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- 06 Jan 2003
- Research & Ideas
Why Expensing Options Doesn’t Solve the Problem
option grants, though not as liberal as many others. In fact, expensing options in Enron's accounts would have changed reported profits by only about 10%, whereas the change would have been around 30% for... View Details
Keywords: by William Sahlman
- June 2016 (Revised February 2017)
- Case
The Role of Real Estate in Endowment Portfolios: The Case of Christ Church, Oxford
By: David Chambers, Elroy Dimson, Arthur I Segel and Eva Steiner
The case centers on Christ Church's Treasurer, James Lawrie, who is contemplating his options for investing a portion of the College's endowment in real estate. Approximately 1/3 of the total $690 million endowment was allocated towards real estate, much higher than... View Details
Keywords: Real Estate; Endowment Management; Endowments; United Kingdom; Oxford; Portfolio Allocation; Higher Education; Investment Portfolio; Property; Corporate Finance; Financial Services Industry; United Kingdom
Chambers, David, Elroy Dimson, Arthur I Segel, and Eva Steiner. "The Role of Real Estate in Endowment Portfolios: The Case of Christ Church, Oxford." Harvard Business School Case 216-086, June 2016. (Revised February 2017.)
- 18 Jun 2007
- Op-Ed
Leveling the Executive Options Playing Field
subcommittee delivered June 5, Desai detailed his view of this "dual-reporting system" and the implications on how executive stock options are treated. The hearing was titled "Executive Stock Options: Should the IRS and... View Details
Keywords: by Mihir Desai
- October 2012
- Supplement
Aqua Bounty Courseware
By: Lucy White and Steve Burn-Murdoch
Valuation of a pre-revenue biotech company at IPO using probability trees and real option techniques. Company is based in Massachusetts and lists in London on AIM. Products are genetically-modified fast-growing salmon for fish farmers and disease-prevention drugs and... View Details
- September 2012 (Revised January 2014)
- Case
Aqua Bounty
By: Lucy White and Stephen Burn-Murdoch
Valuation of a pre-revenue biotech company at IPO using probability trees and real option techniques. Company is based in Massachusetts and lists in London on AIM. Products are genetically-modified fast-growing salmon for fish farmers and disease-prevention drugs and... View Details
Keywords: IPO; Valuation; Real Options; Decision Tree; Biotech; Genetically Modified; Salmon; Entrepreneurship; Finance; Agriculture and Agribusiness Industry; Biotechnology Industry; North and Central America; Europe; South America
White, Lucy, and Stephen Burn-Murdoch. "Aqua Bounty." Harvard Business School Case 213-047, September 2012. (Revised January 2014.)
- August 2023
- Article
Financing the Litigation Arms Race
By: Samuel Antill and Steven R. Grenadier
Using a dynamic real-option model of litigation, we show that the increasingly popular practice of third-party litigation financing has ambiguous implications for total ex-post litigant surplus. A defendant and a plaintiff bargain over a settlement payment. The... View Details
Keywords: Litigation Financing; Dynamic Bargaining; Real Options; Lawsuits and Litigation; Financing and Loans
Antill, Samuel, and Steven R. Grenadier. "Financing the Litigation Arms Race." Journal of Financial Economics 149, no. 2 (August 2023): 218–234.
- 2017
- Working Paper
Investment Timing with Costly Search for Financing
By: Samuel Antill
I develop a dynamic model of investment timing in which firms must first choose when to search for external financing. Search is costly and the arrival of investors is uncertain, leading to delay in financing and investment. Depending on parameters, my model can... View Details
Keywords: Real Options; Search And Bargaining; Time-varying Financial Conditions; Investment; Venture Capital; Mathematical Methods
Antill, Samuel. "Investment Timing with Costly Search for Financing." Working Paper, December 2017.
- 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.)
- September 2014 (Revised March 2015)
- Case
Fast Ion Battery
By: Ramana Nanda, Robert F. White and Stephanie Puzio
John Davidson, a partner at Ware Street Capital (WSC) and a board member at Fast Ion Battery, had just received a phone call from Don Lerner at Bluelock Ventures telling him that Bluelock would not participate in the $5M bridge financing for Fast Ion Battery. Lerner's... View Details
Keywords: Entrepreneurial Finance; Real Options; Term Sheets; Clean Technology; Entrepreneurship; Venture Capital
Nanda, Ramana, Robert F. White, and Stephanie Puzio. "Fast Ion Battery." Harvard Business School Case 815-025, September 2014. (Revised March 2015.)
- May 2008
- Article
Real and Accrual-Based Earnings Management in the Pre- and Post-Sarbanes Oxley Periods
By: Daniel Cohen, Aiyesha Dey and Thomas Lys
We document that accrual‐based earnings management increased steadily from 1987 until the passage of the Sarbanes‐Oxley Act (SOX) in 2002, followed by a significant decline after the passage of SOX. Conversely, the level of real earnings management activities declined... View Details
Cohen, Daniel, Aiyesha Dey, and Thomas Lys. "Real and Accrual-Based Earnings Management in the Pre- and Post-Sarbanes Oxley Periods." Accounting Review 83, no. 3 (May 2008): 757–787.
