Hertz - Publications - Faculty & Research

October 2007 (Revised January 2009)
Case

The Hertz Corporation (A)

By: Timothy A. Luehrman and Douglas Scott

Examines the leveraged buyout of Hertz in 2005, a complex, high-profile deal and a good example of cutting-edge practice in private equity. The first of a two-part series on the Hertz LBO, adopts the perspective of Clayton, Dubilier & Rice, the leader of a private... View Details

Keywords: Leveraged Buyouts; Private Equity; Bids and Bidding; Negotiation Deal; Valuation; Value Creation; Financial Services Industry; United States

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March 1982 (Revised April 1982)
Case

Hertz Corp.: Guaranteed Pricing

The Hertz Corp., a $1.3 billion subsidiary of RCA, has instituted a "no mileage charge, ever" price program in response to competitive pressures. Pro forma revenue and profit projections, however, show the firm to be even further away from its corporate plan than... View Details

Keywords: Competition; Corporate Strategy; Product Marketing; Transportation Industry; Service Industry

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February 2022 (Revised March 2022)
Case

Hertz in Bankruptcy: A Wild Ride in Pandemic Times

By: Samuel Antill, Stuart Gilson and Kristin Mugford

Hertz filed for Chapter 11 bankruptcy in response to asset-backed securities (ABS) obligations and the COVID-19 pandemic. Enthusiastic Robinhood investors and shrewd negotiating tactics helped Hertz stabilize. Roughly nine months into the bankruptcy, Hertz received... View Details

Keywords: Bankruptcy Reorganization; COVID-19 Pandemic; Insolvency and Bankruptcy; Health Pandemics; Valuation; Capital Structure; Negotiation; Private Equity; Travel Industry; United States

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October 2007 (Revised January 2009)
Case

The Hertz Corporation (B)

By: Timothy A. Luehrman and Douglas Scott

Keywords: Transportation Industry; Travel Industry

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October 2008 (Revised November 2008)
Teaching Note

The Hertz Corporation (A) (TN)

By: Timothy A. Luehrman

Teaching Note for [208030]. View Details

Keywords: Transportation Industry

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January 2009
Teaching Note

The Hertz Corporation (B) (TN)

By: Timothy A. Luehrman

Teaching Note to [208031]. View Details

Keywords: Leveraged Buyouts; Private Equity; Restructuring; Valuation

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October 2007 (Revised March 2008)
Supplement

The Hertz Corporation (A) courseware

By: Timothy A. Luehrman

Keywords: Education; Transportation Industry

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October 2007 (Revised March 2008)
Supplement

The Hertz Corporation (B) courseware

By: Timothy A. Luehrman

Keywords: Education; Transportation Industry

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October 2008
Supplement

The Hertz Corporation (A) Teaching Note Courseware

By: Timothy A. Luehrman

Keywords: Teaching; Information; Education; Transportation Industry

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April 2022 (Revised December 2022)
Supplement

Hertz in Bankruptcy: A Wild Ride in Pandemic Times

By: Kristin Mugford, Stuart C. Gilson and Samuel Antill

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Forthcoming
Article

Consumer Choice and Corporate Bankruptcy

By: Samuel Antill and Megan Hunter

We estimate the indirect costs of corporate bankruptcy associated with lost customers. In incentivized experiments, randomly informing consumers about a firm’s Chapter 11 reorganization lowers their willingness to pay for the firm’s products by 17%-28%. Consumers worry... View Details

Keywords: Consumer Choice; Bankruptcy; Financial Distress; Structural Estimation; Experimental Economics; Hertz; Insolvency and Bankruptcy; Perception; Consumer Behavior

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22 Dec 2006
Research & Ideas

What’s Behind the Private Equity Boom?

Podcast with: Josh Lerner Interviewer: James Aisner Running Time: 15 min., 56 sec. View Details

Keywords: by Jim Aisner; Financial Services

20 Oct 2003
Research & Ideas

Gaps in the Historical Record: Development of the Electronics Industry

achievement. In the 1960s, however, it began to self-destruct by diversifying, first in attempting to compete with IBM in the production of mainframes and then by becoming a conglomerate, purchasing, among others, Hertz Rent A Car,... View Details

Keywords: by Alfred D. Chandler Jr.; Consumer Products

20 Nov 2007
First Look

First Look: November 20, 2007

Burton had to assess the plans from a global perspective. Purchase this case: http://www.hbsp.harvard.edu/b01/en/common/item_detail.jhtml?id=508009 The Hertz Corporation (A) Harvard Business School Case 208-030 Examines the leveraged... View Details

Keywords: Martha Lagace

11 Oct 2006
Research & Ideas

The Success of Reverse Leveraged Buyouts

As Hertz approaches what is expected to be a $1 billion "quick flip" IPO just ten months after being acquired, critics are again taking aim at reverse leveraged buyouts and wondering whether investors are being set up for a... View Details

Keywords: by Sean Silverthorne; Banking; Financial Services