Krishna G. Palepu

Ross Graham Walker Professor of Business Administration

KRISHNA G. PALEPU joined the faculty of the Harvard Business School in 1983, and he is currently the Ross Graham Walker Professor of Business Administration.  In addition to his academic position, Professor Palepu is Senior Advisor to the President for Global Strategy at Harvard University. Prior to this, Professor Palepu held other leadership positions at the School, including Senior Associate Dean, Director of Research, and Unit Chair.

Professor Palepu's current research and teaching activities focus on strategy and governance. Professor Palepu has published numerous academic and practitioner-oriented articles and case studies on these issues.

In the area of strategy, his recent focus has been on the globalization of emerging markets, particularly India and China, and the resulting opportunities and challenges for western investors and multinationals, and for local companies with global aspirations. He is a coauthor of the book on this topic, Winning in Emerging Markets: A Road Map for Strategy and Execution. He developed and taught a second year MBA course, "Globalization of Emerging Markets," which focuses on these issues. In addition, Professor Palepu Chairs the HBS executive education programs, "Global CEOs Program for China" and "Building Businesses in Emerging Markets."

In the area of corporate governance, Professor Palepu's work focuses on board engagement with strategy. Professor Palepu teaches in several HBS executive education programs aimed at members of corporate boards: "Making Corporate Boards More Effective," "Audit Committees in a New Era of Governance," and "Compensation Committees: New Challenges, New Solutions." 

In his prior work, Professor Palepu worked on mergers and acquisitions and corporate disclosure. Based on this work, he coauthored the book, Business Analysis and Valuation Using Financial Statements: Text and Cases, which won the American Accounting Association's Wildman Award for its impact on management practice, as well as the Notable Contribution to the Accounting Literature Award for its impact on academic research. This book, translated into Chinese, Japanese, and Spanish, is widely used in leading MBA programs all over the world. It is accompanied by a business analysis and valuation software model published by the Harvard Business School Publishing Company.

Professor Palepu has served on a number of public company and non-profit Boards. He has also been on the Editorial Boards of leading academic journals, and has served as a consultant to a wide variety of businesses. Krishna Palepu is a researcher at the National Bureau of Economic Research (NBER) and a fellow of the International Academy of Management.

Professor Palepu has a masters degree in physics from Andhra University, a post-graduate diploma in management from the Indian Institute of Management Calcutta, a doctorate in management from the Massachusetts Institute of Technology, and an honorary doctorate from the Helsinki School of Economics and Business Administration.

Featured Work

Publications

Books

  1. Business Analysis and Valuation: Using Financial Statements, Text and Cases

    This book provides a framework for business analysis and has been used by business schools throughout the world. It provides a foundation for analysis using four key steps: 1) Strategy analysis: Identifying a firm's strategy and understanding sources of its competitive advantage; 2) Accounting analysis: Assessing how a firm's financial statements reflect its economics and determining whether any adjustments are needed. This new edition (5th ed) specifically covers measurement questions for firms reporting under US GAAP and International Standards; 3) Financial analysis: Evaluating a firm's performance using ratios and cash flow data; and 4) Forecasting future performance and estimating its value. These steps are applied to a variety of business contexts, including securities analysis, credit analysis, merger & acquisition decisions, and governance. The book includes a broad range of classic and new HBS cases to illustrate the concepts and applications.

    Keywords: Governance; Debt Securities; Valuation; Performance Evaluation; Financial Statements; Credit; Business Ventures; Strategy; Financial Condition; Mergers and Acquisitions; Forecasting and Prediction;

    Citation:

    Palepu, Krishna G., and Paul M. Healy. Business Analysis and Valuation: Using Financial Statements, Text and Cases. 5th ed. Cengage Learning, 2013. View Details
  2. Winning in Emerging Markets: A Road Map for Strategy and Execution

    The best way to select emerging markets to exploit is to evaluate their size or growth potential, right? Not according to Krishna Palepu and Tarun Khanna. In 'Winning in Emerging Markets,' these leading scholars on the subject present a decidedly different framework for making this crucial choice. The authors argue that the primary exploitable characteristic of emerging markets is the lack of institutions (credit-card systems, intellectual-property adjudication, data research firms) that facilitate efficient business operations. While such "institutional voids" present challenges, they also provide major opportunities for multinationals and local contenders. Palepu and Khanna provide a playbook for assessing emerging markets' potential and for crafting strategies for succeeding in those markets. They explain how to spot institutional voids in developing economies, including in product, labor, and capital markets, as well as social and political systems; identify opportunities to fill those voids, for example, by building or improving market institutions yourself; and exploit those opportunities through a rigorous five-phase process, including studying the market over time and acquiring new capabilities. Packed with vivid examples and practical toolkits, 'Winning in Emerging Markets' is a crucial resource for any company seeking to define and execute business strategy in developing economies.

    Keywords: Developing Countries and Economies; Management Analysis, Tools, and Techniques; Emerging Markets; Organizations; Opportunities; Business Strategy;

    Citation:

    Khanna, Tarun, Krishna G. Palepu, and Richard Bullock. Winning in Emerging Markets: A Road Map for Strategy and Execution. Harvard Business Press, 2010. View Details
  3. Business Analysis and Valuation: Using Financial Statements

    Financial statements are the basis for a wide range of business analysis. Managers, securities analysts, bankers, and consultants all use them to make business decisions. There is strong demand among business students for course materials that provide a framework for using financial statement data in a variety of business analysis and valuation contexts. The fourth edition of Business Analysis and Valuation: Using Financial Statements allows you to undertake financial statement analysis using a four-part framework—(1) business strategy analysis for developing an understanding of a firm's competitive strategy; (2) accounting analysis for representing the firm's business economics and strategy in its financial statements and for developing adjusted accounting measures of performance; (3) financial analysis for ratio analysis and cash flow measures of operating; and (4) prospective analysis. Then, you'll learn how to apply these tools in a variety of decision contexts, including securities analysis, credit analysis, corporate financing policies analysis, mergers and acquisitions analysis, and governance and communication analysis.

    Keywords: Valuation; Framework; Decision Choices and Conditions; Financial Statements;

    Citation:

    Healy, Paul M., and Krishna G. Palepu. Business Analysis and Valuation: Using Financial Statements. 4th ed. Mason, OH: Thomson South-Western, 2007. View Details
  4. Business Analysis and Valuation Using Financial Statements: Text and Cases

    Keywords: Theory; Valuation; Finance; Reports; Cases; Information;

    Citation:

    Palepu, Krishna G., Paul M. Healy, and Victor L. Bernard. Business Analysis and Valuation Using Financial Statements: Text and Cases. 3rd ed. Mason, OH: Thomson South-Western, 2003. View Details
  5. Business Analysis and Valuation

    Keywords: Valuation; Theory;

    Citation:

    Healy, Paul M., Krishna G. Palepu, and Victor L. Bernard. Business Analysis and Valuation. 2nd ed. South-Western College Publishing, 2000. View Details
  6. Introduction to Business Analysis and Valuation

    Keywords: Valuation;

    Citation:

    Bernard, Victor L., Paul M. Healy, and Krishna G. Palepu. Introduction to Business Analysis and Valuation. South-Western College Publishing, 1996. View Details
  7. Business Analysis and Valuation Using Financial Statements

    Keywords: Financial Statements; Valuation;

    Citation:

    Bernard, Victor L., Paul M. Healy, and Krishna G. Palepu. Business Analysis and Valuation Using Financial Statements. Cincinnati, OH: South-Western College Publishing, 1996. View Details

Journal Articles

  1. Winning in Emerging Markets: Spotting and Responding to Institutional Voids

    Keywords: Emerging Markets;

    Citation:

    Khanna, Tarun, and Krishna G. Palepu. "Winning in Emerging Markets: Spotting and Responding to Institutional Voids." World Financial Review (May–June 2011): 18–20. View Details
  2. Emerging Giants: Building World-Class Companies in Developing Countries

    Keywords: Business Ventures;

    Citation:

    Khanna, Tarun, and Krishna G. Palepu. "Emerging Giants: Building World-Class Companies in Developing Countries." Harvard Business Review 84, no. 10 (October 2006). View Details
  3. Globalization and Similarities in Corporate Governance: A Cross-country Analysis

    Keywords: Globalization; Corporate Governance; Theory;

    Citation:

    Khanna, Tarun, Joe Kogan, and Krishna G. Palepu. "Globalization and Similarities in Corporate Governance: A Cross-country Analysis." Review of Economics and Statistics 88, no. 1 (February 2006): 69–90. View Details
  4. Strategies That Fit Emerging Markets

    Keywords: Strategy; Emerging Markets;

    Citation:

    Khanna, Tarun, Krishna G. Palepu, and Jayant Sinha. "Strategies That Fit Emerging Markets." Harvard Business Review 83, no. 6 (June 2005). View Details
  5. Globalization and Convergence in Corporate Governance: Evidence from Infosys and the Indian Software Industry

    Keywords: Globalization; Corporate Governance; Computer Industry; India;

    Citation:

    Khanna, Tarun, and Krishna G. Palepu. "Globalization and Convergence in Corporate Governance: Evidence from Infosys and the Indian Software Industry." Journal of International Business Studies 35, no. 6 (November 2004): 484–507. View Details
  6. Disclosure Practices of Foreign Companies Interacting with U.S. Markets

    We analyze the disclosure practices of companies as a function of their interaction with the U.S. markets for a group of 794 firms from 24 countries in Asia-Pacific and Europe. Our analysis uses the Transparency and Disclosure scores developed recently by Standard & Poor's. These scores rate the disclosure of companies from around the world using U.S. disclosure practices as an implicit benchmark. Results show a positive association between these disclosure scores and a variety of market interaction measures, including US Listing, US investment flows, export to and operations in the US. Trade with US, however, has an insignificant relationship with the disclosure scores. Our empirical analysis controls for the previously documented association between disclosure and firm size, performance, and country legal origin. Our results are broadly consistent with the hypothesis that cross-border economic interactions are associated with similarities in disclosure and governance practices.

    Keywords: Management Practices and Processes; Markets; Investment; Size; Performance; Cross-Cultural and Cross-Border Issues; Corporate Governance; Corporate Disclosure; Trade; United States; Asia; Europe;

    Citation:

    Khanna, Tarun, Krishna G. Palepu, and Suraj Srinivasan. "Disclosure Practices of Foreign Companies Interacting with U.S. Markets." Journal of Accounting Research 42, no. 2 (May 2004). View Details
  7. Expensing Stock Options: A Fair-Value Approach

    Keywords: Stock Options; Value;

    Citation:

    Kaplan, Robert S., and Krishna G. Palepu. "Expensing Stock Options: A Fair-Value Approach." Harvard Business Review 81, no. 12 (December 2003). View Details
  8. How the Quest for Efficiency Corroded the Market

    Keywords: Performance Efficiency; Markets;

    Citation:

    Healy, Paul M., and Krishna G. Palepu. "How the Quest for Efficiency Corroded the Market." Harvard Business Review 81, no. 7 (July 2003). View Details
  9. The Fall of Enron

    Keywords: Crime and Corruption;

    Citation:

    Healy, Paul M., and Krishna G. Palepu. "The Fall of Enron." Journal of Economic Perspectives 17, no. 2 (spring 2003). View Details
  10. Analyst Specialization and Conglomerate Stock Breakups

    Keywords: Stocks;

    Citation:

    Gilson, Stuart C., Paul M. Healy, Christopher F. Noe, and Krishna G. Palepu. "Analyst Specialization and Conglomerate Stock Breakups." Journal of Accounting Research 39, no. 3 (December 2001). View Details
  11. Information Asymmetry, Corporate Disclosure, and the Capital Markets: A Review of the Empirical Disclosure Literature

    Keywords: Information; Markets; Corporate Disclosure; Capital;

    Citation:

    Healy, Paul M., and Krishna G. Palepu. "Information Asymmetry, Corporate Disclosure, and the Capital Markets: A Review of the Empirical Disclosure Literature." Journal of Accounting & Economics 31, nos. 1-3 (September 2001): 405–440. View Details
  12. The Future of Business Groups in Emerging Markets: Long-Run Evidence from Chile

    Keywords: Groups and Teams; Emerging Markets; Chile;

    Citation:

    Khanna, Tarun, and Krishna G. Palepu. "The Future of Business Groups in Emerging Markets: Long-Run Evidence from Chile." Academy of Management Journal 43, no. 3 (June 2000). View Details
  13. Is Group Affiliation Profitable in Emerging Markets? An Analysis of Diversified Indian Business Groups

    Keywords: Groups and Teams; Profit; Emerging Markets; Theory; India;

    Citation:

    Khanna, Tarun, and Krishna G. Palepu. "Is Group Affiliation Profitable in Emerging Markets? An Analysis of Diversified Indian Business Groups." Journal of Finance 55, no. 2 (April 2000): 867–891. View Details
  14. Stock Performance and Intermediation Changes Surrounding Sustained Increases in Disclosure

    Keywords: Stocks; Performance; Change;

    Citation:

    Healy, Paul M., Amy P. Hutton, and Krishna G. Palepu. "Stock Performance and Intermediation Changes Surrounding Sustained Increases in Disclosure." Contemporary Accounting Research 16, no. 3 (fall 1999). View Details
  15. The Right Way to Restructure Conglomerates in Emerging Markets

    Keywords: Business Conglomerates; Emerging Markets; Business Strategy;

    Citation:

    Khanna, Tarun, and Krishna G. Palepu. "The Right Way to Restructure Conglomerates in Emerging Markets." Harvard Business Review 77, no. 4 (July–August 1999): 125–134. View Details
  16. Policy Shocks, Market Intermediaries, and Corporate Strategy: Evidence from Chile and India

    Keywords: Markets; Business Ventures; Strategy; Chile; India;

    Citation:

    Khanna, Tarun, and Krishna G. Palepu. "Policy Shocks, Market Intermediaries, and Corporate Strategy: Evidence from Chile and India." Journal of Economics & Management Strategy 8, no. 2 (June 1999): 271–310. View Details
  17. What Financial Analysts Want

    Keywords: Finance;

    Citation:

    Epstein, Marc J., and Krishna G. Palepu. "What Financial Analysts Want." Strategic Finance (April 1999), 48–52. (Also in CFO: The Magazine for Senior Financial Executives (1997)) View Details
  18. Building Institutional Infrastructure

    Keywords: Infrastructure;

    Citation:

    Khanna, Tarun, and Krishna G. Palepu. "Building Institutional Infrastructure." Brown Journal of World Affairs 5, no. 1 (winter–spring 1998). View Details
  19. Which Takeovers are Profitable: Strategic or Financial?

