Cash - Publications - Faculty & Research

08 Aug 2018
Sharpening Your Skills

Parmigiano-Reggiano, Jane Austen, and Other Things You Didn't Know About Finance

climate-controlled vaults. Here's why. Inventory Management for Mobile Money Agents in the Developing World Mobile money agents in the developing world face a key inventory management challenge: How much cash and e-float should be held to... View Details

Keywords: by Sean Silverthorne; Financial Services

January 2021
Supplement

Bespoken Spirits: Disrupting Distilling

By: Benjamin C. Esty and Daniel Fisher

On October 7, 2020, Bespoken Spirits publicly announced it had received $2.6 million of seed funding for its “sustainable maturation process,” a process that could produce award-winning whiskeys in just days rather than years using a novel technology and data science. ... View Details

Keywords: Business Ventures; Business Strategy; Competitive Advantage; Disruption; Entrepreneurship; Environmental Sustainability; Cash Flow; Disruptive Innovation; Innovation Strategy; Brands and Branding; Business Model; Consumer Products Industry; Food and Beverage Industry; Service Industry; United States; California

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November 2000 (Revised December 2000)
Background Note

Online Content Providers

By: Thomas R. Eisenmann and Alastair Brown

Describes the business model for online content providers, companies that distribute copyright content via the Internet. Focuses on their revenue and cost drivers and on the ways that online content providers create value for consumers. Also investigates the benefits... View Details

Keywords: Internet and the Web; Customers; Value Creation; Business Model; Internet and the Web; Cash Flow; Risk and Uncertainty; Growth and Development Strategy; Problems and Challenges; Decision Making; Profit; Information Industry

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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

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April 2016
Supplement

Canadian Pacific's Bid for Norfolk Southern Spreadsheet Supplement

By: Benjamin C. Esty and Scott Mayfield

In December 2015, Canadian Pacific Railroad (CPR) has just made its third bid to acquire Norfolk Southern Corporation (NSC), one of the largest railroads in the United States. Having rejected the prior offers, NSC’s CEO James Squires and the NSC board must now value... 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; United States; Canada

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April 1993
Teaching Note

Grupo Industrial Alfa, S.A.,1982 (TN)

By: Timothy A. Luehrman

Teaching Note for (9-292-008). View Details

Keywords: Cash Flow; Borrowing and Debt; Restructuring; Rights; Business Strategy; Negotiation; System; Business Conglomerates; Currency Exchange Rate; Energy Industry; Telecommunications Industry; Mexico

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January 2017 (Revised August 2017)
Case

Earl Gordon - Eastern Circle

By: Steven Rogers and Greg White

This case follows an African-American entrepreneur through the process of sourcing a potential acquisition, valuing a company, and securing the funding to purchase the company. This entrepreneur must decide if he should close the deal and which financing term sheet to... View Details

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January 2022
Technical Note

Introduction to Capital Structure Analytics

By: Samuel Antill and Ted Berk

This technical note provides an overview of key analytical approaches that are useful in assessing the appropriateness of a firm’s capital structure and funding plan. This note introduces basic quantitative tools and metrics that are commonly used as inputs to this... View Details

Keywords: Budgets and Budgeting; Business Plan; Forecasting and Prediction; Borrowing and Debt; Corporate Finance; Capital Structure; Cash Flow; Financial Liquidity; Financial Management; Financing and Loans

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24 Apr 2006
Research & Ideas

Managing Alignment as a Process

the new LOBs to a similar share over the next five years. SMI would harvest cash from its mature businesses to invest in the growth of the new businesses. SMI's executives recognized that this strategy required extraordinary alignment and... View Details

Keywords: by Robert S. Kaplan & David P. Norton; Apparel & Accessories; Fashion; Consumer Products; Retail

June 2003 (Revised October 2004)
Case

StorageNetworks: Restarting a Public Company (A)

By: Joseph B. Lassiter III and Todd H Thedinga

Peter Bell, founder and CEO of StorageNetworks, faces the problem of "restarting" a public company by changing its business model from being a storage-services provider to being a storage software developer. The task seems challenging, but surely doable, with $200... View Details

Keywords: Business Model; Diversification; Change Management; Cash; Entrepreneurship; Problems and Challenges; Corporate Finance; Information Technology Industry

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23 Aug 2004
Research & Ideas

New Challenges for Long-Term Investors

choice is a complex issue, and that some conventional wisdom isn't always wise. For example, there are perfectly good reasons why a conservative long-term investor would hold more stocks and bonds than cash instruments such as... View Details

Keywords: by Ann Cullen

17 Nov 2015
First Look

November 17, 2015

evolving structure of corporate debt markets—and given rise to new questions about the private and social costs and benefits of leverage and, in particular, the role of leverage in affecting the likelihood and extent of systemic financial distress. On the other hand,... View Details

Keywords: Sean Silverthorne

22 Jul 2014
First Look

First Look: July 22

infringing on the NPEs' patents. We support these predictions using a novel, large dataset of patents targeted by NPEs. We show that NPEs on average target firms that are flush with cash (or have just had large positive View Details

Keywords: Sean Silverthorne

12 May 2008
Research & Ideas

Accounting Information as Political Currency

companies otherwise understate their earnings? A: Accrual accounting gives managers some flexibility to make estimates about the future. These estimates are usually verifiable by auditors, and on average, they provide information about future View Details

Keywords: by Martha Lagace

20 Dec 2016
First Look

December 20, 2016

Non-Repatriation of Foreign Cash Negatively Affect U.S. Firms’ Operations? Evidence from Product Market Competitiveness By: Alhusaini, Badryah, Rick Laux, Henock Louis, and Anywhere Sikochi Abstract—Cash holdings provide the crucial... View Details

Keywords: Carmen Nobel

14 Jun 2004
Research & Ideas

The Big Money for Big Projects

debt, which means the loan repayments must come from project cash flows only. In municipally financed or public financed projects, a government entity is the borrower or the debt is backed by a government guarantee. In the case of the Big... View Details

Keywords: by Ann Cullen; Financial Services

11 Dec 2020
Research & Ideas

Economic Jitters Push Pandemic Job Seekers to Big Companies, Not Startups

School, who coauthored the study. “[It] means not only that the pool of potential human capital for startup companies began declining when COVID started, but also that the quality of the pool has deteriorated,” he says. “The incumbent [companies], just by nature of... View Details

Keywords: by Rachel Layne

07 Nov 2016
Research & Ideas

Corporate Tax Strategies Mirror Personal Returns of Top Execs

findings weren’t an isolated situation due to the 2013 tax hike, Pérez Cavazos and Silva went back and looked at the companies’ long-run cash effective tax rates. In line with their other results, they found that the companies with more... View Details

Keywords: by Roberta Holland