Publications
Publications
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- All HBS Web
(712)
- Faculty Publications (282)
- March 2017
- Article
Institutional Ownership and Corporate Tax Avoidance: New Evidence
By: Mozaffar N. Khan, Suraj Srinivasan and Liang Tan
We provide new evidence on the agency theory of corporate tax avoidance (Slemrod, 2004; Crocker and Slemrod, 2005; Chen and Chu, 2005) by showing that increases in institutional ownership are associated with increases in tax avoidance. Using the Russell index... View Details
- December 2016
- Case
Public Mission, Private Funding: The University of California, Berkeley
By: William C. Kirby and Joycelyn W. Eby
UC Berkley, long known as one of the leading public universities in both the U.S. and the world, has seen turbulent times recently. While student enrollment and costs have increased steadily in recent years, the school, which has been fiercely proud of its public... View Details
Keywords: Public University; University Administration; Conflict Management; State Funding; Competition; Faculty Governance; University Of California Berkeley; Change Management; Volatility; Diversity; Residency; Higher Education; Philanthropy and Charitable Giving; Globalization; Policy; Leading Change; Crisis Management; Growth and Development Strategy; Organizational Design; Privatization; Problems and Challenges; Education Industry; United States
- November 2016 (Revised April 2018)
- Case
Darby's Investment in Sirma: Professionalizing an Entrepreneurial Firm
By: Suraj Srinivasan and Eren Kuzucu
In March 2010, Burak Dalgın (HBS MBA 2004) led private equity firm Darby's investment in Sırma, a local Turkish water and beverage company. Sırma was owned and managed by members of two Turkish business families. The existing management, while being highly... View Details
- September 2016
- Article
Disproportional Control Rights and the Bonding Role of Debt
By: Aiyesha Dey, Valeri Nikolaev and Xue Wang
We examine the governance role of debt in the context of U.S.-based dual class ownership structures. We hypothesize that the use of debt alleviates the conflict between shareholder classes by balancing the power of controlling insiders. We document that dual class... View Details
- 2016
- Working Paper
Intellectual Property Rights Protection, Ownership, and Innovation: Evidence from China
By: Lily Fang, Josh Lerner and Chaopeng Wu
Using a difference-in-difference approach, we study how intellectual property right (IPR) protection affects innovation in China in the years around the privatizations of state-owned enterprises (SOEs). Innovation increases after SOE privatizations, and this increase... View Details
- June 2016
- Case
The Redevelopment of Palazzo Tornabuoni (A)
By: Sid Yog, Arthur I Segel and Ricardo Andrade
In the spring of 2004, Byrne Murphy and his partners at Fingen Group discussed options to redevelop Palazzo Tornabuoni, an iconic 15th century palace in the heart of Florence, Italy. The possibilities included turning the upper floors into office space, hotel rooms,... View Details
- June 2016
- Case
The Redevelopment of Palazzo Tornabuoni (B)
By: Sid Yog, Arthur I Segel and Ricardo Andrade
On December 16, 2010, Byrne Murphy received a call from his Italian partner at Fingen Group. The recently renovated Palazzo Tornabuoni, an iconic 15th century palace in the heart of Florence, Italy, had been seized by the local police. While Murphy tries to understand... View Details
- March 2016 (Revised May 2021)
- Case
Michael Milken: The Junk Bond King
By: Tom Nicholas and Matthew G. Preble
Michael Milken, an investment banker who dominated the junk bond market in the 1980s, was sentenced to jail in 1990 after pleading guilty to a number of securities and tax-related felonies. In the preceding decade, Milken had helped usher in a new wave of leveraged buy... View Details
Keywords: Junk Bonds; High-yield Bonds; Financial Innovation; Shareholder Value; Bonds; Capital; Capital Structure; Cost of Capital; Crime and Corruption; Entrepreneurship; Ethics; Finance; Investment Banking; Leveraged Buyouts; Mergers and Acquisitions; Ownership; Private Equity; Restructuring; United States
- February 2016 (Revised March 2017)
- Case
Regulating Radio in the Age of Broadcasting
By: David Moss, Marc Campasano and Colin Donovan
