Deals

In plain language, with frequent use of real-world case studies, the book explores how all deals—from biotech-pharma collaborations to technology licenses to earnouts in mergers and acquisitions—respond to fundamental economic challenges. By better understanding these beneath-the-surface dynamics, Klausner says, dealmakers can address issues that may not be initially apparent and unlock greater value. – Monica Schreiber * Stanford Lawyer *Klausner and Subramanian’s book will be an invaluable resource for anyone who wants to understand real-world contracts and deals. The authors present many interesting cases and skillfully use basic economic ideas to understand them. There are many insights for practitioners, but academics will also learn a great deal and will be stimulated to refine their theories. – Oliver Hart, winner of the Nobel Prize in Economics and Lewis P. and Linda L. Geyser University Professor, Harvard UniversityThis book is critical for anyone interested in exploring how structuring and negotiating a deal is more than a zero-sum game—that sophisticated transactional professionals can create value. Using real case studies of deals covering a wide range of industries, Klausner and Subramanian make complex economics a tractable tool. The result is a theoretically rich and yet practical resource for deal practitioners. – Ronald J. Gilson, Stern Professor of Law and Business, Emeritus, Columbia Law School, and Meyers Professor of Law and Business, Emeritus, Stanford Law SchoolWhether you are newly enrolled in business or law school, a seasoned professional in finance, or a curious reader intrigued by the inner workings of deals that make the headlines, this is an indispensable volume to have on your bookshelf. – Stephen R. Munger, Chairman, Global M&A, Morgan Stanley & Co.All business transactions—from a relatively straightforward acquisition to the most complex merger—share a set of simple and elegant underlying economic structures. The key to optimal dealmaking lies in focusing on the key economic drivers and not getting distracted by all the other noise. There is no better guide for this than Klausner and Subramanian’s book. – Barry Volpert, cofounder and CEO, Crestview

Michael Klausner is Nancy and Charles Munger Professor of Business and Professor of Law at Stanford Law School, specializing in corporate law and financial regulation.

Guhan Subramanian, Joseph Flom Professor of Law and Business at Harvard Law School and Douglas Weaver Professor of Business Law at Harvard Business School, is the author of Dealmaking: The New Strategy of Negotiauctions.