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Valuing Yahoo! in 2013

by Luis M. Viceira Atul Khosla

In late July 2013, Danielle Engle, Managing Director of Clairemont Capital, was contemplating what to do about a large investment her fund had in the stock of Yahoo! Inc. In mid-2012, Clairemont had invested nearly $75M in Yahoo! after the tech company settled a highly visible proxy fight with prolific activist investor Daniel Loeb of hedge fund Third Point. Since that time, Loeb and his colleagues had joined the board, the company had hired a new CEO and the stock price was up nearly 80%-increasing the value of Clairemont's investment by $60M in less than a year. But Yahoo! had just announced an agreement to buy back two-thirds of Third Point's stake in the company. It had also announced that Loeb and two other company directors appointed at his request would step down from the board. At the same time, Alibaba, the giant Chinese e-commerce company of which Yahoo! owned a sizable stake, was widely expected to go public in the near future. What should Clairemont Capital do with its investment in Yahoo! in response to this news? This case provides students with opportunities to discuss shareholder activism, the interaction between a company growth strategy and business model and its valuation, discounted cash-flow valuation analysis, multiples valuation, transaction-based valuation, and company valuation by parts.

Valuing the AOL Time Warner Merger

by Lynda M. Applegate

On January 11, 2000, AOL and Time Warner announced their intention to merge, creating what AOL CEO Stephen Case and Time Warner CEO Gerald Levin called the 21st century's first fully integrated communications, media, and entertainment company. This case, prepared from public sources, enables in-depth analysis of the value of AOL Time Warner from the viewpoint of executives and analysts before their merger six months later.

Valuing Companies in Corporate Restructuring, Technical Note

by Stuart C. Gilson

This case provides a technical overview of different valuation techniques for use in valuing companies in corporate restructuring. Techniques covered include adjusted present value, WACC, capital cash flow, and discounted cash flow valuation. Specific numerical examples are provided.

Valuing Cash Flows in an International Context

by Walter Kuemmerle Matias Braun

Addresses the question of how to value cash flows in an international context. Focuses on entrepreneurial ventures, but its content applies to finance issues that arise in established multinational enterprises. Addresses cash flows, discount rates, country risk premium, projecting future exchange rates, and other issues. Also contains an extensive example of a software company that exports services to other countries.

Valuing Capital Investment Projects

by W. Carl Kester

A collection of problems that introduces students to the application of discounted cash flow analysis in the evaluation of capital budgeting problems.

Valuing a Cross-Border LBO: Bidding on the Yell Group

by Mihir A. Desai Mark F. Veblen Paolo Notarnicola

A team of private equity investors must value the leveraged buyout of a Yellow Pages business that operated in both the United States and the United Kingdom. In the process, they must wrestle with issues of how to conduct cross-border valuations and how to value a stable cashcow business along with a growth business. The case analyzes the economics and incentives of carried interest and compares different valuation methods--Capital Cash Flow and Free Cash Flow. To obtain executable spreadsheets (courseware), please contact our customer service department at

Value Retail: Opportunities for European Expansion

by Arthur I Segel

Scott Malkin, CEO of Value Retail, a developer and operator of European outlet villages serving luxury brands, is planning on developing a 18,503 m2 open-air outlet village to be built 98 kilometers south of Milan on land he was about to acquire for 7.26 million lira. Is this a good investment? What are the risks associated with the project? Could Value Retail pursue its outlet strategy in Italy? Includes color exhibits.

Value Retail

by Arthur I Segel

Scott Malkin, CEO of Value Retail, a developer and operator of European outlet villages serving luxury brands, is planning on developing a 18,503 m2 open-air outlet village to be built 98 kilometers south of Milan on land he was about to acquire for 7.26 million lira. Is this a good investment? What are the risks associated with the project? Could Value Retail pursue its outlet strategy in Italy? Includes color exhibits.

