Publications

Article

The Cross Section of Expected Holding Period Returns and Their Dynamics: A Present Value Approach

By: Matthew R. Lyle and Charles C.Y. Wang

We provide a tractable model of firm-level expected holding period returns using two firm fundamentals—book-to-market ratio and ROE—and study the cross-sectional properties of the model-implied expected returns. We find that 1) firm-level expected returns and expected... View Details

Keywords: Expected Returns; Discount Rates; Holding Period Returns; Fundamental Valuation; Present Value; Valuation; Investment Return

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

November 1993 (Revised July 1994)
Background Note

Adjusted Present Value Method for Capital Assets, The

By: Steven R. Fenster and Stuart C. Gilson

This case provides an explanation of the adjusted present value method for valuing capital assets. The authors believe this approach is generally simple and better for the complicated and changing capital structure found in restructuring. View Details

Keywords: Value; Capital; Assets

February 1995
Teaching Note

Note on Adjusted Present Value (TN)

By: Timothy A. Luehrman

Teaching Note for (9-293-092). View Details

September 1979
Background Note

Calculating Net Present Values and Accumulations of Cash-Flow Streams

By: Arthur Schleifer Jr.

Keywords: Finance

23 May 2013
Keynote Speech

The State of the Shared Value Field

Michael E. Porter of Harvard Business School presents on the importance of shared value as business strategy. This keynote presentation was filmed on May 23rd, 2013 in Cambridge, Massachusetts, at the Global Shared Value Leadership Summit. Learn more at fsg.org. Join... View Details

Keywords: Creating Shared Value

18 Apr 2016 - 19 Apr 2016
Other Presentation

Creating Shared Value in Health Care

The overall purpose of the conference was to inspire CEOs to become more aware of their public health footprint, how they can improve the sustainability of their products and health of their workforce and their untapped power to influence change and progress in the... View Details

Keywords: Society; Health Care; Community Impact; Shared Value; Value Creation; Organizations; Civil Society or Community; Health Care and Treatment; Business and Community Relations

August 1971 (Revised June 1975)
Background Note

Methods of Calculating Net Present Value and Internal Rate of Return

24 Mar 2016
Other Presentation

The New Competitive Advantage: Creating Shared Value

This presentation given by Professor Michael Porter covers the role of business in society, the concept of shared value, the difference between CSR and CSV, the three levels of shared value, implications for government and civil society, and examples of companies that... View Details

Keywords: Shared Value; Value Creation; Corporate Social Responsibility and Impact; Business and Community Relations; Cooperation; Society

June 2009 (Revised March 2010)
Supplement

Hansson Private Label, Inc.: Evaluating an Investment in Expansion, Student Spreadsheet (Brief Case)

By: Erik Stafford and Joel L. Heilprin

Keywords: Present Value; Forecasting; Expansion; Valuation; Forecasting and Prediction; Capital Budgeting

February 2013
Case

The Pritzker Architecture Prize: Building Value (A)

By: Mukti Khaire and Eleanor Kenyon

The case provides a history of the architectural profession and the Pritzker Prize and also describes the role of prizes in validating innovations and making them acceptable and valuable in creative industries. By providing their imprimatur, coveted Prizes with good... View Details

Keywords: Architecture; Value Drivers; Innovation; History; United States

12 Dec 2014
Other Presentation

The New Competitive Advantage: Creating Shared Value

This presentation given by Professor Michael Porter covers the role of business in society, the concept of shared value, the difference between CSR and CSV, the three levels of shared value, implications for government and civil society, and examples of companies that... View Details

Keywords: Shared Value; Society; Value Creation; Competitive Advantage; Civil Society or Community; Business and Community Relations; Business and Government Relations

11 Mar 2014
Other Presentation

The Role of Business in Society: Creating Shared Value

This presentation given by Professor Michael Porter covers the role of business in society, the concept of shared value, the difference between CSR and CSV, the three levels of shared value, implications for government and civil society, and examples of companies that... View Details

Keywords: Creating Shared Value; Value Creation; Corporate Social Responsibility and Impact; Business and Community Relations

2021
Working Paper

Connecting Expected Stock Returns to Accounting Valuation Multiples: A Primer

By: Akash Chattopadhyay, Matthew R. Lyle and Charles C.Y. Wang

We outline a framework in which accounting “valuation anchors" could be connected to expected stock returns. Under two general conditions, expected log returns is a log-linear function of a valuation (market value-to-accounting) multiple and the expected growth in the... View Details

Keywords: Expected Returns; Present Value; Investment Return; Accounting; Valuation; Information; Framework

SSRN

December 1970 (Revised May 1991)
Supplement

Methods of Calculating Net Present Value and Internal Rate of Return, Programmed Exercises

By: Howard Raiffa

Keywords: Finance; Investment

April 1997
Background Note

Note on Value Drivers

By: Benjamin C. Esty

Presents a framework for analyzing strategic decisions. Takes as given the practice of value-based management whereby managers use value as a primary criterion when making financial, strategic, or investment decisions. Through a simple valuation model, it shows how... View Details

Keywords: Decisions; Equity; Financial Strategy; Investment; Profit; Framework; Growth Management; Value Creation

Web

2023 Reunion Presentations - Alumni

Reunions 2023 Reunion Presentations At Reunions, HBS faculty and other thought leaders address a range of issues facing business and society. Program recordings and materials (slide deck, handouts, etc.) are made available only when... View Details

October 2000
Case

Tree Values

By: Richard S. Ruback and Kathleen Luchs

Describes two alternative tree cutting strategies. The first is to cut all trees that are at least 12 inches in diameter at breast height. The second is to thin the forest by cutting less desirable trees immediately and harvesting the crop trees later. The case... View Details

Keywords: Strategy; Decision Making; Cash Flow; Decision Choices and Conditions; Management Practices and Processes; Value Creation; Forestry Industry