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- All HBS Web
(1,532)
- News (103)
- Research (1,305)
- Events (3)
- Multimedia (6)
- Faculty Publications (1,133)
- 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
Di Maggio, Marco, and Benjamin C. Esty. "Valuing Snap After the IPO Quiet Period (B)." Harvard Business School Supplement 218-096, June 2018.
- 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
Di Maggio, Marco, Benjamin C. Esty, and Gregory Saldutte. "Valuing Snap After the IPO Quiet Period (A)." Harvard Business School Case 218-095, June 2018. (Revised April 2021.)
- September 2010
- Supplement
Compass Maritime Services, LLC: Valuing Ships (CW)
By: Benjamin C. Esty and Albert W. Sheen
Tom Roberts, a founding partner of Compass Maritime Services, a New Jersey-based shipping research and consulting firm, has been asked by a new potential customer in May 2008 for advice on purchasing a capesize bulk carrier. After identifying a suitable ship with his... View Details
- December 2005 (Revised November 2006)
- Case
Corning, 2002
By: Malcolm P. Baker and James Quinn
Corning, with large investments in fiber optic technology, was hit particularly hard by the collapse of the telecommunications industry in 2001. With over $4 billion in debt, the firm's survival appears to rest on raising additional equity capital. The protagonist is... View Details
Keywords: Financial Strategy; Financial Condition; Financial Instruments; Valuation; Capital; Public Equity; Stock Shares; Business or Company Management; Strategy; Manufacturing Industry; Industrial Products Industry
Baker, Malcolm P., and James Quinn. "Corning, 2002." Harvard Business School Case 206-018, December 2005. (Revised November 2006.)
- 2002
- Other Unpublished Work
Market Liquidity as a Sentiment Indicator
By: Malcolm Baker and Jeremy Stein
We build a model that helps to explain why increases in liquidity—such as lower bid–ask spreads, a lower price impact of trade, or higher turnover—predict lower subsequent returns in both firm-level and aggregate data. The model features a class of irrational... View Details
Keywords: Price; Financial Liquidity; Trade; Valuation; Markets; Forecasting and Prediction; Equity; Stock Shares; Investment Return
Baker, Malcolm, and Jeremy Stein. "Market Liquidity as a Sentiment Indicator." NBER Working Paper Series, 2002. (First draft in 2001.)
- September 1993 (Revised December 1993)
- Background Note
Note on Pricing and Public Policy
Surveys a number of essential issues related to pricing and public policy in market economies. Begins with a brief review of the price-determination process in competitive markets, then examines a range of topics involving pricing and public policy in monopoly and... View Details
Keywords: Price; Business Strategy; Policy; Valuation; Management Analysis, Tools, and Techniques; Competition; Economic Systems; Monopoly; Duopoly and Oligopoly; Cost
Emmons, Willis M., III. "Note on Pricing and Public Policy." Harvard Business School Background Note 794-027, September 1993. (Revised December 1993.)
- 24 Oct 2017
- First Look
First Look at New Research and Ideas, October 24, 2017
estate. Students are presented the opportunity to perform valuation analysis and compare two possible forms of financing for the potential acquisition: 1) traditional corporate debt and bond financing and 2) commercial mortgage-backed... View Details
Keywords: Sean Silverthorne
- April 2015 (Revised October 2017)
- Teaching Note
Buffett's Bid for Media General's Newspapers
By: Benjamin C. Esty and Annelena Lobb
On May 12, 2012, BH Media Group, a subsidiary of Warren Buffett's Berkshire Hathaway, announced an offer to buy Media General's (MEG) newspaper division for $142 million in cash and provide debt financing to the struggling firm. Reactions from investors and industry... View Details
Keywords: Mergers ＆ Acquisitions; Bankruptcy; Mergers and Acquisitions; Valuation; Capital Structure; Insolvency and Bankruptcy; Financial Strategy; Risk Management; Executive Compensation; Cash Flow; Business Exit or Shutdown; Media; Advertising; Restructuring; Media and Broadcasting Industry; Publishing Industry; United States
- June 2013 (Revised April 2015)
- Case
Buffett's Bid for Media General's Newspapers
By: Benjamin C. Esty and Aldo Sesia
On May 12, 2012, BH Media Group, a subsidiary of Warren Buffett's Berkshire Hathaway, announced an offer to buy Media General's (MEG) newspaper division for $142 million in cash and provide debt financing to the struggling firm. Reactions from investors and industry... View Details
Keywords: Mergers ＆ Acquisitions; Bankruptcy; Mergers and Acquisitions; Valuation; Capital Structure; Insolvency and Bankruptcy; Financial Strategy; Risk Management; Executive Compensation; Cash Flow; Business Exit or Shutdown; Media; Advertising; Restructuring; Media and Broadcasting Industry; Publishing Industry; United States
Esty, Benjamin C., and Aldo Sesia. "Buffett's Bid for Media General's Newspapers." Harvard Business School Case 213-142, June 2013. (Revised April 2015.)
- November 2019
- Case
Hapag-Lloyd AG:Complying with IMO 2020
By: Benjamin C. Esty, Mette Fuglsang Hjortshoej and Emer Moloney
A new environmental regulation known as IMO 2020 was creating what one industry analyst called “the biggest shakeup for the oil and shipping industries in decades.” According to the new regulation, all ocean-going ships would have to limit their sulfur emissions by... View Details
Keywords: Valuation; Ship Transportation; Strategic Planning; Game Theory; Pollutants; Supply Chain; Corporate Accountability; Capital Budgeting; Environmental Sustainability; Governing Rules, Regulations, and Reforms; Governance Compliance; Shipping Industry; Transportation Industry; Germany
Esty, Benjamin C., Mette Fuglsang Hjortshoej, and Emer Moloney. "Hapag-Lloyd AG: Complying with IMO 2020." Harvard Business School Case 220-003, November 2019.
