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- Faculty Publications (147)
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- All HBS Web (423)
- Faculty Publications (147)
- March 2025
- Case
Taylor Guitars: Making Employee Ownership Work the Taylor Way
By: Dennis Campbell, Petros Kusmu and Stacy Straaberg
In 2013, guitar manufacturer Taylor Guitars’ co-founders Bob Taylor and Kurt Listug were considering several exit options including selling to a competitor or to a private equity firm. The co-founders decided, instead, to embark on a seven-year process to transfer 100%... View Details
Keywords: Business Exit or Shutdown; Communication Strategy; Announcements; Decisions; Music Entertainment; Values and Beliefs; Borrowing and Debt; Geographic Location; Global Range; Governance; Employee Stock Ownership Plan; Management Style; Organizational Culture; Organizational Structure; Private Ownership; Business Strategy; Management Succession; Transition; Employee Ownership; Performance; Manufacturing Industry; Entertainment and Recreation Industry; United States; California; San Diego; Mexico; Netherlands
Campbell, Dennis, Petros Kusmu, and Stacy Straaberg. "Taylor Guitars: Making Employee Ownership Work the Taylor Way." Harvard Business School Case 125-054, March 2025.
- January 2025
- Article
Overcoming Barriers to Employee Ownership: Insights from Small and Medium-Sized Businesses
By: John Guzek and Ashley Whillans
This research investigates the limited adoption of employee stock ownership plans (ESOPs) among small-to-medium sized businesses (SMBs) in the U.S. Through interviews with 30 SMB owners across various industries, we identify the key barriers to ESOP adoption as lack of... View Details
Keywords: Profit Sharing; Employee Ownership; Management Practices and Processes; Compensation and Benefits; Small Business; Adoption; Employees
Guzek, John, and Ashley Whillans. "Overcoming Barriers to Employee Ownership: Insights from Small and Medium-Sized Businesses." Compensation & Benefits Review 57, no. 1 (January 2025): 64–81.
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
- Research Summary
Executive Compensation
Professor Meulbroek is investigating the gap between what equity-linked compensation costs the firm and what it is worth to managers. This gap arises because such compensation prevents managers from fully diversifying their holdings, so managers must bear firm-specific... View Details
- June 20, 2013
- Article
The Tyranny of Minority Shareholders
By: Josh Baron and Henry Foley
The article discusses challenges arising from minority ownership in the context of the proposed Empire State Building IPO. It emphasizes the complexities that minority shareholders can introduce in business decisions when families take their assets public. The article... View Details
Keywords: Business and Shareholder Relations; Ownership; Family Ownership; Corporate Governance; Power and Influence
Baron, Josh, and Henry Foley. "The Tyranny of Minority Shareholders." Wealth Management (website) (June 20, 2013).
- September 1999
- Case
Sally Jameson - 1999
By: George C. Chacko, Henry B. Reiling, Peter Tufano and Matthew Bailey
Sally Jameson has a large block of appreciated stock, which she is contemplating selling to purchase a home. She is comparing an outright sale, borrowing against the stock, shorting against the box, and a stock loan proposed by a small financial services firm. View Details
Keywords: Asset Pricing; Asset Management; Financial Liquidity; Stocks; Stock Options; Financing and Loans; Financial Services Industry
Chacko, George C., Henry B. Reiling, Peter Tufano, and Matthew Bailey. "Sally Jameson - 1999." Harvard Business School Case 200-006, September 1999.
- 18 Oct 2004
- Research & Ideas
The Bias of Wall Street Analysts
If it's one lesson the individual investor learned the hard way from the collapse of Enron, it is that the recommendations of Wall Street stock analysts can be influenced by much more than purely objective research. Just look at the large... View Details
- 2012
- Working Paper
Earnings Management from the Bottom Up: An Analysis of Managerial Incentives Below the CEO
By: Felix Oberholzer-Gee and Julie Wulf
Performance-based pay is an important instrument to align the interests of managers with the interests of shareholders. However, recent evidence suggests that high-powered incentives also provide managers with incentives to manipulate the firm's reported earnings. The... View Details
Keywords: Compensation and Benefits; Interests; Business and Shareholder Relations; Motivation and Incentives; Earnings Management; Performance Evaluation; Stock Options
Oberholzer-Gee, Felix, and Julie Wulf. "Earnings Management from the Bottom Up: An Analysis of Managerial Incentives Below the CEO ." Harvard Business School Working Paper, No. 12-056, January 2012. (Revised August 2012.)
