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).

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.

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Publications

Research Summary

Books

Book | 2013

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

Krishna G. Palepu and Paul M. Healy

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: Valuation; Financial Statements;

Citation:
Palepu, Krishna G., and Paul M. Healy. Business Analysis and Valuation: Using Financial Statements, Text and Cases. 5th ed. Cengage Learning, 2013.

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Book | 2010

Winning in Emerging Markets: A Road Map for Strategy and Execution

Tarun Khanna, Krishna G. Palepu and Richard Bullock

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.

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Text Book | 2007

Business Analysis and Valuation: Using Financial Statements

Paul M. Healy and Krishna G. Palepu

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: Financial Statements; Decision Choices and Conditions; Framework; Management Analysis, Tools, and Techniques; Valuation;

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

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Casebook | 2003

Business Analysis and Valuation Using Financial Statements: Text and Cases

Krishna G. Palepu, Paul M. Healy and Victor L. Bernard

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.

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Book | 2000

Business Analysis and Valuation

Paul M. Healy, Krishna G. Palepu and Victor L. Bernard

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.

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Book | 1996

Introduction to Business Analysis and Valuation

Victor L Bernard, Paul M. Healy and Krishna G. Palepu

Keywords: Valuation;

Citation:
Bernard, Victor L., Paul M. Healy, and Krishna G. Palepu. Introduction to Business Analysis and Valuation. South-Western College Publishing, 1996.

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Book | 1996

Business Analysis and Valuation Using Financial Statements

Victor L Bernard, Paul M. Healy and Krishna G. Palepu

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.

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Journal Articles

Article | World Financial Review |

Winning in Emerging Markets: Spotting and Responding to Institutional Voids

Tarun Khanna and Krishna G. Palepu

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.

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Article | Harvard Business Review |

Emerging Giants: Building World-Class Companies in Developing Countries

Tarun Khanna and Krishna G. Palepu

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).

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Article | Review of Economics and Statistics |

Globalization and Similarities in Corporate Governance: A Cross-country Analysis

Tarun Khanna, Joe Kogan and Krishna G. Palepu

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.

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Article | Harvard Business Review |

Strategies That Fit Emerging Markets

Tarun Khanna, Krishna G. Palepu and Jayant Sinha

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).

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Article | Journal of International Business Studies |

Globalization and Convergence in Corporate Governance: Evidence from Infosys and the Indian Software Industry

Tarun Khanna and Krishna G. Palepu

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.

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Article | Journal of Accounting Research |

Disclosure Practices of Foreign Companies Interacting with U.S. Markets

Tarun Khanna, Krishna G. Palepu and Suraj Srinivasan

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).

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Article | Harvard Business Review |

Expensing Stock Options: A Fair-Value Approach

Robert S. Kaplan and Krishna G. Palepu

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).

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Article | Harvard Business Review |

How the Quest for Efficiency Corroded the Market

Paul M. Healy and Krishna G. Palepu

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).

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Article | Journal of Economic Perspectives |

The Fall of Enron

Paul M. Healy and Krishna G. Palepu

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).

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Article | Journal of Accounting Research |

Analyst Specialization and Conglomerate Stock Breakups

Stuart C. Gilson, Paul M. Healy, Christopher F. Noe and Krishna G. Palepu

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).

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Article | Journal of Accounting & Economics |

Information Asymmetry, Corporate Disclosure, and the Capital Markets: A Review of the Empirical Disclosure Literature

Paul M. Healy and Krishna G. Palepu

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.

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Article | Academy of Management Journal |

The Future of Business Groups in Emerging Markets: Long-Run Evidence from Chile

Tarun Khanna and Krishna G. Palepu

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).

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Article | Journal of Finance |

Is Group Affiliation Profitable in Emerging Markets? An Analysis of Diversified Indian Business Groups

Tarun Khanna and Krishna G. Palepu

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.

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Article | Contemporary Accounting Research |

Stock Performance and Intermediation Changes Surrounding Sustained Increases in Disclosure

Paul M. Healy, Amy P. Hutton and Krishna G. Palepu

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).

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Article | Harvard Business Review |

The Right Way to Restructure Conglomerates in Emerging Markets

Tarun Khanna and Krishna G. Palepu

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.

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Article | Journal of Economics & Management Strategy |

Policy Shocks, Market Intermediaries, and Corporate Strategy: Evidence from Chile and India

Tarun Khanna and Krishna G. Palepu

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.

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Article | Strategic Finance |

What Financial Analysts Want

Marc J Epstein and Krishna G. Palepu

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))

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Article | Brown Journal of World Affairs |

Building Institutional Infrastructure

Tarun Khanna and Krishna G. Palepu

Keywords: Infrastructure;

Citation:
Khanna, Tarun, and Krishna G. Palepu. "Building Institutional Infrastructure." Brown Journal of World Affairs 5, no. 1 (winter–spring 1998).

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Article | MIT Sloan Management Review |

Which Takeovers are Profitable: Strategic or Financial?

Paul M. Healy, Krishna G. Palepu and Richard S. Ruback

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.

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Article | Harvard Business Review |

Why Focused Strategies May Be Wrong for Emerging Markets

Tarun Khanna and Krishna G. Palepu

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.

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Article | Journal of Applied Corporate Finance |

Using Capital Structure to Communicate with Investors: The Case of CUC International

Paul M. Healy and Krishna G. Palepu

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).

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Article | Journal of Financial Economics |

The Challenges of Investor Communication: The Case of CUC International, Inc.

Paul M. Healy and Krishna G. Palepu

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.

