Publications

TeachingInterests

Finance I

By: Archie L. Jones

This course examines the role of finance in supporting the functional areas of a firm, and fosters an understanding of how financial decisions themselves can create value.

Topics covered include:

Basic analytical skills and principles of... View Details

February 1997 (Revised October 2002)
Case

Mexico (C): Reform and Crisis, 1987-1995

By: Huw Pill

Describes the evolution of the Mexican economy and its relation with the international capital markets in the period leading up to the Peso crisis of December 1994. Emphasizes the role of "Washington consensus" policies in stimulating the inflows, and the inability of... View Details

Keywords: Globalized Economies and Regions; Capital Markets; Financial Crisis; Macroeconomics; Mexico

Victoria Ivashina

Victoria Ivashina is the Lovett-Learned Professor of Finance and Head of the Finance Unit at Harvard Business School. She also serves as a Research Associate at the National Bureau of Economic Research (NBER), a Research Fellow at the Center for Economic Policy... View Details

Keywords: banking; federal government; financial services; investment banking industry; private equity (LBO funds); private equity (other)

2024
Working Paper

Does the Case for Private Equity Still Hold?

By: Nori Gerardo Lietz and Philipp Chvanov

Private Equity (“PE”) received a 10-fold increase in capital flows since the Great Financial Crisis (“GFC”) Investors sought higher nominal returns relative to those they could obtain in the public capital markets. This paper questions the fundamental assumptions... View Details

Keywords: Private Equity; Investment Return; Investment Portfolio; Financial Markets

SSRN

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October 2011
Case

Patricia Gottesman at Crimson Hexagon

By: Lena G. Goldberg and Mary Beth Findlay

After successful capital raises and significant progress in gaining market acceptance of its tools for analyzing public opinion, Crimson Hexagon's CEO prepares to address the company's investors on the question of exit strategy. View Details

Keywords: Corporate Strategy; Strategic Planning; Business and Shareholder Relations; Business and Stakeholder Relations; Policy; Information Industry; Web Services Industry

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November 2004 (Revised May 2005)
Case

Marvel Enterprises, Inc.

By: Anita Elberse

The management team of Marvel Enterprises, known for its universe of superhero characters that includes Spider-Man, the Hulk, and X-Men, must reevaluate its marketing strategy. In June 2004, only six years after the company emerged from bankruptcy, Marvel has amassed a... View Details

Keywords: Intellectual Property; Business Model; Brands and Branding; Marketing Strategy; Opportunities; Growth and Development Strategy; Rights; Entertainment and Recreation Industry

January 1986 (Revised August 1994)
Case

Citicorp--1985

Citicorp seeks to raise medium- or long-term funding and is considering floating rate versus fixed rate and domestic versus Eurodollar bonds. Case focuses on advantages/disadvantages of these different markets and discusses many of the innovative Floating Rate Notes... View Details

Keywords: Capital Markets; Banks and Banking; Corporate Finance; Banking Industry

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TeachingInterests

Executive Education: Leading Growth through Customer Centricity — India

By: Rajiv Lal

Establishing a strategic advantage in India's highly competitive marketplace requires a systemic shift in focus—away from selling products and toward meeting the needs of customers. But how many companies are prepared to carry out such fundamental change? By... View Details

October 2001 (Revised March 2003)
Case

Exxel Group, The: March 2001

By: Josh Lerner and Alberto Ballve

The Exxel Group, a leading Latin American buyout fund, faces a challenge when deciding whether and how to exit its largest investment. The capital markets are very weak, precluding an initial public offering. Undertaking a trade sale of the firm, however, proves to be... View Details

Keywords: Venture Capital; Private Equity; Leveraged Buyouts; Capital Markets; Investment Funds; Financial Strategy; Financial Services Industry; Latin America

June 2013 (Revised August 2020)
Case

Bonnie Road

By: Arthur I Segel, John H. Vogel, Jr. and Lisa Strope

Victor Alexander was intrigued by the packet of papers that lay in front of him. The papers comprised a brochure that Garden State Bank had put together in an effort to sell the Bonnie Road Distribution Center in Somerset, New Jersey, for $9.7 million. It was April... View Details

Keywords: Real Estate; Investment; Acquisition; Buildings and Facilities; Property; Partners and Partnerships; Decision Choices and Conditions; Distribution Industry; Real Estate Industry; Texas

December 1998 (Revised January 2003)
Case

R.R. Donnelley: Country and Opportunity Analysis in Eastern Europe

Examines several market entry options for R.R. Donnelley's expansion into Eastern Europe. Used as an introduction to a Harvard Business School course titled "New Opportunities in Emerging Markets." Asks students to consider the following issues: 1) the impact of... View Details

Keywords: Opportunities; Market Entry and Exit; Emerging Markets; Europe

June 2002
Background Note

Note on the Equivalency of Methods for Discounting Cash Flows

By: William E. Fruhan Jr.

Uses a numerical example to demonstrate that when you discount the cash flows to capital from a project at the weighted average cost of capital, you get same net present value result as you obtain when discounting the cash flows to equity at the cost of equity. Also... View Details

Keywords: Capital Structure; Cash Flow; Cost of Capital; Equity; Valuation

May 2016
Case

The Inexorable Rise of Walmart? 1988—2016

By: John R. Wells and Gabriel Ellsworth

In October 2015, Walmart surprised investors by announcing that it expected flat sales growth for 2015 and growth of only 3% to 4% over the coming three years. Profits would also fall due to significant investments in people and technology. The company’s stock price... View Details

Keywords: Asda; Costco; David Glass; Convenience Stores; Discount Retailing; Dollar Stores; Doug McMillon; E-commerce; Online Retail; General Merchandise; Grocery; Lee Scott; Mike Duke; Multichannel Retailing; Omnichannel; Neighborhood Market; Sam Walton; Sam's Club; Store Formats; Supercenter; Supermarket; Warehouse Clubs; Merchandising; Walmart; Wal-Mart; Globalized Firms and Management; Competitive Strategy; Corporate Strategy; Growth and Development Strategy; Business Units; Business Divisions; Business Growth and Maturation; Business Model; Business Organization; For-Profit Firms; Film Entertainment; Television Entertainment; Banks and Banking; Price; Profit; Revenue; Food; Global Range; Cross-Cultural and Cross-Border Issues; Global Strategy; Business History; Compensation and Benefits; Employees; Human Capital; Labor Unions; Wages; Business or Company Management; Goals and Objectives; Management Succession; Brands and Branding; Product Positioning; Distribution; Supply Chain; Supply Chain Management; Public Ownership; Problems and Challenges; Labor and Management Relations; Strategy; Adaptation; Business Strategy; Competition; Competitive Advantage; Diversification; Expansion; Segmentation; Information Technology; Internet; Mobile Technology; Online Technology; Web; Web Sites; Retail Industry; Food and Beverage Industry; Distribution Industry; Banking Industry; United States; Arkansas; Bentonville