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    • All HBS Web  (290)
      • Faculty Publications  (48)

      Activist Investors Remove Activist Investors →

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      How Activist Investors Became Respectable
      (Editor's Note. Carl Icahn is in the news again. On Monday, SEC filings revealed the militant investor has sold his entire stake in eBay, after...
      How Activist Investors Became Respectable
      → Search All HBS Web
      • October 2020 (Revised November 2020)
      • Case

      Digging for Gold: Paulson & Co.'s Activism in the Gold Sector

      By: Suraj Srinivasan and Jonah S. Goldberg
      The case describes the efforts of hedge fund Paulson & Co to influence corporate governance and improve performance in the gold industry. In an innovative move, the hedge fund led the creation of the Shareholder Gold Council, a consortium of large investors in gold...  View Details
      Keywords: Board Of Directors; Hedge Funds; Shareholder Activism; Gold; Corporate Governance; Governing And Advisory Boards; Investment Funds; Investment Activism; Performance Improvement; Corporate Accountability; Mining Industry; Canada; United States
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      Srinivasan, Suraj, and Jonah S. Goldberg. "Digging for Gold: Paulson & Co.'s Activism in the Gold Sector." Harvard Business School Case 121-021, October 2020. (Revised November 2020.)
      • November 2019
      • Case

      United Technologies: Are the Parts Worth More Than the Whole?

      By: Benjamin C. Esty and Daniel Fisher
      After spending more than 50 years creating a diversified industrial conglomerate that Fortune magazine described as “arguably the most profitable conglomerate in America” in 2014, UTC’s CEO Greg Hayes was under pressure from activist investors (Dan Loeb and Bill...  View Details
      Keywords: Corporate Strategy; Business Conglomerates; Financial Management; Corporate Governance; Organizational Structure; Investment Funds; Value Creation; Aerospace Industry; Electronics Industry; Industrial Products Industry; United States
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      Esty, Benjamin C., and Daniel Fisher. "United Technologies: Are the Parts Worth More Than the Whole?" Harvard Business School Case 220-018, November 2019.
      • November 2019
      • Supplement

      United Technologies Corp.: Are the Parts Worth More Than the Whole?

      By: Benjamin C. Esty and Daniel Fisher
      After spending more than 50 years creating a diversified industrial conglomerate that Fortune Magazine described as “arguably the most profitable conglomerate in America” in 2014, UTC’s CEO Greg Hayes was under pressure from activist investors (Dan Loeb and Bill...  View Details
      Keywords: Corporate Strategy; Business Conglomerates; Financial Management; Corporate Governance; Organizational Structure; Diversification; Valuation; Investment Activism; Financial Strategy; Investment Funds; Value Creation; Aerospace Industry; Electronics Industry; Industrial Products Industry; United States
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      Esty, Benjamin C., and Daniel Fisher. "United Technologies Corp.: Are the Parts Worth More Than the Whole?" Harvard Business School Spreadsheet Supplement 220-714, November 2019.
      • November 2019
      • Article

      The Relevance of Broker Networks for Information Diffusion in the Stock Market

      By: Marco Di Maggio, Francesco Franzoni, Amir Kermani and Carlo Sommavilla
      This paper shows that the network of relationships between brokers and institutional investors shapes information diffusion in the stock market. We exploit trade-level data to show that central brokers gather information by executing informed trades, which is then...  View Details
      Keywords: Business And Shareholder Relations; Information; Knowledge Dissemination; Financial Markets
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      Di Maggio, Marco, Francesco Franzoni, Amir Kermani, and Carlo Sommavilla. "The Relevance of Broker Networks for Information Diffusion in the Stock Market." Journal of Financial Economics 134, no. 2 (November 2019): 419–446.
      • October 2019
      • Case

      A Conversation with Ellen J. Kullman, Chairman & CEO of DuPont, 2009-2015

      By: Lynn S. Paine and Will Hurwitz
      Ellen J. Kullman, the retired Chairman and CEO of DuPont, describes how she guided the storied science and technology company through a contentious proxy battle with activist investor Trian Partners, which acquired DuPont shares in 2013 and sought to break up the...  View Details
      Keywords: Agribusiness; Capital Structure; Corporate Accountability; Corporate Governance; Institutional Investing; Leadership; Leadership Style; Management; Transformation; Agriculture And Agribusiness Industry; Chemical Industry; United States
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      Paine, Lynn S., and Will Hurwitz. "A Conversation with Ellen J. Kullman, Chairman & CEO of DuPont, 2009-2015." Harvard Business School Case 320-017, October 2019.
      • October 2018
      • Case

