Publications

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

15 Aug 2007
Op-Ed

3 Steps to Reduce Financial System Risk

Regulatory authorities face 2 challenges that need to be addressed forcefully if they are to contain a new source of systemic risk in international finance. First, the increasing migration of complex market... View Details

Keywords: by Mohamed El-Erian; Financial Services; Banking

May 2024 (Revised May 2025)
Case

Hakluyt: From Corporate Intelligence to Trusted Advisors

By: Joseph B. Fuller and Lena Duchene

Established in 1995 by a group of ex-British intelligence officers, Hakluyt & Company (Hakluyt) was a corporate advisory firm that generated insights by leveraging a unique blend of internal expertise and a global network of well-connected individuals. Since 2019, the... View Details

October 1994 (Revised November 1994)
Case

British Airways: Using Information Systems to Better Serve the Customer

By: W. Earl Sasser and Norman Klein

Explores the uses of scanning technology, interactive software, and powerful data bases to assist customer relations representatives in resolving customer complaints. Competitive alliances in international markets are noted, but the focus is on the evolving commitment... View Details

Keywords: Debates; Customer Focus and Relationships; Globalized Markets and Industries; Service Delivery; Alliances; Information Technology; Aerospace Industry

Research Summary

Continuous Combinatorial Exchange

In multiple-good economies with many buyers and sellers (or many swappers) researchers have advocated Combinatorial Exchange generalized one-shot double auctions in which traders can express offers to buy, sell, or swap packages of goods to facilitate efficient... View Details

16 Feb 2004
Research & Ideas

European Private Equity—Still a Teenager?

The European market remains very attractive, with strong potential for growth—especially once French and German restructuring gets more underway, according to a panel of private equity group executives. That... View Details

Keywords: by Martha Lagace; Financial Services

August 2006 (Revised July 2008)
Case

Rwanda and the Thousand Hills Coffee Co.: Breaking New Grounds

By: Geoffrey G. Jones and Michelle McDonald

Examines the strategies of a Boston-based start-up to market Rwandan coffee. Describes the history of the coffee industry, the era of cartelization and the International Coffee Agreement, and the subsequent collapse in producer prices after 1989. Also describes the... View Details

Keywords: History; Marketing Strategy; Entrepreneurship; Business Startups; Food and Beverage Industry; Rwanda; Boston

Find at Harvard

11 Apr 2023
Cold Call Podcast

A Rose by Any Other Name: Supply Chains and Carbon Emissions in the Flower Industry

Keywords: Re: Willy C. Shih & Michael W. Toffel; Agriculture & Agribusiness

02 Mar 2018
News

Trump’s Tariffs Will Take Their Toll

January 2008 (Revised March 2009)
Case

Framedia (A) Abridged

By: Li Jin, Carliss Y. Baldwin, Li Liao, Huabing Li and Jielun Zhu

Examines an acquisition in the highly competitive outdoor media advertising industry in China in late 2005. The transaction leads to eventual consolidation of the whole industry and positive stock reactions. Discusses equity consideration in the context of an M&A... View Details

Keywords: Mergers and Acquisitions; Venture Capital; Equity; Private Equity; Corporate Governance; Emerging Markets; Organizations; Consolidation; Valuation; Advertising Industry; China

February 2018 (Revised October 2018)
Case

Wellington Global Impact

By: Shawn Cole and Lynn Schenk

Wellington Global Impact is one of the first public equities impact investing strategies in the market. The case explores how the strategy was developed at Wellington, including an analysis of the culture that supported its development. It also explores the difficulty... View Details

Keywords: Finance; Impact Investing; Investment; Strategy; Corporate Social Responsibility and Impact; Organizational Culture; Analysis

March 2010
Article

The Evolution of Corporate Ownership after IPO: The Impact of Investor Protection

By: C. Fritz Foley and Robin Greenwood

We use firm-level data from 34 countries covering the 1995-2006 period to analyze how the characteristics of public markets shape the process by which firms become widely held. Firms in all countries in the sample tend to have concentrated ownership at the time they go... View Details

Keywords: Blockholding; Float; Shareholder Rights; Investor Protection; Ownership; Financial Liquidity; Business History; Market Timing; Going Public; Business and Government Relations; Business and Shareholder Relations

August 1999 (Revised July 2009)
Case

Tricon Restaurants International: Globalization Re-examined

By: Pankaj Ghemawat and Tarun Khanna

Describes a leading fast food operator/franchiser trying to consolidate and standardize its operations worldwide and focus its efforts on a few key markets. Lends itself to a discussion of how global the fast food industry is, whether Tricon's new international... View Details

Keywords: Business Ventures; Global Strategy; Markets; Operations; Competition; Consolidation; Food and Beverage Industry

Richard S. Tedlow is the Class of 1949 Professor of Business Administration at the Harvard Business School, where he is a specialist in the history of business.

Professor Tedlow received his B.A. from Yale in 1969 and his M.A. and Ph.D. in history from... View Details

Keywords: marketing industry; marketing industry; marketing industry; marketing industry; marketing industry; marketing industry

September 2014
Case

Havas: Change Faster

By: Karim R. Lakhani and Michael L. Tushman

As of 2013, Havas was the 6th largest global advertising, digital, and communications group in the world. Headquartered in Paris, France, the group was highly decentralized, with semi-independent agencies in more than 100 countries offering a variety of services. The... View Details

Keywords: Advertising Agency; Open Innovation; Commercials; Digital Media; Digital Transition; Advertising; Digital Marketing; Advertising Campaigns; Acquisition; Change Management; Disruption; Transformation; Advertising Industry; Communications Industry

December 2007 (Revised December 2008)
Case

China Netcom: Corporate Governance in China (A)

By: Regina M. Abrami, William C. Kirby, F. Warren McFarlan, Ning Xiangdong and Tracy Manty

With its dual listings on the Hong Kong stock market and New York Stock Exchange, state-owned enterprise, China Netcom was mandated to meet the listing requirements of these exchanges. From this initial step, China Netcom's Chairman, Zhang Chunjiang, began a program... View Details

Keywords: Corporate Governance; State Ownership; Public Ownership; Financial Markets; Capital Markets; Telecommunications Industry; China