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Article | Journal of Accounting Research |

Mark-to-Market Accounting for Banks and Thrifts: Lessons from the Danish Experience

Victor L Bernard, Robert C. Merton and Krishna G. Palepu

Keywords: Markets; Accounting; Learning; Banks and Banking; Banking Industry; 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.

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Article | Accounting Horizons |

The Effect of Firms' Financial Disclosure Strategies on Stock Prices

Krishna G. Palepu and Paul M. Healy

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.

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Article | Journal of Financial Economics |

Does Corporate Performance Improve after Mergers?

Paul M. Healy, Krishna G. Palepu and Richard S. Ruback

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.

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Article | Journal of Financial Economics |

Consequences of Leveraged Buyouts

Krishna G. Palepu

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.

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Article | Journal of Accounting Research |

Earnings and Risk Changes Surrounding Primary Stock Offers

Paul M. Healy and Krishna G. Palepu

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.

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Article | Journal of Accounting & Economics |

Effectiveness of Accounting-Based Dividend Covenants

Paul M. Healy and Krishna G. Palepu

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.

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Article | Continental Bank Journal of Applied Corporate Finance |

How Do Investors Interpret Firms' Financial Decisions

Paul M. Healy and Krishna G. Palepu

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).

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Article | Accounting Review |

Earnings and Stock Splits

Paul Asquith, Paul M. Healy and Krishna G. Palepu

Keywords: Profit; Stocks; Business Earnings;

Citation:
Asquith, Paul, Paul M. Healy, and Krishna G. Palepu. "Earnings and Stock Splits." Accounting Review 64, no. 3 (July 1989): 387–403.

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Article | Journal of Financial Economics |

Earnings Information Conveyed by Dividend Initiations and Omissions

Paul M. Healy and Krishna G. Palepu

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.

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Article | Journal of Accounting & Economics |

The Effect of Accounting Procedure Changes on CEO's Cash Salary and Bonus Compensation

Paul M. Healy, Sok-Hyon Kang and Krishna G. Palepu

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.

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Book Chapters

Chapter | The History of Corporate Governance around the World: Family Business Groups to Professional Managers | 2005

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

Tarun Khanna and Krishna G. Palepu

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.

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Chapter | Concentrated Corporate Ownership | 2000

Emerging Market Business Groups, Foreign Investors, and Corporate Governance

Tarun Khanna and Krishna G. Palepu

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.

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Chapter | Foreign Direct Investment | 1993

International Equity Acquisitions: Who, Where, and Why?

Paul M. Healy and Krishna G. Palepu

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.

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Working Papers

Working Paper | HBS Working Paper Series | 2004

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

Tarun Khanna and Krishna G. Palepu

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.)

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Working Paper | HBS Working Paper Series | 2003

Disclosure Practices of Foreign Companies Interacting with U.S. Markets

Tarun Khanna, Krishna G. Palepu and Suraj Srinivasan

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.

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Working Paper | HBS Working Paper Series | 2002

Product and Labor Market Globalization & Convergence of Corporate Governance: The Case of Infosys and The Indian Software Industry

Tarun Khanna and Krishna G. Palepu

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.

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Working Paper | HBS Working Paper Series | 2002

Globalization and Corporate Governance Convergence? A Cross-Country Analysis

Tarun Khanna, Joe Kogan and Krishna G. Palepu

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.

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Working Paper | HBS Working Paper Series | 2001

The Role of Corporate Boards in Improving Governance through Effective Disclosure

Paul M. Healy and Krishna G. Palepu

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.

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Working Paper | HBS Working Paper Series | 2001

Analyst Activity Around the World

James Chang, Tarun Khanna and Krishna G. Palepu

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

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Cases and Teaching Materials

Supplement | HBS Case Collection | 2012

Bharti Airtel in Africa/Sunil Mittal, Chairman, Bharti Airtel

Krishna G. Palepu

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

Keywords: emerging markets; Mergers ＆ Acquisitions; strategy; innovation;

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

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Case | HBS Case Collection | 2012

Bharti Airtel in Africa

Krishna Palepu and Tanya Bijlani

Citation:
Palepu, Krishna, and Tanya Bijlani. "Bharti Airtel in Africa." Harvard Business School Case 112-096, April 2012.

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Case | HBS Case Collection | 2012

Novozymes: Cracking the Emerging Markets Code

Krishna G. Palepu and Karol Misztal

Citation:
Palepu, Krishna G., and Karol Misztal. "Novozymes: Cracking the Emerging Markets Code." Harvard Business School Case 112-084, April 2012.

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Case | HBS Case Collection | 2011

Strategy and Governance at Yahoo! Inc.

Krishna G. Palepu, Suraj Srinivasan, David Lane and Ian McKown Cornell

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.

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Case | HBS Case Collection | 2011 (Revised from original 2010 version)

Leasing Decision at Magnet Beauty Products, Inc.

Krishna G. Palepu and George Serafeim

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 2011. (Revised from original September 2010 version.)

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Teaching Note | HBS Case Collection | 2011

Subprime Crisis and Fair-Value Accounting (TN)

Paul Healy, Krishna G. Palepu and George Serafeim

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.

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Case | HBS Case Collection | 2012 (Revised from original 2011 version)

Haier: Taking a Chinese Company Global in 2011

Tarun Khanna, Krishna G. Palepu and Phillip Andrews

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, May 2012. (Revised from original August 2011 version.)

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Case | HBS Case Collection | 2011 (Revised from original 2009 version)

Kansas City Zephyrs Baseball Club, Inc. 2006

Krishna G. Palepu

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, June 2011. (Revised from original August 2009 version.)

