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  • All HBS Web  (614)
    • News  (53)
    • Research  (469)
    • Events  (1)
    • Multimedia  (4)
  • Faculty Publications  (217)
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  • January 2018 (Revised April 2021)
  • Case

Capital Allocation at HCA

By: W. Carl Kester and Emily R. McComb
In early 2017, HCA Holdings, an investor-owned hospital management company, faced a strategically important capital allocation decision. After the exit of its private equity sponsors in 2016, HCA had to determine how best to allocate its substantial annual free cash... View Details
Keywords: Capital Allocation; Cash Distribution Policy; Dividends; Share Repurchases; Growth Strategy And Execution; Growth Investing; Capital Expenditures; Debt Management; Debt Reduction; Debt Policy; Hospital Management; Investor-owned Hospital Chains; Capital Budgeting; Capital Structure; Cash Flow; Corporate Finance; Decision Choices and Conditions; Health Industry; United States
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Kester, W. Carl, and Emily R. McComb. "Capital Allocation at HCA." Harvard Business School Case 218-039, January 2018. (Revised April 2021.)
  • April 2023
  • Case

Elliott Management: Capital Allocation in Biopharma

By: Amitabh Chandra, Paul Clancy and Lauren Gunasti
The case explores the intersection of capital allocation and shareholder activism in the biopharmaceutical industry. As many biopharma companies face looming patent expirations for key medicines, the case asks the question of whether investing in R&D and M&A is an... View Details
Keywords: Finance; Strategy; Capital Allocation; Biopharmaceutical Industry; Shareholder Activism; Investment Activism; Resource Allocation; Research and Development; Business and Shareholder Relations; Corporate Strategy; Pharmaceutical Industry
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Chandra, Amitabh, Paul Clancy, and Lauren Gunasti. "Elliott Management: Capital Allocation in Biopharma." Harvard Business School Case 623-045, April 2023.
  • May 2023
  • Article

Political Ideology and International Capital Allocation

By: Elisabeth Kempf, Mancy Luo, Larissa Schäfer and Margarita Tsoutsoura
Does investors' political ideology shape international capital allocation? We provide evidence from two settings—syndicated corporate loans and equity mutual funds—to show ideological alignment with foreign governments affects the cross-border capital allocation by... View Details
Keywords: Capital Flows; Syndicated Loans; Mutual Funds; Partisanship; Polarization; Elections; Political Ideology; Banks and Banking; Institutional Investing; Behavioral Finance; Decision Choices and Conditions
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Kempf, Elisabeth, Mancy Luo, Larissa Schäfer, and Margarita Tsoutsoura. "Political Ideology and International Capital Allocation." Journal of Financial Economics 148, no. 2 (May 2023): 150–173.
  • July 2017 (Revised September 2017)
  • Case

GM's Capital Allocation Framework

By: C. Fritz Foley, F. Katelynn Boland and Michael Lemm
In March of 2015, General Motors announced the details of a newly established capital allocation framework. This framework provided a target for return on invested capital, guidelines for capital structure choices, and policies related to payouts. Senior managers face... View Details
Keywords: Performance Metrics; Capital Budgeting; Capital Structure; Performance Evaluation; Measurement and Metrics; Auto Industry; Transportation Industry; United States
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Foley, C. Fritz, F. Katelynn Boland, and Michael Lemm. "GM's Capital Allocation Framework." Harvard Business School Case 218-026, July 2017. (Revised September 2017.)
  • August 2017
  • Supplement

GM's Capital Allocation Framework

By: C. Fritz Foley
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Foley, C. Fritz. "GM's Capital Allocation Framework." Harvard Business School Spreadsheet Supplement 218-702, August 2017.
  • January 2018 (Revised January 2019)
  • Supplement

Capital Allocation at HCA

By: W. Carl Kester and Emily R. McComb
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Kester, W. Carl, and Emily R. McComb. "Capital Allocation at HCA." Harvard Business School Spreadsheet Supplement 218-716, January 2018. (Revised January 2019.)
  • 2006
  • Article

Capital Budgeting: The Role of Cost Allocations

By: Ian D. Gow and Stefan Reichelstein
A common issue for firms is how to allocate capital resources to various investment alternatives. An extensive and long-standing literature in finance has examined various aspects of capital budgeting, including capital constraints, the determination of discount rates,... View Details
Keywords: Capital Budgeting; Resource Allocation; Performance Evaluation; Cost Management; Research; Investment; Cash Flow; Risk Management; Performance Capacity
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Gow, Ian D., and Stefan Reichelstein. "Capital Budgeting: The Role of Cost Allocations." Operations Research Proceedings (2006): 115–122.
  • Article

Capital Allocation in Financial Firms

By: André Perold
Keywords: Resource Allocation; Capital; Finance; Business Ventures
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Perold, André. "Capital Allocation in Financial Firms." Journal of Applied Corporate Finance 17, no. 3 (Summer 2005).
  • April 2025
  • Article

The Allocation of Socially Responsible Capital

By: Daniel Green and Benjamin N. Roth
Portfolio allocation decisions increasingly incorporate social values. We develop a tractable framework to study how competition between investors to own socially valuable assets affects social welfare. Relative to the most common social-investing strategies, we... View Details
Keywords: Socially Responsible Investing; Investment Portfolio; Welfare; Social Issues; Investment Return
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Green, Daniel, and Benjamin N. Roth. "The Allocation of Socially Responsible Capital." Journal of Finance 80, no. 2 (April 2025): 755–781.
  • 1998
  • Working Paper

Capital Allocation in Financial Firms

By: André Perold
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Perold, André. "Capital Allocation in Financial Firms." Harvard Business School Working Paper, No. 98-072, June 1998.
  • winter 2006
  • Article

Allocating Shareholder Capital to Pension Plans

By: Robert C. Merton
Keywords: Capital; Resource Allocation; Business and Shareholder Relations; Compensation and Benefits
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Merton, Robert C. "Allocating Shareholder Capital to Pension Plans." Journal of Applied Corporate Finance 18, no. 1 (winter 2006): 15–24.
  • Article

Capital Allocation Hurdle Rates, Budgets or Both?

