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Publications

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      • Faculty Publications  (40)

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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
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      Palepu, Krishna G., and Paul M. Healy. Business Analysis and Valuation: Using Financial Statements, Text and Cases. 5th ed. Cengage Learning, 2013.
      • Article

      On Derivatives Markets and Social Welfare: A Theory of Empty Voting and Hidden Ownership

      By: Jordan M. Barry, John William Hatfield and Scott Duke Kominers
      In the past twenty-five years, derivatives markets have grown exponentially. Large, modern derivatives markets increasingly enable investors to hold economic interests in corporations without owning voting rights, and vice versa. This leads to both empty... View Details
      Keywords: Voting; Corporate Disclosure; Financial Markets; Ownership
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      Barry, Jordan M., John William Hatfield, and Scott Duke Kominers. "On Derivatives Markets and Social Welfare: A Theory of Empty Voting and Hidden Ownership." Virginia Law Review 99, no. 6 (October 2013): 1103–1168.
      • 2012
      • Chapter

      Pursuing Public Value: Frameworks for Strategic Analysis and Action

      By: Herman B. Leonard and Mark H. Moore
      Features Harvard Kennedy School scholars who focus diverse conceptual lenses on a single high-stakes management task—enhancing port security across the United States. This title considers the challenge of driving change in a complex system involving hundreds of private... View Details
      Keywords: Leading Change; National Security; Complexity; Performance Improvement; United States
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      Leonard, Herman B., and Mark H. Moore. "Pursuing Public Value: Frameworks for Strategic Analysis and Action." Chap. 5 in Ports in a Storm: Public Management in a Turbulent World, edited by John D. Donahue and Mark H. Moore, 84–115. Innovative Governance in the 21st Century. Washington, DC: Brookings Institution Press, 2012.
      • November 2011
      • Case

      Pacific Grove Spice Company

      By: William E. Fruhan and Craig Stephenson
      Pacific Grove Spice Company is a profitable, rapidly growing manufacturer, marketer, and distributor of quality spices and seasonings. The company's business model requires significant investment in accounts receivable, inventory, and fixed assets to support sales.... View Details
      Keywords: Capital Expenditures; Investments; Acquisitions; Securities Analysis; Debt Securities; Opportunities; Cost of Capital; Valuation; Investment; Capital Budgeting; Business Model; Cash Flow; Financing and Loans; Acquisition; Retail Industry; Food and Beverage Industry
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      Fruhan, William E., and Craig Stephenson. "Pacific Grove Spice Company." Harvard Business School Brief Case 114-366, November 2011.
      • November 2011
      • Teaching Note

      Pacific Grove Spice Company (Brief Case)

      By: William E. Fruhan Jr. and Craig Stephenson
      Teaching Note for Product Number 4366. View Details
      Keywords: Capital Expenditures; Investments; Acquisitions; Securities Analysis; Valuation; Investment; Acquisition; Capital Budgeting
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      Fruhan, William E., Jr., and Craig Stephenson. "Pacific Grove Spice Company (Brief Case)." Harvard Business School Teaching Note 114-370, November 2011.
      • April 2011 (Revised June 2011)
      • Case

      Internet Securities, Inc.: Path to Sustainability

      By: Lynda M. Applegate, William R. Kerr and Ryan Johnson
      Founded in 1994 when the Internet was still a "toy for techies," the case is set in 1998 when Internet IPOs were red-hot. Internet Securities provides hard-to-find financial, business, economic, and political information on emerging markets. Information from over 600... View Details
      Keywords: Acquisition; Business Model; Business Startups; Decision Choices and Conditions; Venture Capital; Cash Flow; Initial Public Offering; Analytics and Data Science; Growth and Development Strategy; Valuation
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      Applegate, Lynda M., William R. Kerr, and Ryan Johnson. "Internet Securities, Inc.: Path to Sustainability." Harvard Business School Case 811-098, April 2011. (Revised June 2011.)
      • November 2010
      • Case

      Lessons Learned? Brooksley Born & the OTC Derivatives Market (A)

