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    • Faculty Publications  (82)

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    • All HBS Web  (105,425)
      • Faculty Publications  (82)

      Stafford, Erik Remove Stafford, Erik →

      Page 1 of 82 Results →
      • June 2022
      • Supplement

      Ocean Carriers (Abridged) Courseware

      By: Erik Stafford
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      Stafford, Erik. "Ocean Carriers (Abridged) Courseware." Harvard Business School Supplement 222-725, June 2022.
      • March 2022
      • Case

      Exchanging Salary for Stock Options at a Startup

      By: Erik Stafford
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      Stafford, Erik. "Exchanging Salary for Stock Options at a Startup." Harvard Business School Case 222-077, March 2022.
      • January 2022
      • Article

      Replicating Private Equity with Value Investing, Homemade Leverage, and Hold-to-Maturity Accounting

      By: Erik Stafford
      The contributions of asset selection and incremental leverage to buyout investment performance are more important than typically assumed or estimated to be. Buyout funds select small firms with distinct value characteristics. Public equities with these characteristics...  View Details
      Keywords: Replicating Portfolio; Private Equity; Investment Portfolio
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      Stafford, Erik. "Replicating Private Equity with Value Investing, Homemade Leverage, and Hold-to-Maturity Accounting." Review of Financial Studies 35, no. 1 (January 2022): 299–342.
      • 2021
      • Working Paper

      Limits to Bank Deposit Market Power

      By: Juliane Begenau and Erik Stafford
      Claims about the market power of bank deposits in the banking literature are numerous and far reaching. Recently, a causal narrative has emerged in the banking literature: market power in bank deposits, measured as imperfect pass-through of short-term market rates on...  View Details
      Keywords: Bank Deposits; Market Power; Net Interest Margin (NIM); Banks and Banking; Interest Rates; Risk and Uncertainty
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      Begenau, Juliane, and Erik Stafford. "Limits to Bank Deposit Market Power." Harvard Business School Working Paper, No. 22-039, November 2021.
      • March 2021
      • Case

      Carnival Corp: Cruising In the Time of Covid

      By: Emily R. McComb and Erik Stafford
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      McComb, Emily R., and Erik Stafford. "Carnival Corp: Cruising In the Time of Covid." Harvard Business School Case 221-085, March 2021.
      • 2019
      • Working Paper

      Do Banks Have an Edge?

      By: Juliane Begenau and Erik Stafford
      Overall, no! We show that the level and time series variation in cash flows for most bank activities are well matched by capital market portfolios with similar interest rate and credit risk to what banks report to hold. Ignoring operating expenses, bank loans earn high...  View Details
      Keywords: Banks; Market Efficiency; Bank Capital; Bank Debt; CAPM; Banking; Bank Deposits; Bank Funding Advantage; Leverage; Maturity Transformation; Replicating Portfolio; Efficiency; Banks and Banking; Capital Markets; Performance Evaluation; Performance Efficiency; Banking Industry; United States
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      Begenau, Juliane, and Erik Stafford. "Do Banks Have an Edge?" Harvard Business School Working Paper, No. 18-060, January 2018. (Revised October 2019.)
      • 2015
      • Working Paper

      Replicating Private Equity with Value Investing, Homemade Leverage, and Hold-to-Maturity Accounting

      By: Erik Stafford
      Private equity funds tend to select relatively small firms with low EBITDA multiples. Publicly traded equities with these characteristics have high risk-adjusted returns after controlling for common factors typically associated with value stocks. Hold-to-maturity...  View Details
      Keywords: Value Investing; Endowments; Investment Management; Asset Pricing; Private Equity; Investment; Management; United States
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      Stafford, Erik. "Replicating Private Equity with Value Investing, Homemade Leverage, and Hold-to-Maturity Accounting." Harvard Business School Working Paper, No. 16-081, January 2016.
      • Article

      The Cost of Capital for Alternative Investments

      By: Jakub W. Jurek and Erik Stafford
      Traditional risk factor models indicate that hedge funds capture pre-fee alphas of 6% to 10% per annum over the period from 1996 to 2012. At the same time, the hedge fund return series is not reliably distinguishable from the returns of mechanical S&P 500 put-writing...  View Details
      Keywords: Hedge Funds; Required Returns; Downside Risk; Index Options; Investment Funds; Cost of Capital; Investment Return; Risk and Uncertainty; Financial Services Industry
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      Jurek, Jakub W., and Erik Stafford. "The Cost of Capital for Alternative Investments." Journal of Finance 70, no. 5 (October 2015): 2185–2226.
      • October 2014
      • Supplement

      Grantham, Mayo, and Van Otterloo, 2012: Estimating the Equity Risk Premium (Abridged) Spreadsheet Supplement

      By: Samuel Gregory Hanson, Erik Stafford and Luis M. Viceira
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      Hanson, Samuel Gregory, Erik Stafford, and Luis M. Viceira. "Grantham, Mayo, and Van Otterloo, 2012: Estimating the Equity Risk Premium (Abridged) Spreadsheet Supplement." Harvard Business School Spreadsheet Supplement 215-704, October 2014.
      • October 2014
      • Case

      Grantham, Mayo, and Van Otterloo, 2012: Estimating the Equity Risk Premium (Abridged)

      By: Samuel Hanson, Erik Stafford and Luis Viceira
      Keywords: Equity Valuation; Investment Banking; Equity
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      Hanson, Samuel, Erik Stafford, and Luis Viceira. "Grantham, Mayo, and Van Otterloo, 2012: Estimating the Equity Risk Premium (Abridged)." Harvard Business School Case 215-025, October 2014.
      • September 2014
      • Case

