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  • 11 May 2010
  • First Look

First Look: May 11

can induce a controlling shareholder to list equity. Higher valuations support listings associated with greater agency costs. We test the predictions that follow from this idea on a sample of publicly listed corporate subsidiaries in... View Details
Keywords: Martha Lagace
  • February 2011 (Revised May 2012)
  • Teaching Note

Stanley Black & Decker, Inc. (TN)

By: William E. Fruhan
Teaching Note for 211-067. View Details
Keywords: Information Infrastructure; Business and Shareholder Relations; Value Creation; Opportunities; Mergers and Acquisitions; Corporate Governance; Executive Compensation; Balance and Stability; Manufacturing Industry
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  • March 1995 (Revised April 1995)
  • Case

UAL Corporation

By: Stuart C. Gilson and Jeremy Cott
In the largest attempted employee-buyout in history, a large U.S. commercial airline seeks substantial wage concessions from its employees in return for 53% stake in the airline's commmon stock and guaranteed seats on the board of directors. Management must convince... View Details
Keywords: Restructuring; Corporate Governance; Labor; Wages; Management Teams; Employee Ownership; Business and Shareholder Relations; Strategy; Value; United States
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  • 21 Feb 2017
  • First Look

First Look at New Research: February 21

shareholders more than $3.95 trillion via stock buybacks and $2.45 trillion via dividends—$6.4 trillion in total. These shareholder payouts amounted to over 93% of the firms' net income. Academics, corporate... View Details
Keywords: Carmen Nobel
  • 03 Sep 2009
  • What Do You Think?

Are Retention Bonuses Worth the Investment?

compensation committees for large corporations, sign lengthy public proxy statements, and are already under intense public scrutiny. Pay for performance, in theory, should be a win-win proposition for investors and managers alike. It is generally condoned by View Details
Keywords: by Jim Heskett
  • 16 Oct 2007
  • First Look

First Look: October 16, 2007

encourage bankers to loot their banks at the expense of minority shareholders and depositors. We argue that neither looting nor credit misallocation are necessary outcomes of related lending. On the contrary, related lending often exists... View Details
Keywords: Sean Silverthorne
  • 11 May 2021
  • Blog Post

IPO or M&A? How Venture Capital Shapes a Startup's Future

syndicates, the study says. Public companies also typically require more infrastructure and legal support to handle shareholder and regulatory demands. “For a lot of entrepreneurs, it's just about the term sheet and how much equity... View Details
Keywords: Venture Capital / Private Equity
  • December 2010
  • Article

Management and the Financial Crisis (We Have Met the Enemy and He Is Us...)

By: William A. Sahlman
The financial crisis of 2008-2009 has revealed that our broad model of corporate governance is broken, independent of the shortcomings in the regulatory system. Managers and boards of directors in scores of systemically important firms failed to protect employees,... View Details
Keywords: Risk Management; Human Capital; Ethics; Policy; Corporate Governance; Financial Crisis; Finance; Business and Shareholder Relations
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  • 02 Oct 2007
  • First Look

First Look: October 2, 2007

and rewarding more participatory, more sincere, and less directive marketing styles. Download the paper: http://www.hbs.edu/research/pdf/08-017.pdf The Impact of Shareholder Activism on Financial Reporting and Compensation: The Case of... View Details
Keywords: Martha Lagace
  • 08 Dec 2015
  • First Look

December 8, 2015

market power. This reflected a business system in which a close relationship between finance and industry was discouraged, but where there were few restrictions on the transfer of corporate ownership. Yet large diversified business groups did emerge, which had private... View Details
Keywords: Sean Silverthorne
  • 12 Oct 2011
  • First Look

First Look: October 12

shareholders as well as other interested stakeholders with rather elaborate information on the company's operations and strategic activities during the preceding fiscal year. However, in the last two decades and in addition to these... View Details
Keywords: Sean Silverthorne
  • 11 Dec 2007
  • First Look

First Look: December 11, 2007

O for organizational capabilities). Chief executive officers who employ Theory E are driven by one thing: increasing shareholder value. They often conclude that the way to generate the best shareholder... View Details
Keywords: Martha Lagace
  • 01 Aug 2001
  • News

T.J. Dermot Dunphy (MBA '56)

globalization, and a devotion to creating value for stockholders, he eschewed elements of conventional corporate thinking and job security. "If you create an atmosphere of trust that starts with shareholders and goes all the way through... View Details
Keywords: Alumni Achievement Award; Management
  • 05 Jun 2013
  • Op-Ed

Corporate Leaders Need to Step Up on Climate Change

Green initiatives are ubiquitous these days, implemented with zeal at companies like Dupont, IBM, Walmart, and Walt Disney. The programs being rolled out—lighting retrofits, zero-waste factories, and carpool incentives—save money and provide a green glow. Most large... View Details
Keywords: by Michael Toffel & Auden Schendler
  • 26 Mar 2025
  • Blog Post

How to Approach Your Equity Compensation

of thousands of dollars on shares that may end up being worth a fortune—or nothing at all. This decision often needs to be made within 90 days of leaving a company. Some exercises may inadvertently subject shareholders to Alternative... View Details
  • 11 Jul 2012
  • Research & Ideas

Book Excerpt: ’The Future of Boards’

done better in the last six months to a year," one director said. "What did we miss? I think it's always great to have time to reflect backward about what we learned about what we've just been through, or what we're going through, and how we could have served the View Details
Keywords: by Jay Lorsch
  • April 29, 2014
  • Column

Corporate Reporting in the Big Data Era

By: George Serafeim
Advancements in information technology can improve corporate communication with shareholders, but not through incessant data dumps. Instead, companies will more likely be poised for continued success if they use digital platforms for long-term oriented engagement and... View Details
Keywords: Integrated Reporting; Big Data; Corporate Reporting; Sustainability; Corporate Social Responsibility; Corporate Governance; Accounting; Reporting; Organizational Change and Adaptation; Corporate Accountability; Analytics and Data Science; Information Technology; Communication; Financial Reporting; Business and Shareholder Relations
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  • 2012
  • Working Paper

Payout Taxes and the Allocation of Investment

When corporate payout is taxed, internal equity (retained earnings) is cheaper than external equity (share issues). If there are no perfect substitutes for equity finance, payout taxes may therefore have an effect on the investment of firms. High taxes will favor... View Details
Keywords: Business Earnings; Equity; Financing and Loans; Investment; Taxation; Business and Shareholder Relations; Motivation and Incentives
Related
  • July 1993
  • Case

Richardson Hindustan Limited (Abridged)

By: Hugo Uyterhoeven
Deals with the problems of a country manager building and balancing a constituency relationship. Explicitly examines the demands and responsiveness of four major constituencies: corporate headquarters; the national organization; the Indian government; and the public... View Details
Keywords: Business or Company Management; Business and Government Relations; Adoption; Multinational Firms and Management; Business Strategy; Growth and Development Strategy; Business and Shareholder Relations; India
Related
  • 09 Aug 2016
  • First Look

August 9, 2016

lead to it, consequences for customers and for Target, and the company's response. Additionally, the case discusses the role of management and the board of directors in cyber security at Target. Target's board of directors was subject to intense criticism by View Details
Keywords: Sean Silverthorne