Publications

05 Mar 2007
Research & Ideas

Risky Business? Protecting Foreign Investments

proving to be inefficient and were drains on the public treasury. Business would do well to support improvements in the system that purports to protect their investments... View Details

Keywords: by Sean Silverthorne; Energy; Utilities

December 2008 (Revised October 2010)
Case

Paul Capital Partners: Secondary Limited Partnership Investing

By: David S. Scharfstein

This case examines the proposed purchase by Paul Capital Partners of a limited partnership (LP) interest in a private equity fund. Paul Capital has a fund dedicated to buying these "secondary" LP interests. The case is intended as a vehicle for discussing the secondary... View Details

Keywords: Capital; Investment; Private Equity; Valuation; Partners and Partnerships; Interests; Markets; Debates; Financial Services Industry

Teaching Interest

Overview

By: John F. Batter

As as Senior Lecturer I teach the EC course Law, Management and Entrepreneurship (cross-listed in the General Management and Entrepreneurial Management Units) in both the Fall and Spring semesters. While I have retired from my public and private company litigation... View Details

Keywords: Fiduciary Duty; Securities; Private Equity; Entrepreneurship; Mergers; Law

February 2018 (Revised June 2019)
Case

Jaguar Capital S.A.S., Take the Money and Run?

By: Nori Gerardo Lietz and Sayiddah Fatima McCree

In January 2014, Tomas Uribe and Rodrigo Sanchez-Rios of Jaguar Capital S.A.S. (Jaguar or Jaguar Capital), were considering an offer from White Stone, the world’s largest private equity real estate investor. Jaguar Capital needed capital to fund its investment thesis,... View Details

Keywords: Real Estate; Investing; Private Equity Financing; Deal Structuring; Emerging Market; Emerging Economies; Emerging Market Finance; International Entrepreneurship; Finance; Entrepreneurship; Agreements and Arrangements; Emerging Markets; Real Estate Industry; Retail Industry; Financial Services Industry; Colombia; Latin America; United States

December 2017 (Revised November 2018)
Case

Tesla Motors (B): Merging with SolarCity

By: Stuart C. Gilson and Sarah L. Abbott

In 2016, electric car manufacturer Tesla announced that it was making an offer to acquire solar panel manufacturer SolarCity in an all-stock offer worth $2.6 billion in Tesla stock. Tesla’s co-founder and CEO, Elon Musk, believed that the merger would generate... View Details

Keywords: M＆A; M＆A Valuation; Investing; Equities; Equity; Valuation; Mergers and Acquisitions; Auto Industry; Energy Industry; United States

04 Apr 2018
Op-Ed

Op-Ed: Why Private Investors Must Fund 'New Nuclear' Power Right Now

Drbouz In June 2016, I gave a TED Talk called We Need Nuclear Power to Solve Climate Change. The talk discussed the world’s realistic options for reducing fossil CO2 emissions soon enough to contain climate change’s more severe effects. To my surprise, that talk has... View Details

Keywords: by Joseph Lassiter; Energy; Green Technology

March 2014 (Revised October 2014)
Teaching Note

ISS A/S: The Buyout

By: Lucy White and Carsten Bienz

Provides the opportunity to value a leveraged buyout; and to examine the nature and extent of a company's responsibilities to its bondholders. Here, the context is a "going private" transaction in Europe, where the financing plan called for the addition to the... View Details

Keywords: LBO; Private Equity; Contracts; Global Business; International Business; Finance; Ethics; Law; Service Industry; Europe

February 2014 (Revised October 2014)
Case

ISS A/S: The Buyout

By: Clayton Rose, Carsten Bienz and Lucy White

Provides the opportunity to value a leveraged buy-out; and to examine the nature and extent of a company's responsibilities to its bondholders. Here, the context is a "going private" transaction in Europe, where the financing plan called for the addition to the... View Details

Keywords: LBO; Private Equity; Contracts; Global Business; International Business; Finance; Ethics; Law; Service Industry; Europe

