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• Case | HBS Case Collection | 2013 (Revised from original 2003 version)

  Holt Lunsford Commercial

  Arthur I Segel and John H. Vogel Jr.

  Holt Lunsford is debating how to grow his Dallas-based commercial real estate services firm and how to advise a long-time client who is wondering whether to lease or buy an industrial warehouse. Focuses on the highly competitive and increasingly institutionalized $50 billion real estate services industry, which encompasses property management, leasing, tenant representation, and other activities. What makes Lunsford's firm, The Holt Companies, special? Explores what corporate strategy Lunsford should choose for his firm, and what recommendation he should make to his client.

  Keywords: Decision Choices and Conditions; Investment; Growth and Development Strategy; Leasing; Competition; Corporate Strategy; Real Estate Industry; Service Industry;

  Citation:

  Segel, Arthur I., and John H. Vogel Jr. "Holt Lunsford Commercial." Harvard Business School Case 804-012, April 2013. (Revised from original September 2003 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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• Case | HBS Case Collection | 2012 (Revised from original 2009 version)

  Steel Street

  Arthur I Segel, William J. Poorvu, Ben Creo and Justin Seth Ginsburgh

  The case involves repositioning an old 6-story warehouse in Pittsburgh and many of the issues of rehabilitation and selecting and managing the development team especially in a world of capital market uncertainty. The case also demonstrates the alignment of interests of the players, the construction process, and the various methods available to contract with the general contractor including lump sum, cost-plus, and guaranteed maximum price.

  Keywords: Construction; Capital Markets; Financial Management; Investment; Property; Urban Development; Real Estate Industry; Pittsburgh;

  Citation:

  Segel, Arthur I., William J. Poorvu, Ben Creo, and Justin Seth Ginsburgh. "Steel Street." Harvard Business School Case 210-010, January 2012. (Revised from original August 2009 version.)

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