More from these Authors

• Case | HBS Case Collection | August 2019

  Legrand's Acquisition of Milestone

  C. Fritz Foley and F. Katelynn Boland

  In June 2017, Legrand, a global specialist in electrical and digital building infrastructure which was a serial acquirer, announced it had signed an agreement to buy Milestone AV Technologies, a leading designer and manufacturer of branded audio-video products. This case describes Legrand's approach to screening, pursuing, and integrating targets as well as the criteria used to evaluate if a deal is successful.

  Keywords: Mergers ＆ Acquisitions; acquisition strategy; Mergers and Acquisitions; Management; Strategy; Corporate Finance; Electronics Industry; Europe; United States;

  Citation:

  Foley, C. Fritz, and F. Katelynn Boland. "Legrand's Acquisition of Milestone." Harvard Business School Case 220-028, August 2019.  View Details

  CiteView DetailsEducators

  Related

• Case | HBS Case Collection | November 2017 (Revised July 2019)

  Project Moab at Hulu

  C. Fritz Foley and James Weber

  In 2015, Elaine Paul, CFO of Hulu, and the rest of the senior leadership team, must decide if they should offer a new, advertisement-free subscription service. At the time Hulu distributed a wide variety of content including in season current programing and earned significant revenues from advertising. This choice had strategic implications and required formulating a view on how the video-on-demand industry would evolve. It also had value implications that can be analyzed in a subscriber-valuation model. The owners of Hulu, which included Disney and Fox, would ultimately need to approve whatever decision was made.

  Keywords: video on demand; subscriber models; Media; Business Model; Decision Choices and Conditions; Media and Broadcasting Industry; Entertainment and Recreation Industry; United States;

  Citation:

  Foley, C. Fritz, and James Weber. "Project Moab at Hulu." Harvard Business School Case 218-050, November 2017. (Revised July 2019.)  View Details

  CiteView DetailsEducatorsPurchase

  Related

• Working Paper | 2019

  Reflexivity in Credit Markets

  Robin Greenwood, Samuel G. Hanson and Lawrence J. Jin

  Reflexivity is the idea that investors' biased beliefs affect market outcomes, and that market outcomes in turn affect investors' beliefs. We develop a behavioral model of the credit cycle featuring such a two-way feedback loop. In our model, investors form beliefs about firms' creditworthiness, in part by extrapolating past default rates. Investor beliefs influence firms' actual creditworthiness because firms that can refinance maturing debt on favorable terms are less likely to default in the short run—even if fundamentals do not justify investors' generosity. Our model is able to match many features of credit booms and busts, including the imperfect synchronization of credit cycles with the real economy, the negative relationship between past credit growth and the future return on risky bonds, and "calm before the storm" periods in which firm fundamentals have deteriorated but the credit market has not yet turned.

  Keywords: reflexivity; Attitudes; Financial Markets; Forecasting and Prediction; Investment; Credit;

  Citation:

  Greenwood, Robin, Samuel G. Hanson, and Lawrence J. Jin. "Reflexivity in Credit Markets." NBER Working Paper Series, No. 25747, April 2019.  View Details

  CiteView Details Read Now

  Related