Publications

February 2009 (Revised March 2013)
Supplement

Messer Griesheim (B)

By: Josh Lerner, Ann-Kristin Achleitner, Eva Lutz and Kerry Herman

In 2001, Allianz Capital Partners and Godlman Sachs acquired a majority stake in Messer Greisheim, a European industrial gas concern held by Hoeschst. The dealmakers faced several challenges, including delicate corporate governance issues due to partial family... View Details

Keywords: Mergers and Acquisitions; Private Equity; Stock Options; Stock Shares; Corporate Governance; Governance Controls; Family Ownership; Problems and Challenges; Energy Industry; Europe

01 Sep 2023
News

Solving for Z

With nearly 20 years of experience as a senior human resources executive, Matthew Breitfelder (MBA 2002) has seen a lot of change in the corporate talent space. But what’s happening now looks like a tectonic generational shift. From his perch as global head of human... View Details

Keywords: Alexander Gelfand; Illustrations by Doug Chayka; Administration of Human Resource Programs; Government

Leadership - Faculty & Research

corporations in recent years. Examples of this kind of “David vs. Goliath” battle included BlueBell Capital successfully removing Danone’s CEO in March 2021 and Engine No. 1 winning three board seats at ExxonMobil in May 2021. Keywords:... View Details

Arthur I Segel

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Keywords: federal government; real estate

General Management - Faculty & Research

research agenda, and teaching programs: Management Policy and Process Management Information Systems Society and Enterprise Leadership, Values, and Corporate Responsibility Recent Publications Sticky Capital Controls By: Miguel... View Details

November 2010 (Revised February 2013)
Case

Cresud S.A., Farmer or Real Estate Developer?

By: Ray Goldberg, Arthur I Segel, Gustavo Herrero and Andrew Terris

Alejandro Elsztain, CEO of Cresud S.A., is faced with the difficult choice of whether to sell, develop, or continue to hold the 151,000 hectares of remaining undeveloped farmland at the company's Los Pozos farm in Argentina. Developing the land will further expose... View Details

Keywords: Agribusiness; Investment; Investment Portfolio; Risk Management; Ownership Stake; Property; Agriculture and Agribusiness Industry; Real Estate Industry; Argentina

May 2023
Article

Do Internal Control Weaknesses Affect Firms' Demand for Financial Skills? Evidence from U.S. Job Postings

By: Janet Gao, Kenneth J. Merkley, Joseph Pacelli and Joseph H. Schroeder

Ineffective internal controls over financial reporting often relates to a lack of qualified personnel with sufficient accounting and technical expertise. In this study, we examine whether firms respond to internal control failures by increasing their demand for... View Details

Keywords: Internal Controls; Labor Demand; Accounting; Financial Reporting; Experience and Expertise; Recruitment; Competency and Skills; Corporate Finance

SSRN

HBS - The year in Review

Faculty Brian K. Baik Accounting & Management Sebastian Hillenbrand Finance Ebehi Iyoha Entrepreneurial Management Elisabeth Kempf Finance Jacqueline Ng Lane Technology & Operations Management Joseph Pacelli... View Details

March 2021 (Revised April 2021)
Case

Wirecard: The Downfall of a German Fintech Star

By: Jonas Heese, Charles C.Y. Wang and Tonia Labruyere

Wirecard was a German fintech company, member of the DAX30, that provided payment processing and related services. Wirecard had enjoyed large growth rates over the years and most investors and analysts were enthusiastic about the company's prospects. Wirecard's... View Details

Keywords: Accounting Fraud; Scandal; Accounting Audits; Accounting; Financial Reporting; Financial Institutions; Financial Markets; Corporate Governance; Governance Compliance; Corporate Accountability; Governance Controls; Financial Services Industry; Germany; Singapore; Dubai

