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- September 1994 (Revised June 2017)
- Case
Chemalite, Inc. (B): Cash Flow Analysis
By: Robert Simons and Antonio Davila
Students are asked to use actual and pro forma financial statements to prepare a statement of cash flows under both the direct and indirect method. View Details
Keywords: Cash Flow Analysis; Strategy Execution; Management Control Systems; Analysis; Cash Flow; Financial Statements
Simons, Robert, and Antonio Davila. "Chemalite, Inc. (B): Cash Flow Analysis." Harvard Business School Case 195-130, September 1994. (Revised June 2017.)
- June 1998 (Revised March 2017)
- Teaching Note
Chemalite, Inc. (B): Cash Flow Analysis
By: Robert Simons and Antonio Davila
Teaching Note for (9-195-130). View Details
- Forthcoming
- Article
Transitory and Permanent Cash Flow Shocks in Debt Contract Design
By: Le Ma, Anywhere Sikochi and Yajun Xiao
We examine how lenders design contracts to account for transitory and permanent cash flow shocks facing borrowers. We find that volatile transitory cash flow shocks are associated with fewer liquidity covenants, indicating financial flexibility that enables firms to... View Details
Keywords: Debt Covenants; Cash Flow Shocks; Debt Contracting; Likelihood Of Default; Cash Flow; System Shocks
Ma, Le, Anywhere Sikochi, and Yajun Xiao. "Transitory and Permanent Cash Flow Shocks in Debt Contract Design." Journal of Financial and Quantitative Analysis (forthcoming). (Pre-published online February 25, 2025.)
- 2024
- Working Paper
Transitory and Permanent Cash Flow Shocks in Debt Contract Design
By: Le Ma, Anywhere Sikochi and Yajun Xiao
We examine how lenders design contracts to account for transitory and permanent cash flow shocks facing borrowers. We find that volatile transitory cash flow shocks are associated with fewer liquidity covenants, indicating financial flexibility that enables firms to... View Details
Keywords: Debt Covenants; Cash Flow Shocks; Debt Contracting; Likelihood Of Default; Cash Flow; System Shocks
Ma, Le, Anywhere Sikochi, and Yajun Xiao. "Transitory and Permanent Cash Flow Shocks in Debt Contract Design." Harvard Business School Working Paper, No. 22-026, October 2021. (Revised February 2024. Journal of Financial and Quantitative Analysis, Conditional Accept.)
- October 2005 (Revised February 2010)
- Background Note
Calculating Free Cash Flows
By: Robin Greenwood and David S. Scharfstein
Outlines the mechanics of calculating free cash flows from historical and proforma financial statements. Focuses on the mechanical process of transforming numbers from financial forecasts into cash flows. View Details
Greenwood, Robin, and David S. Scharfstein. "Calculating Free Cash Flows." Harvard Business School Background Note 206-028, October 2005. (Revised February 2010.)
- January 2003 (Revised November 2003)
- Case
Is Free Cash Flow Better?
By: David F. Hawkins and Jacob Cohen
Examines a free cash flow analysis of financial performance. View Details
Hawkins, David F., and Jacob Cohen. "Is Free Cash Flow Better?" Harvard Business School Case 103-048, January 2003. (Revised November 2003.)
- May 1995 (Revised October 1995)
- Background Note
Introduction to Cash Flow Valuation Methods
Provides an introduction to three cash flow valuation methods. The three methods differ in their measure of cash flows and the discount rate applied to those cash flows. The names for the three methods correspond to the type of cash flow that is used in the valuation:... View Details
Ruback, Richard S. "Introduction to Cash Flow Valuation Methods." Harvard Business School Background Note 295-155, May 1995. (Revised October 1995.)
- July 1992 (Revised December 1992)
- Background Note
Understanding the Statement of Cash Flows
Describes the purpose, preparation, and uses of the statement of cash flows. Intended as an introduction to the statement. Illustrates and explains the differences and similarities between direct cash flow statements, indirect cash flow statements, and funds flow... View Details
Wilson, G. Peter. "Understanding the Statement of Cash Flows." Harvard Business School Background Note 193-027, July 1992. (Revised December 1992.)
- August 2000 (Revised July 2002)
- Background Note
Fundamental Enterprise Valuation: Free Cash Flow
A technical note that defines free cash flow (FCF). View Details
Baldwin, Carliss Y. "Fundamental Enterprise Valuation: Free Cash Flow." Harvard Business School Background Note 801-126, August 2000. (Revised July 2002.)
