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Publications
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- Faculty Publications (907)
- June 2018 (Revised April 2021)
- Supplement
Valuing Snap After the IPO Quiet Period
By: Benjamin C. Esty, Marco Di Maggio and Greg Saldutte
Keywords: Sell-side Analysts; Underwriters; Investment Banking; Social Network; Discounted Cash Flow; Cost Of Capital; Conflicts Of Interest; Corporate Governance; Advertising; Quiet Period; Business Startups; Digital Marketing; Initial Public Offering; Information Infrastructure; Valuation; Venture Capital; Forecasting and Prediction; Social Media; United States; California
- 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
Keywords: Sell-side Analysts; Underwriters; Investment Banking; Social Network; Discounted Cash Flow; Cost Of Capital; Conflicts Of Interest; Corporate Governance; Advertising; Quiet Period; ＂DCF Valuation,＂; Business Startups; Digital Marketing; Initial Public Offering; Information Infrastructure; Valuation; Venture Capital; Forecasting and Prediction; Social Media; Advertising Industry; Entertainment and Recreation Industry; Web Services Industry; United States; California
- 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
Keywords: Sell-side Analysts; Underwriters; Investment Banking; Social Network; Discounted Cash Flow; Cost Of Capital; Conflicts Of Interest; Corporate Governance; Advertising; Quiet Period; Business Startups; Digital Marketing; Initial Public Offering; Information Infrastructure; Valuation; Venture Capital; Forecasting and Prediction; Social Media; Advertising Industry; Entertainment and Recreation Industry; Web Services Industry; United States; California
- 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
Keywords: Sell-side Analysts; Underwriters; Investment Banking; Social Network; Discounted Cash Flow; Cost Of Capital; Conflicts Of Interest; Corporate Governance; Advertising; Quiet Period; Business Startups; Digital Marketing; Initial Public Offering; Information Infrastructure; Valuation; Venture Capital; Forecasting and Prediction; Social Media; Advertising Industry; Entertainment and Recreation Industry; Web Services Industry; United States; California
- June 2018
- Article
Cost of Experimentation and the Evolution of Venture Capital
By: Michael Ewens, Ramana Nanda and Matthew Rhodes-Kropf
We study how technological shocks to the cost of starting new businesses have led the venture capital model to adapt in fundamental ways over the prior decade. We both document and provide a framework to understand the changes in the investment strategy of VCs in... View Details
- May 2018 (Revised October 2018)
- Case
Urban Us
By: Mitchell Weiss and Phoebe Peronto
Shaun Abrahamson and Stonly Baptiste aimed to invest in what they called "urbantech superheroes." At Urban Us, the seed-stage urban technology-focused venture capital firm the two started in 2012, they looked for startups innovating around the future of cities. By... View Details
- May 2018
- Teaching Note
Mubadala and EBX: To X or to X It?
By: Nori Gerardo Lietz and Sayiddah Fatima McCree
On April 3, 2013, Hani Barhoush and Oscar Fahlgren of Mubadala Capital (“Mubadala”) considered how to salvage Mubadala’s $2 billion preferred equity investment of a 5.63% stake in the EBX Group. At the time, EBX was the holding company of a myriad of subsidiaries and... View Details
- May 2018 (Revised October 2018)
- Case
Argentina Power—Don't Cry for Me Argentina
By: Nori Gerardo Lietz and Sayiddah Fatima McCree
In 2016, Bruce Wayne, Managing Director of Energy Finance Corporation (“EFC”), was refining the Investment/Credit Committee materials for the development of up to 10 power generating plants in Argentina. As a subsidiary of the much larger International Conglomerate... View Details
Keywords: Cross Border; Energy Markets; Infrastructure Finance; Infrastructure Development; Business Subsidiaries; Business Cycles; Macroeconomics; Energy Generation; International Finance; Project Finance; Government and Politics; Demand and Consumers; Infrastructure; Utilities Industry; Energy Industry; Financial Services Industry; Argentina; Latin America
- May 2018 (Revised January 2019)
- Case
AirFox (A): Embracing the Blockchain and an ICO
By: Jeffrey J. Bussgang, Edward B. Berk and Nate Schwalb
In summer 2017, Victor Santos, CEO of AirFox, considered whether to pivot his startup towards a new product built with blockchain—a quickly growing technology at the time. AirFox was an early stage startup that sold Software-as-a-Service (SaaS) to small telecom... View Details
- 2018
- Working Paper
Corporate Tax Cuts Increase Income Inequality
By: Suresh Nallareddy, Ethan Rouen and Juan Carlos Suárez Serrato
This paper studies the effects of corporate tax changes on income inequality. Using state corporate tax rate changes as a setting, we show that cutting state corporate tax rates leads to increases in income inequality. This result is robust to using regression and... View Details
- May 2018 (Revised February 2019)
- Teaching Note
Greg Mazur and the Purchase of Great Eastern Premium Pet Foods
By: Richard S. Ruback, Royce Yudkoff and Ahron Rosenfeld
Teaching Note for HBS No. 211-085. Greg Mazur (HBS 1997) identified a small firm, Great Eastern Premium Pet Food, in December of 1998 that fit his search criteria and decided to offer the seller a cash price of $1.2 million plus an earn-out equal to 1% of revenue over... View Details
