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- All HBS Web
(2,396)
- People (13)
- News (484)
- Research (1,231)
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- 10 Jan 2005
- What Do You Think?
Public Pension Reform: Does Mexico Have the Answer?
government-imposed investment guidelines similar to those in Mexico, whether the money is publicly or privately managed. Several questioned whether the framing of the challenge... View Details
- March 2014 (Revised September 2015)
- Case
ACA and the Union Bank Acquisition
By: Josh Lerner and Nathaniel Burbank
Okey Enelamah is the CEO of the African Capital Alliance (ACA), a private equity firm based in Nigeria. ACA has spent more than a year arranging a $500 million consortium bid to acquire and recapitalize Union Bank, Nigeria's sixth largest bank. Several weeks before the... View Details
Keywords: Nigeria; African Capital Alliance; Africa; Bank Capital; ACA; Union Bank; Development Finance Institutions; Capital Alliance Private Equity; Private Equity; Central Banking; Banking Industry; Financial Services Industry; Nigeria; Africa
Lerner, Josh, and Nathaniel Burbank. "ACA and the Union Bank Acquisition." Harvard Business School Case 814-080, March 2014. (Revised September 2015.)
- 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
Lerner, Josh, and Nathaniel Burbank. "Altoona State Investment Board: July 2012." Harvard Business School Case 813-100, October 2012. (Revised September 2015.)
- November 2014
- Article
Government Green Procurement Spillovers: Evidence from Municipal Building Policies in California
By: Timothy Simcoe and Michael W. Toffel
We study how government green procurement policies influence private-sector demand for similar products. Specifically, we measure the impact of municipal policies requiring governments to construct green buildings on private-sector adoption of the U.S. Green Building... View Details
Keywords: Public Procurement; Green Building; Quality Certification; Environmental Policy; Buildings and Facilities; Environmental Sustainability; Policy; Government and Politics; Green Technology Industry; Public Administration Industry; California
Simcoe, Timothy, and Michael W. Toffel. "Government Green Procurement Spillovers: Evidence from Municipal Building Policies in California." Journal of Environmental Economics and Management 68, no. 3 (November 2014): 411–434. (Lead article.)
- 06 Feb 2006
- What Do You Think?
Should CEOs of Public Companies Offer Earnings Guidance?
practice of providing detailed information about the company's "quarterly standings, stock prices, new acquisitions, etc.," concludes that "anyone who has stock or investments in a View Details
- Article
The Impact of Corporate Social Responsibility on Investment Recommendations
By: Ioannis Ioannou and George Serafeim
Using a large sample of publicly traded U.S. firms over 16 years, we investigate the impact of corporate socially responsible (CSR) strategies on security analysts' recommendations. Socially responsible firms received more favorable recommendations in recent years... View Details
Keywords: Public Ownership; Corporate Social Responsibility and Impact; Strategy; Experience and Expertise; Value Creation; Public Equity; Markets; Investment; Perception; United States
Ioannou, Ioannis, and George Serafeim. "The Impact of Corporate Social Responsibility on Investment Recommendations." Academy of Management Annual Meeting Proceedings (2010).
- Article
The Payoff of Pay-for-Success
By: V. Kasturi Rangan and Lisa Chase
Pay-for-success contracts also known as social impact bonds, have been widely touted as a clever way to fill the funding gap plaguing social programs by attracting a tranche of the trillions of dollars in private return-seeking capital. This article takes an in-depth... View Details
Keywords: Impact Investing; Social Impact Bonds; Public Innovation; Social Enterprise; Investment; Innovation and Invention
Rangan, V. Kasturi, and Lisa Chase. "The Payoff of Pay-for-Success." Stanford Social Innovation Review 13, no. 4 (Fall 2015): 28–36.
- February 2011 (Revised June 2011)
- Case
Hardina Smythe and the Healthcare Investment Conundrum
By: Matthew Rhodes-Kropf, Ann Leamon and Lisa Strope
Hardina Smythe, a recent MBA graduate, has just joined a top-tier venture capital firm in the difficult environment of late 2010. Her first assignment is to evaluate three different deals and make recommendations to the partners. Each potential investment has strengths... View Details
Keywords: Venture Capital; Asset Management; Private Equity; Entrepreneurship; Investment; Health Care and Treatment; Innovation and Invention; Financial Services Industry
Rhodes-Kropf, Matthew, Ann Leamon, and Lisa Strope. "Hardina Smythe and the Healthcare Investment Conundrum." Harvard Business School Case 811-073, February 2011. (Revised June 2011.)
- October 2012 (Revised August 2014)
- Case
The Canada Pension Plan Investment Board: October 2012
By: Josh Lerner, Matthew Rhodes-Kropf and Nathaniel Burbank
The Canada Pension Plan Investment Board (CPPIB) is one of the largest and fastest-growing pools of investment capital in the world and follows an unusually active program of investment management. In October of 2012, Mark Wiseman was just 12 weeks into his role as... View Details
Lerner, Josh, Matthew Rhodes-Kropf, and Nathaniel Burbank. "The Canada Pension Plan Investment Board: October 2012." Harvard Business School Case 813-103, October 2012. (Revised August 2014.)
- September 2017
- Case
Blackstone's Julia Kahr at the Summit
By: Paul A. Gompers, John D. Dionne and Amram Migdal
In 2009, Blackstone, the New York-based alternative asset and financial services firm, committed to invest up to $750 million into Summit Materials, a new company in the aggregates sector (i.e., construction materials, such as crushed stone, sand, gravel, cement,... View Details
Keywords: Roll Up; Private Equity Roll Up; Aggregates; Aggregates Materials; Construction Materials; Business Ventures; Acquisition; Leveraged Buyouts; Business Growth and Maturation; Engineering; Construction; Finance; Capital; Equity; Private Equity; Financial Instruments; Investment; Housing; Management; Goals and Objectives; Growth and Development Strategy; Growth Management; Personal Development and Career; Management Teams; Planning; Problems and Challenges; Value; Valuation; Value Creation; Construction Industry; Financial Services Industry; United States
Gompers, Paul A., John D. Dionne, and Amram Migdal. "Blackstone's Julia Kahr at the Summit." Harvard Business School Case 218-002, September 2017.
