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2023
Working Paper

ESG: From Process to Product

By: George Serafeim

ESG measurement, analysis, management, and communication is a process that the financial industry has turned into a product, resulting in many investment funds using the ESG label. This has caused confusion, generating demand for a framework that defines... View Details

Keywords: ESG; ESG (Environmental, Social, Governance) Performance; ESG Ratings; ESG Reporting; Investment Fund; Investment; Corporate Social Responsibility and Impact; Financial Services Industry

June 2018
Supplement

Valuing Snap After the IPO Quiet Period (C)

By: Marco Di Maggio, Benjamin C. Esty and Gregory Saldutte

Analyzes Snap’s value and analyst recommendations following the events described in the (B) case. View Details

June 2018 (Revised October 2018)
Teaching Note

Valuing Snap After the IPO Quiet Period (A), (B), and (C)

By: Marco Di Maggio and Benjamin C. Esty

Teaching Note for HBS Nos. 218-095, 218-096, and 218-116. View Details

2021
Working Paper

Accounting for Product Impact in the Oil and Gas Industry

By: Katie Panella, George Serafeim and Katie Trinh

We apply the product impact measurement framework of the Impact-Weighted Accounts Initiative (IWAI) in two competitor companies within the oil and gas industry. We design a monetization methodology that allows us to calculate monetary product impact estimates of... View Details

2021
Working Paper

Accounting for Product Impact in the Consumer-Packaged Foods Industry

By: Amanda Rischbieth, George Serafeim and Katie Trinh

We apply the product impact measurement framework of the Impact-Weighted Accounts Initiative (IWAI) in two competitor companies within the consumer-packaged goods industry. We design a methodology that allows us to calculate monetary impact estimates on customer... View Details

September 2022
Case

Deciding When to Engage on Societal Issues

By: Hubert Joly and Amram Migdal

This case provides brief descriptions of 18 examples of corporate leaders confronting questions of whether and how to engage with societal issues, including social, political, and environmental issues. Social issues include COVID-19; social and racial justice;... View Details

Keywords: Political Issues; Social Justice; Racial Justice; Environmental Issues; Social Issues; Corporate Social Responsibility and Impact; Values and Beliefs

June 2018 (Revised April 2021)
Supplement

Valuing Snap After the IPO Quiet Period

By: Benjamin C. Esty, Marco Di Maggio and Greg Saldutte

June 2018
Supplement

Valuing Snap After the IPO Quiet Period (B)

By: Marco Di Maggio and Benjamin C. Esty

Analyzes Snap’s value and analyst recommendations following the events described in the (A) case. View Details

September 20, 2024
Article

It’s Time to Unbundle ESG

By: Aaron K. Chatterji and Michael W. Toffel

ESG is at an inflection point. It has come to represent a broad and inchoate aspiration for what business should be doing beyond maximizing shareholder value. With ESG advocates on the defensive, business leaders need a new roadmap to determine which factors to... View Details

Keywords: ESG; ESG (Environmental, Social, Governance) Performance; ESG Ratings; ESG Reporting; ESG Disclosure; Sustainability; Climate; Climate Finance; Climate Risk; Social Accounting; Investment; Governance; Safety; Climate Change; Environmental Sustainability; Corporate Social Responsibility and Impact; Financial Services Industry

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July 1987 (Revised October 2009)
Background Note

A Method For Valuing High-Risk, Long-Term Investments: The "Venture Capital Method"

By: William A. Sahlman and Daniel R Scherlis

Describes a method for valuing high-risk, long-term investments such as those confronting venture capitalists. The method entails forecasting a future value (e.g., five years from the present) and discounting that terminal value back to the present by applying a high... View Details

Keywords: Forecasting and Prediction; Entrepreneurship; Venture Capital; Investment; Risk Management; Valuation

June 2018 (Revised April 2021)
Case

Valuing Snap After the IPO Quiet Period (A)

By: Marco Di Maggio, Benjamin C. Esty and Gregory Saldutte

Snap, the disappearing message app, went public at $17 per share on March 2, 2017, making its two 20-something founders the youngest self-made billionaires in the country. Over the next three weeks, 14 analysts made investment recommendations on Snap: two with buy... View Details

February 1998 (Revised March 1998)
Case

Marriott Corporation: The Cost of Capital

By: Richard S. Ruback

Presents recommendations for hurdle rates of Marriott's divisions to select by discounting appropriate cash flows by the appropriate hurdle rate for each division. View Details