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Case | HBS Case Collection | 2011 (Revised from original 2009 version)

VIZIO, Inc.

Krishna G. Palepu and Elizabeth A. Kind

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, June 2011. (Revised from original September 2009 version.)

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Class Lecture | 2011 (Revised from original 2011 version)

Winning in Emerging Markets (FSS)

Krishna G. Palepu and Tarun Khanna

Keywords: Emerging Markets; Competitive Strategy;

Citation:
Palepu, Krishna G., and Tarun Khanna. "Winning in Emerging Markets (FSS)." Harvard Business School Class Lecture 111-713, May 2011. (Revised from original April 2011 version.)

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Teaching Note | HBS Case Collection | 2011

Accounting for the iPhone at Apple, Inc. (TN)

Francois Brochet and Krishna G. Palepu

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.

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Teaching Note | HBS Case Collection | 2011

Leasing Decision at Magnet Beauty Products, Inc. (TN)

Krishna G. Palepu and George Serafeim

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.

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Case | HBS Case Collection | 2011 (Revised from original 2010 version)

Tata Nano The Peoples Car

Krishna G. Palepu, Bharat N. Anand and Rachna Tahilyani

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 Peoples Car." Harvard Business School Case 710-420, March 2011. (Revised from original April 2010 version.)

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Case | HBS Case Collection | 2011 (Revised from original 2010 version)

Accounting for the iPhone at Apple Inc.

Francois Brochet, Krishna G. Palepu and Lauren Barley

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, February 2011. (Revised from original September 2010 version.)

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Case | HBS Case Collection | 2012 (Revised from original 2010 version)

Hewlett-Packard Company: CEO Succession in 2010

Jay W. Lorsch, Krishna G. Palepu and Melissa Barton

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, July 2012. (Revised from original October 2010 version.)

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Tool | 2011 (Revised from original 2003 version)

Business Analysis and Valuation Model (Version 5)

Paul M. Healy, Krishna G. Palepu and Jonathan Barnett

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, February 2011. (Revised from original January 2003 version.)

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Case | HBS Case Collection | 2011 (Revised from original 2009 version)

Target Corporation: Ackman versus the Board

Krishna G. Palepu, Suraj Srinivasan and James Weber

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, January 2011. (Revised from original June 2009 version.)

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Teaching Note | HBS Case Collection | 2010

Target Corporation: Ackman versus the Board (TN)

Krishna G. Palepu and Suraj Srinivasan

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.

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Case | HBS Case Collection | 2010 (Revised from original 2008 version)

Dogus Group: Weighing Partners for Garanti Bank

Tarun Khanna, Krishna G. Palepu and Richard Bullock

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, May 2010. (Revised from original September 2008 version.)

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Case | HBS Case Collection | 2010 (Revised from original 2006 version)

Teva Pharmaceutical Industries, Ltd

Tarun Khanna, Krishna G. Palepu and Claudine Deborah Madras

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, March 2010. (Revised from original September 2006 version.)

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Supplement | HBS Case Collection | 2009

Gabriel Rozman, Tata Consultancy Services Iberoamerica

Krishna G. Palepu and Tarun Khanna

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.

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Case | HBS Case Collection | 2009 (Revised from original 2008 version)

New Century Financial Corporation

Krishna G. Palepu, Suraj Srinivasan and Aldo Sesia

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 2009. (Revised from original October 2008 version.)

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Teaching Note | HBS Case Collection | 2009

New Century Financial Corporation (TN)

Suraj Srinivasan and Krishna G. Palepu

Teaching Note for [109034].

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 (TN)." Harvard Business School Teaching Note 110-032, October 2009.

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Case | HBS Case Collection | 2009 (Revised from original 2008 version)

Subprime Crisis and Fair-Value Accounting

Paul M. Healy, Krishna G. Palepu and George Serafeim

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, August 2009. (Revised from original October 2008 version.)

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Case | HBS Case Collection | 2009 (Revised from original 2008 version)

House of Tata: Acquiring a Global Footprint

Tarun Khanna, Krishna G. Palepu and Richard Bullock

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, June 2009. (Revised from original May 2008 version.)

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Teaching Note | HBS Case Collection | 2009

Dogus Group: Weighing Partners for Garanti Bank (TN)

Tarun Khanna and Krishna G. Palepu

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.

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Case | HBS Case Collection | 2009 (Revised from original 2008 version)

Transparent Value LLC

Sharon P. Katz, Krishna G. Palepu and Aldo Sesia, Jr.

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, February 2009. (Revised from original March 2008 version.)

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Teaching Note | HBS Case Collection | 2009

House of Tata: Acquiring a Global Footprint (TN)

Tarun Khanna and Krishna G. Palepu

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.

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Case | HBS Case Collection | 2009 (Revised from original 2006 version)

METRO Cash & Carry

Tarun Khanna, Krishna G. Palepu, Carin-Isabel Knoop and David Lane

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, January 2009. (Revised from original December 2006 version.)

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Supplement | HBS Case Collection | 2008

Dogus Group: Weighing Partners for Garanti Bank (Video)

Tarun Khanna and Krishna G. Palepu

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.

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Case | HBS Case Collection | 2008 (Revised from original 2007 version)

Biocon Limited

Krishna G. Palepu and Ananth Chepuri

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, September 2008. (Revised from original May 2007 version.)

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Teaching Note | HBS Case Collection | 2008

Transparent Value LLC (TN)

Sharon P. Katz and Krishna G. Palepu

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.

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Teaching Note | HBS Case Collection | 2008

Hewlett-Packard-Compaq: The Merger Decision (TN)

Krishna G. Palepu

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.