By: W. C. Kester and R. Taggart
Keywords: Resource Allocation; Capital; Budgets and Budgeting
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Kester, W. C., and R. Taggart. "Capital Allocation Hurdle Rates, Budgets or Both?" MIT Sloan Management Review 30, no. 3 (Spring 1989): 83–90.
  • December 2009
  • Article

Empire-Building or Bridge-Building? Evidence from New CEOs' Internal Capital Allocation Decisions

By: Yuhai Xuan
This article investigates how the job histories of CEOs influence their capital allocation decisions when they preside over multi-divisional firms. I find that, after CEO turnover, divisions not previously affiliated with the new CEO receive significantly more capital... View Details
Keywords: Business Divisions; Decision Choices and Conditions; Capital Budgeting; Financial Management; Managerial Roles; Resource Allocation
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Xuan, Yuhai. "Empire-Building or Bridge-Building? Evidence from New CEOs' Internal Capital Allocation Decisions." Review of Financial Studies 22, no. 12 (December 2009): 4919–4948. (Online Appendix.)
  • November 2016 (Revised December 2016)
  • Module Note

Strategy Execution Module 7: Designing Asset Allocation Systems

By: Robert Simons
This module reading provides tools and analyses for acquiring and allocating resources. The module begins by reviewing the importance of setting strategic boundaries as a basis for asset acquisitions. Next, a distinction is made between new assets acquired to meet... View Details
Keywords: Management Control Systems; Implementing Strategy; Execution; Asset Allocation Systems; Payback; Discounted Cash Flow; Internal Rate Of Return; Strategic Investments; Analyzing Acquisitions; Strategy; Capital Budgeting
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Simons, Robert. "Strategy Execution Module 7: Designing Asset Allocation Systems." Harvard Business School Module Note 117-107, November 2016. (Revised December 2016.)
  • November 2007
  • Background Note

Asset Allocation I

By: Joshua D. Coval, Erik Stafford, Rodrigo Osmo, John Jernigan, Zack Page and Paulo Passoni
The goal of these simulations is to understand the mathematics of mean-variance optimization and the equilibrium pricing of risk if all investors use this rule with common information sets. Simulation A focuses on five to 10 years of monthly sector returns that are... View Details
Keywords: Asset Pricing; Capital; Investment Return; Risk Management; Mathematical Methods
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Coval, Joshua D., Erik Stafford, Rodrigo Osmo, John Jernigan, Zack Page, and Paulo Passoni. "Asset Allocation I." Harvard Business School Background Note 208-086, November 2007.
  • 2019
  • Chapter

Return on Invested Capital (ROIC)

By: Carliss Y. Baldwin
Return on invested capital (ROIC) is a financial measure of the profitability of a firm or business unit. If it is greater than the business's cost of capital, then reinvestment of earnings increases shareholder VALUE. The ROIC also determines a maximum self-sustaining... View Details
Keywords: Capital Efficiency; Dupont Analysis; Financial Metrics; Schumpeterian Competition; Sustainable Growth; Competitive Advantage; Financial Strategy; Resource Allocation; Valuation; Value Creation
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Baldwin, Carliss Y. "Return on Invested Capital (ROIC)." In The Palgrave Encyclopedia of Strategic Management. Continuously updated edition, edited by Mie Augier and David J. Teece. Palgrave Macmillan, 2017. Electronic. (Pre-published, October 2013.)
  • 18 Nov 2010
  • Working Paper Summaries

Payout Taxes and the Allocation of Investment

Keywords: by Bo Becker, Marcus Jacob & Martin Jacob
  • 1994
  • Other Unpublished Work

Losing Interest: Interest Allocation Rules and the Cost of Debt Finance

By: K. A. Froot and J. Hines
Keywords: Accounting; Corporation Taxation; Interest Deductibility; Cost Of Capital; Corporate Finance; Borrowing and Debt; Financing and Loans; Interest Rates
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Froot, K. A., and J. Hines. "Losing Interest: Interest Allocation Rules and the Cost of Debt Finance." Harvard University, 1994.
  • 10 Feb 2010
  • Working Paper Summaries

Investing in Improvement: Strategy and Resource Allocation in Public School Districts

Keywords: by Stacey Childress; Education
  • 2010
  • Simulation

Finance Simulation: Capital Budgeting: Product No. 3357.

By: Timothy A. Luehrman
In this single-player simulation, students act as members of the Capital Committee of New Heritage Doll Company, tasked with selecting and allocating capital across the company's three divisions. Students evaluate a diverse set of competing investment proposals and... View Details
Keywords: Resource Allocation; Investment; Projects; Capital Budgeting; Corporate Finance
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Luehrman, Timothy A. "Finance Simulation: Capital Budgeting: Product No. 3357." Simulation and Teaching Note. Watertown, MA: Harvard Business Publishing, 2010. Electronic.
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