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- All HBS Web (17)
- Faculty Publications (11)
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- August 2021
- Supplement
Airgas Valuation Instructor
- November 2015 (Revised March 2018)
- Case
Air Products' Pursuit of Airgas (A)
By: Charles C.Y. Wang, Paul M. Healy, Penelope Rossano and Kyle Thomas
This case centers around the Air Products' hostile takeover attempt of Airgas in 2010. Air Products argued that its offer of a 38% premium is generous given Airgas' poor performance, which Air Products attributed to underperforming and entrenched managers at Airgas. On... View Details
Keywords: Acquisition; Business and Shareholder Relations; Industrial Products Industry; Energy Industry; Chemical Industry
Wang, Charles C.Y., Paul M. Healy, Penelope Rossano, and Kyle Thomas. "Air Products' Pursuit of Airgas (A)." Harvard Business School Case 116-024, November 2015. (Revised March 2018.)
- 02 Feb 2011
- News
Airgas and Shareholder Value
- 02 Feb 2011
- News
Airgas — A Natural Experiment
- August 2021
- Teaching Note
Air Products' Pursuit of Airgas
By: Charles C.Y. Wang and Paul M. Healy
Teaching Note for HBS Case Nos. 116-024, 116-025, 118-080, and 118-081. View Details
- February 2018
- Supplement
Air Products' Pursuit of Airgas (D)
By: Charles C.Y. Wang, Paul M. Healy and Kyle Thomas
Wang, Charles C.Y., Paul M. Healy, and Kyle Thomas. "Air Products' Pursuit of Airgas (D)." Harvard Business School Supplement 118-081, February 2018.
- February 2018
- Supplement
Air Products' Pursuit of Airgas (C)
By: Charles C.Y. Wang, Paul M. Healy and Kyle Thomas
Wang, Charles C.Y., Paul M. Healy, and Kyle Thomas. "Air Products' Pursuit of Airgas (C)." Harvard Business School Supplement 118-080, February 2018.
- November 2015 (Revised March 2018)
- Supplement
Air Products' Pursuit of Airgas (B)
By: Charles C.Y. Wang, Paul M. Healy and Kyle Thomas
Wang, Charles C.Y., Paul M. Healy, and Kyle Thomas. "Air Products' Pursuit of Airgas (B)." Harvard Business School Supplement 116-025, November 2015. (Revised March 2018.)
- September 2017
- Article
Reexamining Staggered Boards and Shareholder Value
By: Charles C.Y. Wang and Alma Cohen
Cohen and Wang (2013) (CW2013) provide evidence consistent with market participants perceiving staggered boards to be value reducing. Amihud and Stoyanov (2016) (AS2016) contests these findings, reporting some specifications under which the results are not... View Details
Keywords: Staggered Boards; Takeover Defense; Antitakeover Provision; Firm Value; Delaware; Airgas; Governing and Advisory Boards; Corporate Governance; Value
Wang, Charles C.Y., and Alma Cohen. "Reexamining Staggered Boards and Shareholder Value." Journal of Financial Economics 125, no. 3 (September 2017): 637–647.
- 2015
- Working Paper
Staggered Boards and Shareholder Value: A Reply to Amihud and Stoyanov
By: Alma Cohen and Charles C.Y. Wang
In a paper published in the Journal of Financial Economics in 2013, we provided evidence that market participants perceive staggered boards to be on average value-reducing. In a recent response paper, Amihud and Stoyanov (2015) “contest” our results. They... View Details
Keywords: Staggered Boards; Takeover Defense; Antitakeover Provision; Firm Value; Agency Costs; Delaware; Chancery Court; Airgas; Governing and Advisory Boards; Acquisition; Corporate Governance; Business and Shareholder Relations; Delaware
Cohen, Alma, and Charles C.Y. Wang. "Staggered Boards and Shareholder Value: A Reply to Amihud and Stoyanov." Harvard Business School Working Paper, No. 16-097, February 2016.
- June 2014
- Case
Airgas, Inc.
By: Eric Van den Steen and Jason Karl
In 2013, Airgas was the market leader in packaged industrial gas distribution. Recent acquisitions had made it into a larger player in upstream gas production as well, where it competed with Praxair and Air Products. Should Airgas continue building a position in gas... View Details
Keywords: Strategy; Competitive Advantage; Competitive Strategy; Competency and Skills; Value Creation
Van den Steen, Eric, and Jason Karl. "Airgas, Inc." Harvard Business School Case 714-517, June 2014.
- December 2013
- Article
How Do Staggered Boards Affect Shareholder Value? Evidence from a Natural Experiment
By: Alma Cohen and Charles C.Y. Wang
The well-established negative correlation between staggered boards (SBs) and firm value could be due to SBs leading to lower value or a reflection of low-value firms' greater propensity to maintain SBs. We analyze the causal question using a natural experiment... View Details
Keywords: Staggered Board; Takeover Defense; Antitakeover Provision; Proxy Fight; Tobin's; Firm Value; Agency Cost; Delaware; Chancery Court; Airgas; Governing and Advisory Boards; Corporate Governance
Cohen, Alma, and Charles C.Y. Wang. "How Do Staggered Boards Affect Shareholder Value? Evidence from a Natural Experiment." Journal of Financial Economics 110, no. 3 (December 2013): 627–641.
- 23 Feb 2016
- First Look
February 23, 2016
events in the year following its September 2014 IPO. Purchase this case: https://cb.hbsp.harvard.edu/cbmp/product/116031-PDF-ENG Harvard Business School Case 116-024 Air Products' Pursuit of Airgas (A) No abstract available. Purchase this... View Details
Keywords: Sean Silverthorne
- 07 Oct 2014
- First Look
First Look: October 7
http://hbr.org/product/Via-Verde/an/214105-PDF-ENG Harvard Business School Case 714-517 Airgas, Inc. In 2013, Airgas was the market leader in packaged industrial gas distribution. Recent acquisitions had made it into a larger player in... View Details
Keywords: Sean Silverthorne
- 30 Oct 2018
- First Look
New Research and Ideas, October 30, 2018
Products' Pursuit of Airgas (C) No abstract available. Purchase this case:https://hbsp.harvard.edu/product/118080-PDF-ENG Harvard Business School Case 118-081 Air Products' Pursuit of Airgas (D) No abstract... View Details
Keywords: Dina Gerdeman