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- Faculty Publications (348)
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- All HBS Web (781)
- Faculty Publications (348)
When Discounts Raise Costs: The Effect of Copay Coupons on Generic Utilization
Branded pharmaceutical manufacturers frequently offer “copay coupons” that insulate consumers from cost-sharing, thereby undermining insurers’ ability to influence drug utilization. We study the impact of copay coupons on branded drugs first facing generic entry... View Details
- September 1977 (Revised September 1978)
- Background Note
Some Common Problems and Misconceptions About Discounting and the Time Value of Money
Oksman, Warren. "Some Common Problems and Misconceptions About Discounting and the Time Value of Money." Harvard Business School Background Note 178-046, September 1977. (Revised September 1978.)
- 2008
- Other Paper
Diversification and Firm Value: How Important is the Diversification Discount versus Systematic Heterogeneity?
By: Bharat Anand and Dmitri Byzalov
- winter 1996
- Article
The Market Pricing of Cash Flow Forecasts: Discounted Cash Flow vs. the Method of Comparables
By: S. N. Kaplan and R. S. Ruback
Kaplan, S. N., and R. S. Ruback. "The Market Pricing of Cash Flow Forecasts: Discounted Cash Flow vs. the Method of Comparables." Journal of Applied Corporate Finance 8, no. 4 (winter 1996): 45–60.
- 2015
- Article
Percentage Cost Discounts Always Beat Percentage Benefit Bonuses: Helping Consumers Evaluate Nominally Equivalent Percentage Changes
By: Bhavya Mohan, Pierre Chandon and Jason Riis
Marketing offers that are framed as a "percentage change" in consumer cost vs. benefit can have highly non-linear impacts in terms of actual value for consumers. Even though two offers might appear identical, we show that consumers are better off choosing the offer... View Details
Mohan, Bhavya, Pierre Chandon, and Jason Riis. "Percentage Cost Discounts Always Beat Percentage Benefit Bonuses: Helping Consumers Evaluate Nominally Equivalent Percentage Changes." Journal of Marketing Behavior 1, no. 1 (2015): 75–107.
- 2010
- Working Paper
Cheaper by the Dozen: Using Sibling Discounts at Catholic Schools to Estimate the Price Elasticity of Private School Attendance
By: Susan Dynarski, Jonathan Gruber and Danielle Li
The effect of vouchers on sorting between private and public schools depends upon the price elasticity of demand for private schooling. Estimating this elasticity is empirically challenging because prices and quantities are jointly determined in the market for private... View Details
Dynarski, Susan, Jonathan Gruber, and Danielle Li. "Cheaper by the Dozen: Using Sibling Discounts at Catholic Schools to Estimate the Price Elasticity of Private School Attendance." Harvard Business School Working Paper, No. 16-054, October 2015.
- March–April 2023
- Article
Case Study: Should a Dollar Store Raise Prices to Keep Up with Inflation?
By: Jill Avery and Marco Bertini
How should a dollar store maintain its brand and price position in the marketplace in the face of rising inflation? Is holding a $1.00 price point still viable in today's marketplace? In this fictional case, managers face inflationary pressures and must decide whether... View Details
Keywords: Pricing; Pricing Strategy; Retailing; Discount Retailing; Discount Store; Marketing; Marketing Strategy; Brands and Branding; Inflation and Deflation; Retail Industry; United States
Avery, Jill, and Marco Bertini. "Case Study: Should a Dollar Store Raise Prices to Keep Up with Inflation?" Harvard Business Review 101, no. 2 (March–April 2023): 140–144.
- August 2017 (Revised December 2017)
- Case
Accounting for Nuclear Power Provisions at RWE
By: Paul Healy and Jonas Heese
In early 2016, RWE, a utility that operates nuclear power plants in Germany, came under scrutiny from regulators and the media over the adequacy of its provisions for costs of decommissioning and dismantling (D&D) its nuclear power plants. Accounting standards required... View Details
Keywords: Liabilities; Provisions For Long-term Obligations; Discounting; Accounting; Energy Generation; Energy Industry; Germany
Healy, Paul, and Jonas Heese. "Accounting for Nuclear Power Provisions at RWE." Harvard Business School Case 118-013, August 2017. (Revised December 2017.)
