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- All HBS Web (741)
- Faculty Publications (428)
- July 2010 (Revised August 2021)
- Supplement
Vereinigung Hamburger Schiffsmakler und Schiffsagenten e.V. (VHSS): Valuing Ships (CW)
By: Benjamin C. Esty and Albert W. Sheen
After booming for more than five years, the global shipping (maritime) industry experienced a dramatic crash in late 2008 as the global financial system froze and the global economy slid into recession. Ship charter rates (revenue) fell by as much as 90% causing prices... View Details
- June 2010 (Revised August 2021)
- Case
Vereinigung Hamburger Schiffsmakler und Schiffsagenten e.V. (VHSS): Valuing Ships
By: Benjamin C. Esty and Albert Sheen
After booming for more than five years, the global shipping (maritime) industry experienced a dramatic crash in late 2008 as the global financial system froze and the global economy slid into recession. Ship charter rates (revenue) fell by as much as 90% causing prices... View Details
Keywords: Fair Value Accounting; Financial Crisis; Capital Markets; Financial Liquidity; International Finance; Globalized Markets and Industries; Valuation; Banking Industry; Shipping Industry; Germany
Esty, Benjamin C., and Albert Sheen. "Vereinigung Hamburger Schiffsmakler und Schiffsagenten e.V. (VHSS): Valuing Ships." Harvard Business School Case 210-058, June 2010. (Revised August 2021.)
Joseph Pacelli
Joseph Pacelli is the Gerald Schuster Associate Professor of Business Administration in the Accounting and Management Unit. He currently teaches Business Analysis and Valuation (BAV) in the MBA elective curriculum.
Professor Pacelli’s research covers topics... View Details
- November 2016 (Revised February 2017)
- Case
Square, Inc. IPO
By: Ramana Nanda, Robert White and Lauren G. Pickle
In November 2015, Square, Inc. launched its initial public offering (IPO). The IPO had an offering price of $9 per share, lower than the $11 to $13 estimate that had been outlined in the preliminary prospectus and 42% below the $15.50 share price in its most recent... View Details
Keywords: Business Finance; Initial Public Offering; Equity; Capital Markets; Public Equity; Stocks; Venture Capital; Financial Services Industry; United States
Nanda, Ramana, Robert White, and Lauren G. Pickle. "Square, Inc. IPO." Harvard Business School Case 817-054, November 2016. (Revised February 2017.)
- October 2022
- Exercise
Shanty Real Estate: Confidential Information for Homebuyer 1
By: Michael Luca, Jesse M. Shapiro and Nathan Sun
Shanty is a simulation in which students inhabit the role of either a traditional home buyer or an iBuyer, both bidding on the same condo. The traditional home buyer has access to a “comp sheet” of similar properties that have recently sold, and has done a walkthrough.... View Details
Keywords: Data-driven Decision-making; Decisions; Negotiation; Bids and Bidding; Valuation; Consumer Behavior; Real Estate Industry
Luca, Michael, Jesse M. Shapiro, and Nathan Sun. "Shanty Real Estate: Confidential Information for Homebuyer 1." Harvard Business School Exercise 923-016, October 2022.
- 07 Jul 2015
- News
Can Artists and Labels Change Behavior With Technology?
- 12 PM – 1 PM EST, 29 Nov 2018
- Webinars: Career
The Shiny Penny: How to Maximize the M&A Value of your Company
Angel investor Steve Kirschner explains how to maximize the M&A valuation of your company heading into a private sale.
View Details- Article
Agency Costs, Mispricing, and Ownership Structure
By: Sergey Chernenko, C. Fritz Foley and Robin Greenwood
Standard theories of corporate ownership assume that because markets are efficient, insiders ultimately bear all agency costs that they create and therefore have a strong incentive to minimize conflicts of interest with outside investors. We argue that if equity is... View Details
Keywords: Business and Shareholder Relations; Ownership; Conflict of Interests; Investment; Valuation
Chernenko, Sergey, C. Fritz Foley, and Robin Greenwood. "Agency Costs, Mispricing, and Ownership Structure." Financial Management 41, no. 4 (Winter 2012): 885–914.
- 15 Feb 2013
- Working Paper Summaries
Expectations of Returns and Expected Returns
- December 2002 (Revised February 2005)
- Case
Cap Gemini Ernst & Young (A): A Global Merger
By: Ashish Nanda
French IT consulting giant Cap Gemini is poised to purchase the consulting arm of Ernst & Young, a U.S.-based Big 5 accounting firm. In doing so, many differences need to be resolved, including negotiating with Ernst & Young entities all over the world as well as... View Details
Keywords: Negotiation; Multinational Firms and Management; Mergers and Acquisitions; Cross-Cultural and Cross-Border Issues; Information Technology Industry; Consulting Industry; France
Nanda, Ashish, Bertrand Moingeon, Lisa Haueisen Rohrer, and Guillaume Soenen. "Cap Gemini Ernst & Young (A): A Global Merger." Harvard Business School Case 903-056, December 2002. (Revised February 2005.)
- June 2015 (Revised January 2017)
- Case
Greece's Debt: Sustainable?
