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  • July 2002 (Revised October 2002)
  • Case

Bradley Marquez: Reduction in Force (A)

By: Thomas J. DeLong and Vineeta Vijayaraghavan
The Bradley Marquez advertising agency had created a successful niche delivering ethnic markets to their clients, corporate giants like Compaq, Sprint, Texaco, and British Airways. The company was operating in aggressive growth mode when, in 2000, the stock market... View Details
Keywords: Economic Slowdown and Stagnation; Financial Crisis; Price Bubble; Human Resources; Employees; Job Cuts and Outsourcing; Advertising Industry
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    The Market for Green Securities

    We study green bonds, which are bonds whose proceeds are used for environmentally sensitive purposes. After an overview of the U.S. corporate and municipal green bonds markets, we study pricing and ownership patterns using a simple framework that incorporates assets... View Details

    • December 2011 (Revised September 2017)
    • Case

    Domino's Pizza

    By: David E. Bell, Phillip Andrews and Mary Shelman
    Domino's Pizza is the world's second-largest pizza company with 9,436 stores globally, 95% of which are franchised. Domino's franchisees in the U.S. market were able to purchase fresh dough, cheese, pizza toppings, and other menu ingredients and store supplies directly... View Details
    Keywords: Risk Management; Market Entry and Exit; Supply Chain Management; Global Strategy; Growth and Development Strategy; Food and Beverage Industry
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    • 05 Feb 2007
    • News

    Chimerical? Think Again

    • 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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    • Article

    Brand Values and Capital Market Valuation

    By: Mary Barth, Michael B. Clement, George Foster and Ron Kasznik
    Brand value estimates are significantly positively related to prices and returns, incremental to accounting variables. Questionable brand value estimate reliability underlies lack of financial statement recognition for brands. Findings suggest estimates are relevant... View Details
    Keywords: Brands and Branding; Valuation
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    • November 2009
    • Article

    Is it Fair to Blame Fair Value Accounting for the Financial Crisis?

    By: Robert C. Pozen
    When the credit markets seized up in 2008, many heaped blame on "mark to market" accounting rules, which require banks to write down their troubled assets to the prices they'd fetch if sold on the open market - at the time, next to nothing. Recording those assets below... View Details
    Keywords: Cost Accounting; Fair Value Accounting; Financial Crisis; Assets; Governing Rules, Regulations, and Reforms; Crisis Management; Standards; Banking Industry
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    • March 2014 (Revised May 2014)
    • Case

    China Vanke (A-1)

    By: Lynn S. Paine, John Macomber and Keith Chi-ho Wong
    As China's largest homebuilder, China Vanke Co. Ltd. (Vanke) was facing an industry downturn sparked by strong government intervention. Faced with falling prices, Vanke's president must decide whether to keep the company's pricing and product positioning intact, and... View Details
    Keywords: Real Estate; China; Green Building; Sustainable Development; Business Government Relations; Leadership; Business and Government Relations; Urban Development; Growth and Development Strategy; Safety; Real Estate Industry; China
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    • February 2011
    • Article

    Dividend Taxes and International Portfolio Choice

    By: Mihir Desai and Dhammika Dharmapala
    This paper investigates how dividend taxes influence portfolio choices, using the response to the distinctive treatment of a subset of foreign dividends in the Jobs and Growth Tax Relief Reconciliation Act (JGTRRA) of 2003. An open-economy after-tax capital asset... View Details
    Keywords: Dividends; Portfolio Choice; Taxes; Tax Treaties; Foreign Portfolio Investment; Taxation; Lawfulness; Economy; Price; Equity; Stocks; Investment Portfolio; Opportunities; Behavior; United States
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    • 13 Jul 2007
    • Working Paper Summaries

    Economic Catastrophe Bonds

    Keywords: by Joshua D. Coval, Jakub W. Jurek & Erik Stafford; Financial Services
    • December 1998 (Revised June 1999)
    • Case

    STT Aerospace

    By: Richard G. Hamermesh and Jeremy Dann
    Experienced entrepreneur Charles Damon conducted a "roll-up" from 1987-1994 within the commercial airliner interior products industry. Damon's company, STT Aerospace, took advantage of an industry-wide recession in the early 1990s by buying when asset prices were low.... View Details
    Keywords: Retention; Business Strategy; Selection and Staffing; Entrepreneurship; Financial Crisis; Growth and Development Strategy; Compensation and Benefits; Employee Stock Ownership Plan; Acquisition; Product Development; Aerospace Industry
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      Lauren H. Cohen

