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    • All HBS Web  (120,193)
      • Faculty Publications  (604)

      ValuationRemove Valuation →

      ← Page 3 of 604 Results →
      • September 2023 (Revised January 2024)
      • Case

      Icahn Enterprises: Ponzi Scheme or Sound Investment

      By: Aiyesha Dey, Jonas Heese and James Weber
      Icahn Enterprises, a publicly traded limited partnership founded and operated by famed activist investor Carl Icahn, had earned above market returns for over a decade. Between 2018 and early 2023, it had a compound annual return of 31%. Icahn invested in undervalued... View Details
      Keywords: Stock Shares; Investment Return; Business Model; Valuation; Financial Services Industry
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      Dey, Aiyesha, Jonas Heese, and James Weber. "Icahn Enterprises: Ponzi Scheme or Sound Investment." Harvard Business School Case 124-013, September 2023. (Revised January 2024.)
      • July 2023
      • Article

      Before or After? The Effects of Payment Decision Timing in Pay-What-You-Want Contexts

      By: Raghabendra P. KC, Vincent Mak and Elie Ofek
      We study how payment decision timing—before versus after product delivery—influences consumer payment under pay-what-you-want pricing. We focus on situations where there is minimal change in consumer uncertainty regarding the product before versus after receiving it.... View Details
      Keywords: Price; Behavior; Valuation; Philanthropy and Charitable Giving
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      KC, Raghabendra P., Vincent Mak, and Elie Ofek. "Before or After? The Effects of Payment Decision Timing in Pay-What-You-Want Contexts." Journal of Marketing 87, no. 4 (July 2023): 618–635.
      • June 2023
      • Supplement

      Applied Intuition (A)

      By: Andy Wu
      Applied Intuition CEO Qasar Younis provides an overview of the automotive industry and the role of simulation software in the development of autonomous vehicles. View Details
      Keywords: Autonomous Vehicles; Software; Strategy; Competitive Strategy; Growth and Development Strategy; Valuation; Auto Industry; Technology Industry; California; Detroit
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      Wu, Andy. "Applied Intuition (A)." Harvard Business School Multimedia/Video Supplement 723-869, June 2023. (Click here to access this supplement.)
      • June 2023
      • Supplement

      Applied Intuition (B)

      By: Andy Wu
      Applied Intuition CEO Qasar Younis shares his perspective on the company's growth opportunities, the future of the autonomy industry, and his personal observations on strategy and leadership in technology. View Details
      Keywords: Autonomous Vehicles; Software; Strategy; Competitive Strategy; Growth and Development Strategy; Valuation; Auto Industry; Technology Industry; California; Detroit
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      Wu, Andy. "Applied Intuition (B)." Harvard Business School Multimedia/Video Supplement 723-870, June 2023. (Click here to access this supplement.)
      • June 2023 (Revised July 2024)
      • Case

      Biogen and the Aduhelm Melee

      By: Amitabh Chandra and Lauren Gunasti
      Alzheimer's Disease is a devastating condition affecting millions of Americans. At this time, there is no cure. In 2021, Biogen's Aduhelm (aducanumab) received FDA approval under the accelerated approval pathway after a controversial approval process.

      This... View Details
      Keywords: Health Testing and Trials; Governing Rules, Regulations, and Reforms; Valuation; Product Development; Pharmaceutical Industry
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      Chandra, Amitabh, and Lauren Gunasti. "Biogen and the Aduhelm Melee." Harvard Business School Case 623-046, June 2023. (Revised July 2024.)
      • 2023
      • Working Paper

      Evaluation and Learning in R&D Investment

      By: Alexander P. Frankel, Joshua L. Krieger, Danielle Li and Dimitris Papanikolaou
      We examine the role of spillover learning in shaping the value of exploratory versus incremental R&D. Using data from drug development, we show that novel drug candidates generate more knowledge spillovers than incremental ones. Despite being less likely to reach... View Details
      Keywords: Research and Development; Forecasting and Prediction; Valuation; Pharmaceutical Industry
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      Frankel, Alexander P., Joshua L. Krieger, Danielle Li, and Dimitris Papanikolaou. "Evaluation and Learning in R&D Investment." Harvard Business School Working Paper, No. 23-074, May 2023. (NBER Working Paper Series, No. 31290, May 2023.)
      • April 2023
      • Article

      The Stock Market Valuation of Human Capital Creation

      By: Ethan Rouen and Matthias Regier
      We develop a measure of firm-year-specific human capital investment from publicly disclosed personnel expenses (PE) and examine the stock market valuation of this investment. Measuring the future value of PE (PEFV) based on the relation between... View Details
      Keywords: Intangibles; Valuation; Human Capital; Investment Return
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      Rouen, Ethan, and Matthias Regier. "The Stock Market Valuation of Human Capital Creation." Art. 102384. Journal of Corporate Finance 79 (April 2023).
      • January 2023
      • Case

