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- Faculty Publications (435)
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- All HBS Web (771)
- Faculty Publications (435)
Business Analysis and Valuation: Using Financial Statements
This book provides a framework for business analysis and has been used by business schools throughout the world. It provides a foundation for analysis using four key steps: 1) Strategy analysis: Identifying a firm's strategy and understanding sources of its competitive... View Details
- February 2011 (Revised September 2013)
- Case
Sarvajal: Water for All
By: John D. Macomber and Mona Sinha
Entrepreneur wrestles with business model using SMS and RFID technology, franchising, and leasing to rapidly grow off-the-grid water purification business without subsidies. The company seeks to provide potable water services to rural and urban India where the public... View Details
Keywords: Business Subsidiaries; Business Model; Communication Technology; Private Sector; Social Entrepreneurship; Cost Management; Rural Scope; Emerging Markets; Infrastructure; Problems and Challenges; Information Infrastructure; India
Macomber, John D., and Mona Sinha. "Sarvajal: Water for All." Harvard Business School Case 211-028, February 2011. (Revised September 2013.)
- 2013
- Book
Business Analysis and Valuation: Using Financial Statements, Text and Cases
By: Krishna G. Palepu and Paul M. Healy
This book provides a framework for business analysis and has been used by business schools throughout the world. It provides a foundation for analysis using four key steps: 1) Strategy analysis: Identifying a firm's strategy and understanding sources of its competitive... View Details
Keywords: Governance; Debt Securities; Valuation; Performance Evaluation; Financial Statements; Credit; Business Ventures; Strategy; Financial Condition; Mergers and Acquisitions; Forecasting and Prediction
Palepu, Krishna G., and Paul M. Healy. Business Analysis and Valuation: Using Financial Statements, Text and Cases. 5th ed. Cengage Learning, 2013.
Eaton Corp.: Portfolio Transformation and the Cost of Capital
In 2000, Eaton Corporation was broadly diversified industrial conglomerate. But its strategy was evolving and its focus was narrowing around “power management” and more recently on “intelligent power,” the use of digitally enabled products and services designed... View Details
- September 2008
- Case
Samoa Tala
By: Joshua D. Coval, Bhagwan Chowdhry and Konark Saxena
This case examines currency risks faced by Microfinance Institutions, and evaluates strategies to hedge them in countries with pegged currency regimes and no derivatives markets. An MFI based in Western Samoa borrows in different currencies like the US dollar and the... View Details
Keywords: Cash Flow; Currency Exchange Rate; Microfinance; Risk and Uncertainty; Financial Services Industry; Samoa
Coval, Joshua D., Bhagwan Chowdhry, and Konark Saxena. "Samoa Tala." Harvard Business School Case 209-053, September 2008.
- 10 Jan 2011
- Research & Ideas
Is Groupon Good for Retailers?
discount vouchers. Once customers prepay, they often enjoy consumer protections with regard to gift certificates-including special rules as to expiration and partial refunds. Here in Massachusetts, a gift certificate that is 90 percent... View Details
- Forthcoming
- Article
FinTech Lending and Cashless Payments
By: Pulak Ghosh, Boris Vallée and Yao Zeng
Borrower's use of cashless payments both improves their access to capital from FinTech lenders and predicts a lower probability of default. These relationships are stronger for cashless technologies providing more precise information, and for outflows. Cashless payment... View Details
- February 2005 (Revised January 2012)
- Case
Liston Mechanics Corporation
By: Marc L. Bertoneche
Reviews, through a rather simple and straightforward situation, the various methods of valuation--free cash flow, weighted average cost of capital, equity cash flow, adjusted present value, multiples, etc. View Details
Bertoneche, Marc L. "Liston Mechanics Corporation." Harvard Business School Case 205-070, February 2005. (Revised January 2012.)
- November 1994 (Revised May 2002)
- Case
K-III: A Leveraged Build-Up
By: George P. Baker III, Nicola Bamford and Nicolas Greenspan
Explores the strategy, financing, and governance of a new type of organizational form, dubbed the Leveraged Build-Up by its inventor, Kohlberg, Kravis, Roberts & Co. The company makes leveraged acquisitions of small publishing companies, managing them in a very... View Details
Keywords: Debt Securities; Financial Management; Leveraged Buyouts; Cash Flow; Organizational Structure; Mergers and Acquisitions; Corporate Governance; Financial Strategy; Corporate Finance; Publishing Industry
Baker, George P., III, Nicola Bamford, and Nicolas Greenspan. "K-III: A Leveraged Build-Up." Harvard Business School Case 295-067, November 1994. (Revised May 2002.)
- 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... View Details
Healy, Paul M., and Krishna G. Palepu. Business Analysis and Valuation: Using Financial Statements. 4th ed. Mason, OH: Thomson South-Western, 2007.
- March 2008 (Revised February 2009)
- Case
Transparent Value LLC
By: Sharon P. Katz, Krishna G. Palepu and Aldo Sesia, Jr.
Leading index company Dow Jones recently signed a license and joint marketing agreement with Transparent Value LLC, the creator of a new fundamentals-based valuation methodology. The agreement allowed Dow Jones to offer a family of indexes based on the Transparent... View Details
Keywords: Asset Management; Stocks; Price; Performance Expectations; Mathematical Methods; Valuation
Katz, Sharon P., Krishna G. Palepu, and Aldo Sesia, Jr. "Transparent Value LLC." Harvard Business School Case 108-069, March 2008. (Revised February 2009.)
