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Harris, Robert S.

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A Comparison of the Weighted-Average Cost of Capital and Equity-Residual Approaches to Valuation

This technical note compares two methods of treating debt usage in discounted-cash-flow valuation of investment projects or companies. The note demonstrates that the approach using weighted average co ...

Applying the Capital Asset Pricing Model

This note discusses how some of the most financially sophisticated companies and financial advisors estimate the cost of equity capital. It focuses on areas where finance theory is silent or ambiguous ...

Cash Flows and Pro Formas

This note links pro forma forecasting of financial statements with project valuation of cash flows. Students are shown the link among income statements, balance sheets, and cash flows. The exercise af ...

Catalyst Health Solutions: A Script for Success?

In February 2011, David Blair, CEO of Catalyst Health Solutions, was considering another acquisition. Catalyst was already the fastest-growing pharmacy benefit management company in the United States, ...

Frank Spence

This case features an entrepreneur who must decide whether to sell his small distribution company. The case explores several issues for class discussion: (1) valuation of a private company, (2) assess ...

Fundamentals of Discounted Cash Flow

This note introduces the time value of money and the general discounted-cash-flow approach to valuation. It covers present value, future value, and effective interest rates, and includes specific exam ...

Global Paper: The Aussedat-Rey Acquisition

This case examines the acquisition of a French printing company by a U.S. firm. Students are asked to value the foreign entity on a stand-alone basis and with the proposed merger synergies. ...

Hope Enterprises

This case is a relatively straightforward exercise in valuing a potential acquisition target. The case affords students an opportunity to use both discounted cash flow and multiples in their analyses. ...

Inflation, Exchange Rates, and Required Returns

This note describes the links between inflation, exchange rates, and interest rates in an international setting. Students are introduced to the basic ideas, which are illustrated with data from four c ...

Interest Rates, Market Pricing, and Compounding

Using examples from financial markets, this note examines links among market prices, stated interest rates, and compounding assumptions. The note emphasizes how interest rates are expressions of marke ...

International Paper: The Aussedat-Rey Acquisition

International Paper is evaluating entry into European markets via acquisition of Aussedat-Rey, France's second largest paper company. The student is exposed to both strategic and valuation issues as m ...

Investment Decision And Cash Flows

A positive net present value (NPV) is a direct estimate of value creation for shareholders and is an operational way of carrying through on the strategy of trying to maximize shareholder wealth. To ca ...
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