Publications

January 2008
Background Note

Valuing Risky Debt

By: Joshua Coval and Erik Stafford

This lesson develops the classical structural approach to pricing and hedging credit risk: Merton's (1974) contingent claims model of debt and equity claims. This model is used to make investment and risk management decisions in an over-the-counter (OTC) market for... View Details

Keywords: Borrowing and Debt; Credit; Investment; Price; Risk Management; Mathematical Methods; Valuation

December 2003
Case

Fox Bids for the NFL-1993

By: Bharat N. Anand and Catherine M. Conneely

The Fox television network, launched in 1987 by Rupert Murdoch's News Corp. was in a precarious position in 1993. Although it had met its business plan targets, its ratings in the recently concluded November "sweeps" were indifferent, several of its newly launched... View Details

Keywords: Valuation; Competitive Strategy; Financial Reporting; Bids and Bidding; Revenue; Television Entertainment; Media and Broadcasting Industry

18 Dec 2018
First Look

New Research and Ideas, December 18, 2018

valuation of $200 million and debating changes to them that will allow them to grow their business. Ensuring that their marketing dollars were being spent efficiently was critical to the data-driven management team and proving to be... View Details

Keywords: Dina Gerdeman

21 Apr 2015
First Look

First Look: April 21

valuation of the startup by 17.1%-22.0%. April 2015 Brookings Papers on Economic Activity Seesaws and Social Security Benefits Indexing By: Weinzierl, Matthew Abstract—The price indexation of Social Security benefit payments has emerged... View Details

Keywords: Carmen Nobel & Sean Silverthorne

03 Sep 2013
First Look

First Look: September 3

reverts faster in countries with less efficient governments. The findings suggest that country-level factors have an economically significant impact on the rate of corporate profitability mean reversion. The study has implications for forecasting profitability and... View Details

Keywords: Sean Silverthorne

Web

Courses by Faculty Unit - Course Catalog

and Valuation Using Financial Statements Joseph Pacelli Fall 2025 Q1Q2 3.0 Yuan Zou Spring 2026 Q3Q4 3.0 Changing the World: Life Choices of Influential Leaders (also listed under General Management) Robert Simons Fall 2025 Q1Q2 3.0... View Details

16 Dec 2020
News

A Creator in the Era of Disruption

country’s first unicorn and is now Indonesia’s super app—connecting users with everything from transportation, to food delivery, financial services and even massage services—with a valuation near $10 billion. In 2017, Gojek acquired... View Details

10 Apr 2018
First Look

First Look at New Research, April 10, 2018

electronic car company founded and led by Elon Musk. Wall Street analysts are wildly divided on the future growth prospects for this company, and analysts’ one year share price targets range from $160 to $500. The case explores in detail the View Details

Keywords: Sean Silverthorne

11 Dec 2012
First Look

First Look: Dec. 11

reflected in stock prices. Download the paper: https://www.hbs.edu/faculty/Pages/item.aspx?num=43177 Cost of Capital Dynamics Implied by Firm Fundamentals Authors:Lyle, Matthew, and Charles C.Y. Wang Abstract We provide a tractable stock valuation... View Details

Keywords: Sean Silverthorne

24 Sep 2020
News

The Race for a Vaccine

spent 2019, expanding and advancing its development pipeline. Moderna had five additional vaccines in Phase 1 testing and two more in preclinical development. It was a portfolio that looked promising to investors. In late 2018, the company’s IPO had broken biotech... View Details

Keywords: April White; COVID-19; Scientific Research and Development Services

17 Jun 2008
First Look

First Look: June 17, 2008

NBG’s offer, they can evaluate given valuations of the bank and analyze why the proposed deal is structured so the Özyeğin retains a stake and buys back the non-Turkish operations. Students can also consider the offer from the perspective... View Details

Keywords: Martha Lagace

October 1986 (Revised February 2008)
Case

Congoleum Corp. (Abridged)

By: William E. Fruhan Jr.

Describes the development and terms of the largest leveraged buyout up to the date of the case. The main problem is to value the positions of the various participants: lenders, equity holders, investment bankers, and management. This is an abridged version of an... View Details

Keywords: Leveraged Buyouts; Mergers and Acquisitions; Financial Management; Negotiation Participants; Valuation

February 2001 (Revised August 2001)
Case

WholesalerDirect

By: Alan D. MacCormack and Kerry Herman

Describes the development of WholesalerDirect, a B2B electronic commerce venture in the plumbing, heating, cooling, and piping industry. Adam Berger, the CEO, is trying to raise funding to roll out the company's e-commerce platform to the industry's more than 3,000... View Details

Keywords: Internet and the Web; Valuation; Business Plan; Financing and Loans; Financial Strategy

Find at Harvard

March 1992 (Revised November 1992)
Case

Lockheed Aeromod Center, Inc.

By: Timothy A. Luehrman

A wholly-owned subsidiary of Lockheed Corp. has an $11 million expansion underway in South Carolina. The company must decide how best to take advantage of the opportunity to issue tax exempt debt. Specifically, the decision involves choices about the maturity and... View Details

Keywords: Business Subsidiaries; Decisions; Borrowing and Debt; Financial Strategy; Taxation; Opportunities; Expansion; Valuation; South Carolina

20 Sep 2011
First Look

First Look: September 20

Publication:Journal of Consumer Psychology (forthcoming) Abstract In four studies in which consumers assembled IKEA boxes, folded origami, and built sets of Legos, we demonstrate and investigate boundary conditions for the IKEA effect-the increase in View Details

Keywords: Sean Silverthorne

09 Mar 2010
First Look

First Look: March 9

Journal (forthcoming) Abstract Stable category meanings act as institutions that facilitate market exchange by providing bases for comparison and valuation. Yet little is known about meaning construction in new categories or how meaning translates into View Details

Keywords: Martha Lagace

01 Dec 1999
News

A Class Act

doing well. We are a leading provider (or so we like to believe) in the topsy-turvy world of Internet banking. Like any good, young Internet company, we are struggling for revenue, are losing money, and have a valuation that beggars the... View Details

Keywords: Nancy O. Perry

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

January 2017 (Revised October 2021)
Case

Delivering the Goods at Shippo

By: Jeffrey J. Bussgang, Jeffrey F. Rayport and Olivia Hull

Laura Behrens Wu, CEO of software start-up Shippo, prepares her pitch for a Series A funding round following a successful seed round. Customer adoption of Shippo’s e-commerce dashboard application, which allows small and medium retailers to compare delivery rates... View Details