Author Profile
Harris, Robert S.
An Introduction to Project Finance: The Partitioning of Cash Flow
Harris, Robert S. Schill, Michael J.
F-2106 | Published May 27, 2025 | 5 pages Technical Note
Collection: Darden School of Business
A standard approach to business valuation is to value the total cash flows that the business is expected to provide to all investors, but when the implications of financing decisions take center stage... Read More
Deutsche Bank: Restructure, Change, and Trust
Harris, Robert S. Wicks, Andrew C. Yemen, Gerry
F-1962 | Published January 27, 2021 | 13 pages Case
Collection: Darden School of Business
This public-sourced case describes Deutsche Bank and what leaders called its most fundamental transformation in decades to frame a discussion on how the current CEO, Christian Sewing, chooses to resha... Read More
Siemens and Healthineers: Valuing the IPO
F-1913 | Published September 13, 2019 | 15 pages Case
Collection: Darden School of Business
This case covers the initial public offering (IPO) of the Siemens AG subsidiary Healthineers. The case offers the opportunity to discuss IPOs and to value the company. In contrast to “Healthineers: A ... Read More
Healthineers: A Strategic IPO
F-1881 | Published May 16, 2019 | 15 pages Case
Collection: Darden School of Business
This case covers the initial public offering (IPO) of the Siemens subsidiary Healthineers. The March 2018 offering of the health care technology firm was heavily anticipated on the Frankfurt Stock Exc... Read More
salauno
Harris, Robert S. Hern?ndez, Alexis Kretchmar
F-1830 | Published August 06, 2018 | 11 pages Case
Collection: Darden School of Business
This case introduces salauno, a for-profit company founded by two young entrepreneurs, Javier Okhuysen and Carlos Orellana, who wanted to eliminate needless blindness in Mexico. Untreated cataracts an... Read More
Investment Decision and Cash Flows (RUSSIAN)
Harris, Robert S. Pringle, John
F-2000 | Published November 08, 2017 | 19 pages Technical Note
Collection: Darden School of Business
This is a Russian translation of the November 1996 version of UVA F-0915. A positive net present value (NPV) is a direct estimate of value creation for shareholders and is an operational way of carryi... Read More
MCI Communications Corp.: Capital Structure Theory (SPANISH)
Chaplinsky, Susan Harris, Robert S.
F-1826 | Published January 27, 2016 | 10 pages Case
Collection: Darden School of Business
This is a Spanish translation of the November 5, 2010 version of UVA-1175. This case provides an introductory exercise for estimating the cost of capital (cost of equity, weighted average cost of capi... Read More
Catalyst Health Solutions: A Script for Success?
F-1666 | Published April 20, 2012 | 16 pages Case
Collection: Darden School of Business
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,... Read More
943-945 Warren Road
Conroy, Robert M. Harris, Robert S.
F-1638 | Published May 11, 2011 | 6 pages Case
Collection: Darden School of Business
This case, intended for MBA and executive education audiences, investigates whether an LLC should invest in a real estate deal. The materials provide a straightforward opportunity for applying discoun... Read More
Baker Packaging, Inc.
Conroy, Robert M. Harris, Robert S. Ranjan, Rahul
F-1624 | Published July 15, 2010 | 12 pages Case
Collection: Darden School of Business
Students consider which capital budgeting approach to take when evaluating a packaging manufacturer's joint venture proposal. Suitable for MBA and undergraduate students, the case presents a scenario ... Read More
Using the Equity Residual Approach to Valuation: An Example (Abridged)
Harris, Robert S. Conroy, Robert M.
F-1609 | Published November 20, 2009 | 5 pages Technical Note
Collection: Darden School of Business
This note provides an example of the equity residual valuation method to a company. The note can be used to accompany cases on private equity acquisitions or other levered transactions. It provides a ... Read More
Lonestar Graphite
Harris, Robert S. Gaede, Jason
F-1595 | Published July 27, 2009 | 19 pages Case
Collection: Darden School of Business
Lonestar Graphite is a potential purchase for a middle-market private equity firm. The private equity firm must decide what to offer for an equity position in Lonestar, based on both the underlying op... Read More
Investure, LLC, and Smith College
Chaplinsky, Susan Harris, Robert S. Kelly, Dorothy C.
F-1537 | Published September 18, 2007 | 21 pages Case
Collection: Darden School of Business
Alice Handy, an investment professional with 30 years' experience as head of the University of Virginia Investment Management Company, has opened a new asset management firm targeted at midsize endowm... Read More
Interest Rates, Market Pricing, and Compounding
Harris, Robert S. Conroy, Robert M.
F-1517 | Published February 05, 2007 | 6 pages Technical Note
Collection: Darden School of Business
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... Read More
Valuing Assets in Financial Markets
Harris, Robert S. Conroy, Robert M.
