Publications

January 2024
Supplement

Accounting Red Flags or Red Herrings at Catalent? (B)

By: Joseph Pacelli, ZeSean Ali and Tom Quinn

GlassHouse Research identified accounting red flags at Catalent. Fiat Lux Partners countered most of GlassHouse’s claims. Who was right? This update explores the aftermath of the short seller duel. View Details

Article

Adding Value by Talking More

By: Robert S. Kaplan, Derek A. Haas and Jonathan Warsh

The prevailing fee-for-service payment model has led health care administrators and physician practices to impose severe constraints on the time physicians spend talking, for which they are reimbursed poorly or not at all. New value-based reimbursement models, however,... View Details

Keywords: Value Creation; Cost Management; Health Care and Treatment; Customer Focus and Relationships; Health Industry

2009
Article

Placing the Normative Logics of Accountability in 'Thick' Perspective

By: Alnoor Ebrahim

This article provides a critical reflection on the heavily normative nature of current accountability debates. In particular, it explores three streams of normative discourse on nonprofit accountability: improving board governance, improving performance-based... View Details

Keywords: Fair Value Accounting; Accounting; Governance; Performance Evaluation; Governing Rules, Regulations, and Reforms; Goals and Objectives; Management Practices and Processes; Power and Influence; Social and Collaborative Networks; Organizational Structure; Relationships; Accounting Industry

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2022
Working Paper

The Gender Gap in Confidence: Expected But Not Accounted For

By: Christine L. Exley and Kirby Nielsen

We investigate how the gender gap in confidence affects the views that evaluators (e.g., employers) hold about men and women. If evaluators fail to account for the confidence gap, it may cause overly pessimistic views about women. Alternatively, if evaluators expect... View Details

Keywords: Confidence; Experiments; Gender; Perception; Values and Beliefs; Performance Evaluation; Analysis

Article

Managing Healthcare Costs and Value

By: Robert S. Kaplan, Michael E. Porter and Mark L. Frigo

Rising health care costs are a major global challenge. A number of factors contribute to this trend, including aging populations and medical technology. But an underlying and misunderstood source of health care’s escalating costs has been the inability of health care... View Details

Keywords: Health Care and Treatment; Cost; Cost Management; Cost Accounting; Health Industry

Article

Optimal Value and Growth Tilts in Long-Horizon Portfolios

By: Jakub W. Jurek and Luis M. Viceira

We develop an analytical solution to the dynamic portfolio choice problem of an investor with power utility defined over wealth at a finite horizon, who faces a time-varying investment opportunity set, parameterized using a flexible vector autoregression. We apply this... View Details

Keywords: Decision Choices and Conditions; Private Equity; Investment; Investment Portfolio; Asset Pricing; Value

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Web

Financial Accounting Online Course | HBS Online

strategic decisions Value a venture, project, or investment opportunity and perform a sensitivity analysis Who Will Benefit College Students and Recent Graduates Those Considering an MBA Mid-Career Professionals Learn the language of... View Details

October 2023 (Revised April 2024)
Case

Accounting Red Flags or Red Herrings at Catalent? (A)

By: Joseph Pacelli, ZeSean Ali and Tom Quinn

Fund manager Janet Curie asked for a recommendation about the pharmaceutical company Catalent. The company seemed like a solid investment. However, a pair of research reports issued over the previous two months complicated this narrative. GlassHouse Research, a short... View Details

August 2011
Teaching Note

Subprime Crisis and Fair-Value Accounting (TN)

By: Paul Healy, Krishna G. Palepu and George Serafeim

Teaching Note for 109-031. View Details

Keywords: Fair Value Accounting; Mortgages; Standards; Financial Crisis

November 2017 (Revised June 2019)
Case

Measuring True Value at Ambuja Cement

By: V. Kasturi Rangan, Suraj Srinivasan and Namrata Arora

The case discusses the measurement of social and environmental impact at Ambuja Cements, one of India’s leading cement companies. Ambuja is a leader in CSR activities and is attempting to quantify its impact, both positive and negative, using the “True Value” framework... View Details

Keywords: Corporate Social Responsibility and Impact; Environmental Sustainability; Value; Measurement and Metrics; Framework; Cost vs Benefits

20 Jul 2015
News

Investors Find Value in Following Conscience

March 2012 (Revised December 2014)
Case

Schön Klinik: Measuring Cost and Value

By: Robert S. Kaplan, Mary L. Witkowski and Jessica A. Hohman

The case illustrates how a leading German hospital group has invested deeply in the measurement of patient-level outcomes and costs, the foundations of a health care value framework. The company launches a pilot project to use time-driven activity-based costing (TDABC)... View Details

Keywords: Health Care; Costing; Activity-Based Costing; Hospitals; Activity Based Costing and Management; Value; Health Care and Treatment; Outcome or Result; Health Industry; Germany

December 1997 (Revised December 1998)
Case

Valuing Capital Investment Projects

By: W. Carl Kester

A collection of problems that introduces students to the application of discounted cash flow analysis in the evaluation of capital budgeting problems. View Details

Keywords: Budgets and Budgeting; Capital; Cash Flow; Investment; Valuation

2021
Working Paper

The Value of Intermediation in the Stock Market

By: Marco Di Maggio, Mark Egan and Francesco Franzoni

We estimate a structural model of broker choice to quantitatively decompose the value that institutional investors attach to broker services. Studying over 300 million institutional equity trades, we find that investors are sensitive to both explicit and implicit... View Details

Keywords: Financial Intermediation; Institutional Investors; Research Analysts; Broker Networks; Equity Trading; Institutional Investing; Financial Services Industry

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