    Keywords: Integration; Profit; Strategy; Finance;

    Citation:

    Healy, Paul M., Krishna G. Palepu, and Richard S. Ruback. "Which Takeovers are Profitable: Strategic or Financial?" MIT Sloan Management Review 38, no. 4 (summer 1997): 45–57. View Details
  20. Why Focused Strategies May Be Wrong for Emerging Markets

    Keywords: Strategy; Emerging Markets;

    Citation:

    Khanna, Tarun, and Krishna G. Palepu. "Why Focused Strategies May Be Wrong for Emerging Markets." Harvard Business Review 75, no. 4 (July–August 1997): 41–51. View Details
  21. Using Capital Structure to Communicate with Investors: The Case of CUC International

    Keywords: Capital Structure; Communication; Investment;

    Citation:

    Healy, Paul M., and Krishna G. Palepu. "Using Capital Structure to Communicate with Investors: The Case of CUC International." Journal of Applied Corporate Finance 8, no. 4 (winter 1996). View Details
  22. The Challenges of Investor Communication: The Case of CUC International, Inc.

    Keywords: Communication; Business Ventures; Problems and Challenges;

    Citation:

    Healy, Paul M., and Krishna G. Palepu. "The Challenges of Investor Communication: The Case of CUC International, Inc." Journal of Financial Economics 38, no. 2 (June 1995): 111–140. View Details
  23. Mark-to-Market Accounting for Banks and Thrifts: Lessons from the Danish Experience

    Keywords: Fair Value Accounting; Denmark;

    Citation:

    Bernard, Victor L., Robert C. Merton, and Krishna G. Palepu. "Mark-to-Market Accounting for Banks and Thrifts: Lessons from the Danish Experience." Journal of Accounting Research 33, no. 1 (spring 1995): 1–32. View Details
  24. The Effect of Firms' Financial Disclosure Strategies on Stock Prices

    Keywords: Strategy; Stocks; Finance;

    Citation:

    Palepu, Krishna G., and Paul M. Healy. "The Effect of Firms' Financial Disclosure Strategies on Stock Prices." Accounting Horizons 7 (March 1993): 1–11. View Details
  25. Does Corporate Performance Improve after Mergers?

    Keywords: Mergers and Acquisitions; Performance; Business Ventures;

    Citation:

    Healy, Paul M., Krishna G. Palepu, and Richard S. Ruback. "Does Corporate Performance Improve after Mergers?" Journal of Financial Economics 31, no. 2 (April 1992): 135–175. View Details
  26. Consequences of Leveraged Buyouts

    Keywords: Finance; Investment; Financial Services Industry;

    Citation:

    Palepu, Krishna G. "Consequences of Leveraged Buyouts." Journal of Financial Economics 27, no. 2 (October 1990): 247–262. View Details
  27. Earnings and Risk Changes Surrounding Primary Stock Offers

    Keywords: Risk and Uncertainty; Business Earnings; Change; Stocks;

    Citation:

    Healy, Paul M., and Krishna G. Palepu. "Earnings and Risk Changes Surrounding Primary Stock Offers." Journal of Accounting Research 28, no. 1 (spring 1990): 25–48. View Details
  28. Effectiveness of Accounting-Based Dividend Covenants

    Keywords: Accounting; Money;

    Citation:

    Healy, Paul M., and Krishna G. Palepu. "Effectiveness of Accounting-Based Dividend Covenants." Journal of Accounting & Economics 12, nos. 1-3 (January 1990): 97–124. View Details
  29. How Do Investors Interpret Firms' Financial Decisions

    Keywords: Finance; Decision Making; Investment;

    Citation:

    Healy, Paul M., and Krishna G. Palepu. "How Do Investors Interpret Firms' Financial Decisions." Continental Bank Journal of Applied Corporate Finance 2, no. 3 (fall 1989). View Details
  30. Earnings and Stock Splits

    Keywords: Business Earnings; Stocks;

    Citation:

    Asquith, Paul, Paul M. Healy, and Krishna G. Palepu. "Earnings and Stock Splits." Accounting Review 64, no. 3 (July 1989): 387–403. View Details
  31. Earnings Information Conveyed by Dividend Initiations and Omissions

    Keywords: Information; Money; Business and Shareholder Relations; Business Earnings;

    Citation:

    Healy, Paul M., and Krishna G. Palepu. "Earnings Information Conveyed by Dividend Initiations and Omissions." Journal of Financial Economics 21, no. 2 (September 1988): 149–175. View Details
  32. The Effect of Accounting Procedure Changes on CEO's Cash Salary and Bonus Compensation

    Keywords: Accounting; Change; Compensation and Benefits;

    Citation:

    Healy, Paul M., Sok-Hyon Kang, and Krishna G. Palepu. "The Effect of Accounting Procedure Changes on CEO's Cash Salary and Bonus Compensation." Journal of Accounting & Economics 9, no. 1 (April 1987): 7–34. View Details

Book Chapters

  1. The Evolution of Concentrated Ownership in India: Broad Patterns and a History of the Indian Software Industry

    Keywords: History; Ownership; Information Technology Industry; India;

    Citation:

    Khanna, Tarun, and Krishna G. Palepu. "The Evolution of Concentrated Ownership in India: Broad Patterns and a History of the Indian Software Industry." In The History of Corporate Governance around the World: Family Business Groups to Professional Managers, edited by Randall Morck. University of Chicago Press, 2005. View Details
  2. Emerging Market Business Groups, Foreign Investors, and Corporate Governance

    Keywords: Emerging Markets; Business Ventures; Foreign Direct Investment; Corporate Governance; Globalized Economies and Regions;

    Citation:

    Khanna, Tarun, and Krishna G. Palepu. "Emerging Market Business Groups, Foreign Investors, and Corporate Governance." In Concentrated Corporate Ownership, edited by Randall Morck, 265–294. National Bureau of Economic Research Conference Report. University of Chicago Press, 2000. View Details
  3. International Equity Acquisitions: Who, Where, and Why?

    Keywords: Acquisition; Equity; International Finance;

    Citation:

    Healy, Paul M., and Krishna G. Palepu. "International Equity Acquisitions: Who, Where, and Why?" In Foreign Direct Investment, edited by K. Froot. Chicago: University of Chicago Press, 1993. View Details

Working Papers

  1. The Evolution of Concentrated Ownership in India Broad Patterns and a History of the Indian Software Industry

    Citation:

    Khanna, Tarun, and Krishna G. Palepu. "The Evolution of Concentrated Ownership in India Broad Patterns and a History of the Indian Software Industry." Harvard Business School Working Paper, No. 05-001, July 2004. (Also NBER Working Paper No. 10613, July 2004. Published as a chapter in The Rise and Fall of Business Families, edited by Randall Morck. University of Chicago Press, 2005.) View Details
  2. Disclosure Practices of Foreign Companies Interacting with U.S. Markets

    Citation:

    Khanna, Tarun, Krishna G. Palepu, and Suraj Srinivasan. "Disclosure Practices of Foreign Companies Interacting with U.S. Markets." Harvard Business School Working Paper, No. 03-081, January 2003. View Details
  3. Product and Labor Market Globalization & Convergence of Corporate Governance: The Case of Infosys and The Indian Software Industry

    Citation:

    Khanna, Tarun, and Krishna G. Palepu. "Product and Labor Market Globalization & Convergence of Corporate Governance: The Case of Infosys and The Indian Software Industry." Harvard Business School Working Paper, No. 02-040, January 2002. View Details
  4. Globalization and Corporate Governance Convergence? A Cross-Country Analysis

    Citation:

    Khanna, Tarun, Joe Kogan, and Krishna G. Palepu. "Globalization and Corporate Governance Convergence? A Cross-Country Analysis." Harvard Business School Working Paper, No. 02-041, January 2002. View Details
  5. The Role of Corporate Boards in Improving Governance through Effective Disclosure

    Citation:

    Healy, Paul M., and Krishna G. Palepu. "The Role of Corporate Boards in Improving Governance through Effective Disclosure." Harvard Business School Working Paper, No. 02-039, April 2001. View Details
  6. Analyst Activity Around the World

    Citation:

    Chang, James, Tarun Khanna, and Krishna G. Palepu. "Analyst Activity Around the World." Harvard Business School Working Paper, No. 01-061, April 2001. View Details

Cases and Teaching Materials

  1. Harley-Davidson in India (B)

    This case examines how Harley-Davidson has worked to globalize its business by focusing on how CEO Matt Levatich and India country manager Anoop Prakash assess and act on the opportunities and challenges posed by entering the Indian market, and where and how the lessons they learn there are applicable elsewhere both geographically and within Harley-Davidson's organization.

    Keywords: india; globalization; emerging markets; manufacturing;

    Citation:

    Palepu, Krishna, and David Lane. "Harley-Davidson in India (B)." Harvard Business School Supplement 114-044, June 2014. View Details
  2. Harley-Davidson in India (A)

    This case examines how Harley-Davidson has worked to globalize its business by focusing on how CEO Matt Levatich and India country manager Anoop Prakash assess and act on the opportunities and challenges posed by entering the Indian market, and where and how the lessons they learn there are applicable elsewhere both geographically and within Harley-Davidson's organization.

    Keywords: india; globalization; emerging markets; manufacturing;

    Citation:

    Palepu, Krishna, and David Lane. "Harley-Davidson in India (A)." Harvard Business School Case 114-043, June 2014. View Details
  3. Groupon, Inc.

    Internet coupon site "Groupon" grew revenues rapidly and went public, but struggled to impress investors or operate profitably. Did it have a sustainable business model? Groupon sold coupons called Groupons which purchasers used to acquire goods or services at discount prices from participating merchants. It went public in 2011. Merchants liked Groupons because they paid nothing for advertising through Groupon unless a customer made a purchase. Groupon earned revenue by taking a percentage of every Groupon sold. Groupon sold Groupons by utilizing a large sales force which contacted individual merchants to sign them up. Groupon's sales grew rapidly and exceeded $2.5 billion in 2013. The challenge Groupon faced was earning profits. It spent heavily on marketing to acquire customers, who showed signs of becoming tired of receiving discount offers, and merchants, many of whom found that offering Groupons only brought them unprofitable customers. In an attempt to become profitable, Groupon introduced new products and strategies; however it had yet to succeed. Some observers questioned whether the company could remain viable. Its management had not inspired confidence and it had several conflicts with the SEC and had to restate its financials. In early 2013, Groupon fired its founding CEO and replaced him with co-founder Eric Lefkofsky. Lefkofsky must now guide Groupon forward.

    Keywords: Accounting; Corporate Governance; Entrepreneurship; Financial Management; Financial Reporting; Financial Statements; Organizational Culture; Strategy; Web Services Industry; United States;

    Citation:

    Palepu, Krishna G., Blythe J. McGarvie, and James Weber. "Groupon, Inc." Harvard Business School Case 114-038, May 2014. View Details
  4. Novartis' Sandoz: Between Generics and Pharma

    Sandoz, which made a significant investment in bio-similars as a way to differentiate itself from its generic drug industry peers, has to negotiate with its parent company and the innovative pharma division on how best to commercialize its bio-similar portfolio. What is the best way to balance the parenting advantage of Novartis with the unique demands of the generic drug industry?

    Keywords: Global Strategy and Leadership; Managing Within a Multi-Business Organization; Generic Pharmaceuticals; Global Strategy;

    Citation:

    Palepu, Krishna, and Carin-Isabel Knoop. "Novartis' Sandoz: Between Generics and Pharma." Harvard Business School Case 114-033, March 2014. View Details
  5. Komatsu in China

    Komatsu built a very successful business in China over the last two decades. But it is now facing rising competition from lower cost domestic Chinese companies which are themselves trying to become global players. Facing the same situation, Caterpillar is implementing a two-brand strategy. What should Komatsu do to retain its leadership position in China?

    Keywords: Leading a global business; building a business in emerging markets; Emerging Markets; Construction Industry; China; Japan;

    Citation:

    Palepu, Krishna, Akiko Kanno, and Nobuo Sato. "Komatsu in China." Harvard Business School Case 114-004, February 2014. (Revised April 2014.) View Details
  6. Red Star Furniture Group Co. Ltd.

    Founded in 1986, Red Star had become the leading department store in China for furniture and home equipment products (bathroom, lamps, textiles complements, etc.). The business model of Red Star was to provide adequate space for vendors (that rented the space) in good shopping mall facilities, well designed and equipped (parking, transportation, services) located in key developing zones of Chinese growing cities. In the first 27 years, Red Star had opened 115 shopping malls in 85 different cities. With capacity to launch up to 10 new malls per year, Red Star expected to reach 200 malls by 2020. By 2012, the company employed over 15,000 people. With increased competition, and the growing complexity of its operations, how should the company manage its ambitious growth strategy?