F-1518 | Published February 05, 2007 | 10 pages Technical Note
Collection: Darden School of Business
This technical note provides an overview of techniques used to value assets, including multiples, arbitrage pricing, and discounted cash flow. The note emphasizes the basic nature of valuation approac... Read More
Spot and Forward Interest Rates
Harris, Robert S. Conroy, Robert M.
F-1520 | Published February 05, 2007 | 10 pages Technical Note
Collection: Darden School of Business
This note examines how spot and forward interest rates relate to bond prices and to each other. After defining spot and forward rates, the note shows how to estimate spot rates from data on either zer... Read More
Stock Options and Compensation
Harris, Robert S. Conroy, Robert M.
F-1521 | Published February 05, 2007 | 5 pages Technical Note
Collection: Darden School of Business
This note is a brief introduction to the logic and practice of using stock options to compensate executives. The Black-Scholes option-pricing model is used to estimate the value of option grants for a... Read More
The Black-Scholes Option-Pricing Model
Harris, Robert S. Conroy, Robert M.
F-1522 | Published February 05, 2007 | 10 pages Technical Note
Collection: Darden School of Business
This note discusses the Black-Scholes option-pricing model and then applies the model to call options. The underlying logic of the model is emphasized and illustrated through the use of simple example... Read More
Option Valuation and Dividend Payments
Harris, Robert S. Conroy, Robert M.
F-1523 | Published February 05, 2007 | 11 pages Technical Note
Collection: Darden School of Business
This note shows how dividend payments affect option values owing to the effects of dividend payments on share price and resulting investor behavior. In addition to discussing the underlying logic, the... Read More
Required Rate of Return
Eades, Kenneth M. Harris, Robert S. Bruner, Robert F.
F-1515 | Published November 20, 2006 | 60 pages Multimedia Case
Collection: Darden School of Business
This online tutorial presents an introduction to the principles and techniques for estimating required rates of return. The narrated, step-by-step guide can help the student understand rates of return... Read More
Applying the Capital Asset Pricing Model
F-1456 | Published October 07, 2004 | 10 pages Technical Note
Collection: Darden School of Business
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... Read More
International Paper: The Aussedat-Rey Acquisition
Harris, Robert S. Mead, Mark C.
F-0920 | Published March 08, 2001 | 21 pages Case
Collection: Darden School of Business
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... Read More
Note on Valuation of Cash Flows in Different Currencies
F-1080 | Published March 08, 2001 | 10 pages Technical Note
Collection: Darden School of Business
This technical note provides a pedagogical overview of management communication for MBA education. Read More
A Comparison of the Weighted-Average Cost of Capital and Equity-Residual Approaches to Valuation
F-1301 | Published September 19, 2000 | 5 pages Case
Collection: Darden School of Business
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... Read More
Option Contracts and Their Valuation
Harris, Robert S. Conroy, Robert M.
F-1519 | Published February 01, 2000 | 13 pages Technical Note
Collection: Darden School of Business
This note introduces options (both calls and puts) and their valuation. After covering the history of options and the basic nature of their payoffs, the note provides an intuitive discussion of the de... Read More
Using the Equity Residual Approach to Valuation: An Example
Conroy, Robert M. Harris, Robert S.
F-1267 | Published September 30, 1999 | 7 pages Technical Note
Collection: Darden School of Business
This note provides a detailed explanation of how to apply the equity residual valuation method when the debt/equity mix is changing. An example is provided that works through levering betas. The note ... Read More
Signet Banking Corporation
Chaplinsky, Susan Harris, Robert S. Jordan, Brad Redd, Mitchell
F-1221 | Published April 20, 1999 | 22 pages Case
Collection: Darden School of Business
This case investigates the alternatives that Signet Banking Corporation faced in 1995 as it attempted to restructure itself; the market perceived Signet to be undervalued, especially in light of the s... Read More
Hope Enterprises
Harris, Robert S. Eades, Kenneth M.
F-1219 | Published June 24, 1998 | 15 pages Case
Collection: Darden School of Business
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.... Read More
Frank Spence
F-1206 | Published March 26, 1998 | 12 pages Case
Collection: Darden School of Business
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... Read More
Valuing Companies: An Overview of Analytical Approaches
F-1187 | Published September 10, 1997 | 5 pages Technical Note
Collection: Darden School of Business
This technical note provides an overview of a valuation network: multiples, options pricing, specific-asset valuation, and present value. The strengths and philosophies of each approach are discussed ... Read More
The Weighted-Average Cost of Capital
F-1185 | Published June 17, 1997 | 7 pages Technical Note
Collection: Darden School of Business
This note provides a conceptual introduction to the weighted-average cost of capital (WACC). It discusses and provides examples of calculating the WACC and its components. It is useful as a parallel r... Read More
The Effects Of Debt Equity Policy on Shareholder Return Requirements and Beta
Chaplinsky, Susan Harris, Robert S.
