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    • Faculty Publications  (18)

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    • All HBS Web  (121)
      • Faculty Publications  (18)

      Valuation Ratios Remove Valuation Ratios →

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      Valuation Ratios in the Airline Industry
      Valuation Ratios in the Restaurant Industry (TN)
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      • 2020
      • Working Paper

      Determinants of Early-Stage Startup Performance: Survey Results

      By: Thomas R. Eisenmann
      To explore determinants of new venture performance, the CEOs of 470 early-stage startups were surveyed regarding a broad range of factors related to their venture’s customer value proposition, product management, marketing, technology and operations, financial...  View Details
      Keywords: Startups; Survey Research; Performance Analysis; Entrepreneurship; Performance; Analysis; Business Startups; Failure; Surveys
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      Eisenmann, Thomas R. "Determinants of Early-Stage Startup Performance: Survey Results." Harvard Business School Working Paper, No. 21-057, October 2020.
      • Article

      Search-Based Peer Firms: Aggregating Investor Perceptions Through Internet Co-Searches

      By: Charles M.C. Lee, Paul Ma and Charles C.Y. Wang
      Applying a "co-search" algorithm to Internet traffic at the SEC's EDGAR website, we develop a novel method for identifying economically-related peer firms and for measuring their relative importance. Our results show that firms appearing in chronologically adjacent...  View Details
      Keywords: Peer Firm; Edgar Search Traffic; Revealed Preference; Co-search; Industry Classification; Perception; Search Technology; Investment
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      Lee, Charles M.C., Paul Ma, and Charles C.Y. Wang. "Search-Based Peer Firms: Aggregating Investor Perceptions Through Internet Co-Searches." Journal of Financial Economics 116, no. 2 (May 2015): 410–431.
      • October 2014 (Revised October 2014)
      • Case

      Valuation Ratios in the Airline Industry, 2013

      By: Paul M. Healy and Penelope Rossano
      Examines factors underlying differences in valuation multiples (price-to-earnings and price-to-book) across four firms in the airline industry.  View Details
      Keywords: Accounting; valuation; Airline Industry; Multiples; valuation; Accounting; Air Transportation Industry
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      Healy, Paul M., and Penelope Rossano. "Valuation Ratios in the Airline Industry, 2013." Harvard Business School Case 115-013, October 2014. (Revised October 2014.)
      • August 2013
      • Background Note

      A Simple Free Cash Flow Valuation Model

      By: William A. Sahlman
      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
      Keywords: Cash Flow; valuation
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      Sahlman, William A. "A Simple Free Cash Flow Valuation Model." Harvard Business School Background Note 814-027, August 2013.
      • Spring 2013
      • Article

      The Investment Strategies of Sovereign Wealth Funds

      By: Shai Bernstein, Josh Lerner and Antoinette Schoar
      This paper examines the direct private equity investment strategies across sovereign wealth funds (SWFs) and their relationship to the funds' organizational structures. SWFs seem to engage in a form of trend chasing, since they are more likely to invest at home when...  View Details
      Keywords: Sovereign Finance; Strategy; Investment Funds
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      Bernstein, Shai, Josh Lerner, and Antoinette Schoar. "The Investment Strategies of Sovereign Wealth Funds." Journal of Economic Perspectives 27, no. 2 (Spring 2013): 219–238.
      • February 2013
      • Case

      New Earth Mining, Inc.

      By: William E. Fruhan and Wei Wang
      New Earth Mining is one of the largest producers of precious metals in the U.S. While the firm operates mines primarily in the U.S. and Canada, it has also made substantial investments in gold exploration projects in Australia and Chile. New Earth has been very...  View Details
      Keywords: South Africa; Capital Budgeting; International Business; valuation; Return On Investment; Risk Management; Mining; Risk And Uncertainty; Risk Management; valuation; Investment; Diversification; Mining Industry; Australia; South Africa; Chile; Canada; United States
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      Fruhan, William E., and Wei Wang. "New Earth Mining, Inc." Harvard Business School Brief Case 913-548, February 2013.
      • 2014
      • Working Paper

      Search-Based Peer Firms: Aggregating Investor Perceptions Through Internet Co-Searches

      By: Charles M.C. Lee, Paul Ma and Charles C.Y. Wang
      Applying a "co-search" algorithm to Internet traffic at the SEC's EDGAR web-site, we develop a novel method for identifying economically-related peer firms and for measuring their relative importance. Our results show that firms appearing in chronologically adjacent...  View Details
      Keywords: Peer Firm; Edgar Search Traffic; Revealed Preference; Co-search; Industry Classification; Data And Data Sets; Search Technology; Internet; Mathematical Methods; Corporate Finance
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      Lee, Charles M.C., Paul Ma, and Charles C.Y. Wang. "Search-Based Peer Firms: Aggregating Investor Perceptions Through Internet Co-Searches." Harvard Business School Working Paper, No. 13-048, November 2012. (Revised September 2013, March 2014, June 2014, July 2014.)
      • March 2011
      • Case

      Valuation of AirThread Connections

      By: Erik Stafford and Joel L. Heilprin
      This case can be used as a capstone valuation exercise for first-year MBA students in an introductory finance course. A senior associate in the business development group at American Cable Communications, one of the largest cable companies in the U.S., must prepare a...  View Details
      Keywords: Communication; Assets; Present Value; Cash Flow; Tax Accounting; Capital Costs; Capital Structure; valuation; Synergy; Telephony; Wireless Technologies; Communication Technology; Assets; Cost Of Capital; valuation; Cash Flow; Capital Structure; Accounting; Wireless Technology; Communications Industry; Media And Broadcasting Industry
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      Stafford, Erik, and Joel L. Heilprin. "Valuation of AirThread Connections." Harvard Business School Brief Case 114-263, March 2011.
      • December 2009
      • Article