    Keywords: Entrepreneurship in emerging markets; growth strategy and execution; Growth and Development Strategy; Retail Industry; China;

    Citation:

    Palepu, Krishna G., and Pedro Nueno. "Red Star Furniture Group Co. Ltd." Harvard Business School Case 114-053, February 2014. (Revised March 2014.) View Details
  7. Arcos Dorados: How to Lead and From Where

    Acros Dorados, an Argentina-based multinational, is facing new organizational challenges as it seeks to build on its recent turnaround, and grow in Brazil and Mexico. Woods Staton and his management team have to make some hard decisions on how to structure and lead the company going forward.

    Keywords: Execution; restaurant; consumer; Emerging Markets; Strategy; Latin America;

    Citation:

    Palepu, Krishna, and Gustavo Herrero. "Arcos Dorados: How to Lead and From Where." Harvard Business School Case 114-059, February 2014. View Details
  8. Puig: The Second Century

    Citation:

    Palepu, Krishna, and Pedro Nueno. "Puig: The Second Century." Harvard Business School Case 114-022, August 2013. (Revised January 2014.) View Details
  9. Novozymes/Henrik Meyer, V.P. of Marketing and Business Development, Novozymes

    Video Supplement to the case, "Novozymes: Cracking the Emerging Markets Code."

    Keywords: emerging markets; strategy; business to business marketing; Emerging Markets; Strategy; Chemical Industry; Industrial Products Industry; China; Denmark;

    Citation:

    Palepu, Krishna G. "Novozymes/Henrik Meyer, V.P. of Marketing and Business Development, Novozymes." Harvard Business School Video Supplement 113-703, June 2013. View Details
  10. Bharti Airtel in Africa/Sunil Mittal, Chairman, Bharti Airtel

    Remarks by the Chairman of Bharti Airtel about the company's expansion into Africa.

    Keywords: emerging markets; Mergers &Acquisitions; strategy; innovation; Strategy; Mergers and Acquisitions; Emerging Markets; Innovation and Invention; Africa;

    Citation:

    Palepu, Krishna G. "Bharti Airtel in Africa/Sunil Mittal, Chairman, Bharti Airtel." Harvard Business School Video Supplement 113-702, November 2012. View Details
  11. Bharti Airtel in Africa

    Citation:

    Palepu, Krishna, and Tanya Bijlani. "Bharti Airtel in Africa." Harvard Business School Case 112-096, April 2012. View Details
  12. Novozymes: Cracking the Emerging Markets Code

    In 2011, the management of Novozymes, the industrial enzymes leader, reflected on the viability of their positioning in the fast growing, yet increasingly competitive Chinese market. Novozymes, a technological innovation pioneer, was prominent in China's premium enzyme markets, but felt pressure from local low-cost rivals in volume-driven, commoditized segments. How should Novozymes relate to local competitors? By competing on technological innovation only in high-margin verticals? Or through a separate subsidiary with a new low-cost business model for commoditized verticals?

    Citation:

    Palepu, Krishna G., and Karol Misztal. "Novozymes: Cracking the Emerging Markets Code." Harvard Business School Case 112-084, April 2012. View Details
  13. Strategy and Governance at Yahoo! Inc.

    Yahoo! faces a number of governance and strategic challenges in late 2011 as it tries to compete with rivals such as Google and find ways to monetize its shareholding and business links with Alibaba Group in China and Yahoo! Japan. The company is now valued at almost half the offer that Microsoft had made in its acquisition offer in 2008. The depth of the challenge is underscored by the frequent CEO changes the company has had, culminating in the recent firing of the latest CEO, Carol Bartz. The case examines the successes and failures at Yahoo! and the decisions now facing its board as it encounters investor pressure to improve performance.

    Keywords: Competitive Strategy; Corporate Governance; Web Services Industry;

    Citation:

    Palepu, Krishna G., Suraj Srinivasan, David Lane, and Ian McKown Cornell. "Strategy and Governance at Yahoo! Inc." Harvard Business School Case 112-040, October 2011. View Details
  14. Leasing Decision at Magnet Beauty Products, Inc.

    A fast-growing retailer is facing two different leasing options for its stores. In choosing between the two options, management is considering the potential impact of the two options on the company's financial statements, in light of the proposed new accounting standard for leases.

    Keywords: Financial Statements; Decision Choices and Conditions; Growth and Development Strategy; Standards; Leasing; Beauty and Cosmetics Industry; Retail Industry;

    Citation:

    Palepu, Krishna G., and George Serafeim. "Leasing Decision at Magnet Beauty Products, Inc." Harvard Business School Case 111-039, September 2010. (Revised September 2011.) View Details
  15. Subprime Crisis and Fair-Value Accounting (TN)

    Teaching Note for 109-031.

    Keywords: Fair Value Accounting; Mortgages; Standards; Financial Crisis;

    Citation:

    Healy, Paul, Krishna G. Palepu, and George Serafeim. "Subprime Crisis and Fair-Value Accounting (TN)." Harvard Business School Teaching Note 112-027, August 2011. View Details
  16. Haier: Taking a Chinese Company Global in 2011

    In 2011, Haier, China's leading appliance manufacturer, had over $20 billion in worldwide sales and had just been named the leading refrigerator manufacturer worldwide. Describes Haier's rise over three decades from a defunct refrigerator factory in China's Qingdao province to an international player with $5.5 billion in overseas sales. Haier had followed a nontraditional expansion strategy of entering the developed markets of Europe and the United States as a niche player before venturing into Middle Eastern and neighboring Asian markets. Looking ahead to the next decade, Haier CEO Zhang Ruimin saw opportunities for Haier to grow through product diversification and additional market penetration in both developed and emerging markets. He and his colleagues would depend on their experience of acquiring numerous companies, entering and retaining new markets, restructuring the organization, and managing hundreds of subsidiaries around the world. They would need to determine which of the lessons learned from Haier's international operations should be implemented in China and which skills learned at home could best be applied abroad.

    Keywords: Business Growth and Maturation; Global Strategy; Expansion; Diversification; Emerging Markets; Consumer Products Industry; Manufacturing Industry; China;

    Citation:

    Khanna, Tarun, Krishna G. Palepu, and Phillip Andrews. "Haier: Taking a Chinese Company Global in 2011." Harvard Business School Case 712-408, August 2011. (Revised May 2012.) View Details
  17. Kansas City Zephyrs Baseball Club, Inc. 2006

    This case centers around a dispute between the owners and the players regarding the profitability of professional baseball teams in connection with the negotiations for a new collective bargaining agreement. The case describes the financial statements of the baseball club Kansas City Zephyrs and discusses several items whose accounting treatment is under dispute between owners and players. Students are asked to resolve these disagreements and determine the team's "true" profitability. The discussion reveals the tensions in performance measurement and illustrates the fundamental issues in accrual accounting. The case is best used as an introductory case in a course on financial reporting or performance measurement.

    Keywords: Accrual Accounting; Financial Statements; Profit; Labor Unions; Measurement and Metrics; Agreements and Arrangements; Performance; Sports Industry; United States;

    Citation:

    Palepu, Krishna G. "Kansas City Zephyrs Baseball Club, Inc. 2006." Harvard Business School Case 110-022, August 2009. (Revised June 2011.) View Details
  18. VIZIO, Inc.

    William Wang, CEO of VIZIO, Inc., was proud of his company's success in providing affordable flat screen TVs. Since its founding in 2002, VIZIO had grown to over $2 billion in revenue and was one of the top three flat panel TV brands, along with Samsung and Sony. Faced with intensifying price pressure from the industry leaders and an unprecedented economic recession, Wang wondered how VIZIO could best sustain its growth and finance its business.

    Keywords: Financial Crisis; Financing and Loans; Price; Growth and Development Strategy; Competitive Strategy; Consumer Products Industry; Electronics Industry;

    Citation:

    Palepu, Krishna G., and Elizabeth A. Kind. "VIZIO, Inc." Harvard Business School Case 110-024, September 2009. (Revised June 2011.) View Details
  19. Winning in Emerging Markets (FSS)

    Keywords: Emerging Markets; Competitive Strategy;

    Citation:

    Palepu, Krishna G., and Tarun Khanna. "Winning in Emerging Markets (FSS)." Harvard Business School Class Lecture 111-713, April 2011. (Revised May 2011.) View Details
  20. Accounting for the iPhone at Apple, Inc. (TN)

    Teaching Note for 111003.

    Keywords: Accounting; Revenue; Corporate Disclosure; Telecommunications Industry;

    Citation:

    Brochet, Francois, and Krishna G. Palepu. "Accounting for the iPhone at Apple, Inc. (TN)." Harvard Business School Teaching Note 111-094, April 2011. View Details
  21. Leasing Decision at Magnet Beauty Products, Inc. (TN)

    Teaching Note for 111039.

    Keywords: Leasing; Financial Statements; Accounting; Standards; Beauty and Cosmetics Industry;

    Citation:

    Palepu, Krishna G., and George Serafeim. "Leasing Decision at Magnet Beauty Products, Inc. (TN)." Harvard Business School Teaching Note 111-089, April 2011. View Details
  22. Tata Nano – The People's Car

    The case explores how Tata Motors, India's largest automobile company, developed the Nano, the world's cheapest car. The case focuses on the translation of Ratan Tata's (chairman of Tata Motors) vision of a safe affordable car for the masses by Ravi Kant, managing director of Tata Motors into the Nano Project. The case raises questions around breaking the price-quality barrier and changing existing internal processes to accommodate revolutionary new ideas. The dilemma of success—Tata Nano was a runaway bestseller—left Tata Motors debating how large a bet they should make on the Nano and what kind of capacity commitment this requires.

    Keywords: Price; Globalized Firms and Management; Disruptive Innovation; Emerging Markets; Business Processes; Quality; Competition; Auto Industry; Manufacturing Industry; India;

    Citation:

    Palepu, Krishna G., Bharat N. Anand, and Rachna Tahilyani. "Tata Nano – The People's Car." Harvard Business School Case 710-420, April 2010. (Revised March 2011.) View Details
  23. Accounting for the iPhone at Apple Inc.

    Apple initially recognized revenue associated with its iPhone product using subscription accounting. However, in 2008, the company started providing non-GAAP supplemental numbers where substantially all of the revenue was recognized upfront. Market participants' reactions to the disclosure were mixed. Was Apple "right" in arguing that subscription accounting was inadequate for the iPhone?

    Keywords: Corporate Disclosure; Revenue Recognition; Standards; Technology Industry; United States;

    Citation:

    Brochet, Francois, Krishna G. Palepu, and Lauren Barley. "Accounting for the iPhone at Apple Inc." Harvard Business School Case 111-003, September 2010. (Revised September 2013.) View Details
  24. Hewlett-Packard Company: CEO Succession in 2010

    Mark Hurd resigned as the CEO of Hewlett Packard in 2010 after the board discovered that he had misfiled expense reports and paid an H.P. contractor for unsubstantiated work. After Hurd left H.P., he joined Oracle, an H.P. competitor. Soon thereafter, the H.P. board appointed a new CEO following an eight-week search.

    Keywords: Ethics; Governing and Advisory Boards; Leadership Development; Management Succession; Competitive Strategy; Technology Industry;

    Citation:

    Lorsch, Jay W., Krishna G. Palepu, and Melissa Barton. "Hewlett-Packard Company: CEO Succession in 2010." Harvard Business School Case 411-056, October 2010. (Revised July 2012.) View Details
  25. Business Analysis and Valuation Model (Version 5)

    Once you enter company financial statements, this software enables you to standardize them to a common format, make any needed adjustments to the company's accounting, and make assumptions about the company's future performance. The model then provides financial ratios for the company, with benchmarks for the U.S. economy, company pro forma financial statements, and a company valuation using several standard valuation techniques. Available only in a CD-ROM, Windows-only format.

    Keywords: Financial Statements; Standards; Mathematical Methods; Valuation;

    Citation:

    Healy, Paul M., Krishna G. Palepu, and Jonathan Barnett. Business Analysis and Valuation Model (Version 5). Harvard Business School Tool 103-701, January 2003. (Revised February 2011.) View Details
  26. Target Corporation: Ackman versus the Board

    After 15 years of great performance, Target's faltering performance during an economic downturn led an activist shareholder to initiate a proxy fight. Target Corporation, the second largest discount store retailer in the U.S., had competed successfully against industry leader Wal-Mart for years by promoting an upscale discount shopping experience in comparison to Wal-Mart's focus on low prices. This strategy worked well for Target in good economic times. The economic crisis of 2008–2009, however, caused shoppers to abandon Target in favor of Wal-Mart. In the spring of 2009, one of Target's largest shareholders initiated a proxy fight to place his five director nominees on the board. Target won the proxy fight, but still faced questions about whether it had a strategy that could work in both good times and bad.

    Keywords: Financial Crisis; Investment Activism; Governing and Advisory Boards; Business and Shareholder Relations; Business Strategy; Value; Retail Industry;

    Citation:

    Palepu, Krishna G., Suraj Srinivasan, and James Weber. "Target Corporation: Ackman versus the Board." Harvard Business School Case 109-010, June 2009. (Revised January 2011.) View Details
  27. Target Corporation: Ackman versus the Board (TN)

    Teaching Note for 109010.

    Keywords: Business Strategy; Problems and Challenges; Governing and Advisory Boards; Conflict and Resolution; Voting; Investment Activism;

    Citation:

    Palepu, Krishna G., and Suraj Srinivasan. "Target Corporation: Ackman versus the Board (TN)." Harvard Business School Teaching Note 111-053, October 2010. View Details
  28. Dogus Group: Weighing Partners for Garanti Bank

    In August 2005, the leadership of Turkey's Dogus Group considered opportunities for its flagship enterprise, Garanti Bank, to partner with a foreign financial institution. The case describes the Turkish banking industry and Garanti Bank's position within it, and asks students to consider whether partnership makes sense for Garanti and, if so, which bidder it should select.