      Evanston Capital Management

      By: Erik Stafford and Adi Sunderam
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      Stafford, Erik, and Adi Sunderam. "Evanston Capital Management." Harvard Business School Case 215-016, September 2014.
      • September 2014
      • Supplement

      Evanston Capital Management Spreadsheet Supplement

      By: Erik Stafford and Aditya Vikram Sunderam
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      Stafford, Erik, and Aditya Vikram Sunderam. "Evanston Capital Management Spreadsheet Supplement." Harvard Business School Spreadsheet Supplement 215-702, September 2014.
      • February 2013 (Revised January 2015)
      • Supplement

      Grantham, Mayo, and Van Otterloo, 2012: Estimating the Equity Risk Premium (CW)

      By: Samuel Gregory Hanson, Erik Stafford and Luis M. Viceira
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      Hanson, Samuel Gregory, Erik Stafford, and Luis M. Viceira. "Grantham, Mayo, and Van Otterloo, 2012: Estimating the Equity Risk Premium (CW)." Harvard Business School Spreadsheet Supplement 213-717, February 2013. (Revised January 2015.)
      • October 2012
      • Case

      Lin TV Corp

      By: David Scharfstein, Erik Stafford and Joel Heilprin
      This case considers the valuation of Lin TV, a publicly-traded company with 30 TV stations. The case highlights how a change in operating strategy can enhance the firm's value, and considers the effect of consolidation within the industry on firm value.  View Details
      Keywords: Valuation; Acquisitions; Synergy; Broadcasting; Entertainment; Entertainment and Recreation Industry; North and Central America
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      Scharfstein, David, Erik Stafford, and Joel Heilprin. "Lin TV Corp." Harvard Business School Case 213-065, October 2012.
      • October 2012 (Revised June 2015)
      • Case

      Grantham, Mayo, and Van Otterloo, 2012: Estimating the Equity Risk Premium

      By: Samuel Hanson, Erik Stafford and Luis Viceira
      Keywords: Equity Valuation; Investment Banking; Equity
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      Hanson, Samuel, Erik Stafford, and Luis Viceira. "Grantham, Mayo, and Van Otterloo, 2012: Estimating the Equity Risk Premium." Harvard Business School Case 213-051, October 2012. (Revised June 2015.)
      • 2011
      • Working Paper

      The Cost of Capital for Alternative Investments

      By: Jakub W. Jurek and Erik Stafford
      This paper studies the cost of capital for alternative investments. We document that the risk profile of the aggregate hedge fund universe can be accurately matched by a simple index put option writing strategy that offers monthly liquidity and complete transparency...  View Details
      Keywords: Cost of Capital; Financial Liquidity; Investment; Investment Return; Mathematical Methods; Risk and Uncertainty
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      Jurek, Jakub W., and Erik Stafford. "The Cost of Capital for Alternative Investments." Harvard Business School Working Paper, No. 12-013, September 2011. (NBER Working Paper Series, No. 19643, November 2013.)
      • March 2011
      • Case

      Valuation of AirThread Connections

      By: Erik Stafford and Joel L. Heilprin
      This case can be used as a capstone valuation exercise for first-year MBA students in an introductory finance course. A senior associate in the business development group at American Cable Communications, one of the largest cable companies in the U.S., must prepare a...  View Details
      Keywords: Communication; Present Value; Tax Accounting; Capital Costs; Synergy; Telephony; Wireless Technologies; Communication Technology; Assets; Cost of Capital; Valuation; Cash Flow; Capital Structure; Accounting; Wireless Technology; Communications Industry; Media and Broadcasting Industry
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      Stafford, Erik, and Joel L. Heilprin. "Valuation of AirThread Connections." Harvard Business School Brief Case 114-263, March 2011.
      • March 2011
      • Teaching Note

      Valuation of AirThread Connections (Brief Case)

      By: Erik Stafford and Joel L. Heilprin
      Teaching note for case #4263.  View Details
      Keywords: Present Value; Tax Accounting; Capital Costs; Synergy; Telephony; Wireless Technologies; Assets; Cost of Capital; Valuation; Capital Structure; Cash Flow; Communication; Taxation; Accounting; Wireless Technology
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      Stafford, Erik, and Joel L. Heilprin. "Valuation of AirThread Connections (Brief Case)." Harvard Business School Teaching Note 114-264, March 2011.
      • March 2011
      • Supplement

      Valuation of AirThread Connections, Faculty Spreadsheet Supplement (Brief Case)

      By: Erik Stafford and Joel L. Heilprin
      Keywords: Present Value; Tax Accounting; Capital Costs; Synergy; Telephony; Wireless Technologies; Assets; Cost of Capital; Valuation; Capital Structure; Cash Flow; Communication; Taxation; Accounting; Wireless Technology
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      Stafford, Erik, and Joel L. Heilprin. "Valuation of AirThread Connections, Faculty Spreadsheet Supplement (Brief Case)." Harvard Business School Spreadsheet Supplement 114-268, March 2011.
      • March 2011
      • Supplement

      Valuation of AirThread Connections, Spreadsheet Supplement (Brief Case)

      By: Erik Stafford and Joel L. Heilprin
      Keywords: Present Value; Tax Accounting; Capital Costs; Synergy; Telephony; Wireless Technologies; Assets; Cost of Capital; Valuation; Capital Structure; Cash Flow; Communication; Taxation; Accounting; Wireless Technology
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      Stafford, Erik, and Joel L. Heilprin. "Valuation of AirThread Connections, Spreadsheet Supplement (Brief Case)." Harvard Business School Spreadsheet Supplement 114-267, March 2011.
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