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All HBS Web
(6,090)
- People (24)
- News (1,696)
- Research (2,666)
- Events (12)
- Multimedia (49)
- Faculty Publications (1,512)
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- December 1994 (Revised September 2012)
- Background Note
Note on Valuing Equity Cash Flows
By: Timothy A. Luehrman
A technical note for advanced students on the topic of valuing highly-levered equity. Introduces the "equity cash flow" valuation methodology, shows how to use it, discusses the sources and signs of its built-in biases, and provides some guidance about when to use it.
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Luehrman, Timothy A. "Note on Valuing Equity Cash Flows." Harvard Business School Background Note 295-085, December 1994. (Revised September 2012.)
- February 1983
- Article
Effects of Nominal Contracting on Stock Returns
By: K. French, G. W. Schwert and R. S. Ruback
French, K., G. W. Schwert, and R. S. Ruback. "Effects of Nominal Contracting on Stock Returns." Journal of Political Economy 91, no. 1 (February 1983): 70–96.
- December 1999 (Revised November 2001)
- Background Note
Note on Private Equity Securities, A
By: G. Felda Hardymon and Josh Lerner
Provides an overview of the primary securities used in private equity, their structures, and the economic motivation behind their designs.
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Hardymon, G. Felda, and Josh Lerner. "Note on Private Equity Securities, A." Harvard Business School Background Note 200-027, December 1999. (Revised November 2001.)
- 2004
- Working Paper
Do a Firm's Equity Returns Reflect the Risk of Its Pension Plan?
By: Li Jin, Robert C. Merton and Zvi Bodie
Jin, Li, Robert C. Merton, and Zvi Bodie. "Do a Firm's Equity Returns Reflect the Risk of Its Pension Plan?" Harvard Business School Working Paper, No. 05-011, August 2004. (Also NBER Working Paper Series, No. 10650.)
- November 1981
- Article
Effects of Nominal Contracting on Stock Returns
By: K. French, G. W. Schwert and R. S. Ruback
French, K., G. W. Schwert, and R. S. Ruback. "Effects of Nominal Contracting on Stock Returns." Seminar on the Analysis of Security Prices, Proceedings 5, no. 2 (November 1981): 1–36.
- September 1998 (Revised May 2011)
- Background Note
Note on Private Equity Information Sources
By: Josh Lerner and Ann Leamon
Provides an overview of key information sources about venture capital and private equity.
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Lerner, Josh, and Ann Leamon. "Note on Private Equity Information Sources." Harvard Business School Background Note 299-018, September 1998. (Revised May 2011.)
- August 2008
- Article
Economic Links and Predictable Returns
By: Lauren Cohen and Andrea Frazzini
This paper finds evidence of return predictability across economically linked firms. We test the hypothesis that in the presence of investors subject to attention constraints, stock prices do not promptly incorporate news about economically related firms, generating...
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Keywords:
Economics;
Price;
Assets;
Analytics and Data Science;
Customers;
Stocks;
Equity;
Strategy;
Investment Return;
Forecasting and Prediction
Cohen, Lauren, and Andrea Frazzini. "Economic Links and Predictable Returns." Journal of Finance 63, no. 4 (August 2008). (Winner of Smith Breeden Prize for the Best Paper Published in the Journal of Finance in Asset Pricing (Distinguished Paper) 2008. Winner of Chicago Quantitative Alliance Academic Paper Competition. First Prize presented by Chicago Quantitative Alliance. Winner of BSI Gamma Foundation Research Grant presented by BSI Gamma Foundation.)
- January 1994 (Revised April 2011)
- Background Note
Note on Private Equity Partnership Agreements
By: Josh Lerner
Venture capital by necessity is a long-run investment. Consequently, since the mid-1960s virtually all venture financing has been raised through private partnerships with a ten-year or longer life span. To govern these investments, complex contracts have sprung up...
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Keywords:
Venture Capital;
Financing and Loans;
Investment;
Governance;
Contracts;
Partners and Partnerships
Lerner, Josh. "Note on Private Equity Partnership Agreements." Harvard Business School Background Note 294-084, January 1994. (Revised April 2011.)
- spring 2002
- Article
Returns on Project-Financed Investments: Evolution and Managerial Implications
By: B. C. Esty
Esty, B. C. "Returns on Project-Financed Investments: Evolution and Managerial Implications." Journal of Applied Corporate Finance 15, no. 1 (spring 2002): 71–86.
