Value Investing - Publications - Faculty & Research

Mar 2012
Article

A Jobs Compact for America's Future

Without a well-trained, well-paid, continuously improving workforce the United States cannot compete with other nations effectively—and won’t be able to sustain high and rising living standards. Yet at all levels of the economy, we behave as if we don’t believe that:... View Details

January 2024 (Revised May 2024)
Case

Pioneer Natural Resources: Enhancing the Capital Return Strategy with Variable Dividends

By: Benjamin C. Esty, Elisabeth Kempf and E. Scott Mayfield

In February 2021, Scott Sheffield, the CEO of Pioneer Natural Resources (an independent oil and gas company based in Texas), was considering the possibility of enhancing the firm’s capital return strategy by introducing a variable dividend tied to cash flows in... View Details

Keywords: Corporate Finance; Cash Flow; Financial Management; Financial Strategy; Value Creation; Decision Choices and Conditions; Investment Return; Profit; Policy; Business and Shareholder Relations; Energy Industry; United States; North America; Texas

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01 Dec 2016
News

The US Patent System’s Uncertain Fate

(Illustration by Peter Arkle) What is really at stake when we talk about patents? Lauren Cohen: Innovation is the future of the US economy. Given that the value of firms is shifting toward intellectual property, if we don’t get patents... View Details

Keywords: April White

01 Jul 2013
News

The Nature of Business

investment opportunities. "Investing in nature can produce very attractive business returns," said Tercek. "Compared with manmade solutions, natural infrastructure often works better, costs less, and appreciates in View Details

Keywords: Jill Radsken; Social Assistance; Health, Social Assistance

01 Dec 1998
News

A Journey to Leadership: Luke O'Neill

assist the city's children. It was during this time that he became involved with the Outward Bound USA organization, which he saw as an educational resource for the Boys and Girls Clubs. After participating in the program himself, O'Neill was so impressed with its... View Details

Keywords: Deborah Blagg

31 Mar 2018
Working Paper Summaries

Expected Stock Returns Worldwide: A Log-Linear Present-Value Approach

Keywords: by Akash Chattopadhyay, Matthew R. Lyle, and Charles C.Y. Wang; Financial Services; Accounting

Career Coach

Cheryl Rousseau

been involved in both student and alumni programming, and provides one-on-one coaching aimed exclusively at alumni. Cheryl’s overall approach is to learn the motivations, interests and goals of those she serves in order to help them capitalize on the inherent View Details

Keywords: Investment Banking; Investment Banking; Investment Banking; Investment Banking; Investment Banking; Investment Banking; Investment Banking; Investment Banking; Investment Banking

01 Jan 2009
News

Robert F. Greenhill, MBA 1962

Founder and Chairman, Greenhill & Co., LLC Return to Alumni Achievement Awards main page Earlier Education: B.A., Philosophy, Yale University, 1958 On Leadership: “Leadership flourishes when the organization values respect and... View Details

January 2016 (Revised January 2019)
Supplement

The Allergan Board Under Fire (B)

By: Lynn S. Paine, Suraj Srinivasan, John C. Coates and David Lane

In 2014, the Allergan Inc. board of directors received a surprise takeover offer from Valeant Pharmaceuticals in alliance with hedge fund activist Bill Ackman's Pershing Square Capital Management. In the unprecedented arrangement between an acquirer and a hedge fund... View Details

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April 2016
Supplement

Preparing a Concession Bid at TAV Airports Holding - Exhibit 7 Supplement Model

By: C. Fritz Foley and Çiğdem Çelik

In 2013, TAV Airports Holding prepared a bid for the concession to build and operate the third Istanbul airport. This process involved input from various parts of the firm with operating and financial expertise. Burcu Geriş, the CFO of TAV Airports Holding, and her... View Details

Keywords: Partners and Partnerships; Valuation; Investment; Bids and Bidding; Projects; Management Teams; Air Transportation Industry; Turkey

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October 2013 (Revised September 2014)
Case

The TELUS Share Conversion Proposal

By: Lucy White, Benjamin C. Esty and Lisa Mazzanti

On February 21, 2013, TELUS announced a proposal to convert the firm's non-voting shares into voting shares on a one-to-one basis, thereby eliminating the firm's dual class structure. Shareholders were scheduled to vote on the proposal at the firm's annual general... View Details

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25 Apr 2018
Blog Post

Policy, Practice, Leadership & Impact: Making a Difference with the HBS/HKS Joint Degree

hypothesis-test where I could add the most value in Africa’s private sector development. As I leave HBS, I am most excited to see how invested the school has become in increasing the presence of Africa on... View Details

Keywords: Nonprofit / Government

04 Oct 2021
Blog Post

Tapping into “Nontraditional” Private Equity and Venture Capital Talent at HBS

work, so I approached my search explaining that I may not have an investing background, but I have unique and technical knowledge in this space that you need, so I add value here and can learn new skills,”... View Details

Keywords: Private Equity; Venture Capital

Profile

Philipp Schäelli

started out exploring options ranging from Venture Capital to activist hedge fund investing and joined several clubs like the Entrepreneurship and VC/PE club to learn more about these industries and start to build a network. When it came... View Details

Keywords: Venture Capital / Private Equity; Financial Services

9 AM – 10 AM EDT, 21 Aug 2019
HBS Online

HBS Online Entrepreneurship Essentials

Master a proven framework for building and financing new ventures and learn to speak the language of the start-up world. Program Dates: August 21, 2019 - September 18, 2019 View Details

9 AM – 10 AM EST, 23 Jan 2019
HBS Online

HBS Online Entrepreneurship Essentials

Master a proven framework for building and financing new ventures and learn to speak the language of the start-up world. Program Dates: January 23, 2019 - February 20, 2019 View Details

August 1999
Teaching Note

Dana-Farber Cancer Institute: Development Strategy, The (TN)

By: V. Kasturi Rangan

Teaching Note for (9-599-104). View Details

Keywords: Revenue; Operations; Investment Funds; Capital; Growth and Development Strategy; Financing and Loans; Programs; Value; Mission and Purpose; Health Industry

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07 Dec 2010
First Look

First Look: Dec. 7

regularly explore together: (1) Who is your primary customer? Have you organized your company to deliver maximum value to that customer? (2) How do your core values prioritize shareholders, employees, and... View Details

Keywords: Sean Silverthorne

01 Jun 2017
News

The Exchange: Venture Forth

cost of starting firms falls, this lowers the cost of the option, so you will take on higher option value projects. You will potentially take on more of them and focus less on governance in the early stages. It’s what is known as a “spray... View Details

Keywords: April White