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    Bed Bath & Beyond: The New Strategy Drive Shareholder Value

    This case analyzes the creation, loss, and attempted re-creation of competitive advantage. At one time, Bed Bath & Beyond was one of the most successful specialty retailers in the United States-it's growth and profit margins far exceeded rates at peer... View Details
    • June 2006 (Revised April 2024)
    • Case

    Creditor Activism in Sovereign Debt: 'Vulture' Tactics or Market Backbone

    By: Laura Alfaro and Ingrid Vogel
    The role of distressed debt funds, also known as "vulture funds," in sovereign debt restructuring was a hotly debated topic, especially after the success of Elliot Associates in converting an $11 million investment in Peruvian bonds worth $21 million into a $58 million... View Details
    Keywords: Vulture Funds; Borrowing and Debt; Bonds; Investment Activism; Investment Funds; Sovereign Finance; Government and Politics; Contracts; Business and Government Relations; Peru
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    • 25 Feb 2014
    • First Look

    First Look: February 25

    likely to expose their bank to higher risk levels when regulation protects the bank against default. Managerial equity incentives may, therefore, serve as a risk-reduction instrument. Download working paper: https://www.hbs.edu/faculty/Pages/item.aspx?num=46363... View Details
    Keywords: Sean Silverthorne

      Luis M. Viceira

      Luis M. Viceira is the George E. Bates Professor in the Finance Unit  and a Research Associate at the National Bureau of Economic Research. His research, course development, and teaching focus on the areas of investment management... View Details

      Keywords: banking; education industry; financial services; nonprofit industry; retail financial services
      • November 2013 (Revised May 2023)
      • Case

      Valuing Yahoo! in 2013

      By: Luis M. Viceira and Atul Khosla
      In late July 2013, Danielle Engle, Managing Director of Clairemont Capital, was contemplating what to do about a large investment her fund had in the stock of Yahoo! Inc. In mid-2012, Clairemont had invested nearly $75M in Yahoo! after the tech company settled a highly... View Details
      Keywords: Investment; Decision Making; Investment Activism; Business Model; Growth and Development Strategy; Valuation
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      • 11 Jan 2011
      • Working Paper Summaries

      Does Shareholder Proxy Access Improve Firm Value? Evidence from the Business Roundtable Challenge

      Keywords: by Bo Becker, Daniel B. Bergstresser & Guhan Subramanian; Financial Services
      • June 2014 (Revised May 2017)
      • Case

      Southeastern Asset Management Challenges Buyout at Dell

      By: Paul Healy, Suraj Srinivasan and Aldo Sesia
      In late 2012, Michael Dell wants to take Dell Inc., the company he founded, private. Mr. Dell believes that the successful company's transformation from a personal computer (PC) manufacturer to an enterprise solutions and services provider (ESS) is dependent on going... View Details
      Keywords: Leveraged Buyout Transaction; Leveraged Recapitalization; Management Buyout; Dell, Inc.; Hedge Fund; Corporate Governance Theory; Valuation; Valuation Ratios; Valuation Methodologies; Board Of Directors; Boards Of Directors; Carl Icahn; Computer Services Industries; Proxy Contest; Proxy Battles; Proxy Fight; Proxy Advisor; Financial Accounting; Financial Analysis; Financial Ratios; Finance; Corporate Accountability; Corporate Governance; Corporate Finance; Leveraged Buyouts; Computer Industry; United States
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      • 13 Nov 2012
      • First Look

      First Look: November 13

      actions the activist investors took to get the attention of management, the board, and other investors. The businesses, secure transportation, and home security monitoring are described from both a business... View Details
      Keywords: Sean Silverthorne
      • 11 Oct 2017
      • Research & Ideas

      The House Wants to Squelch Voices of ‘Small’ Shareholders. Research Shows Those Voices Matter.

      proposals that are actually viewed as legitimate by the majority of the firm’s shareholders. For example, in 2011, activist investor Ken Steiner issued a proposal to allow Allstate Corp. shareholders to act... View Details
      Keywords: by Carmen Nobel
      • 04 Mar 2014
      • Working Paper Summaries

      Consequences to Directors of Shareholder Activism

      Keywords: by Ian D. Gow, Sa-Pyung Sean Shin & Suraj Srinivasan
      • 12 Feb 2008
      • First Look

      First Look: February 12, 2007

      Hassell, and Michael D. Kimbrough Periodical:Review of Quantitative Finance and Accounting (forthcoming) Abstract The 1990s were characterized by substantial increases in the performance of an investor reliance on financial analysts.... View Details
      Keywords: Martha Lagace
      • 19 Nov 2013
      • First Look

      First Look: November 19

        Publications August 2013 American Economic Journal: Macroeconomics Accounting for Crises By: Nagar, Venky, and Gwen Yu Abstract—We provide one of the first empirical evidence consistent with recent macro global-game crisis models, which show that the precision of... View Details
      Keywords: Sean Silverthorne
      • Web

      Business & Environment

      resort operator. In his letter, and the 88-slide presentation that accompanied his letter, the activist investor criticized the firm’s strategy, leadership, and financial performance. In fact, he was calling... View Details
      • Web

      Finance - Faculty & Research

      heterogeneous investor beliefs in explaining stock market puzzles. Using survey data, we show that individual investors and investment professionals, such as equity analysts and strategists, form distinct... View Details
      • 10 Apr 2007
      • First Look

      First Look: April 10, 2007

      Curriculum Strategy course to students at Harvard Business School. Purchase this overview: http://www.hbsp.harvard.edu/b01/en/common/item_detail.jhtml?id=707492 Kerr-McGee Harvard Business School Case 207-020 Activist View Details
      Keywords: Martha Lagace
      • Web

      Asia Pacific - Global

      world’s largest ski resort operator. In his letter, and the 88-slide presentation that accompanied his letter, the activist investor criticized the firm’s strategy, leadership, and financial performance. In... View Details
      • 14 Aug 2007
      • First Look

      First Look: August 14, 2007

        Working PapersHedge Fund Investor Activism and Takeovers Authors:Robin Greenwood and Michael Schor Abstract We examine long-horizon stock returns around hedge fund activism in a comprehensive sample of 13D filings by portfolio View Details
      Keywords: Martha Lagace
      • Web

      Business & Environment - Faculty & Research

      his letter, the activist investor criticized the firm’s strategy, leadership, and financial performance. In fact, he was calling for fundamental change: replacing the CEO, CFO, and board chair; changing the... View Details
      • 09 Jan 2024
      • Research & Ideas

      Could Clean Hydrogen Become Affordable at Scale by 2030?

      Hydrogen is poised to move from the sidelines of global clean energy as the industry learns to produce it more efficiently and at lower cost, according to newly published research led by Gunther Glenk, a climate fellow with Harvard Business School's Institute for the... View Details
      Keywords: by Desmond Dodd; Energy; Green Technology
      • 17 Jan 2023
      • In Practice

      8 Trends to Watch in 2023

      As 2023 begins, businesses and employees face an uncertain economy and labor market, as the twin dilemmas of inflation and interest rates weigh on forecasts. Harvard Business School faculty share the top trends that they believe will shape the workplace and markets... View Details
      Keywords: by Avery Forman