulting Industry

25 Apr 2014
Video

Sam Duboc - Making A Difference

09 Jun 2023
Blog Post

Learning Curve

Patti Melcher (MBA 1986) never intended to open a school. After getting her start in investment banking in Houston’s energy sector after her time at HBS, Melcher became an early employee at SCF Partners, helping to invest the private View Details

12 Oct 2022
Video

Christine Marie Ortiz Guzman on how we are all “designers”

25 Mar 2016
Video

Jim Southern, Founding Partner, Pacific Lake Partners

February 2022 (Revised April 2022)
Case

Pushing Past the Boundaries of ESG Investing: AQR Capital Management

By: Lauren H. Cohen, Richard B. Evans, Umit G. Gurun and Quoc H. Nguyen

Cliff Asness was facing a dilemma into how he would plunge his hedge fund into the hottest investment area worldwide—ESG Investing. Founder and managing principal of AQR—one the most storied quantitative hedge funds in the world—Asness knew anything less than a big... View Details

Keywords: ESG; Hedge Fund; Investment; Equity; Green Technology

November 2005 (Revised November 2007)
Case

Tad O'Malley: December 2004

By: G. Felda Hardymon, Josh Lerner, Ann Leamon and Sean Klimczak

Tad O'Malley, a second-year student at Harvard Business School, must choose among three offers from private equity firms. Each firm presents a unique combination of history, culture, and compensation. Traces Tad's strategy in obtaining these offers and lets students... View Details

Keywords: Private Equity; Compensation and Benefits; Job Offer; Negotiation Tactics; Organizational Culture; Personal Development and Career

August 2003
Article

When Does the Market Matter? Stock Prices and the Investment of Equity-Dependent Firms

By: Malcolm Baker, Jeremy Stein and Jeffrey Wurgler

We use a simple model of corporate investment to determine when investment will be sensitive to non-fundamental movements in stock prices. The key cross-sectional prediction of the model is that stock prices will have a stronger impact on the investment of firms that... View Details

Keywords: Stocks; Price; Investment; Equity; Forecasting and Prediction; Rank and Position; Markets