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(2,586)
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- January 2008
- Article
Venture Capital Investment Cycles: The Impact of Public Markets
It is well documented that the venture capital industry is highly volatile and that much of this volatility is associated with shifting valuations and activity in public equity markets. This paper examines how changes in public market signals affected venture capital... View Details
Keywords: Market Cycles; Venture Capital; Investment; Experience and Expertise; Public Equity; Volatility; Financial Services Industry
Gompers, Paul, Anna Kovner, Josh Lerner, and David Scharfstein. "Venture Capital Investment Cycles: The Impact of Public Markets." Journal of Financial Economics 87, no. 1 (January 2008): 1–23. (Earlier versions distributed as National Bureau of Economic Research Working Paper No. 11385.)
- January 2010 (Revised March 2010)
- Compilation
Firm Strategy Vignettes
By: Josh Lerner, G. Felda Hardymon and Ann Leamon
These three vignettes present various issues around the strategy and management of a private equity firm. In one, a senior partner must decide how to manage an over-extended colleague and how to reduce the risk of the firm's portfolio; in the second, a limited partner... View Details
Keywords: Outcome or Result; Business Strategy; Problems and Challenges; Private Equity; Venture Capital; Investment Portfolio; Partners and Partnerships
Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Firm Strategy Vignettes." Harvard Business School Compilation 810-087, January 2010. (Revised March 2010.)
- October 2019
- Supplement
Hidrovias do Brasil: Navigating Unchartered Waters: Video Supplement
By: Boris Groysberg and Sarah L. Abbott
Since its founding eight years earlier, Hidrovias do Brasil (“Hidrovias”), an integrated logistics provider serving corporate customers exporting products from South America via the Atlantic Ocean, had grown to 900 employees and $253 million in annual revenues.... View Details
Keywords: Human Resources; Entrepreneurship; Growth Management; Finance; Leadership; Operations; Problems and Challenges; Human Capital; Growth and Development; Private Equity; Shipping Industry; Brazil
Groysberg, Boris, and Sarah L. Abbott. "Hidrovias do Brasil: Navigating Unchartered Waters: Video Supplement." Harvard Business School Multimedia/Video Supplement 420-710, October 2019.
- March 2006 (Revised December 2013)
- Case
Hexcel Turnaround — 2001 (A)
By: Paul W. Marshall, James Quinn and Reed Martin
Hexcel's new CEO is faced with deciding how to "take out" $60 million in cash costs in fiscal 2002, as two of the company's end markets—electronics and commercial aerospace—are expected to decline precipitously. Options include closing plants, exiting a business, or... View Details
Keywords: Private Equity; Negotiation; Management Teams; Organizational Change and Adaptation; Strategy; Change Management; Crisis Management; Borrowing and Debt; Aerospace Industry; Electronics Industry; United States
Marshall, Paul W., James Quinn, and Reed Martin. "Hexcel Turnaround — 2001 (A)." Harvard Business School Case 806-099, March 2006. (Revised December 2013.)
- January 2012 (Revised June 2013)
- Case
Pioneers in Colombia
By: Nicolas P. Retsinas and Lisa Strope
In 2011, Equity International made a $75 million equity investment in Bogota-based real estate company, Terranum Development and became the first institutional real estate investor in Colombia. View Details
Keywords: International Investment; Real Estate; International Finance; Private Equity; Emerging Markets; Investment; Developing Countries and Economies; Real Estate Industry; Colombia
Retsinas, Nicolas P., and Lisa Strope. "Pioneers in Colombia." Harvard Business School Case 212-050, January 2012. (Revised June 2013.)
- June 2022 (Revised November 2023)
- Case
Individual FoodService, Kelso, and Ken Sweder
By: Jo Tango and Alys Ferragamo
When and how much risk to take? In October 2020, Ken Sweder, CEO of Individual FoodService (“IFS”), contemplated this question as he evaluated a proposal to acquire Brady Industries, a distributor of janitorial and sanitation products. Sweder and his private equity... View Details
Keywords: COVID-19 Pandemic; Risk Management; Mergers and Acquisitions; Value Creation; Business Divisions
Tango, Jo, and Alys Ferragamo. "Individual FoodService, Kelso, and Ken Sweder." Harvard Business School Case 822-144, June 2022. (Revised November 2023.)
- 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).
