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- All HBS Web (827)
- Faculty Publications (451)
- September 2024
- Case
InfraCredit and the Project Inception Facility
By: John Macomber, Namrata Arora and Maagatha Kalavadakken
Around the world, large infrastructure projects are frequently stymied by the high cost and high uncertainty of the project inception phase: the research and engineering and planning prior to financial close and start of construction. Could there be a new kind of... View Details
Keywords: Infrastructure; Financial Institutions; Financial Instruments; Cost; Cash Flow; Capital; Assets; Financial Markets; Financial Strategy; Insurance; Energy; Product Development; Risk and Uncertainty; Business Strategy; Credit; Financial Services Industry; Energy Industry; Banking Industry; Africa; Nigeria
- March 1996 (Revised April 2006)
- Case
Global Equity Markets: The Case of Royal Dutch and Shell
By: Kenneth A. Froot and Andre F. Perold
Royal Dutch and Shell common stocks are securities with linked cash flow, so that the ratio of their stock prices should be fixed. In fact, the ratio is highly variable, moving with the markets where the securities are intensively traded. Royal Dutch trades more... View Details
Keywords: International Equity Markets; International Cost Of Capital; Cross-border Valuation; International Finance; Equity; Cost of Capital; Valuation; Cash Flow
Froot, Kenneth A., and Andre F. Perold. "Global Equity Markets: The Case of Royal Dutch and Shell." Harvard Business School Case 296-077, March 1996. (Revised April 2006.)
- April 2010 (Revised March 2011)
- Case
The Auction for Travelport (A)
By: Andrei Hagiu and Misha Sanwal
A senior Blackstone director is deciding how aggressively to bid for Travelport, a travel distribution business containing several key services and platforms. Travelport's most important properties were Galileo, one of the top 3 global distribution systems (GDSs),... View Details
Keywords: Value Creation; Product Positioning; Cost vs Benefits; Private Equity; Leveraged Buyouts; Competitive Advantage; Auctions; Industry Structures; Travel Industry
Hagiu, Andrei, and Misha Sanwal. "The Auction for Travelport (A)." Harvard Business School Case 710-474, April 2010. (Revised March 2011.)
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
- February 2015 (Revised December 2016)
- Case
Poseidon Carlsbad: Desalination and the San Diego County Water Authority
By: John Macomber
Extreme drought conditions in California have significant impacts on the ability of the San Diego County Water Authority to provide adequate water for current users. Water shortfalls also could curtail the economic development of one of the fastest growing regions in... View Details
Keywords: Risk Management; Partners and Partnerships; Resource Allocation; Public Sector; Private Sector; Environmental Sustainability; Policy; Infrastructure; Green Technology Industry; Utilities Industry; California
Macomber, John. "Poseidon Carlsbad: Desalination and the San Diego County Water Authority." Harvard Business School Case 215-057, February 2015. (Revised December 2016.)
- May 2009 (Revised June 2009)
- Case
Areva
By: V.G. Narayanan and Lisa Brem
Areva, the world's market leader in civilian nuclear power, was positioned to take advantage of the resurgence of nuclear power. However, three issues clouded the positive outlook: (1) a 1.7 billion euro loss on the construction of the first next generation nuclear... View Details
Keywords: Budgets and Budgeting; Financial Statements; Energy Generation; Cash Flow; Investment; Energy Industry; Europe
Narayanan, V.G., and Lisa Brem. "Areva." Harvard Business School Case 109-092, May 2009. (Revised June 2009.)
- December 2017
- Case
International Institute of Tropical Agriculture
By: Jose B. Alvarez and Sarah Mehta
It is July 2017, and Dr. Nteranya Sanginga, the director general of the Nigeria-based International Institute of Tropical Agriculture (IITA), is making progress toward two of his primary strategic objectives for the nonprofit research Institute: 1) to scale the impact... View Details
Keywords: Scaling Technologies; Youth Unemployment; Innovation In Nonprofits; Agribusiness; Plant-Based Agribusiness; Cash Flow; Labor; Employment; Commercialization; Problems and Challenges; Agriculture and Agribusiness Industry; Africa; Nigeria
Alvarez, Jose B., and Sarah Mehta. "International Institute of Tropical Agriculture." Harvard Business School Case 518-034, December 2017.
- March 2011
- Case
Valuation of AirThread Connections
By: Erik Stafford and Joel L. Heilprin
This case can be used as a capstone valuation exercise for first-year MBA students in an introductory finance course. A senior associate in the business development group at American Cable Communications, one of the largest cable companies in the U.S., must prepare a... View Details
Keywords: Communication; Present Value; Tax Accounting; Capital Costs; Synergy; Telephony; Wireless Technologies; Communication Technology; Assets; Cost of Capital; Valuation; Cash Flow; Capital Structure; Accounting; Wireless Technology; Communications Industry; Media and Broadcasting Industry
Stafford, Erik, and Joel L. Heilprin. "Valuation of AirThread Connections." Harvard Business School Brief Case 114-263, March 2011.
- 2025
- Working Paper
Bank Capital and the Growth of Private Credit
By: Sergey Chernenko, Robert Ialenti and David Scharfstein
We show that business development companies (BDCs), a significant source of private credit, are very well capitalized according to bank capital frameworks. These types of private credit funds have median risk-based capital ratios of about 36%, which is 26 percentage... View Details
Chernenko, Sergey, Robert Ialenti, and David Scharfstein. "Bank Capital and the Growth of Private Credit." Working Paper, June 2025.
- 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.)