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Case | HBS Case Collection | 2008 (Revised from original 2007 version)

Tata Motors: The Tata Ace

Krishna G. Palepu and Vishnu Srinivasan

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, January 2008. (Revised from original September 2007 version.)

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Supplement | HBS Case Collection | 2007

Teva Pharmaceutical Industries, Ltd.

Tarun Khanna and Krishna G. Palepu

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.

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Case | HBS Case Collection | 2007

Blue River Capital

Krishna G. Palepu, Tarun Khanna and Richard Bullock

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.

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Case | HBS Case Collection | 2007

Tetra Pak Argentina

Tarun Khanna, Krishna G. Palepu and Gustavo A. Herrero

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.

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Supplement | HBS Case Collection | 2007

Ravi Venkatesan, Chairman, Microsoft India

Tarun Khanna and Krishna G. Palepu

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.

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Background Note | HBS Case Collection | 2007 (Revised from original 2005 version)

Why Study Emerging Markets

Tarun Khanna, Krishna G. Palepu and Kjell Ke-Li Carlsson

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 2007. (Revised from original August 2005 version.)

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Teaching Note | HBS Case Collection | 2007

Teva Pharmaceutical Industries, Ltd (TN)

Tarun Khanna and Krishna G. Palepu

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.

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Case | HBS Case Collection | 2007

Lightspeed Venture Partners -- International Expansion

Krishna G. Palepu and Alison Berkley Wagonfeld

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.

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Case | HBS Case Collection | 2007 (Revised from original 2006 version)

Hewlett-Packard Company: The War Within

Krishna G. Palepu, Jay W. Lorsch, Carin-Isabel Knoop and Eliot Sherman

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, May 2007. (Revised from original November 2006 version.)

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Course Overview Note | 2007

Instructor's Guide to Globalization of Emerging Markets (GEM)

Tarun Khanna and Krishna G. Palepu

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.

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Teaching Note | HBS Case Collection | 2007 (Revised from original 2007 version)

METRO Cash & Carry (TN)

Tarun Khanna and Krishna G. Palepu

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 from original January 2007 version.)

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Teaching Note | HBS Case Collection | 2007

Inventec Corporation (TN)

Krishna G. Palepu

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.

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Teaching Note | HBS Case Collection | 2007

Bharti Tele-Ventures (TN)

Tarun Khanna and Krishna G. Palepu

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.

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Case | HBS Case Collection | 2006 (Revised from original 2001 version)

Role of Capital Market Intermediaries in the Dot-Com Crash of 2000, The

Krishna G. Palepu and Gillian D Elcock

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

Keywords: History; Stocks; Price Bubble; Investment Banking; Capital Markets; 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, December 2006. (Revised from original June 2001 version.)

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Supplement | HBS Case Collection | 2006

Michael Jemal, CEO, Haier America--video

Tarun Khanna and Krishna G. Palepu

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.

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Teaching Note | HBS Case Collection | 2006

Haier: Taking a Chinese Company Global (TN)

Tarun Khanna and Krishna G. Palepu

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.

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Case | HBS Case Collection | 2006 (Revised from original 1998 version)

House of Tata, 1995: The Next Generation (A)

Tarun Khanna, Krishna G. Palepu and Danielle Melito Wu

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, August 2006. (Revised from original February 1998 version.)

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Case | HBS Case Collection | 2006 (Revised from original 2003 version)

House of Tata-2000: The Next Generation (B)

Tarun Khanna, Krishna G. Palepu, Catherine M. Conneely and Kirsten O'Neil Massaro

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, August 2006. (Revised from original July 2003 version.)

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Case | HBS Case Collection | 2006 (Revised from original 2005 version)

Haier: Taking a Chinese Company Global

Krishna G. Palepu, Tarun Khanna and Ingrid Vargas

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, August 2006. (Revised from original October 2005 version.)

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Case | HBS Case Collection | 2006 (Revised from original 2004 version)

Executive Remuneration at Reckitt Benckiser plc

Jay W. Lorsch, V.G. Narayanan, Krishna G. Palepu, Lisa Brem and Ashley Robertson

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: Executive Compensation; Employee Relationship Management; Human Resources; Management Analysis, Tools, and Techniques; Business Organization; Organizational Structure; Activity Based Costing and Management; Performance Evaluation; Global Strategy; Wages; Business and Shareholder Relations; Recruitment; Retail Industry;

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, July 2006. (Revised from original January 2004 version.)

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Case | HBS Case Collection | 2005

Inventec Corporation

Krishna G. Palepu and Ingrid Vargas

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.

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Case | HBS Case Collection | 2005 (Revised from original 2005 version)

Agora SA

Tarun Khanna, Krishna G. Palepu, Vincent Dessain and Monika Stachowiak

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, October 2005. (Revised from original September 2005 version.)

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Background Note | HBS Case Collection | 2005

Portfolio Investment in Emerging Markets

Tarun Khanna, Krishna G. Palepu and Kjell Ke-Li Carlsson

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.

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Case | HBS Case Collection | 2005 (Revised from original 2002 version)

Emerging Giants: Building World-Class Companies in Emerging Markets

Tarun Khanna and Krishna G. Palepu

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, September 2005. (Revised from original October 2002 version.)

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Background Note | HBS Case Collection | 2005 (Revised from original 2005 version)

Spotting Institutional Voids in Emerging Markets

Tarun Khanna and Krishna G. Palepu

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 from original August 2005 version.)

