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Show Results For
- All HBS Web
(3,955)
- People (16)
- News (890)
- Research (2,214)
- Events (10)
- Multimedia (86)
- Faculty Publications (1,680)
- December 2001 (Revised April 2003)
- Case
Poland's A2 Motorway
By: Benjamin C. Esty and Michael Kane
Autostrada Wielkopolska S.A. (AWSA) is a consortium of 18 firms that won a concession to build and operate Poland's first private toll road. In June 2000, AWSA's chief financial officer, Wojciech Gebicki, is preparing for a meeting with the projects' lead bankers to... View Details
Keywords: Risk Management; Cost vs Benefits; Project Finance; Projects; Construction Industry; Transportation Industry; Poland
Esty, Benjamin C., and Michael Kane. "Poland's A2 Motorway." Harvard Business School Case 202-030, December 2001. (Revised April 2003.)
- 2009
- Working Paper
Systemic Risk and the Refinancing Ratchet Effect
By: Amir E. Khandani, Andrew W. Lo and Robert C. Merton
The confluence of three trends in the U.S. residential housing market-rising home prices, declining interest rates, and near-frictionless refinancing opportunities-led to vastly increased systemic risk in the financial system. Individually, each of these trends is... View Details
Khandani, Amir E., Andrew W. Lo, and Robert C. Merton. "Systemic Risk and the Refinancing Ratchet Effect." Harvard Business School Working Paper, No. 10-023, September 2009. (Revised July 2010.)
- June 2022 (Revised November 2023)
- Case
Individual FoodService, Kelso, and Ken Sweder
By: Jo Tango and Alys Ferragamo
When and how much risk to take? In October 2020, Ken Sweder, CEO of Individual FoodService (“IFS”), contemplated this question as he evaluated a proposal to acquire Brady Industries, a distributor of janitorial and sanitation products. Sweder and his private equity... View Details
Keywords: COVID-19 Pandemic; Risk Management; Mergers and Acquisitions; Value Creation; Business Divisions
Tango, Jo, and Alys Ferragamo. "Individual FoodService, Kelso, and Ken Sweder." Harvard Business School Case 822-144, June 2022. (Revised November 2023.)
- 2025
- Working Paper
Impact Investing and Worker Outcomes
By: Josh Lerner, Markus Lithell and Gordon M. Phillips
Impact investors claim to distinguish themselves from traditional venture capital and growth
equity investors by also pursuing ESG objectives. Whether they successfully do so in practice
is unclear. We use confidential Census Bureau microdata to assess worker... View Details
Lerner, Josh, Markus Lithell, and Gordon M. Phillips. "Impact Investing and Worker Outcomes." Harvard Business School Working Paper, No. 25-040, February 2025.
- May 1981 (Revised May 1989)
- Case
Congoleum Corp.
Describes the development and terms of the largest leveraged buyout up to the date of the case. The main problem is to value the positions of the various participants: lenders, equity holders, investment bankers, and management. View Details
Mullins, David W., Jr. "Congoleum Corp." Harvard Business School Case 281-060, May 1981. (Revised May 1989.)
- December 2006 (Revised May 2008)
- Case
Lion Capital and the Blackstone Group: The Orangina Deal
By: G. Felda Hardymon, Josh Lerner and Ann Leamon
The managing partners of two private equity firms are hoping to forestall a third bidding round for a target company, the European beverage division of Cadbury Schweppes. As they wait to meet with the CEO, they revisit their assumptions on the deal and review the... View Details
Keywords: Mergers and Acquisitions; Private Equity; Negotiation Deal; Negotiation Process; Partners and Partnerships; Valuation; Europe
Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Lion Capital and the Blackstone Group: The Orangina Deal." Harvard Business School Case 807-005, December 2006. (Revised May 2008.)
- November 2006 (Revised July 2021)
- Case
Kerr-McGee
By: Robin Greenwood and André Perold
Activist investors Carl Icahn and Barry Rosenstein acquire a stake in Oklahoma-based company Kerr-McGee. They demand two board seats and ask the company to make several operational and financial changes, including the repurchase of equity and divestiture of their... View Details
Keywords: Investment Activism; Restructuring; Equity; Investment; Management; Governance Controls; Corporate Strategy; Chemical Industry; Energy Industry; United States
Greenwood, Robin, and André Perold. "Kerr-McGee." Harvard Business School Case 207-020, November 2006. (Revised July 2021.)
- August 2021
- Case
Apax Digital
By: Jo Tango and Alys Ferragamo
The Apax Digital team faced important decisions as they contemplated raising a second fund. Apax Digital Fund I was a $1.1 billion vehicle focused on mid-market growth equity and growth buyouts in the technology sector. The fund had performed well, and the Managing... View Details
Keywords: Growth and Development Strategy; Acquisition; Investment Portfolio; Decision Choices and Conditions; Venture Capital; Technology Industry; Financial Services Industry; United States
Tango, Jo, and Alys Ferragamo. "Apax Digital." Harvard Business School Case 822-016, August 2021.