      The Proxy Fight at ADP

      By: Robin Greenwood and E. Scott Mayfield
      In July 2017, shares of Automatic Data Processing, Inc. (ADP) surged 12% following a report that the activist investor Bill Ackman had acquired a sizable stake in the company and planned to nominate his own slate of directors at the company’s annual meeting in...  View Details
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      Greenwood, Robin, and E. Scott Mayfield. "The Proxy Fight at ADP." Harvard Business School Case 219-052, October 2018.
      • March 2018
      • Case

      Sachem Head's Activism at Autodesk

      By: Suraj Srinivasan and Quinn Pitcher
      In 2015, activist hedge fund Sachem Head Capital, led by founder Scott Ferguson, launched an activist campaign at computer aided design (CAD) software maker Autodesk. The activist campaign, waged mainly in private, was over Autodesk's lackluster financial performance,...  View Details
      Keywords: Shareholder Activism; Investing; Activist Investing; Corporate Governance; Technology; Ceo Turnover; Hedge Fund Activism; Benchmarking; Corporate Governance; Technology; Investment Activism; Performance Improvement; Management Succession; United States
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      Srinivasan, Suraj, and Quinn Pitcher. "Sachem Head's Activism at Autodesk." Harvard Business School Case 118-086, March 2018.
      • January 2018
      • Case

      Mary Barra, CEO, General Motors

      By: Nitin Nohria, Kerry Herman and Sarah Gulick
      Library case detailing the career of Mary Barra, GM’s CEO from January 2014, and her handling of the GM ignitions scandal, GM’s move into electric and autonomous car development, and activist investors.  View Details
      Keywords: Ceo; Female Ceo; Automobiles; Leadership; Crisis Management; Auto Industry; Michigan
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      Nohria, Nitin, Kerry Herman, and Sarah Gulick. "Mary Barra, CEO, General Motors." Harvard Business School Case 418-042, January 2018.
      • January 2018
      • Case

      Trian Partners' Proxy Contest at Procter & Gamble

      By: Suraj Srinivasan and Quinn Pitcher
      In July 2017, activist hedge fund Trian Partners announced that it was launching a proxy fight at U.S. consumer goods giant Procter & Gamble. P&G would be the largest company ever subjected to a proxy fight, as Trian sought to have its CEO, Nelson Peltz, elected to the...  View Details
      Keywords: Investment; Corporate Governance; Institutional Investing; Investment Activism; Business And Shareholder Relations; United States
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      Srinivasan, Suraj, and Quinn Pitcher. "Trian Partners' Proxy Contest at Procter & Gamble." Harvard Business School Case 118-049, January 2018.
      • November 2017
      • Case

      Third Point Paints a Target on Sotheby's

      By: Lena G. Goldberg
      When faced with the increasing accumulation of its stock by activist investors led by Daniel Loeb’s Third Point LLC and the activists’ stated objective to replace management and at least some Sotheby’s Board members, Sotheby’s, the world’s oldest auction house,...  View Details
      Keywords: Fiduciary Duties; Activists; Activist Investors; Rights Plan; Poison Pills; Takeover Defenses; Corporate Governance; Laws And Statutes; Lawsuits And Litigation; Ownership Stake; Value Creation; Crisis Management
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      Goldberg, Lena G. "Third Point Paints a Target on Sotheby's." Harvard Business School Case 318-086, November 2017.
      • May 2017 (Revised October 2017)
      • Teaching Note

      eBay vs. Carl Icahn, 2014, and A Note on Activist Investors and the Tech Sector

      By: David B. Yoffie and Eric Baldwin
      Teaching note to accompany eBay vs. Carl Icahn, 2014, HBS Case #717-417; eBay vs. Carl Icahn, 2014: Interview with John Donahoe, eBay CEO 2008-2015; A Note on Activist Investors and the Tech Section HBS Case #716-462  View Details
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      Yoffie, David B., and Eric Baldwin. "eBay vs. Carl Icahn, 2014, and A Note on Activist Investors and the Tech Sector." Harvard Business School Teaching Note 717-510, May 2017. (Revised October 2017.)
      • March 2017
      • Supplement