13 Dec 2022
Research & Ideas

The Color of Private Equity: Quantifying the Bias Black Investors Face

minorities to majority populations, particularly historically disadvantaged minorities, there's also income gaps, but the wealth gap is just really huge.” What’s more, minority-owned private equity funds... View Details

Keywords: by Pamela Reynolds; Financial Services

15 Nov 2018
Book

Can the Global Food Industry Overcome Public Distrust?

levels a blistering attack on food companies that put profit ahead of public good. “You really have discouraged me in trying to find a glimmer of hope for the future,” Goldberg laments to Nestle at one... View Details

Keywords: by Sean Silverthorne; Agriculture & Agribusiness

Forthcoming
Article

Half the Firms, Double the Profits: Public Firms' Transformation, 1996–2022

By: Mark J. Roe and Charles C.Y. Wang

The number of public firms in the United States has halved since the beginning of the twenty-first century, causing consternation among corporate and securities law regulators. The dominant explanations, often advanced by Securities and Exchange commissioners when... View Details

Keywords: Corporate Law; Securities Regulation; Sarbanes-Oxley Act; Concentration Levels; Antitrust; Initial Public Offering; Public Ownership; Private Equity; Venture Capital; Mergers and Acquisitions; Monopoly; United States

SSRN

2011
Working Paper

Leviathan as a Minority Shareholder: A Study of Equity Purchases by the Brazilian National Development Bank (BNDES), 1995-2003

By: Sergio G. Lazzarini and Aldo Musacchio

There is a growing literature comparing the performance of private vs. state-owned companies. Yet, there is little work examining the effects of having the government as a minority shareholder of private companies. We conduct such a study using data for 296 publicly... View Details

Keywords: Investment; Ownership Stake; State Ownership; Private Ownership; Performance Evaluation; Business and Government Relations; Business and Shareholder Relations; Banking Industry; Brazil

Read Now

10 Jul 2000
Research & Ideas

Privatization and the New European Economy

competitiveness." In addition, he commented, an increased need for capital and scarcity of public resources have influenced the phenomenon. Brand noted that worldwide, 60 percent of View Details

Keywords: by James E. Aisner; Air Transportation; Transportation

10 Sep 2010
Working Paper Summaries

The Impact of Corporate Social Responsibility on Investment Recommendations

Keywords: by Ioannis Ioannou & George Serafeim; Financial Services

March 2013 (Revised March 2014)
Case

Brazos Partners and the Tri-Northern Exit

By: Matthew Rhodes-Kropf and Nathaniel Burbank

Randall Fojtasek, a partner at the Dallas-based Brazos Private Equity Partners, must decide whether now is the time to sell his firm's investment in Tri-Northern Distribution. Brazos, a middle-market leveraged buyout group, created the company two years earlier through... View Details

Keywords: Private Equity Exit; LBO; Leveraged Buyout Transaction; Texas; Security; Brazos; Tri-Northern; Tri-Ed; Northern Video; Private Equity; Partners and Partnerships; Distribution; Leveraged Buyouts; Decision Choices and Conditions; Investment Funds; Financial Services Industry; Distribution Industry; Texas

22 Apr 2024
Research & Ideas

When Does Impact Investing Make the Biggest Impact?

have funded anyway. Impact investors funded 6,066 firms in 8,125 rounds, representing about 2 percent of all venture capital and growth equity rounds, the authors show. Of the more than 8,000 deals, 60... View Details

Keywords: by Rachel Layne

October 2012 (Revised September 2015)
Case

Altoona State Investment Board: July 2012

By: Josh Lerner and Nathaniel Burbank

Considers the decision faced by state pension fund manager Rod Calhoun as he decides whether to invest $200 million in Bain Capital's eleventh global buyout fund: Bain Capital Fund XI. For the fund, Bain was offering its limited partners a choice between three... View Details

Keywords: Management Fees; Bain Capital; Venture Capital; Private Equity; Leveraged Buyouts; Banking Industry; Boston