March 2021
Case

Proteak: Valuing Forestry Assets

By: Gerardo Pérez Cavazos and Carla Larangeira

In early 2020, 414 Capital was hired by Proteak, Mexico´s largest forestry platform, to perform a valuation of its teak business, a high-grade hardwood commonly used to build boat decks, outdoor walls, furniture, doors and small objects. Teak plantations typically... View Details

Keywords: Forestry; Assets; Valuation; Forest Products Industry; Financial Services Industry; Mexico

December 2001 (Revised July 2005)
Case

E.I. du Pont de Nemours and Company: The Conoco Split-off (A)

By: Stuart C. Gilson and Perry Fagan

After taking 30% of its Conoco oil and gas subsidiary public in the largest domestic initial public offering (IPO) in U.S. history, management of E.I. du Pont de Nemours and Co. (DuPont) is considering divesting its remaining interest in Conoco. This goal is to be... View Details

Keywords: Business Conglomerates; Business Subsidiaries; Restructuring; Non-Renewable Energy; Chemicals; Assets; Initial Public Offering; Business and Shareholder Relations; Diversification; Value; Chemical Industry; United States

Our Team - Impact Investments

research examines corporate and household finance in emerging markets, with a focus on insurance, credit, and savings. He has also done extensive work on financial education in the US and emerging markets.... View Details

December 2021
Article

Partisan Professionals: Evidence from Credit Rating Analysts

By: Elisabeth Kempf and Margarita Tsoutsoura

Partisan perception affects the actions of professionals in the financial sector. Using a novel dataset linking credit rating analysts to party affiliations from voter records, we show that analysts who are not affiliated with the U.S. president’s party downward-adjust... View Details

Keywords: Political Affiliation; Credit Rating Agencies; Political Partisanship; Political Elections; Perception; Credit

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February 1999
Case

Lifeline Systems, Inc. (B)

By: H. Kent Bowen and Marilyn Matis

In 1997, Lifeline Systems continues to grow its service business to $32 million, 56% of the company's total revenues. More local hospital Lifeline programs turn over their monitoring service to Lifeline Central, expanding the company's subscriber base by 30%. The... View Details

Keywords: Health Care and Treatment; Information Technology; Expansion; Cost Management; Growth and Development Strategy; Partners and Partnerships; Change; Customer Relationship Management; Service Operations; Age; Investment; Health Industry; Technology Industry; Cambridge; Boston

May 2009
Article

Synchronicity and Firm Interlocks in an Emerging Market

By: Tarun Khanna and Catherine Thomas

Stock price synchronicity has been attributed to poor corporate governance and a lack of firm-level transparency. This paper investigates the association between different kinds of firm interlocks, control groups, and synchronicity in Chile. A unique data set... View Details

Keywords: Stocks; Price; Corporate Governance; Governance Controls; Governing and Advisory Boards; Resource Allocation; Emerging Markets; Ownership Stake; Chile

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November 2005 (Revised August 2006)
Background Note

When Investing and Social Objectives Meet

By: Gregory S. Miller, Vincent Marie Dessain and Anders Sjoman

Introduces students to a group of investors and stakeholders who evaluate firms at least partially on factors other than eventual investment payoff. Focuses on investors who evaluate and attempt to impact firms' ethical, corporate governance, or other "societal"... View Details

Keywords: Consumer Behavior; Investment; Business and Stakeholder Relations; Business and Shareholder Relations

05 Feb 2008
First Look

First Look: February 5, 2008

Cohen and Breno Schmidt Abstract We explore a new channel for attracting inflows using a unique dataset of corporate 401(k) retirement plans and their mutual fund family trustees. Families secure substantial inflows by being named trustee... View Details

Keywords: Martha Lagace

March 2022
Case

Metric

By: Christina Wallace, Rebecca Cink and Maria Lappas

Megan Murday, the founder of Metric, an environmental, social, and corporate governance (ESG) analytics startup, must decide which customer segment to target as a beachhead market. She received positive feedback from a Swiss venture capital (VC) firm, indicating their... View Details

Keywords: Entrepreneurship; Marketing; Mission and Purpose; Customers