      Lauren Cohen is the L.E. Simmons Professor in the Finance & Entrepreneurial Management Units at Harvard Business School and a Research Associate at the National Bureau of Economic Research. He is an Editor of the Review of Financial... View Details

      Keywords: asset management; asset management; asset management; asset management; asset management; asset management
      • March 1994 (Revised April 1994)
      • Case

      Marriott Corporation - Restructuring

      Deals with the decision of whether to split Marriott into two companies Marriott International and Host Marriott. Marriott has run into problems owing to the decline in real estate valuation. At the time of the case, it has a significant percentage of assets in hotels... View Details
      Keywords: Restructuring; Ethics; Accommodations Industry
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      • May 2011
      • Background Note

      Scale Effects, Network Effects, and Investment Strategy

      By: Willy Shih
      This technical note discusses scale economies, and direct and indirect network effects in the context of building better business models. Some of the great business disasters of the dot.com bubble were companies that scaled their infrastructure without working through... View Details
      Keywords: Business Model; Investment; Price; Crisis Management; Network Effects; Multi-Sided Platforms; Strategy
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      • June 2010 (Revised August 2021)
      • Case

      Vereinigung Hamburger Schiffsmakler und Schiffsagenten e.V. (VHSS): Valuing Ships

      By: Benjamin C. Esty and Albert Sheen
      After booming for more than five years, the global shipping (maritime) industry experienced a dramatic crash in late 2008 as the global financial system froze and the global economy slid into recession. Ship charter rates (revenue) fell by as much as 90% causing prices... View Details
      Keywords: Fair Value Accounting; Financial Crisis; Capital Markets; Financial Liquidity; International Finance; Globalized Markets and Industries; Valuation; Banking Industry; Shipping Industry; Germany
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      • January 2008 (Revised January 2010)
      • Case

      iBasis, Inc.

      By: Andrew Wasynczuk, Katherine Dowd and Nicole Kravec
      iBasis examines the development of a long-term relationship between equipment manufacturer Cisco and start-up iBasis, a voice-over-internet wholesaler. Questions arise for iBasis founders as to how best to build a beneficial relationship with the much larger partner.... View Details
      Keywords: Information Technology; Intellectual Property; Value Creation; Equality and Inequality; Partners and Partnerships; Business Growth and Maturation; Price Bubble; Trust; Business Startups; Manufacturing Industry; Communications Industry; Web Services Industry
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      • 18 Jul 2022
      • Research & Ideas

      After the 'Crypto Crash,' What's Next for Digital Currencies?

      Kominers: For the past six months, we’ve been tilting into a state of overall financial uncertainty. Crypto assets are very volatile, in part because there’s so much uncertainty about which crypto technologies are likely to be the most... View Details
      Keywords: by Christina Pazzanese, Harvard Gazette; Financial Services; Technology
      • August 2014 (Revised November 2015)
      • Case

      Rick's Dilemma

      By: Arthur I. Segel, Charles F. Wu, Siddharth Yog and Ben Eppler
      In 2014, Rick is serving as a trustee for a large family trust whose principle asset is a plot of prime real estate in the Upper East Side of Manhattan. The land is currently subject to a ground lease which pays $4.6 million annually, with resets every 20 years at 4.5%... View Details
      Keywords: Real Estate; New York Property; Appraisal Methods; Valuation Methodologies; Property; Finance; Real Estate Industry; New York (city, NY); United States
      Related
      • 24 Jun 2015
      • Working Paper Summaries

      Accounting Data, Market Values, and the Cross Section of Expected Returns World

      Keywords: by Charles C.Y. Wang; Accounting
      • 2018
      • Working Paper

      OTC Intermediaries

      By: Andrea L. Eisfeldt, Bernard Herskovic, Sriram Rajan and Emil Siriwardane
      Over-the-counter (OTC) markets for financial assets are dominated by a relatively small number of core intermediaries and a large number of peripheral customers. In this paper, we develop a model of trade in a core-periphery network and estimate its key structural... View Details
      Keywords: OTC Markets; Intermediaries; Dealers; Credit Default Swaps; Risk Sharing; Networks; Price; Risk and Uncertainty
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