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  • 2009
  • Working Paper

Stock Price Fragility

By: Robin Greenwood and David Thesmar
We investigate the relationship between ownership structure of financial assets and non-fundamental risk. An asset is fragile if its owners collectively have to buy or sell. Such assets are susceptible to non-fundamental price movements. An asset can be fragile because... View Details
Keywords: Financial Liquidity; Stocks; Price; Market Transactions; Ownership; Risk and Uncertainty; United States
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  • November 2008
  • Supplement

NEC Electronics (CW)

By: C. Fritz Foley, Robin Greenwood and James Quinn
Why do shares in NEC Electronics, a publicly listed subsidiary of Japan conglomerate NEC trade at a discount to their fundamental value? Can Perry Capital, a U.S. hedge fund, restructure this subsidiary and generate significant returns? This case provides students with... View Details
Keywords: Business Conglomerates; Business Subsidiaries; Restructuring; Decisions; Investment Return; Investment Funds; Price; Ownership; Agency Theory; Business and Shareholder Relations; Value Creation; Electronics Industry; Japan; United States
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    Josh Baron

    Dr. Josh Baron is a Senior Lecturer of Business Administration at Harvard Business School and a part of the Strategy Unit. In the MBA program, he teaches in the Required Core Strategy course as well as elective courses on Ownership and Leading a Family Business. He... View Details

    • November 2023 (Revised April 2024)
    • Case

    Celsius Network Inc.: Fear, Uncertainty, and Doubt in the Brave New World of Crypto Bankruptcy

    By: Stuart C. Gilson and Sarah L. Abbott
    In July 2022, Celsius Network filed for Chapter 11 bankruptcy. CEO Alex Mashinsky acknowledged that Celsius had grown its assets “faster than the Company was prepared to deploy [them]” and as a result had made “certain poor asset deployment decisions.” Two months after... View Details
    Keywords: Cryptocurrency; Chapter 11; Restructuring; Insolvency and Bankruptcy; Asset Management; Acquisition; Borrowing and Debt; Financial Services Industry; United States
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      James L. Heskett

      James L. Heskett is UPS Foundation Professor Emeritus at the Harvard Business School and author of his latest book, With From Within: Build Organizational Culture for Competitive... View Details

      • Research Summary

      Family, Inc. Historical Development of German and US Family Firm

      Family-owned businesses are the most common form of business organization worldwide. This project deals with the main characteristics of closely-held ownership and more precisely families as majority owners. It strives for an international comparison of family firms... View Details

      • June 2004 (Revised July 2005)
      • Background Note

      Tenant and Landlord Rights

      By: Arthur I Segel, Jeff Mandelbaum and Armen Panossian
      Certain key principles govern the landlord-tenant relationship in both commercial and residential settings. Because most property law is state specific, this note provides an overview of how many states would generally analyze a particular situation or relationship. View Details
      Keywords: Renting or Rental; Leasing; Rights; Contracts; Laws and Statutes; Relationships; Real Estate Industry
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      • August 2008 (Revised July 2009)
      • Supplement

      Gazprom (B): Energy and Strategy in a New Era

      By: Rawi E. Abdelal, Sogomon Tarontsi and Alexander Jorov
      President Putin publicly stated that Gazprom, the largest natural gas producer in the world, was a powerful political lever of the Russian state in the world and a keystone in the foundation of the country's energy security. Thus the top leadership of Russia has... View Details
      Keywords: Non-Renewable Energy; Growth and Development Strategy; State Ownership; Business and Government Relations; Expansion; Energy Industry; Russia; Ukraine
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      • March 2017 (Revised December 2019)
      • Case

      Boris Berezovsky, Vladimir Putin and the Russian Oligarchs

      By: Geoffrey Jones, Rachael Comunale and Kate Lazaroff-Puck
      This case examines the career of the Russian business oligarch Boris Berezovsky. Berezovsky was one of a small group of business tycoons that became fabulously rich after the collapse of the Soviet Union in 1991, as the new Russian government, advised by prominent... View Details
      Keywords: Business ＆ Government Relations; Government and Politics; Business History; Business and Government Relations; Privatization; Soviet Union; Russia
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      • April 2015
      • Case

      Who Owns the Whale? (Abridged)

      By: Thales S. Teixeira and David E. Bell
      Judge William Wright considers the case of the dispute of a whale carcass wherein several whaling ships claim ownership based on each one's contribution to its killing. The judge must weigh in the differing efforts and costs of three ships who each played a role at... View Details
      Keywords: Whaling; Attribution; Norms-of-ownership; Transaction Costs; Deadweight Losses; Free-rider Problem; Advertising; History; United States; United Kingdom
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      • December 1997
      • Case

      Intercontinental Breweries (Abridged)

      By: Thomas R. Piper
      A senior executive of a U.S. multinational is attempting to develop a set of financial, operating, and ownership arrangements that will be acceptable to the management and employees of a major Polish company and to the Ministry of Privatization. The arrangements must... View Details
      Keywords: Agreements and Arrangements; Multinational Firms and Management; Joint Ventures; Food and Beverage Industry; Poland; United States
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      • 2008
      • Other Unpublished Work

      Are Private Equity Firms Better Managed?