    Keywords: International Finance; Emerging Markets; Partners and Partnerships; Value; Banking Industry; Turkey;

    Citation:

    Khanna, Tarun, Krishna G. Palepu, and Richard Bullock. "Dogus Group: Weighing Partners for Garanti Bank." Harvard Business School Case 709-401, September 2008. (Revised May 2010.) View Details
  29. Teva Pharmaceutical Industries, Ltd

    How do companies develop a strategy that is both low-cost and differentiated without becoming squeezed in the middle? Describes how Teva, Israel's first and largest multinational, achieved its globally dominant position in generic pharmaceuticals, an industry that has undergone significant change over the last 20 years. Examines its strategies to defend itself against both low-cost competitors from India and other emerging markets as well as Big Pharma companies, which are adopting increasingly aggressive tactics in genetics.

    Keywords: Multinational Firms and Management; Emerging Markets; Rank and Position; Competitive Strategy; Pharmaceutical Industry; India; Israel;

    Citation:

    Khanna, Tarun, Krishna G. Palepu, and Claudine Deborah Madras. "Teva Pharmaceutical Industries, Ltd." Harvard Business School Case 707-441, September 2006. (Revised March 2010.) View Details
  30. Gabriel Rozman, Tata Consultancy Services Iberoamerica

    Keywords: Consulting Industry; Africa;

    Citation:

    Palepu, Krishna G., and Tarun Khanna. "Gabriel Rozman, Tata Consultancy Services Iberoamerica." Harvard Business School Video Supplement 110-705, November 2009. View Details
  31. New Century Financial Corporation

    After years of rapid growth and stock price appreciation, New Century Financial Corporation, one of the largest subprime loan originators in the U.S., reported accounting problems in early 2007. The resulting liquidity crisis forced the company to file for Chapter 11 bankruptcy protection. According to the Bankruptcy Examiner assigned to investigate New Century, the company's troubles "were an early contributor to the subprime meltdown" which fueled a financial crisis in the U.S. and beyond. The case study examines New Century's business model and accounting practices and focuses on the role of management, audit committee, and external auditors in the problems at New Century based on the findings of the Bankruptcy Examiner.

    Keywords: Accounting Audits; Financial Reporting; Business Model; Financial Crisis; Insolvency and Bankruptcy; Mortgages; Financial Services Industry; United States;

    Citation:

    Palepu, Krishna G., Suraj Srinivasan, and Aldo Sesia. "New Century Financial Corporation." Harvard Business School Case 109-034, October 2008. (Revised October 2009.) View Details
  32. New Century Financial Corporation

    Teaching Note for [109034] and [113-002].

    Keywords: Management Practices and Processes; Business Model; Financial Liquidity; Insolvency and Bankruptcy; Managerial Roles; Accounting Audits; Financial Crisis; Financial Services Industry; United States;

    Citation:

    Srinivasan, Suraj, and Krishna G. Palepu. "New Century Financial Corporation." Harvard Business School Teaching Note 110-032, October 2009. (Revised July 2014.) View Details
  33. Subprime Crisis and Fair-Value Accounting

    This case examines the challenges in implementing fair value accounting for mortgage instruments, the role of accounting in the sub-prime crisis, and proposals for revising accounting standards given the crisis.

    Keywords: Fair Value Accounting; Financial Crisis; Debt Securities; Mortgages; Standards;

    Citation:

    Healy, Paul M., Krishna G. Palepu, and George Serafeim. "Subprime Crisis and Fair-Value Accounting." Harvard Business School Case 109-031, October 2008. (Revised August 2009.) View Details
  34. House of Tata: Acquiring a Global Footprint

    Chronicles the globalization of the Tata Group, one of India's largest business groups. Since 2000, many Tata Group operating companies have aggressively built international businesses, particularly through overseas acquisitions. After describing the globalization rationales and approaches of the major Tata Group companies, the case asks students to consider whether Tata Motors should pursue the acquisition of the Jaguar and Land Rover brands owned by US-based Ford Motor company.

    Keywords: Mergers and Acquisitions; Developing Countries and Economies; Globalized Firms and Management; Growth and Development Strategy; India; United States;

    Citation:

    Khanna, Tarun, Krishna G. Palepu, and Richard Bullock. "House of Tata: Acquiring a Global Footprint." Harvard Business School Case 708-446, May 2008. (Revised June 2009.) View Details
  35. Dogus Group: Weighing Partners for Garanti Bank (TN)

    Teaching Note for [709401].

    Keywords: Opportunities; Partners and Partnerships; Bids and Bidding; Financial Institutions; Financial Services Industry; Construction Industry;

    Citation:

    Khanna, Tarun, and Krishna G. Palepu. "Dogus Group: Weighing Partners for Garanti Bank (TN)." Harvard Business School Teaching Note 709-490, March 2009. View Details
  36. Transparent Value LLC

    Leading index company Dow Jones recently signed a license and joint marketing agreement with Transparent Value LLC, the creator of a new fundamentals-based valuation methodology. The agreement allowed Dow Jones to offer a family of indexes based on the Transparent Value methodology. The methodology viewed stock prices as the clearest and most reliable signals of the market's expectations about a company's future performance and employed a Reverse Discounted Cash Flow (RDCF) valuation model to calculate the revenue required to support a given stock price for a given company. Then, the methodology applied a probability that the company would achieve the needed revenues in the next 12 months, based on its recent track record. Moreover, the methodology endeavored for specificity. For example, when possible, Transparent Value strove to determine what the company needed to do in its business activities to achieve the required revenues. Called "business performance requirements," these could include the number of new store openings, or the number of product unit sales needed, as two examples. The fictitious case protagonist, a business development manager at a leading money management firm, is looking to launch an exchange-traded fund (ETF) using a fundamentals-based index as the underlying index. She needs to decide whether to base her ETF products on the Dow Jones Transparent Value indexes. The case study provides an overview of equity indexes and ETFs and a step-by-step description of Transparent Value's methodology.

    Keywords: Asset Management; Stocks; Price; Performance Expectations; Mathematical Methods; Valuation;

    Citation:

    Katz, Sharon P., Krishna G. Palepu, and Aldo Sesia, Jr. "Transparent Value LLC." Harvard Business School Case 108-069, March 2008. (Revised February 2009.) View Details
  37. House of Tata: Acquiring a Global Footprint (TN)

    Teaching Note for case #708-446

    Citation:

    Khanna, Tarun, and Krishna G. Palepu. "House of Tata: Acquiring a Global Footprint (TN)." Harvard Business School Teaching Note 709-455, February 2009. View Details
  38. METRO Cash & Carry

    Analyzes the globalization of Metro Case & Carry, a German wholesaler, which has flourished in many foreign markets but struggled to gain traction in India. Considers Metro's experience in Russia and China to put the company's challenges in India in comparative perspective. Pays particular attention to the institutional obstacles for a multinational to tap into the opportunities offered by emerging markets.

    Keywords: Cross-Cultural and Cross-Border Issues; Global Strategy; Multinational Firms and Management; Emerging Markets; Market Entry and Exit; China; India; Russia; Germany;

    Citation:

    Khanna, Tarun, Krishna G. Palepu, Carin-Isabel Knoop, and David Lane. "METRO Cash & Carry." Harvard Business School Case 707-505, December 2006. (Revised January 2009.) View Details
  39. Dogus Group: Weighing Partners for Garanti Bank (Video)

    Keywords: Partners and Partnerships; Banks and Banking; Banking Industry;

    Citation:

    Khanna, Tarun, and Krishna G. Palepu. "Dogus Group: Weighing Partners for Garanti Bank (Video)." Harvard Business School Video Supplement 709-807, November 2008. View Details
  40. Biocon Limited

    Biocon Limited was facing significant pricing pressure in their cash cow business, that primarily consisted of manufacturing Active Pharmaceutical Ingredients (APIs). To combat this commoditization, Biocon's leadership had chosen an innovation-led strategy. This new strategy consisted of licensing and developing proven molecules from strategic partners to leapfrog competition and create large molecule biologics in India. The company understood that its transition from an API to an innovation-led company focused on new biologics would require patience and a risk-taking mindset. Although there was some commonality in the bioprocessing aspects of both approaches, the regulatory approvals, product development paths, and market-access timelines were dramatically different--almost diametrically opposed. Analyzes Biocon's strategic decisions, as well as the risks and challenges associated with migrating from a manufacturing to an innovation-led enterprise. How would they balance short-term pragmatism versus long-term vision? Do they have the appropriate human resources to scale and innovate? Is their India-centric strategy appropriate, since 86% of their end-market demand is in the U.S., Europe, and Japan? Fortunately, early indications with their innovation-led strategy were showing positive signs and demonstrable results--such as their biogenetic insulin and monoclonal antibody launch in India. Their lead oral insulin project, with a planned $100 million budget, was meeting its milestones and deliverables. Many critical business challenges are detailed in this case. Nevertheless, given their fully integrated business model and significant manufacturing base, the odds are in Biocon's favor to overcome these challenges and lead India's biotechnology revolution.

    Keywords: Globalized Firms and Management; Innovation and Management; Leading Change; Growth and Development Strategy; Risk Management; Organizational Change and Adaptation; Biotechnology Industry; India;

    Citation:

    Palepu, Krishna G., and Ananth Chepuri. "Biocon Limited." Harvard Business School Case 107-083, May 2007. (Revised September 2008.) View Details
  41. Transparent Value LLC (TN)

    Teaching Note for [108098].

    Keywords: Agreements and Arrangements; Valuation; Stocks; Price; Performance Expectations; Cash Flow; Revenue; Business Startups; Investment Funds; Product Launch; Financial Services Industry;

    Citation:

    Katz, Sharon P., and Krishna G. Palepu. "Transparent Value LLC (TN)." Harvard Business School Teaching Note 108-098, June 2008. View Details
  42. Hewlett-Packard-Compaq: The Merger Decision (TN)

    Teaching Note for [104048].

    Keywords: Computer Industry;

    Citation:

    Palepu, Krishna G. "Hewlett-Packard-Compaq: The Merger Decision (TN)." Harvard Business School Teaching Note 108-065, January 2008. View Details
  43. Tata Motors: The Tata Ace

    Considers the strategy and experience of Tata Motors, India's leading commercial truck maker, as it developed a new small commercial vehicle, the Tata Ace. Positioned as a replacement for the three-wheelers that predominated as small commercial vehicles in India, the Ace create a new product category and enabled Tata Motors to access a new market segment. The company adopted tailored approaches to product design, distribution, marketing, service, and sourcing for the vehicle. After successfully targeting the niche, considers how Tata Motors might grow its presence in the segment with new models, enter new regional markets, export to developing or developed countries, and face new competition.

    Keywords: Emerging Markets; Product Development; Product; Innovation Strategy; Business Strategy; Marketing Strategy; Auto Industry; India;

    Citation:

    Palepu, Krishna G., and Vishnu Srinivasan. "Tata Motors: The Tata Ace." Harvard Business School Case 108-011, September 2007. (Revised January 2008.) View Details
  44. Teva Pharmaceutical Industries, Ltd.

    How do companies develop a strategy that is both low-cost and differentiated without becoming squeezed in the middle? Describes how Teva, Israel's largest and first multinational, achieved its globally dominant position in generic pharmaceuticals, an industry that has undergone significant change over the last 20 years. Examines Teva's strategies to defend itself against both low-cost competitors from India and other emerging markets as well as Big Pharma companies, which are adopting increasingly aggressive tactics in generics.

    Keywords: Multinational Firms and Management; Emerging Markets; Rank and Position; Competitive Strategy; Pharmaceutical Industry; Israel; India;

    Citation:

    Khanna, Tarun, and Krishna G. Palepu. "Teva Pharmaceutical Industries, Ltd." Harvard Business School Video Supplement 708-806, November 2007. View Details
  45. Blue River Capital

    Examines the strategy and experience of Indian private equity firm Blue River Capital. Blue River was established in 2005 to invest primarily in middle market, particularly family-run, businesses in India. Blue River caters to this niche as an active investor, providing capital and working with portfolio companies to improve their corporate governance. Describes the challenges faced by Blue River in identifying investments, performing due diligence, and working with portfolio companies and asks how Blue River should build itself into a top-tier private equity fund, particularly as more and more foreign firms target the growing Indian market.

    Keywords: Private Equity; Investment Portfolio; Corporate Governance; Emerging Markets; Family Ownership; Competitive Strategy; Financial Services Industry; India;

    Citation:

    Palepu, Krishna G., Tarun Khanna, and Richard Bullock. "Blue River Capital." Harvard Business School Case 708-448, October 2007. View Details
  46. Tetra Pak Argentina

    Deals with the hands-on management of a difficult situation facing the subsidiary of a multinational corporation (Tetra Pak) in a developing country (Argentina). The situation arises from a major economic, social, and institutional breakdown that jeopardizes the subsidiary's existence. Argentina defaulted on it sovereign debt and devalued the peso by over 200%, but it differentiated the treatment of the FX rate to be applied to various transactions, depending on the jurisdiction of creditors and debtors. Local dollar-denominated credits and liabilities were converted on a 1:1.40 ratio, while obligations held with foreign entities continued to be enforceable at the new rate of 1:3. The crisis led to the impoverishment of a large portion of the Argentine population, and to an institutional breakdown where the rule of law was shattered in the country, thus posing challenges not just related to the current situation, but also to the future of the operation. The crisis bore consequences for Tetra Pak Argentina on both ends of its value chain, involving suppliers and customers. Tetra Pak focuses its growth on developing nations where it feels there is room for a valuable business, and it attains leading market positions. Shows how the foreign firm must cope with difficult domestic situations where the levers of control are beyond its reach. The existence of value after the crisis turns out to be a relevant consideration.

