Publications
Publications
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- All HBS Web
(1,822)
- Faculty Publications (369)
- June 2018 (Revised April 2021)
- Supplement
Valuing Snap After the IPO Quiet Period
By: Benjamin C. Esty, Marco Di Maggio and Greg Saldutte
Keywords: Sell-side Analysts; Underwriters; Investment Banking; Social Network; Discounted Cash Flow; Cost Of Capital; Conflicts Of Interest; Corporate Governance; Advertising; Quiet Period; Business Startups; Digital Marketing; Initial Public Offering; Information Infrastructure; Valuation; Venture Capital; Forecasting and Prediction; Social Media; United States; California
- June 2018 (Revised April 2021)
- Case
Valuing Snap After the IPO Quiet Period (A)
By: Marco Di Maggio, Benjamin C. Esty and Gregory Saldutte
Snap, the disappearing message app, went public at $17 per share on March 2, 2017, making its two 20-something founders the youngest self-made billionaires in the country. Over the next three weeks, 14 analysts made investment recommendations on Snap: two with buy... View Details
Keywords: Sell-side Analysts; Underwriters; Investment Banking; Social Network; Discounted Cash Flow; Cost Of Capital; Conflicts Of Interest; Corporate Governance; Advertising; Quiet Period; ＂DCF Valuation,＂; Business Startups; Digital Marketing; Initial Public Offering; Information Infrastructure; Valuation; Venture Capital; Forecasting and Prediction; Social Media; Advertising Industry; Entertainment and Recreation Industry; Web Services Industry; United States; California
- June 2018
- Supplement
Valuing Snap After the IPO Quiet Period (B)
By: Marco Di Maggio and Benjamin C. Esty
Analyzes Snap’s value and analyst recommendations following the events described in the (A) case. View Details
Keywords: Sell-side Analysts; Underwriters; Investment Banking; Social Network; Discounted Cash Flow; Cost Of Capital; Conflicts Of Interest; Corporate Governance; Advertising; Quiet Period; Business Startups; Digital Marketing; Initial Public Offering; Information Infrastructure; Valuation; Venture Capital; Forecasting and Prediction; Social Media; Advertising Industry; Entertainment and Recreation Industry; Web Services Industry; United States; California
- June 2018
- Supplement
Valuing Snap After the IPO Quiet Period (C)
By: Marco Di Maggio, Benjamin C. Esty and Gregory Saldutte
Analyzes Snap’s value and analyst recommendations following the events described in the (B) case. View Details
Keywords: Sell-side Analysts; Underwriters; Investment Banking; Social Network; Discounted Cash Flow; Cost Of Capital; Conflicts Of Interest; Corporate Governance; Advertising; Quiet Period; Business Startups; Digital Marketing; Initial Public Offering; Information Infrastructure; Valuation; Venture Capital; Forecasting and Prediction; Social Media; Advertising Industry; Entertainment and Recreation Industry; Web Services Industry; United States; California
- June 2018
- Article
Cost of Experimentation and the Evolution of Venture Capital
By: Michael Ewens, Ramana Nanda and Matthew Rhodes-Kropf
We study how technological shocks to the cost of starting new businesses have led the venture capital model to adapt in fundamental ways over the prior decade. We both document and provide a framework to understand the changes in the investment strategy of VCs in... View Details
- March 2018 (Revised March 2018)
- Supplement
Sandlands Vineyards
By: Benjamin C. Esty and Greg Saldutte
Approximately 80% of the wineries in the US breakeven or lose money. An even greater percentage lose money on an economic basis (i.e., after a charge for the cost of equity). Tegan Passalacqua is a successful, young, Californian winemaker who specializes in making... View Details
Keywords: Wine; Winery; Vineyard; Market Attractiveness; Porter's 5 Forces; Capital Investment; Industry Attractiveness; Performance Analysis; Napa Valley; Agriculture; Entrepreneurship; Business Strategy; Competitive Strategy; Competitive Advantage; Vertical Integration; Segmentation; Food; Supply Chain; Industry Structures; Retail Industry; Food and Beverage Industry; United States; California; Napa Valley
- February 2018 (Revised March 2019)
- Case
Sandlands Vineyards
By: Benjamin C. Esty and Gregory Saldutte
Approximately 80% of the wineries in the U.S. break even or lose money. An even greater percentage lose money on an economic basis (i.e., after a charge for the cost of equity). Tegan Passalacqua is a successful, young, Californian winemaker who specializes in making... View Details
Keywords: Wine; Winery; Vineyard; Market Attractiveness; Porter's 5 Forces; Capital Investment; Industry Attractiveness; Performance Analysis; Agriculture; Entrepreneurship; Business Strategy; Competitive Strategy; Competitive Advantage; Vertical Integration; Segmentation; Food; Supply Chain; Industry Structures; Five Forces Framework; Retail Industry; Food and Beverage Industry; United States; California; Napa Valley
- November 2017 (Revised October 2018)
- Case
Brandless: Disrupting Consumer Packaged Goods
By: Jill Avery
Brandless, an online direct-to-consumer seller of upscale private-label consumer packaged goods, offered consumers a limited assortment of values-conscious products delivered directly to their homes with the simplicity of one fixed $3 price point that promised an... View Details