Value Partners and the Evergrande Situation

by Paul M. Healy Keith Chi-ho Wong

In June 2012, Cheah Cheng-Hye and his colleagues at Value Partners, a Hong-Kong-based investment firm, received a copy of a short-seller report alleging that Evergrande, one of China's largest property developers, was using fraudulent accounting and paying bribes to secure business. Evergrande's stock plummeted, and Value Partners, which had a sizable holding of Evergrande stock, had to determine how to respond to the allegations. The case provides an opportunity to review Value Partners' research approach to investing in Chinese companies and to assess the merits of the Evergrande allegations.

The Value of IT: How Best to Measure It?

by Robert D. Austin Richard L. Nolan Shannon O'Donnell

"The Adventures of an IT Leader" invites readers to "walk in the shoes" of Jim Barton, the new CIO of the fictional IVK Corporation, as he spends a difficult year learning effective information technology leadership, sidestepping the pitfalls that make the CIO job the most volatile, high-turnover job in the business. This chapter finds Jim contemplating how to measure and demonstrate the value IT creates for individual business units, and ultimately, the organization as a whole. Given IT's unique position within the company as a service provider, rather than a profit center, this is no easy task. This chapter is excerpted from "The Adventures of an IT Leader."

Value of Information

by David E. Bell

Gives some simple examples to illustrate the concept of the value of information in decision making. Both perfect and imperfect information are considered.

Value Networks and the Impetus to Improve

by Clayton M. Christensen

Why do leading firms frequently stumble when confronting technology change? Most explanations focus on management or organizational issues. This chapter proposes another theory, based on the concept of a value network--the context within which a firm identifies and responds to customers' needs, solves problems, procures input, reacts to competitors, and strives for profit. This chapter was originally published as chapter 2 of "The Innovator's Dilemma: When New Technologies Cause Great Firms to Fail."

Value Net Integrator: An Atomic E-Business Model

by Peter Weill Michael R. Vitale

Value net integrators control the virtual value chain in their industries by gathering, synthesizing, and distributing information. This chapter analyzes the cases of Seven-Eleven Japan and Cisco Systems to illustrate how to successfully implement the value net integrator e-business model.

Value Cycles: Use Nature's Value-Adding Self-Sustaining Cycle to Revolutionize Your Value Chain

by Gregory C. Unruh

The value chain model has long served the needs of business production, but today we know it is built on faulty assumptions about what happens at both ends of the chain-inputs won't always be abundant and cheap and the environment cannot limitlessly accept the consumer and industrial waste at the other end. Now compare this overtaxed and costly model to nature's value cycle in which literally everything we see is made of recycled elements which have been in existence since the beginning of time. While your business may not be able to reach nature's level of efficiency, recreating nature's value cycle for your business will result in increased profitability and environmental sustainability. This chapter gives you a realistic and easily adaptable plan for shifting from chain to cycle-morphing your products from simple, valueless waste to an economically valuable supply of inputs for the next production run. Through relevant business cases and models, this chapter shows you how to transform your business at the materials, products, and components levels, how to combat the economic enablers which might challenge your new cycle, and how to extend your value cycle strategies for one product across any number of products. This chapter was originally published as Chapter 3 of "Earth, Inc.: Using Nature's Rules to Build Sustainable Profits."


by Sanjiv Das Stephen Lynagh

Introduces the student to the recently developed concept of value-at-risk (VAR) in risk analysis. By working through a stylized example using spreadsheet tools, the student learns the conceptual framework of VAR and its implementation mechanics.

The Value and the Challenges: Why Companies Do or Do Not Invest in Design-Driven Innovation

by Roberto Verganti

In the current innovation race, products tend to survive for a very short time, and firms are unwilling to waste resources in constant redesign. Design-driven innovation, or radically altering the meanings of products and services, can produce innovations with a life cycle significantly longer than that of the competition. But how do you convince the right people to invest in design-driven innovation? In this chapter, noted innovation expert Roberto Verganti shows how design-driven innovation can bolster a company's economics and reveals where the benefits come from and where the challenges are. This chapter was originally published as chapter 5 of "Design-Driven Innovation: Changing the Rules of Competition by Radically Innovating What Things Mean."

