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This paper introduces the base‐case‐valuation pattern, which is derived from the modern Graham and Dodd valuation methodology, and it demonstrates how that pattern could be utilized in M&A by way of a case study.

The paper presents a case study of the 2004 acquisition of Sears by hedge‐fund manager Eddie Lampert. It draws on previously published Graham and Dodd methodological materials as well as Sears' publicly available financial information. The valuation calculations presented in the case is the sole work of the author.

The results of the case suggest that base‐case valuation could be practically utilized in M&A. Significantly, it could also be utilized in the formulation of an M&A‐negotiating strategy, shareholder‐communication plan, and performance‐improvement plan.

The paper demonstrates how that acquisition contained a reasonable margin‐of safety, or price discount to estimated value, even though it occurred at a multiple of 1.8x Sears' book value at the time.

This case demonstrates the practical utility of base‐case value in M&A by way of the 2004 Sears acquisition.

This work introduces the base‐case‐valuation pattern, and it is the first work, as far as we are aware, that applies the Graham and Dodd methodology to the Sears acquisition even though Eddie Lampert is a noted Graham and Dodd‐based practitioner.

Storytelling helps clarify the concealed or less visible elements of reality in its authentic context. Story analysis read between the lines of written or oral narratives to obtain richer understanding of an event. However, storytelling practice is a double-edge sword. Skilled storytellers may employ the power of storytelling to reframe an event in a favorable or undesirable way.

In contemporary business world, corporations broadly employ expert authors who proficiently apply storytelling practices in corporate public documents. Accordingly, corporate public documents declare desirable corporate image and promising reflection of business activities hence the corporate attracts more stockholders and obtains extra resources.

In current business world, corporates that do not appropriately employ storytelling would fail to take the opportunity to brainwash stockholders, hence suffer from competitive disadvantage.

This case study analyses Sears Holdings Corporation public report to explore how its business activities are revealed to public stakeholders. This study also proposes hypotheses of the consequences of ineffective storytelling.

This chapter investigates the antecedents to the development of the three components of subsidiaries’ absorptive capacity (ACAP): recognition, assimilation and application of transferred knowledge in the context of the vertical flow of social and environmental accounting and reporting (SEAR) knowledge from the HQ to acquired subsidiaries. Our analysis is based on an embedded multiple case study of a UK-based MNC, informed by 44 semi-structured interviews and capitalising on agency theory and socialisation theory. Prior knowledge is not a sufficient explanation to the development of ACAP but it is also dependent on organisational mechanisms that will trigger the learning processes. Depending on the nature and degree of the social, control and integration mechanisms, the effects of prior stocks of knowledge on ACAP may vary. Our propositions only hold for one direction of knowledge transfer. The study is based on an embedded multiple case study in one sector which restricts its generalisation. It excludes the specific relationships between the three ACAP learning processes and the existence of feedback loops. Our findings suggest that the HQ’s mix of social, control and integration mechanisms should account for initial stocks of SEAR knowledge. The contribution lies in uncovering the interaction between heterogeneous levels of prior knowledge and organisational mechanisms deployed by the HQ fostering ACAP. We address emerging issues regarding the reification of the ACAP concept and highlight the potential of agency theory for informing studies on HQ-subsidiary relations.

This paper offers a reanalysis or “re‐view” of a celebrated tale of corporate transformation – the turnaround of Sears, Roebuck and Company – which was discussed in the Harvard Business Review. Noting that “contextual” and “processual” attempts to revise the tale of Sears and its transformation would tend to exchange one monological rendering for another, albeit more critical account, the paper “re‐views” the case in an attempt to make space for perspectives and narratives normally edited out of narratives of change management.

Building upon a critical review of the literature concerned with organizational storytelling the paper “re‐views” the Harvard rendering of the Sears case as an epic tale. The paper then supplements this epic rendering of the Sears case with another two accounts of the case, which recast and review the tale first as a tragedy and then as a comedy.

The paper reveals the polysemic nature of organization and change and suggests the need for approaches to the narration of change that can give voice to perspectives denied by both celebratory and critical accounts of change management.

The paper offers an innovative “re‐view” of a celebrated account of change management and invites the reader to make room for voices and perspectives normally lost within narratives of change.

