Publications

26 Jan 2024
Blog Post

Access real-world employment data from HBS alumni with the Career Trends tool

Negotiating a job offer in a new industry or function? Wondering if a change in location might impact your base salary? Joining a startup and wanting to benchmark your equity offer? Use the Career Trends... View Details

17 Oct 2018
News

Debating Minimum Wage, and Reflections on a Year of #MeToo

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

February 2021
Case

Board Director Dilemmas—New Year, New Timing

By: Suraj Srinivasan, David G. Fubini and Amram Migdal

This case focuses on a junior partner at a private equity (PE) firm who sits on the board of one of the firm’s portfolio companies. In the case, the board member asks the CEO to accelerate a cost-cutting initiative and looks to a seasoned industry veteran who is also a... View Details

Keywords: Board Directors; Governing and Advisory Boards; Strategy; Decision Making

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

14 Mar 2023
Blog Post

How Inclusive Managers Create Glass-Shattering Organizations

use to rate performance, and eliminate ambiguous, vague, and malleable standards. Promotion and compensation. Set clear and transparent parameters for salary offers and raises. Review the outcomes of promotion and compensation decisions... View Details

29 Oct 2014
News

Pool of grey talent could transform the world

October 2019
Case

Kaspi.kz IPO

By: Victoria Ivashina and Esel Çekin

This case follows Kaspi.kz, a private equity (Baring Vostok) co-owned retail bank in Central Asia that evolved into a fintech, payments and e-commerce company. It provides insights into private equity financing, portfolio company management, and initial public offering... View Details

Keywords: Finance; Private Equity; Initial Public Offering; Organizational Change and Adaptation; Central Asia

March 1998
Case

Bumper Acquisition (A1), A: Confidential Information for Thermo-Impact, Inc.

By: James K. Sebenius and David T. Kotchen

Located in Mundelein, IL, Thermo-Impact, Inc. is a rapidly growing, private firm that manufactures automotive bumpers. In 1995, a number of large automotive supply companies and a private equity investment firm offer to buy Thermo-Impact. The cases in this series focus... View Details

Keywords: Private Equity; Valuation; Negotiation Participants; Decision Making; Negotiation Process; Entrepreneurship; Negotiation Offer; Acquisition; Manufacturing Industry; Auto Industry; Illinois

October 2010 (Revised January 2011)
Case

Charter Communications Bankruptcy

By: Paul A. Gompers and Emily Weisburst

Charter Communications' bankruptcy presents an opportunity for some of its creditors to convert their debt holdings into equity. A mutual fund manager must determine how to maximize his debt investment in Charter given the restructuring and decide whether to... View Details

Keywords: Insolvency and Bankruptcy; Private Equity; Borrowing and Debt; Investment; Financial Strategy; Financial Services Industry

March 1998 (Revised December 1998)
Case

BCI Growth III: May 1993

By: Josh Lerner

A Vermont solid-waste company seeks mezzanine financing to finance its strategy of acquiring and consolidating local competitors. The mezzanine private equity group must decide whether this investment offers an attractive risk-return tradeoff. View Details

Keywords: Private Equity; Business Growth and Maturation; Consolidation; Wastes and Waste Processing; Acquisition; Service Industry; Vermont

20 Mar 2009
Working Paper Summaries

Catering to Characteristics

Keywords: by Robin Greenwood & Samuel Hanson; Technology

Career Coach

Annette Rodriguez-Ferrer

Annette Rodriguez brings over 20 years of seasoned expertise in private equity, across business services, consumer services, and healthcare. She has dedicated her career to building teams and investing in and developing best-in-class... View Details

Keywords: Private Equity; Private Equity; Private Equity; Private Equity; Private Equity; Private Equity; Private Equity; Private Equity; Private Equity; Private Equity; Private Equity; Private Equity; Private Equity; Private Equity; Private Equity; Private Equity

June 2004
Article

Market Liquidity as a Sentiment Indicator

By: Malcolm Baker and Jeremy Stein

We build a model that helps to explain why increases in liquidity-such as lower bid-ask spreads, a lower price impact of trade, or higher turnover-predict lower subsequent returns in both firm-level and aggregate data. The model features a class of irrational... View Details

Keywords: Markets; Financial Liquidity; Price; Trade; Sales; Equity; Information; Management Analysis, Tools, and Techniques; Accounting Industry

Read Now

October 1987 (Revised November 1991)
Case

Fiat--1986

By: W. Carl Kester and Richard P. Melnick

Describes Fiat's 1986 Euro-equity offering of $2.1 billion of stock. The offering proved to be highly problematic, particularly for the lead manager, Deutsche Bank, and raises questions about the future of the Euro-equity market. Students are provided opportunities to... View Details

Keywords: Equity; Stocks; Negotiation Deal; Outcome or Result; Opportunities; Auto Industry

May 2009
Case

Ceres Gardening Company: Funding Growth in Organic Products

By: John H. McArthur and Sunru Yong

Ceres is a leading player in the growing organic gardening industry, selling seeds, small plants, and related items. Their distribution depends heavily on retail sales through independent nurseries and garden centers. Because these small dealers are unable to finance... View Details

Keywords: Accounting Procedures; Marketing; Business Growth; Plant-Based Agribusiness; Marketing Strategy; Expansion; Business Growth and Maturation; Marketing Channels; Credit; Financial Statements; Sales; Retail Industry; Agriculture and Agribusiness Industry

September 2017 (Revised April 2022)
Supplement

Tempur Sealy International (A)

By: Benjamin C. Esty

This case explores the long-term relationship between Tempur Sealy (TPX, a mattress manufacturer) and Mattress Firm (MFRM, a bedding retailer and TPX's largest customer). For almost 20 years, the firms enjoyed a mutually beneficial and commercially prosperous... View Details

September 2023
Supplement

David Beckham (B): Signing Lionel Messi to Inter Miami CF

By: Anita Elberse and David Moreno Vicente

In June 2023, David Beckham, co-owner of Major League Soccer team Inter Miami CF, is hoping to find a way to bring Lionel Messi, widely regarded as one of the best players the world of soccer has ever seen, to his team. But Messi—a seven-time winner of the Ballon d’Or... View Details

Keywords: Soccer; Football; Superstars; General Management; Sports; Negotiation Offer; Competitive Strategy; Compensation and Benefits; Entertainment; Media; Marketing; Sports Industry; Miami

October 2008 (Revised September 2011)
Supplement

PepsiCo's Bid for Quaker Oats (B)

By: Carliss Y. Baldwin and Leonid Soudakov

Second in a series on PepsiCo's bid for Quaker Oats. Describes the negotiations between PepsiCo and Quaker including due-diligence process, first bid, and counteroffer. Quaker's counteroffer included a collar on equity consideration, and thus the case offers an... View Details

Keywords: Mergers and Acquisitions; Equity; Bids and Bidding; Negotiation Offer; Negotiation Preparation; Valuation; Food and Beverage Industry