Publications

01 Dec 2016
News

The Power of Many

Every Gift Matters Annual gifts from alumni and friends to the HBS Fund for Leadership and Innovation are vital to the School’s mission to educate leaders who make a difference in the world. HBS puts these gifts to use immediately to... View Details

29 Aug 2018
News

The Value of Valleys

probably the most recent or challenging one was a setback of a fund that I was a partner in, that actually lost a number of key partners and hit a key man risk issue where the... View Details

October 1996 (Revised April 2011)
Module Note

Venture Capital and Private Equity: Module I

By: Josh Lerner, G. Felda Hardymon and Ann Leamon

Provides an overview of a module that focuses on how private equity funds are raised and structured. View Details

Keywords: Venture Capital; Private Equity; Investment Funds

19 Jan 2011
Research & Ideas

Activist Board Members Increase Firm’s Market Value

returns for different firms on October 4, the day the SEC announced the delay. In particular, they compared the return for companies where investors known for being activists held large stakes. ("Activist investors" is used here to refer to View Details

Keywords: by Carmen Nobel

May 2014
Article

How to Outsmart Activist Investors

By: Bill George and Jay W. Lorsch

We offer opinions on how management and corporate boards of directors can best manage investor relations with activist stockholders such as hedge funds who are demanding major changes within a corporation to improve stockholder return. Beverage industry firm PepsiCo is... View Details

Keywords: Investment Activism

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March 2010 (Revised June 2010)
Case

Whose Money Is It Anyway? (A)

By: V.G. Narayanan, Richard G. Hamermesh and Rachel Gordon

The Brigham and Women's Physician's Organization (BWPO) and its corporate parent disagree over who has jurisdiction over significant legacy funds. Are they controlled by the BWPO or do they belong to BWPO's corporate parent? The BWPO and its corporate parent must... View Details

Keywords: Accounting; Investment Funds; Governance Controls; Agreements and Arrangements; Boundaries; Health Industry

November 2000
Case

University Technology Ventures: October 2000

By: Josh Lerner

The founders of University Technology Ventures, a fund of funds designed for university professors, face numerous challenges in raising their first fund. The role, economics, and structure of funds-of-funds are examined in the course of examining the partners' dilemma. View Details

Keywords: Private Equity; Problems and Challenges; Partners and Partnerships; Financial Services Industry

27 Apr 2021
Research & Ideas

IPO or M&A? How Venture Capital Shapes a Startup's Future

Entrepreneurs rarely consider who will ultimately own their startups—and what that means for founders—when they court venture capitalists. New research suggests they should. A startup funded by VCs who tend to work with the same group... View Details

Keywords: by Rachel Layne

25 Jun 2020
Blog Post

Harvard Business School Class of 2021 Student Profiles

University of Aeronautics and Astronautics PREVIOUS EXPERIENCE SDIC Fund Management Co., ZhenFund, Fiat Chrysler Automobiles US LLC, Cummins Inc., Robert Bosch LLC HBS ACTIVITIES Co-president,... View Details

01 Dec 2017
News

In Service of Others

Armed Services can add to—and gain from—the HBS experience. To encourage more veterans to apply to HBS, he recently funded an MBA pilot program that waives the application fee for anyone who has served in the US military. “Our military... View Details

01 Jun 2008
News

The Prophet of Start-Ups

year to take a job on Wall Street, but he became, arguably, the most influential and popular professor at the School. HBS ARCHIVES PHOTOGRAPHS COLLECTION ARD’s beginnings were modest — its first venture fund was a mere $3.4 million. A few... View Details

Keywords: Spencer E. Ante; George Doriot; Charles F. Kettering; Lawrence Lowell; F. Warren Hellman; Finance; Securities, Commodities, and Other Financial Investments; Finance

03 May 2010
Research & Ideas

What Is the Future of MBA Education?

brings new reports of hedge fund closings and the scaling back of private equity investments. Not surprisingly, the enormously high compensation... View Details

Keywords: by Martha Lagace; Education

25 Mar 2016
Video

David Frankel, Managing Partner, Founder Collective

18 Oct 2013
Working Paper Summaries

Monetary Policy Drivers of Bond and Equity Risks

Keywords: by John Y. Campbell, Carolin E. Pflueger & Luis M. Viceira

January 2016 (Revised November 2019)
Case

Blackstone at Age 30

By: Josh Lerner, John D. Dionne and Amram Migdal

Since its IPO in 2007 and following the global financial crisis, Blackstone largely outpaced its alternative investment firm peers in assets under management, new business launches, profitability, and market capitalization. Under the leadership of Stephen A.... View Details

Keywords: Business Growth and Maturation; Asset Management; Private Equity; Financial Services Industry; New York (city, NY)

April 2023
Article

The Subjective Expected Utility Approach and a Framework for Defining Project Risk in Terms of Novelty and Feasibility—A Response to Franzoni and Stephan (2023), ‘Uncertainty and Risk-Taking in Science’

By: Jacqueline N. Lane

In their Discussion Paper, Franzoni and Stephan (F&S, 2023) discuss the shortcomings of existing peer review models in shaping the funding of risky science. Their discussion offers a conceptual framework for incorporating risk into peer review models of research... View Details

Keywords: Risk and Uncertainty; Research; Resource Allocation; Perception

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30 Nov 2021
In Practice

What's the Role of Business in Confronting Climate Change?

The 26th annual United Nations Climate Change Conference of the Parties, also known as COP26, ended with a hard-fought pact that called on businesses and governments to meet their climate change goals faster. The event followed an August report by the Intergovernmental... View Details

Keywords: by Lynn Schenk and Dina Gerdeman

01 Dec 2015
News

Golden State of Mind

comment is spoken in an offhand way, but that ability to understand how a business will scale has been a key factor in some of DFJ’s enormous multiple returns. Today, DFJ spans affiliate networks in more than 30 cities around the world... View Details

Keywords: Julia Hanna

2024
Working Paper

Who Clears the Market When Passive Investors Trade?

By: Marco Sammon and John J. Shim

We find that firms are the primary sellers of shares when index funds are net buyers, providing shares at a nearly one-for-one rate. Rather than provide liquidity, most demand-side institutions trade in the same direction as index funds, especially over long horizons.... View Details

Keywords: Investment Funds; Institutional Investing; Price; Investment Portfolio; Financial Institutions; Financial Instruments