Publications
Publications
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- All HBS Web
(1,158)
- Faculty Publications (178)
- March 2016 (Revised November 2020)
- Case
Tableau
By: Boris Vallee
Matrix Capital Management, a long-short equity hedge fund based in Waltham, Massachusetts, is assessing its investment in Tableau, a data visualization company. Tableau, which conducted an IPO a few years ago, has been experiencing substantial growth as it aims at... View Details
- March 2016 (Revised October 2023)
- Case
Central European Distribution Corporation: Hostile Takeover, Bankruptcy Makeover
By: Stuart C. Gilson and Sarah L. Abbott
In early 2013, Central European Distribution Corporation (CEDC), a large publicly traded producer and distributer of vodka and spirits in Eastern and Central Europe, has suffered significant declines in its financial performance, is at risk of defaulting on its debt,... View Details
- 2015
- Working Paper
Replicating Private Equity with Value Investing, Homemade Leverage, and Hold-to-Maturity Accounting
By: Erik Stafford
Private equity funds tend to select relatively small firms with low EBITDA multiples. Publicly traded equities with these characteristics have high risk-adjusted returns after controlling for common factors typically associated with value stocks. Hold-to-maturity... View Details
- January 2016 (Revised April 2017)
- Case
The Galaxy Dividend Income Growth Fund's Option Investment Strategies
By: W. Carl Kester
This case is designed to provide an elementary introduction to options and option pricing for beginning finance students. Analysis of the case requires students to compare the prices of put and call options with various exercise prices and maturity dates on two... View Details
- 2015
- Working Paper
Full Substitutability
By: John William Hatfield, Scott Duke Kominers, Alexandru Nichifor, Michael Ostrovsky and Alexander Westkamp
Various forms of substitutability are essential for establishing the existence of
equilibria and other useful properties in diverse settings such as matching, auctions,
and exchange economies with indivisible goods. We extend earlier models' canonical
definitions of... View Details
- April 2015
- Case
Domeyard: Starting a High-Frequency Trading (HFT) Hedge Fund
By: Lauren Cohen, Christopher Malloy and Matthew Foreman
The principals at Domeyard, a start-up high frequency trading (HFT) hedge fund based in Cambridge, faced a myriad of important decisions: which markets to trade on, how to raise capital, and from whom to raise capital. Many of these decisions were standard for... View Details
- January 2015 (Revised October 2018)
- Case
Dogs of the Dow
By: Malcolm Baker, Samuel G. Hanson and James Weber
This case describes the Dogs of the Dow investment strategy, value investing, and using dividend yields as a means to determine intrinsic value. It also describes exchange traded notes and a particular exchange traded note, known as the Dogs of the Dow, which tracks... View Details
Keywords: Dow Jones; Dow Jones Industrial Average; Exchange Traded Note; Exchange Traded Fund; Value Investing; Benjamin Graham; Investment Strategy; Dividend Yield; Intrinsic Value; Dividend Discount Model; Michael O'Higgins; Financial Instruments; Investment; Strategy; Financial Services Industry; United States
- Article
Analyzing Scrip Systems
By: Kris Johnson, David Simchi-Levi and Peng Sun
Scrip systems provide a nonmonetary trade economy for exchange of resources. We model a scrip system as a stochastic game and study system design issues on selection rules to match potential trade partners over time. We show the optimality of one particular rule in... View Details
- March 2014 (Revised May 2014)
- Teaching Note
The TELUS Share Conversion Proposal
By: Lucy White and Benjamin C. Esty
On February 21, 2013, TELUS announced a proposal to convert the firm's non-voting shares into voting shares on a one-to-one basis, thereby eliminating the firm's dual class structure. Shareholders were scheduled to vote on the proposal at the firm's annual general... View Details
Keywords: Proxy Contest; Proxy Battle; Proxy Advisor; ISS; Glass Lewis ＆ Co.; Hedge Fund; Short Selling; Share Lending; Telecommunications; Voting Rights; Empty Voting; Equity Decoupling; Share Unification; Dual Class Shares; Canada; Exchange Ratio; Shareholder Activism; Shareholder Votes; Investment Activism; Public Equity; Capital Structure; Investment Return; Corporate Governance; Corporate Finance; Ownership Stake; Business and Shareholder Relations; Valuation; Telecommunications Industry; Canada; British Columbia; United States; New York (city, NY)
- December 2013
- Case
Clique Pens: The Writing Implements Division of U.S. Home
By: Frank V. Cespedes and James Kindley
The Clique Pens Writing Implements division of U.S. Home is a manufacturer of a full line of pens, pencils, markers, and art supplies. Despite solid sales, division president Elise Ferguson has seen gross margins drop from 42% in 2010 to just over 36% in 2012 as a... View Details
- October 2013 (Revised August 2016)
- Case
NOWaccount
By: Ramana Nanda, William A. Sahlman and Lauren Barley
It was September 2013, and NOWaccount Network Corporation (NOW®) co-founders John Hayes and Lara Hodgson were putting the final touches on the presentation deck for their annual shareholders' meeting. Along with co-founder Stacey Abrams, the pair had designed NOW's... View Details
- October 2013 (Revised September 2014)
- Case
The TELUS Share Conversion Proposal
By: Lucy White, Benjamin C. Esty and Lisa Mazzanti
On February 21, 2013, TELUS announced a proposal to convert the firm's non-voting shares into voting shares on a one-to-one basis, thereby eliminating the firm's dual class structure. Shareholders were scheduled to vote on the proposal at the firm's annual general... View Details
Keywords: Proxy Contest; Proxy Battle; Proxy Advisor; ISS; Glass Lewis ＆ Co.; Hedge Fund; Short Selling; Share Lending; Telecommunications; Voting Rights; Empty Voting; Equity Decoupling; Share Unification; Dual Class Shares; Canada; Exchange Ratio; Shareholder Activism; Shareholder Votes; Investment Activism; Public Equity; Capital Structure; Investment Return; Corporate Governance; Corporate Finance; Ownership Stake; Business and Shareholder Relations; Valuation; Telecommunications Industry; Canada; British Columbia; United States; New York (city, NY)
- August 2013 (Revised November 2015)
- Case
Prudential Financial - General Motors Pension Risk Transfer: Back to the Future?
