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• Case | HBS Case Collection | 2013

  Pinckney Street

  William J. Poorvu, Arthur I Segel, John H. Vogel, Jr., Lisa Strope and Erich Dylus

  Although inexperienced in real estate, Edward Alexander hopes in June 2013 that youthful enthusiasm and $240,000 in savings and inheritance will help him enter the real estate business. His experience chronicles the process of finding, evaluating, and acquiring a four-unit brownstone in need of renovation in the Beacon Hill area of Boston. The case also identifies the various players in the process. A rewritten version of an earlier case.

  Keywords: real estate; Acquisition; Investment; Housing; Real Estate Industry; Boston;

  Citation:

  Poorvu, William J., Arthur I Segel, John H. Vogel, Jr., Lisa Strope, and Erich Dylus. "Pinckney Street." Harvard Business School Case 813-182, May 2013.

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• Background Note | HBS Case Collection | 2013 (Revised from original 1979 version)

  Note on Taxation

  William J. Poorvu, Arthur I Segel, Samuel Plimpton, Michael D. Kummer and Glenn S. Miller

  Every real-estate transaction is affected by the tax consequences that result from its form and substance. Structuring a transaction without a thorough understanding of its tax considerations is likely to reduce the transaction's potential value. The failure to utilize the available tax benefits eliminates one of the major reasons for making a real-estate investment.

  Keywords: Property; Taxation; Investment;

  Citation:

  Poorvu, William J., Arthur I Segel, Samuel Plimpton, Michael D. Kummer, and Glenn S. Miller. "Note on Taxation." Harvard Business School Background Note 379-192, May 2013. (Revised from original July 1979 version.)

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• Article | Journal of Financial Economics | April 2012

  Corporate Ownership Structure and Bank Loan Syndicate Structure

  Chen Lin, Yue Ma, Paul Malatesta and Yuhai Xuan

  Using a novel data set on corporate ownership and control, we show that the divergence between the control rights and cash-flow rights of a borrowing firm's largest ultimate owner has a significant impact on the concentration and composition of the firm's loan syndicate. When the control-ownership divergence is large, lead arrangers form syndicates with structures that facilitate enhanced due diligence and monitoring efforts. These syndicates tend to be relatively concentrated and composed of domestic banks that are geographically close to the borrowing firms and that have lending expertise related to the industries of the borrowers. We also examine factors that influence the relation between ownership structure and syndicate structure, including lead arranger reputation, prior lending relationship, borrowing firm informational opacity, presence of multiple large owners, laws and institutions, and financial crises.

  Keywords: Ownership; Financing and Loans; Cash Flow; Borrowing and Debt; Accounting; Crisis Management; Relationships; Law; Contracts; Banking Industry;

  Citation:

  Lin, Chen, Yue Ma, Paul Malatesta, and Yuhai Xuan. "Corporate Ownership Structure and Bank Loan Syndicate Structure." Journal of Financial Economics 104, no. 1 (April 2012): 1–22. (Lead Article.)

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