      By: Nicholas Bloom, Raffaella Sadun and John Van Reenen
      We use an innovative survey tool to collect management practice data from over 4,000 medium sized manufacturing firms across Asia, Europe and the US. These measures of managerial practice are strongly associated with firm-level performance (e.g. productivity,... View Details
      Keywords: Private Equity; Management Practices and Processes; Production; Performance Improvement; Manufacturing Industry; Asia; Europe; United States
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      • November 1988 (Revised September 1991)
      • Case

      Simmons Japan Ltd.

      By: W. Carl Kester and Richard P. Melnick
      Concerns the first leveraged buyout to occur in Japan. Analytic tasks include a valuation of the company and an assessment of its debt capacity. Also provides opportunities to discuss agency costs associated with alternative capital and equity ownership structures,... View Details
      Keywords: Leveraged Buyouts; Restructuring; Borrowing and Debt; Capital Structure; Cost; Equity; Production; Valuation; Japan; United States
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      • September 2007 (Revised November 2008)
      • Case

      Sinopec: Refining its Strategy

      By: Richard H.K. Vietor and Julia Galef
      China's oil industry, with majority ownership vested in the government, had engaged in an "equity oil" strategy for the past few years-acquiring equity interests in oil producing nations including Sudan, Angola, and Iran. Outside critics, however, suggested that the... View Details
      Keywords: Non-Renewable Energy; Equity; Foreign Direct Investment; Growth and Development Strategy; Demand and Consumers; State Ownership; Energy Industry; China
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      • February 2003 (Revised June 2003)
      • Case

      Interface's Evergreen Services Agreement

      In an attempt to reduce its ecological footprint, Interface Americas, a leading manufacturer of commercial carpet tile, has launched the Evergreen Services Agreement (ESA)--a lease agreement that provides would-be carpet purchasers with comprehensive floor-covering... View Details
      Keywords: Business Model; Product; Environmental Sustainability; Innovation and Invention; Leasing; Consumer Products Industry; Houston
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      • 28 Aug 2014
      • Op-Ed

      Government Can Do More to Unfreeze Small Business Credit

      (Editor's note: This is the third in a series of articles based on a Harvard Business School working paper by Karen Mills that analyzes the current state of availability of bank capital for small business.) Access to credit is critical to... View Details
      Keywords: by Karen Mills; Banking
      • July 1990 (Revised August 1990)
      • Case

      Kaiser Steel Corporation, 1950

      By: Timothy A. Luehrman and William Schiano
      Examines Kaiser Steel's initial equity offering in 1950. The first case in a sequence that will trace the history of corporate restructurings that occurred 30 to 40 years later, in the 1980s. Subsequent cases examine foreign competition and labor unrest, hostile... View Details
      Keywords: Business History; Competition; Initial Public Offering; Capital Structure; Restructuring; Capital Markets; Ownership; Steel Industry; United States
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      • 21 Jul 2014
      • Research & Ideas

      Is a Gap in Small-Business Credit Holding Back the American Economy?

      (Editor's note: This first in a series of articles based on a Harvard Business School working paper by Karen Mills that analyzes the current state of availability of bank capital for small business.) Small businesses are core to America's... View Details
      Keywords: by Karen Mills; Manufacturing
      • July 2005 (Revised September 2016)
      • Case

      24 Hour Fitness (A): The Rise, 1983–2004

      By: John R. Wells, Elizabeth A. Raabe and Gabriel Ellsworth
      In October 2004, Mark S. Mastrov, CEO of 24 Hour Fitness, reflected on how far his company had come in just over 20 years. From humble beginnings in 1983 in San Leandro, California, 24 Hour Fitness had grown to become the largest privately-owned health-club chain in... View Details
      Keywords: 24 Hour Fitness; Mark Mastrov; Health Clubs; Fitness; Gyms; Chain; Weight Loss; Exercise; Personal Training; Retention; Sales Force Compensation; Incentive Systems; Buildings and Facilities; Business Growth and Maturation; Business Model; For-Profit Firms; Customers; Customer Focus and Relationships; Customer Satisfaction; Private Equity; Revenue; Geographic Scope; Multinational Firms and Management; Nutrition; Business History; Employees; Recruitment; Selection and Staffing; Human Capital; Business or Company Management; Goals and Objectives; Growth and Development Strategy; Marketing; Operations; Service Operations; Private Ownership; Problems and Challenges; Sales; Salesforce Management; Sports; Strategy; Business Strategy; Competition; Competitive Advantage; Competitive Strategy; Corporate Strategy; Expansion; Segmentation; Information Technology; Internet; Technology Platform; Web; Web Sites; Capital Structure; Performance; Organizational Structure; Organizational Culture; Health Industry; United States; California; San Francisco
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      • November 2015 (Revised February 2016)
      • Case

      Lipman: Vertical Integration in Fresh Tomatoes

      By: José B. Alvarez and Carin-Isabel Knoop
      Lipman, the largest open field fresh tomato grower and marketer in the United States, has been successfully pursuing an aggressive strategy of acquisitions over the last several years. End-market consolidation in the retail space has driven vertical integration in the... View Details
      Keywords: Tomatoes; Fresh Produce; Vertical Integration; Agribusiness; Agriculture and Agribusiness Industry; United States; Cuba; Central America
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