Publications

March 2011 (Revised November 2011)
Teaching Note

Harmonic Hearing Co. (Brief Case)

By: Howard H. Stevenson and Craig Stephenson

Teaching Note for 4271. View Details

Keywords: Debts; Quantitative Analysis; Financing; Entrepreneurial Finance; Development Stage Enterprises; Small ＆ Medium-sized Enterprises; Cash Flow; Mathematical Methods; Entrepreneurship; Financing and Loans; Borrowing and Debt

April 2012
Article

Corporate Ownership Structure and Bank Loan Syndicate Structure

By: Chen Lin, Yue Ma, Paul Malatesta and Yuhai Xuan

Using a novel data set on corporate ownership and control, we show that the divergence between the control rights and cash-flow rights of a borrowing firm's largest ultimate owner has a significant impact on the concentration and composition of the firm's loan... View Details

Keywords: Ownership; Financing and Loans; Cash Flow; Borrowing and Debt; Accounting; Crisis Management; Relationships; Law; Contracts; Banking Industry

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Web

Consolidated Balance Sheet | Annual Report 2024

Student Loan Funds 11 11 11 Investment in Facilities 695 698 705 Total Net Assets $ 6,565 $ 6,260 $ 6,204 Total Liabilities + Net Assets $ 6,942 $ 6,639 $ 6,603 Financial Statements: Statement of Activity & Cash View Details

29 Aug 2017
Blog Post

3 Insights from My First Year at HBS

(and everyone there is to meet) it’s no wonder that HBS students can suffer from FOMO. Here’s a little snapshot of what I got up to this year. I read and discussed 250+ case studies with 94 section-mates I built 10+ Discounted View Details

Web

HBS - Financials | Consolidated Balance Sheet

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 Supplemental Financial... View Details

March 2011
Supplement

Valuation of AirThread Connections, Faculty Spreadsheet Supplement (Brief Case)

By: Erik Stafford and Joel L. Heilprin

Keywords: Present Value; Tax Accounting; Capital Costs; Synergy; Telephony; Wireless Technologies; Assets; Cost of Capital; Valuation; Capital Structure; Cash Flow; Communication; Taxation; Accounting; Wireless Technology

June 2004
Case

TechnoServe and the Tanzanian Specialty Coffee Industry

In 2003, TechnoServe, a U.S.-based, international, nonprofit organization, was deciding how to structure the capital investments required for Tanzanian business groups to acquire coffee bean central pulperies. This case explores the challenges of capital budgeting and... View Details

Keywords: Small Business; Nonprofit Organizations; Cash Flow; Emerging Markets; Financing and Loans; Capital Budgeting; Tanzania

07 Jul 2016
Blog Post

Can You Learn Finance through the Case Method?

to make sense of what’s happening. Similarly, in our finance classes, we learned to construct realistic discounted cash flow spreadsheets, among other things, which is similar... View Details

March 2011
Supplement

Valuation of AirThread Connections, Spreadsheet Supplement (Brief Case)

By: Erik Stafford and Joel L. Heilprin

Keywords: Present Value; Tax Accounting; Capital Costs; Synergy; Telephony; Wireless Technologies; Assets; Cost of Capital; Valuation; Capital Structure; Cash Flow; Communication; Taxation; Accounting; Wireless Technology

08 Nov 2024
Op-Ed

How Private Investors Can Help Solve Africa's Climate Crisis

African people, businesses, and nations are becoming increasingly stressed by climate-related perils like droughts, river flooding, extreme heat, and rising sea levels. This is leading not only to the destruction of assets but also challenges to lives and... View Details

Keywords: by John Macomber; Green Technology; Energy

10 Jan 2005
Research & Ideas

Professors Introduce Valuation Software

tool? Paul Healy: The tool was first developed to show students who were taking BAV how discounted cash flow (DCF) and earnings-based valuations work and can be reconciled.... View Details

Keywords: by Sean Silverthorne

June 1990 (Revised August 1990)
Case

Sun Microsystems, Inc.--1987 (A)

By: Carliss Y. Baldwin

An integrated sequence of three cases on the financing of a technical workstation manufacturer. This case focuses on Sun's competitive strategy which requires an inordinately high rate of growth (over 20% per quarter) and commensurate amounts of working capital.... View Details

Keywords: Cash Flow; Competitive Strategy; Financing and Loans; Capital; Financial Strategy; Public Equity; Corporate Finance; Information Technology Industry

April 2000
Case

Financing of Project Achieve, The (B)

By: Mihir A. Desai

Supplements the (A) case. View Details

Keywords: Business Startups; Forecasting and Prediction; Venture Capital; Cash Flow; Equity; Negotiation Deal; Valuation

24 Sep 2024
Blog Post

Climate Finance in Africa: Health, Self-Interest, Avoided Future Cost

flow curve for an investment that will eventually add revenue. You can imagine a straight horizontal line that represents steady cash flow over time. An investment for example... View Details

03 Apr 2019
Book

Fintech's Game-Changing Opportunities for Small Business

business’s future cash flows. One can see the value of knowing more precisely when future lean periods or shortfalls might be coming up, and having the opportunity to set aside a rainy day fund. This transparency into future View Details

Keywords: by Martha Lagace; Banking; Financial Services

April 2011
Article

Ownership Structure and the Cost of Corporate Borrowing

By: Chen Lin, Yue Ma, Paul Malatesta and Yuhai Xuan

This article identifies an important channel through which excess control rights affect firm value. Using a new, hand-collected data set on corporate ownership and control of 3,468 firms in 22 countries during the 1996-2008 period, we find that the cost of debt... View Details

Keywords: Borrowing and Debt; Cash Flow; Cost; Financing and Loans; Governance Controls; Ownership Stake; Business and Shareholder Relations

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06 Dec 2021
Research & Ideas

The Popular Stock Metric That Can Lead Investors Astray

payouts-to-price, and earnings-to-price. That approach would tell an investor whether a stock is cheap or expensive with more confidence. Go beyond ratios. Consider doing a discounted cash View Details

Keywords: by Rachel Layne

Fast Answer

Aggregate financial ratios: including private company data

Studies Offers industry default risk and cash flow measures for 400 lines of business whose total assets are less than $250 million. Available in IBISWorld: (Search for an industry using keywords... View Details

February 2004 (Revised September 2006)
Case

Apax Partners and Xerium S.A.

By: Josh Lerner, G. Felda Hardymon and Ann Leamon

In 2002, Apax Partners had to decide whether to accept a less-than-perfect offer for one of its portfolio companies or to refinance it. This company, a maker of paper industry consumables with a global presence, had been purchased in 1999 and performed extremely well... View Details

Keywords: Leveraged Buyouts; Globalized Markets and Industries; Business Exit or Shutdown; Borrowing and Debt; Investment; Cash Flow; Pulp and Paper Industry