Publications
Publications
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- All HBS Web
(2,133)
- Faculty Publications (434)
- 2024
- Working Paper
Valuing Stocks With Earnings
By: Sebastian Hillenbrand and Odhrain McCarthy
We show that commonly used aggregate earnings are several times as volatile as stock prices
over the last three decades. Movements in the price-earnings ratio are thus entirely explained by
earnings growth and unrelated to future returns. As an alternative to the... View Details
- March 2024
- Case
East Rock Capital: 'Talent Is the Best Asset Class'
By: Boris Groysberg, Sarah L. Abbott and Izzy Yeoh
Adam Shapiro and Graham Duncan launched East Rock Capital, LLC in 2006 with a seed investment from Stuart Miller, executive chairman of Lennar Corporation. East Rock managed long-term assets for high-net-worth families, primarily working with external managers who had... View Details
- March 2024
- Supplement
ELCA's Series A Cap Table Exercise (Instructor Version)
By: Raymond Kluender and Anke Becker
In ELCA, the company must decide between two term sheets: one put forth by STV and one put forth by ESV.
This exercise is an analysis of the implications of these two term sheets on the ownership structure and the payouts of common and preferred... View Details
This exercise is an analysis of the implications of these two term sheets on the ownership structure and the payouts of common and preferred... View Details
- March 2024
- Supplement
ELCA's Series A Cap Table Exercise (Student Version)
By: Raymond Kluender, Anke Becker and Johnson Elugbadebo
In ELCA, the company must decide between two term sheets: one put forth by STV and one put forth by ESV.
This exercise is an analysis of the implications of these two term sheets on the ownership structure and the payouts of common and preferred... View Details
This exercise is an analysis of the implications of these two term sheets on the ownership structure and the payouts of common and preferred... View Details
- February 2024 (Revised June 2024)
- Case
Can Families Conquer Private Equity? Pritzker Private Capital
By: Lauren Cohen and Sophia Pan
Anthony (Tony) Pritkzer, Paul Carbone, and the Pritzker Private Capital (PPC) team wondered how to approach the firm’s next phase of growth. PPC was a private equity firm that offered a differentiated approach to the family capital market. Back in 2016, the partners... View Details
Keywords: Family Office; External Financing; Succession; Leadership Transition; Family Business; Private Equity; Investment; Business Growth and Maturation; Financial Strategy; Investment Portfolio; Business Model; Private Sector; Financial Liquidity; Risk Management; Organizational Structure; Competitive Advantage; Venture Capital; Management Succession; Financial Services Industry; Chicago; Illinois; United States
- January 2024
- Case
Fusion Industry Association: Igniting the Future of Clean Energy
Fusion energy is evolving from a scientific idea to a commercial possibility, drawing large investments and regulatory discussions; how should the FIA navigate this evolution?
The Fusion Industry Association (FIA) is at the forefront of transforming fusion... View Details
The Fusion Industry Association (FIA) is at the forefront of transforming fusion... View Details
- January 2024 (Revised May 2024)
- Case
Runa
By: Paul Gompers and Carla Larangeira
In early 2022, Courtney McColgan, founder and CEO of Runa, a human resources and payroll Software-as-a-Service platform, faced an unexpected tech market downturn. Founded in 2018, Runa catered to small and medium-sized businesses in Mexico, offering an affordable and... View Details
- January 2024 (Revised February 2024)
- Case
TPG Rise Climate: Deploying 'Climate Capital'
By: Vikram S. Gandhi, David Allen, Sarah Mehta and Shannon Roche
This case is about TPG Rise Climate, a $7.3 billion climate impact fund launched in 2021 by alternative asset manager TPG. Climate investing is a complex, capital-intensive endeavor; entering it has forced TPG to think and act differently. Relative to other funds, Rise... View Details
- January 2024
- Article
A Cost Model for a Low Threshold Clinic Treating Opioid Use Disorder
By: Sarah E. Wakeman, Elizabeth Powell, Syed Shehab, Grace Herman, Laura Kehoe and Robert S. Kaplan
The US fee-for-service payment system under-reimburses clinics offering access to comprehensive treatments for opioid use disorder (OUD). The funding shortfall limits a clinic’s ability to expand and improve access, especially for socially marginalized patients with... View Details
- September 2023
- Article
Customer Churn and Intangible Capital
By: Scott R. Baker, Brian Baugh and Marco Sammon
Intangible capital is a crucial and growing piece of firms’ capital structure, but many of its distinct components are difficult to measure. We develop and make available several new firm-level metrics regarding a key component of intangible capital – firms’ customer... View Details
- 2023
- Working Paper
The Equity Market Implications of the Retail Investment Boom
