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  • July 2015 (Revised March 2021)
  • Case

Proxy Contest at DuPont

By: Jay W. Lorsch and Emily McTague
On January 9, 2015, Nelson Peltz of Trian Fund Management launched a proxy fight for four out of the twelve seats on the DuPont board. The fund had previously published a public letter addressed to shareholders outlining its proposal to break the company into three... View Details
Keywords: Board Of Directors; Hedge Fund; Activist Investing; Activist Investors; Proxy Fight; Corporate Governance; Governing and Advisory Boards; Investment Activism; Chemical Industry; United States
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  • January 15, 2019
  • Article

Is Your Company's Strategy Aligned with Your Ownership Model?

By: Josh Baron
The legacy of Vanguard founder John Bogle has brought attention to the transformative influence of ownership structures within the business world. Bogle's revolutionary insight into the limitations of active fund management led to the widespread adoption of index... View Details
Keywords: Ownership Type; Business Strategy; Organizational Structure; Strength and Weakness; Competitive Advantage
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  • June 2023
  • Article

Can Purpose Foster Stakeholder Trust in Corporations

By: Ranjay Gulati and Franz Wohlgezogen
As part of institutional changes toward more responsible capitalism, firms increasingly articulate a purpose beyond simply profit as a central tenet of their governance. Management scholarship has noted the potential advantages of such purpose-focus for stakeholder... View Details
Keywords: Stakeholder Management; Moral Identity; Mission and Purpose; Trust; Corporate Governance; Business and Stakeholder Relations
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  • November 2023 (Revised January 2024)
  • Case

Votorantim: Uniting Family and Business Across Generations

By: Christina R. Wing, Carla Larangeira and Pedro Levindo
Over a 105-year span, the Ermírio de Moraes family built Votorantim, one of Latin America’s largest industrial conglomerates, and among Brazil’s topmost businesses, also credited for helping “build” the country over decades. By early 2023, Votorantim included... View Details
Keywords: Corporate Governance; Family Ownership; Business and Shareholder Relations; Family and Family Relationships; Agriculture and Agribusiness Industry; Chemical Industry; Mining Industry; Financial Services Industry; Latin America
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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)
    • Research Summary

    The Value of Family Ownership, Control, and Management

    In collaboration with Professor Raphael Amit of Wharton, Belén Villalonga is investigating how family ownership, control, and management affect firm value. Their forthcoming Journal of Financial... View Details

    • November 2011
    • Case

    Brink's Company: Activists Push for a Spin-off

    By: Suraj Srinivasan, Aldo Sesia and Amy Kaser
    The case studies the decision of the security services corporation Brink's Company to spin-off its home security division from the rest of the company. The decision followed intense pressure on the company by three activist hedge funds that felt that Brink's was... View Details
    Keywords: Activist Investors; Spin-off; Leveraged Recapitalization; Debt; Valuation; Hedge Funds; Conglomerates; Investment Activism
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    • Web

    Faculty & Advisors | MBA

    Alexion Pharmaceuticals from 2017-2019. At Biogen, Paul oversaw rapid growth in the company as it expanded it's products and pipeline. During his tenure as CFO, Biogen grew total return to shareholders at a 20% compound annual growth rate... View Details
    • 05 Jan 2010
    • First Look

    First Look: January 5

    significant differences between industries with limited and high private equity activity. It is hard to find support for claims that economic activity in industries with private equity backing is more exposed to aggregate shocks. The... View Details
    Keywords: Martha Lagace
    • November 2012
    • Teaching Note

    Brink's Company: Activists Push for a Spin-off (TN)

    By: Suraj Srinivasan
    The case this Teaching Note addresses studies the decision of the security services company Brink's Corporation to spin off its home security division from the rest of the company. The decision followed intense pressure on the company by three activist hedge funds that... View Details
    Keywords: Activist Investors; Spin-off; Leveraged Recapitalization; Debt; Hedge Funds; Conglomerates; Valuation; Restructuring; Accounting; Business Strategy; Investment Activism; Service Industry
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    • Program

    Mergers and Acquisitions

    your company is private or public, or looking to buy or to sell, you will emerge with new ability to broker powerful deals and create shareholder value. Key Benefits Completing a successful merger or acquisition is a multifaceted project... View Details
    • 09 Jun 2009
    • First Look

    First Look: June 9

    and professional activities of academic biomedical scientists. In qualitative and quantitative analyses, we show that scientists match to their postdoctoral mentors based on two dominant factors, geography and scientific focus. They then... View Details
    Keywords: Martha Lagace
    • 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
    • 15 Nov 2011
    • First Look

    First Look: November 15

      PublicationsTrue North Groups: A Powerful Path to Personal and Leadership Development Authors:Bill George and Doug Baker Publication:Berrett-Koehler Publishers, Inc., 2011 Abstract All too often, we find ourselves forced to confront life's challenges on our own. What... View Details
    Keywords: Sean Silverthorne
    • Program

    Growing as a Purposeful Leader

    life Define a corporate purpose beyond creating shareholder value, or, if you already have an established purpose, assess its effectiveness Reflect your company purpose in its strategies and activities... View Details
    • 26 Sep 2017
    • First Look

    First Look at New Research and Ideas, September 26, 2017

    firm and industry heterogeneity and quasi-exogenous meteorological and sport events. The evidence suggests that family CEOs value—or can pursue—leisure activities relatively more than professional CEOs. Publisher's link:... View Details
    Keywords: Sean Silverthorne
    • 05 Aug 2014
    • First Look

    First Look: August 5

    universities and private companies to develop technologies important to Danish industry. We assess the effect of a unique mediated funding scheme that combines project grants with active facilitation and conflict management on firm... View Details
    Keywords: Sean Silverthorne
    • 23 May 2013
    • Working Paper Summaries

    Board Games: Timing of Independent Directors’ Dissent in China

    Keywords: by Juan Ma & Tarun Khanna
    • 23 Oct 2018
    • First Look

    New Research and Ideas, October 23, 2018

    construct narratives explaining the dynamics of three nascent technical systems: early aircraft, high-speed steel in machine tools, and container shipping. Download working paper: https://www.hbs.edu/faculty/Pages/item.aspx?num=55140 Assessing the Impact of CEO View Details
    Keywords: Dina Gerdeman
    • 23 Apr 2019
    • First Look

    New Research and Ideas, April 23, 2019

    process of learning from experience. Publisher's link: https://www.hbs.edu/faculty/Pages/item.aspx?num=55991 forthcoming Organization & Environment Assessing the Impact of CEO Activism By: Chatterji, Aaron K., and Michael W. Toffel... View Details
    Keywords: Dina Gerdeman