F-1168 | Published April 01, 1997 | 16 pages Technical Note
Collection: Darden School of Business
This note outlines the link between shareholder-return requirements and a firm's use of debt. It explores the theoretical arguments concerning how the cost of equity changes with the use of debt and d... Read More
Debt Financing, Firm Value, and the Cost of Capital
Chaplinsky, Susan Harris, Robert S.
F-1166 | Published March 31, 1997 | 21 pages Technical Note
Collection: Darden School of Business
This note is suitable for an introductory MBA course in corporate finance. It explores how managers determine the proper amount of debt financing to use to fund a firm's operations. It examines the fu... Read More
MCI Communications Corp.: Capital Structure Theory (A)
Chaplinsky, Susan Harris, Robert S.
F-1175 | Published March 31, 1997 | 10 pages Case
Collection: Darden School of Business
This case provides an introductory exercise for estimating the cost of capital (cost of equity, weighted average cost of capital) for a firm contemplating a large increase in debt. Students are asked ... Read More
Terminal Values, Multiples, and Competitive Advantage
F-1202 | Published March 08, 1997 | 9 pages Technical Note
Collection: Darden School of Business
This technical note provides a pedagogical overview of management communication for MBA education. Read More
Value Creation, Net Present Value, and Economic Profit
F-1164 | Published January 10, 1997 | 18 pages Case
Collection: Darden School of Business
This technical note compares economic-profit (economic value added) and net-present-value techniques for evaluating corporate investments and performance. The note shows the relationship between the t... Read More
Inflation, Exchange Rates, and Required Returns
F-1158 | Published September 03, 1996 | 11 pages Technical Note
Collection: Darden School of Business
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... Read More
Capital Structure Theory: A Current Perspective
Chaplinsky, Susan Harris, Robert S.
F-1165 | Published January 05, 1996 | 14 pages Technical Note
Collection: Darden School of Business
Finance scholars' approach to capital-structure issues reflects a progression of thought over time. This note provides an overview of the current state of capital-structure theory. One perspective on... Read More
Required Returns, the Market Risk Premium, and Historical Returns
F-1022 | Published September 03, 1992 | 5 pages Case
Collection: Darden School of Business
This technical note discusses the use of historical returns as a guide for estimating forward-looking required returns on equity. The note discusses uses of short- and long-term interest rates plus eq... Read More
Valuation Methodology: A Comparison of the Weighted-Average Cost of Capital and Equity-Residual Approaches
F-1007 | Published August 26, 1992 | 10 pages Technical Note
Collection: Darden School of Business
This technical note compares two methods of treating debt usage in discounted-cash-flow valuation of investment projects or companies. The note illustrates that the Weighted Average Cost of Capital ap... Read More
Fundamentals of Discounted Cash Flow
F-0918 | Published March 29, 1990 | 41 pages Technical Note
Collection: Darden School of Business
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... Read More
Koppers Co.
Harris, Robert S. Puglia, Larry J.
F-0921 | Published March 29, 1990 | 16 pages Case
Collection: Darden School of Business
This case concerns the hostile bid for Koppers Co. and its subsequent acquisition by Beazer PLC for $61 a share, one of the most controversial takeovers of the 1980s. The controversy holds powerful le... Read More
Pricing STRIPS and the Term Structure
F-0925 | Published March 29, 1990 | 5 pages Case
Collection: Darden School of Business
Using the data on coupon bonds provided in the note, students are asked to estimate the value of portions of the bond (stripping coupons and principal) and deal with the fact that the term structure o... Read More
Cash Flows and Pro Formas
F-0929 | Published March 29, 1989 | 6 pages Exercise
Collection: Darden School of Business
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... Read More
Investment Decision And Cash Flows
Harris, Robert S. Pringle, John
F-0915 | Published March 29, 1989 | 18 pages Technical Note
Collection: Darden School of Business
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... Read More
Fundamentals Of Capital Budgeting
Pringle, John Harris, Robert S.
F-0917 | Published March 29, 1989 | 27 pages Technical Note
Collection: Darden School of Business
This note provides an introduction to evaluation of corporate investment projects. Decision criteria such as net present value, internal rate of return, and paybacks are discussed. Specific examples a... Read More
Carrier and Tyler Refrigeration: An Acquisition For Growth
Liedtka, Jeanne M. Harris, Robert S. Gibbons, Emily Jean
F-1312 | Published | 27 pages Case
Collection: Darden School of Business
Carrier, a division of multibusiness United Technologies Corporation (UTC), is looking for ways to grow its business. Carrier is considering expansion into commercial refrigeration and is examining a ... Read More