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Article

Short-Termism and Capital Flows

By: Jesse M. Fried and Charles C.Y. Wang

During 2007–2016, S&P 500 firms distributed to shareholders $7 trillion via buybacks and dividends, over 96% of their aggregate net income, prompting claims that "short-termism" is impairing firms' ability to invest and innovate. We show that, when taking into account... View Details

Keywords: Short-termism; Quarterly Capitalism; Share Buybacks; Open Market Repurchases; Dividends; Equity Issuances; Seasoned Equity Offerings; Equity Compensastion; Acquisitions; Payout Policy; Capital Flows; Capital Distribution; Working Capital; Business and Shareholder Relations; Acquisition

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October 2018
Case

Accomplice: Scaling Early Stage Finance

By: Ramana Nanda, Raffaella Sadun and Olivia Hull

Accomplice, an early-stage venture capital firm based in Boston, is raising its second fund in November 2017. Since 2009, the firm has followed a seed-led investment model, investing in tech companies at the earliest stages, often when products and business models are... View Details

Keywords: Early Stage Finance; Seed Finance; Scouts; Venture Capital; Business Startups; Private Equity; Investment Portfolio; Organizational Structure; Organizational Change and Adaptation; Partners and Partnerships; Networks; Adaptation; Corporate Strategy; Technology; Financial Services Industry; Massachusetts; Boston; Cambridge; United States

September 2018
Article

Asset Price Dynamics in Partially Segmented Markets

By: Robin Greenwood, Samuel G. Hanson and Gordon Y. Liao

We develop a model in which capital moves quickly within an asset class but slowly between asset classes. While most investors specialize in a single asset class, a handful of generalists can gradually reallocate capital across markets. Upon the arrival... View Details

Keywords: System Shocks; Asset Pricing

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August 2018
Case

BlackBuck (A)

By: Shikhar Ghosh and Shweta Bagai

The case presents the challenges of scaling an asset-heavy company (that relies on its operations). It highlights how decisions on the early team impact a company’s ability to scale, linkage between growth and cash flows, as well the organizational impact of high... View Details

Keywords: Founders; Entrepreneurship; Growth and Development Strategy; Service Delivery; Cash Flow; Growth Management; Truck Transportation; Online Technology; India

June 2018 (Revised October 2018)
Teaching Note

Valuing Snap After the IPO Quiet Period (A), (B), and (C)

By: Marco Di Maggio and Benjamin C. Esty

Teaching Note for HBS Nos. 218-095, 218-096, and 218-116. View Details

June 2018 (Revised April 2021)
Supplement

Valuing Snap After the IPO Quiet Period

By: Benjamin C. Esty, Marco Di Maggio and Greg Saldutte

June 2018 (Revised April 2021)
Case

Valuing Snap After the IPO Quiet Period (A)

By: Marco Di Maggio, Benjamin C. Esty and Gregory Saldutte

Snap, the disappearing message app, went public at $17 per share on March 2, 2017, making its two 20-something founders the youngest self-made billionaires in the country. Over the next three weeks, 14 analysts made investment recommendations on Snap: two with buy... View Details

June 2018
Supplement

Valuing Snap After the IPO Quiet Period (B)

By: Marco Di Maggio and Benjamin C. Esty

Analyzes Snap’s value and analyst recommendations following the events described in the (A) case. View Details

June 2018
Supplement

Valuing Snap After the IPO Quiet Period (C)

By: Marco Di Maggio, Benjamin C. Esty and Gregory Saldutte

Analyzes Snap’s value and analyst recommendations following the events described in the (B) case. View Details

February 2018 (Revised August 2018)
Case

Blue Haven Initiative: The PEGAfrica Investment

By: Vikram S. Gandhi, Caitlin Reimers Brumme and Amram Migdal

This case examines Blue Haven Initiative (BHI), an impact investing fund and family office, and one of its investments, PEGAfrica (PEG). BHI founder Liesel Pritzker Simmons’ motivations for using her family wealth to start a family office focused on impact investing,... View Details

Keywords: Impact Investing; Family Office; Development; International Development; International Development Investing; Development Fund; Sustainability; Solar Energy; Solar; Pay As You Go; PAYG; MFI; Social Venture; Business Ventures; Acquisition; Business Growth and Maturation; Business Startups; Economics; Development Economics; Energy; Energy Conservation; Energy Sources; Renewable Energy; Social Entrepreneurship; Finance; Assets; Asset Pricing; Capital; Capital Budgeting; Capital Structure; Venture Capital; Cash; Cash Flow; Currency; Currency Exchange Rate; Equity; Private Equity; Financial Instruments; Debt Securities; Stock Shares; Financing and Loans; Microfinance; International Finance; Investment; Investment Return; Investment Activism; Investment Funds; Investment Portfolio; Price; Geography; Geographic Location; Emerging Markets; Ownership; Ownership Stake; Private Ownership; Social Enterprise; Value; Valuation; Value Creation; Energy Industry; Financial Services Industry; Green Technology Industry; Africa; United States

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

2019
Working Paper

Do Banks Have an Edge?

