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Carliss Y. Baldwin

William L. White Professor of Business Administration

Contact (617) 495-6673
Overview Biography Publications & Course Materials Current Research Areas of Interest

Books

Baldwin, Carliss Y., and Kim B. Clark. Design Rules: The Power of Modularity. Vol. 1. Cambridge, Mass.: MIT Press, 2000.

Published Papers

Baldwin, Carliss Y. "Where Do Transactions Come From? Modularity, Transactions, and the Boundaries of Firms." Industrial and Corporate Change 17, no. 1 (February 2008): 155-195. Abstract

This article constructs a theory of the location of transactions and the boundaries of firms in a productive system. It proposes that systems of production can be viewed as networks, in which tasks-cum-agents are the nodes and transfers—of material, energy and information—between tasks and agents are the links. Transactions are defined as mutually agreed-upon transfers with compensation and are located within the task network. Placing a transaction in a particular location in turn requires work to define, count (or measure), and pay for the transacted objects. The costs of this work (labeled mundane transaction costs) are generally low at the thin crossing points of the task network, which correspond to module boundaries. Therefore, transactions are more likely to be located at module boundaries than in their interiors. Several implications arise from this theory. Among these: Modularizations create new module boundaries, hence new transaction locations. Areas in the task network where transfers are dense and complex should be located in transaction-free zones, so that the cost of transacting does not overburden the system. The thin crossing points between transaction-free zones constitute breakpoints, where firms and industries may split apart.
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Baldwin, Carliss Y., Christoph Hienerth, and Eric von Hippel. "How User Innovations Become Commercial Products: A Theoretical Investigation and a Case Study." Research Policy 35, no. 9 (December 2006).

MacCormack, Alan, John Rusnak, and Carliss Y. Baldwin. "Exploring the Structure of Complex Software Designs: An Empirical Study of Open Source and Proprietary Code." Management Science 52, no. 7 (July 2006).

Baldwin, Carliss Y., and Kim B. Clark. "The Architecture of Participation: Does Code Architecture Mitigate Free Riding in the Open Source Development Model?" Management Science 52, no. 7 (July 2006).

Baldwin, C. Y., and K. B. Clark. "Managing in an Age of Modularity." Harvard Business Review 75, no. 5 (September-October 1997): 84-93.

Clark, K. B., and C. Y. Baldwin. "Capital Budgeting Systems and Capabilities Investments in U.S. Companies after World War II." Business History Review 68, no. 1 (spring 1994): 73-109. (Winner of the Newcomen Award for Best Paper Published in the Business History Review in 1994.)

Baldwin, C. Y., and K. B. Clark. "Capabilities and Capital Investment: New Perspectives on Capital Budgeting." Journal of Applied Corporate Finance 5, no. 2 (summer 1992): 67-82.

Baldwin, Carliss Y., and Sugato Bhattacharyya. "Choosing the Method of Sale: A Clinical Study of Conrail." Journal of Financial Economics (November 1991).

Baldwin, Carliss Y. "How Capital Budgeting Deters Innovation - And What To Do About It." Research Technology Management (November-December 1991).

Baldwin, Carliss Y. "Strategic Capital Budgeting: A Financial Approach to Investing for the Long Run." Cuadernos Economicos de ICE 42, no. 2 (1989).

Baldwin, Carliss Y. "The Capital Factor: Competing for Capital in a Global Environment." Midland Corporate Finance Journal 5, no. 1 (spring 1987).

Baldwin, Carliss Y., and R. S. Ruback. "Inflation, Uncertainty and Investment." Journal of Finance 41, no. 3 (July 1986): 657-668.

Baldwin, Carliss Y., J. J. Tribendis, and J. P. Clark. "The Evolution of Market Risk in the U.S. Steel Industry and Implications for Required Rates of Return." Journal of Industrial Economics 32, no. 5 (September 1984).

Baldwin, Carliss Y., and Christine E. Bishop. "Return to Nursing Home Investment: Issues for Public Policy." Health Care Financing Review 5, no. 4 (1984).

