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    W. Carl Kester

    Carl Kester is a Baker Foundation Professor and the George Fisher Baker Jr. Professor of Business Administration, Emeritus at Harvard Business School. He is a member of the Finance Unit. He served as Deputy Dean for Academic Affairs (2006-2010), Chairman of the... View Details

    Keywords: asset management; banking; education industry; financial services; investment banking industry; pharmaceuticals; private equity (LBO funds)
    • 28 Apr 2015
    • First Look

    First Look: April 28

    Modigliani-Miller capital structure irrelevance propositions. The case focuses on two questions: (1) From a shareholder's perspective, how is Apple's cash different from cash in a bank or money market account? (2) Can Apple create... View Details
    Keywords: Sean Silverthorne
    • October 2012
    • Case

    GSK's Acquisition of Sirtris: Independence or Integration? (Abridged)

    By: Toby Stuart and James Weber
    An executive from pharmaceutical company GSK must choose how much to integrate a recently acquired biotechnology firm, Sirtris. Moncef Slaoui, GSK's global head of R&D, championed the acquisition of Sirtris to gain access to its potentially revolutionary science.... View Details
    Keywords: Mergers and Acquisitions; Resource Allocation; Organizational Change and Adaptation; Organizational Culture; Organizational Structure; Research and Development; Science-Based Business; Integration
    Related
    • Web

    Strategy Explained - Institute For Strategy And Competitiveness

    the other hand, is the basis of a sound business strategy that leads to a positive-sum competition with multiple winners. Setting the Right Financial Goals Managers should also think about setting proper financial goals for the company. Pleasing today’s View Details
    • April 2009
    • Case

    GSK's Acquisition of Sirtris: Independence or Integration?

    By: Toby E. Stuart and James Weber
    An executive from pharmaceutical company GSK must choose how much to integrate a recently acquired biotechnology firm, Sirtris. Moncef Slaoui, GSK's global head of R&D, championed the acquisition of Sirtris to gain access to its potentially revolutionary science.... View Details
    Keywords: Mergers and Acquisitions; Resource Allocation; Organizational Change and Adaptation; Organizational Culture; Organizational Structure; Research and Development; Science-Based Business; Integration
    Related
    • September 2016
    • Article

    Disproportional Control Rights and the Bonding Role of Debt

    By: Aiyesha Dey, Valeri Nikolaev and Xue Wang
    We examine the governance role of debt in the context of U.S.-based dual class ownership structures. We hypothesize that the use of debt alleviates the conflict between shareholder classes by balancing the power of controlling insiders. We document that dual class... View Details
    Keywords: Dual Class; Private Debt; Debt Covenants; Bonding Mechanisms; Ownership Type; Capital Structure; Borrowing and Debt
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    • Web

    Accounting & Management - Faculty & Research

    board refreshment and audit committees to shareholder activism, cybersecurity, and global governance trends. Keywords: Governing and Advisory Boards Citation Read Now Related Srinivasan, Suraj, and Lynn S. Paine. "Critical Choices in... View Details
    • Web

    Finance - Faculty & Research

    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,... View Details
    • May 2004 (Revised April 2006)
    • Case

    Ultra: The Quest for Leadership (A)

    By: Dwight B. Crane and Ricardo Reisen de Pinho
    Ultra is one of a small group of competing Brazilian petrochemical companies, each of which buys raw material and is a minority owner of Copene, a "cracking" company that provides ethylene and other materials. Because of an industry restructuring, an auction of shares... View Details
    Keywords: Capital; Capital Budgeting; Investment; Risk and Uncertainty; Risk Management; Industry Structures; Cash Flow; Cost of Capital; Valuation; Bids and Bidding; Economy; Ownership Stake; Chemical Industry; Brazil
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    • 04 Sep 2001
    • Research & Ideas