By: Philippe van der Beck and Coralie Jaunin
This paper quantifies the impact of Robinhood traders on the US equity market. Within a structural model, we estimate retail and institutional demand curves and derive aggregate pricing implications via market clearing. The inelastic nature of institutional demand... View Details
- 2023
- Working Paper
The Optimal Stock Valuation Ratio
By: Sebastian Hillenbrand and Odhrain McCarthy
Trailing price ratios, such as the price-dividend and the price-earnings ratio, scale prices by trailing cash flow measures. They theoretically contain expected returns, yet, their performance in predicting stock market returns is poor. This is because of an omitted... View Details
- 2022
- Working Paper
Why Do Index Funds Have Market Power? Quantifying Frictions in the Index Fund Market
By: Zach Y. Brown, Mark Egan, Jihye Jeon, Chuqing Jin and Alex A. Wu
Index funds are one of the most common ways investors access financial markets and are perceived to be a transparent and low-cost alternative to active investment management. Despite these purported virtues of index fund investing and the introduction of new products... View Details
- October 2023 (Revised January 2024)
- Case
SEK: Reimagining Spanish Higher Education at Universidad Camilo José Cela (UCJC)
By: John J-H Kim, Mary C. Sauer and Emilie Billaud
In 2023, Nieves Segovia, President of the SEK Education Group in Spain, contemplates the future of her family's for-profit education company, which includes K-12 schools and the newly established UCJC university. Renowned for its innovation in education, SEK faces... View Details
- September 2023
- Teaching Note
Roche: ESG and Access to Healthcare
By: George Serafeim
Teaching Note for HBS Case No. 123-075. In May 2022, Roche Group, one of the largest healthcare companies in the world, hosted its first ESG investor event focused exclusively on its efforts to impact access to healthcare. While Roche had recently set an ambitious goal... View Details
- September 2023 (Revised July 2024)
- Case
Going Mobile-First? The Digital Transformation of Davivienda Bank in Colombia
By: Jorge Tamayo and Jenyfeer Martinez Buitrago
Set in 2017, this case describes the digital transformation strategy of Davivienda— a leading player in Colombia’s commercial banking and one of the companies belonging to Grupo Bolívar, a major Colombian financial conglomerate. The case also describes the pioneer role... View Details
Keywords: Change Management; Transformation; Decision Choices and Conditions; Information Technology; Digital Strategy; Digital Transformation; Internet and the Web; Mobile and Wireless Technology; Innovation and Management; Innovation Strategy; Growth and Development Strategy; Business Strategy; Banking Industry; Latin America; Central America; South America; Colombia
- September 2023
- Article
Addressing Vaccine Hesitancy: Experimental Evidence from Nine Countries during the COVID-19 Pandemic
By: Vincenzo Galasso, Vincent Pons, Paola Profeta, Martin McKee, David Stuckler, Michael Becher, Sylvain Brouard and Martial Foucault
We study the impact of public health messages on intentions to vaccinate and vaccination uptakes, especially among hesitant groups. We performed an experiment comparing the effects of egoistic and altruistic messages on COVID-19 vaccine intentions and behaviour. We... View Details
- 2025
- Working Paper
Residential Battery Storage - Reshaping the Way We Do Electricity
By: Christian Kaps and Serguei Netessine
In this paper, we aim to understand when private households invest in behind-the-meter battery storage next to rooftop solar and how those batteries impact households, the electricity market, and emissions. We answer three main research questions: 1) When do customers... View Details
- 2023
- Chapter
Private Equity Financing
The goal of this chapter is to understand the common practices of PE funds’ structure and funding. The chapter covers three topics. First, it gives an overview of the traditional private equity (PE) financing structure; then, it discusses other investment vehicles like... View Details
- June 2023
- Supplement
Roche: ESG and Access to Healthcare
By: George Serafeim
In May 2022, Roche Group, one of the largest healthcare companies in the world, hosted its first ESG investor event focused exclusively on its efforts to impact access to healthcare. While Roche had recently set an ambitious goal to double the number of patients that... View Details
Keywords: ESG (Environmental, Social, Governance) Performance; Sustainable Finance; Growth Strategy And Execution; Sustainability Targets; Impact Evaluation; Healthcare Access; Healthcare Innovation; Healthcare Systems; Healthcare Operations; Finance; Strategy; Health Testing and Trials; Health Care and Treatment; Growth Management; Measurement and Metrics; Innovation Strategy; Corporate Social Responsibility and Impact; Health Industry; Pharmaceutical Industry; Switzerland; North America; Europe; Asia; Latin America; Africa