Baldwin, Carliss Y., Donald R. Lessard, and Scott P. Mason. "Budgetary Time Bombs: Controlling Government Loan Guarantees." Canadian Public Policy 9, no. 3 (September 1983).

Baldwin, Carliss Y., and Scott P. Mason. "The Resolution of Claims in Financial Distress - The Case of Massey Ferguson." Journal of Finance 38, no. 3 (May 1983).

Baldwin, Carliss Y. "Productivity and Labor Unions: An Application of the Theory of Self-Enforcing Contracts." Journal of Business 56, no. 2 (April 1983).

Baldwin, Carliss Y. "Optimal Sequential Investment When Capital is Not Readily Reversible." Journal of Finance 37, no. 3 (June 1982).

Baldwin, Carliss Y., and Richard F. Meyer. "Liquidity Preference under Uncertainty." Journal of Financial Economics 7, no. 4 (December 1979).

Baldwin, Carliss Y. "Timing of Mandated Investments -- A Framework for Decision-Making." MIT Sloan Management Review 20, no. 3 (spring 1979).

Book Chapters

Baldwin, Carliss Y. and Kim B. Clark. "Modularity in the Design of Complex Engineering Systems." In Complex Engineered Systems: Science Meets Technology, edited by Ali Minai, Dan Braha and Yaneer Bar Yam. New England Complex Systems Institute Series on Complexity. N.Y.: Springer-Verlag, 2006.

Baldwin, Carliss Y. and Kim B. Clark. "Between 'Knowledge' and 'the Economy': Notes on the Scientific Study of Designs." In Advancing Knowledge and the Knowledge Economy, edited by B. Kahin and D. Foray. Cambridge, Mass.: MIT Press, 2006.

Baldwin, Carliss Y. and Kim B. Clark. Preface to Design Rules: The Power of Modularity. Vol. 1, by Baldwin, Carliss Y. and Kim B. Clark. Cambridge, Mass.: MIT Press, 2006, Chinese Mandarin ed. (Full text of Preface, Chinese ed.)

Baldwin, Carliss Y. and Kim B. Clark. Preface to Design Rules: The Power of Modularity. Vol. 1, by Baldwin, Carliss Y. and Kim B. Clark. Tokyo: RIETI, 2004, Japanese ed.

Baldwin, Carliss Y., and Kim B. Clark. "The Value and Cost of Modularity." In Modularity, edited by Masahiko Aoki. Tokyo, Japan: RIETI, 2002.

Baldwin, C. Y., and Kim B. Clark. Comment on "Commentary on Managing in an Age of Modularity." Managing in the Modular Age: Architectures, Networks, and Organizations, edited by Raghu Garud, Arun Kumaraswamy and Richard Langlois. Blackwell Publishers, 2002.

Baker, George P., Michael C. Jensen, Carliss Y. Baldwin, and Karen H. Wruck. "Organizations and Markets at Harvard Business School, 1984-1996." In The Intellectual Venture Capitalist: John H. McArthur and the Work of the Harvard Business School, 1980-1995, edited by T. K. McCraw and J. L. Cruikshank. Boston: Harvard Business School Press, 1999.

Baldwin, C. Y., and K. B. Clark. "Sun Wars: Competition within a Modular Cluster." In Competing in the Age of Digital Convergence, edited by D. B. Yoffie. Boston: Harvard Business School Press, 1997.

Baldwin, C. Y., and B. C. Esty. "Lessons from the Thrift Crisis." Chapter 2 of Financial Services: Perspectives and Challenges, edited by Samuel L. Hayes III, 35-64. Boston, Mass.: Harvard Business School Press, 1993.

Baldwin, Carliss Y., and Scott P. Mason. "Evaluation of Government Financial Incentives to Large Scale Energy Projects: A Contingent Claims Approach." In Advances in Futures and Options Research. 3 vols., edited by F. Fabozzi. JAI Press, Inc., 1988.

Baldwin, Carliss Y. "The Capital Factor: Competing for Capital in a Global Environment." In Competition in Global Industries, edited by M. E. Porter. Boston, Mass.: Harvard Business School Press, 1986.

