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  • March 2024
  • Supplement

ELCA's Series A Cap Table Exercise (Student Version)

By: Raymond Kluender, Anke Becker and Johnson Elugbadebo
In ELCA, the company must decide between two term sheets: one put forth by STV and one put forth by ESV.

This exercise is an analysis of the implications of these two term sheets on the ownership structure and the payouts of common and preferred... View Details
Keywords: Analysis; Venture Capital; Investment; Ownership Stake
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  • Research Summary

Reinventing State Capitalism: Leviathan in Business, Brazil and Beyond

Part of the fear and misunderstanding of state capitalism in the post-Berlin Wall era stems from the fact that most observers see state-owned enterprises (SOEs) as inefficient soviet companies. In Reinventing State Capitalism: Leviathan in Business, Brazil and... View Details

Keywords: State Capitalism; State-owned Enterprises; Development Banks; State Ownership; Development Economics; Management; Energy Industry; Banking Industry; Brazil; China; Europe; Latin America; Asia
  • May 2009
  • Article

Synchronicity and Firm Interlocks in an Emerging Market

By: Tarun Khanna and Catherine Thomas
Stock price synchronicity has been attributed to poor corporate governance and a lack of firm-level transparency. This paper investigates the association between different kinds of firm interlocks, control groups, and synchronicity in Chile. A unique data set... View Details
Keywords: Stocks; Price; Corporate Governance; Governance Controls; Governing and Advisory Boards; Resource Allocation; Emerging Markets; Ownership Stake; Chile
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  • November 2000 (Revised May 2001)
  • Case

State of South Carolina, The

By: Randolph B. Cohen
This case presents the managerial dilemma faced by the treasurer of South Carolina in 1998. Until last year, the South Carolina state pension fund (with over $17 billion in assets) was barred by the state constitution from investing in equities. After the constitution... View Details
Keywords: Risk and Uncertainty; Capital Markets; Investment Return; Public Administration Industry; South Carolina
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  • February 2024
  • Supplement

JTC: Stronger Together with Shared Ownership: What JTC Did and Its Impact

By: Ethan Bernstein
Nigel Le Quesne, CEO of Jersey-based financial services firm JTC, firmly believed that "shared ownership" was at the heart of his company’s successful track record. The firm had seen its revenues, profits, and number of clients and staff grow steadily throughout its... View Details
Keywords: Employee Stock Ownership Plan; Leadership Style; Organizational Culture; Going Public; Employee Ownership; Financial Services Industry
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  • 14 Jul 2022
  • News

Is It Time for Creditor Activism to Address ESG Risks?

  • September 2024
  • Case

Leadership for Stretch Goals: Inspiring Employees to Achieve the Impossible at Charter Next Generation

By: Ethan Rouen and Elisabeth Powell
In 2023, Kathy Bolhous, CEO of Charter Next Generation (CNG), set out to achieve an ambitious "Moonshot"—increasing profits by $100 million within three years, purely through internal innovations and efficiency gains, without layoffs or new revenue streams. After years... View Details
Keywords: Profit; Collaborative Innovation and Invention; Leadership; Growth Management; Mission and Purpose; Employee Ownership; Motivation and Incentives
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  • 2010
  • Article

Zwischen Familienerbe und globalem Markt. Eigentum und Management von großen westdeutschen Familienunternehmen im Wandel (1960-2008)

"Between Family Heritage and Global Market. Changes in Ownership and Management of Large West-German Family Firms (1960-2008)" Large family firms fall between two theoretical accounts. They neither follow the development path described by Alfred D. Chandler nor do they... View Details
Keywords: Business or Company Management; Family Ownership; Germany
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  • 2015
  • Chapter

Thirty Years of Evolution in the Roles of Institutional Investors in Corporate Governance

By: John C. Coates
This chapter presents evidence that shifts in the composition and roles of institutions have been at least as important, if not more so, than aggregate increases in institutional ownership. Over the past 30 years, institutions have come to play more varied roles in... View Details
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  • 2014
  • Working Paper

Governing Misvalued Firms

By: Dalida Kadyrzhanova and Matthew Rhodes-Kropf
Equity overvaluation is thought to create the potential for managerial misbehavior, while monitoring and corporate governance curb misbehavior. We combine these two insights from the literatures on misvaluation and governance to ask, when does governance matter?... View Details
Keywords: Valuation; Performance; Corporate Governance
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  • June 1988 (Revised December 1991)
  • Case

An Tai Bao Coal Mining Project

By: W. Carl Kester and Richard P. Melnick
An Tai Bao is the world's largest open-pit coal mine and is located in China's Shanxi province. After eight years of planning and negotiating, Occidental Petroleum, the foreign partner in the deal, is about to sign an ownership and financing agreement for $475 million... View Details
Keywords: Planning; Agreements and Arrangements; Non-Renewable Energy; Equity; Partners and Partnerships; Negotiation Deal; Joint Ventures; Mining Industry; China
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  • May 2014
  • Case

WeaveTech: High Performance Change

By: Michael Beer and Paul Swiercz
WeaveTech, formerly Johnson-Ware, is a clothing company that produces jackets, coats, overalls, coveralls, and fire-resistant clothing for the military. A private equity firm renamed the company after it acquired Johnson-Ware several years ago. WeaveTech now faces a... View Details
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  • Teaching Interest