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Case | HBS Case Collection | 2005

Leading Anadarko

Nitin Nohria, Krishna G. Palepu and David Lane

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.

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Case | HBS Case Collection | 2005 (Revised from original 2004 version)

Valuation Ratios in the Restaurant Industry

Paul M. Healy and Krishna G. Palepu

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

Keywords: Valuation; Activity Based Costing and Management; Performance Effectiveness; Performance Evaluation; Management Analysis, Tools, and Techniques; Earnings Management; Service Operations; Performance Efficiency; Accounting Audits; Customer Relationship Management; Food and Beverage Industry;

Citation:
Healy, Paul M., and Krishna G. Palepu. "Valuation Ratios in the Restaurant Industry." Harvard Business School Case 104-066, March 2005. (Revised from original January 2004 version.)

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Case | HBS Case Collection | 2004 (Revised from original 2004 version)

Globe Telecom

Tarun Khanna, Krishna G. Palepu and Ingrid Vargas

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, October 2004. (Revised from original May 2004 version.)

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Case | HBS Case Collection | 2004 (Revised from original 2004 version)

Hewlett-Packard-Compaq: The Merger Decision

Krishna G. Palepu and Jonathan Barnett

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: Voting; Collaborative Innovation and Invention; Budgets and Budgeting; Cost vs Benefits; Business History; Business Growth and Maturation; Mergers and Acquisitions; Volatility; Growth and Development; Corporate Finance; Computer Industry;

Citation:
Palepu, Krishna G., and Jonathan Barnett. "Hewlett-Packard-Compaq: The Merger Decision." Harvard Business School Case 104-048, September 2004. (Revised from original April 2004 version.)

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Case | HBS Case Collection | 2004 (Revised from original 1996 version)

Enron Development Corporation: The Dabhol Power Project in Maharashtra, India (C)

Krishna G. Palepu, V. Kasturi Rangan and Sarayu Srinivasan

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, July 2004. (Revised from original June 1996 version.)

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Case | HBS Case Collection | 2004 (Revised from original 2003 version)

Bharti Tele-Ventures

Tarun Khanna, Krishna G. Palepu and Ingrid Vargas

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, March 2004. (Revised from original September 2003 version.)

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Teaching Note | HBS Case Collection | 2003

Sensormatic Electronics Corporation-1995 (TN)

Krishna G. Palepu

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.

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Teaching Note | HBS Case Collection | 2003

Arch Communications Group, Inc. (TN)

Krishna G. Palepu

Teaching Note for (5-197-047).

Citation:
Palepu, Krishna G. "Arch Communications Group, Inc. (TN)." Harvard Business School Teaching Note 104-035, September 2003.

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Case | HBS Case Collection | 2003

Executive Compensation at Reckitt Benckiser plc

V.G. Narayanan, Krishna G. Palepu and Lisa Brem

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.

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Case | HBS Case Collection | 2003 (Revised from original 2001 version)

Home Depot, Inc. in the New Millennium

Krishna G. Palepu and Jeremy Cott

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: 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, August 2003. (Revised from original June 2001 version.)

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Teaching Note | HBS Case Collection | 2003

Amazon.com in the Year 2000 (TN)

Krishna G. Palepu

Citation:
Palepu, Krishna G. "Amazon.com in the Year 2000 (TN)." Harvard Business School Teaching Note 104-003, July 2003.

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Teaching Note | HBS Case Collection | 2003

Home Depot, Inc., in the New Millennium (TN)

Krishna G. Palepu

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.

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Background Note | HBS Case Collection | 2003 (Revised from original 2002 version)

Multinationals as Global Intermediaries

Tarun Khanna and Krishna G. Palepu

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, June 2003. (Revised from original September 2002 version.)

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Teaching Note | HBS Case Collection | 2003

Role of Capital Market Intermediaries in the Dot-Com Crash of 2000, The (TN)

Krishna G. Palepu

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.

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

Valuation Ratios in the Airline Industry

Paul M. Healy, Krishna G. Palepu and Jonathan Barnett

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, May 2003. (Revised from original April 2003 version.)

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Case | HBS Case Collection | 2003 (Revised from original 2002 version)

Computer Associates International, Inc.: Governance and Investor Communication Challenge

Paul M. Healy and Krishna G. Palepu

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, April 2003. (Revised from original July 2002 version.)

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Class Lecture | 2003

Renewing Markets for Better Governance

Krishna G. Palepu

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.)

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Background Note | HBS Case Collection | 2001

Financial Reporting Environment, The

Paul M. Healy, Amy P. Hutton, Robert S. Kaplan and Krishna G. Palepu

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.

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Case | HBS Case Collection | 2001 (Revised from original 2001 version)

Amazon.com in the Year 2000

Krishna G. Palepu and Jeremy Cott

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, July 2001. (Revised from original June 2001 version.)

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Case | HBS Case Collection | 2001

Amazon.com in the Year 2001: The Question of Going Concern

Krishna G. Palepu and Jeremy Cott

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.

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Teaching Note | HBS Case Collection | 2001 (Revised from original 2000 version)

House of Tata, 1995: The Next Generation (A) TN

Tarun Khanna, Krishna G. Palepu and Catherine M. Conneely

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, March 2001. (Revised from original September 2000 version.)

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Case | HBS Case Collection | 2001 (Revised from original 1998 version)

Korea Stock Exchange, 1998

Tarun Khanna, Krishna G. Palepu and James Chang

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, March 2001. (Revised from original December 1998 version.)

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Teaching Note | HBS Case Collection | 2001 (Revised from original 2000 version)

Korea Stock Exchange 1998 TN

Tarun Khanna and Krishna G. Palepu

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, March 2001. (Revised from original September 2000 version.)