- September–October 2016
- Article
Growing New Corporate Businesses: From Initiation to Graduation
By: Sebastian Raisch and Michael Tushman
Large companies initiate many new businesses, but few of them reach scale. The ambidexterity literature describes how companies create exploratory businesses, but says little about how they subsequently scale these businesses. The strategy literature uses real option... View Details
Keywords: Ambidexterity; Comparative Case Study; Corporate Venturing; Exploration; Organization Design; Real Option Theory; Organizational Design; Corporate Strategy; Corporate Entrepreneurship
Raisch, Sebastian, and Michael Tushman. "Growing New Corporate Businesses: From Initiation to Graduation." Organization Science 27, no. 5 (September–October 2016).
- 2007
- Article
Business Methods Patents as Real Options: Value and Disclosure as Drivers of Litigation
By: Atul Nerkar, Srikanth Paruchuri and Mukti Khaire
This paper proposes that patents are real options that allow holders of patents the right but not the obligation to sue others. We suggest that the likelihood of a patent's being litigated is positively associated with the value of the patent and the extent of... View Details
Nerkar, Atul, Srikanth Paruchuri, and Mukti Khaire. "Business Methods Patents as Real Options: Value and Disclosure as Drivers of Litigation." Real Options in Strategic Management. Advances in Strategic Management 24 (2007): 247–274.
- 02 Dec 2002
- What Do You Think?
How Will We Respond to the “Moment of Truth” in Option Plans?
options should be rethought in many organizations. First, there is the issue of whether options are the best means of promoting shareholders' best interests in established companies. While making an... View Details
Keywords: by James Heskett
- February 2016 (Revised June 2016)
- Case
Curtis LLP: A Case on Cases
By: Nikolaos Trichakis
A product market firm faces an inventory investment decision in the face of demand uncertainty. To hedge against some of the uncertainty, the firm contemplates an additional fixed investment that would offer the flexibility of diverting inventory in case of weak sales.... View Details
Keywords: Dynamic Decision Making Under Uncertainty; Operations Management; Inventory Management; Real Options; Management; Risk and Uncertainty; Decision Choices and Conditions; Operations
Trichakis, Nikolaos. "Curtis LLP: A Case on Cases." Harvard Business School Case 616-049, February 2016. (Revised June 2016.)
- 2023
- Working Paper
Beyond the Hype: Unveiling the Marginal Benefits of 3D Virtual Tours in Real Estate
By: Mengxia Zhang and Isamar Troncoso
3D virtual tours (VTs) have become a popular digital tool in real estate platforms, enabling potential buyers to virtually walk through the houses they search for online. In this paper, we study home sellers’ adoption of VTs and the VTs’ relative benefits compared to... View Details
Zhang, Mengxia, and Isamar Troncoso. "Beyond the Hype: Unveiling the Marginal Benefits of 3D Virtual Tours in Real Estate." Harvard Business School Working Paper, No. 24-003, July 2023.
- February 2012 (Revised September 2013)
- Case
Edward Lundberg and the Rockville Building: Energy Efficiency Finance in Commercial Real Estate
By: John D. Macomber and Frederik Nellemann
A commercial landlord analyzes options for funding and accomplishing energy efficiency retrofit. The situation is complicated by lease terms and uncertain effectiveness of the intervention. Students must grapple with obstacles including changing energy prices,... View Details
Macomber, John D., and Frederik Nellemann. "Edward Lundberg and the Rockville Building: Energy Efficiency Finance in Commercial Real Estate." Harvard Business School Case 212-067, February 2012. (Revised September 2013.)
- 15 Apr 2002
- Research & Ideas
In the Virtual Dressing Room Returns Are A Real Problem
discern online. HP Open Pix and Live Picture offer zoom technology. According to Forrester, Bloomingdale's and J. Crew are starting to use these technologies on their sites. Most online apparel sites plan to introduce zoom technology. A range of 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
Pflueger, Carolin E., Emil Siriwardane, and Adi Sunderam. "Financial Market Risk Perceptions and the Macroeconomy." Quarterly Journal of Economics 135, no. 3 (August 2020).
- August 2014 (Revised August 2015)
- Technical Note
Overview of Senior Housing in the United States
By: Charles F. Wu and Joseph Beyer
This technical note provides an overview of the senior housing industry in the United States. There were 40 million seniors in America in 2010, and that number was expected to double by 2050. Seniors would make up 1 in every five Americans. This note explores the... View Details
Keywords: Real Estate; Senior Living; Retirement Homes; Development; Property; Finance; Entrepreneurship; Real Estate Industry; Massachusetts; United States
Wu, Charles F., and Joseph Beyer. "Overview of Senior Housing in the United States." Harvard Business School Technical Note 215-005, August 2014. (Revised August 2015.)
- April 1999 (Revised September 2001)
- Case
Penelope's Personal Pocket Phones
By: Paul A. Gompers
Provides students with an opportunity to use simple real options analysis to value a startup. Penelope Phillips is deciding whether to start a company to make wireless phones. Students get experience using traditional discounted cash flow valuation and a real options... View Details
Keywords: Valuation; Entrepreneurship; Business Startups; Mobile and Wireless Technology; Capital Budgeting; Corporate Finance; Manufacturing Industry; Electronics Industry
Gompers, Paul A. "Penelope's Personal Pocket Phones." Harvard Business School Case 299-004, April 1999. (Revised September 2001.)