- 2006
- Other Unpublished Work
Does Banks' Corporate Control Benefit Firms? Evidence from US Banks' Control over Firms' Voting Rights
By: Joao A.C. Santos and Kristin Wilson
In this paper we examine the importance of banks' corporate control over their borrowers by investigating the loan pricing effect of banks' voting stakes in borrowers. We exploit the fact that banks may hold shares of firms in a fiduciary capacity to identify a clean... View Details
Santos, Joao A.C., and Kristin Wilson. "Does Banks' Corporate Control Benefit Firms? Evidence from US Banks' Control over Firms' Voting Rights." American Finance Association, 2006.
- 2011
- Working Paper
Tax Policy and the Efficiency of U.S. Direct Investment Abroad
By: Mihir A. Desai, C. Fritz Foley and James R. Hines Jr.
Deferral of U.S. taxes on foreign source income is commonly characterized as a subsidy to foreign investment, as reflected in its inclusion among "tax expenditures" and occasional calls for its repeal. This paper analyzes the extent to which tax deferral and other... View Details
Keywords: Cash Flow; Investment Return; Foreign Direct Investment; Investment Funds; Policy; Taxation; United States
Desai, Mihir A., C. Fritz Foley, and James R. Hines Jr. "Tax Policy and the Efficiency of U.S. Direct Investment Abroad." NBER Working Paper Series, No. 17202, July 2011.
- May 2005 (Revised January 2006)
- Case
Mortgage Backs at Ticonderoga
Ticonderoga is a small hedge fund that trades in mortgage-backed securities--securities created from pooled mortgage loans. They often appear as straightforward so-called "pass-throughs," but can also be pooled again to create collateral for a mortgage security known... View Details
Chacko, George C., Peter A. Hecht, Vincent Dessain, and Anders Sjoman. "Mortgage Backs at Ticonderoga." Harvard Business School Case 205-122, May 2005. (Revised January 2006.)
- Working Paper
Measuring the Perceived Liquidity of the Corporate Bond Market
By: Sergey Chernenko and Adi Sunderam
We propose a novel measure of bond market liquidity that does not depend on transaction data: the strength of the cross-sectional relationship between mutual fund cash holdings and fund flow volatility. Our measure captures how liquid funds perceive their portfolio... View Details
Chernenko, Sergey, and Adi Sunderam. "Measuring the Perceived Liquidity of the Corporate Bond Market." NBER Working Paper Series, No. 27092, May 2020.
- Article
Valuation of Bankrupt Firms
By: S. C. Gilson, E. S. Hotchkiss and R. S. Ruback
This study compares the market value of firms that reorganize in bankruptcy with estimates of value based on management's published cash flow projections. We estimate firm values using models that have been shown in other contexts to generate relatively precise... View Details
Gilson, S. C., E. S. Hotchkiss, and R. S. Ruback. "Valuation of Bankrupt Firms." Review of Financial Studies 13, no. 1 (Spring 2000): 43–74. (Abridged version reprinted in The Journal of Corporate Renewal 13, no. 7 (July 2000))
- July 1991 (Revised December 1993)
- Case
Grupo Industrial Alfa, S.A.--1982
The rapid depreciation of the peso in 1982 precipitated a crisis at Grupo Alfa, Mexico's largest private company. The company's peso cash flow was insufficient to service its large dollar-denominated debt. Students are asked to formulate a plan for restructuring Alfa's... View Details
Keywords: Currency Exchange Rate; Restructuring; Negotiation Participants; Business Strategy; Financial Crisis; Mexico
Fenster, Steven R. "Grupo Industrial Alfa, S.A.--1982." Harvard Business School Case 292-008, July 1991. (Revised December 1993.)
The Link Between Bonds and Individual Stocks
Government bonds comove more strongly with bond-like stocks: stocks of large, mature, low-volatility, profitable, dividend-paying firms that are neither high growth nor distressed. Variables derived from the yield curve that are already known to predict returns on... View Details
- January 1984 (Revised August 1988)
- Background Note
Valuation Techniques
By: Howard H. Stevenson and Michael J. Roberts
Describes several approaches to valuation of a going concern: assets, earnings, and cash flow. View Details
Stevenson, Howard H., and Michael J. Roberts. "Valuation Techniques." Harvard Business School Background Note 384-185, January 1984. (Revised August 1988.)
- Article
Tax Policy and the Efficiency of U.S. Direct Investment Abroad
By: Mihir A. Desai, C. Fritz Foley and James R. Hines Jr.
Deferral of U.S. taxes on foreign source income is commonly characterized as a subsidy to foreign investment, as reflected in its inclusion among "tax expenditures" and occasional calls for its repeal. This paper analyzes the extent to which tax deferral and other... View Details
Keywords: International Taxation; Dynamic Efficiency; Deferral; Policy; Taxation; Performance Efficiency; Foreign Direct Investment; Investment Funds; Investment Return; Business Earnings; Equity; Financing and Loans; Cash Flow; Capital; United States
Desai, Mihir A., C. Fritz Foley, and James R. Hines Jr. "Tax Policy and the Efficiency of U.S. Direct Investment Abroad." National Tax Journal 64, no. 4 (December 2011): 1055–1082.