Other Papers

Baldwin, Carliss Y., and Eric von Hippel. "User, and Open Collaborative Innovation: Ascendent Economic Models." Harvard Business School Working Paper, No. 10-038, November 2009. Abstract

In this paper we assess the economic viability of innovation by producers relative to two increasingly important alternative models: innovations by single user individuals or firms, and open collaborative innovation projects. We analyze the design costs and architectures and communication costs associated with each model.  We conclude that innovation by individual users and also open collaborative innovation increasingly compete with - and may displace -producer innovation in many parts of the economy. We argue that a transition from producer innovation to open single user and open collaborative innovation is desirable in terms of social welfare, and so worthy of support by policymakers. 


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Luo, Jianxi, Daniel E. Whitney, Carliss Y. Baldwin, and Christopher L. Magee. "Measuring and Understanding Hierarchy as an Architectural Element in Industry Sectors." Harvard Business School Working Paper, No. 09-144, June 2009. Abstract

Hierarchy is a generic structure in which levels are asymmetrically ordered. In an industry setting, classic supply chains display strict hierarchy, whereas clusters of firms have linkages going in many different directions. Previous theory has often assumed the existence of the hierarchical relationships among firms and empirical work has focused on a single level of an industry or bilateral relationships. However, quantitative evidence on the deep hierarchy in large industrial sectors is lacking. In this paper, we develop metrics and methods to define and measure the degree of hierarchy in transactional relationships among firms, and apply the methods to two large industrial sectors in Japan: automotive and electronics. We compiled the networks of firms connected by transactional relationships. Our empirical analysis shows that the automotive sector exhibits a higher degree of hierarchy than the electronics sector. We further analyze the differences in hierarchy using a simulation model based on transaction breadth and transaction specificity. The empirical measurement and model analysis together indicate that it is the low transaction specificity that drives down the degree of hierarchy in the electronics sector. Differences in transaction patterns in turn may result from the differences in the power level of underlying technologies, which affect product specificity and asset specificity. Thus, the degree of hierarchy in an industry sector may be traced back to fundamental properties of the underlying technologies.


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Henkel, Joachim, and Carliss Y. Baldwin. "Modularity for Value Appropriation: Drawing the Boundaries of Intellectual Property." Harvard Business School Working Paper, No. 09-097, February 2009. Abstract

Existing theory of modularity explains how modular designs create value. We extend this theory to address value appropriation. A product or process design that is modular with respect to intellectual property (IP) allows firms to better capture value in situations where knowledge and value creation are distributed across many actors. We use case studies to develop an inductive theory of "IP modularity," from which we derive testable propositions and managerial implications.


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Purao, Sandeep, Carliss Y. Baldwin, Alan Hevner, Veda C. Storey, Jan Pries-Heje, Brian Smith, and Ying Zhu. "The Sciences of Design: Observations on an Emerging Field." Harvard Business School Working Paper, No. 09-056, October 2008. Abstract

The boundaries and contours of design sciences continue to undergo definition and refinement. In many ways, the sciences of design defy disciplinary characterization. They demand multiple epistemologies, theoretical orientations (e.g. construction, analysis or intervention) and value considerations. As our understanding of this emerging field of study grows, we become aware that the sciences of design require a systemic perspective that spans disciplinary boundaries. The Doctoral Consortium at the Design Science Research Conference in Information Sciences and Technology (DESRIST) was an important milepost in their evolution. It provided a forum where students and leading researchers in the design sciences challenged one another to tackle topics and concerns that are similar across different disciplines. This paper reports on the consortium outcomes and insights from mentors who took part in it. We develop a set of observations to guide the evolution of the sciences of design. It is our intent that the observations will be beneficial, not only for IS researchers, but also for colleagues in allied disciplines who are already contributing to shaping the sciences of design.


