Samuel L. Hayes
Jacob H. Schiff Professor of Investment Banking, Emeritus
Samuel L. Hayes holds the Jacob H. Schiff Chair in Investment Banking Emeritus, at the Harvard Business School. He has taught at the School since 1970, prior to which he was a tenured member of the faculty of the Columbia University Graduate School of Business. He received a B.A. in Political Science at Swarthmore College in 1957 and an MBA (with Distinction) and D.B.A. from Harvard Business School in 1961 and 1966, respectively. His MBA teaching assignments have included the second year courses in Investment Banking, Management of Financial Services Organizations, and Corporate Financial Management, as well as the first year Finance course (where he served as Course Head). For eight years he served as head of the Analytics Program for entering MBAs. He has also chaired Harvard's International Senior Managers Program in Vevey, Switzerland. He taught in the summer Corporate Financial Management Program for senior finance executives for a number of years and chaired that faculty during six of those years. He has taught in HBS Executive Education's Advanced Management Program and Owner-President Management Program. He founded the executive education program Strategic Finance for Smaller Businesses and chaired that program for the past fourteen years. He also headed and taught the International Senior Manager Program from 1979-1981.
Professor Hayes' research has focused on the capital markets and on the corporate interface with the securities markets. He has written numerous working papers and articles on related topics in journals such as the Harvard Business Review, the Accounting Review, the Financial Analysis Journal, The Economic Review, and Financial Management, and has contributed chapters to a number of books. Two articles which he co-authored on real estate finance won the Shattuck Award for the best article on real estate in 1967 and 1972. Professor Hayes is the co-author or editor of seven books, including Competition in the Investment Banking Industry (Harvard University Press, 1983), Investment Banking and Diligence (Harvard Business School Press, 1986), Wall Street and Regulation (Harvard Business School Press, 1987), Investment Banking: A Tale of Three Cities (Harvard Business School Press, 1990), Managing Financial Institutions (The Dryden Press/HBJ, 1992), Financial Services: Perspectives and Challenges(Harvard Business School Press, 1993), and Islamic Law and Finance: Religion, Risk, and Return (Kluwer Press, 1997).
Professor Hayes has consulted for a number of corporations, financial institutions, and government agencies, including the Justice Department, the Treasury Department, the Federal Trade Commission, and the Securities and Exchange Commission, where he served on the Tully Commission in 1994-1995 to examine compensation arrangements for stock brokers. For twelve years, he was Chairman of the Finance Advisory Board of the Commonwealth of Massachusetts. He currently serves on the Board of Managers of Swarthmore College (where he is Chair of the Investment Committee) and the Board of Trustees of the New England Conservatory of Music. He served for more than twenty years on the Boards of the Eaton-Vance family of mutual funds (where he was Chairman) and Tiffany & Company, Yakama, Inc. 2000-2009, International Advisory Board, 2000-2009. He currently serves on the boards of Telect, Inc., EFG-Hermes, Gulf-Area Mutual Funds and and is on the advisory boards of Edward Jones and Arcapita, Inc.
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Background Note
| HBS Case Collection
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2005
Dual Class Share Companies
Samuel L. Hayes III, Lynn S. Paine and Christopher Bruner
Provides a brief historical overview of dual class share companies in the United States, focusing on the New York Stock Exchange's evolving position on dual class structures since the 1920s, the impact of hostile takeovers on their use since the 1980s, and recent perspectives on their utility and appropriateness. Concludes with a brief discussion of the role of dual class structures in recent debates over Europe's takeover laws.
Keywords: Acquisition;
Debates;
Capital Structure;
Equity;
Business History;
Law;
Organizational Structure;
Business and Shareholder Relations;
Perspective;
Europe;
United States;
Citation: Hayes, Samuel L., III, Lynn S. Paine, and Christopher Bruner. " Dual Class Share Companies." Harvard Business School Background Note 306-032, August 2005.