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Case | HBS Case Collection | 2001 (Revised from original 1999 version)

Russell Reynolds Associates, 1999

Tarun Khanna, Krishna G. Palepu and Rakesh Khurana

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, March 2001. (Revised from original November 1999 version.)

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Case | HBS Case Collection | 2001 (Revised from original 2000 version)

Old Mutual

Tarun Khanna, Krishna G. Palepu and Kirsty O'Neil-Massaro

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, March 2001. (Revised from original September 2000 version.)

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Teaching Note | HBS Case Collection | 2000

Maxwell Shoe Company, Inc. TN

Krishna G. Palepu

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.

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Teaching Note | HBS Case Collection | 2000

Upjohn Company, The: The Upjohn-Pharmacia Merger (TN)

Krishna G. Palepu

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.

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Case | HBS Case Collection | 2000 (Revised from original 2000 version)

Extraprise

Srikant M. Datar, Krishna G. Palepu and Sarah S. Khetani

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, September 2000. (Revised from original August 2000 version.)

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Case | HBS Case Collection | 2000 (Revised from original 1991 version)

Morlan International, Inc.

Krishna G. Palepu and G. Peter Wilson

Keywords: Global Range;

Citation:
Palepu, Krishna G., and G. Peter Wilson. "Morlan International, Inc." Harvard Business School Case 192-075, February 2000. (Revised from original December 1991 version.)

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Case | HBS Case Collection | 1999 (Revised from original 1999 version)

Maxwell Shoe Company, Inc.

Krishna G. Palepu

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, November 1999. (Revised from original September 1999 version.)

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Teaching Note | HBS Case Collection | 1999

America Online, Inc. TN

Krishna G. Palepu and Amy P. Hutton

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.

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Case | HBS Case Collection | 1998 (Revised from original 1996 version)

Enron Development Corporation: The Dabhol Power Project in Maharashtra, India (A)

V. Kasturi Rangan, Krishna G. Palepu, Ahu Bhasin, Mihir A. Desai and Sarayu Srinivasan

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, July 1998. (Revised from original May 1996 version.)

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Teaching Note | HBS Case Collection | 1998 (Revised from original 1998 version)

Enron Development Corporation: The Dabhol Power Project in Maharashtra, India (A,B,& C) TN

V. Kasturi Rangan and Krishna G. Palepu

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, July 1998. (Revised from original June 1998 version.)

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Teaching Note | HBS Case Collection | 1998

Incident at Waco Manufacturing, The TN

Kenneth A. Merchant and Krishna G. Palepu

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.

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Teaching Note | HBS Case Collection | 1998

Del Norte Paper Co. (A) TN

Krishna G. Palepu and Kenneth A. Merchant

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.

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Teaching Note | HBS Case Collection | 1998

McMullen and Worby (A) (Abridged) TN

Kenneth A. Merchant and Krishna G. Palepu

Citation:
Merchant, Kenneth A., and Krishna G. Palepu. "McMullen and Worby (A) (Abridged) TN." Harvard Business School Teaching Note 198-097, March 1998.

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Teaching Note | HBS Case Collection | 1998

Chemical Bank: Implementing the Balanced Scorecard TN

Krishna G. Palepu and Kenneth A. Merchant

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.

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Teaching Note | HBS Case Collection | 1998

Provigo, Inc. TN

Kenneth A. Merchant and Krishna G. Palepu

Citation:
Merchant, Kenneth A., and Krishna G. Palepu. "Provigo, Inc. TN." Harvard Business School Teaching Note 198-101, March 1998.

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Teaching Note | HBS Case Collection | 1998

Roy Rogers Restaurants TN

Krishna G. Palepu and Kenneth A. Merchant

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.

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Teaching Note | HBS Case Collection | 1998

Shell Brasil S.A.: Performance Evaluation in the Oil Products Division TN

Kenneth A. Merchant and Krishna G. Palepu

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.

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Teaching Note | HBS Case Collection | 1997

Rohm and Haas (A), Teaching Note

Krishna G. Palepu and Kenneth A. Merchant

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.

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Teaching Note | HBS Case Collection | 1997

CIBA-GEIGY (A), Teaching Note

Kenneth A. Merchant and Krishna G. Palepu

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.

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Teaching Note | HBS Case Collection | 1997

Disctech, Inc., Teaching Note

Kenneth A. Merchant and Krishna G. Palepu

Keywords: Teaching; Information;

Citation:
Merchant, Kenneth A., and Krishna G. Palepu. "Disctech, Inc., Teaching Note." Harvard Business School Teaching Note 198-069, November 1997.

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Teaching Note | HBS Case Collection | 1997

Graves Industries, Inc. TN

Kenneth A. Merchant and Krishna G. Palepu

Citation:
Merchant, Kenneth A., and Krishna G. Palepu. "Graves Industries, Inc. TN." Harvard Business School Teaching Note 198-070, November 1997.

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Teaching Note | HBS Case Collection | 1997

G.A. Kleissler Co., Teaching Note

Kenneth A. Merchant and Krishna G. Palepu

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.

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Teaching Note | HBS Case Collection | 1997

Natomas North America TN

Kenneth A. Merchant and Krishna G. Palepu

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.

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Teaching Note | HBS Case Collection | 1997

Macon Prestressed Concrete Co., Inc. (A, B, & C Condensed), Teaching Note

Kenneth A. Merchant and Krishna G. Palepu

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.

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Teaching Note | HBS Case Collection | 1997

Rabobank Nederland TN

Kenneth A. Merchant and Krishna G. Palepu

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.