By: Juliane Begenau and Erik Stafford

Overall, no! We show that the level and time series variation in cash flows for most bank activities are well matched by capital market portfolios with similar interest rate and credit risk to what banks report to hold. Ignoring operating expenses, bank loans earn high... View Details

Keywords: Banks; Market Efficiency; Bank Capital; Bank Debt; CAPM; Banking; Bank Deposits; Bank Funding Advantage; Leverage; Maturity Transformation; Replicating Portfolio; Efficiency; Banks and Banking; Capital Markets; Performance Evaluation; Performance Efficiency; Banking Industry; United States

December 2017 (Revised January 2018)
Teaching Note

Bega Cheese: Bidding to Bring Vegemite Back Home

By: Benjamin C. Esty, Lauren G. Pickle and Greg Saldutte

In January 2017, the leadership team of Bega Cheese—the Australian dairy company—was considering a bid for Mondelēz International’s Australia and New Zealand (ANZ) grocery business which included several leading consumer brands such as Vegemite, the iconic Australian... View Details

December 2017 (Revised January 2022)
Supplement

Bega Cheese: Bidding to Bring Vegemite Back Home

By: Benjamin C. Esty and Lauren G. Pickle

In January 2017, the leadership team of Bega Cheese—the Australian dairy company—was considering a bid for Mondelēz International’s Australia and New Zealand (ANZ) grocery business which included several leading consumer brands including Vegemite, the iconic Australian... View Details

December 2017
Supplement

Bega Cheese: Bidding to Bring Vegemite Back Home

By: Benjamin C. Esty and Lauren G. Pickle

In January 2017, the leadership team of Bega Cheese—the Australian dairy company—was considering a bid for Mondelēz International’s Australia and New Zealand (ANZ) grocery business which included several leading consumer brands (Vegemite—the iconic Australian spread,... View Details

December 2017 (Revised February 2021)
Case

Bega Cheese: Bidding to Bring Vegemite Back Home

By: Benjamin C. Esty and Lauren G. Pickle

In January 2017, the leadership team of Bega Cheese—the Australian dairy company—was considering a bid for Mondelēz International’s Australia and New Zealand (ANZ) grocery business, which included several leading consumer brands such as Vegemite, the iconic Australian... View Details

October 2017
Teaching Note

Canadian Pacific's Bid for Norfolk Southern

By: Benjamin C. Esty and E. Scott Mayfield

Teaching Note for HBS No. 216-057. View Details

Keywords: Capital Structure; Cash Flow; Cost of Capital; Financial Strategy; Investment Activism; Bids and Bidding; Negotiation Offer; Corporate Strategy; Rail Transportation; Mergers and Acquisitions; Transformation

2018
Working Paper

Global Portfolio Diversification for Long-Horizon Investors

By: Luis M. Viceira and Zixuan (Kevin) Wang

This paper conducts a theoretical and empirical investigation of global portfolio diversification for long-horizon investors in the presence of permanent cash flow shocks and transitory discount rate shocks to asset prices and returns. An increase in the cross-country... View Details

Keywords: Investment Portfolio; Risk and Uncertainty; Diversification; Capital Markets; Global Range

January 2017 (Revised April 2019)
Case

The Olmos Project: Value Creation and Value Capture

By: John Macomber, Fernanda Miguel, Laura Urdapilleta and Valeria Moy

Private investment in public infrastructure can be encouraged when there are multiple avenues to capture and to share the value created by such a project. Gains in the market value of land adjacent to projects are not customarily channeled back into defraying the... View Details

Keywords: Value Capture; Infrastructure; Decision Making; Agribusiness; Value Creation; South America; Peru

2017
Working Paper

Diversity in Innovation

By: Paul A. Gompers and Sophie Q. Wang

In this paper we document the patterns of labor market participation by women and ethnic minorities in venture capital firms and as founders of venture capital-backed startups. We show that from 1990-2016 women have been less than 10% of the entrepreneurial and venture... View Details

Keywords: Diversity; Gender; Entrepreneurship; Venture Capital

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