Publications

February 2004
Case

Czech Mate: CME and Vladimir Zelezny (A)

By: Mihir A. Desai, Alberto Moel and Kathleen Luchs

This case examines how insiders can expropriate value from shareholders in emerging markets when property rights are ill-defined. As such, it provides a platform for considering how institutions and legal rules impact financing patterns and economic outcomes. CME,... View Details

Keywords: Developing Countries and Economies; Fairness; Financial Institutions; Corporate Governance; Rights; Ownership Stake

2009
Case

Midland Energy Resources, Inc.: Cost of Capital (TN): Brief Case.

By: Timothy A. Luehrman and Joel L. Heilprin

Finance, Capital Asset Pricing Model (CAPM), Weighted Average Cost of Capital (WACC), Capital Structure, Risk Assessment, Corporate Finance, Cash Flow, Valuation, Beta, North America, Energy, Oil and Gas, Cost of Capital, Cost of Equity, Discount Rate, Risk Premium,... View Details

Keywords: Capital Budgeting; Cost of Capital; Energy Industry

November 2020
Case

Valuing Celgene's CVR

By: Benjamin C. Esty and Daniel Fisher

When Bristol-Myers Squibb (BMS) acquired Celgene Corporation in November 2019, Celgene shareholders received cash, BMS stock, and a contingent value right (CVRs) that would pay $9 if the U.S. Food and Drug Administration (FDA) approved three of Celgene’s late stage... View Details

Keywords: Mergers and Acquisitions; Value; Valuation; Judgments; Decision Making; Cash Flow; Financial Instruments; Cognition and Thinking; Pharmaceutical Industry; Biotechnology Industry; United States

2014
Working Paper

Opting Out of Good Governance

By: C. Fritz Foley, Paul Goldsmith-Pinkham, Jonathan Greenstein and Eric Zwick

Cross-listing on a U.S. exchange does not bond foreign firms to follow the corporate governance rules of that exchange. Hand-collected data show that 80% of cross-listed firms opt out of at least one exchange governance rule, instead committing to observe the rules of... View Details

Keywords: Financial Markets; Globalization; Corporate Governance

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July 2009 (Revised January 2012)
Case

Risk Management at Wellfleet Bank: All That Glitters Is Not Gold

By: Anette Mikes

This case motivates a debate on the role of staff functions, such as risk management: what does it mean for them to be independent, and at the same time, to partner the business lines? The case describes the risk assessment process in the corporate banking arm of... View Details

Keywords: Decision Choices and Conditions; Judgments; Credit; Banks and Banking; Governance Controls; Risk Management; Mathematical Methods

03 Nov 2010
Working Paper Summaries

How Did Increased Competition Affect Credit Ratings?

Keywords: by Bo Becker & Todd Milbourn; Financial Services

17 Jul 2015
News

Why Integrated Reporting Makes Sense

08 Aug 2020
News

5 Questions with Stuart Gilson: Creating Firm Value

09 May 2011
Research & Ideas

Moving From Bean Counter to Game Changer

"it's a bigger story," Mikes says over tea recently in her immaculate office. "We believe it's not just risk managers who fight these issues but also human resources managers, accountants, finance professionals, internal auditors,... View Details

Keywords: by Kim Girard; Banking

02 Jan 2024
Research & Ideas

10 Trends to Watch in 2024

The lightning-fast ascent of generative AI isn’t the only sea change on the horizon for businesses in the new year. The global economy is in flux as war, climate change, trade issues, and infrastructure problems demand attention. Many companies continue to struggle to... View Details

Keywords: by Rachel Layne

06 Oct 2015
First Look

October 6, 2015

Abstract—An essential element of capitalism is corporate reporting. Today’s capitalism is supported by financial reporting. Critics of today’s capitalism argue that it is too short-term oriented and rewards companies for creating negative... View Details

Keywords: Sean Silverthorne

August 1973 (Revised September 1986)
Case

DAAG Europe (A)

By: Francis Aguilar

Company must decide whether to raise prices and tighten consumer credit in light of its strategy to rationalize production, introduce a new line of model elevators and increase its market share. Points up the interrelationships of the different functional areas within... View Details

Keywords: Change; Credit; Price; Policy; Business or Company Management; Marketing Strategy; Product Launch; Business Strategy; Industrial Products Industry; Europe

23 May 2013
News

Don’t Blame Apple for America’s Broken Tax Code

15 Jun 2016
Working Paper Summaries

Slack Time and Innovation

Keywords: by Ajay Agrawal, Christian Catalini, Avi Goldfarb, and Hong Luo

07 Sep 2017
News

Japan’s ‘Quality’ Index Drives Investor Returns, Study Finds

March 1992 (Revised June 1992)
Case

Thermo Electron Corp.

By: Carliss Y. Baldwin

George Hatsopoulos, CEO at Thermo Electron Corp., is considering whether to issue shares in a subsidiary via an initial public offering (IPO). The company has developed an unusual corporate structure in which subsidiaries fund new ventures by raising debt and equity in... View Details

Keywords: Financial Management; Business Subsidiaries; Resource Allocation; Valuation; Organizational Structure; Business Headquarters; Initial Public Offering; Capital Structure; Capital Markets; Financial Strategy; Corporate Finance; Semiconductor Industry; Technology Industry