- 28 Jun 2012
- Working Paper Summaries
Leviathan in Business: Varieties of State Capitalism and their Implications for Economic Performance
Keywords: by Aldo Musacchio & Sergio G. Lazzarini
- August 2009 (Revised August 2010)
- Supplement
Eddie Bauer (B)
By: Paul M. Healy, Sharon P. Katz and Aldo Sesia
In February 2007, shareholders of Eddie Bauer, the specialty apparel retailer, were scheduled to vote on management's proposed sale of the company to two private equity firms. More than 50% of outstanding shares in Eddie Bauer needed to be voted in favor of the deal... View Details
Keywords: Financial Statements; Mergers and Acquisitions; Governing and Advisory Boards; Privatization; Valuation; Apparel and Accessories Industry; Retail Industry; United States
Healy, Paul M., Sharon P. Katz, and Aldo Sesia. "Eddie Bauer (B)." Harvard Business School Supplement 110-009, August 2009. (Revised August 2010.)
- April 2001 (Revised March 2002)
- Case
Seagate Technology Buyout
By: Gregor M. Andrade, Stuart C. Gilson and Todd C. Pulvino
In March 2000, a group of private investors and senior managers were negotiating a deal to acquire the disk drive operations of Seagate Technology. The motivating factor for the buyout was the apparently anomalous market value of Seagate's equity: Seagate's equity... View Details
Andrade, Gregor M., Stuart C. Gilson, and Todd C. Pulvino. "Seagate Technology Buyout." Harvard Business School Case 201-063, April 2001. (Revised March 2002.)
- April 2002
- Article
Limited Arbitrage in Mergers and Acquisitions
By: Malcolm Baker and Serkan Savasoglu
A diversified portfolio of risk arbitrage positions produces an abnormal return of 0.6-0.9% per month over the period from 1981 to 1996. We trace these profits to practical limits on risk arbitrage. In our model of risk arbitrage, arbitrageurs' risk-bearing capacity... View Details
Keywords: Arbitrage; Market Efficiency; Mergers and Acquisitions; Profit; Risk and Uncertainty; Corporate Strategy; Capital; Banking Industry
Baker, Malcolm, and Serkan Savasoglu. "Limited Arbitrage in Mergers and Acquisitions." Journal of Financial Economics 64, no. 1 (April 2002): 91–116.
- July 2024
- Supplement
Pacific Lake Partners (A)
By: Richard S. Ruback and Royce Yudkoff
Pre-Abstract: Instructors should consider the timing of making videos available to students, as they may reveal key case details.
Abstract: In 2009, Coley Andrews and Jim Southern endeavored to raise a private equity fund for investment solely in search... View Details
Abstract: In 2009, Coley Andrews and Jim Southern endeavored to raise a private equity fund for investment solely in search... View Details
Keywords: Search Fund; Entrepreneurship Through Acquisition; Entrepreneurship; Private Equity; Investment; North America
Ruback, Richard S., and Royce Yudkoff. "Pacific Lake Partners (A)." Harvard Business School Multimedia/Video Supplement 224-715, July 2024.
- December 2010
- Compilation
VCPE Strategy Vignettes I
By: Josh Lerner, G. Felda Hardymon, Matthew Rhodes-Kropf, Ann Leamon and Lisa Strope
These three vignettes present various issues around the strategy and management of venture capital and private equity firms. In one, the general partners must decide whether to invest in an intriguing opportunity that lies outside the firm's carefully developed... View Details
Keywords: Venture Capital; Private Equity; Financial Strategy; Projects; Decision Choices and Conditions; Partners and Partnerships; Opportunities; Investment Portfolio; Business or Company Management; China
Lerner, Josh, G. Felda Hardymon, Matthew Rhodes-Kropf, Ann Leamon, and Lisa Strope. "VCPE Strategy Vignettes I." Harvard Business School Compilation 811-043, December 2010.
