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Publications
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- Faculty Publications (19)
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- Article
Short-Termism and Capital Flows
By: Jesse M. Fried and Charles C.Y. Wang
During 2007–2016, S&P 500 firms distributed to shareholders $7 trillion via buybacks and dividends, over 96% of their aggregate net income, prompting claims that "short-termism" is impairing firms' ability to invest and innovate. We show that, when taking into account...
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- January 2018 (Revised April 2021)
- Case
Capital Allocation at HCA
By: W. Carl Kester and Emily R. McComb
In early 2017, HCA Holdings, an investor-owned hospital management company, faced a strategically important capital allocation decision. After the exit of its private equity sponsors in 2016, HCA had to determine how best to allocate its substantial annual free cash...
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Keywords:
Capital Allocation;
Cash Distribution Policy;
Dividends;
Share Repurchases;
Growth Strategy And Execution;
Growth Investing;
Capital Expenditures;
Debt Management;
Debt Reduction;
Debt Policy;
Hospital Management;
Investor-owned Hospital Chains;
Capital Budgeting;
Capital Structure;
Cash Flow;
Corporate Finance;
Decision Choices and Conditions;
Health Industry;
United States
- November 2017
- Teaching Note
Generating Higher Value at IBM (A) and (B)
By: Benjamin C. Esty and E. Scott Mayfield
Teaching Note for HBS Nos. 215-058 and 215-059.
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- June 2015
- Supplement
Generating Higher Value at IBM (A): EPS Forecasting Model
By: Benjamin C. Esty and Scott Mayfield
This case analyzes IBM's financial performance and its capital allocation decisions over a 10-year period from 2004-2013, during which IBM returned more than $140B to shareholders through a combination of dividends and share repurchases. During this time, CEO Sam...
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- June 2015 (Revised September 2017)
- Supplement
Generating Higher Value at IBM
By: Benjamin C. Esty and Scott Mayfield
This case analyzes IBM's financial performance and its capital allocation decisions over a 10-year period from 2004-2013, during which IBM returned more than $140B to shareholders through a combination of dividends and share repurchases. During this time, CEO Sam...
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- May 2015 (Revised December 2016)
- Supplement
Generating Higher Value at IBM (B)
By: Benjamin C. Esty and E. Scott Mayfield
- May 2015 (Revised September 2017)
- Case
Generating Higher Value at IBM (A)
By: Benjamin C. Esty and E. Scott Mayfield
This case analyzes IBM's financial performance and its capital allocation decisions over a 10-year period from 2004-2013, during which IBM returned more than $140B to shareholders through a combination of dividends and share repurchases. During this time, CEO Sam...
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- October 2014
- Teaching Note
Financial Policy at Apple, 2013 (A) and (B)
By: Mihir A. Desai and Elizabeth Meyer
This is the teaching note to HBS case 214-085: Financial Policy at Apple, 2013 (A).
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Keywords:
Apple;
Steve Jobs;
Forecast;
Forecasting;
Forecasting And Prediction;
Shareholder Activism;
Share Repurchase;
Dividends;
Financial Ratios;
Preferred Shares;
Cash Distribution;
Corporate Finance;
Borrowing and Debt;
Financial Management;
Financial Strategy;
Technology Industry;
Consumer Products Industry;
United States;
Republic of Ireland
- October 2014
- Supplement
Financial Policy at Apple, 2013 Excel Supplement
By: Mihir Desai and Elizabeth A. Meyer
This is the Excel Supplement to Teaching Note 215-022: Financial Policy at Apple, 2013 (A) - (B).
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Keywords:
Apple;
Steve Jobs;
Forecast;
Forecasting;
Forecasting And Prediction;
Shareholder Activism;
Share Repurchase;
Dividends;
Financial Ratios;
Preferred Shares;
Cash Distribution;
Corporate Finance;
Borrowing and Debt;
Financial Management;
Financial Strategy;
United States;
Republic of Ireland
- October 2014
- Supplement
Financial Policy at Apple, 2013 Powerpoint Supplement
By: Mihir Desai and Elizabeth A. Meyer
This is the PowerPoint supplement to the teaching note: Financial Policy at Apple, 2013 (A) - (B), number 215-022.
