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This page contains information in five subject areas:

1) Real Options Analysis;

2) General Valuation Analysis;

3) Emerging Markets Research;

4) Valuation Techniques for Emerging Markets;

5) Risk Management and Financial Engineering.

 

Note: The icons below link to either a fulltext article in ProQuest Research Library (available to HBS users only) or to the Baker Online Catalog record which shows the item's location in Baker Library and indicates whether it is available.

 

1) Real Option Analysis:

Amram, M., and N. Kulatilaka, 1999, Real Options: Managing Strategic Investment in an Uncertain World, (Harvard Business School Press, Boston, Mass.).

Brennan, M., and E. Schwartz, A New Way of Evaluating Natural Resource Investments, 1985, Midland Journal of Corporate Finance, 3, pp. 78-88.

Copeland, T., and V. Antikarov, 2001, Real Options:  A Practitioner's Guide, Texere LLC (New York, NY).

Copeland, T., and P. Keenan, 1998, Making Real Options Real, The McKinsey Quarterly, No. 3, pp. 128-141.

Copeland, T., and P. Tufano, 2004, A Real-World Way to Manage Real Options, Harvard Business Review, March, pp. 90-99.

Dixit, A. K., and R.S. Pindyk, 1994, Investment Under Uncertainty, (Princeton University Press, Princeton, New Jersey).

Dixit, A. K., and R.S. Pindyk, 1995, The Options Approach To Capital Investment, Harvard Business Review, May/June, pp. 105-115.

Kemna, A.G.Z., 1993, Case Studies On Real Options, Financial Management, Autumn, pp. 259-270 

Kulatilaka, N., and A. Marcus, 1992, Project Valuation Under Uncertainty, Journal of Applied Corporate Finance, Fall, pp. 92-100.

Lander, Diane M. and George E. Pinches, 1998, Challenges to the Practical Implementation of Modeling and Valuing Real Options, The Quarterly Review of Economics and Finance 38, pp. 537-567.

Leslie, K., and M. Michaels, 1997, The Real Power of Real Options, The McKinsey Quarterly, No. 3.

Leslie, K., and M. Michaels, 1998, The Real Power of Real Options, Corporate Finance 158, January, pp. 13-20.

Luehrman, Timothy A., 1998, Investment Opportunities as Real Options: Getting Started on the Numbers, Harvard Business Review, Article #98404, July/August, pp. 51-67.

Majd, S., and R.S. Pindyck, Time to Build, Option Value, and Investment Decisions, Journal of Financial Economics 18, pp. 7-27.

McDonald, R., and D. Siegel, 1986, The Value of Waiting to Invest, The Quarterly Journal of Economics 101, November, pp. 707-27.

Tufano, Peter, and Alberto Moel, 2002, When Are Real Options Exercised? An Empirical Study of Mine Closings," Review of Financial Studies 15, No. 1 (Spring), pp. 35-64.

Myers, S.C., and S. Majd, 1990, Abandonment Value and Project Life, Advances in Futures and Options Research 4, pp. 1-21.

Siegel, D., J. Smith, and J. Paddock, 1987, Valuing Offshore Oil Properties with Option Pricing Models, Midland Journal of Corporate Finance, 5, pp. 22-30.

Trigeogis, Lenos, 1996, Real Options: Managerial Flexibility and Strategy in Resource Allocation, (The MIT Press, Cambridge, MA).

Trigeorgis, L., 1996, Interactions Among Multiple Real Options, Chapter 7 in Real Options: Managerial Flexibility and Strategy in Resource Allocation, (The MIT Press, Cambridge, MA).

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2) General Valuation Analysis:

Copeland, T., T. Koller, and J. Murrin, 2000, Valuation (3rd Edition), (John Wiley & Sons, New York, N.Y.).

Dimson, E., P. Marsh, and M. Staunton, 2003, Global Evidence on the Equity Risk Premium, Journal of Applied Corporate Finance, Vol. 15, No. 4, Fall, pp. 27-38.

Ehrhardt, E.R., 1994, The Search for Value, (Harvard Business School Press, Boston, MA).