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Case
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2000
(Revised from original 1990 version)
John M. Case Company
Samuel L. Hayes III
The owner of a small, privately held company decides to sell out, and a group of the company's top managers structures a leveraged buyout. A rewritten version of an earlier case.
Keywords: Leveraged Buyouts;
Management Teams;
Business Exit or Shutdown;
Citation: Hayes, Samuel L., III. " John M. Case Company." Harvard Business School Case 291-008, March 2000. (Revised from original July 1990 version.)
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Case
| HBS Case Collection
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1998
(Revised from original version)
Impacta, S.A.
Samuel L. Hayes III
Citation: Hayes, Samuel L., III. " Impacta, S.A." Harvard Business School Case 295-093, August 1998. (Revised from original December 1994 version.)
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Case
| HBS Case Collection
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1997
(Revised from original 1997 version)
Fojtasek Companies and Heritage Partners, The: March 1995
Samuel L. Hayes III and Josh Lerner
The Fojtasek Companies, a family business, faces several financing choices to address generational succession issues. Several buyouts have expressed interest in acquiring the firm outright; an investment bank has proposed a leveraged recapitalization; and a private equity group, Heritage Partners, has proposed a hybrid transaction.
Keywords: Family Ownership;
Financing and Loans;
Private Equity;
Mergers and Acquisitions;
Investment Banking;
Partners and Partnerships;
Management Succession;
Capital Structure;
Financial Strategy;
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Case
| HBS Case Collection
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1997
(Revised from original 1987 version)
Mebel, Doran & Co.
Samuel L. Hayes III
Puts the student in the position of a senior official of a major New York investment bank who discovers that information has leaked to the market on a confidential takeover plan that was being developed by a corporate client. The official has to decide how to deal with the situation. There are subsequent handouts that carry him to later points of additional information discovery.
Citation: Hayes, Samuel L., III. " Mebel, Doran & Co." Harvard Business School Case 287-001, September 1997. (Revised from original June 1987 version.)
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Supplement
| HBS Case Collection
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1997
(Revised from original 1991 version)
Mebel, Doran & Co., Supplement
Samuel L. Hayes III
Supplements case (9-287-001).
Citation: Hayes, Samuel L., III. " Mebel, Doran & Co., Supplement." Harvard Business School Supplement 291-079, September 1997. (Revised from original June 1991 version.)
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Case
| HBS Case Collection
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1996
Conglomerat National - European Container
Samuel L. Hayes III
Keywords: Capital Budgeting;
Cost of Capital;
Europe;
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Case
| HBS Case Collection
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1996
(Revised from original version)
Nation Magazine (A), The
Samuel L. Hayes III
Keywords: Journals and Magazines;
Publishing Industry;
Citation: Hayes, Samuel L., III. " Nation Magazine (A), The." Harvard Business School Case 296-014, April 1996. (Revised from original August 1995 version.)
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Supplement
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1996
(Revised from original version)
Nation Magazine (B), The
Samuel L. Hayes III
Keywords: Journalism and News Industry;
Citation: Hayes, Samuel L., III. " Nation Magazine (B), The." Harvard Business School Supplement 296-086, April 1996. (Revised from original March 1996 version.)
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Case
| HBS Case Collection
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1994
(Revised from original version)
Czechoslovakia's Privatization: The Fund Phenomenon
Samuel L. Hayes III
Keywords: History;
Privatization;
Slovakia;
Czech Republic;
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Case
| HBS Case Collection
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1994
(Revised from original version)
Plowman Poultry Farm
Samuel L. Hayes III
A poultry farmer wanted to expand production greatly and sought a large extension of his line of credit from his bank in addition to his existing loan on which he had not made payment. The Board of Directors must review a detailed account of events leading to this request and make a decision.
Citation: Hayes, Samuel L., III. " Plowman Poultry Farm." Harvard Business School Case 262-003, January 1994. (Revised from original December 1961 version.)
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Case
| HBS Case Collection
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1994
(Revised from original version)
First National Bank of Westhaven (A)
Samuel L. Hayes III
Concerns a loan that has gone bad.
