Publications

April 2000
Case

Francisco Partners

By: Josh Lerner and David L. Gallo

Francisco Partners (which focuses on buyouts of high-technology firms) aims to be the largest first-time fund ever raised. The rationales for the fund, fundraising strategy, and partnership terms and conditions are among the topics explored. View Details

Keywords: Private Equity; Leveraged Buyouts; Venture Capital; Financial Strategy; Partners and Partnerships; Strategy; Investment Funds; Financial Services Industry

March 2000 (Revised April 2000)
Case

Martin Smith: May 2000

By: G. Felda Hardymon and Josh Lerner

A new associate at a venture capital firm must choose which of three potential investments to recommend to the firm's partners. Each potential investment has strengths and drawbacks. View Details

Keywords: Venture Capital; Investment; Valuation

February 2000
Article

Money Chasing Deals?: The Impact of Fund Inflows on the Valuation of Private Equity Investments

By: Paul Gompers and Josh Lerner

Keywords: Money; Valuation; Finance; Investment

winter 2000
Article

Assessing the Impact of Venture Capital to Innovation

By: Samuel Kortum and Josh Lerner

We examine the influence of venture capital on patented inventions in the United States across twenty industries over three decades. We address concerns about causality in several ways, including exploiting a 1979 policy shift that spurred venture capital fundraising.... View Details

Keywords: Venture Capital; Innovation and Invention

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December 1999 (Revised November 2001)
Background Note

Note on Private Equity Securities, A

By: G. Felda Hardymon and Josh Lerner

Provides an overview of the primary securities used in private equity, their structures, and the economic motivation behind their designs. View Details

Keywords: Design; Private Equity; Debt Securities; Industry Structures; Motivation and Incentives

1999
Other Unpublished Work

Capital Formation and Investment in Venture Markets: Implications for the Advanced Technology Program

By: Paul Gompers and Josh Lerner

1999
Chapter

'Public Venture Capital': Rationales and Evaluation

Keywords: Venture Capital; Public Sector; Sovereign Finance

October 1999 (Revised July 2007)
Background Note

A Note on the Initial Public Offering Process

Provides an overview of the going public process. View Details

Keywords: Initial Public Offering; Going Public

October 1999
Case

Fojtasek Companies and Heritage Partners, The: October 1998

Provides an update. View Details

1999
Chapter

Venture Capital and the Commercialization of Academic Technology: Symbiosis and Paradox

Keywords: Venture Capital; Commercialization; Information Technology; Education; Education Industry; Technology Industry

July 1999
Article

The Government as Venture Capitalist: The Long-Run Effects of the SBIR Program

Keywords: Government and Politics; Venture Capital; Programs; Local Range; United States

June 1999
Case

Investitori Associati: Exiting the Savio LBO (B)

Supplements the (A) case. View Details

Keywords: Leveraged Buyouts; Investment

June 1999 (Revised March 2001)
Case

New Business Investment Company: October 1997

By: Josh Lerner, Lee Branstetter and Takeshi Nakabayashi

A quasi-government organization seeks to stimulate entrepreneurship in Japan by making venture capital investments. The organization of the fund, identification of transactions, and oversight of portfolio firms pose considerable challenges. View Details

Keywords: Venture Capital; Entrepreneurship; Government and Politics; Problems and Challenges; Financial Services Industry; Japan

April 1999
Article

Conflict of Interest in the Issuance of Public Securities: Evidence from Venture Capital

By: Paul Gompers and Josh Lerner

Keywords: Conflict of Interests; Financial Instruments; Venture Capital

March 1999
Article

Discussion of "Engineering Bureaucracy: The Genesis of Formal Policies, Positions, and Structures in High-Technology Firms" by James N. Baron, M. Diane Burton, and Michael T. Hannan

Keywords: Information Technology; Organizational Structure; Engineering; Technology Industry