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Baldwin, Carliss Y., and C. Jason Woodard. "The Architecture of Platforms: A Unified View." Harvard Business School Working Paper, No. 09-034, September 2008. Abstract

The central role of "platform" products and services in mediating the activities of disaggregated "clusters" or "ecosystems" of firms has been widely recognized. But platforms and the systems in which they are embedded are very diverse. In particular, platforms may exist within firms as product lines, across firms as multi-product systems, and in the form of multi-sided markets. In this paper we argue that there is a fundamental unity in the architecture of platforms. Platform architectures are modularizations of complex systems in which certain components (the platform itself) remain stable, while others (the complements) are encouraged to vary in crosssection or over time. Among the most stable elements in a platform architecture are the modular interfaces that mediate between the platform and its complements. These interfaces are even more stable than the interior core of the platform, thus control over the interfaces amounts to control over the platform and its evolution. We describe three ways of representing platform architectures: network graphs, design structure matrices and layer maps. We conclude by addressing a number of fundamental strategic questions suggested by a unified view of platforms.


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MacCormack, Alan D., John Rusnak, and Carliss Y. Baldwin. "Exploring the Duality between Product and Organizational Architectures: A Test of the Mirroring Hypothesis." Harvard Business School Working Paper, No. 08-039, March 2008. (Revised October 2008.) Abstract

    A variety of academic work argues a relationship exists between the structure of a development organization and the design of the products that this organization produces.   Specifically, products are often said to "mirror" the architectures of the organizations from which they come.  This dynamic occurs because an organization's problem solving routines and normal patterns of communication tend to constrain the space of designs within which it searches for new solutions.  Such a link, if confirmed empirically, would be important, given that product architecture has been shown to be an important predictor of product performance, product variety, process flexibility and industry evolution.

    We explore this relationship in the software industry by use of a technique called Design Structure Matrices (DSMs), which allows us to visualize the architectures of different software products and to calculate metrics to compare their levels of modularity.  Our research takes advantage of a natural experiment in this industry, where products exist that fulfill the same function, but that have been developed using very different organizational modes - specifically, open source versus closed source development.  We use DSMs to analyze a sample of matched-pair products - products that perform the same function but that have been developed via these contrasting modes of organization.

    Our results reveal significant differences in modularity, consistent with a view that larger, more distributed teams tend to develop products with more modular architectures.  Furthermore, the differences between systems are substantial - the pairs we examine vary by a factor of eight, in terms of the potential for a design change to propagate to other system components.  We conclude by highlighting some implications of this result for both innovating managers, as well as researchers in the field.  We also assess how future work in this area might proceed, based upon these first steps in measuring "design."

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Baldwin, Carliss Y., and C. Jason Woodard. "Competition in Modular Clusters." Harvard Business School Working Paper, No. 08-042, December 2007. Abstract

The last twenty years have witnessed the rise of disaggregated “clusters,” “networks,” or “ecosystems” of firms. In these clusters the activities of R&D, product design, production, distribution, and system integration may be split up among hundreds or even thousands of firms. Different firms will design and produce the different components of a complex artifact (like the processor, peripherals, and software of a computer system), and different firms will specialize in different stages of a complex production process. This paper considers the pricing behavior and profitability of these so-called modular clusters. In particular, we investigate a possibility hinted at in prior work: that for composite goods, a vertical pricing externality operating across complements can offset horizontal competition between substitutes. In this paper, we isolate the offsetting price effects and show how they operate in large (as well as small) clusters. We argue that it is possible in principle for a modular cluster of firms to mimic the pricing behavior and profitability of a vertically integrated monopoly. We then use our model to compare open and closed standards regimes, to understand how commoditization affects a cluster, to determine the relative profits of platform firms and firms that depend on the platform, and to assess the impact of horizontal and vertical mergers. Our model highlights a collective action problem: what is good for an individual firm is often not good for the cluster. We speculate that this conflict may be a source of strategic tension in platform firms.


