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- All HBS Web (412)
- Faculty Publications (192)
Show Results For
- All HBS Web (412)
- Faculty Publications (192)
- January 1989 (Revised September 1995)
- Supplement
Westinghouse Electric Corp.: Automating the Capital Budgeting Process (B1)
By: Lynda M. Applegate and Julie H. Hertenstein
Applegate, Lynda M., and Julie H. Hertenstein. "Westinghouse Electric Corp.: Automating the Capital Budgeting Process (B1)." Harvard Business School Supplement 189-120, January 1989. (Revised September 1995.)
- 11 Aug 2003
- Research & Ideas
Why Budgeting Kills Your Company
tool for achieving strategic alignment. How Fixed-performance Contracts Ensure Underperformance At its simplest, a company's budget process consists of each unit producing a sales forecast (assuming it's a profit center) and a View Details
Keywords: by Loren Gary
- November–December 1991
- Article
How Capital Budgeting Deters Innovation--And What To Do About It
Baldwin, Carliss Y. "How Capital Budgeting Deters Innovation--And What To Do About It." Research-Technology Management (November–December 1991).
- May 1990
- Supplement
Westinghouse Electric Corp.: Automating the Capital Budgeting Process (B), Video
By: Lynda M. Applegate
Applegate, Lynda M. "Westinghouse Electric Corp.: Automating the Capital Budgeting Process (B), Video." Harvard Business School Video Supplement 890-521, May 1990.
- May 1990
- Supplement
Westinghouse Electric Corp.: Automating the Capital Budgeting Process (A1), Video
By: Lynda M. Applegate
Applegate, Lynda M. "Westinghouse Electric Corp.: Automating the Capital Budgeting Process (A1), Video." Harvard Business School Video Supplement 890-519, May 1990.
- March 1987
- Supplement
Inland Steel Co. Product Policy (Q): Pruning the Capital Budget
By: Benson P. Shapiro and Lawrence B. Levine
Shapiro, Benson P., and Lawrence B. Levine. "Inland Steel Co. Product Policy (Q): Pruning the Capital Budget." Harvard Business School Supplement 587-150, March 1987.
- May 1990
- Supplement
Westinghouse Electric Corp.: Automating the Capital Budgeting Process (A2), Video
By: Lynda M. Applegate
Applegate, Lynda M. "Westinghouse Electric Corp.: Automating the Capital Budgeting Process (A2), Video." Harvard Business School Video Supplement 890-520, May 1990.
- March 1990 (Revised December 1995)
- Teaching Note
Westinghouse Electric Corp.: Automating the Capital Budget Process Series, Teaching Note
By: Lynda M. Applegate and Julie H. Hertenstein
- April 1987
- Supplement
Inland Steel Co. Product Policy, Video 5: Strategy and Capital Budgeting
By: Benson P. Shapiro and Lawrence B. Levine
Shapiro, Benson P., and Lawrence B. Levine. "Inland Steel Co. Product Policy, Video 5: Strategy and Capital Budgeting." Harvard Business School Video Supplement 887-543, April 1987.
- Article
Capital Budgeting Systems and Capabilities Investments in U.S. Companies after World War II
By: K. B. Clark and C. Y. Baldwin
Clark, K. B., and C. Y. Baldwin. "Capital Budgeting Systems and Capabilities Investments in U.S. Companies after World War II." Business History Review 68, no. 1 (Spring 1994): 73–109. (Winner of Newcomen-Harvard Award For the best article published each year in the Business History Review.)
- January 2018 (Revised April 2021)
- Case
Capital Allocation at HCA
By: W. Carl Kester and Emily R. McComb
In early 2017, HCA Holdings, an investor-owned hospital management company, faced a strategically important capital allocation decision. After the exit of its private equity sponsors in 2016, HCA had to determine how best to allocate its substantial annual free cash... View Details
Keywords: Capital Allocation; Cash Distribution Policy; Dividends; Share Repurchases; Growth Strategy And Execution; Growth Investing; Capital Expenditures; Debt Management; Debt Reduction; Debt Policy; Hospital Management; Investor-owned Hospital Chains; Capital Budgeting; Capital Structure; Cash Flow; Corporate Finance; Decision Choices and Conditions; Health Industry; United States
Kester, W. Carl, and Emily R. McComb. "Capital Allocation at HCA." Harvard Business School Case 218-039, January 2018. (Revised April 2021.)
- December 1997 (Revised December 1998)
- Case
Valuing Capital Investment Projects
By: W. Carl Kester
A collection of problems that introduces students to the application of discounted cash flow analysis in the evaluation of capital budgeting problems. View Details
Kester, W. Carl. "Valuing Capital Investment Projects." Harvard Business School Case 298-092, December 1997. (Revised December 1998.)