Fama, Eugene F., and Kenneth R. French, 1997, Industry Costs of Equity, Journal of Financial Economics 43, pp. 153-193.

Fruhan, W.E., 2002, Note on the Equivalency of Methods for Discounting Cash Flows (valuing equity through either equity cash flow or free cash flow methods), Harvard Business School Case # 202-128.

Fruhan, W.E., 2002, Note on Alternative Methods for Valuing Terminal Value, Harvard Business School Case # 298-166.

Gilson, S.C., 2000, Valuing Companies in Corporate Restructurings--Technical Note, Harvard Business School Case #201-073.

Kester, W. C., R. P. Melnick, and K. A. Froot, 1994, Note on Fundamental Parity Conditions, Harvard Business School Case # 288-016.

Kester, W. C., J. Morley, 1992, Note on Cross-Border Valuation, Harvard Business School Case # 292-084.

Lessard, D. R., 1979, Evaluating Foreign Projects. An Adjusted Present Value Approach, appears in Frontiers of International Financial Management, Warren, Gorham, and Lamont (Boston, Mass.)

Luehrman, Timothy A., 1997, What's it Worth?  A General Manager's Guide to Valuation, Harvard Business Review, Article #97305, May/June, pp. 132-142.

Luehrman, Timothy A., 1997, Using APV:  A Better Tool for Valuing Operations, Harvard Business Review, Article #97306, May/June, pp. 145-154.

Ruback, R. S., 1995, An Introduction to Cash Flow Valuation Methods, Harvard Business School Case # 295-155.

Ruback, R. S., 1995, A Note on Capital Cash Flow Valuation, Harvard Business School Case # 295-069.

Ruback, R., 2002, Capital Cash Flows: A Simple Approach to Valuing Risky Cash Flows, Financial Management, Summer, pp. 85-103.

Titman, Sheridan, and John D. Martin, 2008, Valuation:  The Art & Science of Corporate Investment Decisions, Pearson Education, Inc. (Boston, MA)

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3) Emerging Markets Research:

Beim, David O., and Charles W. Calomiris, 2001, Emerging Financial Markets, McGraw-Hill Irwin (New York, NY).

Bekaert, G., and C.R. Harvey, 2002, Research in Emerging Markets: Finance Looking to the Future, Emerging Markets Review 3, December, pp. 429-448.

Diamonte, R., J. Liew, and R. Stevens, 1996, Political Risk in Emerging and Developed Markets, Financial Analysts Journal, May-June, pp. 71-76.

Erb, C., C. Harvey, and T. Viskanta, 1996, Political Risk, Economic Risk, and Financial Risk, Financial Analysts Journal, November-December, pp. 29-46.

Erb, C., T. Viskanta, C.R. Harvey, 1997, The Making of an Emerging Market, Emerging Markets Quarterly 1, pp. 14-19.

Harvey, Campbell R., 1995, Predictable Risk and Returns in Emerging Markets, Review of Financial Studies, Vol. 8, Fall, pp. 773-816.

Harvey, Campbell R., 2000, Drivers of Expected Returns in International Markets, Emerging Markets Quarterly, Fall, pp. 17.

International Finance Corporation, 1998, Financial Institutions, (Washington D.C.). 

International Finance Corporation, Emerging Stock Markets Factbook, Annual (Washington D.C.).

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4) Valuation Techniques for Emerging Markets

Abuaf, Niso, Quyen Chu, 1994, The Executive's Guide to International Capital Budgeting:  1994 Update, Salomon Brothers Corporate Finance, August.

Abuaf, Niso, Quyen Chu, et al., 1997, The International Cost of Capital--The Empirical Evidence, Salomon Brothers Corporate Finance, June.

Bekaert, Geert, and Campbell R. Harvey, 1995, The Cost of Capital in Emerging Markets, Duke University mimeo, Nov. 19.

Bruner, R.F., R.M. Conroy, W. Li, E.F. O'Halloran, and M.P. LLeras, 2003, Investing in Emerging Markets, The Research Foundation of AIMR (Charlottesville, VA).