- March 2020
- Article
Voluntary, Self-Regulatory, and Mandatory Disclosure of Oil and Gas Company Payments to Foreign Governments
By: Paul M. Healy and George Serafeim
Concerns about high rates of government corruption in resource-rich countries have led transparency advocates to urge oil and gas firms to disclose payments to host governments for natural resources. Transparency, they argue, can increase government accountability and... View Details
Keywords: Oil ＆ Gas; Corruption; Transparency; Self-regulation; Industry Self-regulation; Regulation; Disclosure; Disclosure Regulation; Energy Sources; Crime and Corruption; Corporate Disclosure; Governing Rules, Regulations, and Reforms; Energy Industry
Healy, Paul M., and George Serafeim. "Voluntary, Self-Regulatory, and Mandatory Disclosure of Oil and Gas Company Payments to Foreign Governments." Accounting Horizons 34, no. 1 (March 2020): 111–129.
- January 2009 (Revised May 2010)
- Case
Altoona State Investment Board: December 2008
By: Josh Lerner
Rod Calhoun, the head of the Altoona State Investment Board's private equity investment program, considered the communication he had just received. It was from Permira, the leading European buyout fund, and concerned its fourth fund, to which Altoona had made a £ 100... View Details
Keywords: Private Equity; Financial Management; Financial Strategy; Investment Funds; Partners and Partnerships
Lerner, Josh. "Altoona State Investment Board: December 2008." Harvard Business School Case 809-095, January 2009. (Revised May 2010.)
- July 2007 (Revised March 2008)
- Case
ABRY Fund V
By: Nabil N. El-Hage, Richard S. Ruback and Leslie Pierson
In January 2006, Andrew Banks and Royce Yudkoff were considering raising a 5th fund for their media-focused private equity firm, ABRY Partners. ABRY had a strong track record that the co-founders attributed to their group's deep knowledge of the media industry and... View Details
Keywords: Cooperative Ownership; Venture Capital; Customer Relationship Management; Asset Management; Private Equity; Judgments; Competitive Strategy; Media; Corporate Finance; Media and Broadcasting Industry; Financial Services Industry
El-Hage, Nabil N., Richard S. Ruback, and Leslie Pierson. "ABRY Fund V." Harvard Business School Case 208-027, July 2007. (Revised March 2008.)
- Article
Real Estate Opportunity Funds
By: Nori Gerardo Lietz, Thea C. Hahn and David Geltner
Real estate opportunity funds are one of the fastest-growing segments of the real estate investment industry, similar in some basic respects to other private equity and alternative investment asset classes that seek high returns by taking on more risk in highly... View Details
Keywords: Real Estate; Opportunity Funds; Investment Management; Property; Investment Funds; Management; Performance Consistency
Lietz, Nori Gerardo, Thea C. Hahn, and David Geltner. "Real Estate Opportunity Funds." Journal of Portfolio Management 31, no. 5 (2005): 143–153. (Special Real Estate Issue 2005.)
- November 2014
- Case
Ardian—The Sale of Diana
By: Paul A. Gompers and Michael Roberts
The case focuses on a European private equity firm—Ardian—and the process it uses to sell one of its portfolio companies, and the decisions around that sale. Key issues include the choice of an auction or acceptance of a pre-emptive bid, and the role of the portfolio... View Details
Gompers, Paul A., and Michael Roberts. "Ardian—The Sale of Diana." Harvard Business School Case 215-033, November 2014.
- February 2010
- Case
Corporate Strategy at Berkshire Partners
By: Julie M. Wulf and Scott Waggoner
The managing directors of Berkshire Partners, a mid-sized private equity firm, address strategic and organizational challenges in response to turbulent market conditions, rapid firm growth, and the transition of leadership from its founding partners to the next... View Details
Keywords: Private Equity; Management Teams; Organizational Change and Adaptation; Organizational Design; Organizational Structure; Competitive Advantage; Corporate Strategy; Financial Services Industry; Boston
Wulf, Julie M., and Scott Waggoner. "Corporate Strategy at Berkshire Partners." Harvard Business School Case 710-414, February 2010.
- November 1998 (Revised April 1999)
- Case
Wireless Telecom Negotiation
By: Jay O. Light
A venture capital/private equity fund is preparing to negotiate with the two parties in a prospective PCS joint venture: the entrepreneur and AT&T Wireless. The negotiation will decide how equity and control are shared in the venture. View Details
Keywords: Joint Ventures; Entrepreneurship; Venture Capital; Private Equity; Governance Controls; Negotiation Deal; Wireless Technology; Telecommunications Industry
Light, Jay O. "Wireless Telecom Negotiation." Harvard Business School Case 299-029, November 1998. (Revised April 1999.)