Publications

January 2008
Case

Parks Capital - Investment in US Retail, Inc.

Parks Capital acquired a Children's Apparel Manufacturer , American Child Clothing Manufacturers, Inc. (ACCM), in 2001. Two years later ACCM's largest retail customer, U.S. Retail, Inc., decided to evaluate strategic alternatives due to financial difficulties. Parks... View Details

Keywords: Mergers and Acquisitions; Customer Value and Value Chain; Private Equity; Vertical Integration; Apparel and Accessories Industry; Manufacturing Industry; Retail Industry; United States

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15 Feb 2016
Working Paper Summaries

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

Keywords: by Erik Stafford; Banking; Financial Services

June 2015
Supplement

Generating Higher Value at IBM (A): EPS Forecasting Model

By: Benjamin C. Esty and Scott Mayfield

This case analyzes IBM's financial performance and its capital allocation decisions over a 10-year period from 2004-2013, during which IBM returned more than $140B to shareholders through a combination of dividends and share repurchases. During this time, CEO Sam... View Details

Keywords: Dividends; Share Repurchases; Earnings Guidance; Financial Statement Analysis; Financial Ratios; Payout Policy; Earnings Per Share (EPS); Earnings Management; Change Management; Leadership; Transformation; Financial Strategy

March 2001 (Revised August 2001)
Exercise

Ginny's Restaurant: An Introduction to Capital Investment Valuation

An individual is considering the development of a new restaurant. To make the decision, she uses NPV analysis to determine whether she should undertake the investment, and, if so, the optimal size of the investment. View Details

Keywords: Valuation; Decision Making; Business Startups

November 2017
Comment

Discussion: Do Common Inherited Beliefs and Values Influence CEO Pay?

By: Lauren Cohen

The origin of preferences is something we know strikingly little about in economics. Given the central importance of preferences, we have not invested nearly the time we should into this concept. And so, as an overarching research direction, I am heartened by the push... View Details

Keywords: Executive Compensation; Values and Beliefs; Ethnicity

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2008
Working Paper

Consequences of Voluntary and Mandatory Fair Value Accounting: Evidence Surrounding IFRS Adoption in the EU Real Estate Industry

By: Karl A Muller III, Edward J. Riedl and Thorsten Sellhorn

We examine the causes and consequences of European real estate firms' decisions to provide investment property fair values prior to the required disclosure of this information under International Financial Reporting Standards (IFRS). We find evidence that investor... View Details

Keywords: Fair Value Accounting; Financial Reporting; International Accounting; Corporate Disclosure; Standards; Real Estate Industry; European Union

2025
Working Paper

When Where Watt: Harnessing the Value of Time and Location for Renewable Electricity Generation

By: Vishrut Rana, Christian Kaps and Serguei Netessine

Problem definition: Investments in renewable energy have surged worldwide in recent years, with over $2 trillion spent globally on clean energy. This surge was driven by growing policy support, concerns about energy security, and, most importantly, the cost... View Details

Keywords: Wind Power; Electricity Distribution; Renewable Energy; Profit; Investment Return; Factories, Labs, and Plants; Geographic Location; Revenue; Energy Industry; Utilities Industry

SSRN

Web

How Student-Proposed Internships Can Create Value - Recruiting

Insights & Advice 20 May 2025 How Student-Proposed Internships Can Create Value tag Summer Internships Some HBS students take an entrepreneurial approach to their summer internship search—identifying organizations they admire, networking... View Details

Web

Online Creating Brand Value Course | HBS Online

brands create shareholder value and why it’s vital to invest in your brand Who Will Benefit Marketing Professionals Managers and Consultants in Retail and Consumer Goods Entrepreneurs Transform your brand... View Details

Web

Creating Value Through Corporate Restructuring - Course Catalog

HBS Course Catalog Creating Value Through Corporate Restructuring Course Number 1420 Baker Foundation Professor Stuart C. Gilson Spring; Q3Q4; 3.0 credits 28 Sessions Exam Career Focus This course provides students with skills and... View Details

2015
Working Paper

Public R&D Investments and Private-sector Patenting: Evidence from NIH Funding Rules

By: Pierre Azoulay, Joshua S. Graff Zivin, Danielle Li and Bhaven N. Sampat

We quantify the impact of scientific grant funding at the National Institutes of Health (NIH) on patenting by pharmaceutical and biotechnology firms. Our paper makes two contributions. First, we use newly constructed bibliometric data to develop a method for flexibly... View Details

Keywords: Economics Of Science; Patenting; Academic Reserach; NIH; Knowledge Spillovers; Patents; Research; Government and Politics

2012
Working Paper

Finding the God Particle of the Sustainability Business Case: Greener Pastures for Shareholder Value

By: Marc L Bertoneche and Cornis van der Lugt

The start of the 2000s saw a flurry of international publications on "the business case" for sustainability, seeking to map out the returns on investment and to differentiate recommended actions from cases of corporate philanthropy. Reports by business organisations... View Details

Keywords: Corporate Social Responsibility and Impact; Performance; Environmental Sustainability

SSRN

January 2008
Teaching Note

Credit Risk: Valuing Risky Debt & CDOs (TN)

By: Joshua D. Coval and Erik Stafford

Teaching Note for [208111] and [208113]. View Details

Keywords: Price; Credit; Risk Management; Investment; Bonds; Borrowing and Debt; Decisions

February 2018 (Revised October 2019)
Technical Note

The Art and Science of Brand Valuation

By: Jill Avery

Brand valuation, the art and science of calculating the economic value accruing to a firm from its use of an intangible brand asset, yields frustratingly inconsistent, discrepant, and, therefore, controversial results. While it is widely accepted that brands are... View Details

Educators

Web

Investment Management and Capital Markets - Course Catalog

evaluation of specific investment decisions and opportunities across a wide array of public and private markets. Students learn how to evaluate any investment opportunity and, just as importantly, how to... View Details

September 2017 (Revised July 2019)
Supplement

Actera Group: Investing in Mars Cinema Group (B)

By: Victoria Ivashina and Eren Kuzucu

Supplements the (A) case. View Details

Keywords: Private Equity; Value Creation; Transformation; Valuation; Motion Pictures and Video Industry; Turkey

October 2010 (Revised January 2012)
Case

Hony, CIFA, and Zoomlion: Creating Value and Strategic Choices in a Dynamic Market

By: Josh Lerner and Yiwen Jin

The private equity group Hony Capital considers what to do with their investment in Zoomlion, which has been successful to date. The question is whether to take their money off the table or to invest in their acquisition of a large Italian competitor. View Details

Keywords: Private Equity; Financial Strategy; Investment; Emerging Markets; Financial Services Industry; China

Educators