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- December 1994 (Revised September 2012)
- Background Note
Note on Valuing Equity Cash Flows
By: Timothy A. Luehrman
A technical note for advanced students on the topic of valuing highly-levered equity. Introduces the "equity cash flow" valuation methodology, shows how to use it, discusses the sources and signs of its built-in biases, and provides some guidance about when to use it. View Details
Luehrman, Timothy A. "Note on Valuing Equity Cash Flows." Harvard Business School Background Note 295-085, December 1994. (Revised September 2012.)
- 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.)
- 2019
- Working Paper
The Effect of Payment Choices on Online Retail: Evidence from the 2016 Indian Demonetization
By: Chaithanya Bandi, Antonio Moreno, Donald Ngwe and Zhiji Xu
The Indian banknote demonetization in 2016 was one of the most significant international events of that year. Overnight, 86% of Indian currency in circulation was declared invalid unless exchanged for new bills. The sudden and unexpected demonetization constituted a... View Details
Keywords: Cash On Delivery; Online Retail; Product Returns; Payment Methods; Digitization; Emerging Markets; Currency; Internet and the Web; Demand and Consumers; Retail Industry; India
Bandi, Chaithanya, Antonio Moreno, Donald Ngwe, and Zhiji Xu. "The Effect of Payment Choices on Online Retail: Evidence from the 2016 Indian Demonetization." Harvard Business School Working Paper, No. 19-123, June 2019.
- October 1987 (Revised January 2013)
- Background Note
Note on Free Cash Flow Valuation Models
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. "Note on Free Cash Flow Valuation Models." Harvard Business School Background Note 288-023, October 1987. (Revised January 2013.)
- October 1988 (Revised August 1989)
- Background Note
Note on Within-Year Cash Flows
Brandenburger, Adam M. "Note on Within-Year Cash Flows." Harvard Business School Background Note 189-086, October 1988. (Revised August 1989.)
- 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.)
- 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.)
- November 2022
- Case
Arcos Dorados’ Quest for the Digitalization of Last-Mile Delivery in Colombia
By: Jorge Tamayo, Jenyfeer Martinez Buitrago and Mariana Cal
In 2018, Francisco Staton, Managing Director of Arcos Dorados in Colombia had to decide on the company’s strategy to expand its food ordering and delivery business in the country. Arcos Dorados stood as McDonald’s largest independent franchisee, and Colombia was one of... View Details
Keywords: Digital Transformation; Delivery; McDonald's; Latin America; Quick Serve Restaurants; QSR; Transformation; Decision Making; Decision Choices and Conditions; Global Strategy; Technological Innovation; Growth and Development Strategy; Agreements and Arrangements; Negotiation Tactics; Logistics; Service Delivery; Organizational Culture; Performance Improvement; Partners and Partnerships; Strategy; Food and Beverage Industry; Latin America; South America; Colombia
Tamayo, Jorge, Jenyfeer Martinez Buitrago, and Mariana Cal. "Arcos Dorados’ Quest for the Digitalization of Last-Mile Delivery in Colombia." Harvard Business School Case 723-395, November 2022.
- 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.)
- May 1995
- Teaching Note
Note on Valuing Equity Cash Flows (TN)
By: Timothy A. Luehrman
Teaching Note for (9-295-085). View Details
- August 1983
- Background Note
Note on Replicating Options with Position on Stock and Cash
By: Andre F. Perold
Perold, Andre F. "Note on Replicating Options with Position on Stock and Cash." Harvard Business School Background Note 284-006, August 1983.
- February 2003
- Supplement
Steel Cash
By: William E. Fruhan Jr. and Katherine A. Codega
Spreadsheet to (9-203-042). Test the impact of changes in wage rates on the value of debt and equity securities. Download only. View Details
- June 2002
- Background Note
Note on the Equivalency of Methods for Discounting Cash Flows
Uses a numerical example to demonstrate that when you discount the cash flows to capital from a project at the weighted average cost of capital, you get same net present value result as you obtain when discounting the cash flows to equity at the cost of equity. Also... View Details
Fruhan, William E., Jr. "Note on the Equivalency of Methods for Discounting Cash Flows." Harvard Business School Background Note 202-128, June 2002.
- 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 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.
- 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.
- Research Summary
Conditional Cash Transfers in Brazil
(with Leonardo Bursztyn and Daniel Carvalho)
Conditional Cash Transfer programs are becoming increasingly popular throughout the developing world. Brazil alone spends close to $1Bn every year on such programs. These programs aim to alleviate poverty through two... View Details
Conditional Cash Transfer programs are becoming increasingly popular throughout the developing world. Brazil alone spends close to $1Bn every year on such programs. These programs aim to alleviate poverty through two... View Details
- September 21, 2013
- Other Article
Redefining Global Health-care Delivery
By: Jim Yong Kim, Paul E. Farmer and Michael E. Porter
Initiatives to address the unmet needs of those facing both poverty and serious illness have expanded significantly over the past decade. But many of them are designed in an ad-hoc manner to address one health problem among many; they are too rarely assessed; best... View Details
Keywords: Health
Kim, Jim Yong, Paul E. Farmer, and Michael E. Porter. "Redefining Global Health-care Delivery." Lancet 382, no. 9897 (September 21, 2013).
- December 1998
- Background Note
Cash Management Practices in Small Companies
By: H. Kent Bowen, Andrew R. Jassy, Laurence E. Katz, Kevin E. Kelly and Baltej Kochar
Most small business managers claim that cash management is their leading concern. Often walking a tightrope between growth and illiquidity, small business managers face different cash management challenges than their counterparts in larger companies. Compared to larger... View Details
Keywords: Motivation and Incentives; Working Capital; Management Practices and Processes; Organizational Design; Cash; Forecasting and Prediction; Policy; Business Strategy
Bowen, H. Kent, Andrew R. Jassy, Laurence E. Katz, Kevin E. Kelly, and Baltej Kochar. "Cash Management Practices in Small Companies." Harvard Business School Background Note 699-047, December 1998.