    Governing the Family-Run Business

    enterprise systems can be governed by a few structures, shown in Figure 2: Top management group; Board of directors or board of advisors; Family assembly and/or family council, and; Shareholders meeting and/or View Details
    • Program

    Compensation Committees

    programs. You will explore best practices for aligning executive pay to business strategy and company goals and for meeting shareholder expectations as the regulatory climate evolves. You may also be interested in the related program:... View Details
    • 23 Apr 2019
    • First Look

    New Research and Ideas, April 23, 2019

    offer opportunities for future research. Publisher's link: https://www.hbs.edu/faculty/Pages/item.aspx?num=56001 Rehabilitating Corporate Purpose By: Salter, Malcolm S. Abstract—In this paper, I address how the ascendance of the theory of View Details
    Keywords: Dina Gerdeman
    • 16 May 2017
    • First Look

    First Look at New Ideas and Research, May 16

    promulgated by academic economists in the 1970s, is behind the idea that corporate managers should make shareholder value their primary concern and that boards should ensure they do. The theory regards View Details
    Keywords: Re: Multiple Faculty

      Nitin Nohria

      Nitin Nohria served as the tenth dean of Harvard Business School from 2010-2020. He previously served as co-chair of the Leadership Initiative, Senior Associate Dean of Faculty Development, and Head of the Organizational Behavior unit.

      As Dean, building on... View Details

      Keywords: accounting industry; arts; biotechnology; emerging market private equity; energy; executive search; financial services; green technology; health care; high technology; industrial goods; information technology industry; infrastructure industry; investment banking industry; legal services; management consulting; manufacturing; oil ＆ gas; petroleum; pharmaceuticals; professional services
      • 16 Apr 2001
      • Research & Ideas

      Breaking the Code of Change

      expressed as shareholder value. Its focus is on formal structure and systems. It is driven from the top with extensive help from consultants and financial incentives. Change is planned and programmatic.... View Details
      Keywords: by Michael Beer & Nitin Nohria
      • 16 Oct 2012
      • First Look

      First Look: October 16

      Hypothesis Authors:Alan MacCormack, Carliss Baldwin, and John Rusnak Publication:Research Policy 41, no. 8 (October 2012) Abstract A variety of academic studies argue that a relationship exists between the structure of an organization and... View Details
      Keywords: Sean Silverthorne
      • 16 Nov 2021
      • HBS Case

      How a Company Made Employees So Miserable, They Killed Themselves

      layoffs. By the time Breton left the company in 2005 to serve as French Finance Minister, things were looking up: The company was turning a profit. 22,000 workers must go Didier Lombard stepped in as CEO later that year, promising View Details
      Keywords: by Michael Blanding
      • 12 Apr 2011
      • First Look

      First Look: April 12

      control-ownership divergence and syndicate structure is mitigated by the lead arranger's reputation and lending relationship with the borrowing firm as well as by strong shareholder rights and good credit... View Details
      Keywords: Sean Silverthorne
      • May 2008
      • Supplement

      Finansbank 2006 (CW)

      By: C. Fritz Foley and Linnea Meyer
      How do financial policy requirements and benefits of ownership concentration affect the need for and process of corporate restructuring? This case provides students with an opportunity to analyze the restructuring of a Turkish multinational business group by way of a... View Details
      Keywords: Mergers and Acquisitions; Restructuring; Financing and Loans; Policy; Compensation and Benefits; Growth and Development Strategy; Ownership; Business and Shareholder Relations; Banking Industry; Russia; Turkey; Romania; Switzerland; Ukraine
      Related
      • 09 Dec 2002
      • Research & Ideas

      Unilever—A Case Study

      Organization Unilever was an organizational curiosity in that, since 1929, it has been headed by two separate British and Dutch companies—Unilever Ltd. (PLC after 1981), and Unilever N.V.—with different sets of shareholders but identical... View Details
      Keywords: by Geoffrey Jones; Consumer Products; Entertainment & Recreation; Food & Beverage; Manufacturing; Retail