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- May 2009 (Revised November 2010)
- Case
Depreciation at Delta Air Lines: The "Fresh Start"
By: William J. Bruns Jr.
In estimating depreciation for accounting purposes, Delta Air Lines has changed its assumptions about aircraft lifespan and residual values four times in the last thirty years or so. In the most recent changes, Delta adopted fair value accounting as part of its fresh... View Details
Keywords: Accounting Policies; Accounting Procedures; Depreciation; Bankruptcy; Cost Accounting; Financial Reporting; Insolvency and Bankruptcy; Policy; Air Transportation Industry
Bruns, William J., Jr. Depreciation at Delta Air Lines: The "Fresh Start". Harvard Business School Brief Case 094-013, May 2009. (Revised November 2010.)
- 2021
- Working Paper
Time and the Value of Data
By: Ehsan Valavi, Joel Hestness, Newsha Ardalani and Marco Iansiti
Managers often believe that collecting more data will continually improve the accuracy of their machine learning models. However, we argue in this paper that when data lose relevance over time, it may be optimal to collect a limited amount of recent data instead of... View Details
Keywords: Economics Of AI; Machine Learning; Non-stationarity; Perishability; Value Depreciation; Analytics and Data Science; Value
Valavi, Ehsan, Joel Hestness, Newsha Ardalani, and Marco Iansiti. "Time and the Value of Data." Harvard Business School Working Paper, No. 21-016, August 2020. (Revised November 2021.)
- October 1969
- Article
Probabilistic Depreciation and Its Implications for Group Depreciation
By: Robert S. Kaplan and Yuri Ijiri
Keywords: Value
Kaplan, Robert S., and Yuri Ijiri. "Probabilistic Depreciation and Its Implications for Group Depreciation." 75th Anniversary Edition. Accounting Review 44 (October 1969): 743–756.
- 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.)
- 2013
- Working Paper
Adjusting National Accounting for Health: Is the Business Cycle Countercyclical?
By: Mark Egan, Casey B. Mulligan and Tomas J. Philipson
Many national accounts of economic output and prosperity, such as gross domestic product (GDP) or net domestic product (NDP), offer an incomplete picture by ignoring, for example, the value of leisure, home production, and the value of health. Previous discussed... View Details
Egan, Mark, Casey B. Mulligan, and Tomas J. Philipson. "Adjusting National Accounting for Health: Is the Business Cycle Countercyclical?" NBER Working Paper Series, No. 19058, May 2013.
- April 2023
- Article
The Real Exchange Rate, Innovation and Productivity
By: Laura Alfaro, Alejandro Cuñat, Harald Fadinger and Yanping Liu
We evaluate manufacturing firms' responses to changes in the real exchange rate (RER) using detailed firm-level data for a large set of countries for the period 2001-2010. We uncover the following stylized facts about regional variation of manufacturing firms'... View Details
Keywords: Real Exchange Rate; Firm Level Data; Innovation; Productivity; Exporting; Importing; Credit Constraints; Currency Exchange Rate; Innovation and Invention; Performance Productivity
Alfaro, Laura, Alejandro Cuñat, Harald Fadinger, and Yanping Liu. "The Real Exchange Rate, Innovation and Productivity." Journal of the European Economic Association 21, no. 2 (April 2023): 637–689.
- Research Summary
The Real Exchange Rate, Innovation and Productivity
By: Laura Alfaro
We evaluate manufacturing firms' responses to changes in the real exchange rate (RER) using detailed firm-level data for a large set of countries for the period 2001-2010. We uncover the following stylized facts about regional variation of manufacturing firms'... View Details
- 2020
- Working Paper
The Real Exchange Rate, Innovation and Productivity
By: Laura Alfaro, Alejandro Cuñat, Harald Fadinger and Yanping Liu
We evaluate manufacturing firms' responses to changes in the real exchange rate (RER) using detailed firm-level data for a large set of countries for the period 2001–2010. We uncover the following stylized facts about regional variation of manufacturing firms'... View Details
Keywords: Real Exchange Rate; Firm Level Data; Innovation; Productivity; Exporting; Importing; Credit Constraints; Currency Exchange Rate; Innovation and Invention; Performance Productivity
Alfaro, Laura, Alejandro Cuñat, Harald Fadinger, and Yanping Liu. "The Real Exchange Rate, Innovation and Productivity." Harvard Business School Working Paper, No. 18-044, November 2017. (Revised April 2020.)