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Case | HBS Case Collection | 1997 (Revised from original 1985 version)

Harnischfeger Corp.

Krishna G. Palepu

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, August 1997. (Revised from original November 1985 version.)

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Case | HBS Case Collection | 1997

Olympic Financial Ltd.

Krishna G. Palepu and Sarayu Srinivasan

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: Accounting Audits; Crime and Corruption; Forecasting and Prediction; Fairness; Borrowing and Debt; Credit; Valuation; Financial Services Industry;

Citation:
Palepu, Krishna G., and Sarayu Srinivasan. "Olympic Financial Ltd." Harvard Business School Case 197-081, June 1997.

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Case | HBS Case Collection | 1997

CompUSA

Krishna G. Palepu and Sarayu Srinivasan

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.

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Case | HBS Case Collection | 1997

Donna Karan International Inc.

Krishna G. Palepu and Sarayu Srinivasan

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.

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Case | HBS Case Collection | 1997

Sensormatic Electronics Corporation-1995

Krishna G. Palepu and James Chang

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: Valuation; Financial Reporting; Performance Evaluation; Business Strategy; Financial Statements; Retail Industry;

Citation:
Palepu, Krishna G., and James Chang. "Sensormatic Electronics Corporation-1995." Harvard Business School Case 197-041, March 1997.

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Case | HBS Case Collection | 1997 (Revised from original 1996 version)

Upjohn Company, The: The Upjohn-Pharmacia Merger

Krishna G. Palepu and Amy P. Hutton

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: Financial Statements; Mergers and Acquisitions; Joint Ventures; Financial Management; Valuation; Decisions; Business Cycles; Outcome or Result; Business Strategy; Financial Services Industry;

Citation:
Palepu, Krishna G., and Amy P. Hutton. "Upjohn Company, The: The Upjohn-Pharmacia Merger." Harvard Business School Case 197-034, February 1997. (Revised from original October 1996 version.)

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Case | HBS Case Collection | 1997 (Revised from original version)

America Online, Inc.

Amy P. Hutton and Krishna G. Palepu

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: Business Strategy; Decision Choices and Conditions; Business Startups; Software; Acquisition; Financial Statements; Balanced Scorecard; Stock Shares; Online Technology; Web Services Industry; Information Technology Industry; North and Central America; United States;

Citation:
Hutton, Amy P., and Krishna G. Palepu. "America Online, Inc." Harvard Business School Case 196-130, February 1997. (Revised from original February 1996 version.)

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Case | HBS Case Collection | 1997

Arch Communications Group, Inc.

Krishna G. Palepu and Sarayu Srinivasan

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.

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Case | HBS Case Collection | 1996 (Revised from original version)

Anacomp, Inc.

Krishna G. Palepu

Citation:
Palepu, Krishna G. "Anacomp, Inc." Harvard Business School Case 187-153, December 1996. (Revised from original March 1987 version.)

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Case | HBS Case Collection | 1996 (Revised from original version)

Manufactured Homes, Inc.

Krishna G. Palepu

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 1996. (Revised from original December 1989 version.)

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Teaching Note | HBS Case Collection | 1996 (Revised from original version)

Manufactured Homes, Inc., Teaching Note

Krishna G. Palepu

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, December 1996. (Revised from original May 1990 version.)

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Case | HBS Case Collection | 1996 (Revised from original 1996 version)

Enron Development Corporation: The Dabhol Power Project in Maharashtra, India (B)

Krishna G. Palepu, V. Kasturi Rangan and Sarayu Srinivasan

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, December 1996. (Revised from original May 1996 version.)

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Case | HBS Case Collection | 1996 (Revised from original 1987 version)

Patten Corp.

Krishna G. Palepu

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, December 1996. (Revised from original September 1987 version.)

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Case | HBS Case Collection | 1996 (Revised from original 1987 version)

Murray Ohio Manufacturing Co.

Krishna G. Palepu

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, October 1996. (Revised from original May 1987 version.)

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Case | HBS Case Collection | 1996 (Revised from original version)

Home Depot, Inc., The

Krishna G. Palepu

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, October 1996. (Revised from original April 1988 version.)

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Case | HBS Case Collection | 1996 (Revised from original 1991 version)

Hawkeye Bancorporation

Krishna G. Palepu

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 1996. (Revised from original October 1991 version.)

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Case | HBS Case Collection | 1996 (Revised from original version)

CUC International, Inc. (A)

Krishna G. Palepu and Paul M. Healy

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, October 1996. (Revised from original February 1992 version.)

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Case | HBS Case Collection | 1996 (Revised from original version)

Roosevelt Financial Group, Inc. (A)

Mary E. Barth and Krishna G. Palepu

Keywords: Financial Services Industry;

Citation:
Barth, Mary E., and Krishna G. Palepu. "Roosevelt Financial Group, Inc. (A)." Harvard Business School Case 192-138, October 1996. (Revised from original April 1992 version.)

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Case | HBS Case Collection | 1996 (Revised from original 1987 version)

Kansas City Zephyrs Baseball Club, Inc.

Kenneth A. Merchant, Krishna G. Palepu and Joseph P. Mulloy

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, July 1996. (Revised from original March 1987 version.)

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Case | HBS Case Collection | 1996 (Revised from original version)

Comdisco, Inc.: Financial Statement Analysis (A)

Krishna G. Palepu

Keywords: Financial Statements; Information Technology Industry;

Citation:
Palepu, Krishna G. "Comdisco, Inc.: Financial Statement Analysis (A)." Harvard Business School Case 186-299, July 1996. (Revised from original April 1986 version.)

