Publications
Publications
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(777)
- Faculty Publications (177)
- January 2006 (Revised February 2006)
- Case
Deutsche Borse and the European Markets
By: Dwight B. Crane and Monika Stachowiak
In December 2004, Deutsche Borse proposed an offer for the London Stock Exchange. Some shareholders opposed the acquisition, leading to the offer's withdrawal and replacement of management, including the CEO and board members. Written from the viewpoint of Deutsche... View Details
- February 2005 (Revised March 2009)
- Case
Arauco (A): Forward Integration or Horizontal Expansion?
By: Ramon Casadesus-Masanell, Jorge Tarzijan and Jordan Mitchell
Celulosa Arauco is a major Chilean producer of market pulp and wood products. Owning over 1.2 million hectares of forest in Chile, Argentina, and Uruguay, the company's key advantage is the ideal growing conditions in which the company's forests are located. As of... View Details
- November 2004
- Case
Deere & Company
By: Ray A. Goldberg and Hal Hogan
John Deere & Co. wants to improve shareholder value and provide incentives to do so. The task is difficult in a volatile agriculture and construction industry. It also wants to be more global and provide machinery that traces commodities from the field to the consumer. View Details
- October 2004 (Revised July 2011)
- Case
AT&T 2000-2004
By: Stephen P. Bradley and Kerry Herman
Provides an update on CEO Michael Armstrong's "Project Grand Slam" strategy to build the value of AT&T by offering a complete, integrated telecommunications solution to both corporate and residential customers, including wireless and wire line telephone, Internet,... View Details
- May 2004 (Revised April 2006)
- Case
Ultra: The Quest for Leadership (A)
By: Dwight B. Crane and Ricardo Reisen de Pinho
Ultra is one of a small group of competing Brazilian petrochemical companies, each of which buys raw material and is a minority owner of Copene, a "cracking" company that provides ethylene and other materials. Because of an industry restructuring, an auction of shares... View Details
- February 2004
- Case
Czech Mate: CME and Vladimir Zelezny (A)
By: Mihir A. Desai, Alberto Moel and Kathleen Luchs
This case examines how insiders can expropriate value from shareholders in emerging markets when property rights are ill-defined. As such, it provides a platform for considering how institutions and legal rules impact financing patterns and economic outcomes. CME,... View Details
- September 2002 (Revised March 2003)
- Technical Note
Technical Note on Equity-Linked Consideration, Part 1: All-Stock Deals
What the acquiring company pays for a target in a merger or acquisition is called "consideration." Consideration can be in the form of cash, shares, or a combination of cash and shares. During the 1990s, equity-linked consideration became the dominant method of payment... View Details
- September 2002 (Revised March 2003)
- Technical Note
Technical Note on Equity-Linked Consideration, Part 2: Announcement Effects
The announcement of merger or acquisition conveys new information to the capital markets. Shareholders and portfolio managers assess the news and trade on the basis of their new appraisals of value. Thus, from the actual Pstks of the two companies one can infer from... View Details
- September 2002 (Revised March 2003)
- Technical Note
Technical Note on Equity-Linked Consideration, Part 3: Cash-and-Stock Deals
The consideration paid by an acquiring company to a target can be a combination of cash and stock. During the 1980s and 1990s, for example, approximately 12% to 13% of all deals between public companies involved both cash and stock. This case series describes the basic... View Details
- 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
- December 2001
- Exercise
Exercise on Employee Stock Option Dilution
By: Brian J. Hall
Discusses the effects of option dilution on stock prices and shareholder value. To simplify the example and isolate the complexity of option dilution, we make a number of simplifying assumptions. View Details
- January 2001 (Revised March 2002)
- Case
Ford Motor Company's Value Enhancement Plan
By: Andre F. Perold
In April 2000, Ford Motor Co. announced a shareholder Value Enhancement Plan (VEP) to significantly recapitalize the firm's ownership structure. Ford had accumulated $23 billion in cash reserves and under the VEP would return as much as $10 billion of this cash to... View Details
- October 2000 (Revised June 2017)
- Case
Vyaderm Pharmaceuticals: The EVA Decision
By: Robert Simons and Indra A. Reinbergs
In 2016, the new CEO of Vyaderm Pharmaceuticals introduces an Economic Value Added (EVA) program to focus the company on long-term shareholder value. The EVA program consists of three elements: EVA centers (business units), EVA drivers (operational practices that... View Details
- September 2000 (Revised November 2002)
- Case
Amazon.com: 1994-2000
By: Lynda M. Applegate and Meredith Collura
Enables a thorough analysis of Amazon.com and the company's value proposition, in terms of its business concept, digital business capabilities, and community and shareholder value. Examines the company's complex set of business models and web of business relationships,... View Details
- June 2000 (Revised September 2000)
- Case
Amazon.com: Exploiting the Value of Digital Business Infrastructure
By: Lynda M. Applegate and Meredith Collura
Enables a thorough analysis of Amazon.com and the company's value proposition, in terms of its business concept, digital business capabilities, and community and shareholder value. Examines the company's complex set of business models and web of business relationships,... View Details
- October 1999
- Case
Royal Dutch/Shell in Transition (A)
By: Lynn S. Paine
After the Brent Spar episode and the 1995 events in Nigeria, Shell undertakes an intensive review of its values and business principles. At the same time, it conducts the largest multi-stakeholder consultation in its history in an effort to better understand society's... View Details
- 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
- April 1998 (Revised May 2000)
- Case
Guidant Corporation: Shaping Culture Through Systems
By: Robert L. Simons and Antonio Davila
Guidant is a successful IPO start-up selling pacemakers and defibrillators. The case describes how managers install systems to balance innovation and control. Three parts of a shareholder value strategy are described. Controls include incentive systems, beliefs... View Details
- December 1996 (Revised July 1997)
- Case
USG Corporation
By: Benjamin C. Esty and Tara L. Nells
In 1988, USG was the world's largest gypsum producer and one of the world's largest building-products companies. On May 2, 1988, USG's board of directors announced a proposed leveraged recapitalization plan to thwart a hostile cash tender offer by Desert Partners. With... View Details