The Nikkei 225 Reconstitution

Robin  Greenwood

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Case | HBS Case Collection | March 2007 (Revised March 2008)

The Nikkei 225 Reconstitution

by Robin Greenwood

Abstract

Taka Haneda, a proprietary trader at the Tokyo office of Goldman Sachs, has just learned that the Nikkei 225 will undergo a significant redefinition over the coming week. He faces several billion dollars of customer orders, as well as the opportunity to commit the firm's capital to provide liquidity for the event. He must decide what positions to establish, and at what price he is willing to get out.

Keywords: Financial Liquidity; Stocks; Investment Return; Price; Market Transactions; Financial Services Industry; Tokyo;

Format: Print

18 pages

Educators Purchase

Citation:

Greenwood, Robin. "The Nikkei 225 Reconstitution." Harvard Business School Case 207-109, March 2007. (Revised March 2008.)

About the Author

Robin Greenwood

George Gund Professor of Finance and Banking
Unit Head, Finance

Finance

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Case | HBS Case Collection | November 2006 (Revised November 2017)

Kerr-McGee

Robin Greenwood and André Perold

Activist investors Carl Icahn and Barry Rosenstein acquire a stake in Oklahoma-based company Kerr-McGee. They demand two board seats and ask the company to make several operational and financial changes, including the repurchase of equity and divestiture of their chemicals business. The case protagonist, Luke Corbett, CEO, opposes these changes.

Keywords: Restructuring; Chemicals; Equity; Investment; Governance Controls; Managerial Roles; Chemical Industry; Energy Industry; United States;

Citation:
Greenwood, Robin, and André Perold. "Kerr-McGee." Harvard Business School Case 207-020, November 2006. (Revised November 2017.) View Details

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Background Note | HBS Case Collection | December 2004 (Revised October 2017)

Subscriber Models

Mihir Desai, Robin Greenwood, Scott Mayfield and Lucy White

Introduces the subscriber model as an alternative valuation framework for firms whose revenues can be traced to repeated transactions with customers.

Keywords: Valuation; Corporate Finance;

Citation:
Desai, Mihir, Robin Greenwood, Scott Mayfield, and Lucy White. "Subscriber Models." Harvard Business School Background Note 205-061, December 2004. (Revised October 2017.) View Details

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Case | HBS Case Collection | September 2015 (Revised September 2017)

Pershing Square 2.0

Robin Greenwood, Samuel Hanson and David Biery

In June 2015 William A. Ackman, the CEO and founder of New York hedge fund Pershing Square Capital, reflects on the success of the fund he has spent over a decade building. Since its inception in 2004, Pershing Square's assets under management had grown from $500 million to well over $18 billion. Ackman is now considering a sizable new portfolio position and must decide how he should raise capital to undertake this new investment. This choice is affected by the recent launch of his new, $6 billion closed-end vehicle, Pershing Square Holdings, as well as the firm's lengthening investment horizon. Although always activist in nature, Ackman and his fund had in recent years become substantively involved in the management of portfolio companies, often working to drive shareholder value by improving operating performance.

Keywords: activism; value investing; portfolio management; Management; Investment Portfolio; Investment Activism;

Citation:
Greenwood, Robin, Samuel Hanson, and David Biery. "Pershing Square 2.0." Harvard Business School Case 216-003, September 2015. (Revised September 2017.) View Details

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The Nikkei 225 Reconstitution

Abstract

Citation:

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