      EKI Energy Services: One Billion Carbon Credits

      By: George Serafeim
      Within nine months from the time of its Initial Public Offering (IPO) in April of 2021, EKI Energy Services (EKI) shares had increased by more than 8,000%. Equally explosive was the growth of the company’s revenues and Earnings Before Interest, Taxes and Depreciation... View Details
      Keywords: Carbon Credits; Carbon Emissions; Growth; Business Analysis; Environmental Sustainability; Corporate Valuation; Climate Change; Accounting; Valuation; Transition; Renewable Energy; Analysis; Product Positioning; India
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      Serafeim, George. "EKI Energy Services: One Billion Carbon Credits." Harvard Business School Case 123-060, January 2023.
      • January 2023
      • Case

      Rentokil: The Terminix Acquisition

      By: Ted Berk, Emily R. McComb and Julia Kelley
      When announcing their agreement to merge in December 2021, creating a clear leader in global pest control, UK-based Rentokil and Tennessee-based Terminix described extensive benefits of the cross-border combination. The companies touted the advantages of their combined... View Details
      Keywords: Mergers and Acquisitions; Valuation; Cross-Cultural and Cross-Border Issues; Business and Shareholder Relations
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      Berk, Ted, Emily R. McComb, and Julia Kelley. "Rentokil: The Terminix Acquisition." Harvard Business School Case 223-061, January 2023.
      • December 2022
      • Technical Note

      Risks and Opportunities from the Transition to a Low Carbon Economy: A Business Analysis Framework

      By: George Serafeim
      The transition to a low carbon economy introduces many risks and opportunities for businesses. Risks emerge from regulatory actions, such as carbon taxes and cap and trade systems, technological innovation that develop alternatives for customers making existing... View Details
      Keywords: Risk Assessment; Opportunities; Environmental Sustainability; Carbon Footprint; Risk Management; Competitive Dynamics; Business Analysis; Climate Change; Accounting; Finance; Valuation; Business and Shareholder Relations; Technological Innovation; Transition; Product Positioning; Renewable Energy; Analysis
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      Serafeim, George. "Risks and Opportunities from the Transition to a Low Carbon Economy: A Business Analysis Framework." Harvard Business School Technical Note 123-014, December 2022.
      • 2024
      • Working Paper

      The Retail Habitat

      By: Toomas Laarits and Marco Sammon
      Retail investors trade hard-to-value stocks. Controlling for size, stocks with a high share of retail-initiated trades are composed of more intangible capital, have longer duration cash-flows and a higher likelihood of being mispriced. Consistent with retail-heavy... View Details
      Keywords: Retail; Retail Trade; Intangible Capital; Mispricing; Investment; Valuation; Business Earnings
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      Laarits, Toomas, and Marco Sammon. "The Retail Habitat." Working Paper, October 2024.
      • October 2022
      • Exercise

      Shanty Real Estate: Confidential Information for Homebuyer 1

      By: Michael Luca, Jesse M. Shapiro and Nathan Sun
      Shanty is a simulation in which students inhabit the role of either a traditional home buyer or an iBuyer, both bidding on the same condo. The traditional home buyer has access to a “comp sheet” of similar properties that have recently sold, and has done a walkthrough.... View Details
      Keywords: Data-driven Decision-making; Decisions; Negotiation; Bids and Bidding; Valuation; Consumer Behavior; Real Estate Industry
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      Luca, Michael, Jesse M. Shapiro, and Nathan Sun. "Shanty Real Estate: Confidential Information for Homebuyer 1." Harvard Business School Exercise 923-016, October 2022.
      • 2024
      • Working Paper

      Private Equity Fund Valuation Management during Fundraising

      By: Brian K. Baik
      I investigate whether and how private equity fund managers (GPs) inflate their interim fund valuations (net asset values or NAVs) during fundraising periods. Specifically, I study the extent to which the GPs inflate NAVs by managing valuation assumptions (e.g.,... View Details
      Keywords: Private Equity; Institutional Investors; Valuation Multiples; Earnings Management; Private Firms; Valuation; Investment Funds
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      Baik, Brian K. "Private Equity Fund Valuation Management during Fundraising." Harvard Business School Working Paper, No. 23-013, August 2022. (Revised May 2024.)
      • Article

      The Cross Section of Bank Value

      By: Mark Egan, Stefan Lewellen and Adi Sunderam
      We study the determinants of value creation in U.S. commercial banks. We develop novel measures of individual banks' productivities at collecting deposits and making loans. We relate these measures to bank market values and find that deposit productivity is responsible... View Details
      Keywords: Productivity; Banks and Banking; Valuation; Performance Productivity; Value Creation; United States
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      Egan, Mark, Stefan Lewellen, and Adi Sunderam. "The Cross Section of Bank Value." Review of Financial Studies 35, no. 5 (May 2022): 2101–2143.
      • March 2022 (Revised April 2022)
      • Case