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MacCormack, Alan, John Rusnak, and Carliss Y. Baldwin. "The Impact of Component Modularity on Design Evolution: Evidence from the Software Industry." Harvard Business School Working Paper, No. 08-038, December 2007. Abstract

Much academic work asserts a relationship between the design of a complex system and the manner in which this system evolves over time.  In particular, designs which are modular in nature are argued to be more "evolvable," in that these designs facilitate making future adaptations, the nature of which do not have to be specified in advance.  In essence, modularity creates "option value" with respect to new and improved designs, which is particularly important when a system must meet uncertain future demands.

Despite the conceptual appeal of this research, empirical work exploring the relationship between modularity and evolution has had limited success.  Three major challenges persist: first, it is difficult to measure modularity in a robust and repeatable fashion; second, modularity is a property of individual components, not systems as a whole, hence we must examine these dynamics at the microstructure level; and third, evolution is a temporal phenomenon, in that the conditions at time t affect the nature of the design at time t+1, hence exploring this phenomenon requires longitudinal data.

In this paper, we tackle these challenges by analyzing the evolution of a successful commercial software product over its entire lifetime, comprising six major "releases."  In particular, we develop measures of modularity at the component level, and use these to predict patterns of evolution between successive versions of the design.  We find that modularity has a strong and unambiguous impact on design evolution.  Specifically, we show that i) tightly-coupled components are "harder to kill," in that they have a greater likelihood of survival in subsequent versions of a design; ii) tightly-coupled components are "harder to maintain," in that they experience more surprise changes to their dependency relationships that are not associated with new functionality; and iii) tightly-coupled components are "harder to augment," in that the mix of new components added in each version is significantly more modular than the legacy design.


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Lenfle, Sylvain, and Carliss Y. Baldwin. "From Manufacturing to Design: An Essay on the Work of Kim B. Clark." Harvard Business School Working Paper, No. 07-057, 2007.

Baldwin, Carliss Y., and Kim B. Clark. "Architectural Innovation and Dynamic Competition: The Smaller "Footprint" Strategy." Harvard Business School Working Paper, No. 07-014, 2006.

MacCormack, Alan, Carliss Y. Baldwin, and John Rusnak. "A Dependency Matrix Tool to Analyze Software Architecture." Working Paper, No. 06-047, 2006.

Baldwin, Carliss Y., and Kim B. Clark. "The Architecture of Cooperation: Does Code Architecture Mitigate Free Riding in the Open Source Development Model?" Harvard Business School Working Paper, No. 03-209, 2003.

Baldwin, Carliss Y., and Kim Clark. "Institutional Forms, Part 1: The Technology of Design and Its Problems." Harvard Business School Working Paper, No. 02-076, 2002.

Baldwin, Carliss Y., and Kim Clark. "The Fundamental Theorem of Design Economics." Harvard Business School Working Paper, No. 02-077, 2002.

Baldwin, Carliss Y., and Kim Clark. "Modularity after the Crash." Harvard Business School Working Paper, No. 01-075, 2001.

Baldwin, C. Y., and K. B. Clark. "Modularity and Real Options." Harvard Business School Working Paper, No. 93-026.

Presentations

Baldwin, Carliss Y. "A Design-Centric View of the Economy (and the Financial Crisis)." Paper presented at the Foundations in Software Engineering (FSE-16), Atlanta, GA, November 2008.

Baldwin, Carliss Y. "A Design-Centric View of the Economy (and the Financial Crisis)." Paper presented at the Collaborative Innovation and Design Capabilities International Workshop, Ecole des Mines, Paris, October 2008.

Baldwin, Carliss Y. "A Design-Centric View of the Economy (and the Financial Crisis)." Paper presented at the INFORMS Annual Meeting, Washington, DC, October 2008.

Baldwin, Carliss Y. "Where Will Open Development Communities Prevail?" Paper presented at the HBS-MIT User and Open Innovation Workshop, Boston, MA, August 2008.

Baldwin, Carliss Y. "A Design-Centric View of the Economy." Paper presented at the International Schumpeter Society Conference, Rio de Janeiro, July 2008.

Baldwin, Carliss Y. "Economics of Collaborative User Innovation." Paper presented at the Conference on Open and Proprietary Innovation Regimes, DIME/DRUID, June 2008.