- 09 Nov 2011
- Working Paper Summaries
CEO Bonus Plans: And How to Fix Them
Keywords: by Kevin J. Murphy & Michael C. Jensen
- September 2003
- Case
Executive Compensation at Reckitt Benckiser plc
By: V.G. Narayanan, Krishna G. Palepu and Lisa Brem
Investors felt betrayed by the increasingly lucrative pay packages awarded to CEOs and other top executives at multinational companies. Yet, board members charged with adequately rewarding executives were forced to compete with rising packages of salaries and stock... View Details
- April 2020
- Teaching Note
Executive Compensation at Talent Partners
By: Richard S. Ruback, Royce G. Yudkoff and Ahron Rosenfeld
Teaching Note for HBS Case No. 211-073. Talent Partners, a payroll service firm focused on actors in commercials, hired Paul Muratore to be its CEO in 2002. His compensation package included a fixed salary and a bundle of Stock Appreciation Rights (SAR) that would... View Details
- Research Summary
Financial Incentives
My research examines how the performance effects of internal governance and the design of compensation vary by managerial position. For example, I document links between innovation and stock options for corporate R&D heads;... View Details
- 22 Apr 2008
- First Look
First Look: April 22, 2008
Business School Case 207-091 Jerzy Peters, Managing Director of Patron Capital Partners, must decide the best investment option on the development of the Odra Polish theater chain and the associated real estate. Capital Field was a... View Details
Keywords: Martha Lagace
- 17 Jul 2023
- Research & Ideas
Money Isn’t Everything: The Dos and Don’ts of Motivating Employees
false promises. Many companies have offered stock options to upper level employees. But “options are fragile in a way most people don’t understand,” Hall says, “and over half of the time they fall... View Details
Keywords: by Avery Forman
- 11 Oct 2016
- First Look
October 11, 2016
This strategic response is more pronounced for vendors whose stocks of patents are small and whose home markets have weak IP systems. Our study is the first to examine the relationship between heterogeneity in national patent systems and... View Details
Keywords: Sean Silverthorne
- 15 Jan 2019
- First Look
New Research and Ideas, January 15, 2019
https://www.hbs.edu/faculty/Pages/item.aspx?num=55402 The Creation and Evolution of Entrepreneurial Public Markets By: Bernstein, Shai, Abhishek Dev, and Josh Lerner Abstract—This paper explores the creation and evolution of new stock... View Details
Keywords: Dina Gerdeman
- 24 Apr 2007
- First Look
First Look: April 24, 2007
CEO must decide where to cut costs and how to convince creditors to give the company the time it needs to turn around. A bankruptcy reorganization is one option open to the company. Describes the audit recovery industry, the company's... View Details
Keywords: Sean Silverthorne
- 2020
- Working Paper
Design Rules, Volume 2: How Technology Shapes Organizations: Chapter 6 The Value Structure of Technologies, Part 1: Mapping Functional Relationships
Organizations are formed in a free economy because an individual or group perceives value in carrying out a technical recipe that is beyond the capacity of a single person. Technology specifies what must be done, what resources must be assembled, what actions taken in... View Details
Baldwin, Carliss Y. "Design Rules, Volume 2: How Technology Shapes Organizations: Chapter 6 The Value Structure of Technologies, Part 1: Mapping Functional Relationships." Harvard Business School Working Paper, No. 21-039, September 2020.
- February 2000 (Revised October 2000)
- Case
Kendle International Inc.
By: Dwight B. Crane, Paul W. Marshall and Indra Reinbergs
Candace Kendle and Christopher Bergen, the CEO and COO of Kendle International, Inc., are reviewing ways to finance the growth of their privately-owned company. Kendle is a contract research organization that conducts clinical drug trials for pharmaceutical and... View Details
Keywords: Acquisition; Financing and Loans; Venture Capital; Stock Options; Banks and Banking; Debt Securities; International Finance; Financial Strategy; Management Skills; Private Ownership; Initial Public Offering; Biotechnology Industry; Pharmaceutical Industry
Crane, Dwight B., Paul W. Marshall, and Indra Reinbergs. "Kendle International Inc." Harvard Business School Case 200-033, February 2000. (Revised October 2000.)
- January 2010 (Revised April 2013)
- Case
Aubrey McClendon's Special Incentive Compensation at Chesapeake Energy (A)
By: Paul Healy, Clayton S. Rose and Aldo Sesia
Aubrey McClendon, founder and CEO of Chesapeake Energy, was, according to Fortune Magazine, the highest paid U.S. CEO in 2008 receiving over $100 million in total compensation. McClendon received this compensation despite a significant drop in the company's stock price... View Details
Keywords: Financial Statements; Financial Reporting; Price; Stock Options; Valuation; Joint Ventures; Business Growth and Maturation; Economic Growth; Growth and Development Strategy; Change Management; Energy Industry; United States
Healy, Paul, Clayton S. Rose, and Aldo Sesia. "Aubrey McClendon's Special Incentive Compensation at Chesapeake Energy (A)." Harvard Business School Case 110-047, January 2010. (Revised April 2013.)