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- January 2022
- Background Note
Residual Income Valuation Model
By: Charles C.Y. Wang and Albert Shin
This note explains the residual income valuation model (RIM), how it relates to "traditional" valuation models, the intuition behind its use, and empirical research related to its value relevance. RIM is theoretically equivalent to the dividend discount model and the...
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- Article
Core Earnings: New Data and Evidence
By: Ethan Rouen, Eric C. So and Charles C.Y. Wang
Using a novel dataset, we show that components of firms' GAAP earnings stemming from ancillary business activities or transitory shocks are significant in frequency and magnitude. These components have grown over time and are dispersed across various sections of the...
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- November 2019
- Supplement
Hapag-Lloyd AG: Complying with IMO 2020
By: Benjamin C. Esty, Mette Fuglsang Hjortshoej and Emer Moloney
A new environmental regulation known as IMO 2020 was creating what one industry analyst called “the biggest shakeup for the oil and shipping industries in decades.” According to the new regulation, all ocean-going ships would have to limit their sulfur emissions by...
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- November 2019
- Case
Hapag-Lloyd AG: Complying with IMO 2020
By: Benjamin C. Esty, Mette Fuglsang Hjortshoej and Emer Moloney
A new environmental regulation known as IMO 2020 was creating what one industry analyst called “the biggest shakeup for the oil and shipping industries in decades.” According to the new regulation, all ocean-going ships would have to limit their sulfur emissions by...
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- 2019
- White Paper
Impact-Weighted Financial Accounts: The Missing Piece for an Impact Economy
By: George Serafeim, T. Robert Zochowski and Jennifer Downing
Reimagining capitalism is an imperative. We need to create a more inclusive and sustainable form of capitalism that works for every person and the planet. Massive environmental damage, growing income and wealth disparity, stress, and depression within developed...
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- September 2018
- Supplement
Advent International: Kroton Investment
By: Victoria Ivashina, Priscilla Zogbi and Ruth Kostas
Keywords:
Private Equity;
Acquisition;
IPO;
Valuation;
Education;
Distance Learning;
Turnaround;
Growth;
Exit;
PE;
Buyer;
Middle-class;
Low Income;
K-12;
Entrepreneur;
Family Business;
University;
College;
Consolidation;
Fragmentation;
Penetration;
Value;
Shares;
Control;
Negotiation;
Equity;
Transaction;
Board;
Majority;
Minority;
Post-secondary;
Leverage;
Campus;
Deal;
Shareholder;
Tag Along
- September 2018
- Case
Advent International: Kroton Investment
By: Victoria Ivashina, Ruth Kostas and Priscilla Zogbi
Keywords:
Private Equity;
Acquisition;
IPO;
Valuation;
Education;
Distance Learning;
Turnaround;
Growth;
Exit;
PE;
Buyer;
Middle-class;
Low Income;
K-12;
Entrepreneur;
Family Business;
University;
College;
Consolidation;
Fragmentation;
Penetration;
Value;
Shares;
Control;
Negotiation;
Equity;
Transaction;
Board;
Majority;
Minority;
Post-secondary;
Leverage;
Campus;
Deal;
Shareholder;
Tag Along;
Brazil;
Latin America
- November 2016 (Revised December 2016)
- Module Note
Strategy Execution Module 8: Linking Performance to Markets
By: Robert Simons
This module reading shows how to link profit plans and other performance measurement systems to both internal and external markets. Starting with the transfer of goods and services within a firm, the module discusses the different methods of designing transfer pricing...
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- March 2016
- Article
An Analysis of Firms' Self-reported Anticorruption Efforts
By: Paul M. Healy and George Serafeim
We use Transparency International's ratings of self-reported anticorruption efforts for 480 corporations to analyze factors underlying the ratings. Our tests examine whether these forms of disclosure reflect firms' real efforts to combat corruption or are cheap talk....
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- May 2013
- Teaching Note
Coca-Cola: Residual Income Valuation
By: Suraj Srinivasan and Edward J. Riedl
Teaching note for a case of the same title that introduces students to the residual income (also known as the abnormal earnings) valuation model using the firm Coca-Cola. Students are provided with the primary financial statements (through fiscal 2010) and forecast...
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- December 2012
- Case
Coca-Cola: Residual Income Valuation
By: Suraj Srinivasan, Beiting Cheng and Edward J. Riedl
The case illustrates the use of the residual income (also known as the abnormal earnings) valuation approach. Students are asked to provide a valuation of Coca-Cola Company using the residual income valuation methodology and understand how it maps into the discounted...
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- November 2012
- Exercise
Coca-Cola: Residual Income Valuation Exercise
By: Suraj Srinivasan
The exercise illustrates the use of the residual income (also known as the abnormal earnings) valuation approach. Students are asked to provide a valuation of Coca-Cola Company using the residual income valuation methodology and understand how it maps into the...
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- November 2011
- Case
Pacific Grove Spice Company
By: William E. Fruhan and Craig Stephenson
Pacific Grove Spice Company is a profitable, rapidly growing manufacturer, marketer, and distributor of quality spices and seasonings. The company's business model requires significant investment in accounts receivable, inventory, and fixed assets to support sales....
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- Article
Disagreement and the Allocation of Control
This article studies the allocation of control when there is disagreement—in the sense of differing priors—about the right course of action. People then value control rights since they believe that their decisions are better than those of others. More disagreement (due...
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- August 2001 (Revised July 2008)
- Technical Note
A Technical Note and Discussion on Real Estate Valuation (IBET): Back of the Envelope (BOE) on Bonhomme Place: A Case within a Case
By: Arthur I Segel
Discusses real estate valuation. Reviews "back of the envelope" valuation; real estate appraisal methods, including the income method; market comparables and replacement costs; and more complex computer modeling. Also discusses other variables that could influence...
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- August 2000
- Teaching Note
Fixed Income Valuation (TN)
By: W. Carl Kester
Teaching Note for (9-298-080).
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Keywords:
Consumer Products Industry
- December 1997
- Case
Fixed Income Valuation
By: W. Carl Kester
A collection of problems that introduces students to the use of discounted cash flow analysis in the valuation of fixed income securities. Students are required to estimate bond prices and yields to maturity, among other items.
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- 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...
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