valuation - Publications - Faculty & Research - Harvard Business School

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November 2016 (Revised February 2017)
Case

Square, Inc. IPO

By: Ramana Nanda, Robert White and Lauren G. Pickle

In November 2015, Square, Inc. launched its initial public offering (IPO). The IPO had an offering price of $9 per share, lower than the $11 to $13 estimate that had been outlined in the preliminary prospectus and 42% below the $15.50 share price in its most recent... View Details

Keywords: Business Finance; Initial Public Offering; Equity; Capital Markets; Public Equity; Stocks; Venture Capital; Financial Services Industry; United States

April 1995 (Revised April 1995)
Case

Home Shopping Network, Inc. (Abridged)

By: Timothy A. Luehrman

Home Shopping Network invented the video home shopping industry. It had immediate success in both the product and capital markets, which quickly drew imitators. This case describes the situation as of January 1986, when the company must decide how to sustain successes... View Details

Keywords: Capital Markets; Financing and Loans; Supply and Industry; Product; Strategy; Competition; Valuation; Telecommunications Industry

Article

Agency Costs, Mispricing, and Ownership Structure

By: Sergey Chernenko, C. Fritz Foley and Robin Greenwood

Standard theories of corporate ownership assume that because markets are efficient, insiders ultimately bear all agency costs that they create and therefore have a strong incentive to minimize conflicts of interest with outside investors. We argue that if equity is... View Details

Keywords: Business and Shareholder Relations; Ownership; Conflict of Interests; Investment; Valuation

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March 1996
Case

FASB and Employee Stock Options, The

Summarizes the accounting principles governing employee stock options, including the recently issued accounting standard SFAS 123, Accounting for Stock-Based Compensation. Presents the theoretical issues involved with valuation and measurement of employee stock-based... View Details

Keywords: Employee Stock Ownership Plan; Accounting

February 2011 (Revised February 2018)
Case

Greg Mazur and the Purchase of Great Eastern Premium Pet Foods

By: Richard S. Ruback and Royce Yudkoff

Greg Mazur decided to purchase a small business after graduating from the Harvard Business School. The case explores his decision about whether or not he should finalize his deal to purchase Great Eastern Premium Pet Foods, Inc. ("GEPP"). It gives students the... View Details

Keywords: Mergers and Acquisitions; Entrepreneurship; Financing and Loans; Negotiation Deal; Negotiation Preparation; Strategic Planning; Valuation

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

Keywords: Valuation; Framework; Decision Choices and Conditions; Financial Statements

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December 2008 (Revised October 2010)
Case

Paul Capital Partners: Secondary Limited Partnership Investing

By: David S. Scharfstein

This case examines the proposed purchase by Paul Capital Partners of a limited partnership (LP) interest in a private equity fund. Paul Capital has a fund dedicated to buying these "secondary" LP interests. The case is intended as a vehicle for discussing the secondary... View Details

Keywords: Capital; Investment; Private Equity; Valuation; Partners and Partnerships; Interests; Markets; Debates; Financial Services Industry

February 2009 (Revised June 2010)
Background Note

Note on Valuing Control and Liquidity in Family and Closely Held Firms

Most companies around the world are family controlled and/or closely held. The need to value these companies routinely arises in practice for a variety of reasons, e.g., to buy out minority shareholders; for gift and estate tax purposes; to tie executive compensation... View Details

Keywords: Family Business; Financial Liquidity; Governance Controls; Valuation

July 2023
Article

Takahashi-Alexander Revisited: Modeling Private Equity Portfolio Outcomes Using Historical Simulations

By: Dawson Beutler, Alex Billias, Sam Holt, Josh Lerner and TzuHwan Seet

In 2001, Dean Takahashi and Seth Alexander of the Yale University Investments Office developed a deterministic model for estimating future cash flows and valuations for the Yale endowment’s private equity portfolio. Their model, which is simple and intuitive, is still... View Details

Keywords: Forecasting and Prediction; Investment Portfolio; Analytics and Data Science

October 1996 (Revised April 2004)
Case

Eric Wood (A)

By: Myra M. Hart

Describes the early career of an MBA who went to work in a small business, bought the company, and is now contemplating an acquisition to expand the business. The issues involve personal/business finance and financial risk, as well as valuation and financial... View Details

Keywords: Personal Development and Career; Business Growth and Maturation; Mergers and Acquisitions; Risk and Uncertainty

Research Summary

Overview

By: Charles C.Y. Wang

In the area of equity valuation, Professor Wang explores how firm fundamentals and valuation models can be used to understand expected return variation, with a focus on valuation-implied cost of capital and its use as a proxy for expected returns. In his study of... View Details