- October 2014
- Article
Do Analysts Add Value When They Most Can? Evidence from Corporate Spinoffs
By: Emilie Feldman, Stuart C. Gilson and Belen Villalonga
This paper investigates how securities analysts help investors understand the value of diversification. By studying the research that analysts produce about companies that have announced corporate spinoffs, we gain unique insights into how analysts portray diversified... View Details
Keywords: Analysts; Spin-offs; Diversification Discount; Information Asymmetry; Value Creation; Business Subsidiaries; Diversification; Corporate Strategy; Investment
Feldman, Emilie, Stuart C. Gilson, and Belen Villalonga. "Do Analysts Add Value When They Most Can? Evidence from Corporate Spinoffs." Strategic Management Journal 35, no. 10 (October 2014): 1446–1463. (Winner, "Distinguished Paper Award," 2012 Academy of Management Meetings (Business Policy & Strategy Division.))
- 2005
- Article
Early Decisions: A Regulatory Framework
By: John Beshears, James J. Choi, David Laibson and Brigitte C. Madrian
We describe a regulatory framework that helps consumers who have difficulty sticking to their own long-run plans. Early Decision regulations help long-run preferences prevail by allowing consumers to partially commit to their long-run goals, making it harder for a... View Details
Beshears, John, James J. Choi, David Laibson, and Brigitte C. Madrian. "Early Decisions: A Regulatory Framework." Swedish Economic Policy Review 12, no. 2 (2005): 41–60.
- 2021
- Working Paper
Time Dependence and Preference: Implications for Compensation Structure and Shift Scheduling
By: Doug J. Chung, Byungyeon Kim and Byoung G. Park
This study jointly examines agents’ time dependence—period effects within instantaneous utility—and time preference—behavior on discounting future utility. The study considers the start- and end-of-period effects for time dependence and exponential and hyperbolic... View Details
Keywords: Time Preferences; Present Bias; Hyperbolic Discounting; Compensation; Dynamic Structural Models; Identification; Time Management; Motivation and Incentives; Behavior; Performance; Compensation and Benefits
Chung, Doug J., Byungyeon Kim, and Byoung G. Park. "Time Dependence and Preference: Implications for Compensation Structure and Shift Scheduling." Harvard Business School Working Paper, No. 21-121, April 2021.
- December 2017
- Teaching Note
Accounting for Nuclear Power Provisions at RWE
By: Jonas Heese
Teaching Note for HBS No. 118-013. View Details
- 2019
- Working Paper
Fiscal Rules and Sovereign Default
By: Laura Alfaro and Fabio Kanczuk
Recurrent concerns over debt sustainability in emerging and developed nations have prompted renewed debate on the role of fiscal rules. Their optimality, however, remains unclear. We provide a quantitative analysis of fiscal rules in a standard model of sovereign debt... View Details
Alfaro, Laura, and Fabio Kanczuk. "Fiscal Rules and Sovereign Default." Harvard Business School Working Paper, No. 16-134, June 2016. (Also NBER Working Paper w23370. Revised January 2019.)
- Article
The Effect of Institutional Factors on the Value of Corporate Diversification
By: Venkat Kuppuswamy, George Serafeim and Belen Villalonga
Using a large sample of diversified firms from 38 countries we investigate the influence of several national-level institutional factors or 'institutional voids' on the value of corporate diversification. Specifically, we explore whether the presence of frictions in a... View Details
Keywords: Diversification Discount; Institutions; Labor Market; Competition; Human Capital; Diversification; Value; Capital Markets
Kuppuswamy, Venkat, George Serafeim, and Belen Villalonga. "The Effect of Institutional Factors on the Value of Corporate Diversification." Advances in Strategic Management 31 (2014).
