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June 1990 (Revised January 1993)
Case

Dynatronics, Inc. (Abridged)

By: Thomas R. Piper

Provides an opportunity to evaluate an investment in a new product line in strategic, competitive, organizational, and economic terms. The economic analysis involves an estimation of the relevant cash flows and discounting them at an appropriate hurdle rate. View Details

Keywords: Product; Forecasting and Prediction; Investment; Capital Budgeting

November 2011 (Revised December 2013)
Case

The Long and Short of Apollo Group and the University of Phoenix (A)

By: Luis M. Viceira, Joel Heilprin, Andrew S. Holmes and Damian M. Zajac

A hedge fund is deciding whether to liquidate its position in Apollo Group, a for-profit education firm, in light of significant political and macro-economic uncertainty facing the industry. As part of the investment analysis a complete discounted cash flow analysis... View Details

Keywords: Higher Education; Internet and the Web; Education Industry; Technology Industry

December 1997
Case

Fixed Income Valuation

By: W. Carl Kester

A collection of problems that introduces students to the use of discounted cash flow analysis in the valuation of fixed income securities. Students are required to estimate bond prices and yields to maturity, among other items. View Details

Keywords: Valuation; Cash Flow; Bonds

November 2019 (Revised April 2021)
Case

United Technologies: Are the Parts Worth More Than the Whole?

By: Benjamin C. Esty and Daniel Fisher

After spending more than 50 years creating a diversified industrial conglomerate that Fortune magazine described as “arguably the most profitable conglomerate in America” in 2014, UTC’s CEO Greg Hayes was under pressure from activist investors (Dan Loeb and Bill... View Details

Keywords: Corporate Strategy; Business Conglomerates; Financial Management; Corporate Governance; Organizational Structure; Investment Funds; Value Creation; Aerospace Industry; Electronics Industry; Industrial Products Industry; United States

2010
Case

Groupe Ariel, S.A.: Parity Conditions and Cross-Border Valuation: Brief Case.

By: Timothy A. Luehrman and James Quinn

Groupe Ariel evaluates a proposal from its Mexican subsidiary to purchase and install cost-saving equipment at a manufacturing facility in Monterrey. The improvements will allow the plant to automate recycling and remanufacturing of toner and printer cartridges, an... View Details

Keywords: Cross-Cultural and Cross-Border Issues; Valuation; Business Subsidiaries; Policy; Cash Flow; Management Analysis, Tools, and Techniques; International Finance; Problems and Challenges; Production; Currency; Manufacturing Industry; Mexico

April 2019
Case

Walmart Update, 2019

By: David B. Yoffie and Daniel Fisher

In 2019 Walmart was still the world's largest company, with over $500 billion in annual revenue and operations around the world. Although it had mostly vanquished its rival discount retailers in the U.S., it was struggling to find the right growth strategy. Facing a... View Details

Keywords: E-Commerce Strategy; Strategy; Competitive Strategy; Business Growth and Maturation; Growth and Development Strategy; Global Range; Business Strategy; Corporate Strategy; E-commerce; Retail Industry

December 2000 (Revised December 2016)
Technical Note

Valuing Companies in Corporate Restructurings: Technical Note

By: Stuart C. Gilson

This case provides a technical overview of different valuation techniques for use in valuing companies in corporate restructuring. Techniques covered include adjusted present value, WACC, capital cash flow, and discounted cash flow valuation. Specific numerical... View Details

Keywords: Restructuring; Capital; Cash Flow; Interest Rates; Valuation

January 2022
Background Note

Residual Income Valuation Model

By: Charles C.Y. Wang and Albert Shin

This note explains the residual income valuation model (RIM), how it relates to "traditional" valuation models, the intuition behind its use, and empirical research related to its value relevance. RIM is theoretically equivalent to the dividend discount model and the... View Details

Keywords: Residual Income Valuation; Valuation; Research; Theory; Measurement and Metrics; Performance; Financial Management; Business Strategy

Article

Entry into Platform-based Markets

By: Feng Zhu and Marco Iansiti

This paper examines the relative importance of platform quality, indirect network effects, and consumer expectations on the success of entrants in platform-based markets. We develop a theoretical model and find that an entrant's success depends on the strength of... View Details

Keywords: Platform-based Markets; Winnter-take-all; First-mover Advantage; Indirect Network Effects; Video Game Industry; Quality; Network Effects; Market Entry and Exit; Digital Platforms; Motion Pictures and Video Industry

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August 2012 (Revised August 2012)
Case

HealthAllies (A)

By: Regina E. Herzlinger and Michael Sherman

This case describes a "do good and do well" firm that enables individuals to buy health care services at discounted prices. It delineates the characteristics of the uninsured and others who are the primary targets for the firm. "HealthAllies (B)" provides information... View Details

