Publications

2006
Comment

The Rise and Fall of the Widely Held Firm: A History of Corporate Ownership in Canada

By: Jordan I. Siegel

This chapter features an admirable effort by by Morck, Percy, Tian, and Yeung to apply recent developments in law and finance theory to a longitudinal country-level case study. The authors closely examine nearly 500 years of Canadian corporate governance and analyze... View Details

Keywords: Corporate Governance Theory; Corporate Governance; Canada

2005
Chapter

The Evolution of Concentrated Ownership in India: Broad Patterns and a History of the Indian Software Industry

By: Tarun Khanna and Krishna G. Palepu

Keywords: History; Ownership; Information Technology Industry; India

2004
Working Paper

The Evolution of Concentrated Ownership in India Broad Patterns and a History of the Indian Software Industry

By: Tarun Khanna and Krishna G. Palepu

October 2017
Article

'Be Careless with That!' Availability of Product Upgrades Increases Cavalier Behavior Toward Possessions

By: Silvia Bellezza, Joshua M. Ackerman and Francesca Gino

Consumers are often faced with the opportunity to purchase a new, enhanced product, such as a new phone, even though the product they currently own is still fully functional. We propose that consumers act more recklessly with their current products when in the presence... View Details

Keywords: Carelessness; Product Upgrade; Ownership; Justification; Consumer Behavior; Attitudes; Property

May 25, 2004
Article

Specialization and Its Discontents: The Pernicious Impact of Regulations Against Specialization and Physician Ownership on the U.S. Healthcare System

By: Regina E. Herzlinger

Keywords: Health Care and Treatment; Ownership; Governing Rules, Regulations, and Reforms; Health Industry; United States

August 2019 (Revised March 2022)
Case

Family Matters: Governance at the Zamil Group

By: Christina R. Wing, Suraj Srinivasan and Esel Çekin

This case focuses on a large Saudi Arabian industrial conglomerate and family business Zamil Group’s corporate and family governance journey. The 12 sons of the founder led and grew the group successfully after taking over from their father in 1961. The secret to their... View Details

Keywords: Middle East; Family Ownership; Family-owned Business; Saudi Arabia; Family Business; Governance; Organizational Structure; Values and Beliefs; Steel Industry; Industrial Products Industry; Middle East; Saudi Arabia; Bahrain

December 2018
Case

Corporate Transformation at Merck KGaA, Darmstadt, Germany

By: Joseph B. Fuller, Amy C. Edmondson, Daniela Beyersdorfer and Tonia Labruyere

When Stefan Oschmann became CEO and chairman of the executive board of Merck KGaA, Darmstadt, Germany, in 2016, the company had started its transformation from a mid-tier traditional German industry player to a global modern science and technology player. The... View Details

Keywords: Corporate Governance With Family Ownership; Transformation; Change Management; Restructuring; Corporate Governance; Family Ownership

February 2019
Article

Does It Matter If Your Health Insurer Is For Profit? Effects of Ownership on Premiums, Insurance Coverage, and Medical Spending

By: Leemore S. Dafny

There is limited empirical evidence about the impact of for-profit health insurers on various outcomes. I study the effects of conversions to for-profit status by Blue Cross Blue Shield (BCBS) affiliates in 11 states, spanning 28 geographic markets. I find both the... View Details

Keywords: Health Insurance; Medical Loss Ratio; Blue Cross; Corporate Governance; Health; Insurance; For-Profit Firms; Insurance Industry; United States

January 2015
Case

Cresud and Argentina

By: David E. Bell and Mary Shelman

Argentina-based Cresud managed 1 million hectares (2.5 million acres) of land in South America. For 20 years, the publicly traded company's strategy had been to acquire underutilized properties and turn them into productive farmland for cattle and crops. In 2014,... View Details

Keywords: Argentina; Farmland Ownership; Farming; Government Agricultural Policy; Agribusiness; Agriculture and Agribusiness Industry; Argentina; South America

June 2025
Case

(Family) Size Matters: Nico Oprée and the Decreasing Power of Family Unity over Time

By: Lauren Cohen, Octavian Graf Pilati, Dominik V. Eynern and Sophia Pan

Nico Oprée, a fourth-generation (G4) member of his family’s heavy manufacturing business, found himself reflecting on how the firm would navigate a deepening shareholder conflict. While the second generation (G2) had managed the business in harmony, dynamics shifted... View Details

June 2016
Case

The Redevelopment of Palazzo Tornabuoni (A)