- May 2018 (Revised January 2019)
- Teaching Note
Nashton Partners and Its Search Fund Process
By: Richard S. Ruback, Royce Yudkoff and Ahron Rosenfeld
Teaching Note for HBS No. 212-006. In 2008, Jay Davis (HBS’ 08) and Jason Pananos (HBS’ 08) formed Nashton Partners and raised $500,000 from investors to fund their search. After 30 months of searching, and exhausting the money they raised to fund their search, Davis... View Details
- April 2018 (Revised September 2019)
- Case
Shanda Family Office
By: Christopher Malloy, Lauren Cohen and Essie Alamsyah
Tianqiao Chen, founder and CEO of Shanda Group, has set up his family office in the U.S. in 2016 after exiting from Shanda's Internet games business in China in 2014, again pioneering an unconventional approach to the management of a family office. View Details
Keywords: Family Business; Management; Strategy; Investment; Goals and Objectives; China; United States
- April 2018 (Revised September 2018)
- Case
Impact Investing for Cancer
By: Richard G. Hamermesh and Matthew G. Preble
It is early 2018, and Emily Park, managing director of impact for the Abreu Family Office, is meeting the next day with Tomás and Maria Abreu to discuss the various ways in which the Abreus can allocate a planned $100 million to make a meaningful difference in cancer... View Details
- April 2018 (Revised May 2018)
- Case
Goldman Sachs: Making an Imprint in Impact Investing
By: Shawn Cole, Vikram S. Gandhi, Caitlin Reimers Brumme and Lynn Schenk
Goldman Sachs acquired Imprint Capital Advisors, a small firm that specialized in advising clients on environmental/social/governance (ESG) and impact investments. The founders sold Imprint with the belief that joining a global financial firm would help to scale impact... View Details
- February 2018 (Revised August 2018)
- Case
OpenInvest
By: Shawn Cole, Boris Vallée and Nicole Tempest Keller
Founded by a team of hedge fund and NGO alumni, OpenInvest launched its platform in 2015 to enable retail investors to tailor their portfolios to their personal values in an automated way, for instance by screening out weapons manufacturers stocks or overweighting... View Details
- February 2018 (Revised December 2019)
- Case
The Tax Man: Taxes in Private Equity Real Estate
By: Nori Gerardo Lietz, Timothy J. Becker, Ricardo Andrade and Sayiddah F. McCree
In January 2018, Caelan Langan, an associate at KSW Partners LLC (“KSW”), was asked by Katherine Scott, the partner for whom he worked, to recommend a proposed structure to acquire a prominent office building in San Francisco for their most recent fund. Caelan was... View Details
- February 2018 (Revised February 2018)
- Supplement
HNA Group: Global Excellence with Chinese Characteristics (B)
By: William C. Kirby and Yuanzhuo Wang
This case provides a brief overview of the success and challenges of the HNA Group between 2015 and late 2017 when it grew rapidly through global acquisitions to become 170 on the 2017 Fortune 500 list. A firm that had begun as a provincial airline in China was now a... View Details
Keywords: Internationalization; Scrutiny; Growth; China; Philanthropy; One Belt One Road; Globalized Markets and Industries; Growth and Development; Acquisition; Corporate Governance; Air Transportation Industry; Financial Services Industry; Tourism Industry; China; United States; Europe; Asia; South America; Southeast Asia
- February 2018
- Case
Rosslyn Resource: Monetization and Sales Strategy
By: Robert J. Dolan and Sunru Yong
Rosslyn Resource identifies exploration targets (potential mineral deposits) in the mining industry and advances them until the project can be monetized, usually through sale to a larger mining company, in return for an upfront fee and a royalty on future revenues.... View Details
- February 2018 (Revised August 2018)
- Case
Blue Haven Initiative: The PEGAfrica Investment
By: Vikram S. Gandhi, Caitlin Reimers Brumme and Amram Migdal
This case examines Blue Haven Initiative (BHI), an impact investing fund and family office, and one of its investments, PEGAfrica (PEG). BHI founder Liesel Pritzker Simmons’ motivations for using her family wealth to start a family office focused on impact investing,... View Details
Keywords: Impact Investing; Family Office; Development; International Development; International Development Investing; Development Fund; Sustainability; Solar Energy; Solar; Pay As You Go; PAYG; MFI; Social Venture; Business Ventures; Acquisition; Business Growth and Maturation; Business Startups; Economics; Development Economics; Energy; Energy Conservation; Energy Sources; Renewable Energy; Social Entrepreneurship; Finance; Assets; Asset Pricing; Capital; Capital Budgeting; Capital Structure; Venture Capital; Cash; Cash Flow; Currency; Currency Exchange Rate; Equity; Private Equity; Financial Instruments; Debt Securities; Stock Shares; Financing and Loans; Microfinance; International Finance; Investment; Investment Return; Investment Activism; Investment Funds; Investment Portfolio; Price; Geography; Geographic Location; Emerging Markets; Ownership; Ownership Stake; Private Ownership; Social Enterprise; Value; Valuation; Value Creation; Energy Industry; Financial Services Industry; Green Technology Industry; Africa; United States