    Keywords: Developing Countries and Economies; Financial Crisis; Currency Exchange Rate; Sovereign Finance; Multinational Firms and Management; Crisis Management; Business and Government Relations; Argentina;

    Citation:

    Khanna, Tarun, Krishna G. Palepu, and Gustavo A. Herrero. "Tetra Pak Argentina." Harvard Business School Case 708-402, September 2007. View Details
  47. Ravi Venkatesan, Chairman, Microsoft India

    Ravi Venkatesan, chairman of Microsoft India, discusses market entry, localization, and intellectual property rights in emerging markets.

    Keywords: Multinational Firms and Management; Intellectual Property; Emerging Markets; Market Entry and Exit; Information Technology Industry; India;

    Citation:

    Khanna, Tarun, and Krishna G. Palepu. "Ravi Venkatesan, Chairman, Microsoft India." Harvard Business School Video Supplement 708-804, September 2007. View Details
  48. Why Study Emerging Markets

    Emerging markets have attracted considerable attention and are likely to become an increasingly important political and economic force. They represent an enormous opportunity for entrepreneurs, multinationals, and investors but also pose a threat for products, jobs, and resources. They have the potential to redefine the way business is done in many industries but remain shrouded by myths. Provides an overview of the importance of emerging markets. Discusses the opportunities in and threats posed by emerging markets. Shows how studying emerging markets can provide new insights into business conglomerates, industry profitability, and corporate governance and discusses common perceptions and misconceptions of emerging markets.

    Keywords: Profit; Multinational Firms and Management; Corporate Governance; Emerging Markets; Problems and Challenges; Opportunities;

    Citation:

    Khanna, Tarun, Krishna G. Palepu, and Kjell Ke-Li Carlsson. "Why Study Emerging Markets." Harvard Business School Background Note 706-422, August 2005. (Revised August 2007.) View Details
  49. Teva Pharmaceutical Industries, Ltd (TN)

    Teaching note to 707441.

    Keywords: Growth and Development Strategy; Cost; Competitive Strategy; Adoption; Emerging Markets; Change; Multinational Firms and Management; Genetics; Pharmaceutical Industry; India;

    Citation:

    Khanna, Tarun, and Krishna G. Palepu. "Teva Pharmaceutical Industries, Ltd (TN)." Harvard Business School Teaching Note 708-419, August 2007. View Details
  50. Lightspeed Venture Partners -- International Expansion

    Looks at various international expansion models for a venture capital firm based in Silicon Valley. Lightspeed Venture Partners believed that India had tremendous potential for venture capital returns--the question was how best to tap into that potential while also growing the firm's presence in the U.S., Israel, and China. The venture firm had recently hired partners in Israel and China, and subsequently opened offices in both countries. The firm was contemplating hiring a third international partner in India and potentially opening a third foreign office. This model seemed to be working in the other two countries, but other U.S. venture firms were entering India in a more aggressive manner. Some venture firms were purchasing local firms and raising money for dedicated India funds. Others were hiring a team of two or three local investors at one time. Lightspeed partners wondered which was the best long-term solution for their firm.

    Keywords: Venture Capital; Expansion; Investment Return; Global Strategy; Emerging Markets; Investment; International Finance; Organizational Structure; India; Israel;

    Citation:

    Palepu, Krishna G., and Alison Berkley Wagonfeld. "Lightspeed Venture Partners -- International Expansion." Harvard Business School Case 108-010, August 2007. View Details
  51. Hewlett-Packard Company: The War Within

    In September 2006 it was revealed that the Hewlett-Packard Company (HP) had been carrying out an extended investigation of its own employees, board members, and journalists outside the company. The investigation was launched in response to a series of leaks to the press that could only have come from highly placed members of the company. Fully understanding the context of the events of September, however, requires knowledge of board personalities and events that began under former CEO Carly Fiorina and continued thought the successful turnaround under her successor, Mark Hurd. As such, special focus is given to the individual board personalities and their conflicts over this time in order to fully explore the environment in which the investigation would later take place.

    Keywords: Problems and Challenges; Employee Relationship Management; Corporate Accountability; Corporate Governance; Governing and Advisory Boards; Management Analysis, Tools, and Techniques; Corporate Social Responsibility and Impact; Communication Technology; Conflict and Resolution; Newspapers; Computer Industry; Information Technology Industry;

    Citation:

    Palepu, Krishna G., Jay W. Lorsch, Carin-Isabel Knoop, and Eliot Sherman. "Hewlett-Packard Company: The War Within." Harvard Business School Case 107-030, November 2006. (Revised May 2007.) View Details
  52. Instructor's Guide to Globalization of Emerging Markets (GEM)

    Outlines the conceptual approach, thematic focus, and course materials of Globalization of Emerging Markets, a second-year elective MBA course at Harvard Business School.

    Keywords: Globalization; Emerging Markets; Curriculum and Courses;

    Citation:

    Khanna, Tarun, and Krishna G. Palepu. "Instructor's Guide to Globalization of Emerging Markets (GEM)." Harvard Business School Course Overview Note 707-532, February 2007. View Details
  53. METRO Cash & Carry (TN)

    Teaching note to 707505.

    Citation:

    Khanna, Tarun, and Krishna G. Palepu. "METRO Cash & Carry (TN)." Harvard Business School Teaching Note 707-464, January 2007. (Revised January 2007.) View Details
  54. Inventec Corporation (TN)

    Teaching note to 106016.

    Keywords: Electronics Industry; Manufacturing Industry; China; India;

    Citation:

    Palepu, Krishna G. "Inventec Corporation (TN)." Harvard Business School Teaching Note 707-484, January 2007. View Details
  55. Bharti Tele-Ventures (TN)

    Teaching note to 704426.

    Keywords: Telecommunications Industry; India;

    Citation:

    Khanna, Tarun, and Krishna G. Palepu. "Bharti Tele-Ventures (TN)." Harvard Business School Teaching Note 707-467, January 2007. View Details
  56. Role of Capital Market Intermediaries in the Dot-Com Crash of 2000, The

    Set in the context of the rise and fall of the Internet stocks in the United States.

    Keywords: Stocks; Price Bubble; Capital Markets; Investment Banking; Information Technology Industry; Financial Services Industry; United States;

    Citation:

    Palepu, Krishna G., and Gillian D Elcock. "Role of Capital Market Intermediaries in the Dot-Com Crash of 2000, The." Harvard Business School Case 101-110, June 2001. (Revised December 2006.) View Details
  57. Michael Jemal, CEO, Haier America--video

    Keywords: Management; Media; Retail Industry;

    Citation:

    Khanna, Tarun, and Krishna G. Palepu. "Michael Jemal, CEO, Haier America--video." Harvard Business School Video Supplement 707-801, December 2006. View Details
  58. Haier: Taking a Chinese Company Global (TN)

    Teaching Note to 706401.

    Keywords: Electronics Industry; Europe; United States; China;

    Citation:

    Khanna, Tarun, and Krishna G. Palepu. "Haier: Taking a Chinese Company Global (TN)." Harvard Business School Teaching Note 707-459, November 2006. View Details
  59. House of Tata, 1995: The Next Generation (A)

    The Tata Group began the 1990s as a confederation of loosely coupled firms. This case considers the rise to prominence of the new CEO of Tata Group, Ratan Tata, and his attempts to strengthen the inter-relationships among the group companies at a time when critics claim he should be dismantling the alliance completely. Provides an opportunity to address the benefits and costs of conglomerates in emerging markets. In particular, it demonstrates the ways in which well-run conglomerates might ameliorate the costs that poorly functioning institutions impose through their effects on market efficiency.

    Keywords: Business or Company Management; Business Conglomerates; Organizations; Corporate Strategy; Consolidation; Business Strategy; Alignment; Consumer Products Industry; Service Industry;

    Citation:

    Khanna, Tarun, Krishna G. Palepu, and Danielle Melito Wu. "House of Tata, 1995: The Next Generation (A)." Harvard Business School Case 798-037, February 1998. (Revised August 2006.) View Details
  60. House of Tata-2000: The Next Generation (B)

    Supplements the (A) case.

    Keywords: Alliances; Business Conglomerates; Emerging Markets; Cost; Management Teams; India;

    Citation:

    Khanna, Tarun, Krishna G. Palepu, Catherine M. Conneely, and Kirsten O'Neil Massaro. "House of Tata-2000: The Next Generation (B)." Harvard Business School Case 704-408, July 2003. (Revised August 2006.) View Details
  61. Haier: Taking a Chinese Company Global

    In 2005, Haier, China's leading appliance manufacturer, had over $12 billion in worldwide sales and was the third-ranked global appliance brand behind Whirlpool and GE. Describes Haier's rise from a defunct refrigerator factory in China's Qingdao province to an international player with nearly $4 billion in overseas sales. Haier had followed a nontraditional expansion strategy of entering the developed markets of Europe and the United States as a niche player before venturing into neighboring Asian markets. Facing intense competition and price wars in the domestic market, in 2005 Haier was redoubling its efforts to build a globally recognized brand. Could Haier complete with the likes of Whirlpool and GE in their home market? Could Haier successfully defend against Chinese and multinational challengers in China while building a brand overseas?

    Keywords: Global Strategy; Brands and Branding; Manufacturing Industry; Consumer Products Industry; China;

    Citation:

    Palepu, Krishna G., Tarun Khanna, and Ingrid Vargas. "Haier: Taking a Chinese Company Global." Harvard Business School Case 706-401, October 2005. (Revised August 2006.) View Details
  62. Executive Remuneration at Reckitt Benckiser plc

    Reckitt Benckiser plc has developed an executive compensation system. This case outlines the structure of the system, its emphasis on performance-based pay and a global outlook, and explains the role of the human resources department, the board of directors, and company shareholders in determining pay. It raises questions about how to balance incentive remuneration effectively in recruiting and retaining top managers, while addressing shareholder concerns about executive compensation.

    Keywords: Governing and Advisory Boards; Employee Relationship Management; System; Executive Compensation; Retention; Performance; Human Resources; Recruitment; Business and Shareholder Relations;

    Citation:

    Lorsch, Jay W., V.G. Narayanan, Krishna G. Palepu, Lisa Brem, and Ashley Robertson. "Executive Remuneration at Reckitt Benckiser plc." Harvard Business School Case 104-062, January 2004. (Revised July 2006.) View Details
  63. Inventec Corporation

    Inventec Corp., with $4.5 billion in annual revenues, was one of Taiwan's leading original design manufacturers (ODMs). Inventec designed and manufactured electronic products such as computers, servers, MP3 players, PDAs, and cellular telephones for client companies that marketed the products globally. Inventec moved production to mainland China to lower costs in this highly competitive, low-margin business. But with its competitors also setting up shop in China, Inventec had to find another way to remain profitable. Could Inventec break its dependence on powerful clients by branding and marketing its products in China and other Asian markets? Was there a way for Inventec to separate and market the software that it designed for use with its hardware products.

    Keywords: Multinational Firms and Management; Competitive Strategy; Emerging Markets; Manufacturing Industry; Electronics Industry; China; India;

    Citation:

    Palepu, Krishna G., and Ingrid Vargas. "Inventec Corporation." Harvard Business School Case 106-016, November 2005. View Details
  64. Agora SA

    Tells the story of Agora, the largest media company in Poland, describing its corporate strategy of diversification since its founding in 1989 by entrepreneurial journalists closely linked to the anti-communist movement Solidarity. Describes in detail Gazeta Wyborcza, the country's best-selling daily newspaper and Agora's main revenue contributor. In late 2003, Fakt, the new daily owned by a German publishing house, took the lead on the Polish newspaper market, harming Gazeta Wyborcza's sales and advertising revenues. Places students in the position of Wanda Rapaczynski, Agora's CEO, who, in mid-2005, explores ways to improve Agora's position in an increasingly competitive environment.

    Keywords: Diversification; Competition; Media; Corporate Strategy; Emerging Markets; Journalism and News Industry; Media and Broadcasting Industry; Germany; Poland;

    Citation:

    Khanna, Tarun, Krishna G. Palepu, Vincent Dessain, and Monika Stachowiak. "Agora SA." Harvard Business School Case 706-425, September 2005. (Revised October 2005.) View Details
  65. Portfolio Investment in Emerging Markets

    Provides distinctive data on investment flows into emerging markets.

    Keywords: Emerging Markets; Investment;

    Citation:

    Khanna, Tarun, Krishna G. Palepu, and Kjell Ke-Li Carlsson. "Portfolio Investment in Emerging Markets." Harvard Business School Background Note 706-438, October 2005. View Details
  66. Emerging Giants: Building World-Class Companies in Emerging Markets

    Presents a conceptual framework to examine successful companies in emerging markets and what enables them to avoid traditional emerging market obstacles. Examines those characteristics that allow these successful local companies to overcome market voids and become globally competitive.

    Keywords: Globalized Firms and Management; Emerging Markets; Success;

    Citation:

    Khanna, Tarun, and Krishna G. Palepu. "Emerging Giants: Building World-Class Companies in Emerging Markets." Harvard Business School Case 703-431, October 2002. (Revised September 2005.) View Details
  67. Spotting Institutional Voids in Emerging Markets

    With the demise of communism, many countries in the world are striving to build their economic activity around markets and to participate in free trade arrangements, such as the World Trade Organization (WTO), European Union (EU), and North American Free Trade Agreement (NAFTA). Addresses several issues critical to understanding the unique nature of emerging markets relative to their more mature counterparts. What is the fundamental challenge in building well-functioning markets? On which sets of institutions do advanced markets rely to resolve these challenges? What makes building these institutions complex? What happens when some of these institutions are either absent or underdeveloped in an economy? How does one spot these institutional voids?

    Keywords: Emerging Markets;

    Citation:

    Khanna, Tarun, and Krishna G. Palepu. "Spotting Institutional Voids in Emerging Markets." Harvard Business School Background Note 106-014, August 2005. (Revised August 2005.) View Details
  68. Leading Anadarko

    Describes the challenges facing Jim Hackett, the newly appointed CEO of Anadarko Petroleum, an independent oil and gas exploration company. In addition to strategic and organizational issues, Hackett must address concerns about proper disclosure of the company's oil and gas reserves.