- June 2017
- Article
Is Operating Flexibility Harmful under Debt?
By: Nikolaos Trichakis, Dan A. Iancu and Gerry Tsoukalas
We study the inefficiencies stemming from a firm's operating flexibility under debt. We find that flexibility in replenishing or liquidating inventory, by providing risk-shifting incentives, could lead to borrowing costs that erase more than a third of the firm's... View Details
Keywords: Covenants; Risk-shifting; Inventory; Agency Costs; Debt Financing; Risk Management; Borrowing and Debt
Trichakis, Nikolaos, Dan A. Iancu, and Gerry Tsoukalas. "Is Operating Flexibility Harmful under Debt?" Management Science 63, no. 6 (June 2017): 1730–1761.
- January 2023
- Case
EKI Energy Services: One Billion Carbon Credits
By: George Serafeim
Within nine months from the time of its Initial Public Offering (IPO) in April of 2021, EKI Energy Services (EKI) shares had increased by more than 8,000%. Equally explosive was the growth of the company’s revenues and Earnings Before Interest, Taxes and Depreciation... View Details
Keywords: Carbon Credits; Carbon Emissions; Growth; Business Analysis; Environmental Sustainability; Corporate Valuation; Climate Change; Accounting; Valuation; Transition; Renewable Energy; Analysis; Product Positioning; India
Serafeim, George. "EKI Energy Services: One Billion Carbon Credits." Harvard Business School Case 123-060, January 2023.
- 17 Nov 2009
- First Look
First Look: Nov. 17
and to Tactics Authors:Ramon Casadesus-Masanell and Joan Enric Ricart Abstract The notion of business model has been used by strategy scholars to refer to "the logic of the firm, the way it operates, and how it creates value for its... View Details
Keywords: Martha Lagace
- 16 Jan 2013
- Research & Ideas
The Messy Link Between Slave Owners and Modern Management
monitoring their profits—often using even more sophisticated methods than manufacturers in the North. Several of the slave owners' practices, such as incentivizing workers (in this case, to get them to pick more cotton) and depreciating... View Details
Keywords: by Katie Johnston
- 25 Jan 2010
- Research & Ideas
A Macroeconomic View of the Current Economy
godlike powers or is putting you on. But there are patterns over time. For example, countries that are running large and ongoing current account deficits tend to see their currencies depreciate over time. This doesn't mean that the... View Details
Keywords: by Sean Silverthorne
- 27 Nov 2000
- Research & Ideas
The Dynamics of Standing Still: Firestone Tire & Rubber and the Radial Revolution
analysis," he continues, "reveals that Firestone failed not despite, but because of its historical success." In this excerpt Sull shows how, from the start, Firestone's reliance on managers' existing strategic frames and View Details
- 01 Sep 2015
- First Look
First Look -- September 1, 2015
comparing the value of care delivery and therefore the cost of therapies. Measuring the value of advanced technologies like proton beam therapy versus intensity-modulated radiation therapy (IMRT) is... View Details
Keywords: Sean Silverthorne
- 21 Oct 2013
- Research & Ideas
Missing the Wave in Ship Transport
there were about 9,000 bulk carriers, which varied in dimensions from small to supersized. The bulk shipping market was valued at roughly $180 billion. Owners in this highly competitive industry make money either by transporting cargo for... View Details
- 18 Jul 2005
- Research & Ideas
Time to Rethink the Corporate Tax System?
depreciation schedules for investment can be different for tax and accounting purposes, creating a tool for fiscal stimulus. I think this rationale has outlived its usefulness for several reasons. For starters, these different definitions... View Details
Keywords: by Ann Cullen
- 19 Jul 2016
- First Look
July 19, 2016
probability of default causes a 6% decline in the value of Argentine equities and a 1% depreciation of a measure of the exchange rate. We examine the channels through which a sovereign default may affect the... View Details
Keywords: Sean Silverthorne
- 01 Jul 2008
- First Look
First Look: July 1, 2008
more "collaborative." Too often, however, companies fail to distinguish among the various choices they face with respect to alternative modes of collaboration. Collaborative innovation can take a wide variety of forms, each with profound implications for... View Details
Keywords: Martha Lagace
- 09 May 2017
- First Look
New Research and Ideas, May 9
sovereign default induced by legal rulings in the case of Republic of Argentina v. NML Capital. We find that a 10% increase in the probability of default causes a 6% decline in the value of Argentine equities and a 1% View Details
Keywords: Sean Silverthorne