      eBay vs. Carl Icahn, 2014: Interview with John Donahoe, eBay CEO 2008-2015

      By: David B. Yoffie, Eric Baldwin and Tom Ryder
      This video, a supplement to HBS Case No. 717-417, features an interview with former eBay CEO John Donahoe, providing his perspective on eBay's response to activist investor Carl Icahn's attack on eBay, which began in January 2014. After giving some of his own...  View Details
      Keywords: Strategy; Activist Shareholder; Activist Investors; Technology; Corporate Strategy; Strategy; Corporate Strategy; Investment Activism; Financial Services Industry; Retail Industry; Technology Industry
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      Yoffie, David B., Eric Baldwin, and Tom Ryder. "eBay vs. Carl Icahn, 2014: Interview with John Donahoe, eBay CEO 2008-2015." Harvard Business School Multimedia/Video Supplement 717-801, March 2017.
      • January 2017
      • Case

      Danaher Corporation, 2007–2017

      By: John R. Wells and Gabriel Ellsworth
      On July 2, 2016, Danaher Corporation completed the spinoff of Fortive Corporation. The previous day, Danaher’s stock price had reached an all-time high. In 2015, Danaher had decided to split off its test and measurement, fuel and fleet management, and automation...  View Details
      Keywords: Danaher; Fortive; Larry Culp; Beckman Coulter; Pall; Life Sciences; Diagnostics; Environmental Operations; Water Management; Dental; Testing; Measurement; Fuel; Fleet Management; Automation; Toolmaking; Tools; Disease Management; Continuous Improvement; Toyota Production System; Divestiture; Spinoffs; Spin-off; Networks; Acquisition; Mergers And Acquisitions; Business Conglomerates; Business Divisions; Business Subsidiaries; Business Units; Business Growth And Maturation; Business Model; For-profit Firms; Joint Ventures; Restructuring; Engineering; Chemicals; Construction; Machinery And Machining; Profit; Revenue; Globalized Firms And Management; Multinational Firms And Management; Health; Health Care And Treatment; Health Disorders; Medical Specialties; Business History; Job Cuts And Outsourcing; Business Or Company Management; Growth And Development Strategy; Management Analysis, Tools, And Techniques; Management Practices And Processes; Management Succession; Management Systems; Resource Allocation; Market Entry And Exit; Measurement And Metrics; Logistics; Business Processes; Organizational Change And Adaptation; Public Ownership; Problems And Challenges; Science; Genetics; Natural Environment; Wastes And Waste Processing; Science-based Business; Opportunities; Strategy; Adaptation; Business Strategy; Competition; Competitive Strategy; Competitive Advantage; Consolidation; Corporate Strategy; Diversification; Expansion; Technology; Software; Technology Networks; Technology Platform; Value; Valuation; Aerospace Industry; Auto Industry; Biotechnology Industry; Chemical Industry; Computer Industry; Construction Industry; Consumer Products Industry; Distribution Industry; Electronics Industry; Food And Beverage Industry; Health Industry; Industrial Products Industry; Information Technology Industry; Manufacturing Industry; Medical Devices And Supplies Industry; Pharmaceutical Industry; Retail Industry; Rubber Industry; Semiconductor Industry; Shipping Industry; Technology Industry; Telecommunications Industry; Utilities Industry; United States; District Of Columbia
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      Wells, John R., and Gabriel Ellsworth. "Danaher Corporation, 2007–2017." Harvard Business School Case 717-464, January 2017.
      • August 2016 (Revised July 2019)
      • Case

      Alere

      By: Raffaella Sadun, Catherine Slater and Channing Spencer
      The Board of Alere, Inc., a leading medical diagnostic firm, is evaluating the offer made by Ron Zwanziger, the firm’s founder and former CEO, to acquire the company and take it private. The offer arrives at the end of a tumultuous year for the company, which saw...  View Details
      Keywords: Corporate Governance; Corporate Strategy; Governing And Advisory Boards; Decision Making; United States
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      Sadun, Raffaella, Catherine Slater, and Channing Spencer. "Alere." Harvard Business School Case 717-402, August 2016. (Revised July 2019.)
      • July 2016
      • Case