- March 2018 (Revised May 2018)
- Case
Celgene
By: Malcolm Baker and Emily McComb
In February 2011, Adam Koppel, a managing director at Brookside Capital, the public equity arm of Bain Capital, must decide whether to increase or exit the firm’s position in Celgene Corporation. News has emerged that raises potential safety concerns associated with... View Details
Keywords: Life Sciences; Biotechnology; Public Market Investing; Celgene; Revlimid; Hedge Fund; Growth Stocks; Valuation; Investment; Decision Choices and Conditions; Analysis; Biotechnology Industry
Baker, Malcolm, and Emily McComb. "Celgene." Harvard Business School Case 218-094, March 2018. (Revised May 2018.)
- March 2007 (Revised September 2019)
- Case
Motilal Oswal Financial Services Ltd.: An IPO in India
By: Felda Hardymon, Joshua Lerner and Ann Leamon
The executives of Motilal Oswal Financial Services, Ltd., one of the largest brokerages in India, are considering an IPO on the Indian markets. The company recently received a small private equity investment from two global private equity firms, which it has not yet... View Details
Keywords: Private Equity; Initial Public Offering; Investment; Emerging Markets; Financial Services Industry; India
Hardymon, Felda, Joshua Lerner, and Ann Leamon. "Motilal Oswal Financial Services Ltd.: An IPO in India." Harvard Business School Case 807-095, March 2007. (Revised September 2019.)
- 02 Jan 2020
- Op-Ed
Medicare for All or Public Option: Can Either Heal Health Care?
its share of the capital that American taxpayers have invested in Medicare’s infrastructure, including its buildings, equipment, and workers. "The public option would... View Details
- 18 Sep 2000
- Research & Ideas
Big Deals: Financing Large-Scale Investments
Disney, and Iridium, and Boston's Central Artery Project (the "Big Dig") in the public sector, are examples of some recent efforts that went bankrupt or had to be restructured. The managerial... View Details
Keywords: by Julia Hanna
- September 2013
- Supplement
The Abraaj Group and the Acibadem Healthcare Investment (B)
By: Paul A. Gompers, Bora Uluduz and Firdevs Abacioglu
This case provides an update on the ultimate outcome of the transaction presented in The Abraaj Group and the Acibadem Healthcare Investment (A). View Details
Gompers, Paul A., Bora Uluduz, and Firdevs Abacioglu. "The Abraaj Group and the Acibadem Healthcare Investment (B)." Harvard Business School Supplement 214-022, September 2013.
- April 2018
- Supplement
Celgene
By: Malcolm Baker and Emily R. McComb
In February 2011, Adam Koppel, a Managing Director at Brookside Capital, the public equity arm of Bain Capital, must decide whether to increase or exit the firm’s position in Celgene Corporation. News has emerged that raises potential safety concerns associated with... View Details
- October 2009
- Article
Influence and Inefficiency in the Internal Capital Market
By: Julie Wulf
I model inefficient resource allocations in M-form organizations due to influence activities by division managers that skew capital budgets in their favor. Corporate headquarters receives two types of signals about investment opportunities: private signals that can be... View Details
Keywords: Capital Markets; Resource Allocation; Business Processes; Capital Budgeting; Business Headquarters; Investment; Opportunities; Cost; Value; Motivation and Incentives; Equity
Wulf, Julie. "Influence and Inefficiency in the Internal Capital Market." Journal of Economic Behavior & Organization 72, no. 1 (October 2009): 305–321.
- Article
Short-Termism and Capital Flows
By: Jesse M. Fried and Charles C.Y. Wang
During 2007–2016, S&P 500 firms distributed to shareholders $7 trillion via buybacks and dividends, over 96% of their aggregate net income, prompting claims that "short-termism" is impairing firms' ability to invest and innovate. We show that, when taking into account... View Details
Keywords: Short-termism; Quarterly Capitalism; Share Buybacks; Open Market Repurchases; Dividends; Equity Issuances; Seasoned Equity Offerings; Equity Compensastion; Acquisitions; Payout Policy; Capital Flows; Capital Distribution; Working Capital; Business and Shareholder Relations; Acquisition
Fried, Jesse M., and Charles C.Y. Wang. "Short-Termism and Capital Flows." Review of Corporate Finance Studies 8, no. 1 (March 2019): 207–233.
- 08 Sep 2003
- Research & Ideas
A Bold Proposal for Investment Reform
able to attract high quality professionals who subscribe to its public-service mission. Our idea is that a similar organization—which we call Investors Union—could be set up to help provide equity investors information on the quality and... View Details
- April 2011 (Revised April 2012)
- Case
Angels in British Columbia
By: Josh Lerner, Thomas Hellmann and Ilkin Ilyaszade
The case study provides an overview of the angel investment practices and describes government policies towards angel and venture capital investing in British Columbia, Canada. It focuses in particular on the Equity Capital Program (BCECP henceforth), which provides... View Details
Keywords: Venture Capital; Private Equity; Investment; Policy; Taxation; Performance Improvement; Programs; British Columbia
Lerner, Josh, Thomas Hellmann, and Ilkin Ilyaszade. "Angels in British Columbia." Harvard Business School Case 811-100, April 2011. (Revised April 2012.)