The archival records of Canadian corporations held by Library and Archives Canada (LAC) are a rich source of primary documents for the study of the history of marketing and advertising in Canada. The paper discusses the records of iconic department store Sears Canada, steel manufacturer Stelco, and Canadian National, the country’s largest railway, provide primary source material on marketing, sales, catalogues, promotions, celebrity endorsements, sponsorship of charitable causes and other areas of publicity. Additionally, discussing archival records provides a case study of the major archival processes involved in making historical documents available to researchers and the general public, including appraisal and evaluation, archival processing, preservation and digitisation.

The paper discusses and highlights primary source archival records for the study of marketing history. These archival fonds are unique primary source records that document three historically significant Canadian corporations and their roles in Canadian history.

The archival records of Canadian corporations held by Library and Archives Canada (LAC) are a rich source of primary documents for the study of the history of marketing and advertising in Canada. The records of iconic department store Sears Canada, steel manufacturer Stelco, and Canadian National, the country’s largest railway, provide primary source material on marketing, sales, catalogues, promotions, celebrity endorsements, sponsorship of charitable causes and other areas of publicity. Additionally, discussing archival records provides a case study of the major archival processes involved in making historical documents available to researchers and the general public, including appraisal and evaluation, archival processing, preservation and digitisation.

The archival records of Canadian corporations held by Library and Archives Canada (LAC) are a rich source of primary documents for the study of the history of marketing and advertising in Canada. The records of iconic department store Sears Canada, steel manufacturer Stelco, and Canadian National, the country’s largest railway, provide primary source material on marketing, sales, catalogues, promotions, celebrity endorsements, sponsorship of charitable causes and other areas of publicity. Additionally, discussing archival records provides a case study of the major archival processes involved in making historical documents available to researchers and the general public, including appraisal and evaluation, archival processing, preservation and digitisation.

Across all sectors, we are witnessing a tremendous resurgence in American business. Bold new thinking, a willingness to embrace change, and a renewed emphasis on quality and customer service are the common factors underlying this resurgence. We at Sears have taken the first few steps on what we know will prove to be a very long journey

The purpose of this paper is to provide a theoretically informed analysis of a struggle for power over the regulation of corporate social responsibility (CSR) and social and environmental accounting and reporting (SEAR) within the European Union.

The paper combines insights from institutional theory (Lawrence and Buchanan, 2017) with Vaara et al.’s (2006) and Vaara and Tienar’s (2008) discursive strategies approach in order to interrogate the dynamics of the institutional “arena” that emerged in 2001, following the European Commission’s publication of a Green Paper (GP) on CSR policy and reporting. Drawing on multiple sources of data (including newspaper coverage, semi-structured interviews and written submissions by companies and NGOs), the authors analyse the institutional political strategies employed by companies and NGOs – two of the key stakeholder groupings who sought to influence the dynamics and outcome of the European initiative.

The results show that the 2001 GP was a “triggering event” (Hoffman, 1999) that led to the formation of the institutional arena that centred on whether CSR policy and reporting should be voluntary or mandatory. The findings highlight how two separate, but related forms of power (systemic and episodic power) were exercised much more effectively by companies compared to NGOs. The analysis of the power initiatives and discursive strategies deployed in the arena provides a theoretically informed understanding of the ways in which companies acted in concert to reach their objective of maintaining CSR and SEAR as a voluntary activity.

The theoretical framework outlined in the paper highlights how the analysis of CSR and SEAR regulation can be enriched by examining the deployment of episodic and systemic power by relevant actors.

Within 18 months of exiting bankruptcy, Kmart's position was sufficiently strong to launch an acquisition of Sears, once the nation's largest retailer and also a core holding of ESL. Looks at a number of compelling issues related to Kmart's bankruptcy, restructuring, and rebirth under the control of ESL, a large hedge fund. Presents some of the key metrics that Eddie Lampert, head of ESL, had available to him as he made two decisions: first, in 2002, to amass a controlling stake in Kmart's defaulted debt during the restructuring; and second, in 2004, to launch a takeover of Sears. The first deal illustrates the decision-making process for a financial buyer, including the downside protection of Kmart's real estate holdings, whereas the second deal represents a traditional strategic acquisition. Illustrates the innovative use of real estate as a “hedge” for ESL in the event that the retail combination does not produce the required financial results. Also focuses on the role of investment bankers and the increasingly important position that hedge funds and LBO funds have carved out in the M&A market.