      Catering Through Nominal Share Prices

      By: Malcolm Baker, Robin Greenwood and Jeffrey Wurgler
      We propose and test a catering theory of nominal stock prices. The theory predicts that when investors place higher valuation on low-price firms, managers will maintain share prices at lower levels, and vice-versa. Using measures of time-varying catering incentives...  View Details
      Keywords: Stocks; Stock Shares; Investment; Investment Return; Price; Theory; valuation
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      Baker, Malcolm, Robin Greenwood, and Jeffrey Wurgler. "Catering Through Nominal Share Prices." Journal of Finance 64, no. 6 (December 2009): 2559–2590. (Internet Appendix.)
      • 2008
      • Working Paper

      Catering through Nominal Share Prices

      By: Malcolm Baker, Robin Greenwood and Jeffrey Wurgler
      We propose and test a catering theory of nominal stock prices.  The theory predicts that when investors place higher valuation on low-price firms, managers will maintain share prices at lower levels, and vice-versa. Using measures of time-varying catering...  View Details
      Keywords: Stocks; Stock Shares; Investment; Investment Return; Price; Theory; valuation
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      Baker, Malcolm, Robin Greenwood, and Jeffrey Wurgler. "Catering through Nominal Share Prices." NBER Working Paper Series, No. w13762, January 2008. (First Draft in 2007.)
      • 2007
      • Text Book

      Business Analysis and Valuation: Using Financial Statements

      By: Paul M. Healy and Krishna G. Palepu
      Financial statements are the basis for a wide range of business analysis. Managers, securities analysts, bankers, and consultants all use them to make business decisions. There is strong demand among business students for course materials that provide a framework for...  View Details
      Keywords: valuation; Framework; Decision Choices And Conditions; Financial Statements
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      Healy, Paul M., and Krishna G. Palepu. Business Analysis and Valuation: Using Financial Statements. 4th ed. Mason, OH: Thomson South-Western, 2007.
      • February 2005
      • Teaching Note

      Valuation Ratios in the Restaurant Industry (TN)

      By: Paul M. Healy
      Teaching Note to (9-104-066).  View Details
      Keywords: Food And Beverage Industry
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      Healy, Paul M. "Valuation Ratios in the Restaurant Industry (TN)." Harvard Business School Teaching Note 105-056, February 2005.
      • January 2004 (Revised March 2005)
      • Case

      Valuation Ratios in the Restaurant Industry

      By: Paul M. Healy and Krishna G. Palepu
      Examines factors underlying differences in valuation multiples (price-earnings and price-to-book) across four firms in the restaurant industry.  View Details
      Keywords: Business Earnings; valuation; Mathematical Methods; Food And Beverage Industry
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      Healy, Paul M., and Krishna G. Palepu. "Valuation Ratios in the Restaurant Industry." Harvard Business School Case 104-066, January 2004. (Revised March 2005.)
      • August 2003
      • Teaching Note

      Valuation Ratios in the Airline Industry (TN)

      By: Paul M. Healy
      Teaching Note for (9-103-002).  View Details
      Keywords: valuation; Air Transportation Industry
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      Healy, Paul M. "Valuation Ratios in the Airline Industry (TN)." Harvard Business School Teaching Note 104-025, August 2003.
      • April 2003 (Revised May 2003)
      • Case

      Valuation Ratios in the Airline Industry

      By: Paul M. Healy, Krishna G. Palepu and Jonathan Barnett
      Four firms in the airline industry illustrate the underlying differences in valuation multiples (price-earnings and price-to-book).  View Details
      Keywords: valuation; Activity Based Costing And Management; Accounting Audits; Air Transportation Industry
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      Healy, Paul M., Krishna G. Palepu, and Jonathan Barnett. "Valuation Ratios in the Airline Industry." Harvard Business School Case 103-002, April 2003. (Revised May 2003.)
      • January 2003 (Revised February 2011)
      • Tool

      Business Analysis and Valuation Model (Version 5)

      By: Paul M. Healy, Krishna G. Palepu and Jonathan Barnett
      Once you enter company financial statements, this software enables you to standardize them to a common format, make any needed adjustments to the company's accounting, and make assumptions about the company's future performance. The model then provides financial ratios...  View Details
      Keywords: Financial Statements; Standards; Mathematical Methods; valuation
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      "Business Analysis and Valuation Model (Version 5)." Harvard Business School Tool 103-701, January 2003. (Revised February 2011.)
      • Article

      Valuation of Bankrupt Firms

      By: S. C. Gilson, E. S. Hotchkiss and R. S. Ruback
      This study compares the market value of firms that reorganize in bankruptcy with estimates of value based on management's published cash flow projections. We estimate firm values using models that have been shown in other contexts to generate relatively precise...  View Details
      Keywords: valuation; Business Ventures; Insolvency And Bankruptcy
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      Gilson, S. C., E. S. Hotchkiss, and R. S. Ruback. "Valuation of Bankrupt Firms." Review of Financial Studies 13, no. 1 (Spring 2000): 43–74. (Abridged version reprinted in The Journal of Corporate Renewal 13, no. 7 (July 2000))
      • October 1987 (Revised January 2013)
      • Background Note

      Note on Free Cash Flow Valuation Models

      By: William A. Sahlman
      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
      Keywords: Cash Flow; valuation
      Citation
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      Sahlman, William A. "Note on Free Cash Flow Valuation Models." Harvard Business School Background Note 288-023, October 1987. (Revised January 2013.)
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      Valuation Ratios in the Airline Industry
      Valuation Ratios in the Restaurant Industry (TN)
      → Search All HBS Web
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