Nomura's Global Growth: Picking Up Pieces of Lehman

C. Fritz  Foley; Linnea  Meyer

Case | HBS Case Collection | August 2009

Nomura's Global Growth: Picking Up Pieces of Lehman

Abstract

What issues commonly arise in international financial management? Kenichi Watanabe and Takumi Shibata, CEO and COO of Nomura Holdings Inc., one of the leading investment banks in Asia, have the opportunity to expand their firm internationally through the acquisition of various parts of Lehman Brothers, an insolvent global investment bank. In evaluating this opportunity, students must consider the complexities of such expansion, including the challenges posed by a multinational insolvency, the difficulties of post-merger integration in a cross-border acquisition, and more general issues related to currency hedging and international taxation.

Keywords: Mergers and Acquisitions; Insolvency and Bankruptcy; Investment Banking; International Finance; Cross-Cultural and Cross-Border Issues; Expansion; Financial Services Industry; Japan;

Format: Print

15 pages

Educators Purchase

Citation:

Foley, C. Fritz, and Linnea Meyer. "Nomura's Global Growth: Picking Up Pieces of Lehman." Harvard Business School Case 210-017, August 2009.

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.

In January 2017, the senior leadership team at Edwards Lifesciences were preparing for the quarterly earnings call that would cover the fourth quarter of 2016. They faced questions about what types of information they should disclose on the call, as well as during other key investor relation events that take place throughout the year.

In the spring of 2018, the Senior Associate Dean for Strategic Financial Planning at Harvard Business School considers potential refinements to the School's financial management practices. He faced questions about whether the metrics that had been used to evaluate financial health were appropriate and about whether key processes that worked well in the past should be reexamined.

Faculty & Research

Nomura's Global Growth: Picking Up Pieces of Lehman

Abstract

Citation:

About the Author

More from the Author