      By: Clayton S. Rose and David Lane
      On May 7, 1998, the U.S. Commodity Futures Trading Commission, chaired by Brooksley Born, issued a "Concept Release" inviting public comment on the relevance and appropriateness of existing regulation of the over-the-counter (OTC) derivatives market, a market with a... View Details
      Keywords: Financial Crisis; Credit Derivatives and Swaps; Governing Rules, Regulations, and Reforms; Policy; Business and Government Relations; Financial Services Industry; Public Administration Industry; District of Columbia
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      Rose, Clayton S., and David Lane. "Lessons Learned? Brooksley Born & the OTC Derivatives Market (A)." Harvard Business School Case 311-044, November 2010.
      • July 2010 (Revised August 2021)
      • Supplement

      Vereinigung Hamburger Schiffsmakler und Schiffsagenten e.V. (VHSS): Valuing Ships (CW)

      By: Benjamin C. Esty and Albert W. Sheen
      After booming for more than five years, the global shipping (maritime) industry experienced a dramatic crash in late 2008 as the global financial system froze and the global economy slid into recession. Ship charter rates (revenue) fell by as much as 90% causing prices... View Details
      Keywords: Fair Value Accounting; Economic Slowdown and Stagnation; Capital Markets; Cash Flow; Financial Liquidity; Banks and Banking; Price; Price Bubble; Contracts; Crisis Management; Market Transactions; Valuation; Shipping Industry
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      Esty, Benjamin C., and Albert W. Sheen. "Vereinigung Hamburger Schiffsmakler und Schiffsagenten e.V. (VHSS): Valuing Ships (CW)." Harvard Business School Spreadsheet Supplement 211-701, July 2010. (Revised August 2021.)
      • June 2010 (Revised August 2021)
      • Case

      Vereinigung Hamburger Schiffsmakler und Schiffsagenten e.V. (VHSS): Valuing Ships

      By: Benjamin C. Esty and Albert Sheen
      After booming for more than five years, the global shipping (maritime) industry experienced a dramatic crash in late 2008 as the global financial system froze and the global economy slid into recession. Ship charter rates (revenue) fell by as much as 90% causing prices... View Details
      Keywords: Fair Value Accounting; Financial Crisis; Capital Markets; Financial Liquidity; International Finance; Globalized Markets and Industries; Valuation; Banking Industry; Shipping Industry; Germany
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      Esty, Benjamin C., and Albert Sheen. "Vereinigung Hamburger Schiffsmakler und Schiffsagenten e.V. (VHSS): Valuing Ships." Harvard Business School Case 210-058, June 2010. (Revised August 2021.)
      • 2010
      • Book

      Rethinking the MBA: Business Education at a Crossroads

      By: Srikant M. Datar, David A. Garvin and Patrick Cullen
      "Business Schools Face Test of Faith." "Is It Time to Retrain B-Schools?" As these headlines make clear, business education is at a major crossroads. For decades, MBA graduates from top-tier schools set the standard for cutting-edge business knowledge and skills. Now... View Details
      Keywords: Change Management; Transformation; Business Education; Curriculum and Courses; Organizational Change and Adaptation; Problems and Challenges
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      Datar, Srikant M., David A. Garvin, and Patrick Cullen. Rethinking the MBA: Business Education at a Crossroads. Boston: Harvard Business Press, 2010. (Selected by Strategy + Business as one of the Best Business Books of 2010.)
      • 2009
      • Working Paper

      Principles that Matter: Sustaining Software Innovation from the Client to the Web

      By: Marco Iansiti
      Economic analysis often reviews the role of principles—such as respect for intellectual property rights—in driving innovation. Given the interdependent nature of innovation in information technology, three core principles have emerged that work together to ensure that... View Details
      Keywords: Decision Choices and Conditions; Technological Innovation; Intellectual Property; Partners and Partnerships; Competition; Information Technology; Internet and the Web
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      Iansiti, Marco. "Principles that Matter: Sustaining Software Innovation from the Client to the Web." Harvard Business School Working Paper, No. 09-142, June 2009.
      • August 2007 (Revised November 2010)
      • Case

