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  • 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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  • 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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  • 02 Sep 2008
  • First Look

First Look: September 3, 2008

Building on previous theories of how social activists inspire field-level change, we hypothesize that shareholder actions and regulatory threats are likely to prime firms to cooperate with View Details
Keywords: Sean Silverthorne
  • 13 Nov 2012
  • First Look

First Look: November 13

executives who were at Olympus while the scandal occurred. Purchase this supplement:http://hbr.org/search/413075-PDF-ENG Brink's Company: Activists Push for a Spin-off Suraj Srinivasan, Aldo Sesia, and Amy KaserHarvard Business School... View Details
Keywords: Sean Silverthorne
  • January 2008 (Revised July 2008)
  • Case

Opportunity Partners

By: Robin Greenwood and James Quinn
Philip Goldstein, the principal in a growing hedge fund and prominent activist investor, has taken a position in a Mexico-based closed-end fund. Following a hard-fought proxy contest in which he advocated for management to eliminate the fund's substantial discount,... View Details
Keywords: Investment Activism; Investment Funds; Business and Shareholder Relations; Value; Financial Services Industry; Mexico
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  • 08 Jul 2014
  • First Look

First Look: July 8

shareholders longer when they have board seats, with holding periods consistent with conventional notions of "long-term" institutional investors. As in prior research, we find positive announcement-period returns of around 4% to... View Details
Keywords: Carmen Nobel
  • 12 Feb 2008
  • First Look

First Look: February 12, 2007

by a strong shareholder value imperative ('value-based' ERM), the other corresponding to the demands of the risk-based internal control imperative ('holistic' ERM). The paper explains the differences in the two risk management mixes... View Details
Keywords: Martha Lagace
  • November 2019
  • Article

The Relevance of Broker Networks for Information Diffusion in the Stock Market

By: Marco Di Maggio, Francesco Franzoni, Amir Kermani and Carlo Sommavilla
This paper shows that the network of relationships between brokers and institutional investors shapes information diffusion in the stock market. We exploit trade-level data to show that central brokers gather information by executing informed trades, which is then... View Details
Keywords: Broker Networks; Institutional Investors; Asset Prices; Business and Shareholder Relations; Institutional Investing; Information; Knowledge Dissemination; Financial Markets; Asset Pricing
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  • 14 Aug 2007
  • First Look

First Look: August 14, 2007

activism are high for the subset of targets that are acquired ex-post, but not detectably different from zero for targets that remain independent a year after the initial activist request. Announcement returns show a similar pattern.... View Details
Keywords: Martha Lagace
  • 05 Aug 2014
  • First Look

First Look: August 5

In mid-2012, Clairemont had invested nearly $75M in Yahoo! after the tech company settled a highly visible proxy fight with prolific activist investor Daniel Loeb of hedge fund Third Point. Since that time, Loeb and his colleagues had... View Details
Keywords: Sean Silverthorne
  • 19 Nov 2013
  • First Look

First Look: November 19

as servers, consulting, and software-as-a-service) and now claimed he needed to take the company private to do so. By the summer of 2013, the Dell board and its shareholders would have to decide whether to accept his offer to take the... View Details
Keywords: Sean Silverthorne
  • Web

Business & Environment - Faculty & Research

after an activist launched a social media campaign; McDonald’s navigating a high-stakes lawsuit over its long-standing Hispanic scholarship program; Costco confronting a shareholder proposal questioning its... View Details
  • 02 Sep 2014
  • First Look

First Look: September 2

equity firm, Silver Lake Partners, have made an offer for the company, which Dell Inc.'s board has accepted. The deal requires the vote of a majority of shareholders. Southeastern Asset Management, an investment firm and Dell Inc.'s second largest View Details
Keywords: Sean Silverthorne
  • 14 May 2018
  • Research & Ideas

Amazon vs. Whole Foods: When Cultures Collide

from that.” The new inventory system was actually something Whole Foods had started to implement before the Amazon deal, pressured by activist shareholders who had seen the grocer’s stock and sales margins... View Details
Keywords: by Michael Blanding; Food & Beverage

    Best-selling and New Cases by Ben Esty

    Best-Selling Cases:  

      1) Eaton: Portfolio Transformation & Cost of... View Details

    • 23 Aug 2016
    • First Look

    August 23, 2016

    methods. Myth Number 1: Environmental, social, and governance (ESG) programs reduce returns on capital and long-run shareholder value. Reality: Companies committed to ESG are finding competitive advantages in product, labor, and capital... View Details
    Keywords: Sean Silverthorne
    • 24 Apr 2017
    • Op-Ed

    Op-Ed: Courage: The Defining Characteristic of Great Leaders

    Polman immediately wheeled into action, convincing KHC to drop its bid two days later. Then he announced seven bold moves to enhance shareholder value without compromising the company’s ambitious long-term plans. In comparison, Kraft CEO... View Details
    Keywords: by Bill George; Auto; Food & Beverage
    • Web

    Leadership - Faculty & Research

    of caring for not only the corporation and shareholders but also the patients and medical professionals. How should leaders of health-related businesses weigh the demand for efficiency and profit alongside the care of patients and the... View Details
    • 14 Jan 2019
    • Op-Ed

    These 4 CEOs Created a New Standard of Leadership

    contribute to society in meaningful ways, not just profit from it. They believed that organization had to benefit all stakeholders: their customers, employees, shareholders, and communities and that this approach would result in sustained increases in revenues,... View Details
    Keywords: by Bill George; Health; Banking; Food & Beverage; Consumer Products
    • 26 May 2022
    • HBS Case

    Apple vs. Feds: Is iPhone Privacy a Basic Human Right?

    Apple CEO Tim Cook didn’t come to his post with an activist agenda, yet when law enforcement officials began pressuring the company to hand over iPhone users’ data without their permission, Cook took what he believed was a moral stance to... View Details
    Keywords: by Avery Forman