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Publications
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- Faculty Publications (602)
- October 2019 (Revised January 2020)
- Case
Dulcie Madden (A)—Growth or Exit?
By: Shikhar Ghosh, Christopher Payton and Shweta Bagai
This is part of a three-case series that follows Dulcie Madden's journey as a founder over five years. Case (A) is about managing growth and cash flow; Case (B) is about the exit decision and conditions on a sale; Case (C) shows Madden dealing with adversity and the... View Details
Keywords: Entrepreneurial Management; Family; Family Conflicts; Founders' Agreements; Growth And Development; Hardware; VC; Scaling; Start-up; Female Ceo; Risk Assessment; Entrepreneurship; Growth Management; Equity; Cash Flow; Success; Failure; Acquisition; Business Model; Information Technology; Valuation; Family and Family Relationships; Information Infrastructure; Apparel and Accessories Industry; Technology Industry; United States
- October 2019 (Revised January 2020)
- Supplement
Dulcie Madden (B)—A Difficult Choice
By: Shikhar Ghosh and Shweta Bagai
This is part of a three-case series that follows Dulcie Madden's journey as a founder over five years. Case (A) is about managing growth and cash flow; Case (B) is about the exit decision and conditions on a sale; Case (C) shows Madden dealing with adversity and the... View Details
Keywords: Entrepreneurial Management; Family; Family Conflicts; Founders' Agreements; Growth And Development; Hardware; VC; Scaling; Start-up; Female Ceo; Risk Assessment; Entrepreneurship; Growth Management; Cash Flow; Equity; Success; Failure; Acquisition; Business Model; Information Technology; Valuation; Family and Family Relationships; Information Infrastructure
- June 2019
- Technical Note
Valuing Employee Equity at Early Stage Ventures
By: Shikhar Ghosh, Christopher Stanton and Sanchali Pal
The note introduces a framework to consider factors that influence the value of employee equity at early stage ventures. Valuing equity is complex, and it important to account for expected dilution, assess exit potential, and acknowledge the high rate of failure in... View Details
- 2019
- Chapter
Appraisal after Dell
This essay presents new data on appraisal litigation and appraisal outs. I find that appraisal claims have not meaningfully declined in 2016 and that perceived appraisal risk, as measured by the incidence of appraisal outs, has increased since the Dell appraisal in May... View Details
- March 2019 (Revised May 2019)
- Case
Growth Investing at Totem Point
By: Suraj Srinivasan, Charles C.Y. Wang and Jonah Goldberg
The case describes the investment of hedge fund, Totem Point Management in Analog Semiconductors (ADI) as a way to discuss forecasting and valuation in growth companies. In June 2016, hedge fund Totem Point invested in ADI at around $55 a share. In general, Totem Point... View Details
- December 2018
- Teaching Note
The Campbell Home (A), (B), and (C)
By: Leslie John
Email mking@hbs.edu for a courtesy copy.
Teaching Note for HBS Nos. 918-017, 918-018, and 918-019. Campbell siblings Thomas and Sally are faced with selling their childhood home. They need to make several... View Details
Teaching Note for HBS Nos. 918-017, 918-018, and 918-019. Campbell siblings Thomas and Sally are faced with selling their childhood home. They need to make several... View Details
- June 2018
- Teaching Note
The Transformation of Microsoft
By: C. Fritz Foley and F. Katelynn Boland
Teaching Note for HBS No. 218-048. In early 2015, Amy Hood, CFO of Microsoft, and the rest of the senior leadership team faced a set of fundamental choices. The firm had opportunities to serve customers in ways that would be associated with higher growth but lower... View Details
- June 2018 (Revised October 2018)
- Teaching Note
Valuing Snap After the IPO Quiet Period (A), (B), and (C)
By: Marco Di Maggio and Benjamin C. Esty
Teaching Note for HBS Nos. 218-095, 218-096, and 218-116. 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
- Background Note
Valuation Techniques in Private Equity: LBO Model
By: Victoria Ivashina, Alexey Tuzikov and Abhijit Tagade
This note introduces an "LBO model," the main performance assessment and valuation technique used in the private equity industry. View Details
- 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
- May 2018 (Revised February 2019)
- Teaching Note
Greg Mazur and the Purchase of Great Eastern Premium Pet Foods
By: Richard S. Ruback, Royce Yudkoff and Ahron Rosenfeld
Teaching Note for HBS No. 211-085. Greg Mazur (HBS 1997) identified a small firm, Great Eastern Premium Pet Food, in December of 1998 that fit his search criteria and decided to offer the seller a cash price of $1.2 million plus an earn-out equal to 1% of revenue over... View Details
- April 2018 (Revised September 2023)
- Case
Sabine Oil & Gas Corporation
By: Stuart C. Gilson, Kristin Mugford and Sarah L. Abbott
In 2016, a trial began to determine the future of Sabine Oil & Gas Corporation’s $3 billion chapter 11 reorganization plan. The plan called for first- and second-lien-secured creditors to receive new claims representing approximately 98% of the reorganized company’s... View Details
- 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
- March 2018 (Revised May 2018)
- Case
Celgene
By: Malcolm Baker and Emily 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
- March 2018 (Revised May 2018)
- Supplement
Celgene (B)
By: Malcolm Baker and Emily McComb
Supplements the (A) case. View Details
- March 2018
- Supplement
Environmental Technology Fund Partners and E-Leather
By: Vikram S Gandhi and Aldo Sesia
This courseware was created to allow students to model E-Leather's enterprise value (EV) in early 2014. Yellow cells in the Enterprise Value (EV) worksheets indicate where students provide inputs. The other worksheets provide information to help students make... View Details
Keywords: Valuation