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Case | HBS Case Collection | 1996 (Revised from original version)

Comdisco, Inc.: Financial Statement Analysis (B)

Krishna G. Palepu

Keywords: Financial Statements;

Citation:
Palepu, Krishna G. "Comdisco, Inc.: Financial Statement Analysis (B)." Harvard Business School Case 187-119, July 1996. (Revised from original February 1987 version.)

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Teaching Note | HBS Case Collection | 1996 (Revised from original 1990 version)

Kansas City Zephyrs Baseball Club, Inc., Teaching Note

Kenneth A. Merchant and Krishna G. Palepu

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, May 1996. (Revised from original March 1990 version.)

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Background Note | HBS Case Collection | 1996

A Note on Comdisco's Lease Accounting

Krishna G. Palepu

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.

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Case | HBS Case Collection | 1996 (Revised from original version)

Roosevelt Financial Group, Inc. (B)

Mary E. Barth and Krishna G. Palepu

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, January 1996. (Revised from original October 1994 version.)

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Teaching Note | HBS Case Collection | 1995 (Revised from original version)

Comdisco, Inc.: Financial Statement Analysis (A) and (B), Teaching Note

Krishna G. Palepu

Keywords: Financial Statements;

Citation:
Palepu, Krishna G. "Comdisco, Inc.: Financial Statement Analysis (A) and (B), Teaching Note." Harvard Business School Teaching Note 187-143, May 1995. (Revised from original March 1987 version.)

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Teaching Note | HBS Case Collection | 1995 (Revised from original 1987 version)

Harnischfeger Corp., Teaching Note

Krishna G. Palepu

Teaching Note for (9-186-160).

Keywords: Utilities Industry;

Citation:
Palepu, Krishna G. "Harnischfeger Corp., Teaching Note." Harvard Business School Teaching Note 187-152, May 1995. (Revised from original April 1987 version.)

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Teaching Note | HBS Case Collection | 1995 (Revised from original version)

Anacomp, Inc., Teaching Note

Krishna G. Palepu

Keywords: Teaching; Information;

Citation:
Palepu, Krishna G. "Anacomp, Inc., Teaching Note." Harvard Business School Teaching Note 187-190, May 1995. (Revised from original June 1987 version.)

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Teaching Note | HBS Case Collection | 1995 (Revised from original version)

Home Depot, Inc., Teaching Note

Krishna G. Palepu

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, May 1995. (Revised from original March 1990 version.)

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Teaching Note | HBS Case Collection | 1995 (Revised from original 1992 version)

Hawkeye Bancorporation TN

Krishna G. Palepu, G. Peter Wilson and Jane Palley Katz

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, May 1995. (Revised from original July 1992 version.)

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Teaching Note | HBS Case Collection | 1995 (Revised from original 1993 version)

Roosevelt Financial Group, Inc. TN

Mary E. Barth and Krishna G. Palepu

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, May 1995. (Revised from original June 1993 version.)

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Teaching Note | HBS Case Collection | 1995 (Revised from original version)

Patten Corp., Teaching Note

Krishna G. Palepu

Teaching Note for (9-188-027).

Keywords: Teaching; Information;

Citation:
Palepu, Krishna G. "Patten Corp., Teaching Note." Harvard Business School Teaching Note 190-154, May 1995. (Revised from original March 1990 version.)

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Teaching Note | HBS Case Collection | 1995 (Revised from original version)

Murray Ohio Manufacturing Co., Teaching Note

Krishna G. Palepu

Teaching Note for (9-187-178).

Citation:
Palepu, Krishna G. "Murray Ohio Manufacturing Co., Teaching Note." Harvard Business School Teaching Note 190-198, May 1995. (Revised from original May 1990 version.)

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Supplement | HBS Case Collection | 1995 (Revised from original version)

CUC International, Inc. (B)

Krishna G. Palepu and Paul M. Healy

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

Citation:
Palepu, Krishna G., and Paul M. Healy. "CUC International, Inc. (B)." Harvard Business School Supplement 192-100, May 1995. (Revised from original February 1992 version.)

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Supplement | HBS Case Collection | 1995 (Revised from original version)

CUC International, Inc. (C)

Krishna G. Palepu and Paul M. Healy

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

Citation:
Palepu, Krishna G., and Paul M. Healy. "CUC International, Inc. (C)." Harvard Business School Supplement 192-101, May 1995. (Revised from original February 1992 version.)

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Background Note | HBS Case Collection | 1994 (Revised from original version)

Note on Financial Reporting Strategy and Analysis When Managers Have Proprietary Information

Krishna G. Palepu

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, September 1994. (Revised from original May 1990 version.)

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Case | HBS Case Collection | 1987 (Revised from original version)

Stanwood Corp.

Krishna G. Palepu

Citation:
Palepu, Krishna G. "Stanwood Corp." Harvard Business School Case 186-280, April 1987. (Revised from original March 1986 version.)

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Case | HBS Case Collection | 1987 (Revised from original version)

Neptune Orient Lines

Krishna G. Palepu

Citation:
Palepu, Krishna G. "Neptune Orient Lines." Harvard Business School Case 186-004, March 1987. (Revised from original August 1985 version.)

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Other Publications and Materials

Other Unpublished Work | 2003

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

D. B. Crane, J. O. Light, K. G. Palepu and A. F. Perold

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.

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Other Unpublished Work | 2003

Limits to Board Effectiveness

Krishna G. Palepu and Jay W. Lorsch

Keywords: Governing and Advisory Boards;

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

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