When the Titanic tragically sank on April 15, 1912, potentially life-saving help was delayed as a result of failures in radio communication. In part as a result, Congress moved swiftly to regulate radio, passing the Radio Act of 1912 four months later. Although at... View Details
- December 2015 (Revised February 2017)
- Case
BRF
By: David E. Bell and Natalie Kindred
In 2015, BRF's new leadership team is transforming several aspects of the Brazilian protein giant, which had grown sluggish after the 2011 merger that created it. Underlying their reforms are the common goals of reducing bureaucracy, streamlining decision making, and,... View Details
Keywords: BRF; Brasil Foods; Tarpon; Brazil; Marketing; Protein; Commodity; Commodities; Branding; Turnaround; Culture; Transformation; Mergers; Change Management; Private Equity; Distribution; Food; Goods and Commodities; Supply Chain; Mergers and Acquisitions; Trade; Brands and Branding; Food and Beverage Industry; Brazil
- October 2015 (Revised July 2017)
- Case
OMV Petrom: Investment as Partnership—When It Takes Three to Tango
By: Dante Roscini, Emer Maloney and Daniela Beyersdorfer
Petrom was privatized by the Romanian state in 2004 and acquired by Austrian oil company OMV, with the state retaining a 20.6% stake in the company. The situation was particularly challenging for the foreign investor since the sector in which the company operated was... View Details
- 2015
- Book
How the Internet Became Commercial: Innovation, Privatization, and the Birth of a New Network
By: Shane Greenstein
In less than a decade, the Internet went from being a series of loosely connected networks used by universities and the military to the powerful commercial engine it is today. This book describes how many of the key innovations that made this possible came from... View Details
- July 2015
- Case
Vita: Cosmetics in the Nordics
By: Das Narayandas, Krishna Palepu and Kerry Herman
Vita is a Norwegian cosmetics retailer owned by FSN Capital, a Scandinavian private equity company. The company has a strong market position in Norway. The case focuses on two strategic issues: how to develop an e-commerce strategy to supplement the company's... View Details
- May 2015
- Case
Venture Republic, 2011
By: W. Carl Kester and Mayuka Yamazaki
In December 2011, the founders of Venture Republic, a Japanese developer and operator of on-line search engines for shopping and travel, faced a decison about whether or not to take the company private in a management buyout transaction just three years after an... View Details
- April 2015 (Revised April 2015)
- Case
Yale University Investments Office: February 2015
By: Josh Lerner
David Swensen and the Investments Office staff must decide whether to continue to allocate the bulk of the university's endowment to illiquid investments—hedge funds, private equity, real estate—given the impact of the recent market turmoil. The case explores the risks... View Details
- June 2014 (Revised May 2020)
- Supplement
Busse Place (B): Hannah's Dilemma
By: Arthur I. Segel and John H. Vogel, Jr.
Marisa Sanchez, a new Associate at Douglas Private Equity Advisors, confronts a dilemma when she is asked by a Senior Vice President (SVP) to do due diligence on a deal he wants to bring before the investment committee which will include the SVP, Douglas' owner and... View Details
Keywords: Real Estate; Financial Analysis; Property; Finance; Analysis; Ethics; Real Estate Industry; United States
- March 2014
- Teaching Note
Transforming Tommy Hilfiger (A) and (B)
By: Raffaella Sadun
Teaching Note for "Transforming Tommy Hilfiger (A)" and "Transforming Tommy Hilfiger (B)" View Details
- March 2014 (Revised January 2017)
- Case
From Beijing Jeep to ASC Fine Wines: The Story of an American Family Business in China
By: William C. Kirby and Erica M. Zendell
In 1985, Don St. Pierre Sr. became President of Beijing Jeep, the troubled joint venture between American Motor Corporation and the Chinese government to build Jeep Cherokees in China. Just over a decade later in 1996, leveraging contacts from his time in the... View Details
- March 2014
- Case
Transforming Tommy Hilfiger (A)
By: Raffaella Sadun, Hanoch Feit, Vaibhav Gujral and Gerard Zouein
At the end of 2005, Tommy Hilfiger is taken private by Apax Partners after years of disappointing performance and strategic impasse. Students are asked to evaluate alternative strategic options for the company, and to propose a concrete turnaround plan for the first... View Details