Publications

October 2007 (Revised February 2008)
Background Note

Evaluating M&A Deals: Accretion vs. Dilution of Earnings-per-share

By: Carliss Y. Baldwin

When discussing the pros and cons of an acquisition, practitioners often talk about the impact of the deal on the buyer's earnings-per-share (eps). An acquisition is said to be "accretive" if the buyer's eps goes up post-deal; it is "dilutive" if the buyer's eps goes... View Details

Keywords: Business Earnings; Mergers and Acquisitions; Private Equity; Negotiation Deal

October 2007 (Revised December 2008)
Background Note

Evaluating M&A Deals: How Poison Pills Work

By: Carliss Y. Baldwin

The poison pill defense against hostile takeovers was invented in 1982 by Martin Lipton, of Wachtell, Lipton, Rosen and Katz. Pills are considered the most effective of all the normal defenses against a hostile bidder. Describes the two basic types of poison pills... View Details

Keywords: Negotiation Deal; Mergers and Acquisitions

February 2006 (Revised October 2006)
Case

The Children's Investment Fund, 2005

By: Randolph B. Cohen and Joshua B. Sandbulte

TCI, The Children's Investment Fund, is a London-based hedge fund. The firm donates a significant fraction of the fees it earns to a charitable foundation. In 2005, TCI took a large stake in Deutsche Borse, the stock exchange in Frankfurt. Its battle with management... View Details

Keywords: Value Creation; Financial Markets; Investment Activism; Philanthropy and Charitable Giving; Financial Services Industry; London; Germany

Web

Impact Investing Interest Group | Social Enterprise | Harvard Business School

This group focuses on facilitating connections and sharing ideas amongst alumni interested in impact investing through regular webinars, live gatherings, and a LinkedIn group . Find Fellow Alumni Find other impact View Details

28 Nov 2017
News

Active investing v.2.0

06 Feb 2023
Blog Post

Meet the Black Investment Club

In 2020, Paul Ampofo (MBA 2020) and Brian Sykes (MBA 2020) founded the Black Investment Club at Harvard Business School to address the massive underrepresentation of Black investors in venture capital,... View Details

Keywords: Investment Management / Hedge Fund; Investment Management / Hedge Fund; Investment Management / Hedge Fund

March 2009
Background Note

Evaluating M&A Deals: Floors, Caps, and Collars

By: Carliss Y. Baldwin

As equity consideration has become more popular in acquisitions, so has the use of the "pricing-protection" mechanisms, such as floors, caps, and collars. These contractual devices provide insurance to the shareholders of the target and may protect the buyer as well.... View Details

Keywords: Mergers and Acquisitions; Equity; Price; Contracts; Business and Shareholder Relations

Web

Measuring Success in Impact Investing | Social Enterprise | Harvard Business School

Measuring Success in Impact Investing Multiple Alumni Topics Business for Social Impact Impact Investing More Impact Stories A Pathway to Pursue Aspirations Mizuho Kanai 2018... View Details

October 2012 (Revised September 2014)
Case

Doing Business in Vietnam

By: Alan MacCormack, Michael Shih-ta Chen and Dawn H. Lau

This case gives an overview of the current business environment in Vietnam as of 2012. The first part of the case introduces the main economic, political and cultural aspects of the country of which anyone who has business interest in the country ought to be aware.... View Details

Keywords: Emerging Market Finance; Emergent Countries; Business History; Economic History; Emerging Markets; Business Ventures; Strategy; Viet Nam

17 Jan 2020
Blog Post

Going the Distance for Investment Excellence

financial analyst position with Goldman Sachs in mortgage trading and investment banking—but not until first earning a GMAT score he felt would later secure his acceptance at HBS. “In those seven weeks after graduation I did little but... View Details

01 Oct 1998
News

A Community Investment

the HBS Initiative on Social Enterprise, which focuses its teaching, research, and collaborative efforts on nonprofit organizations, other private social-purpose enterprises, and the role of business leadership in the social sector. In... View Details

Jul 11 2018
Testimonial

Investing in Yourself

June 2010 (Revised September 2013)
Case

IDFC India: Infrastructure Investment Intermediaries

By: John D. Macomber and Viraal Balsari

Indian financial intermediary matching international capital to local infrastructure decides how to balance range of services, risk-adjusted return, margin pressure, and nation building. IDFC was chartered with partial ownership from the Indian government to help... View Details

Keywords: Investment; Infrastructure; Corporate Social Responsibility and Impact; Mission and Purpose; State Ownership; Business and Government Relations; Business and Shareholder Relations; Partners and Partnerships; Financial Services Industry; India