    Keywords: Management Teams; Strategy; Organizations; Corporate Disclosure; Problems and Challenges; Mining Industry; Energy Industry;

    Citation:

    Nohria, Nitin, Krishna G. Palepu, and David Lane. "Leading Anadarko." Harvard Business School Case 406-014, July 2005. View Details
  69. Valuation Ratios in the Restaurant Industry

    Examines factors underlying differences in valuation multiples (price-earnings and price-to-book) across four firms in the restaurant industry.

    Keywords: Business Earnings; Valuation; Mathematical Methods; Food and Beverage Industry;

    Citation:

    Healy, Paul M., and Krishna G. Palepu. "Valuation Ratios in the Restaurant Industry." Harvard Business School Case 104-066, January 2004. (Revised March 2005.) View Details
  70. Globe Telecom

    The Ayala Group, one of the oldest and largest Filipino business groups, partnered with Singapore Telecommunications (SingTel) to launch a telecom venture following industry deregulation in the Philippines. The partners must decide whether to continue the venture in light of current poor performance but significant future potential. Addresses the complexity of newly deregulated industries, financing in emerging markets, and the role of business groups in economic development. A rewritten version of an earlier case.

    Keywords: Strategy; Development Economics; Partners and Partnerships; Emerging Markets; Business Startups; Telecommunications Industry; Singapore; Philippines;

    Citation:

    Khanna, Tarun, Krishna G. Palepu, and Ingrid Vargas. "Globe Telecom." Harvard Business School Case 704-505, May 2004. (Revised October 2004.) View Details
  71. Hewlett-Packard-Compaq: The Merger Decision

    Hewlett-Packard's proposed $24 billion acquisition of rival Compaq marked the largest merger in the history of the computer industry. The merger was Hewlett-Packard's response to sweeping changes impacting the technology industry. The severity of the stock market's reaction to the deal's announcement, coupled with a "slim but sufficient" 51.4% shareholder approval margin, left many wondering whether the deal was beneficial for shareholders.

    Keywords: Cost vs Benefits; Mergers and Acquisitions; Business and Shareholder Relations; Computer Industry; Technology Industry;

    Citation:

    Palepu, Krishna G., and Jonathan Barnett. "Hewlett-Packard-Compaq: The Merger Decision." Harvard Business School Case 104-048, April 2004. (Revised September 2004.) View Details
  72. Enron Development Corporation: The Dabhol Power Project in Maharashtra, India (C)

    Discusses the resolution of the canceled power project in Maharashtra. The contract between the American gas giant and Indian state government is renegotiated.

    Keywords: Negotiation Deal; Infrastructure; Outcome or Result; Performance Effectiveness; Energy Industry; United States;

    Citation:

    Palepu, Krishna G., V. Kasturi Rangan, and Sarayu Srinivasan. "Enron Development Corporation: The Dabhol Power Project in Maharashtra, India (C)." Harvard Business School Case 596-101, June 1996. (Revised July 2004.) View Details
  73. Bharti Tele-Ventures

    Following the liberalization of India's telecommunications service industry in the early 1990s, Bharti Tele-Ventures grew from a small entrepreneurial telephone equipment importer and manufacturer to become India's largest private-sector telecommunications service group in terms of numbers of customers. Attracting over $1.2 billion in foreign equity investments, more than any other Indian telecom firm, by 2001 Bharti had achieved the country's leading market position in mobile telecom service. By 2003, however, the nature of the game had changed. A spate of mergers and acquisitions had reduced the field to the most successful and best-financed contenders. At the same time, telecommunications regulatory changes let in new, lower priced competitors, significantly altering the rules of the game. Suddenly, in addition to government-owned BSNL and the stately Tata Group, India's oldest business house, Bharti was up against Reliance, the largest and most profitable of a new generation of business groups. Bharti's management and equity partners at Mittal and his partners at SingTel and Warburg Pincus had to determine what to do next.

    Keywords: Private Sector; Growth and Development; Customers; Foreign Direct Investment; Mergers and Acquisitions; Competition; Public Ownership; Profit; Partners and Partnerships; Rank and Position; Telecommunications Industry; India;

    Citation:

    Khanna, Tarun, Krishna G. Palepu, and Ingrid Vargas. "Bharti Tele-Ventures." Harvard Business School Case 704-426, September 2003. (Revised March 2004.) View Details
  74. Sensormatic Electronics Corporation-1995 (TN)

    Teaching Note to (9-197-041).

    Keywords: Retail Industry;

    Citation:

    Palepu, Krishna G. "Sensormatic Electronics Corporation-1995 (TN)." Harvard Business School Teaching Note 104-027, September 2003. View Details
  75. Arch Communications Group, Inc. (TN)

    Teaching Note for (5-197-047).

    Citation:

    Palepu, Krishna G. "Arch Communications Group, Inc. (TN)." Harvard Business School Teaching Note 104-035, September 2003. View Details
  76. Executive Compensation at Reckitt Benckiser plc

    Investors felt betrayed by the increasingly lucrative pay packages awarded to CEOs and other top executives at multinational companies. Yet, board members charged with adequately rewarding executives were forced to compete with rising packages of salaries and stock options. Bart Becht, CEO of Reckitt Benckiser, the Anglo-Dutch manufacturer of cleaning products, was the United Kingdom's highest paid CEO in 2003. With shareholder protests looming at its annual meeting, should the board reconsider Becht's pay package or ride out the storm? Examines the issues facing board compensation committees when trying to design remuneration packages that will keep CEOs performing and meet shareholder goals. Discusses the viability of stock options, proper balance between variable and nonvariable pay, setting effective performance targets, and how rising U.S. pay affects global companies.

    Keywords: Design; Stock Options; Investment Activism; Corporate Accountability; Compensation and Benefits; Employee Stock Ownership Plan; Management Teams; Business and Shareholder Relations; Consumer Products Industry; Netherlands; United States;

    Citation:

    Narayanan, V.G., Krishna G. Palepu, and Lisa Brem. "Executive Compensation at Reckitt Benckiser plc." Harvard Business School Case 104-006, September 2003. View Details
  77. Home Depot, Inc. in the New Millennium

    After nearly two decades of spectacular performance, Home Depot reported a disappointing performance in the year 2000. The company began expanding its business scope as a result of saturating its growth in the core business. This case explores whether the disappointing performance is just a temporary slip or if the company is reaching the limits of sustainability of its competitive advantage.

    Keywords: Growth Management; Expansion; Valuation; Performance; Business Strategy; Corporate Finance; Retail Industry;

    Citation:

    Palepu, Krishna G., and Jeremy Cott. "Home Depot, Inc. in the New Millennium." Harvard Business School Case 101-117, June 2001. (Revised August 2003.) View Details
  78. Amazon.com in the Year 2000 (TN)

    Citation:

    Palepu, Krishna G. "Amazon.com in the Year 2000 (TN)." Harvard Business School Teaching Note 104-003, July 2003. View Details
  79. Home Depot, Inc., in the New Millennium (TN)

    Teaching Note for (9-101-117).

    Keywords: Accommodations Industry;

    Citation:

    Palepu, Krishna G. "Home Depot, Inc., in the New Millennium (TN)." Harvard Business School Teaching Note 104-001, July 2003. View Details
  80. Multinationals as Global Intermediaries

    Presents a conceptual framework of the circumstances when multinationals attempt to create, or face difficulty creating, value in cross-border commerce. Particular attention is paid to the role of multinationals as intermediaries in international transactions where the existence of traditional market intermediaries is absent.

    Keywords: Framework; Cross-Cultural and Cross-Border Issues; Multinational Firms and Management; Marketing Channels; Market Transactions; Value Creation;

    Citation:

    Khanna, Tarun, and Krishna G. Palepu. "Multinationals as Global Intermediaries." Harvard Business School Background Note 703-428, September 2002. (Revised June 2003.) View Details
  81. Role of Capital Market Intermediaries in the Dot-Com Crash of 2000, The (TN)

    Teaching Note for (5-101-110).

    Citation:

    Palepu, Krishna G. "Role of Capital Market Intermediaries in the Dot-Com Crash of 2000, The (TN)." Harvard Business School Teaching Note 103-083, June 2003. View Details
  82. Valuation Ratios in the Airline Industry

    Four firms in the airline industry illustrate the underlying differences in valuation multiples (price-earnings and price-to-book).

    Keywords: Valuation; Activity Based Costing and Management; Accounting Audits; Air Transportation Industry;

    Citation:

    Healy, Paul M., Krishna G. Palepu, and Jonathan Barnett. "Valuation Ratios in the Airline Industry." Harvard Business School Case 103-002, April 2003. (Revised May 2003.) View Details
  83. Computer Associates International, Inc.: Governance and Investor Communication Challenge

    Sanjay Kumar, the CEO of Computer Associates, faces investor communication challenges following the company's implementation of a new business model and the accompanying change method used to recognize revenue. Despite management's confidence that the new business model is working effectively, the firm's stock price falls significantly and a major shareholder challenges management through a proxy contest.

    Keywords: Business Earnings; Earnings Management; Stock Shares; Problems and Challenges; Communication Strategy; Accrual Accounting; Business Model; Budgets and Budgeting; Corporate Governance; Revenue; Computer Industry; Information Technology Industry;

    Citation:

    Healy, Paul M., and Krishna G. Palepu. "Computer Associates International, Inc.: Governance and Investor Communication Challenge." Harvard Business School Case 103-007, July 2002. (Revised April 2003.) View Details
  84. Renewing Markets for Better Governance

    Keywords: Capital Markets; Corporate Governance; Governing Rules, Regulations, and Reforms;

    Citation:

    Palepu, Krishna G. "Renewing Markets for Better Governance." Boston: Harvard Business School Publishing Class Lecture, 2003. Electronic. (Faculty Lecture: HBSP Product Number 4465C.) View Details
  85. Financial Reporting Environment, The

    Provides a framework for understanding the role of financial reporting and various intermediaries as mechanisms for reducing both adverse selection and moral hazard problems in capital markets. Financial reports reduce adverse selection by providing basic information for investors and their agents before they make initial capital resource allocation decisions. Subsequently, after capital is allocated to particular business ventures, financial reports reduce moral hazard between managers and investors by supplying information used in contracting between investors and managers to reduce conflicts of interests. Various institutional mechanisms and information intermediaries monitor and limit the manipulation of reported information by managers and constrain managers' ability to act in their own self-interest, rather than investors' interests. They also improve information production, reduce incentive conflicts, and enable capital markets to function effectively and efficiently, channeling the economy's savings to the most productive opportunities.

    Keywords: Financial Reporting; Financial Statements; Capital Markets; Venture Capital; Corporate Disclosure; Conflict of Interests;

    Citation:

    Healy, Paul M., Amy P. Hutton, Robert S. Kaplan, and Krishna G. Palepu. "Financial Reporting Environment, The." Harvard Business School Background Note 102-029, September 2001. View Details
  86. Amazon.com in the Year 2000

    An analyst's critique of Amazon's prospectus from the perspective of its bond holders.

    Keywords: Bonds; Accounting Audits; Financial Reporting; Governing and Advisory Boards; Internet; Web Sites; Forecasting and Prediction; Retail Industry;

    Citation:

    Palepu, Krishna G., and Jeremy Cott. "Amazon.com in the Year 2000." Harvard Business School Case 101-045, June 2001. (Revised July 2001.) View Details
  87. Amazon.com in the Year 2001: The Question of Going Concern

    Supplements Amazon.com in the Year 2000.

    Keywords: Web Services Industry;

    Citation:

    Palepu, Krishna G., and Jeremy Cott. "Amazon.com in the Year 2001: The Question of Going Concern." Harvard Business School Case 101-112, June 2001. View Details
  88. House of Tata, 1995: The Next Generation (A) TN

    Teaching Note for (9-798-037).

    Keywords: Consumer Products Industry; Service Industry;

    Citation:

    Khanna, Tarun, Krishna G. Palepu, and Catherine M. Conneely. "House of Tata, 1995: The Next Generation (A) TN." Harvard Business School Teaching Note 701-039, September 2000. (Revised March 2001.) View Details
  89. Korea Stock Exchange, 1998

    Following a major financial crisis, the South Korean government attempted to revive the Korea Stock Exchange to spur equity investment in Korean companies. This case describes the reforms undertaken so far and the challenges that lay ahead.

    Keywords: Equity; Stocks; Restructuring; Emerging Markets; Corporate Governance; Business and Government Relations; Accounting Industry; Financial Services Industry; South Korea;

    Citation:

    Khanna, Tarun, Krishna G. Palepu, and James Chang. "Korea Stock Exchange, 1998." Harvard Business School Case 199-033, December 1998. (Revised March 2001.) View Details
  90. Korea Stock Exchange 1998 TN

    Teaching Note for (9-199-033).

    Keywords: Accounting Industry; Financial Services Industry; South Korea;

    Citation:

    Khanna, Tarun, and Krishna G. Palepu. "Korea Stock Exchange 1998 TN." Harvard Business School Teaching Note 101-002, September 2000. (Revised March 2001.) View Details
  91. Russell Reynolds Associates, 1999

    The president and CEO of Russell Reynolds examined the company's expansion strategy, especially in emerging markets. He evalulates how quickly the company should open new offices abroad and in which countries.

    Keywords: Global Strategy; Growth and Development Strategy; Emerging Markets; Expansion; Consulting Industry;

    Citation:

    Khanna, Tarun, Krishna G. Palepu, and Rakesh Khurana. "Russell Reynolds Associates, 1999." Harvard Business School Case 100-039, November 1999. (Revised March 2001.) View Details
  92. Old Mutual

    Designed to explore the demutualization and listing overseas of one of Africa's largest financial institutions, Old Mutual, and the effects that these actions have on South Africa's domestic capital markets. Explores the particular difficulties that arise as a result of having to educate the historically disenfranchised part of South Africa's population about the change in organizational structure (from a mutual organization to a publicly owned corporate entity), capital markets, and globalization. The emphasis is on understanding the interaction between institutional context and corporate strategy. Includes color exhibits.