      'Golden Leash' Pay for Directors at The Dow Chemical Company

      By: Ian Gow, Suraj Srinivasan and Neeraj Goyal
      In November 2014, The Dow Chemical Company was faced with the prospect of a proxy battle with prominent hedge fund and activist investor Third Point Management. The activist had criticized Dow’s recent performance and advocated that the company split itself to maximize...  View Details
      Keywords: Motivation And Incentives; Governing And Advisory Boards; Executive Compensation; Investment Activism; Chemical Industry
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      Gow, Ian, Suraj Srinivasan, and Neeraj Goyal. "'Golden Leash' Pay for Directors at The Dow Chemical Company." Harvard Business School Case 117-029, July 2016.
      • June 2016 (Revised May 2017)
      • Case

      FANUC Corporation: Reassessing the Firm's Governance and Financial Policies

      By: Benjamin C. Esty, Nobuo Sato and Akiko Kanno
      In February 2015, Daniel Loeb (a U.S.–based activist investor) announced his firm had a large investment in FANUC Corporation, a leading producer of industrial robots and software for machine tools. Loeb was demanding that the Japanese firm change its financial and...  View Details
      Keywords: Corporate Governance; Financial Strategy; Hedge Funds; Macroeconomics; Economic Policy; Financial Management; Investments; Valuation; Government Policy; Deregulation; Change Management; Financial Management; Valuation; Investment Funds; Policy; Corporate Governance; Macroeconomics; Investment Activism; Change Management; Financial Strategy; Cross-cultural And Cross-border Issues; Japan; United States
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      Esty, Benjamin C., Nobuo Sato, and Akiko Kanno. "FANUC Corporation: Reassessing the Firm's Governance and Financial Policies." Harvard Business School Case 216-042, June 2016. (Revised May 2017.)
      • June 2016
      • Supplement

      FANUC Corporation: Reassessing the Firm's Governance and Financial Policies Spreadsheet Supplement

      By: Benjamin C. Esty and Akiko Kanno
      In February 2015, Daniel Loeb (a US-based activist investor) announced his firm had a large investment in FANUC Corporation, a leading producer of industrial robots and software for machine tools. Loeb was demanding that the Japanese firm change its financial and...  View Details
      Keywords: Financial Management; Valuation; Investment Funds; Policy; Corporate Governance; Macroeconomics; Investment Activism; Change Management; Financial Strategy; Cross-cultural And Cross-border Issues; Japan; United States
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      Esty, Benjamin C., and Akiko Kanno. "FANUC Corporation: Reassessing the Firm's Governance and Financial Policies Spreadsheet Supplement." Harvard Business School Spreadsheet Supplement 216-714, June 2016.
      • June 2016 (Revised May 2017)
      • Case

      A Note on Activist Investors and the Tech Sector

      By: David B. Yoffie and Eric Baldwin
      This short note provides background and data on the growing role of corporate activists, especially in high-technology industries.  View Details
      Keywords: Strategy; Governance; Activist Investors; Strategy; Investment Activism; Financial Services Industry; Technology Industry
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      Yoffie, David B., and Eric Baldwin. "A Note on Activist Investors and the Tech Sector." Harvard Business School Case 716-462, June 2016. (Revised May 2017.)
      • April 2016 (Revised June 2017)
      • Teaching Note

      Dollar General Bids for Family Dollar

      By: Jonas Heese, Paula A. Price and Suraj Srinivasan
      In spring 2015, Dollar General CEO Rick Dreiling was looking ahead to retiring at year's end but worried about ensuring continued growth for the company he had built since 2008 into a market leader in the U.S. discount retail world. Dollar General operated over 11,500...  View Details
      Keywords: Dollar General; Family Dollar; Dollar Tree; Antitrust; Board Of Directors; Corporate Strategy; Activist Investors; Federal Trade Commission; Acquisition; Valuation; Corporate Strategy; Retail Industry
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      Heese, Jonas, Paula A. Price, and Suraj Srinivasan. "Dollar General Bids for Family Dollar." Harvard Business School Teaching Note 116-052, April 2016. (Revised June 2017.)
      • Other Article

      How Activist Investors Became Respectable

      By: Joseph B. Fuller
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      Fuller, Joseph B. "How Activist Investors Became Respectable." Harvard Business School Working Knowledge (November 17, 2015).
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      How Activist Investors Became Respectable
      (Editor's Note. Carl Icahn is in the news again. On Monday, SEC filings revealed the militant investor has sold his entire stake in eBay, after...
      How Activist Investors Became Respectable
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