Keywords: Entrepreneurship; Health Care and Treatment; Marketing Channels; Demand and Consumers; Commercialization; Health Industry

2018
Working Paper

Global Portfolio Diversification for Long-Horizon Investors

By: Luis M. Viceira and Zixuan (Kevin) Wang

This paper conducts a theoretical and empirical investigation of global portfolio diversification for long-horizon investors in the presence of permanent cash flow shocks and transitory discount rate shocks to asset prices and returns. An increase in the cross-country... View Details

Keywords: Investment Portfolio; Risk and Uncertainty; Diversification; Capital Markets; Global Range

February 1984 (Revised February 1986)
Case

E.I. du Pont de Nemours & Co.: Titanium Dioxide

By: W. Carl Kester, Robert R. Glauber, David W. Mullins Jr. and Stacy S. Dick

Disequilibrium in the $350 million TiO2 market has prompted Du Pont's Pigments Department to develop two strategies for competing in this market in the future. The growth strategy has a smaller internal rate of return than the alternative strategy due to large capital... View Details

Keywords: Forecasting and Prediction; Cash Flow; Investment Return; Growth and Development Strategy; Strategic Planning; Projects; Chemical Industry

August 2013
Background Note

A Simple Free Cash Flow Valuation Model

By: William A. Sahlman

Explores some of the issues involved in valuing cash flow streams. A simple model is presented that reveals the effect on value of changing assumptions about the appropriate discount rate, the level of profitability, the growth rate of sales, the asset intensity ratio,... View Details

Keywords: Cash Flow; Valuation

Article

Analyzing Scrip Systems

By: Kris Johnson, David Simchi-Levi and Peng Sun

Scrip systems provide a nonmonetary trade economy for exchange of resources. We model a scrip system as a stochastic game and study system design issues on selection rules to match potential trade partners over time. We show the optimality of one particular rule in... View Details

Keywords: ＂Repeated Games＂; Stochastic Trust Game; Dynamic Program; P2P Lending; Scrip Systems; Artificial Currency; Non-monetary Trade Economies; Marketplace Matching; Currency; Operations; Game Theory

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Article

Pricing and Production Flexibility: An Empirical Analysis of the U.S. Automotive Industry

By: Antonio Moreno and Christian Terwiesch

We use a detailed data set from the U.S. auto industry spanning from 2002 to 2009 and a variety of econometric methods to characterize the relationship between the availability of production mix flexibility and firms’ use of responsive pricing. We find that production... View Details

Keywords: Empirical Operations Management; Flexibility; Pricing; Automotive Industry; Production; Price; Management; Analysis; Auto Industry; United States

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10 Jul 2018
First Look

New Research and Ideas, July 10, 2018

easy to compare online, discount coupons and codes have high uptake, and sellers often bear the cost of shipping products to buyers. In addition to these factors, online selling precludes many methods of price discrimination exercised in... View Details

Keywords: Dina Gerdeman

January 1993 (Revised October 1994)
Background Note

Note on Adjusted Present Value

By: Timothy A. Luehrman

Describes the "adjusted present value" (APV) approach to discounted cash flow analysis. Much of the note is devoted to a critical comparison of APV and an approach based on the wrighted average cost of capital (WACC). Argues that APV is usually, if not always, simpler,... View Details

Keywords: Valuation; Cost of Capital

17 Dec 2019
Working Paper Summaries

Does Apple Anchor a Shopping Mall? The Effect of the Technology Stores on the Formation of Market Structure

Keywords: by Doug J. Chung, Kyoungwon Seo, and Reo Song; Retail; Technology

September 2019 (Revised November 2019)
Case

Pinduoduo

By: Feng Zhu, Krishna G. Palepu, Bonnie Yining Cao and Dawn H. Lau

Founded in 2015 by serial entrepreneur, Colin Huang, Pinduoduo Inc. (PDD) had become China’s fastest-growing e-commerce platform in history. PDD pioneered a new approach to online shopping that allowed shoppers to share products, invite friends to form shopping teams,... View Details

Keywords: Digital Platforms; Business Model; Innovation and Invention; Competitive Advantage; Expansion; Strategy; E-commerce

September 1998 (Revised July 1999)
Case

Costco Companies, Inc.

By: David E. Bell and Ann Leamon

Costco Companies, one of the major players in the wholesale club industry, has developed a new class of membership that offers discounted services--auto, health, and home insurance, business credit card processing, real estate services--in exchange for a higher annual... View Details

Keywords: Cost vs Benefits; Cost Management; Brands and Branding; Marketing Strategy; Supply and Industry; Service Delivery; Service Operations; Risk and Uncertainty; Retail Industry

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