- April 2011 (Revised June 2011)
- Case
Internet Securities, Inc.: Path to Sustainability
By: Lynda M. Applegate, William R. Kerr and Ryan Johnson
Founded in 1994 when the Internet was still a "toy for techies," the case is set in 1998 when Internet IPOs were red-hot. Internet Securities provides hard-to-find financial, business, economic, and political information on emerging markets. Information from over 600... View Details
Keywords: Acquisition; Business Model; Business Startups; Decision Choices and Conditions; Venture Capital; Cash Flow; Initial Public Offering; Analytics and Data Science; Growth and Development Strategy; Valuation
Applegate, Lynda M., William R. Kerr, and Ryan Johnson. "Internet Securities, Inc.: Path to Sustainability." Harvard Business School Case 811-098, April 2011. (Revised June 2011.)
- January 2011
- Supplement
Matrix Capital Management (B)
By: Malcolm P. Baker and David Lane
Ben Balbale, a partner at hedge fund Matrix Capital, must decide whether to exit their investment in Rovi Corporation, a company with a diverse portfolio of patents used primarily for digital interactive guides. Rovi's shares are up over 50% from the time Balbale... View Details
Keywords: Public Ownership; Cash Flow; Management Analysis, Tools, and Techniques; Investment Funds; Financial Strategy; Valuation; Partners and Partnerships; Markets; Performance Efficiency; Patents; Stock Shares; Decisions; Financial Services Industry
Baker, Malcolm P., and David Lane. "Matrix Capital Management (B)." Harvard Business School Supplement 211-048, January 2011.
- March 2010
- Teaching Note
Rosetree Mortgage Opportunity Fund (TN)
By: Victoria Ivashina and Andre F. Perold
Teaching Note for [209088]. View Details
- January 2009
- Supplement
The Tip of the Iceberg: JP Morgan Chase and Bear Stearns (B2)
By: Clayton S. Rose, Daniel Baird Bergstresser and David Lane
Bear Stearns & Co burned through nearly all of its $18 billion in cash reserves during the week of March 10, 2008, and an unprecedented provision of liquidity support from the Federal Reserve on Friday March 13 was insufficient to reverse the decline in Bear's... View Details
Keywords: Economic Slowdown and Stagnation; Capital; Insolvency and Bankruptcy; Financial Liquidity; Banks and Banking; Governance; Crisis Management; Goals and Objectives; System; Valuation; New York (state, US)
Rose, Clayton S., Daniel Baird Bergstresser, and David Lane. "The Tip of the Iceberg: JP Morgan Chase and Bear Stearns (B2)." Harvard Business School Supplement 309-091, January 2009.
- 22 Sep 2014
- Op-Ed
Online Banks Fill Funding Needs for Small Business
new online entrants present a challenge to established players in the small business lending marketplace. They have been on the scene since 2007, but momentum has increased significantly in the last 12 to18 months. Lending Club recently filed for an IPO with a View Details
- 12 Dec 2006
- First Look
First Look: December 12, 2006
http://www.hbsp.harvard.edu/b01/en/common/item_detail.jhtml?id=607010 Note on Health Savings Accounts, Flexible Spending Accounts, and Health Reimbursement Account Vendors Harvard Business School Note 307-034 Purchase this note:... View Details
Keywords: Martha Lagace
- 25 Feb 2014
- First Look
First Look: February 25
recent firm performance? Purchase this case: http://hbr.org/product/say-on-pay-qualcomm-inc-shareholders-vote-maybe-in-2012/an/114005-PDF-ENG Harvard Business School Case 213-047 Aqua Bounty Valuation of a pre-revenue biotech company at... View Details
Keywords: Sean Silverthorne
- 21 Oct 2008
- First Look
First Look: October 21, 2008
$1 billion valuation for the company. Three key dilemmas confronted LinkedIn, however. First, at a time when the "walled garden" model of online community building was under siege, it had to decide how far it should open its... View Details
Keywords: Martha Lagace
- September 1986 (Revised August 1987)
- Case
Pressco, Inc.--1984
A marketing representative of heavy industrial equipment needs to evaluate the net present value of his equipment from the perspective of the buyer under changing tax regulations. View Details
Keywords: Machinery and Machining; Valuation; Product Positioning; Performance Evaluation; Taxation; Price; United States
Fruhan, William E., Jr. "Pressco, Inc.--1984." Harvard Business School Case 287-025, September 1986. (Revised August 1987.)
- January 2013 (Revised August 2013)
- Case
First Solar: CFRA's Accounting Quality Concerns
By: Suraj Srinivasan and Ian McKown Cornell
The case relates to accounting quality analysis conducted by the leading research firm Center for Financial Research and Analysis (CFRA) on companies in the solar industry with a focus on First Solar Inc. In 2009, CFRA was concerned that First Solar, like much of the... View Details
Keywords: Accounting; Accounting Quality; Financial Accounting; Financial Statement Analysis; Accounting Fraud; Accounting Red Flags; Accounting Scandal; Risk and Uncertainty; Quality; Earnings Management; Valuation; Crime and Corruption; Financial Statements; Energy Sources; Green Technology Industry; Accounting Industry; Energy Industry
Srinivasan, Suraj, and Ian McKown Cornell. "First Solar: CFRA's Accounting Quality Concerns." Harvard Business School Case 113-044, January 2013. (Revised August 2013.)