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Evaluating M&A Deals--Equity Consideration
Baldwin, Carliss Y.Case HBS-208077-EFinanceWhat 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 the two. Lays out the basic mechanics of equity consideration. Derives formulas for thStarting at €8.20
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Evaluating M&A Deals: How Poison Pills Work
Baldwin, Carliss Y.Case HBS-208061-EFinanceThe 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 (flip-ins and flip-overs), and explains how the form of a tender offer changes the impact of a pill on the bidder. Also describes how bidders can set up tender offers to avoid poison pi...Starting at €8.20
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Evaluating M&A Deals: Introduction to the Deal NPV
Baldwin, Carliss Y.Case HBS-208060-EFinanceIntroduces a framework for evaluating mergers and acquisitions. Assumes that the criterion of a good deal is that it creates value for shareholders; i.e., has a positive deal NPV. Looks at the deal NPV from both the buyer's and seller's point of view. ExpStarting at €8.20
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Evaluating M&A Deals: Floors, Caps, and Collars
Baldwin, Carliss Y.Case HBS-209138-EFinanceAs 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. The purpose of this note is to define the main categories of price protection, and explain their impact on the payoffs and value of the deal to the target's shareholders.Starting at €8.20
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Evaluating M&A Deals: Accretion vs. Dilution of Earnings-per-share
Baldwin, Carliss Y.Case HBS-208059-EFinanceWhen 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 buyeStarting at €8.20
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Evaluating M&A Deals--Announcement Effects, Risk Arbitrage and Event Risk
Baldwin, Carliss Y.Case HBS-208103-EFinanceThe announcement of merger or acquisition conveys new information to the capital markets. This note describes how the stock prices of a Buyer and Target behave after the announcement of a deal. First, for an all-stock deal that is certain to go through, the note defines accouchement effects and describes the fundamental arbitrage relationship between Target and Buyer stock prices. It shows how post-announcement prices may be used to infer the mar...Starting at €8.20
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What's the Right Career Move After a Public Failure? (HBR Case Study and Commentary)
Jachimowicz, Jon M.; Gino, FrancescaArticle HBS-R2205M-EKnowledge and CommunicationA fitness executive contemplates her next move. This fictional case study by Jon M. Jachimowicz, Francesca Gino features expert commentary by Sarah Robb O'Hagan and Lan Phan. This HBR Case Study includes both the case and the commentary. For teaching purposes, this reprint is also available in two other versions: case study-only, reprint R2205X, and commentary-only, R2205Z.Starting at €8.20
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Culture Transformation at Microsoft: From 'Know it All' to 'Learn it All'
Gino, Francesca; Ciechanover, Allison M.; Huizinga, JeffCase HBS-921004-EStrategyStarting at €8.20
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The Hidden Advantages of Quiet Bosses
Grant, Adam M.; Gino, Francesca; Hofmann, David A.Article HBS-F1012B-ELeadership and People ManagementAlthough extroverted leaders have important strengths, in certain situations an introvert may make the better boss. This research suggests that the extrovert's tendency to take over discussions may stifle the ideas of his or her subordinates; whereas introverted leaders tend to listen more carefully and show greater receptivity to suggestions, making them more effective leaders of proactive teams.Starting at €8.20
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A Glossary of Technical Terms Related to Bankruptcy in the U.S.
Baldwin, Carliss Y.; Sharpe, James M.; Mehta, RaviCase HBS-212081-EFinanceQuick reference guide of various terms related to the United States Bankruptcy Code. Outline of some of the important technical terms related to the bankruptcy process in the United States. Covers both Chapter 7 and Chapter 11 with a brief definition of bStarting at €8.20