    Keywords: Financial Institutions; Growth and Development Strategy; Organizational Structure; Global Strategy; Corporate Strategy; Capital Markets; Corporate Social Responsibility and Impact; Business Education; Financial Strategy; Business or Company Management; Financial Services Industry; Banking Industry; South Africa;

    Citation:

    Khanna, Tarun, Krishna G. Palepu, and Kirsty O'Neil-Massaro. "Old Mutual." Harvard Business School Case 701-026, September 2000. (Revised March 2001.) View Details
  93. Maxwell Shoe Company, Inc. TN

    Teaching Note for (9-100-038).

    Keywords: Apparel and Accessories Industry;

    Citation:

    Palepu, Krishna G. "Maxwell Shoe Company, Inc. TN." Harvard Business School Teaching Note 101-032, September 2000. View Details
  94. Upjohn Company, The: The Upjohn-Pharmacia Merger (TN)

    Teaching Note for (9-197-034).

    Keywords: Financial Services Industry;

    Citation:

    Palepu, Krishna G. "Upjohn Company, The: The Upjohn-Pharmacia Merger (TN)." Harvard Business School Teaching Note 101-031, September 2000. View Details
  95. Extraprise

    In the three years since it was founded, the Boston-based Internet strategy consulting firm, Extraprise, has changed its strategy three times. Jennifer Gabler, the CFO, considers what kinds of control systems she can put in place to ensure the company can continue to achieve operational excellence. With company growth and market changes happening so rapidly, how can the company ensure that it will always be able to turn on a dime? What kind of control would be most effective?

    Keywords: Information Management; Management Analysis, Tools, and Techniques; Mathematical Methods; Information Technology; Outcome or Result; Business Growth and Maturation; Growth and Development Strategy; Web Services Industry; Information Technology Industry; Boston;

    Citation:

    Datar, Srikant M., Krishna G. Palepu, and Sarah S. Khetani. "Extraprise." Harvard Business School Case 101-001, August 2000. (Revised September 2000.) View Details
  96. Morlan International, Inc.

    Keywords: Global Range;

    Citation:

    Palepu, Krishna G., and G. Peter Wilson. "Morlan International, Inc." Harvard Business School Case 192-075, December 1991. (Revised February 2000.) View Details
  97. Maxwell Shoe Company, Inc.

    This case examines analysts' claim that Maxwell's stock was undervalued.

    Keywords: Debt Securities; Stocks; Valuation; Apparel and Accessories Industry;

    Citation:

    Palepu, Krishna G. "Maxwell Shoe Company, Inc." Harvard Business School Case 100-038, September 1999. (Revised November 1999.) View Details
  98. America Online, Inc. TN

    Teaching Note for (9-196-130).

    Keywords: Web Services Industry; Information Technology Industry; North and Central America; United States;

    Citation:

    Palepu, Krishna G., and Amy P. Hutton. "America Online, Inc. TN." Harvard Business School Teaching Note 199-037, April 1999. View Details
  99. Enron Development Corporation: The Dabhol Power Project in Maharashtra, India (A)

    A large, lucrative power plant is negotiated for construction/operation by an American power company in India's evolving privatized power sector. The process of incorporating the project is captured in this case. The American company will own and operate the plant in India, which will sell power to India.

    Keywords: Change Management; Forecasting and Prediction; Private Sector; Cross-Cultural and Cross-Border Issues; Emerging Markets; Market Entry and Exit; Agreements and Arrangements; Private Ownership; Projects; Energy Industry; India; United States;

    Citation:

    Rangan, V. Kasturi, Krishna G. Palepu, Ahu Bhasin, Mihir A. Desai, and Sarayu Srinivasan. "Enron Development Corporation: The Dabhol Power Project in Maharashtra, India (A)." Harvard Business School Case 596-099, May 1996. (Revised July 1998.) View Details
  100. Enron Development Corporation: The Dabhol Power Project in Maharashtra, India (A,B,& C) TN

    Teaching Note for (9-596-099), (9-596-100), and (9-596-101).

    Keywords: Energy Industry; India;

    Citation:

    Rangan, V. Kasturi, and Krishna G. Palepu. "Enron Development Corporation: The Dabhol Power Project in Maharashtra, India (A,B,& C) TN." Harvard Business School Teaching Note 598-154, June 1998. (Revised July 1998.) View Details
  101. Incident at Waco Manufacturing, The TN

    Keywords: Problems and Challenges; Manufacturing Industry;

    Citation:

    Merchant, Kenneth A., and Krishna G. Palepu. "Incident at Waco Manufacturing, The TN." Harvard Business School Teaching Note 198-095, March 1998. View Details
  102. Del Norte Paper Co. (A) TN

    Teaching Note for (9-177-034).

    Citation:

    Palepu, Krishna G., and Kenneth A. Merchant. "Del Norte Paper Co. (A) TN." Harvard Business School Teaching Note 198-096, March 1998. View Details
  103. McMullen and Worby (A) (Abridged) TN

    Citation:

    Merchant, Kenneth A., and Krishna G. Palepu. "McMullen and Worby (A) (Abridged) TN." Harvard Business School Teaching Note 198-097, March 1998. View Details
  104. Chemical Bank: Implementing the Balanced Scorecard TN

    Teaching Note for (9-195-210). (Not listed on case).

    Keywords: Banking Industry;

    Citation:

    Palepu, Krishna G., and Kenneth A. Merchant. "Chemical Bank: Implementing the Balanced Scorecard TN." Harvard Business School Teaching Note 198-099, March 1998. View Details
  105. Provigo, Inc. TN

    Citation:

    Merchant, Kenneth A., and Krishna G. Palepu. "Provigo, Inc. TN." Harvard Business School Teaching Note 198-101, March 1998. View Details
  106. Roy Rogers Restaurants TN

    Teaching Note for (9-189-100).

    Keywords: Food and Beverage Industry;

    Citation:

    Palepu, Krishna G., and Kenneth A. Merchant. "Roy Rogers Restaurants TN." Harvard Business School Teaching Note 198-105, March 1998. View Details
  107. Shell Brasil S.A.: Performance Evaluation in the Oil Products Division TN

    Keywords: Performance Evaluation; Energy Industry;

    Citation:

    Merchant, Kenneth A., and Krishna G. Palepu. "Shell Brasil S.A.: Performance Evaluation in the Oil Products Division TN." Harvard Business School Teaching Note 198-107, March 1998. View Details
  108. Rohm and Haas (A), Teaching Note

    Keywords: Teaching; Information;

    Citation:

    Palepu, Krishna G., and Kenneth A. Merchant. "Rohm and Haas (A), Teaching Note." Harvard Business School Teaching Note 198-067, November 1997. View Details
  109. CIBA-GEIGY (A), Teaching Note

    Keywords: Chemical Industry;

    Citation:

    Merchant, Kenneth A., and Krishna G. Palepu. "CIBA-GEIGY (A), Teaching Note." Harvard Business School Teaching Note 198-068, November 1997. View Details
  110. Disctech, Inc., Teaching Note

    Keywords: Teaching; Information;

    Citation:

    Merchant, Kenneth A., and Krishna G. Palepu. "Disctech, Inc., Teaching Note." Harvard Business School Teaching Note 198-069, November 1997. View Details
  111. Graves Industries, Inc. TN

    Citation:

    Merchant, Kenneth A., and Krishna G. Palepu. "Graves Industries, Inc. TN." Harvard Business School Teaching Note 198-070, November 1997. View Details
  112. G.A. Kleissler Co., Teaching Note

    Keywords: Teaching; Information;

    Citation:

    Merchant, Kenneth A., and Krishna G. Palepu. "G.A. Kleissler Co., Teaching Note." Harvard Business School Teaching Note 198-071, November 1997. View Details
  113. Natomas North America TN

    Keywords: North and Central America;

    Citation:

    Merchant, Kenneth A., and Krishna G. Palepu. "Natomas North America TN." Harvard Business School Teaching Note 198-072, November 1997. View Details
  114. Macon Prestressed Concrete Co., Inc. (A, B, & C Condensed), Teaching Note

    Keywords: Construction Industry;

    Citation:

    Merchant, Kenneth A., and Krishna G. Palepu. "Macon Prestressed Concrete Co., Inc. (A, B, & C Condensed), Teaching Note." Harvard Business School Teaching Note 198-073, November 1997. View Details
  115. Rabobank Nederland TN

    Teaching Note for (9-196-119).

    Keywords: Banking Industry; Netherlands;

    Citation:

    Merchant, Kenneth A., and Krishna G. Palepu. "Rabobank Nederland TN." Harvard Business School Teaching Note 198-074, November 1997. View Details
  116. Harnischfeger Corp.

    Presents an analysis of Harnischfeger's quality of earnings, and the investment potential of the company's stock in light of the company's turnaround strategy.

    Keywords: Financial Condition; Revenue; Stock Shares; Profit; Economic Growth; Financial Reporting; Growth and Development; Growth and Development Strategy; Safety; Utilities Industry;

    Citation:

    Palepu, Krishna G. "Harnischfeger Corp." Harvard Business School Case 186-160, November 1985. (Revised August 1997.) View Details
  117. Olympic Financial Ltd.

    Olympic Financial is a sub-prime lender in the auto financing industry. Several other financing companies have been wrought with accounting fraud and business mismanagement. Olympic's debt has been downgraded, and its stock has been denigrated although the company is operating normally. Olympic claims that it's being punished for industry problems. Analysts maintain that Olympic's accounting is off and that the business is mismanaged.

    Keywords: Business or Company Management; Crime and Corruption; Valuation; Financial Reporting; Credit; Financial Services Industry;

    Citation:

    Palepu, Krishna G., and Sarayu Srinivasan. "Olympic Financial Ltd." Harvard Business School Case 197-081, June 1997. View Details
  118. CompUSA

    CompUSA was performing poorly until new management reorganized and redirected the business. Consequently, CompUSA became the top retailer in its industry. Management outlines its future plans.

    Keywords: Restructuring; Change Management; Finance; Success; Performance Evaluation; Strategic Planning; Business Strategy; Computer Industry; Retail Industry; United States;

    Citation:

    Palepu, Krishna G., and Sarayu Srinivasan. "CompUSA." Harvard Business School Case 197-101, May 1997. View Details
  119. Donna Karan International Inc.

    Designer Donna Karan takes her firm public. After eager anticipation from Wall Street, the stock loses 60% of its value. This case addresses the questions: Is Karan's company ready to undertake responsibilities of being public? Is the company's strategy sustainable? What happened?

    Keywords: Public Equity; Stock Shares; Financial Strategy; Corporate Accountability; Corporate Social Responsibility and Impact; Outcome or Result; Going Public; Business Strategy; Valuation; Fashion Industry;

    Citation:

    Palepu, Krishna G., and Sarayu Srinivasan. "Donna Karan International Inc." Harvard Business School Case 197-077, May 1997. View Details
  120. Sensormatic Electronics Corporation-1995

    Sensormatic is a leading provider of security systems to the retail industry. The company relies on customer financing as a key component of its strategy. The company's growth strategy and accountingis attacked by short-sellers and the financial press.

    Keywords: Analysis; Valuation; Financial Reporting; Financing and Loans; Financial Statements; Business Strategy;

    Citation:

    Palepu, Krishna G., and James Chang. "Sensormatic Electronics Corporation-1995." Harvard Business School Case 197-041, March 1997. View Details
  121. Upjohn Company, The: The Upjohn-Pharmacia Merger

    In August 1995, the Upjohn Co. and Pharmacia AB announced a "merger of equals." This case provides background information on the industry, the position of Upjohn, and Upjohn's rationale for the proposed merger.

    Keywords: Mergers and Acquisitions; Financial Statements; Business Strategy; Annual Reports; Pharmaceutical Industry;

    Citation:

    Palepu, Krishna G., and Amy P. Hutton. "Upjohn Company, The: The Upjohn-Pharmacia Merger." Harvard Business School Case 197-034, October 1996. (Revised February 1997.) View Details
  122. America Online, Inc.

    America Online's (AOL) stock price has soared nearly 2,000% since its IPO. However, there is considerable disagreement among analysts regarding the future prospects of AOL. Although many analysts are bullish on the stock, short sellers have sold around 7 million shares.

    Keywords: Cost Accounting; Analysis; Stocks; Decision Choices and Conditions; Financial Statements; Business Strategy; Web Services Industry;

    Citation:

    Hutton, Amy P., and Krishna G. Palepu. "America Online, Inc." Harvard Business School Case 196-130, February 1996. (Revised February 1997.) View Details
  123. Arch Communications Group, Inc.

    The market values Arch differently from analysts' values.

    Keywords: Valuation; Framework; Forecasting and Prediction; Investment; Stocks;

    Citation:

    Palepu, Krishna G., and Sarayu Srinivasan. "Arch Communications Group, Inc." Harvard Business School Case 197-047, February 1997. View Details
  124. Anacomp, Inc.

    Citation:

    Palepu, Krishna G. "Anacomp, Inc." Harvard Business School Case 187-153, March 1987. (Revised December 1996.) View Details
  125. Manufactured Homes, Inc.

    Focuses on analyzing the growth potential of the company using the company's financial statements.

    Keywords: Accounting; Financial Statements; Growth and Development;

    Citation:

    Palepu, Krishna G. "Manufactured Homes, Inc." Harvard Business School Case 190-090, December 1989. (Revised December 1996.) View Details
  126. Manufactured Homes, Inc., Teaching Note

    Teaching Note for (9-190-090).