By: Luis M. Viceira and Emily A. Chien
In November 2012, Prudential Financial and General Motors closed on a $25.1B pension risk transfer (PRT) transaction, the largest of its kind to date by an order of magnitude both in the U.S. market and globally. In exchange for an in-kind transfer of $25.1B in... View Details
- 2013
- Chapter
Who Chooses Board Members?
By: Ali Akyol and Lauren Cohen
We exploit a recent regulation passed by the US Securities and Exchange Commission (SEC) to explore the nomination of board members to US publicly traded firms. In particular, we focus on firms’ use of executive search firms versus allowing internal members (often... View Details
- March 2013
- Case
Currency Wars
By: Laura Alfaro and Hilary White
In February 2013, the G-20 finance ministers met in Moscow, Russia to discuss the rising anxieties over a potential international currency war. It was speculated that certain countries were purposely devaluing their currencies in order to improve their competitiveness... View Details
Keywords: Currency; Competitiveness; Trade Policy; Devaluation; Exchange Rate; Monetary Policy; Quantitative Easing; Inflation Targeting; Capital Flows; Central Banking; Currency Exchange Rate; Competitive Strategy; Emerging Markets; Policy; Trade; Conflict and Resolution; Banking Industry; Public Administration Industry; Moscow
- March 2013
- Case
NovaStar Financial: A Short Seller's Battle
By: Suraj Srinivasan and Amy Kaser
The NovaStar case describes the challenges faced by short seller Marc Cohodes of hedge fund Rocker Partners as he tried to expose what he thought was widespread fraud in mortgage lender NovaStar Financial. The case is set in the time period from 2001 to 2007 and tracks... View Details
Keywords: Short Selling; Financial Accounting; Financial Analysis; Financial Analysts; Valuation; Business Analysis; Financial Statement Analysis; Financial Statements; Securitization; Securities Analysis; Fraud; Accounting Quality; Accounting Red Flags; Accounting Restatements; Hedge Fund; Hedge Funds; Accounting Scandal; Accounting Fraud; Financial Crisis; Financial Intermediaries; Financial Firms; Corporate Accountability; Subprime Lending; Mortgage Lending; Accounting; Accrual Accounting; Fair Value Accounting; Governance; Governance Compliance; Corporate Governance; Governance Controls; Financial Services Industry; United States; California
- February 2013
- Teaching Note
Australia: Commodities and Competitiveness (TN)
By: Laura Alfaro, Richard H.K. Vietor and Hilary White
For the past few decades, Australia has dealt with the benefits and costs of repeated mining booms—inflation, a housing bubble, a current account deficit and growing dependence on China. Between 1996 and 2007, however, Australia had most of these issues under control... View Details
- 5 Feb 2013
- Conference Presentation
Financing Entrepreneurial Growth
By: Tom Alberg, Andrew A. Bogan, Harold Bradley, Robert D. Cooter, Monika Gruter Cheney, Oliver R. Goodenough, William R. Hambrecht, Frank Hatheway, Thomas F. Hellmann, Marianne Hudson, Jared Konczal, Josh Lerner, Robert E. Litan, Diane Mulcahy, Ramana Nanda, Frank Partnoy, Joe Ratterman, Nava Ravikant, Jay R. Ritter, Alicia Robb, David T. Robinson, Allison Schrager, Barry Silbert, E. R. Sirri, Daniel Stangler and Sharon Vosmek
Despite recent innovations in entrepreneurial finance, particularly at the early stage of business creation, many new and young companies continue to face hurdles to acquire capital.
The Kauffman Foundation addressed current challenges and opportunities in... View Details
- January 2013 (Revised February 2013)
- Case
EverTrue: Mobile Technology Development (A)
By: William R. Kerr and Alexis Brownell
Brent Grinna is evaluating different options for the technology development of his start-up's iPhone app, including hiring local programmers, finding a CTO, or outsourcing. He only has a little over two months before he presents his alumni networking app to Brown... View Details
- January 2013 (Revised January 2015)
- Case
FX Risk Hedging at EADS
By: W. Carl Kester, Vincent Dessain and Karol Misztal
In 2008, EADS, the European aerospace group that owns Airbus, was faced with the decision of how best to hedge a large and growing mismatch between its dollar revenues and its euro manufacturing costs. Specifically, the company needed to decide if it would continue... View Details