December 2005 (Revised April 2007)
Case

Flagstar Companies, Inc. (Abridged)

By: Stuart C. Gilson

A large restaurant chain undergoes a leveraged buyout and subsequent recapitalization. Financial and operating problems at the company force it to consider various restructuring options, including a prepackaged Chapter 11 exchange offer to its public bondholders. Two... View Details

Keywords: Leveraged Buyouts; Restructuring; Capital; Insolvency and Bankruptcy; Debt Securities; Competition; Valuation; Financial Services Industry; United States

December 2002 (Revised February 2005)
Case

Cap Gemini Ernst & Young (A): A Global Merger

By: Ashish Nanda

French IT consulting giant Cap Gemini is poised to purchase the consulting arm of Ernst & Young, a U.S.-based Big 5 accounting firm. In doing so, many differences need to be resolved, including negotiating with Ernst & Young entities all over the world as well as... View Details

Keywords: Negotiation; Multinational Firms and Management; Mergers and Acquisitions; Cross-Cultural and Cross-Border Issues; Information Technology Industry; Consulting Industry; France

Article

Investor Sentiment in the Stock Market

By: Malcolm Baker and Jeffrey Wurgler

We examine how investor sentiment affects the cross-section of stock returns. Theory predicts that a broad wave of sentiment will disproportionately affect stocks whose valuations are highly subjective and are difficult to arbitrage. We test this prediction by... View Details

Keywords: Financial Markets; Stocks; Investment Return; Valuation; Forecasting and Prediction; Volatility; Price; Risk and Uncertainty; Behavioral Finance

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January 1993 (Revised October 1994)
Background Note

Note on Adjusted Present Value

By: Timothy A. Luehrman

Describes the "adjusted present value" (APV) approach to discounted cash flow analysis. Much of the note is devoted to a critical comparison of APV and an approach based on the wrighted average cost of capital (WACC). Argues that APV is usually, if not always, simpler,... View Details

Keywords: Valuation; Cost of Capital

January 2017 (Revised March 2017)
Case

SIN Capital and the Fullerton Health IPO

By: Josh Lerner and Ann Leamon

In early 2016, David Sin, founder of the Singapore-based private equity group SIN Capital and chairman of its primary holding, Fullerton Health, was deeply involved in preparations for taking Fullerton public on the Singapore stock exchange. Three years after SIN... View Details

Keywords: Healthcare; Asia; IPO; Financing; Singapore; Growth; Health Care and Treatment; Private Equity; Initial Public Offering; Financing and Loans; Strategy; Value Creation; Growth and Development Strategy; Health Industry; Singapore

March 2001 (Revised July 2004)
Case

Adecco SA's Acquisition of Olsten Corp

In the summer of 1999, Adecco SA, one of the world's leading staffing companies, was in the midst of attempting to acquire the staffing operations of Olsten Corp., a U.S. firm. This case analyzes the economics of the staffing industry, basic valuation, cross-border... View Details

Keywords: Financial Condition; Acquisition; Cross-Cultural and Cross-Border Issues; Service Industry; United States

April 1996 (Revised June 2000)
Case

Boston Beer Company, Inc., The

Capital markets may have overcapitalized the craft brewing industry during a flurry of new IPOs. In the context of this "hot" IPO market each individual company's valuation may seem reasonable. However, after careful analysis of each company's financial statement and... View Details

Keywords: Initial Public Offering; Analysis; Valuation; Industry Growth; Food and Beverage Industry; Boston

2023
Working Paper

The Evolving Academic Field of Climate Finance

By: Matteo Gasparini and Peter Tufano

The urgency and the magnitude of climate change will affect every aspect of our economies, societies, and planet. The academic finance research has begun to study the financial implications of global warming, although this body of literature is small. The field has... View Details

Keywords: Climate Finance; Finance Academia; Greenhouse Gas; Sustainable Finance; Financial Decisions; Educational Finance; Finance; Climate Change; Transition

September 1992 (Revised March 1997)
Case

Summit Distributors (A)

By: William J. Bruns Jr. and Amy P. Hutton

Summit Distributors was in danger of violating loan covenants because of slow economic activity and forecasted losses and was faced with a choice. Changing the inventory valuation method from LIFO to FIFO would avoid default but would require higher future income... View Details

Keywords: Taxation; Cost Accounting; Cash Flow; Interest Rates; Economic Systems; Borrowing and Debt; Financial Statements; Valuation; Accounting Audits; Financing and Loans; Accounting Industry; Legal Services Industry

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