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- All HBS Web (495)
- Faculty Publications (267)
- December 2004 (Revised October 2017)
- Background Note
Subscriber Models
By: Mihir Desai, Robin Greenwood, Scott Mayfield and Lucy White
Introduces the subscriber model as an alternative valuation framework for firms whose revenues can be traced to repeated transactions with customers.
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Desai, Mihir, Robin Greenwood, Scott Mayfield, and Lucy White. "Subscriber Models." Harvard Business School Background Note 205-061, December 2004. (Revised October 2017.)
- 2007
- Text Book
Business Analysis and Valuation: Using Financial Statements
By: Paul M. Healy and Krishna G. Palepu
Financial statements are the basis for a wide range of business analysis. Managers, securities analysts, bankers, and consultants all use them to make business decisions. There is strong demand among business students for course materials that provide a framework for...
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Healy, Paul M., and Krishna G. Palepu. Business Analysis and Valuation: Using Financial Statements. 4th ed. Mason, OH: Thomson South-Western, 2007.
- September 2008
- Article
Does Innovation Cause Stock Market Runups? Evidence from the Great Crash
By: Tom Nicholas
This article examines the stock market's changing valuation of corporate patentable assets between 1910 and 1939. It shows that the value of knowledge capital increased significantly during the 1920s compared to the 1910s as investors responded to the quality of...
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Keywords:
History;
Technological Innovation;
Patents;
Stocks;
Valuation;
Financial Crisis;
Financial Services Industry;
United States
Nicholas, Tom. "Does Innovation Cause Stock Market Runups? Evidence from the Great Crash." American Economic Review 98, no. 4 (September 2008): 1370–1396.
- 01 Oct 2001
- Research & Ideas
How To Make Restructuring Work for Your Company
The following excerpt is taken from the "Lessons of Restructuring" section of Gilson's introduction to Creating Value through Corporate Restructuring. Although the case studies in this book span a wide range of companies,...
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by Stuart C. Gilson
- April 2020 (Revised August 2020)
- Case
WeWork—November 2018
By: Paul A. Gompers, Patrick Sweeney and Alex Gachanja
In May 2017, SoftBank announced the official launch of the Vision Fund — which promptly became the largest technology-focused investment fund in the world, with nearly $100 billion in capital under its management. Reports from a few months prior hinted that SoftBank...
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Gompers, Paul A., Patrick Sweeney, and Alex Gachanja. "WeWork—November 2018." Harvard Business School Case 220-075, April 2020. (Revised August 2020.)
Jonas Heese
Jonas Heese is the Marvin Bower Associate Professor of Business Administration in the Accounting & Management Unit. He teaches the Business Analysis and Valuation course in the MBA elective curriculum. He has also taught first-year MBAs in Financial... View Details
- 07 Sep 2020
- News
Where ESG Ratings Fail: The Case for New Metrics
- October 2019
- Case
Kaspi.kz IPO
By: Victoria Ivashina and Esel Çekin
This case follows Kaspi.kz, a private equity (Baring Vostok) co-owned retail bank in Central Asia that evolved into a fintech, payments and e-commerce company. It provides insights into private equity financing, portfolio company management, and initial public offering...
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Keywords:
Finance;
Private Equity;
Initial Public Offering;
Organizational Change and Adaptation;
Central Asia
Ivashina, Victoria, and Esel Çekin. "Kaspi.kz IPO." Harvard Business School Case 220-007, October 2019.
- Research Summary
Overview
My focus is empirical financial accounting research, with particular interests in governance, valuation, M&A, and short-sellers. All three of my papers to date fall under the broad heading of “alternative governance mechanisms”—studies of how accounting information is...
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- Research Summary
Overview
My focus is empirical financial accounting research, with particular interests in governance, valuation, M&A, and short-sellers. All three of my papers to date fall under the broad heading of “alternative governance mechanisms”—studies of how accounting information is...
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- August 2011 (Revised July 2012)
- Case
Mike Mayo Takes on Citigroup (A)
By: Suraj Srinivasan and Amy Kaser
The case details the conflict between Mike Mayo, an influential banking analyst and Citigroup about what Mayo considers aggressive accounting policies. Mike Mayo questions Citigroup's lack of a valuation allowance against their Deferred Tax Assets despite Citi's recent...
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Keywords:
Accounting;
Taxation;
Capital;
Financial Reporting;
Corporate Disclosure;
Valuation;
Banks and Banking;
Financial Strategy;
Money;
Conflict Management;
Capital Budgeting;
Asset Management;
Banking Industry
Srinivasan, Suraj, and Amy Kaser. "Mike Mayo Takes on Citigroup (A)." Harvard Business School Case 112-025, August 2011. (Revised July 2012.)
- 2010
- Case
Groupe Ariel, S.A.: Parity Conditions and Cross-Border Valuation: Brief Case.
By: Timothy A. Luehrman and James Quinn
Groupe Ariel evaluates a proposal from its Mexican subsidiary to purchase and install cost-saving equipment at a manufacturing facility in Monterrey. The improvements will allow the plant to automate recycling and remanufacturing of toner and printer cartridges, an...