- September 2004
- Article
Decomposing the Persistence of International Equity Flows
By: Kenneth A. Froot and J. Tjornhom Donohue
- 2019
- Working Paper
The Effect of Payment Choices on Online Retail: Evidence from the 2016 Indian Demonetization
By: Chaithanya Bandi, Antonio Moreno, Donald Ngwe and Zhiji Xu
The Indian banknote demonetization in 2016 was one of the most significant international events of that year. Overnight, 86% of Indian currency in circulation was declared invalid unless exchanged for new bills. The sudden and unexpected demonetization constituted a...
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Keywords:
Cash On Delivery;
Online Retail;
Product Returns;
Payment Methods;
Digitization;
Emerging Markets;
Currency;
Internet and the Web;
Demand and Consumers;
Retail Industry;
India
Bandi, Chaithanya, Antonio Moreno, Donald Ngwe, and Zhiji Xu. "The Effect of Payment Choices on Online Retail: Evidence from the 2016 Indian Demonetization." Harvard Business School Working Paper, No. 19-123, June 2019.
- 2007
- Other Unpublished Work
Round Numbers and Security Returns
By: Edward Johnson, Nicole Bastian Johnson and Devin M. Shanthikumar
We document consistent differences in daily stock returns related to round numbers. In particular, we examine returns following previous day closing prices that are just above or just below round number benchmarks. We find, for both one-digit, two-digit and three-digit...
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- December 2002
- Article
The Persistence of Emerging Market Equity Flows
By: K. A. Froot and J. Donohue
Keywords:
Asset Pricing;
Equity Investment;
Forecasting and Prediction;
Behavioral Finance;
Stocks;
Investment Return;
Market Transactions;
Performance Expectations;
Financial Services Industry
Froot, K. A., and J. Donohue. "The Persistence of Emerging Market Equity Flows." Emerging Markets Review 3, no. 4 (December 2002): 338–364. (Revised from NBER Working Paper no. 9241, HBS Working Paper no. 03-035, September 2002.)
- May 2013 (Revised July 2014)
- Background Note
Private Equity Exits
By: Paul A. Gompers and Timothy Dore
This note presents statistics on private equity exits and discusses important issues relating to the most common exit routes.
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Keywords:
Private Equity
Gompers, Paul A., and Timothy Dore. "Private Equity Exits." Harvard Business School Background Note 213-112, May 2013. (Revised July 2014.)
- May 1995
- Teaching Note
Note on Valuing Equity Cash Flows (TN)
By: Timothy A. Luehrman
Teaching Note for (9-295-085).
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- Article
On Estimating the Expected Return on the Market: An Exploratory Investigation
By: Robert C. Merton
Keywords:
Markets
Merton, Robert C. "On Estimating the Expected Return on the Market: An Exploratory Investigation." Journal of Financial Economics 8, no. 4 (December 1980): 1–39.
- August 2012 (Revised July 2015)
- Background Note
A Note on Valuation in Private Equity
By: Paul A. Gompers
This note will provide an overview of valuation methodologies in private equity.
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Gompers, Paul A. "A Note on Valuation in Private Equity." Harvard Business School Background Note 213-034, August 2012. (Revised July 2015.)
- 2014
- Working Paper
Return on Political Investment in the American Jobs Creation Act of 2004
By: Hui Chen, Katherine Gunny and Karthik Ramanna
Prior literature raises a "puzzle" of high rates of return on corporate political investment, but evidence for this puzzle is largely descriptive in nature. We exploit the setting of the American Jobs Creation Act's passage in 2004 to provide more robust estimates of...
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Chen, Hui, Katherine Gunny, and Karthik Ramanna. "Return on Political Investment in the American Jobs Creation Act of 2004." Harvard Business School Working Paper, No. 15-050, December 2014.
- June 2020
- Teaching Note
Understanding the Brand Equity of Nestlé Crunch Bar
By: Jill Avery and Gerald Zaltman
Teaching Note for HBS Case Nos. 519-061 and 519-062. In early 2018, Nestlé announced the sale of its U.S. candy-making division and a select collection of twenty of its confectionery brands, including the Nestlé Crunch Bar, to Ferrero SpA for $2.8 billion. Under the...
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