- June 2025
- Case
TagHive: Edtech Pricing and Distributor Decisions
By: Isamar Troncoso, Frank V. Cespedes and Stacy Straaberg
Education technology (edtech) company TagHive, founded in 2017, used a direct sales team and third-party distributors to sell its Class Saathi hardware and software solution to 300 clients, mainly primary and secondary schools in India. The product aimed to improve... View Details
Keywords: Business Model; Marketing Channels; Marketing Strategy; Product Marketing; Social Marketing; Information Infrastructure; Information Technology; Internet and the Web; Mobile and Wireless Technology; Technology Adoption; Education; Teaching; Price; Customer Relationship Management; Customer Satisfaction; Growth and Development; Technological Innovation; Education Industry; Technology Industry; India; South Korea
- February 2011
- Module Note
Business Cycles and the New Challenges of Globalization
By: Diego A. Comin
Business Cycles and the New Challenges of Globalization is one of the core modules in Business Government and the International Economy (BGIE), a course for the required curriculum of the Harvard Business School. BGIE teaches the economic, political and historical... View Details
Keywords: Fluctuation; Business Cycles; Trade; Business Education; Curriculum and Courses; Capital; Cash Flow; Globalization; Problems and Challenges; China
Comin, Diego A. "Business Cycles and the New Challenges of Globalization." Harvard Business School Module Note 711-064, February 2011.
- January 2006
- Article
Are Perks Purely Managerial Excess?
By: Raghuram G. Rajan and Julie Wulf
A widespread view is that executive perks exemplify agency problems--they are a route through which managers misappropriate a firm's surplus. Accordingly, firms with high free cash flow, operating in industries with limited investment prospects, should offer more... View Details
Keywords: Problems and Challenges; Cash Flow; Business or Company Management; Situation or Environment; Performance Productivity; Investment; Executive Compensation
Rajan, Raghuram G., and Julie Wulf. "Are Perks Purely Managerial Excess?" Journal of Financial Economics 79, no. 1 (January 2006): 1–33. (Winner of the Second Place 2006 Jensen Prize for "Best Paper on Corporate Finance and Organizations" presented by Journal of Financial Economics .)
- June 2020
- Case
TransDigm: The Acquisition of Aerosonic Corp.
By: Benjamin C. Esty and Daniel W. Fisher
In April 2013, TransDigm, a company that manufactured a wide range of highly engineered aerospace parts for both military and commercial aircraft, announced an agreement to acquire Aerosonic Corporation for $39 million in cash (1.2 times Aerosonic’s sales of $31... View Details
Keywords: Mergers and Acquisitions; Growth Management; Business Strategy; Competitive Strategy; Value Creation; Valuation; Negotiation; Cash Flow; Contracts; Aerospace Industry; Air Transportation Industry; United States
Esty, Benjamin C., and Daniel W. Fisher. "TransDigm: The Acquisition of Aerosonic Corp." Harvard Business School Case 720-480, June 2020.
- February 2020
- Case
Rotoplas: Bringing More and Better Water
By: John D. Macomber and Carla Larangeira
Private companies were being turned to for potable water in the world’s megacities due to impacts of climate change including droughts and flooding. Mexico City had endured several water-related crises, with its population suffering from floods, droughts, water... View Details
Keywords: Water Supply; Water Management; Finance; Infrastructure; Urban Development; Business and Government Relations; Latin America; Mexico
Macomber, John D., and Carla Larangeira. "Rotoplas: Bringing More and Better Water." Harvard Business School Case 220-064, February 2020.
- September 2016
- Case
Hotel Vertu: Financing the Venture in the Boutique Hotel Industry
By: Howard H. Stevenson and Michael J. Roberts
Two recent MBA graduates are considering a business opportunity in the boutique hotel industry. Having found a seemingly attractive property in Savannah, Georgia, Yvonne D'Arcy and Elisabeth Whiting face questions about financing, deal structure, and unequal power... View Details
Stevenson, Howard H., and Michael J. Roberts. "Hotel Vertu: Financing the Venture in the Boutique Hotel Industry." Harvard Business School Brief Case 917-505, September 2016.
- 14 Aug 2009
- Working Paper Summaries
Insider Trading Preceding Goodwill Impairments
- December 2012
- Article
Evidence on the Use of Unverifiable Estimates in Required Goodwill Impairment
By: Karthik Ramanna and Ross L. Watts
SFAS 142 requires managers to estimate the current fair value of goodwill to determine goodwill write-offs. In promulgating the standard, the FASB predicted managers will, on average, use the fair value estimates to convey private information on future cash flows. The... View Details
Keywords: Goodwill Impairment; Fair-value Accounting; FASB; SFAS 142; Fair Value Accounting; Standards; Cash Flow; Agency Theory; Motivation and Incentives; Forecasting and Prediction; Goodwill Accounting
Ramanna, Karthik, and Ross L. Watts. "Evidence on the Use of Unverifiable Estimates in Required Goodwill Impairment." Review of Accounting Studies 17, no. 4 (December 2012): 749–780.
- September 2018
- Article
Asset Price Dynamics in Partially Segmented Markets
By: Robin Greenwood, Samuel G. Hanson and Gordon Y. Liao
We develop a model in which capital moves quickly within an asset class but slowly between asset classes. While most investors specialize in a single asset class, a handful of generalists can gradually reallocate capital across markets. Upon the arrival... View Details
Greenwood, Robin, Samuel G. Hanson, and Gordon Y. Liao. "Asset Price Dynamics in Partially Segmented Markets." Review of Financial Studies 31, no. 9 (September 2018): 3307–3343. (Internet Appendix Here.)
- 25 Oct 2011
- First Look
First Look: October 25
PublicationsJoining a Nonprofit Board: What You Need to Know Authors:Marc J. Epstein and F. Warren McFarlan Publication:Jossey-Bass/Wiley, 2011 An abstract is unavailable at this time. Publisher's Link:... View Details
Keywords: Sean Silverthorne