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Keywords:
Apple;
Steve Jobs;
Forecast;
Forecasting;
Forecasting And Prediction;
Shareholder Activism;
Share Repurchase;
Dividends;
Financial Ratios;
Preferred Shares;
Cash Distribution;
Corporate Finance;
Borrowing and Debt;
Financial Management;
Financial Strategy;
Technology Industry;
Consumer Products Industry;
United States;
Republic of Ireland
- June 2014
- Case
Financial Policy at Apple, 2013 (A)
By: Mihir A. Desai and Elizabeth A. Meyer
By the end of 2013, Apple had $137 billion dollars in cash and marketable securities. This case explores how companies can generate such large amounts of cash and how and if they should distribute it to shareholders, especially in the face of shareholder pressure. In...
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Keywords:
Apple;
Steve Jobs;
Forecast;
Forecasting;
Forecasting And Prediction;
Shareholder Activism;
Share Repurchase;
Dividends;
Financial Ratios;
Preferred Shares;
Cash Distribution;
Corporate Finance;
Borrowing and Debt;
Financial Management;
Financial Strategy;
Technology Industry;
Consumer Products Industry;
United States;
Republic of Ireland
- June 2014
- Supplement
Financial Policy at Apple, 2013 Student Supplement
By: Mihir Desai and Elizabeth A. Meyer
This is the student spreadsheet supplement to case 214-085, Financial Policy at Apple, 2013 (A).
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Keywords:
Apple;
Steve Jobs;
Forecast;
Forecasting;
Forecasting And Prediction;
Shareholder Activism;
Share Repurchase;
Dividends;
Financial Ratios;
Preferred Shares;
Cash Distribution;
Corporate Finance;
Borrowing and Debt;
Financial Management;
Financial Strategy;
Technology Industry;
Consumer Products Industry;
United States;
Republic of Ireland
- June 2014
- Supplement
Financial Policy at Apple, 2013 (B)
By: Mihir Desai and Elizabeth A. Meyer
This case is meant to accompany Financial Policy at Apple, 2013 (A) and details the results of Apple's Q2 2013 earnings call.
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Keywords:
Apple;
Steve Jobs;
Forecast;
Forecasting;
Forecasting And Prediction;
Shareholder Activism;
Share Repurchase;
Dividends;
Financial Ratios;
Preferred Shares;
Cash Distribution;
Corporate Finance;
Borrowing and Debt;
Financial Management;
Financial Strategy;
Technology Industry;
Consumer Products Industry;
United States;
Republic of Ireland
- April 2012
- Background Note
Note: Net Cash, Share Repurchases and EPS Growth
How companies with large net cash positions can enhance earnings/share through share repurchase in an environment of low interest rates.
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- April 2012
- Article
Share Issuance and Factor Timing
By: Robin Greenwood and Samuel G. Hanson
We show that characteristics of stock issuers can be used to forecast important common factors in stocks' returns such as those associated with book-to-market, size, and industry. Specifically, we use differences between the attributes of stock issuers and repurchasers...
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- 2010
- Other Unpublished Work
Share Issuance and Factor Timing
By: Robin Greenwood and Samuel Hanson
We show that characteristics of stock issuers can be used to forecast important common factors in stocks returns such as those associated with book-to-market, size, and industry. Specifically, we use differences between the attributes of stock issuers and repurchasers...
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- January 2001 (Revised March 2002)
- Case
Ford Motor Company's Value Enhancement Plan
By: Andre F. Perold
In April 2000, Ford Motor Co. announced a shareholder Value Enhancement Plan (VEP) to significantly recapitalize the firm's ownership structure. Ford had accumulated $23 billion in cash reserves and under the VEP would return as much as $10 billion of this cash to...
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- March 2000
- Case
Dell Computer Corporation: Share Repurchase Program
By: George C. Chacko and Luis M. Viceira
Dell Computer Corp. announced a share repurchase program shortly after a significant stock price drop. In this announcement, the company also states that it will use options contracts. This case looks at the options transactions and how they relate to Dell's employee...
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- August 1998
- Case
General Motors Corp. (D),The : 1993-1996
By: Peter Tufano
The fourth in a four-part series, the case details the financial policies and practices at General Motors from 1990 to 1996. This case describes the set of financial decisions taken by the firm as its business recovered, and focuses on an immediate decision faced by...
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