- January 1989
- Background Note
Cash Flow Analyzer
By: John E. Bishop
Keywords: Cash Flow
Bishop, John E. "Cash Flow Analyzer." Harvard Business School Background Note 189-139, January 1989.
- February 2016
- Exercise
Jim Sharpe: Operational Cash Flow Tool
By: Joseph B. Fuller, Shikhar Ghosh and Christopher Payton
In this exercise, you will examine the cash flow implications of different operating model assumptions and the effect that this has on financing decisions. View Details
Fuller, Joseph B., Shikhar Ghosh, and Christopher Payton. "Jim Sharpe: Operational Cash Flow Tool." Harvard Business School Exercise 816-070, February 2016.
- November 1994 (Revised January 1995)
- Background Note
A Note on Capital Cash Flow Valuation
Presents the capital cash flow method for valuing risky cash flows. In this method cash flows are calculated to include the benefits of interest tax shields. In a capital structure, with just ordinary debt and common equity, capital cash flows equal the flows available... View Details
Ruback, Richard S. "A Note on Capital Cash Flow Valuation." Harvard Business School Background Note 295-069, November 1994. (Revised January 1995.)
- August 2013
- Background Note
A Simple Free Cash Flow Valuation Model
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
Sahlman, William A. "A Simple Free Cash Flow Valuation Model." Harvard Business School Background Note 814-027, August 2013.
- February 1991 (Revised November 1993)
- Exercise
Valuation and Discounted Cash Flows
A set of five exercises in valuation of simple fixed income securities. No capital budgeting. Students use present value analysis to compute discounted cash flows. Situations/concepts covered include: future value; mortgage payment and repayment; calculating implicit... View Details
Keywords: Finance
"Valuation and Discounted Cash Flows." Harvard Business School Exercise 291-028, February 1991. (Revised November 1993.)
- February 1996
- Exercise
Free Cash Flow Valuation Problem Set
By: William A. Sahlman and Andrew S. Janower
Free cash flow valuation problems: 1) build a simple pro forma, 2) value a public company's stock, and 3) evaluate a proposed LBO. View Details
Sahlman, William A., and Andrew S. Janower. "Free Cash Flow Valuation Problem Set." Harvard Business School Exercise 396-269, February 1996.
- August 1976 (Revised October 1976)
- Background Note
Cash Flow and the Time Value of Money
With the use of charts and examples, gives a detailed description of cash flows, the time value of money, and discounted cash flow analysis. View Details
Frey, Sherwood C. "Cash Flow and the Time Value of Money." Harvard Business School Background Note 177-012, August 1976. (Revised October 1976.)
- October 1997 (Revised June 2000)
- Exercise
Capital Budgeting: Discounted Cash Flow Analysis
By: Thomas R. Piper
This exercise comprises seven problems that collectively allow students to work through each type of cash flow that is encountered in capital budgeting. The instructor can also address such issues as product cannibalization and real options. View Details
Piper, Thomas R. "Capital Budgeting: Discounted Cash Flow Analysis." Harvard Business School Exercise 298-068, October 1997. (Revised June 2000.)
- 2010
- Working Paper
Valuation When Cash Flow Forecasts Are Biased
This paper focuses adaptations to the discount cash flow (DCF) method when valuing forecasted cash flows that are biased measures of expected cash flows. I imagine a simple setting where the expected cash flows equal the forecasted cash flows plus an omitted downside.... View Details
Keywords: Forecasting and Prediction; Cash Flow; Cost of Capital; Performance Expectations; Prejudice and Bias; Valuation
Ruback, Richard S. "Valuation When Cash Flow Forecasts Are Biased." Harvard Business School Working Paper, No. 11-036, October 2010.
- spring 1982
- Article
Rechannelling the Cash Flow
By: Marc L Bertoneche and C. Viallet
Keywords: Cash Flow
Bertoneche, Marc L., and C. Viallet. "Rechannelling the Cash Flow." Spectrum, no. 1 (spring 1982).
- September 2002 (Revised April 2004)
- Background Note
Valuing Cash Flows in an International Context
Addresses the question of how to value cash flows in an international context. Focuses on entrepreneurial ventures, but its content applies to finance issues that arise in established multinational enterprises. Addresses cash flows, discount rates, country risk... View Details
Kuemmerle, Walter, and Matias Braun. "Valuing Cash Flows in an International Context." Harvard Business School Background Note 803-028, September 2002. (Revised April 2004.)