      Grand Central Publishing

      By: Anita Elberse
      In April 2007, Grand Central's publisher Jamie Raab and editor Karen Kosztolnyik were involved in a frantic bidding war for a proposed book on the life of cat Dewey, billed as the feline answer to the best-selling "Marley & Me: Life and Love with the World's Worst... View Details
      Keywords: Acquisition; Product Launch; Bids and Bidding; Product Development; Publishing Industry
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      Elberse, Anita. "Grand Central Publishing." Harvard Business School Case 508-036, August 2007. (Revised November 2010.)
      • 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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      Healy, Paul M., and Krishna G. Palepu. Business Analysis and Valuation: Using Financial Statements. 4th ed. Mason, OH: Thomson South-Western, 2007.
      • February 2007 (Revised March 2012)
      • Compilation

      John D. Rockefeller and the Creation of Standard Oil

      By: Nancy F. Koehn and Katherine Miller
      Reconstructs the entrepreneurial journey of John D. Rockefeller, founder of Standard Oil and one of the most famous business figures in history. Traces his early career as a retailer in Cleveland through his decision to enter the oil industry in the early 1860s to his... View Details
      Keywords: Entrepreneurship; Ethics; Business History; Innovation and Invention; Growth and Development Strategy; Personal Development and Career; Competitive Strategy; Energy Industry
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      Koehn, Nancy F., and Katherine Miller. "John D. Rockefeller and the Creation of Standard Oil." Harvard Business School Compilation 807-110, February 2007. (Revised March 2012.)
      • Article

      Consequences of Financial Reporting Failure for Outside Directors: Evidence from Accounting Restatements and Audit Committee Members

      By: Suraj Srinivasan
      I use a sample of 409 companies that restated their earnings from 1997 to 2001 to examine penalties for outside directors, particularly audit committee members, when their companies experience accounting restatements. Penalties from lawsuits and Securities and Exchange... View Details
      Keywords: Outcome or Result; Business Earnings; Financial Statements; Lawsuits and Litigation; Labor; Markets; Financial Reporting; Accounting Audits; Cost; Reputation
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      Srinivasan, Suraj. "Consequences of Financial Reporting Failure for Outside Directors: Evidence from Accounting Restatements and Audit Committee Members." Journal of Accounting Research 43, no. 2 (May 2005): 291–334.
      • October 2000 (Revised February 2007)
      • Case

      Harvard Management Company and Inflation-Protected Bonds, The

      By: Luis M. Viceira
      In March 2000, the board of The Harvard Management Co. (HMC) approved significant changes in the policy portfolio determining the long-run allocation policy of the Harvard University endowment. These changes included a sharp reduction of the allocation to U.S. equities... View Details
      Keywords: Bonds; Investment Portfolio; Investment Funds; Asset Management; Corporate Governance; Capital Markets; Financial Services Industry; United States
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      Viceira, Luis M. "Harvard Management Company and Inflation-Protected Bonds, The." Harvard Business School Case 201-053, October 2000. (Revised February 2007.)
      • March 1997
      • Case

      Sensormatic Electronics Corporation-1995

      By: Krishna G. Palepu and James Chang
      Sensormatic is a leading provider of security systems to the retail industry. The company relies on customer financing as a key component of its strategy. The company's growth strategy and accountingis attacked by short-sellers and the financial press. View Details
      Keywords: Analysis; Valuation; Financial Reporting; Financing and Loans; Financial Statements; Business Strategy
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      Palepu, Krishna G., and James Chang. "Sensormatic Electronics Corporation-1995." Harvard Business School Case 197-041, March 1997.
      • Research Summary

      Energy Strategy

      By: Forest L. Reinhardt
      Forest L. Reinhardt is writing cases and other materials on the strategic problems and opportunitites faced by firms in the energy industry. Significant economies of scale and scope, combined with rapid technological change, present firms in the industry with a... View Details
      • Research Summary

      Negotiating Campaigns

      By: James K. Sebenius
      While most negotiation research focuses on specific transactions, many important negotiating situations can better be understood as elements of larger "campaigns."  By this term, I mean a series of related negotiations and other away-from-the-table... View Details
      • Research Summary

      Overview

      By: Charlotte L. Robertson
      Professor Robertson conducts research on the history of financial markets. Her book manuscript and working papers shed light on the evolution of securities markets and the relationship between finance, governance, and society. Some of the topics she pursues include:... View Details
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