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    Case: The Allergan Board Under Fire (A)

    In 2014, the Allergan Inc. board of directors received a surprise takeover offer from Valeant Pharmaceuticals in alliance with hedge fund activist Bill Ackman's Pershing Square Capital Management. In the unprecedented arrangement between an acquirer and a hedge... View Details
    • 30 Jan 2017
    • Research & Ideas

    Vanguard, Trian And The Problem With 'Passive' Index Funds

    is not in the best interest of their investors. For example, Vanguard has participated in proxy votes at shareholder meetings. While it has mostly voted in accordance with... View Details
    Keywords: by Michael Blanding; Financial Services
    • January 20, 2020
    • Article

    Larry Fink Isn't Going to Read Your Sustainability Report

    By: Mark R. Kramer
    In his recent annual letter to CEOs, BlackRock CEO Larry Fink makes the stunning claim that climate change has brought us to “the edge of a fundamental reshaping of finance” and “in the near future … a significant reallocation of capital.” BlackRock has committed to... View Details
    Keywords: Environmental Sustainability; Business Model; Investment
    Related
    • April 1998 (Revised May 2001)
    • Supplement

    Acquisition of Consolidated Rail Corporation (B), The

    By: Benjamin C. Esty, Lori A. Flees and Mathew M Millett
    Eight days after CSX announced it was going to buy Consolidated Rail (Conrail) for $88.65 per share, Norfolk Southern made a hostile $100 per share bid for Conrail. Over the next several months, the potential acquirers upped their bids while exchanging criticism in the... View Details
    Keywords: Law; Valuation; Rail Transportation; Bids and Bidding; Governance Controls; Mergers and Acquisitions; Business Strategy; Corporate Finance; Rail Industry; United States
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    • March 2018 (Revised March 2018)
    • Teaching Note

    OpenInvest

    By: Boris Vallee and Caitlin Reimers Brumme
    Founded by a team of hedge fund and NGO alumni, OpenInvest launched its platform in 2015 to enable retail investors to tailor their portfolio to their personal values in an automated way, for instance by screening out weapon manufacturers stocks or overweighting LGBTQ... View Details
    Keywords: Socially Responsible Investing; Investing For Impact; Robo-advisors; Investment; Values and Beliefs; Customization and Personalization; Technology; Financial Services Industry
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    • 02 Jul 2013
    • First Look

    First Look: July 2

    Diether, and Christopher Malloy Abstract—We demonstrate that legislation has a simple, yet previously undetected impact on stock prices. Exploiting the voting record of legislators whose constituents are the affected industries, we show... View Details
    Keywords: Anna Secino
    • 5 Feb 2013
    • Conference Presentation

    Financing Entrepreneurial Growth

    By: Tom Alberg, Andrew A. Bogan, Harold Bradley, Robert D. Cooter, Monika Gruter Cheney, Oliver R. Goodenough, William R. Hambrecht, Frank Hatheway, Thomas F. Hellmann, Marianne Hudson, Jared Konczal, Josh Lerner, Robert E. Litan, Diane Mulcahy, Ramana Nanda, Frank Partnoy, Joe Ratterman, Nava Ravikant, Jay R. Ritter, Alicia Robb, David T. Robinson, Allison Schrager, Barry Silbert, E. R. Sirri, Daniel Stangler and Sharon Vosmek

    Despite recent innovations in entrepreneurial finance, particularly at the early stage of business creation, many new and young companies continue to face hurdles to acquire capital.