Keywords: Financing and Loans;
Failure;
Banking Industry;
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Case
| HBS Case Collection
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1994
(Revised from original version)
First National Bank of Westhaven (B)
Samuel L. Hayes III
Describes the events leading to deterioration of a goose farming operation.
Keywords: Animal-Based Agribusiness;
Failure;
Banking Industry;
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Teaching Note
| HBS Case Collection
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1993
(Revised from original version)
Consolidated Equipment, Teaching Note
Samuel L. Hayes III
Teaching Note for (9-291-007).
Keywords: Manufacturing Industry;
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Teaching Note
| HBS Case Collection
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1993
(Revised from original version)
John M. Case Co., Teaching Note
Samuel L. Hayes III
Teaching Note for (9-291-008).
Keywords: Industrial Products Industry;
Citation: Hayes, Samuel L., III. " John M. Case Co., Teaching Note." Harvard Business School Teaching Note 291-070, June 1993. (Revised from original June 1991 version.)
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Teaching Note
| HBS Case Collection
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1993
(Revised from original version)
Tiffany & Co., Teaching Note
Samuel L. Hayes III
Teaching Note for (9-288-022).
Keywords: Retail Industry;
Citation: Hayes, Samuel L., III. " Tiffany & Co., Teaching Note." Harvard Business School Teaching Note 291-065, February 1993. (Revised from original June 1991 version.)
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Case
| HBS Case Collection
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1992
(Revised from original version)
Consolidated Equipment Co.
Samuel L. Hayes III
A mature company seeks to rejuvenate itself with internal R&D and external acquisitions. It has developed a DCK model for analyzing the value of a proposed acquisition. A rewritten version of an earlier case by J.K. Butters.
Citation: Hayes, Samuel L., III. " Consolidated Equipment Co." Harvard Business School Case 291-007, October 1992. (Revised from original July 1990 version.)
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Case
| HBS Case Collection
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1992
(Revised from original version)
Tantal Production Amalgamation
Samuel L. Hayes III
Citation: Hayes, Samuel L., III. " Tantal Production Amalgamation." Harvard Business School Case 292-034, August 1992. (Revised from original April 1992 version.)
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Case
| HBS Case Collection
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1992
(Revised from original version)
Webber Controls, Inc.
Samuel L. Hayes III
Keywords: Electronics Industry;
Citation: Hayes, Samuel L., III. " Webber Controls, Inc." Harvard Business School Case 292-035, August 1992. (Revised from original April 1992 version.)
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Case
| HBS Case Collection
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1992
(Revised from original version)
Alcoa of Australia Ltd.
Dwight B. Crane and Samuel L. Hayes III
Keywords: Mining Industry;
Australia;
Citation: Crane, Dwight B., and Samuel L. Hayes III. " Alcoa of Australia Ltd." Harvard Business School Case 281-047, March 1992. (Revised from original January 1981 version.)
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Teaching Note
| HBS Case Collection
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1991
Philip Morris Companies, Inc. (A) TN
Samuel L. Hayes III
Teaching Note for (9-292-005).
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Teaching Note
| HBS Case Collection
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1991
Philip Morris Companies, Inc. (B) TN
Samuel L. Hayes III
Teaching Note for (9-292-006).
Keywords: United States;
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Teaching Note
| HBS Case Collection
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1991
Philip Morris Companies, Inc. (C) TN
Samuel L. Hayes III
Teaching Note for (9-292-007).
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Case
| HBS Case Collection
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1991
(Revised from original version)
Philip Morris Companies, Inc. (A)
Samuel L. Hayes III
This large tobacco and diversified food processor is seeking to refinance debt funds raised to accomplish a large acquisition. It has filed a large "shelf" registration that authorizes it to issue during the subsequent two years. At the time of the case, the market looks attractive and the company's CEO is trying to decide whether to issue debt and, if so, in what form. Teaching objective: to familiarize students with the shelf registration form of underwriting, to analyze an issuer's operating and financial profile preparatory to going to the public market, and to assess the position the issuing company should take towards the investment bankers who want to be awarded the business.