To outline the explosive growth in assets and influence of alternative investment managers, particularly LBO funds and hedge funds, and the transition of some larger hedge funds from shorter term trading strategies to longer term plays on distressed debt, restructurings, and turnarounds.

This study aims to decrease the aerodynamic drag of the body of revolution at supersonic speeds. Supersonic area rule is widely used in modern supersonic aircraft design. Further reduction of the aerodynamic drag is possible in the framework of Euler and Reynolds averaged Navier–Stokes (RANS) equations. Sears–Haack body of revolution shape variation, which decreased its aerodynamic drag in compressible inviscid and viscous gas flow at Mach number of 1.8 under constraint of the volume with lower bound equal to volume of initial body, was numerically investigated.

Calculations were carried out in two-dimensional axisymmetric mode in the framework of Euler and RANS with SST model with compressibility correction equations at structured multiblock meshes. Variation of the radius as function of the longitudinal coordinate was given as a polynomial third-order spline through five uniformly distributed points. Varied parameters were increments of the radius of the body at points that defined spline. Drag coefficient was selected as an objective function. Parameter combinations corresponding to the objective function minimum under volume constraint were obtained by mixed-integer sequential quadratic programming at second-order polynomial response surface and IOSO algorithm.

Improving variations make front part of the body become slightly blunted, transfer part of volume from front part of the body to back part and generate significant back face. In the framework of RANS, the best variation decreases aerodynamic drag by approximately 20 per cent in comparison with Sears–Haack body.

The results can be applied for the aerodynamic design of the bullets and projectiles. The second important application is knowledge of the significance of the difference between linearized slender body theory optimization results and optimization results obtained by modern computational fluid dynamics (CFD) optimization techniques.

Knowledge about the magnitude of the difference between linearized slender body theory optimization results and optimization results obtained by modern CFD optimization techniques can stimulate further research in related areas.

The optimization procedure and optimal shapes obtained in the present work are directly applicable to the design of small aerodynamic drag bodies.

Despite its envisaged benefits, integrated reporting (IR) has yet to achieve its “breakthrough”, especially among small- and medium-sized enterprises (SMEs). This study aims to discern SME leaders’ attitudes toward IR, and thereby to reveal managerial perceptions of both the potential benefits and the challenges that actually prevent them from embarking on IR.

This explorative study is grounded on semi-structured interviews with 16 managers of large German SMEs, which yet do not apply IR but are potential candidates to implement it in the future. The engagement with non-preparers is expected to paint a more representative picture of actual reasons for IR (dis-)engagement compared to prior studies that address the few firms that have adopted IR and overcome its challenges. Applying Brown and Fraser’s (2006) conceptual landscape, results are presented analogous to a business case-, stakeholder accountability- and critical theory dimension.

Contrary to prior studies, which identified stakeholder accountability endeavors as kindling SME managers’ interest in voluntary reporting initiatives, managers regard IR primarily as a business case, serving to achieve legitimacy, improve corporate image, reach out to professional investors and assist in employee recruitment. However, they refrained from actually adopting the novel reporting medium, which suggests that decision-makers might not believe the business case to be as unproblematic as claimed by the proponents of IR. This was traced back to three major impediments that currently inhibit SMEs from reporting in an integrated way, namely, a perceived lack of interest by the relevant publics, infeasibility of the IR concept to meet user needs and preparation costs. These drawbacks resemble those of earlier voluntary reporting experiments, calling into question the “revolutionary” character of IR. The study critically concludes that the future development of IR depends on addressing these barriers.

To the best of the author’s knowledge, this is the first explorative study to deliberately engage with IR non-preparers to draw conclusions on impediments to IR. The identification of relevant incentives and disincentives for IR among SME managers at first hand not only adds to the small extant IR research body and provides valuable insights for research, practice and standard setting but also contributes to the contemporary debate about dominant legitimacy-based explanations in the broader domain of social and environmental accounting and reporting.