    Keywords: Housing; Manufacturing Industry;

    Citation:

    Palepu, Krishna G. "Manufactured Homes, Inc., Teaching Note." Harvard Business School Teaching Note 190-197, May 1990. (Revised December 1996.) View Details
  127. Enron Development Corporation: The Dabhol Power Project in Maharashtra, India (B)

    A new administration/government takes power in a state in India and cancels a power project agreed upon/created by the previous state government and an American-based energy company. The project cancellation is based on allegations of irregularities, exorbitant costs, and political pressures.

    Keywords: Cross-Cultural and Cross-Border Issues; Crisis Management; Business and Government Relations; Conflict Management; Energy Industry; India; United States;

    Citation:

    Palepu, Krishna G., V. Kasturi Rangan, and Sarayu Srinivasan. "Enron Development Corporation: The Dabhol Power Project in Maharashtra, India (B)." Harvard Business School Case 596-100, May 1996. (Revised December 1996.) View Details
  128. Patten Corp.

    Forbes Magazine criticized the revenue recognition policy of Patten Corp. As a result, the company's stock price dropped by a significant amount. The students are asked to discuss if the criticism by Forbes is justified, and if not, what the company should do.

    Keywords: Fair Value Accounting; Financial Statements; Budgets and Budgeting; Problems and Challenges; Financial Condition; Spending; Revenue; Planning; Quality; Stocks; Journalism and News Industry;

    Citation:

    Palepu, Krishna G. "Patten Corp." Harvard Business School Case 188-027, September 1987. (Revised December 1996.) View Details
  129. Murray Ohio Manufacturing Co.

    After a record year in 1983, Murray Ohio's earnings declined in 1984. The company was faced with competition from cheap imports and was experiencing declining margins. Students are asked to analyze the company's 1984 financial statements and predict whether there is likely to be a change in the company's dividend policy.

    Keywords: Financial Statements; Financial Reporting; Business Divisions; Cost Management; Spending; Decision Making; Change Management; Problems and Challenges; Management Systems; Manufacturing Industry;

    Citation:

    Palepu, Krishna G. "Murray Ohio Manufacturing Co." Harvard Business School Case 187-178, May 1987. (Revised October 1996.) View Details
  130. Home Depot, Inc., The

    Home Depot, founded in 1978, pioneered the warehouse retailing concept in the home center industry. The company's niche strategy resulted in rapid growth in sales. By 1986, however, the company began experiencing deteriorating profitability. Students are asked to analyze the company's performance using ratio analysis and sustainable growth framework, and to recommend a plan of action.

    Keywords: Mathematical Methods; Performance; Business Strategy; Retail Industry;

    Citation:

    Palepu, Krishna G. "Home Depot, Inc., The." Harvard Business School Case 188-148, April 1988. (Revised October 1996.) View Details
  131. Hawkeye Bancorporation

    Hawkeye, a small bank holding company in Iowa, faces difficulties in the mid 1980s as the local Iowa farm economy is in recession. This case provides an opportunity for students to become familiar with bank financial statements, and introduces some issues in market value accounting and its usefulness to investors and government regulators.

    Keywords: Financial Statements; Financial Reporting; Financial Crisis; Economic Growth; Market Participation; Banks and Banking; Governing Rules, Regulations, and Reforms; Private Ownership; Banking Industry;

    Citation:

    Palepu, Krishna G. "Hawkeye Bancorporation." Harvard Business School Case 192-064, October 1991. (Revised October 1996.) View Details
  132. CUC International, Inc. (A)

    The case series examines the role of financial reporting and corporate finance policies as vehicles for communication between managers and outside investors. This case describes management's concern that the company's stock is undervalued because analysts viewed the company's accounting as aggressive. Students are asked to advise CUC's management on ways to improve investor confidence.

    Keywords: Financial Reporting; Stocks; Financial Management; Decisions; Economic Slowdown and Stagnation; Management Style; Management Practices and Processes; Business and Shareholder Relations; Value; Financial Services Industry;

    Citation:

    Palepu, Krishna G., and Paul M. Healy. "CUC International, Inc. (A)." Harvard Business School Case 192-099, February 1992. (Revised October 1996.) View Details
  133. Roosevelt Financial Group, Inc. (A)

    Keywords: Financial Services Industry;

    Citation:

    Barth, Mary E., and Krishna G. Palepu. "Roosevelt Financial Group, Inc. (A)." Harvard Business School Case 192-138, April 1992. (Revised October 1996.) View Details
  134. Kansas City Zephyrs Baseball Club, Inc.

    Describes a dispute between the owners of the major league baseball teams and the players' union about the profitability of the baseball teams. The issue is important because of the ongoing collective bargaining negotiations. A consultant is brought in to decide whether a representative team, the Kansas City Zephyrs, is making or losing money. He has to settle a number of accounting disputes about roster depreciation, signing bonuses, deferred compensation, and stadium costs.

    Keywords: State Ownership; Compensation and Benefits; Entrepreneurship; For-Profit Firms; Accounting; Activity Based Costing and Management; Resource Allocation; Cost Accounting; Cost Management; Labor and Management Relations; Financial Management; Sports; Sports Industry; Kansas;

    Citation:

    Merchant, Kenneth A., Krishna G. Palepu, and Joseph P. Mulloy. "Kansas City Zephyrs Baseball Club, Inc." Harvard Business School Case 187-088, March 1987. (Revised July 1996.) View Details
  135. Comdisco, Inc.: Financial Statement Analysis (A)

    Keywords: Financial Statements; Information Technology Industry;

    Citation:

    Palepu, Krishna G. "Comdisco, Inc.: Financial Statement Analysis (A)." Harvard Business School Case 186-299, April 1986. (Revised July 1996.) View Details
  136. Comdisco, Inc.: Financial Statement Analysis (B)

    Keywords: Financial Statements;

    Citation:

    Palepu, Krishna G. "Comdisco, Inc.: Financial Statement Analysis (B)." Harvard Business School Case 187-119, February 1987. (Revised July 1996.) View Details
  137. Kansas City Zephyrs Baseball Club, Inc., Teaching Note

    Teaching Note for (9-187-088).

    Keywords: Sports Industry;

    Citation:

    Merchant, Kenneth A., and Krishna G. Palepu. "Kansas City Zephyrs Baseball Club, Inc., Teaching Note." Harvard Business School Teaching Note 190-172, March 1990. (Revised May 1996.) View Details
  138. A Note on Comdisco's Lease Accounting

    A series of examples are used to illustrate Comdisco's leasing transactions.

    Keywords: Accounting; Leasing;

    Citation:

    Palepu, Krishna G. "A Note on Comdisco's Lease Accounting." Harvard Business School Background Note 196-122, February 1996. View Details
  139. Roosevelt Financial Group, Inc. (B)

    Keywords: Financial Institutions; Financial Services Industry;

    Citation:

    Barth, Mary E., and Krishna G. Palepu. "Roosevelt Financial Group, Inc. (B)." Harvard Business School Case 195-153, October 1994. (Revised January 1996.) View Details
  140. Comdisco, Inc.: Financial Statement Analysis (A) and (B), Teaching Note

    Keywords: Financial Statements;

    Citation:

    Palepu, Krishna G. "Comdisco, Inc.: Financial Statement Analysis (A) and (B), Teaching Note." Harvard Business School Teaching Note 187-143, March 1987. (Revised May 1995.) View Details
  141. Harnischfeger Corp., Teaching Note

    Teaching Note for (9-186-160).

    Keywords: Utilities Industry;

    Citation:

    Palepu, Krishna G. "Harnischfeger Corp., Teaching Note." Harvard Business School Teaching Note 187-152, April 1987. (Revised May 1995.) View Details
  142. Anacomp, Inc., Teaching Note

    Keywords: Teaching; Information;

    Citation:

    Palepu, Krishna G. "Anacomp, Inc., Teaching Note." Harvard Business School Teaching Note 187-190, June 1987. (Revised May 1995.) View Details
  143. Home Depot, Inc., Teaching Note

    Teaching Note for (9-188-148).

    Keywords: Retail Industry;

    Citation:

    Palepu, Krishna G. "Home Depot, Inc., Teaching Note." Harvard Business School Teaching Note 190-171, March 1990. (Revised May 1995.) View Details
  144. Hawkeye Bancorporation TN

    Teaching Note for (9-192-064).

    Keywords: Banking Industry;

    Citation:

    Palepu, Krishna G., G. Peter Wilson, and Jane Palley Katz. "Hawkeye Bancorporation TN." Harvard Business School Teaching Note 193-024, July 1992. (Revised May 1995.) View Details
  145. Roosevelt Financial Group, Inc. TN

    Keywords: Finance; Financial Services Industry;

    Citation:

    Barth, Mary E., and Krishna G. Palepu. "Roosevelt Financial Group, Inc. TN." Harvard Business School Teaching Note 193-179, June 1993. (Revised May 1995.) View Details
  146. Patten Corp., Teaching Note

    Teaching Note for (9-188-027).

    Keywords: Teaching; Information;

    Citation:

    Palepu, Krishna G. "Patten Corp., Teaching Note." Harvard Business School Teaching Note 190-154, March 1990. (Revised May 1995.) View Details
  147. Murray Ohio Manufacturing Co., Teaching Note

    Teaching Note for (9-187-178).

    Citation:

    Palepu, Krishna G. "Murray Ohio Manufacturing Co., Teaching Note." Harvard Business School Teaching Note 190-198, May 1990. (Revised May 1995.) View Details
  148. CUC International, Inc. (B)

    Describes CUC's initial response to investors' concerns about the firm's accounting. Students are asked to evaluate this response.

    Keywords: Financial Reporting; Business and Shareholder Relations;

    Citation:

    Palepu, Krishna G., and Paul M. Healy. "CUC International, Inc. (B)." Harvard Business School Supplement 192-100, February 1992. (Revised May 1995.) View Details
  149. CUC International, Inc. (C)

    Describes analysts' and investors' reaction to CUC's initial response.

    Keywords: Financial Reporting; Business and Shareholder Relations;

    Citation:

    Palepu, Krishna G., and Paul M. Healy. "CUC International, Inc. (C)." Harvard Business School Supplement 192-101, February 1992. (Revised May 1995.) View Details
  150. Note on Financial Reporting Strategy and Analysis When Managers Have Proprietary Information

    Provides a framework that helps explain these real-world observations about accounting and financial statement analysis. When managers have superior information on firms' strategies, and when investors suspect that managers have incentives not to fully disclose this information, financial reporting becomes an important managerial issue. Managers' superior information is a source of both value and distortions in accounting data. Accounting conventions and standards evolve over time to restrict managers' ability to distort financial data, but they leave considerable room for managers to reflect their superior knowledge of their businesses. The net result of these forces is that accrual accounting data are biased and noisy, and investors can assess firms' performance only imprecisely. Managers can improve investors' evaluation of their firms' performance through sound disclosure strategies. Financial analysts attempt to create inside information from public data and therefore play a valuable role in the communication between managers and investors.

    Keywords: Financial Reporting; Strategy; Knowledge Management;

    Citation:

    Palepu, Krishna G. "Note on Financial Reporting Strategy and Analysis When Managers Have Proprietary Information." Harvard Business School Background Note 190-188, May 1990. (Revised September 1994.) View Details
  151. Stanwood Corp.

    Citation:

    Palepu, Krishna G. "Stanwood Corp." Harvard Business School Case 186-280, March 1986. (Revised April 1987.) View Details
  152. Neptune Orient Lines

    Citation:

    Palepu, Krishna G. "Neptune Orient Lines." Harvard Business School Case 186-004, August 1985. (Revised March 1987.) View Details

Other Publications and Materials

  1. Capital Market Intermediaries: Summary Observations on a Workshop Held at Harvard Business School

    Keywords: Capital Markets;

    Citation:

    Crane, D. B., J. O. Light, K. G. Palepu, and A. F. Perold. "Capital Market Intermediaries: Summary Observations on a Workshop Held at Harvard Business School." May 2003. View Details
  2. Limits to Board Effectiveness

    Keywords: Governing and Advisory Boards;

    Citation:

    Palepu, Krishna G., and Jay W. Lorsch. "Limits to Board Effectiveness." May 2003. View Details

    Research Summary

  1. Strategy, Governance and Valuation

    Professor Palepu's current research focuses on strategy and governance. In the area of strategy, his recent focus has been on the globalization of emerging markets, particularly India and China, and the resulting opportunities and challenges for western multinationals as well as local companies with global aspirations in these countries. In the area of corporate governance, Professor Palepu's work focuses on making corporate boards more effective, and improving corporate disclosure. Professor Palepu has published numerous articles and case studies on these issues.

    Prior to embarking on his current research on emerging markets, Professor Palepu worked on a variety of issues in corporate finance and disclosure. Based on this work, he coauthored the book, Business Analysis and Valuation: Text and Cases, which won the American Accounting Association's Wildman Award for its impact on management practice, as well as the Notable Contribution to the Accounting Literature Award for its impact on academic research. This book, translated into Chinese, Japanese, and Spanish, is widely used in leading MBA programs all over the world. It is accompanied by a business analysis and valuation software model published by the Harvard Business School Publishing Company.

      Awards & Honors

    1. International Academy of Management Fellow: Elected a Fellow of the International Academy of Management in 2013.

    2. Notable Contributions to Accounting Literature Award: Business Analysis and Valuation Using Financial Statements (South-Western College Publishing, 1996), with Victor L. Bernard and Paul M. Healy, won the 1999 American Accounting Association Notable Contributions to Accounting Literature Award.

    3. Wildman Medal Award: Business Analysis and Valuation Using Financial Statements (South-Western College Publishing, 1996), with Victor L. Bernard and Paul M. Healy, won the 1997 Wildman Medal Award from the American Accounting Association.