By: Sid Yog, Arthur I Segel and Ricardo Andrade

In the spring of 2004, Byrne Murphy and his partners at Fingen Group discussed options to redevelop Palazzo Tornabuoni, an iconic 15th century palace in the heart of Florence, Italy. The possibilities included turning the upper floors into office space, hotel rooms,... View Details

Keywords: Palazzo Tornabuoni; Private Residence Club; Florence; Italy; Timeshare; Fractional Ownership; Property; Real Estate Industry; Italy; Europe

July 2015
Case

Vita: Cosmetics in the Nordics

By: Das Narayandas, Krishna Palepu and Kerry Herman

Vita is a Norwegian cosmetics retailer owned by FSN Capital, a Scandinavian private equity company. The company has a strong market position in Norway. The case focuses on two strategic issues: how to develop an e-commerce strategy to supplement the company's... View Details

Keywords: E-Commerce Strategy; Norway; Cosmetics; Managing Under Private Equity Ownership; Strategy; Private Equity; Internet and the Web; Growth and Development Strategy; E-commerce; Beauty and Cosmetics Industry; Retail Industry; Norway

June 2016
Case

The Redevelopment of Palazzo Tornabuoni (B)

By: Sid Yog, Arthur I Segel and Ricardo Andrade

On December 16, 2010, Byrne Murphy received a call from his Italian partner at Fingen Group. The recently renovated Palazzo Tornabuoni, an iconic 15th century palace in the heart of Florence, Italy, had been seized by the local police. While Murphy tries to understand... View Details

Keywords: Palazzo Tornabuoni; Private Residence Club; Florence; Italy; Timeshare; Fractional Ownership; Property; Real Estate Industry; Italy; Europe

November 2016 (Revised April 2018)
Case

Darby's Investment in Sirma: Professionalizing an Entrepreneurial Firm

By: Suraj Srinivasan and Eren Kuzucu

In March 2010, Burak Dalgın (HBS MBA 2004) led private equity firm Darby's investment in Sırma, a local Turkish water and beverage company. Sırma was owned and managed by members of two Turkish business families. The existing management, while being highly... View Details

Keywords: Control Systems; Variance Analysis; Emerging Markets; Debt; Family Ownership; Turkey; Valuation; Business or Company Management; Private Equity; Financial Reporting; Investment; Budgets and Budgeting; Food and Beverage Industry; Turkey

January 2017 (Revised December 2017)
Case

Carmichael Roberts: To Create a Private Equity Firm?

By: Steven Rogers and Kenneth J. Cooper

Carmichael Roberts, a rare African-American venture capitalist, considered leaving his general partnership in a private equity firm near Boston and setting up his own in 2015. He weighed whether the timing was right, with the economy still not fully recovered from the... View Details

2025
Working Paper

Government-Brokerage Analysts and Market Stabilization: Evidence from China

By: Sheng Cao, Xianjie He, Charles C.Y. Wang and Huifang Yin

We show analysts at government-controlled brokerage firms serve as a market stabilization tool in China. Using earnings forecasts from 2005–2019, we find government-brokerage analysts issue relatively more optimistic—yet less accurate and timely—forecasts during... View Details

Keywords: Sell-side Analysts; Forecast Optimism; Forecast Accuracy; Government Incentives; Market Stabilization; Government Ownership; Coordinated Economies; Stocks; Forecasting and Prediction; Business and Government Relations; Emerging Markets

SSRN

2020
Working Paper

Internal Models, Make Believe Prices, and Bond Market Cornering

By: Ishita Sen and Varun Sharma

Exploiting position-level heterogeneity in regulatory incentives to misreport and novel data on regulators, we document that U.S. life insurers inflate the values of corporate bonds using internal models. We estimate an additional $9-$18 billion decline in regulatory... View Details

Keywords: Life Insurers; Capital Regulation; Internal Models; Corporate Bonds; Regulatory Supervision; Concentrated Ownership; Bonds; Capital; Governing Rules, Regulations, and Reforms; Insurance; Investment Portfolio

SSRN

January 2021 (Revised May 2021)
Case

Amazon Shopper Panel: Paying Customers for Their Data

By: Eva Ascarza and Ayelet Israeli

This case introduces a new Amazon program that has consumers upload their receipts from transactions outside of Amazon, in exchange for money. Through the discussion, the case aims to explore issues in customers’ privacy in the digital age, the value of customers’ own... View Details

June 2013
Supplement

Can PACIV (Puerto Rico) Serve European Customers? (Video Supplement)

By: Jim Sharpe

This is Video Supplement for Can PACIV (Puerto Rico) Serve European Customers? HBS Case #808099. View Details