By: George Serafeim
The case "Greece's Debt: Sustainable?" describes the Greek economic crisis, bailout from the European Union and the International Monetary Fund (IMF), and the debt restructuring that followed. Because of a lack of trust in Greece's ability to repay its debt, two... View Details
Keywords: Debt Crisis; Accounting; Debt Sustainability; Austerity; Solvency Opinions; Borrowing and Debt; Restructuring; Valuation; Accrual Accounting; Fair Value Accounting; Economy; Greece
Serafeim, George. "Greece's Debt: Sustainable?" Harvard Business School Case 115-063, June 2015. (Revised January 2017.)
- May 2016 (Revised March 2020)
- Case
Fasten: Challenging Uber and Lyft with a New Business Model
By: Feng Zhu and Angela Acocella
Fasten, a new ridesharing start-up in Boston, entered the scene in September 2015 hoping its unique vision of transparency for both driver and passenger and strategy to keep riders' fares low and charge drivers a flat $0.99 fee per ride as opposed to the 20-30%... View Details
Keywords: Information Technology; Transportation; Business Startups; Business Model; Transportation Industry; Boston
Zhu, Feng, and Angela Acocella. "Fasten: Challenging Uber and Lyft with a New Business Model." Harvard Business School Case 616-062, May 2016. (Revised March 2020.)
- 2020
- Working Paper
Determinants of Early-Stage Startup Performance: Survey Results
To explore determinants of new venture performance, the CEOs of 470 early-stage startups were surveyed regarding a broad range of factors related to their venture’s customer value proposition, product management, marketing, technology and operations, financial... View Details
Keywords: Startups; Survey Research; Performance Analysis; Entrepreneurship; Performance; Analysis; Business Startups; Failure; Surveys
Eisenmann, Thomas R. "Determinants of Early-Stage Startup Performance: Survey Results." Harvard Business School Working Paper, No. 21-057, October 2020.
- April 2018
- Supplement
Celgene
By: Malcolm Baker and Emily R. McComb
In February 2011, Adam Koppel, a Managing Director at Brookside Capital, the public equity arm of Bain Capital, must decide whether to increase or exit the firm’s position in Celgene Corporation. News has emerged that raises potential safety concerns associated with... View Details
- 2022
- Working Paper
The Fed and the Secular Decline in Interest Rates
In this paper I document a striking fact: a narrow window around Fed meetings fully captures the secular decline in U.S. Treasury yields since 1980. By contrast, yield movements outside this window are transitory and wash out over time. This is surprising because the... View Details
Keywords: United States Treasury; Monetary Policy; Yield Curve; Central Banking; Interest Rates; Valuation
Hillenbrand, Sebastian. "The Fed and the Secular Decline in Interest Rates." Working Paper, January 2022.
- October 2022
- Exercise
Shanty Real Estate: Confidential Information for iBuyer 2
By: Michael Luca, Jesse M. Shapiro and Nathan Sun
Shanty is a simulation in which students inhabit the role of either a traditional home buyer or an iBuyer, both bidding on the same condo. The traditional home buyer has access to a “comp sheet” of similar properties that have recently sold, and has done a walkthrough.... View Details
Luca, Michael, Jesse M. Shapiro, and Nathan Sun. "Shanty Real Estate: Confidential Information for iBuyer 2." Harvard Business School Exercise 923-020, October 2022.
- 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
Keywords: Hedge Fund; Long-short Equity; Growth Investing; Growth and Development Strategy; Investment; Valuation; Technology; Technology Industry; Waltham
Vallee, Boris. "Tableau." Harvard Business School Case 216-045, March 2016. (Revised November 2020.)
- October 2022
- Exercise
Shanty Real Estate: Confidential Information for iBuyer 1
By: Michael Luca, Jesse M. Shapiro and Nathan Sun
Shanty is a simulation in which students inhabit the role of either a traditional home buyer or an iBuyer, both bidding on the same condo. The traditional home buyer has access to a “comp sheet” of similar properties that have recently sold, and has done a walkthrough.... View Details
Keywords: Algorithm; Decision Choices and Conditions; Decision Making; Measurement and Metrics; Market Timing
Luca, Michael, Jesse M. Shapiro, and Nathan Sun. "Shanty Real Estate: Confidential Information for iBuyer 1." Harvard Business School Exercise 923-019, October 2022.
- October 2022
- Exercise
Shanty Real Estate: Confidential Information for Homebuyer 3
By: Michael Luca, Jesse M. Shapiro and Nathan Sun
Shanty is a simulation in which students inhabit the role of either a traditional home buyer or an iBuyer, both bidding on the same condo. The traditional home buyer has access to a “comp sheet” of similar properties that have recently sold, and has done a walkthrough.... View Details
Luca, Michael, Jesse M. Shapiro, and Nathan Sun. "Shanty Real Estate: Confidential Information for Homebuyer 3." Harvard Business School Exercise 923-018, October 2022.
- March 2018 (Revised May 2018)
- Supplement
Celgene (B)
By: Malcolm Baker and Emily McComb
Supplements the (A) case. View Details
Keywords: Life Sciences; Biotechnology; Public Market Investing; Celgene; Revlimid; Hedge Fund; Growth Stocks; Valuation; Investment; Decision Choices and Conditions; Analysis; Biotechnology Industry
Baker, Malcolm, and Emily McComb. "Celgene (B)." Harvard Business School Supplement 218-099, March 2018. (Revised May 2018.)