- March 2012 (Revised October 2012)
- Case
Hayman Capital Management
By: Robin Greenwood, Julie Messina and Jared Dourdeville
In late December 2011, Hayman Capital founder and portfolio manager Kyle Bass was reviewing Japanese government budget projections for 2012. The projections appeared contrary to Hayman Capital's views on Japan, where the fund had built a bearish position. Japan had the... View Details
Keywords: Investment Management; Speculative Bubbles; Japan; Government Policy; Financial Management; Price Bubble; Credit; Financial Strategy; Behavioral Finance; Government and Politics; Macroeconomics; Financial Services Industry; Japan
Greenwood, Robin, Julie Messina, and Jared Dourdeville. "Hayman Capital Management." Harvard Business School Case 212-091, March 2012. (Revised October 2012.)
- April 1996 (Revised March 1998)
- Case
Lex Service PLC-- Cost of Capital
By: W. Carl Kester and Kendall Backstrand
Lex Service company has grown into a large multidivisional company with a substantial capital budget. In 1993, the board was reviewing its capital budgeting procedures. Specifically, it sought to determine the company's cost of capital and whether it should use... View Details
Kester, W. Carl, and Kendall Backstrand. "Lex Service PLC-- Cost of Capital." Harvard Business School Case 296-003, April 1996. (Revised March 1998.)
- 2013
- Working Paper
Overcoming Organizational Barriers to Waste Heat Recovery
By: Chonnikarn Fern Jira and Deishin Lee
Waste heat recovery is a proven technology for improving energy efficiency and reducing the environmental impact of energy-intensive manufacturing firms. However, evidence suggests that opportunities for recovering waste heat are untapped. By showing how the process... View Details
- June 2009
- Case
Midland Energy Resources, Inc.: Cost of Capital
By: Timothy A. Luehrman and Joel L. Heilprin
The senior vice president of project finance for a global oil and gas company must determine the weighted average cost of capital for the company as a whole and each of its divisions as part of the annual capital budgeting process. The case uses comparable companies to... View Details
Keywords: Risk Assessment; Risk and Uncertainty; Risk Management; Cost of Capital; Cash Flow; Capital Structure; Valuation; Capital Budgeting; Energy Industry
Luehrman, Timothy A., and Joel L. Heilprin. "Midland Energy Resources, Inc.: Cost of Capital." Harvard Business School Brief Case 094-129, June 2009.
- November 1994 (Revised March 1995)
- Background Note
Capital Projects as Real Options: An Introduction
By: Timothy A. Luehrman
Introduces a framework for evaluating corporate investment projects as call options. Presumes readers are familiar with basic option pricing and basic capital budgeting rules. Explains the motivation for viewing projects as options; presents a mapping between a capital... View Details
Luehrman, Timothy A. "Capital Projects as Real Options: An Introduction." Harvard Business School Background Note 295-074, November 1994. (Revised March 1995.)
- July 2017 (Revised September 2017)
- Case
GM's Capital Allocation Framework
By: C. Fritz Foley, F. Katelynn Boland and Michael Lemm
In March of 2015, General Motors announced the details of a newly established capital allocation framework. This framework provided a target for return on invested capital, guidelines for capital structure choices, and policies related to payouts. Senior managers face... View Details
Keywords: Performance Metrics; Capital Budgeting; Capital Structure; Performance Evaluation; Measurement and Metrics; Auto Industry; Transportation Industry; United States
Foley, C. Fritz, F. Katelynn Boland, and Michael Lemm. "GM's Capital Allocation Framework." Harvard Business School Case 218-026, July 2017. (Revised September 2017.)
- October 2009
- Article
Influence and Inefficiency in the Internal Capital Market
By: Julie Wulf
I model inefficient resource allocations in M-form organizations due to influence activities by division managers that skew capital budgets in their favor. Corporate headquarters receives two types of signals about investment opportunities: private signals that can be... View Details
Keywords: Capital Markets; Resource Allocation; Business Processes; Capital Budgeting; Business Headquarters; Investment; Opportunities; Cost; Value; Motivation and Incentives; Equity
Wulf, Julie. "Influence and Inefficiency in the Internal Capital Market." Journal of Economic Behavior & Organization 72, no. 1 (October 2009): 305–321.
- 2006
- Article
Capital Budgeting: The Role of Cost Allocations
By: Ian D. Gow and Stefan Reichelstein
A common issue for firms is how to allocate capital resources to various investment alternatives. An extensive and long-standing literature in finance has examined various aspects of capital budgeting, including capital constraints, the determination of discount rates,... View Details
Keywords: Capital Budgeting; Resource Allocation; Performance Evaluation; Cost Management; Research; Investment; Cash Flow; Risk Management; Performance Capacity
Gow, Ian D., and Stefan Reichelstein. "Capital Budgeting: The Role of Cost Allocations." Operations Research Proceedings (2006): 115–122.