Damodaran, Aswath, 2003, Country Risk and Company Exposure:  Theory and Practice, Journal of Applied Finance, Fall/Winter, pp. 63-76.

Erb, C., C. Harvey, and T. Viskanta, 1996, Expected Returns and Volatility in 135 Countries, The Journal of Portfolio Management, Spring, pp. 46-58.

Estrada, J., 2001, The Cost of Equity in Emerging Markets A Downside Risk Approach (II), Emerging Markets Quarterly, Spring, pp. 63-72.

Estrada, J., 2002, Systematic Risk in Emerging Markets the D-CAPM, Emerging Markets Review 3, December , pp. 365-379.

Godfrey, S., and R. Espinoza, 1996, A Practical Approach to Calculating Costs of Equity for Investments in Emerging Markets, Journal of Applied Corporate Finance, Fall, pp. 80-89.

Harvey, Campbell R., 2000, Drivers of Expected Returns in Emerging Markets, Emerging Markets Quarterly, Fall, pp. 1-17.

James, M., and T.M. Koller, 2000, Valuation in Emerging Markets, The McKinsey Quarterly, Number 4, pp. 78-85.

Keck, T., E. Levengood, and A. Longfield, 1998, Using Discounted Cash Flow Analysis in an International Setting: A Survey of Issues in Modeling the Cost of Capital, Journal of Applied Corporate Finance, Fall, pp. 82-99.

Kester, W. Carl, and K. A. Froot, 1997, Cross-Border Valuation, Harvard Business School Note #295-100.

Lessard, Donald R., 1996, Incorporating Country Risk in the Valuation of Offshore Projects, Journal of Applied Corporate Finance, Fall, pp. 52-63.

Mariscal, J., and K. Hargis, 1999, Emerging Markets Discount Rates, Goldman Sachs Portfolio Strategy, March 22, pp. 1-18.

Mariscal, J., and K. Hargis, 1999, A Long-term Perspective on Short-term Risk:  Long-term Discount Rates for Emerging Markets, Goldman Sachs Portfolio Strategy, October 26, pp. 1-23.

O'Brien, T.J., 2004, Foreign Exchange and Cross-Border Valuation, Journal of Applied Corporate Finance, Vol. 16, No. 2/3, Spring/Summer, pp. 147-154.

Pereiro, L.E., 2002, Valuation of Companies in Emerging Markets:  A Practical Approach, Wiley Finance, John Wiley & Sons, Inc., (New York, NY)

Sabal, Jaime, 2004, The Discount Rate in Emerging Markets:  A Guide, Journal of Applied Corporate Finance, Vol. 16, No. 2/3, Spring/Summer, pp. 155-166.

Stulz, René M., 1995, Globalization of Capital Markets and the Cost of Capital:  The Case of Nestlé, Journal of Applied Corporate Finance, Fall, pp. 30-38.

Zenner, Marc, and Ecehan Akaydin, 2002, A Practical Approach to the International Valuation & Capital Allocation Puzzle, Salomon Smith Barney Financial Strategy Research, July 26.

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5) Risk Management and Financial Engineering

Fite, D., and P. Pfleider, 1995, Should firms use derivates to manage risk? Ch. 7 in Beaver and Parker, eds., Risk Management Problems and Solutions, McGraw Hill (New York, NY), pp. 139-170.

Froot, Kenneth A., David S. Scharfstein, and Jeremy Stein, 1994, A Framework for Risk Management,” Harvard Business Review, Nov./Dec., pp. 91-102.

Smithson, C.W., C.W. Smith, and D.S. Wilford, 1995, Managing Financial Risk A Guide to Derivative Products, Financial Engineering, and Value Maximization, Irwin Professional Publishing (Burr Ridge, IL).

Stulz, Rene, 1996, Rethinking Risk Management,” Journal of Applied Corporate Finance, Fall, Vol. 9, pp. 8-24.

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If you have any suggestions for additional content, please contact Professor Benjamin C. Esty.
Last updated August 8, 2007.

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