Valuation Techniques

by Michael J. Roberts Howard H. Stevenson

Describes several approaches to valuation of a going concern: assets, earnings, and cash flow.

Valuation Ratios in the Airline Industry, 2013

by Paul M. Healy Penelope Rossano

Examines factors underlying differences in valuation multiples (price-earnings and price-to-book) across four firms in the airline industry.

Valuation of AirThread Connections

by Erik Stafford 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 preliminary valuation for acquiring AirThread Connections, a regional cellular provider. The acquisition would give American Cable access to wireless technology and the wireless spectrum and enable the company to offer competitive service bundles including wireless, currently a hole in the company's service offering. Students learn the basic valuation concepts including DCF (discounted cash flow) using APV (adjusted present value) and WACC (weighted average cost of capital) and they must choose the appropriate approach for situations in which the capital structure is changing or assumed to be constant. Students must consider the effect of constant debt versus the D/V (debt-to-value ratio) in estimating betas and the costs of capital. In addition, students analyze the effects of non-operating assets on valuation. As an additional assignment, instructors can require students to consider the personal tax disadvantage of debt as well as the synergies American Cable expects to achieve following the acquisition.

Valuation Methods and Discount Rate Issues: A Comprehensive Example

by Marc L. Bertoneche Fausto Federici

Presents a comprehensive review of the valuation methods based on discounting cash flows or value creation metrics and shows, through simple example and a straightforward "how-to-do" framework, the perfect consistency and identity of their results under similar assumptions.

Valuation Concepts: Evaluating Opportunity

by Harvard Business School Press

Whether you are buying or selling a global corporation, an operating division, a local restaurant, or a share of stock, one question outweighs most others: What is its value? Valuing an ongoing business is neither easy nor exact. This chapter introduces you to the three most commonly used methods for determining value and helps you determine which method is right for your business need.

The Valuation and Financing of Lady M Confections

by Mihir A. Desai Elizabeth A. Meyer

This case explores the decision-making process that small, private businesses must undertake when considering an expansion and when selling equity to outside investors. In the process, students are asked to complete two exercises: a break-even analysis and a valuation exercise.

Valuation and Discounted Cash Flows

by Michael E. Edleson

A set of five exercises in valuation of simple fixed income securities. No capital budgeting. Students use present value analysis to compute discounted cash flows. Situations/concepts covered include: future value; mortgage payment and repayment; calculating implicit interest rate on loan, yield to maturity on bond; bond pricing, to include rate sensitivity, Eurobonds, conversion of bond-equivalent yield to effective annual yield, and Japanese yields; growing versus fixed retirement annuities.

A Valuable Chain: Real World Strategies for Analyzing the Value Chain, Applying the VRIO Framework (Resource Based View), and Recognizing Core Competencies

by Jay Barney Patricia Gorman Clifford

"What I Didn't Learn in Business School" invites readers to follow new consultant Justin Campbell as he joins an elite team hired by a chemical firm to assess the potential of a newly developed technology. To this point Justin has struggled with translating his MBA knowledge into real-world application, but he's finally starting to see how theories and frameworks, like VRIO (Valuable, Rare, Imitable, and Organization), can have real-world impact. In this chapter, authors Jay B. Barney and Trish Gorman Clifford take you into the world of this fictional consultant as he evaluates his client's value chain and identifies its sources of core competence using the VRIO framework. This chapter was originally published as Chapter 5 of "What I Didn't Learn in Business School: How Strategy Works in the Real World."

Valhalla Partners Due Diligence

by William A. Sahlman Dan Heath

The Valhalla Partners venture capitial firm introduced a new approach to the due-diligence process. An internal due-diligence report analyzes Telco Exchange, a startup company in the IT software space. An extended excerpt examines the trade-offs involved in the new due-diligence process and whether Valhalla should invest in Telco Exchange.

Showing 7,676 through 7,700 of 15,896 results


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