Overview

Lena teaches the required first year MBA course on Leadership and Corporate Accountability, an elective second year MBA course on Law, Management and Entrepreurship, and an elective second year MBA course on Challenges and Opportunities in the Restaurant Industry. View Details
Keywords: Compliance; Governance; Fiduciary Duties; Responsibilities To Investors; Responsibilities To Customers; Restaurants; Sustainability; Private Equity Documentation; Start-ups; Entrepreneurship; Entrepreneurship Through Acquisition; Law; Laws and Statutes; Lawsuits and Litigation; Corporate Entrepreneurship; Corporate Governance; Governance Compliance; Governance Controls; Food; Environmental Sustainability; Private Ownership; Private Equity; Food and Beverage Industry; Financial Services Industry; United States; Europe; Chile; India
  • October 2020
  • Case

TowerBrook: ESG in Action (A)

By: Victoria Ivashina, Brian Trelstad and Meaghan Conway
This case is the first of a two-part series that follows Ramez Sousou and his team at TowerBrook Capital Partners as they face a challenging investment decision in February of 2013. Since its founding, TowerBrook has prided itself on its purpose-driven investing... View Details
Keywords: ESG; Finance; Private Equity; Corporate Governance; Value Creation; Investment; Decision Making
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  • 2009
  • Book

Experiments in Financial Democracy: Corporate Governance and Financial Development in Brazil, 1882-1950

By: Aldo Musacchio
In Experiments in Financial Democracy, I challenge the idea that it was colonial institutions that sent Brazil, a civil law country, down a particular path of corporate governance and finance. Detailed archival research reveals significantly different patterns of... View Details
Keywords: Private Equity; Investment; Corporate Governance; Governing Rules, Regulations, and Reforms; Business History; Business and Shareholder Relations; Brazil
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  • 2011
  • Working Paper

Fiduciary Duties and Equity-Debtholder Conflicts

By: Bo Becker and Per Stromberg
We use an important legal event as a natural experiment to examine the effect of management fiduciary duties on equity-debt conflicts. A 1991 Delaware bankruptcy ruling changed the nature of corporate directors' fiduciary duties in firms incorporated in that state.... View Details
Keywords: Borrowing and Debt; Capital Structure; Equity; Insolvency and Bankruptcy; Governing Rules, Regulations, and Reforms; Laws and Statutes; Conflict and Resolution; Welfare or Wellbeing; Delaware
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  • February 2009 (Revised March 2013)
  • Supplement

Messer Griesheim (B)

By: Josh Lerner, Ann-Kristin Achleitner, Eva Lutz and Kerry Herman
In 2001, Allianz Capital Partners and Godlman Sachs acquired a majority stake in Messer Greisheim, a European industrial gas concern held by Hoeschst. The dealmakers faced several challenges, including delicate corporate governance issues due to partial family... View Details
Keywords: Mergers and Acquisitions; Private Equity; Stock Options; Stock Shares; Corporate Governance; Governance Controls; Family Ownership; Problems and Challenges; Energy Industry; Europe
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  • December 2018
  • Case

CIR Group: Passing Wealth through the Generations

By: Lauren Cohen, Christopher J. Malloy and Elena Corsi
Rodolfo, Marco, and Edoardo De Benedetti had received from their father his controlling shares in COFIDE, a publicly listed holding company that held 45.8% of CIR Group, another publicly listed holding. The latter held majority shares in GEDI, Italy’s largest print... View Details
Keywords: Succession Planning; Transferring Shares; Wealth Management; Holding Structures; Family Ownership; Ownership Stake; Management Succession; Governing and Advisory Boards; Policy; Media and Broadcasting Industry; Health Industry; Italy
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  • 2005
  • Other Unpublished Work

Corporate Financing Decisions When Investors Take the Path of Least Resistance

By: Malcolm Baker, Joshua Coval and Jeremy Stein
We explore the consequences for corporate financial policy that arise when investors exhibit inertial behavior. One implication of investor inertia is that, all else equal, a firm pursuing a strategy of equity-financed growth will prefer a stock-for-stock merger to... View Details
Keywords: Decisions; Behavior; Stocks; Mergers and Acquisitions; Policy; Investment; Financial Institutions; Equity; Corporate Finance
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  • 2014
  • Book

Reinventing State Capitalism: Leviathan in Business, Brazil and Beyond

By: Aldo Musacchio and Sergio G. Lazzarini
In this book we describe the transformation of state capitalism from a model in which governments owned and ran corporations and broadly controlled the allocation of financial resources into two new varieties of state capitalism: Leviathan as a majority and as a... View Details
Keywords: State Capitalism; State-owned Enterprises; Industrial Policy; Development Banks; Capitalism; Financial Markets; Corporate Governance Theory; CEO Effects; Public Sector; Economic Systems; Financial Institutions; Corporate Governance; Business and Government Relations; Governing and Advisory Boards; State Ownership; Privatization; Public Ownership; Emerging Markets; Banking Industry; Mining Industry; Energy Industry
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