Baldwin, Carliss Y. "Self-Organization in Open Source Development: Discussion." Conference on Open and Proprietary Innovation Regimes Series, Copenhagen, Denmark, June 2008.

Baldwin, Carliss Y. "The Architecture of Platforms." Paper presented at the Platforms, Markets and Innovation Conference, Imperial College, London, UK, June 2008.

Baldwin, Carliss Y. "A Design-Centric View of the Economy." Paper presented at the Innovation Exchange Conference, Washington University, St. Louis, May 2008.

Baldwin, Carliss Y. "John Virgil Lintner." Paper presented at the HBS Centennial History Colloquium, Boston, MA, April 2008.

Baldwin, Carliss Y. "Architectural Strategy and Open/Distributed Innovation." Paper presented at the DRUID/Scansor Conference on Distributed Innovation, Stanford, CA, March 2008.

Baldwin, Carliss Y. "Where Do Transactions Come From? Modularity, Transactions and the Boundaries of Firms." Paper presented at the MIT Organizational Economics Seminar, Cambridge, MA, February 2008.

Baldwin, Carliss Y. "Design Theory and Methods." Paper presented at the Miniconference with L'Ecole des Mines, Boston, MA, October 2007.

Baldwin, Carliss Y. "Modularity, Transactions, and the Boundaries of Firms: A Synthesis." Paper presented at the Ross School of Business Strategy Seminar, University of Michigan, Ann Arbor, MI, September 2007.

Baldwin, Carliss Y., Michael Jacobides, and Reza Dizaji. "From the Structure of the Value Chain to the Strategic Dynamics of Industry Sectors." Paper presented at the Academy of Management Symposium, Philadelphia, PA, August 2007.

Baldwin, Carliss Y. "Frameworks for Thinking about Modularity, Industry Architecture, and Evolution." Paper presented at the Sloan Industry Studies Conference, Cambridge, MA, April 2007.

Baldwin, Carliss Y. "Architecture, Innovation and Industry Structure." Paper presented at the Washington University, Strategy Seminar Series, St. Louis, MO, April 2007.

Baldwin, Carliss Y. "Steps toward a Science of Design." Conference on the Science of Design Series, National Science Foundation, Alexandria, VA, March 2007.

Baldwin, Carliss Y. "Making Money from Design Architecture." Product Design and Development Series, MIT ESD, Cambridge, MA, January 2007.

Baldwin, Carliss Y., and Eric von Hippel. "How User Innovations become Commercial Products." Paper presented at the HBS Technology and Operations Management Seminar, Boston, MA, January 2007.

HBS Course Materials

Baldwin, Carliss Y., and James Quinn. "Auction for Burger King, The (A)." Harvard Business School Case 906-012.

Baldwin, Carliss Y., and James Quinn. "Auction for Burger King, The (B)." Harvard Business School Supplement 906-013.

Baldwin, Carliss Y., Li Jin, Guhan Subramanian, and Nithyasri Sharma. "Background Information for the Framedia-Focus Media Negotiation." Harvard Business School Note 909-044.

Baldwin, Carliss Y., Michael C. Jensen, and Karen Wruck. "Case of the Colored Post-It Notes." Harvard Business School Case 897-069.

Baldwin, Carliss Y., and Rita J. Seymour. "Comdisco, Inc." Harvard Business School Case 285-109.

Baldwin, Carliss Y., and Barbara Feinberg. "Compaq Computer Corporation: The DEC Acquisition." Harvard Business School Case 800-199.

Baldwin, Carliss Y., and David Lane. "Compaq's Struggle." Harvard Business School Case 903-021.

Baldwin, Carliss Y. "Consolidated Rail Corporation (Conrail)." Harvard Business School Case 287-002.

Baldwin, Carliss Y. "Eastern Electric Apparatus Repair Co. (B)." Harvard Business School Supplement 287-024.

Baldwin, Carliss Y., and Harry Gruner. "Eastern Electric Apparatus Repair Company (A)." Harvard Business School Case 287-023.