Keywords: Cost of Capital; Asset Pricing

2021
Working Paper

Corporate Environmental Impact: Measurement, Data and Information

By: David Freiberg, DG Park, George Serafeim and T. Robert Zochowski

As an organization’s environmental impact has become a central societal consideration, thereby affecting industry and organizational competitiveness, interest in measuring and analyzing environmental impact has increased. We develop a methodology to derive comparable... View Details

Keywords: Environment; Impact; Measurement; Environmental Ratings; Corporate Valuation; Financial Materiality; Sustainability; Environmental Impact; Environmental Strategy; Impact-Weighted Accounts; IWAI; Environmental Sustainability; Corporate Social Responsibility and Impact; Measurement and Metrics; Valuation

2010
Working Paper

Valuation When Cash Flow Forecasts Are Biased

By: Richard S. Ruback

This paper focuses adaptations to the discount cash flow (DCF) method when valuing forecasted cash flows that are biased measures of expected cash flows. I imagine a simple setting where the expected cash flows equal the forecasted cash flows plus an omitted downside.... View Details

Keywords: Forecasting and Prediction; Cash Flow; Cost of Capital; Performance Expectations; Prejudice and Bias; Valuation

September–October 2021
Article

Frontiers: Can an AI Algorithm Mitigate Racial Economic Inequality? An Analysis in the Context of Airbnb

By: Shunyuan Zhang, Nitin Mehta, Param Singh and Kannan Srinivasan

We study the effect of Airbnb’s smart-pricing algorithm on the racial disparity in the daily revenue earned by Airbnb hosts. Our empirical strategy exploits Airbnb’s introduction of the algorithm and its voluntary adoption by hosts as a quasi-natural experiment. Among... View Details

Keywords: Smart Pricing; Pricing Algorithm; Machine Bias; Discrimination; Racial Disparity; Social Inequality; Airbnb Revenue; Revenue; Race; Equality and Inequality; Prejudice and Bias; Price; Mathematical Methods; Accommodations Industry

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February 1986 (Revised March 1989)
Background Note

Note on Foreign Exchange

Describes the operation of foreign exchange markets, including bid-offer spreads, cross rates, reciprocal rates, and forward rates. Provides several examples to demonstrate calculation of outright forward rates using discount and premium points quoted in the London... View Details

Keywords: Currency Exchange Rate; Capital Markets

24 Nov 2010
Working Paper Summaries

Valuation When Cash Flow Forecasts Are Biased

Keywords: by Richard S. Ruback

January 2016 (Revised January 2017)
Case

Rumie: Bringing Digital Education to the Underserved

By: John J-H Kim and Amram Migdal

In fall of 2015, the Toronto, Canada–based education technology nonprofit Rumie had distributed thousands of computer tablets preloaded with collections of thousands of pieces of curated educational content to nongovernmental organizations (NGOs) in some of the most... View Details

Keywords: Edtech; Education Technology; Social Enterprise; Nonprofit; Education Startup; Technological Innovation; Nonprofit Organizations; Social Entrepreneurship; Education; Business Startups; Education Industry; Canada; Africa

August 2020
Article

Financial Market Risk Perceptions and the Macroeconomy

By: Carolin E. Pflueger, Emil Siriwardane and Adi Sunderam

We propose a novel measure of risk perceptions: the price of volatile stocks (PVS), defined as the book-to-market ratio of low-volatility stocks minus the book-to-market ratio of high-volatility stocks. PVS is high when perceived risk directly measured from surveys and... View Details

Keywords: Risk-centric Business Cycles; Cross-section Of Equities; Real Risk-free Rate; Real Investment; Financial Markets; Risk and Uncertainty; Perception; Investment

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September 2009 (Revised September 2010)
Case

Genzyme Center (A)

By: Michael W. Toffel and Aldo Sesia

Genzyme Corporation is in the midst of planning its new corporate headquarters, which incorporates many innovative green building features. After learning that the building as planned would likely earn a LEED Silver rating, an intermediate score in the LEED green... View Details

Keywords: Green Building; LEED Rating System; Economic And Environmental Performance; Program Evaluation And Assessment; Tradeoffs Between Process- And Performance Standards; Buildings and Facilities; Business Headquarters; Governing Rules, Regulations, and Reforms; Standards; Corporate Social Responsibility and Impact; Performance Improvement; Environmental Sustainability; Pollutants; Green Technology Industry

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