      MTN: Unlocking Value While Driving Socioeconomic Progress

      By: Benjamin C. Esty, Pippa Tubman Armerding and Dilyana Karadzhova Botha
      On March 10, 2021, Ralph Mupita the new CEO of MTN Group, Africa's largest telecommunications company, presented the group’s 2020 annual results and unveiled a new strategy to “drive growth and unlock value.” Despite MTN’s leadership in most of its markets, the... View Details
      Keywords: Decision Making; Goals and Objectives; Valuation; Emerging Markets; Business Strategy; Financial Management; Information Technology; Corporate Finance; Telecommunications Industry; Africa; South Africa; Ghana; Nigeria
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      Esty, Benjamin C., Pippa Tubman Armerding, and Dilyana Karadzhova Botha. "MTN: Unlocking Value While Driving Socioeconomic Progress." Harvard Business School Case 722-371, March 2022. (Revised April 2022.)
      • March 2022 (Revised February 2024)
      • Case

      Applied Intuition: Powering Autonomy

      By: Andy Wu, Rocio Wu and Matt Higgins
      Applied Intuition, a leader in autonomous vehicle simulation software, has just closed on a $175 million round of Series D financing that values the four-year-old firm at $3.6 billion. With the immediate future secure, CEO Qasar Younis must now chart a strategic course... View Details
      Keywords: Autonomous Vehicles; Software; Strategy; Competitive Strategy; Growth and Development Strategy; Valuation; Auto Industry; Technology Industry; California; Detroit
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      Wu, Andy, Rocio Wu, and Matt Higgins. "Applied Intuition: Powering Autonomy." Harvard Business School Case 722-407, March 2022. (Revised February 2024.)
      • February 2022 (Revised May 2022)
      • Case

      Jaypee Infratech and the Indian Bankruptcy Code

      By: Kristin Mugford, William Vrattos and Radhika Kak
      In 2016, India passed a new bankruptcy law (IBC) to counter a brewing bank crisis and increased corporate distress. Homebuilder Jaypee Infratech, one of India largest distressed companies (the “dirty dozen”) began restructuring under the IBC in 2017. Two years later,... View Details
      Keywords: Restructuring; Decisions; Judgments; Voting; Developing Countries and Economies; Financial Crisis; Public Sector; Asset Pricing; Borrowing and Debt; Corporate Finance; Credit; Insolvency and Bankruptcy; Debt Securities; Bonds; Investment Return; Price; Government Legislation; Laws and Statutes; Bids and Bidding; Business and Stakeholder Relations; Risk and Uncertainty; Valuation; Real Estate Industry; India; Delhi
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      Mugford, Kristin, William Vrattos, and Radhika Kak. "Jaypee Infratech and the Indian Bankruptcy Code." Harvard Business School Case 222-071, February 2022. (Revised May 2022.)
      • February 2022 (Revised March 2022)
      • Case

      Hertz in Bankruptcy: A Wild Ride in Pandemic Times

      By: Samuel Antill, Stuart Gilson and Kristin Mugford
      Hertz filed for Chapter 11 bankruptcy in response to asset-backed securities (ABS) obligations and the COVID-19 pandemic. Enthusiastic Robinhood investors and shrewd negotiating tactics helped Hertz stabilize. Roughly nine months into the bankruptcy, Hertz received... View Details
      Keywords: Bankruptcy Reorganization; COVID-19 Pandemic; Insolvency and Bankruptcy; Health Pandemics; Valuation; Capital Structure; Negotiation; Private Equity; Travel Industry; United States
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      Antill, Samuel, Stuart Gilson, and Kristin Mugford. "Hertz in Bankruptcy: A Wild Ride in Pandemic Times." Harvard Business School Case 222-064, February 2022. (Revised March 2022.)
      • February 2022
      • Supplement

      SpartanNash Company: The Amazon Warrants (A)

      By: Benjamin C. Esty, E. Scott Mayfield and Daniel Fisher
      As of 12/31/21, Amazon held $22 billion of equity and warrants in related companies. In fact, it often requests a free grant of warrants when it enters into a new commercial agreement with a supplier. Over the past 20 years, Amazon has gotten warrants almost 20... View Details
      Keywords: Valuation; Value Creation; Consumer Behavior; Negotiation; Distribution; Ownership; Partners and Partnerships; Business Strategy; Equity; Distribution Industry; Food and Beverage Industry; United States
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      Esty, Benjamin C., E. Scott Mayfield, and Daniel Fisher. "SpartanNash Company: The Amazon Warrants (A)." Harvard Business School Spreadsheet Supplement 222-704, February 2022.
      • January 2022
      • Supplement

      Kornit Digital: The Amazon Warrants (C)

      By: Benjamin C. Esty, E. Scott Mayfield and Daniel Fisher
      As of 12/31/21, Amazon held $22 billion of equity and warrants in related companies. In fact, it often requests a free grant of warrants when it enters into a new commercial agreement with a supplier. Over the past 20 years, Amazon has gotten warrants almost 20... View Details
      Keywords: Valuation; Value Creation; Consumer Behavior; Negotiation; Distribution; Ownership; Partners and Partnerships; Business Strategy; Equity; Distribution Industry; Food and Beverage Industry; United States
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      Esty, Benjamin C., E. Scott Mayfield, and Daniel Fisher. "Kornit Digital: The Amazon Warrants (C)." Harvard Business School Supplement 222-045, January 2022.
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