Baldwin, Carliss Y., and Christopher R Gordon. "ESL Golf (A)." Harvard Business School Case 801-429.

Baldwin, Carliss Y., and Christopher R Gordon. "ESL Golf (B)." Harvard Business School Case 801-430.

Baldwin, Carliss Y., and Christopher R Gordon. "ESL Golf Model Overview and Navigation Instructions." Harvard Business School Supplement 801-457.

Baldwin, Carliss Y. "Evaluating M&A Deals-Announcement Effects, Risk Arbitrage and Event Risk." Harvard Business School Note 208-103.

Baldwin, Carliss Y. "Evaluating M&A Deals-Equity Consideration." Harvard Business School Module Note 208-077.

Baldwin, Carliss Y. "Evaluating M&A Deals: Accretion vs. Dilution of Earnings-per-share." Harvard Business School Note 208-059.

Baldwin, Carliss Y. "Evaluating M&A Deals: Floors, Caps, and Collars." Harvard Business School Note 209-138.

Baldwin, Carliss Y. "Evaluating M&A Deals: How Poison Pills Work." Harvard Business School Note 208-061.

Baldwin, Carliss Y. "Evaluating M&A Deals: Introduction to the Deal NPV." Harvard Business School Module Note 208-060.

Baldwin, Carliss Y., and Barbara Feinberg. "Finnigan Corporation." Harvard Business School Case 902-045.

Baldwin, Carliss Y. "Four Deals." Harvard Business School Case 905-058.

Jin, Li, Carliss Y. Baldwin, Li Liao, Huabing Li, and Jielun Zhu. "Framedia (A) Abridged." Harvard Business School Case 208-048.

Baldwin, Carliss Y., Li Jin, Guhan Subramanian, and Nithyasri Sharma. "Framedia: Confidential Instructions for Jiang Nanchun." Harvard Business School Exercise 909-046.

Baldwin, Carliss Y., Li Jin, Guhan Subramanian, and Nithyasri Sharma. "Framedia: Confidential Instructions for Tan Zhi." Harvard Business School Exercise 909-045.

Baldwin, Carliss Y. "Fundamental Enterprise Valuation: Advantage Horizon." Harvard Business School Note 801-128.

Baldwin, Carliss Y. "Fundamental Enterprise Valuation: Cash Flows and Present Value Patterns." Harvard Business School Note 902-043.

Baldwin, Carliss Y. "Fundamental Enterprise Valuation: Free Cash Flow." Harvard Business School Note 801-126.

Baldwin, Carliss Y. "Fundamental Enterprise Valuation: Invested Capital." Harvard Business School Note 801-122.

Baldwin, Carliss Y. "Fundamental Enterprise Valuation: Return on Invested Capital (ROIC)." Harvard Business School Note 801-125.

Baldwin, Carliss Y. "Fundamental Enterprise Valuation: Short- and Long-Term Growth Rates and the Growth Horizon." Harvard Business School Note 801-127.

Baldwin, Carliss Y. "Fundamental Enterprise Valuation: Capital Expenditures (CAPEX)." Harvard Business School Note 801-123.

Baldwin, Carliss Y. "Fundamental Enterprise Valuation: Earnings." Harvard Business School Note 801-124.

Baldwin, Carliss Y. "Fundamental Enterprise Valuation: Introduction." Harvard Business School Note 801-121.

Baldwin, Carliss Y., Siobhan O'Mahony, and James Quinn. "IBM and Linux (A)." Harvard Business School Case 903-083.

O'Mahony, Siobhan, and Carliss Y. Baldwin. "IBM and Linux (A) (TN)." Harvard Business School Teaching Note 906-016.

Baldwin, Carliss Y., Constance E. Bagley, and James Quinn. "M & A Legal Context: Basic Framework for Corporate Governance." Harvard Business School Note 803-200.

Baldwin, Carliss Y., Constance E. Bagley, and James Quinn. "M&A Legal Context: Hostile Takeovers." Harvard Business School Note 904-005.

