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  • December 2019 (Revised December 2022)
  • Case

TXU (A): Powering the Largest Leveraged Buyout in History

By: Trevor Fetter, Erik Snowberg and Rebecca M. Henderson
This case is designed to support a lively discussion about the relative merits of shareholder vs. stakeholder perspectives in the context of a company that provides a vital public service that has important environmental implications. The 2007 purchase of TXU, the... View Details
Keywords: Leveraged Buyouts; Transformation; Insolvency and Bankruptcy; Environmental Sustainability; Business and Shareholder Relations; Business and Stakeholder Relations; Energy Generation; Non-Renewable Energy; Governing Rules, Regulations, and Reforms; Utilities Industry; Energy Industry; Texas
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  • February 2005
  • Article

Can Foreign Firms Bond Themselves Effectively by Renting U.S. Securities Laws?

By: Jordan I. Siegel
The study tests the functional convergence hypothesis, which states that foreign firms can leapfrog their countries' weak legal institutions by listing equities in New York and agreeing to follow U.S. securities law. Evidence shows that the SEC and minority... View Details
Keywords: Corporate Governance; Cross-listing; Reputation; Bonding; Business Ventures; Laws and Statutes; Financial Instruments; United States; Mexico
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  • 30 Jan 2017
  • Research & Ideas

Vanguard, Trian And The Problem With 'Passive' Index Funds

need to get shareholders more engaged? What shape should the separation of management and ownership take in the twenty-first century?” “We are now in a situation where index investors are the major View Details
Keywords: by Michael Blanding; Financial Services
  • March 2009 (Revised April 2009)
  • Case

AFSCME vs. Mozilo...and "Say on Pay" for All! (A) (Abridged)

By: Fabrizio Ferri and James Weber
Richard Ferlauto, director of pensions and benefits policy at the AFSCME, the largest public sector workers union in the U.S., was responsible for protecting the pensions of its members. Because pensions were invested for decades, Ferlauto wanted the companies in which... View Details
Keywords: Voting; Investment; Investment Activism; Corporate Governance; Governing Rules, Regulations, and Reforms; Governing and Advisory Boards; Executive Compensation; Ownership Stake; Business and Shareholder Relations; United States
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  • November 2015 (Revised October 2017)
  • Case

Dollar General Bids for Family Dollar

By: Jonas Heese, Paula A. Price, Suraj Srinivasan and David Lane
In spring 2015, Dollar General's CEO Rick Dreiling was looking ahead to retiring at year's end but worried about ensuring continued growth for the company he had built since 2008 into a market leader in the U.S. discount retail world. Dollar General operated over... View Details
Keywords: Dollar General; Family Dollar; Dollar Tree; Antitrust; Board Of Directors; Activist Investors; Federal Trade Commission; Acquisition; Valuation; Corporate Strategy; Retail Industry; United States
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  • 25 Feb 2014
  • First Look

First Look: February 25

and $12 billion, which equates to between 1.3% and 8.7% of the stock of prepackaged software in private fixed investment in the United States and a very high rate of return to the original federal investment in the Internet. We argue that... View Details
Keywords: Sean Silverthorne

    Lauren H. Cohen

    Lauren Cohen is the L.E. Simmons Professor in the Finance & Entrepreneurial Management Units at Harvard Business School and a Research Associate at the National Bureau of Economic Research. He is an Editor of the Review of Financial... View Details

    Keywords: state government; state government; state government; state government; state government; state government
    • January 2025
    • Case

    A Tiger in the Tank: Exxon Sues Investors

    By: Clayton S. Rose, Sarah Sasso and James Weber
    In June 2024, investors were trying to make sense of ExxonMobil’s (Exxon) lawsuit against two impact investors, Arjuna Capital (Arjuna) and Follow This, that had just been dismissed by the U.S. District Court of Northern Texas. Exxon’s suit challenged the rights of two... View Details
    Keywords: Disruption; Talent and Talent Management; Customer Satisfaction; Decision Making; Demographics; Ethics; Corporate Accountability; Employees; Recruitment; Retention; Leadership; Crisis Management; Risk Management; Corporate Social Responsibility and Impact; Mission and Purpose; Organizational Change and Adaptation; Civil Society or Community; Social Issues; Adaptation; Investment Activism; Lawsuits and Litigation; Business and Shareholder Relations; Medical Devices and Supplies Industry; Health Industry; Energy Industry; United States; Netherlands; Norway
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    • April 2016 (Revised June 2017)
    • Teaching Note

    Dollar General Bids for Family Dollar

    By: Jonas Heese, Paula A. Price and Suraj Srinivasan
    In spring 2015, Dollar General CEO Rick Dreiling was looking ahead to retiring at year's end but worried about ensuring continued growth for the company he had built since 2008 into a market leader in the U.S. discount retail world. Dollar General operated over 11,500... View Details
    Keywords: Dollar General; Family Dollar; Dollar Tree; Antitrust; Board Of Directors; Activist Investors; Federal Trade Commission; Acquisition; Valuation; Corporate Strategy; Retail Industry
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    • October 2019 (Revised February 2025)
    • Case

    A Conversation with Ellen J. Kullman, Chairman & CEO of DuPont, 2009-2015

    By: Lynn S. Paine and Will Hurwitz
    Ellen J. Kullman, the retired Chairman and CEO of DuPont, describes how she guided the storied science and technology company through a contentious proxy battle with activist investor Trian Partners, which acquired DuPont shares in 2013 and sought to break up the... View Details
    Keywords: Agribusiness; Capital Structure; Corporate Accountability; Corporate Governance; Institutional Investing; Leadership; Leadership Style; Management; Transformation; Agriculture and Agribusiness Industry; Chemical Industry; United States
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    • 2022
    • Working Paper

    How Do Investors Value ESG?