    The Kauffman Foundation addressed current challenges and opportunities in... View Details

    Keywords: Finance; Entrepreneurial Finance; Venture Capital; Entrepreneurship; United States
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    • 18 Sep 2018
    • First Look

    New Research and Ideas, September 18, 2018

    paper: https://www.hbs.edu/faculty/Pages/item.aspx?num=54967 Does Context Trump Individual Drivers of Voting Behavior? Evidence from U.S. Movers By: Cantoni, Enrico, and Vincent Pons Abstract—This paper assesses the relative influence of... View Details
    Keywords: Dina Gerdeman
    • 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

    • August 2002 (Revised June 2003)
    • Case

    New Wachovia (A), The

    By: Carliss Y. Baldwin and Jeremy Swinson
    In April 2001, First Union Corp. announced an agreement to merge with Wachovia Corp., a fellow North Carolina-based commercial bank. While the banks were preparing to consummate the merger, SunTrust Banks, Inc. of Atlanta, made a hostile offer for Wachovia, setting in... View Details
    Keywords: Voting; Mergers and Acquisitions; Conflict and Resolution; Banks and Banking; Banking Industry; Atlanta; North Carolina
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    • 22 Aug 2007
    • Research & Ideas

    The Hedge Fund as Activist

    performance, most investors have found it easier to vote "with their feet" by selling shares, rather than making formal complaints. Large shareholders, however, have stronger incentives to monitor management. The conventional... View Details
    Keywords: by Robin Greenwood; Financial Services
    • 20 Apr 2009
    • Research & Ideas

    Misgovernance at the World Bank

    capital, shareholder losses, and, in the extreme, financial crises—at the end of the day the investors by their nature have some tolerance for risk. "In an aid organization, however, the costs of misgovernance are borne not by the... View Details
    Keywords: by Martha Lagace
    • 21 Sep 2009
    • Research & Ideas

    Excessive Executive Pay: What’s the Solution?

    Act, introduced May 19, casts shareholders as the antidote to runaway executive compensation and excessive risk-taking. The bill requires public companies to conduct annual, nonbinding votes by View Details
    Keywords: by Roger Thompson
    • 18 Apr 2022
    • HBS Case

    Dick’s Sporting Goods Followed Its Conscience on Guns—and It Paid Off

    Days after the mass school shooting in Parkland, Florida, in 2018, a shaken Ed Stack, then the CEO and largest shareholder of Dick’s Sporting Goods, decided it was time for his 850-store chain to pull certain guns off its store shelves.... View Details
    Keywords: by Jay Fitzgerald
    • Web

    Live from Klarman Hall - Alumni

    11:45 a.m.–1:00 p.m. ET Both livestreamed and recorded Speaker: Vincent Pons , Byron Wien Professor of Business Administration The signs of weakening democracy are increasing, both in France and in other countries: declining voter turnout, the rise of populist View Details
    • 02 Sep 2014
    • First Look

    First Look: September 2

    equity firm, Silver Lake Partners, have made an offer for the company, which Dell Inc.'s board has accepted. The deal requires the vote of a majority of shareholders. Southeastern Asset Management, an investment firm and Dell Inc.'s... View Details
    Keywords: Sean Silverthorne
    • 26 Aug 2014
    • First Look

    First Look: August 26

    Intel employee and shareholder, must decide whether to vote FOR or AGAINST Intel's proposed 2009 option exchange program. Given recent declines in Intel's stock price, more than 99% of Intel's outstanding employee stock options are... View Details
    Keywords: Sean Silverthorne
    • 23 Aug 2016
    • First Look

    August 23, 2016

    methods. Myth Number 1: Environmental, social, and governance (ESG) programs reduce returns on capital and long-run shareholder value. Reality: Companies committed to ESG are finding competitive advantages in product, labor, and capital... View Details
    Keywords: Sean Silverthorne
    • 01 Oct 2001
    • Research & Ideas

    Organizing the Family-Run Business

    Figure 1. Senior management is the organizing mechanism and voice of the employees. The family council and family assembly are the organizing mechanisms and voice of the family. The board of directors is the principal organizing mechanism and voice of the owners. The... View Details
    • 18 Aug 2022
    • Op-Ed

    Your Best Employees Are Burning Out: A Framework for Retaining Talent

    the 1970s and enjoyed the roaring ‘90s, only to experience the dot.com bust, followed by the financial crisis in 2008. The need for employees to job-hop, along with the corporation’s requirement to increase value for shareholders by... View Details
    Keywords: by Hise Gibson and MaShon Wilson