Baldwin, Carliss Y., Constance E. Bagley, and James Quinn. "M&A Legal Context: Standards Related to the Sale or Purchase of a Company." Harvard Business School Note 904-004.

Baldwin, Carliss Y., and Scott P. Mason. "Massey-Ferguson Ltd.--1980." Harvard Business School Case 282-043.

Baldwin, Carliss Y., and Scott P. Mason. "Massey-Ferguson--1981." Harvard Business School Case 282-044.

Baldwin, Carliss Y., and Ryan Taliaferro. "Mellon Financial and The Bank of New York." Harvard Business School Case 208-129.

Baldwin, Carliss Y., Charles Bryan, and Ken Leet. "Mike Finkelstein (B)." Harvard Business School Case 287-021.

Baldwin, Carliss Y., and Jeremy Swinson. "New Wachovia (A), The." Harvard Business School Case 903-033.

Baldwin, Carliss Y., and Jeremy Swinson. "New Wachovia (B), The." Harvard Business School Case 903-034.

Baldwin, Carliss Y., and James Quinn. "Northrop versus TRW." Harvard Business School Case 903-115.

Baldwin, Carliss Y., and Leonid P Sudakov. "PepsiCo's Bid for Quaker Oats (A)." Harvard Business School Case 801-458.

Baldwin, Carliss Y., and Leonid Soudakov. "PepsiCo's Bid for Quaker Oats (B)." Harvard Business School Supplement 209-078.

Baldwin, Carliss Y. "PepsiCo's Bid for Quaker Oats (C)." Harvard Business School Supplement 209-070.

Baldwin, Carliss Y. "PepsiCo's Bid for Quaker Oats (D)." Harvard Business School Supplement 209-071.

Baldwin, Carliss Y. "Sun Microsystems, Inc.--1987 (A)." Harvard Business School Case 290-051.

Baldwin, Carliss Y. "Sun Microsystems, Inc.--1987 (A), (B), and (C) TN." Harvard Business School Teaching Note 294-017.

Baldwin, Carliss Y. "Sun Microsystems, Inc.--1987 (B)." Harvard Business School Supplement 290-052.

Baldwin, Carliss Y. "Sun Microsystems, Inc.--1987 (C)." Harvard Business School Supplement 290-053.

Baldwin, Carliss Y. "Technical Note on Consideration: Floors, Caps, and Collars." Harvard Business School Note 902-056.

Baldwin, Carliss Y. "Technical Note on Expectations." Harvard Business School Note 902-055.

Baldwin, Carliss Y. "Technical Note on LBO Valuation (A): LBO Structure and the Target IRR Method of Valuation." Harvard Business School Note 902-004.

Baldwin, Carliss Y. "Technical Note on LBO Valuation (B): The Equity Cash Flow Method of Valuation using CAPM." Harvard Business School Note 902-005.

Baldwin, Carliss Y. "Thermo Electron Corp." Harvard Business School Case 292-104.

Baldwin, Carliss Y., and Joanne C. Chng. "Thermo Electron Corporation (A): The Spinout Strategy." Harvard Business School Case 897-067.

Baldwin, Carliss Y., and Joanne C. Chng. "Thermo Instrument Systems, Inc.: The Turnaround Factory." Harvard Business School Case 897-068.

Baldwin, Carliss Y. "Trading the Right to Pollute: Developing the Market for Pollution Allowances." Harvard Business School Note 292-120.

Baldwin, Carliss Y. "Walt Disney Company's Sleeping Beauty Bonds." Harvard Business School Exercise 294-034.

Baldwin, Carliss Y. "Walt Disney Company's Sleeping Beauty Bonds - Duration Analysis - courseware." Harvard Business School Spreadsheet Supplement 208-725.

Baldwin, Carliss Y. "Walt Disney Company's Sleeping Beauty Bonds - Duration Analysis - courseware for instructors." Harvard Business School Spreadsheet Supplement 208-726.

Baldwin, Carliss Y. "Walt Disney Company's Sleeping Beauty Bonds--Duration Analysis." Harvard Business School Exercise 294-038.