- 2007
- Working Paper
Taxes and Portfolio Choice: Evidence from JGTRRA's Treatment of International Dividends
By: Mihir A. Desai and Dhammika Dharmapala
This paper investigates how taxes influence portfolio choices by exploring the response to the distinctive treatment of foreign dividends in the Jobs and Growth Tax Relief Reconciliation Act (JGTRRA). JGTRRA lowered the dividend tax rate to 15% for American equities... View Details
- 2020
- Working Paper
Determinants of Early-Stage Startup Performance: Survey Results
To explore determinants of new venture performance, the CEOs of 470 early-stage startups were surveyed regarding a broad range of factors related to their venture’s customer value proposition, product management, marketing, technology and operations, financial... View Details
Keywords: Startups; Survey Research; Performance Analysis; Entrepreneurship; Performance; Analysis; Business Startups; Failure; Surveys
Eisenmann, Thomas R. "Determinants of Early-Stage Startup Performance: Survey Results." Harvard Business School Working Paper, No. 21-057, October 2020.
- January 1983 (Revised February 1988)
- Case
Hospital Corp. of America (B)
By: W. Carl Kester
Focuses on HCAs financing options for reaching its target capital structure. The options include new equity conversion of convertible debentures, a debt-for-equity swap, the sale of assets, and fixed-rate debt. Students must address the problem of market timing and... View Details
Keywords: Assets; Capital Structure; Cash Flow; Equity; Debt Securities; Credit Derivatives and Swaps; Health Industry; United States
Kester, W. Carl. "Hospital Corp. of America (B)." Harvard Business School Case 283-054, January 1983. (Revised February 1988.)
- September 2011
- Case
Anne Riley: Laid Off
By: Sandra J. Sucher and Phillip Andrews
This case describes the experience of Anne Riley, a 28 year old private equity analyst, who was laid off in 2008. The case explores the emotions she felt throughout the process and how she handled the experience. View Details
Keywords: Resignation and Termination
Sucher, Sandra J., and Phillip Andrews. "Anne Riley: Laid Off." Harvard Business School Case 612-008, September 2011.
- 12 Oct 2016
- Blog Post
Interning as a Software Engineer while at HBS
Today, we’re catching up with Andrea Coravos (HBS ‘17). Before coming to HBS, Andrea worked in private equity at KKR Capstone. She also spent three years at McKinsey in the Houston and then DC offices. This summer, she interned as a... View Details
- 12 Feb 2018
- Working Paper Summaries
Private Equity, Jobs, and Productivity: Reply to Ayash and Rastad
- July 2001
- Technical Note
Technical Note on LBO Valuation (A): LBO Structure and the Target IRR Method of Valuation
Explains the equity cash flow method of valuation as it applies to leveraged buyouts. Also explains: 1) earnings and cash flow forecasts, 2) debt structure and the cash sweep, 3) the cashing out horizon and terminal valuation, and 4) the target IRR method of valuation. View Details
Keywords: Valuation; Leveraged Buyouts; Capital Budgeting; Borrowing and Debt; Cash Flow; Equity; Profit; Price; Forecasting and Prediction
Baldwin, Carliss Y. "Technical Note on LBO Valuation (A): LBO Structure and the Target IRR Method of Valuation." Harvard Business School Technical Note 902-004, July 2001.
- April 1989 (Revised March 1993)
- Case
ProTech, Inc.
By: Thomas R. Piper
A company is considering the elimination of a product line. As part of that consideration, it must develop possible strategies for closing the division, and identify the economic and non-economic implications of the strategy. The situation is complicated by the... View Details
Keywords: Marketing Strategy; Decision Making; Business Exit or Shutdown; Equity; Problems and Challenges
Piper, Thomas R. "ProTech, Inc." Harvard Business School Case 289-054, April 1989. (Revised March 1993.)
- September 2016 (Revised March 2018)
- Case
Qalaa Holdings and the Egyptian Refining Company
By: Victoria Ivashina and Marc Homsy
This case follows Qalaa Holdings, a successful Egypt-based private equity firm, and gives insight into the types of investments it pursued, its growth over time, and the limited partner base it had at hand. It also allows students to consider and debate whether the... View Details
Keywords: Africa; Structuring And Financing Large Projects; Private Equity; Infrastructure; Project Finance; Emerging Markets; Financial Services Industry; Egypt; Africa
Ivashina, Victoria, and Marc Homsy. "Qalaa Holdings and the Egyptian Refining Company." Harvard Business School Case 217-011, September 2016. (Revised March 2018.)
- November 2019
- Case
Gillette: Cutting Prices to Regain Share
By: Benjamin C. Esty and Daniel Fisher
After losing market share to low-priced competitors such as Harry’s and Dollar Shave Club for several years, Gillette decided to fight back by launching new products and increasing advertising. When these efforts failed to stem the losses, Gillette decided to cut the... View Details
Keywords: Marketing Strategy; Product Positioning; Business Strategy; Competition; Price; Public Equity; Retail Industry; Consumer Products Industry; United States
Esty, Benjamin C., and Daniel Fisher. "Gillette: Cutting Prices to Regain Share." Harvard Business School Case 720-378, November 2019.
- November 2012 (Revised July 2014)
- Case
Doing Deals and Leading Teams at XAF Partners
By: Boris Groysberg and Kerry Herman
Private equity firm XAF Partners, created out of the 2003 merger of Shanghai-based Xuan Partners and AF Group, a spin out of the Shanghai-based, emerging market-focused private equity arm of a large European bank, had grown steadily over the last decade, establishing... View Details
Keywords: Professional Service Firms; Leading Teams; Producing Managers; Delegation; Giving And Receiving Feedback; Managing Performance; Leadership; Work-Life Balance; Managerial Roles; Talent and Talent Management; Service Operations; Time Management; Performance; Financial Services Industry; Asia
Groysberg, Boris, and Kerry Herman. "Doing Deals and Leading Teams at XAF Partners." Harvard Business School Case 413-032, November 2012. (Revised July 2014.)