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Case
| HBS Case Collection
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1991
(Revised from original version)
Philip Morris Companies, Inc. (B)
Samuel L. Hayes III
Looks at the company's plans for a new debt offering under the Rule 415 shelf underwriting provision--in this instance from the vantage point of the lead investment banker for the deal. The decision-maker must assess the risks of the issuer, the tone of the market, the price and commission to be set, and other details relating to the offering, including whether to use a syndicate, and whether to hedge. Gives students the opportunity to analyze the operating and financial data relating to a leading U.S. company in the context of a new debt offering. Students assume the role of the investment banker and can contrast the preoccupations of the vendor with those of the issuer.
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Supplement
| HBS Case Collection
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1991
(Revised from original version)
Philip Morris Companies, Inc. (C)
Samuel L. Hayes III
Supplements the (B) case.
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Case
| HBS Case Collection
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1991
(Revised from original version)
Primerica Corp.
Samuel L. Hayes III
Keywords: Financial Services Industry;
Citation: Hayes, Samuel L., III. " Primerica Corp." Harvard Business School Case 288-019, July 1991. (Revised from original September 1987 version.)
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Case
| HBS Case Collection
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1991
(Revised from original version)
Tiffany & Co.
Samuel L. Hayes III
This premier retail jewelry company was bought from its parent, Avon, by a group of investors led by its own management in 1984. The company was highly leveraged, financially, and had to scramble to meet the cash flow and earnings requirements laid down by its lenders. Management effected a turnaround and decided to "go public" to pay down its debt and provide further growth funds. Students must assess the company's relative appeal to investors and refine a pricing recommendation for the securities underwriting syndicate.
Keywords: Acquisition;
Borrowing and Debt;
Cash Flow;
Price;
Going Public;
Apparel and Accessories Industry;
Citation: Hayes, Samuel L., III. " Tiffany & Co." Harvard Business School Case 288-022, July 1991. (Revised from original October 1987 version.)
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Teaching Note
| HBS Case Collection
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1991
Fairbanks, Perkins & Co., Inc., Teaching Note
Samuel L. Hayes III
Citation: Hayes, Samuel L., III. "Fairbanks, Perkins & Co., Inc., Teaching Note." Harvard Business School Teaching Note 291-071, June 1991.
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Teaching Note
| HBS Case Collection
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1991
Deutsche Bank Group, Teaching Note
Samuel L. Hayes III
Keywords: Banking Industry;
Germany;
Citation: Hayes, Samuel L., III. "Deutsche Bank Group, Teaching Note." Harvard Business School Teaching Note 291-072, June 1991.
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Teaching Note
| HBS Case Collection
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1991
Primerica Corp., Teaching Note
Samuel L. Hayes III
Citation: Hayes, Samuel L., III. "Primerica Corp., Teaching Note." Harvard Business School Teaching Note 291-066, June 1991.
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Teaching Note
| HBS Case Collection
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1991
Nomura Securities Co. Ltd. (A), Teaching Note
Samuel L. Hayes III
Keywords: Debt Securities;
Citation: Hayes, Samuel L., III. "Nomura Securities Co. Ltd. (A), Teaching Note." Harvard Business School Teaching Note 291-067, June 1991.
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Teaching Note
| HBS Case Collection
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1991
Nomura Securities Co. Ltd. (B), Teaching Note
Samuel L. Hayes III
Citation: Hayes, Samuel L., III. "Nomura Securities Co. Ltd. (B), Teaching Note." Harvard Business School Teaching Note 291-068, June 1991.
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Teaching Note
| HBS Case Collection
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1991
Mebel, Doran & Co., Teaching Note
Samuel L. Hayes III
Teaching Note for (9-287-001).
Keywords: New York (state, US);
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Case
| HBS Case Collection
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1991
(Revised from original version)
Merrill Lynch Capital Partners, Inc.