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- April 1999 (Revised September 2001)
- Case
Penelope's Personal Pocket Phones
By: Paul A. Gompers
Provides students with an opportunity to use simple real options analysis to value a startup. Penelope Phillips is deciding whether to start a company to make wireless phones. Students get experience using traditional discounted cash flow valuation and a real options...
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Keywords:
Valuation;
Entrepreneurship;
Business Startups;
Mobile and Wireless Technology;
Capital Budgeting;
Corporate Finance;
Manufacturing Industry;
Electronics Industry
Gompers, Paul A. "Penelope's Personal Pocket Phones." Harvard Business School Case 299-004, April 1999. (Revised September 2001.)
Stuart C. Gilson
Professor Stuart Gilson is the Steven R. Fenster Professor of Business Administration at Harvard Business School, and former chairman of the Finance Unit. His research, teaching, and consulting focuses on the financial, business, and legal strategies that companies... View Details
- 04 Apr 2008
- What Do You Think?
Who Owns Intellectual Property?
intellectual property, it creates questions as to how the original creator and "owner" should act. As Gary King suggests, "Treating customers like thieves is a certain recipe for failure." The impact of technological, social, and legal change on the...
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by Jim Heskett
- November 2001 (Revised February 2010)
- Case
Intel Corporation: 1997-2000
By: Ramon Casadesus-Masanell and Michael G. Rukstad
Describes Intel's diversification strategy initiated in 1998 by CEO Craig Barrett. Initially, Barrett's strategy worked well, as market value reached $510 billion in September 2000. Just three months later, however, investor pessimism over a slowing economy and recent...
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Keywords:
Economic Slowdown and Stagnation;
Investment;
Corporate Strategy;
Diversification;
Valuation;
Technology Industry
Casadesus-Masanell, Ramon, and Michael G. Rukstad. "Intel Corporation: 1997-2000." Harvard Business School Case 702-420, November 2001. (Revised February 2010.)
- September 2009 (Revised June 2011)
- Case
Mercury Athletic: Valuing the Opportunity
By: Timothy A. Luehrman and Joel L. Heilprin
In January 2007, West Coast Fashions, Inc., a large designer and marketer of branded apparel, announced a strategic reorganization that would result in the divestiture of their wholly owned footwear subsidiary, Mercury Athletic. John Liedtke, the head of business...
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Keywords:
Mergers & Acquisitions;
Sensitivity Analysis;
Cost of Capital;
Restructuring;
Valuation;
Cash Flow;
Mergers and Acquisitions;
Corporate Finance;
Apparel and Accessories Industry
Luehrman, Timothy A., and Joel L. Heilprin. "Mercury Athletic: Valuing the Opportunity." Harvard Business School Brief Case 094-050, September 2009. (Revised June 2011.)
- July 2017
- Case
Centerbridge Partners and Great Wolf Resorts: Buying from a Highly Regarded Competitor
By: Josh Lerner, John D. Dionne and Amram Migdal
The case examines the March 2015 Centerbridge Partners investment decision regarding whether to acquire Great Wolf Resorts, a North American family-oriented indoor water parks and hotel operator, from a private equity (PE) competitor, Apollo Global Management. The case...
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Keywords:
Private Equity Financing;
Commercial Mortgage Backed Securities;
CMBS;
Secondary Buyouts;
Business Ventures;
Acquisition;
Finance;
Borrowing and Debt;
Cost;
Cost of Capital;
Equity;
Private Equity;
Financial Instruments;
Debt Securities;
Accommodations Industry;
Entertainment and Recreation Industry;
Financial Services Industry;
North and Central America;
United States
Lerner, Josh, John D. Dionne, and Amram Migdal. "Centerbridge Partners and Great Wolf Resorts: Buying from a Highly Regarded Competitor." Harvard Business School Case 818-023, July 2017.
- January 2017
- Supplement
Bayer AG: Bidding to Win Merck's OTC Business
By: Benjamin C. Esty, Marc Baaij and Arjen Mulder
- January 2017
- Case
Bayer AG: Bidding to Win Merck's OTC Business
By: Benjamin C. Esty, Marc Baaij and Arjen Mulder
Shortly after submitting their best and final offer to acquire Merck's Consumer Care Division (a collection of "over-the-counter" (OTC) products with sales totaling $2 billion), the Bayer M&A team was given a chance to revise their bid because another potential...
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Keywords:
Acquisition;
Bidding Strategy;
Valuing Synergies;
Negotiations;
Corporate Strategy;
Business Unit Strategy;
Bidding Process;
Discounted Cash Flow;
Cross-border M&A;
Tax Shields;
Valuation;
Competitive Strategy;
Auctions;
Bids and Bidding;
Germany;
United States;
United Kingdom
Esty, Benjamin C., Marc Baaij, and Arjen Mulder. "Bayer AG: Bidding to Win Merck's OTC Business." Harvard Business School Case 217-021, January 2017.