    By: Malcolm Baker, Mark Egan and Suproteem K. Sarkar
    Environmental, social, and governance (ESG) objectives have risen to near the top of the agenda for corporate executives and boards, driven in large part by their perceptions of shareholder interest. We quantify the value that shareholders place on ESG using a revealed... View Details
    Keywords: Investment; Investment Portfolio; Corporate Social Responsibility and Impact; Business and Shareholder Relations; Environmental Sustainability; Governance; Financial Services Industry; United States
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    • 09 Dec 2002
    • Research & Ideas

    Unilever—A Case Study

    States in the twentieth century. After 1945 Unilever's once successful business in the United States began to decline, yet the parent company maintained an arms-length relationship with its U.S. affiliates,... View Details
    Keywords: by Geoffrey Jones; Consumer Products; Entertainment & Recreation; Food & Beverage; Manufacturing; Retail
    • January 2002 (Revised September 2002)
    • Case

    Corporate Renewal in America

    By: Bruce R. Scott and Thomas S. Mondschean
    Discusses various macroeconomic, regulatory, technological, and financial forces that led to increased corporate restructuring in the United States beginning in the mid-1980s. The U.S. financial system is often viewed as the most developed in the world and a model for... View Details
    Keywords: Performance Evaluation; Corporate Governance; Macroeconomics; Economic Systems; Restructuring; Markets; Private Sector; Corporate Finance; Germany; Japan; United States
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    • November 2009
    • Article

    Responding to Public and Private Politics: Corporate Disclosure of Climate Change Strategies

    By: Erin Marie Reid and Michael W. Toffel
    The challenges associated with climate change will require governments, citizens, and firms to work collaboratively to reduce greenhouse gas emissions, a task that requires information on companies' emissions levels, risks, and reduction opportunities. This paper... View Details
    Keywords: Climate Change; Problems and Challenges; Pollutants; Risk and Uncertainty; Business and Shareholder Relations; Management Practices and Processes; Social Issues; Corporate Disclosure; Values and Beliefs; Governing Rules, Regulations, and Reforms; Government and Politics
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    • July 2009 (Revised May 2010)
    • Case

    Pfizer: Letter from the Chairman (A)

    By: Robert L. Simons and Natalie Kindred
    This case explores maximizing shareholder value as a goal in executive decision making. Over a period of nine years, three different Pfizer CEOs make critical decisions intended to increase shareholder value. But the results are disappointing. To allow students to... View Details
    Keywords: Decision Choices and Conditions; Corporate Accountability; Corporate Governance; Annual Reports; Business and Shareholder Relations; Value Creation; Pharmaceutical Industry; United States
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    • August 2009 (Revised August 2010)
    • Supplement

    Eddie Bauer (B)

    By: Paul M. Healy, Sharon P. Katz and Aldo Sesia
    In February 2007, shareholders of Eddie Bauer, the specialty apparel retailer, were scheduled to vote on management's proposed sale of the company to two private equity firms. More than 50% of outstanding shares in Eddie Bauer needed to be voted in favor of the deal... View Details
    Keywords: Financial Statements; Mergers and Acquisitions; Governing and Advisory Boards; Privatization; Valuation; Apparel and Accessories Industry; Retail Industry; United States
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    • January 2018
    • Case

    Trian Partners' Proxy Contest at Procter & Gamble

    By: Suraj Srinivasan and Quinn Pitcher
    In July 2017, activist hedge fund Trian Partners announced that it was launching a proxy fight at U.S. consumer goods giant Procter & Gamble. P&G would be the largest company ever subjected to a proxy fight, as Trian sought to have its CEO, Nelson Peltz, elected to the... View Details
    Keywords: Investment; Corporate Governance; Institutional Investing; Investment Activism; Business and Shareholder Relations; United States
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    • July 2005 (Revised September 2020)
    • Case

    The U.S. Current Account Deficit

    By: Laura Alfaro, Rafael Di Tella, Ingrid Vogel, Renee Kim, Sarah Jeong, Matthew Johnson and Jonathan Schlefer
    Investors and policymakers throughout the world were confronted with the risk of painful economic consequences arising from the large U.S. current account deficit. In 2007, the U.S. current account deficit was $731 billion, equivalent to 5.3% of GDP. The implications... View Details
    Keywords: World Economy; Macroeconomics; Borrowing and Debt; Currency; Foreign Direct Investment; Business and Government Relations; United States
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    • August 2013 (Revised December 2014)
    • Case

    Taking Dell Private

    By: David J. Collis, David B. Yoffie and Matthew Shaffer
    In July 2012, Michael Dell, CEO and founder of Dell, Inc., met with a representative of Silver Lake Partners to explore taking his company private. The company, which he had founded in his dorm room as a college freshman and which had made him the youngest Fortune 500... View Details
    Keywords: Strategy; Going Private; The PC Market; Market For Corporate Control; Corporate Strategy; Leveraged Buyouts; Change Management; Private Equity; Market Entry and Exit; Private Ownership; Information Infrastructure; Applications and Software; Internet and the Web; Computer Industry; Technology Industry; United States
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    • September 2020
    • Case

    Keeping It in the Family at the Hayden Saw Company

    By: V.G. Narayanan and John Masko
    In 2019, Board Chair and third-generation shareholder Helen Fullerton was preparing for a meeting to discuss Ohio-based Hayden Saw Company’s (Hayden) future as a family business. As the company entered its fifth decade, the Hayden family was dealing with three distinct... View Details
    Keywords: Family Business; Corporate Governance; Family Ownership; Business and Shareholder Relations; Family and Family Relationships; Governing and Advisory Boards; Construction Industry; Ohio; United States
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