Samuel L. Hayes III
Keywords: Financial Services Industry;
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Case
| HBS Case Collection
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1991
(Revised from original version)
Deutsche Bank Group
Samuel L. Hayes III
Keywords: Banks and Banking;
Banking Industry;
Citation: Hayes, Samuel L., III. " Deutsche Bank Group." Harvard Business School Case 290-036, April 1991. (Revised from original June 1990 version.)
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Case
| HBS Case Collection
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1991
Nomura Securities Co. Ltd. (A)
Samuel L. Hayes III
Keywords: Financial Services Industry;
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Case
| HBS Case Collection
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1991
(Revised from original version)
Fairbanks, Perkins & Co., Inc.
Samuel L. Hayes III
Citation: Hayes, Samuel L., III. " Fairbanks, Perkins & Co., Inc." Harvard Business School Case 276-003, April 1991. (Revised from original July 1975 version.)
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Case
| HBS Case Collection
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1991
Nomura Securities Co. Ltd. (B)
Samuel L. Hayes III
Keywords: Financial Services Industry;
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Case
| HBS Case Collection
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1986
Amalgamated Manufacturing Corp. (A), Software Case
Samuel L. Hayes III
Keywords: Manufacturing Industry;
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Case
| HBS Case Collection
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1986
(Revised from original version)
Hanson Industries (C)
Samuel L. Hayes III
The management of Hanson is examining its near-term cash needs and the possible longer-term generation of earnings and cash.
Keywords: Business Earnings;
Corporate Finance;
Growth and Development Strategy;
Citation: Hayes, Samuel L., III. " Hanson Industries (C)." Harvard Business School Case 279-066, April 1986. (Revised from original January 1979 version.)
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Case
| HBS Case Collection
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1982
(Revised from original version)
Wel-Bilt Furniture Co.
Samuel L. Hayes III
Citation: Hayes, Samuel L., III. " Wel-Bilt Furniture Co." Harvard Business School Case 272-190, July 1982. (Revised from original June 1972 version.)
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Case
| HBS Case Collection
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1980
(Revised from original version)
Hamburgers, Inc.
Samuel L. Hayes III
Keywords: Food and Beverage Industry;
Citation: Hayes, Samuel L., III. " Hamburgers, Inc." Harvard Business School Case 275-037, October 1980. (Revised from original October 1974 version.)
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Case
| HBS Case Collection
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1980
(Revised from original version)
Commonwealth of Massachusetts
Samuel L. Hayes III
Keywords: Government and Politics;
Massachusetts;
Citation: Hayes, Samuel L., III. " Commonwealth of Massachusetts." Harvard Business School Case 278-068, October 1980. (Revised from original November 1977 version.)
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Case
| HBS Case Collection
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1977
(Revised from original version)
Exxon Corp.: Dutch Auction
Samuel L. Hayes III
Keywords: Energy Industry;
Citation: Hayes, Samuel L., III. " Exxon Corp.: Dutch Auction." Harvard Business School Case 278-070, December 1977. (Revised from original November 1977 version.)
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Case
| HBS Case Collection
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1976
Weightman, Lawson & Frank (The Underwriting Decision)
Samuel L. Hayes III
Keywords: Financial Institutions;
Financial Services Industry;
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Supplement
| HBS Case Collection
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1975
E.F. Hutton and Co. (C)
Samuel L. Hayes III
Keywords: Financial Services Industry;
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Case
| HBS Case Collection
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1975
E.F. Hutton and Co. (B)
Samuel L. Hayes III
Keywords: Financial Services Industry;
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Case
| HBS Case Collection
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1962
Rogers, Wilde & Co. (B)
Samuel L. Hayes III and Charles M. Williams
Citation: Hayes, Samuel L., III, and Charles M. Williams. " Rogers, Wilde & Co. (B)." Harvard Business School Case 263-003, March 1962.
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Case
| HBS Case Collection
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1961
Rogers, Wilde & Co. (A)
Samuel L. Hayes III
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