Publications

Web

HBS - Financials | Supplemental Financial Information

2023 Annual Report From The Dean Key Metrics Financials PDF Downloads Financials From the CFO Financial Highlights Statement of Activity & Cash Flows Consolidated Balance Sheet... View Details

Web

HBS - Financials | Supplemental Financial Information

2021 Annual Report From The Dean Financials PDF Downloads Archive Financials 5 Year Summary From the CFO Financial Highlights Statement of Activity & Cash Flows Consolidated... View Details

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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This book provides a framework for business analysis and has been used by business schools throughout the world. It provides a foundation for analysis using four key steps: 1) Strategy analysis: Identifying a firm's strategy and understanding sources of its competitive... View Details

Web

HBS - Financials | Supplemental Financial Information

2022 Annual Report From The Dean Key Metrics Financials PDF Downloads Financials From the CFO Financial Highlights Statement of Activity & Cash Flows Consolidated Balance Sheet... View Details

Web

Behavioral Finance & Financial Stability

single constraint should be used in place of multiple constraints on bank equity ratio to minimize distortions on bank behavior; 2) the regulatory framework should be designed minimally to minimize legal gaming and regulatory arbitrage;... View Details

August 2020
Article

Financial Market Risk Perceptions and the Macroeconomy

By: Carolin E. Pflueger, Emil Siriwardane and Adi Sunderam

We propose a novel measure of risk perceptions: the price of volatile stocks (PVS), defined as the book-to-market ratio of low-volatility stocks minus the book-to-market ratio of high-volatility stocks. PVS is high when perceived risk directly measured from surveys and... View Details

Keywords: Risk-centric Business Cycles; Cross-section Of Equities; Real Risk-free Rate; Real Investment; Financial Markets; Risk and Uncertainty; Perception; Investment

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2013
Book

Business Analysis and Valuation: Using Financial Statements, Text and Cases

By: Krishna G. Palepu and Paul M. Healy

This book provides a framework for business analysis and has been used by business schools throughout the world. It provides a foundation for analysis using four key steps: 1) Strategy analysis: Identifying a firm's strategy and understanding sources of its competitive... View Details

Keywords: Governance; Debt Securities; Valuation; Performance Evaluation; Financial Statements; Credit; Business Ventures; Strategy; Financial Condition; Mergers and Acquisitions; Forecasting and Prediction

Web

2018 Financial Risk and Regulation Survey - Behavioral Finance & Financial Stability

2018 Financial Risk and Regulation Survey 2018 Financial Risk and Regulation Survey 1. Survey Background In October of 2018, Harvard Business School hosted The Global Financial... View Details

May 2015 (Revised September 2017)
Case

Generating Higher Value at IBM (A)

By: Benjamin C. Esty and E. Scott Mayfield

This case analyzes IBM's financial performance and its capital allocation decisions over a 10-year period from 2004-2013, during which IBM returned more than $140B to shareholders through a combination of dividends and share repurchases. During this time, CEO Sam... View Details

Keywords: Dividends; Share Repurchases; Earnings Guidance; Financial Statement Analysis; Financial Ratios; Payout Policy; Earnings Per Share (EPS); Earnings Management; Change Management; Leadership; Transformation; Financial Strategy

29 Sep 2008
Research & Ideas

Financial Crisis Caution Urged by Faculty Panel

has proven to be unexpectedly fragile in a way that I think nobody I know really understood," Light said. To illustrate his point about the interlocking nature of housing and the U.S. financial system, Light said that for decades... View Details

Keywords: by Martha Lagace; Financial Services

April 2024
Article

Model-based Financial Regulations Impair the Transition to Net-zero Carbon Emissions

By: Matteo Gasparini, Matthew C. Ives, Ben Carr, Sophie Fry and Eric Beinhocker

Investments via the financial system are essential for fostering the green transition. However, the role of existing financial regulations in influencing investment decisions is understudied. Here we analyse data from the European Banking Authority to show that... View Details

Keywords: Climate Change; Investment; Governing Rules, Regulations, and Reforms; Energy Sources

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June 2015 (Revised September 2017)
Supplement

Generating Higher Value at IBM

By: Benjamin C. Esty and Scott Mayfield

This case analyzes IBM's financial performance and its capital allocation decisions over a 10-year period from 2004-2013, during which IBM returned more than $140B to shareholders through a combination of dividends and share repurchases. During this time, CEO Sam... View Details

Keywords: Dividends; Share Repurchases; Earnings Guidance; Financial Statement Analysis; Financial Ratios; Payout Policy; Earnings Per Share (EPS); Earnings Management; Change Management; Leadership; Transformation; Financial Strategy

June 2015
Supplement

Generating Higher Value at IBM (A): EPS Forecasting Model

By: Benjamin C. Esty and Scott Mayfield

This case analyzes IBM's financial performance and its capital allocation decisions over a 10-year period from 2004-2013, during which IBM returned more than $140B to shareholders through a combination of dividends and share repurchases. During this time, CEO Sam... View Details

Keywords: Dividends; Share Repurchases; Earnings Guidance; Financial Statement Analysis; Financial Ratios; Payout Policy; Earnings Per Share (EPS); Earnings Management; Change Management; Leadership; Transformation; Financial Strategy

December 2012
Case

Trouble Brewing for Green Mountain Coffee Roasters

By: Suraj Srinivasan and Michael Norris

In October 2011, noted hedge fund manager David Einhorn of Greenlight Capital delivered a presentation at an investors' conference analyzing the business and accounting quality weaknesses of Green Mountain Coffee Roasters. Until then Green Mountain had exhibited rapid... View Details

Web

Research - Behavioral Finance & Financial Stability

financial crisis of 2008-2009. Through the lense of a simple model of optimal bank regulation, the authors enumerate three core principles. They argue 1) single constraint should be used in place of multiple constraints on bank equity... View Details

July 2012 (Revised February 2013)
Case

Société Internationale de Plantations et de Finance (SIPEF)

By: David Hawkins

Management of a company with extensive palm oil tree plantations questions the usefulness to management and investors of IAS41's requirement to value palm oil trees at their fair value. View Details

Keywords: Financial Accounting; International Financial Reporting Standards; International Accounting Standards; Biological Asset Accounting; IAS41; Historical Cost; Equity Valuation; Financial Ratios; Plant-Based Agribusiness; International Accounting; Valuation; Financial Reporting; Fair Value Accounting; Equity; Agriculture and Agribusiness Industry