- January 2014 (Revised February 2016)
- Case
U.S. Government Debt and the Debate over a Balanced Budget Amendment
By: Matthew Weinzierl, Katrina Flanagan and Alastair Su
In the first decade of the 21st century, national debt as a share of GDP rose dramatically in the United States and across the developed world. This case consists of excerpts from leading commentators explaining and commenting on this trend and the economic and moral... View Details
Keywords: National Debt; Social Discount Rate; Ricardian Equivalence; Government and Politics; Macroeconomics; United States
Weinzierl, Matthew, Katrina Flanagan, and Alastair Su. "U.S. Government Debt and the Debate over a Balanced Budget Amendment." Harvard Business School Case 714-031, January 2014. (Revised February 2016.)
- November 2012
- Exercise
Coca-Cola: Residual Income Valuation Exercise
By: Suraj Srinivasan
The exercise illustrates the use of the residual income (also known as the abnormal earnings) valuation approach. Students are asked to provide a valuation of Coca-Cola Company using the residual income valuation methodology and understand how it maps into the... View Details
Keywords: Business Analysis; Valuation; Residual Income Valuation; Accounting; Financial Accounting; Financial Analysis; Financial Statement Analysis; Financial Statements; Discounted Cash Flows
Srinivasan, Suraj, Beiting Cheng, and Edward J. Riedl. "Coca-Cola: Residual Income Valuation Exercise." Harvard Business School Exercise 113-056, November 2012.
- December 2020
- Article
Consumer Reactance to Promotional Favors
By: Marco Bertini and Aylin Aydinli
Promotional favors are an increasingly popular but seldom researched form of price promotion where the receipt of the saving by consumers depends on an action on their part that is nonmonetary in nature, such as completing a questionnaire, posting a review, or making a... View Details
Keywords: Promotional Favors; Conditional Discounts; Psychological Reactance; Price Promotions; Pricing; Marketing; Price; Consumer Behavior
Bertini, Marco, and Aylin Aydinli. "Consumer Reactance to Promotional Favors." Journal of Retailing 96, no. 4 (December 2020): 578–589.
- September 2016 (Revised February 2017)
- Case
MyTime
By: Juliane Begenau and Robin Greenwood
Ethan Anderson, the CEO of San Francisco–based e-commerce company MyTime, must decide on the company's growth strategy. MyTime’s first product was a website and mobile app that offered consumers a convenient way to book appointments with local merchants throughout the... View Details
- February 2015
- Case
Longbow Capital Partners
By: Malcolm Baker, Samuel G. Hanson and James Weber
Longbow Capital Partners is a value-oriented long/short hedge fund focused on stocks in the energy sector. In January 2011, Longbow had invested in NiSource, a Fortune 500 company that owns a diverse portfolio of regulated energy businesses. In late 2014, Longbow was... View Details
Keywords: Value Investing; Investment Strategy; Dividend Yield; Intrinsic Value; Dividend Discount Model; Master Limited Partnership; Hedge Fund; Energy Industry; Regulation; Utilities; Finance; Financial Services Industry; United States
Baker, Malcolm, Samuel G. Hanson, and James Weber. "Longbow Capital Partners." Harvard Business School Case 215-026, February 2015.
- March 2020
- Article
Which Early Withdrawal Penalty Attracts the Most Deposits to a Commitment Savings Account?
By: John Beshears, James J. Choi, Christopher Harris, David Laibson, Brigitte C. Madrian and Jung Sakong
Previous research has shown that some people voluntarily use commitment contracts that restrict their own choice sets. We study how people divide money between two accounts: a liquid account that permits unrestricted withdrawals and a commitment account that is... View Details
Keywords: Quasi-hyperbolic Discounting; Present Bias; Sophistication; Naiveté; Commitment; Flexibility; Savings; Contract Design; Defined Contribution Retirement Plan; 401 (K); IRA; Saving; Behavior; Contracts; Design; Interest Rates
Beshears, John, James J. Choi, Christopher Harris, David Laibson, Brigitte C. Madrian, and Jung Sakong. "Which Early Withdrawal Penalty Attracts the Most Deposits to a Commitment Savings Account?" Art. 104144. Journal of Public Economics 183 (March 2020).