Keywords: Brand; Brand Management; Retailing; Retailing Industry; Private Label; Direct To Consumer Marketing; Ecommerce; Digital Marketing; Consumer Packaged Goods; Startup; Marketing; Marketing Strategy; Disruption; Food; Product Marketing; Marketing Channels; Consumer Behavior; Brands and Branding; Venture Capital; E-commerce; Consumer Products Industry; Beauty and Cosmetics Industry; Food and Beverage Industry; Retail Industry; United States; North America
- Fourth Quarter 2017
- Article
Optimal Tilts: Combining Persistent Characteristic Portfolios
By: Malcolm Baker, Ryan Taliaferro and Terry Burnham
We examine the optimal weighting of four tilts in U.S. equity markets from 1968 through 2014. We define a “tilt” as a characteristic-based portfolio strategy that requires relatively low annual turnover. This is a continuum, with small size (a very persistent... View Details
- 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
- October 2017 (Revised November 2017)
- Case
Lovepop
By: Robert F. White, Ramana Nanda and Olivia Hull
As they prepare to graduate from Harvard Business School, the co-founders of greeting card company startup Lovepop need capital to cover the company’s operating costs and must choose between two seed financing offers. One offer is from an angel group and the other from... View Details
- September 2017
- Article
The Real Effects of Capital Controls: Firm-Level Evidence from a Policy Experiment
By: Laura Alfaro, Anusha Chari and Fabio Kanczuk
Emerging-market governments adopted capital control taxes to manage the massive surge in foreign capital inflows in the aftermath of the global financial crisis. Theory suggests that the imposition of capital controls can drive up the cost of capital and curb... View Details
- 2017
- Working Paper
The Effects of Media Slant on Firm Behavior
By: Vishal P. Baloria and Jonas Heese
The media can impose reputational costs on firms because of its important role as an information intermediary and its ability to negatively slant coverage. We exploit a quasi-natural experiment that holds constant the information event across firms, but varies the... View Details
- July 2017
- Supplement
Centerbridge Partners and Great Wolf Resorts (B)
By: Josh Lerner, John D. Dionne and Amram Migdal
The case examines the aftermath of the March 2015 Centerbridge Partners acquisition of Great Wolf Resorts, a North American family-oriented indoor water parks and hotel operator, from a private equity (PE) competitor, Apollo Global Management. View Details
Keywords: Private Equity Financing; Commercial Mortgage Backed Securities; CMBS; Secondary Buyouts; Business Ventures; Acquisition; Leveraged Buyouts; Business Exit or Shutdown; Finance; Borrowing and Debt; Cost; Cost of Capital; Equity; Private Equity; Financial Instruments; Debt Securities; Accommodations Industry; Entertainment and Recreation Industry; Financial Services Industry; North and Central America; United States
- July 2017
- Case
Centerbridge Partners and Great Wolf Resorts: Buying from a Highly Regarded Competitor
By: Josh Lerner, John D. Dionne and Amram Migdal
The case examines the March 2015 Centerbridge Partners investment decision regarding whether to acquire Great Wolf Resorts, a North American family-oriented indoor water parks and hotel operator, from a private equity (PE) competitor, Apollo Global Management. The case... View Details
Keywords: Private Equity Financing; Commercial Mortgage Backed Securities; CMBS; Secondary Buyouts; Business Ventures; Acquisition; Finance; Borrowing and Debt; Cost; Cost of Capital; Equity; Private Equity; Financial Instruments; Debt Securities; Accommodations Industry; Entertainment and Recreation Industry; Financial Services Industry; North and Central America; United States
- June 2017
- Teaching Note
The U-Turns of National Truck Stops
By: Nori Gerardo Lietz and Alexander W. Schultz
Raj Makam had spent months trying to restructure a 2006 investment he had made in National Truck Stops, Inc. (“NTS”) as a senior member of Oaktree Capital Management’s (“Oaktree”) Mezzanine finance business within their Corporate Debt platform. It was the first time... View Details
- 2019
- Chapter
Return on Invested Capital (ROIC)
Return on invested capital (ROIC) is a financial measure of the profitability of a firm or business unit. If it is greater than the business's cost of capital, then reinvestment of earnings increases shareholder VALUE. The ROIC also determines a maximum self-sustaining... View Details
- April 2017 (Revised July 2017)
- Case
ISRO: Explore Space or Exploit CubeSats?
The Indian Space Research Organization (ISRO) achieved global acclaim by launching successful missions to the moon and Mars at a fraction of the cost of prior Western missions. It is now faced with an important strategic dilemma—whether to continue exploring deep space... View Details
- April 2017 (Revised August 2020)
- Case
The U-Turns of National Truck Stops
By: Nori Gerardo Lietz and Alexander W. Schultz
Raj Makam had spent months trying to restructure a 2006 investment he had made in National Truck Stops, Inc. (NTS) as a senior member of Oaktree Capital Management’s (Oaktree) Mezzanine finance business within their Corporate Debt platform. It was the first time they... View Details