Publications
Publications
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(3,100)
- Faculty Publications (470)
- 2021
- Working Paper
The Dance Between Government and Private Investors: Public Entrepreneurial Finance around the Globe
By: Jessica Bai, Shai Bernstein, Abhishek Dev and Josh Lerner
This paper examines the interaction between governments and private capital investors when financing early-stage ventures. We first provide a simple conceptual framework to explore when collaboration between governments and private investors is likely to emerge. Using... View Details
- April 17, 2021
- Article
Reimagining India's Health System: A Lancet Citizens' Commission
By: Vikram Patel, Kiran Mazumdar-Shaw, Gagandeep Kang, Pamela Das and Tarun Khanna
This commentary announces the launch of the Lancet Citizens’ Commission on Reimagining India’s Health System. The Commission is an ambitious, cross-sectoral effort to develop a citizens’ roadmap to achieving universal health coverage (UHC) in India in the next decade.... View Details
- April 2021
- Case
Glass-Shattering Leaders: Barbara Hackman Franklin
By: Boris Groysberg and Colleen Ammerman
Barbara Hackman Franklin was one of the first women to earn an MBA from Harvard Business School. She went on to break barriers in the private and public sectors, rising to leadership positions in business and government. In the 1970s, she led a successful White House... View Details
- April 2021
- Case
Etsy: Crafting a Turnaround to Save the Business and Its Soul
By: Ranjay Gulati, Luciana Silvestri and Monte Burke
Etsy, the online seller of handmade goods, was founded in 2005 on an almost utopian ideal—a responsible, caring company that offered individual crafters a place to sell their wares, a wholesome alternative to companies that sold mass-manufactured products. The company... View Details
- March 2021 (Revised October 2021)
- Case
Aligning Mission and Margin at Southern Bancorp
By: Rebecca M. Henderson, Brian Trelstad and Eren Kuzucu
In October 2020, after spending almost a decade to turnaround Southern Bancorp, an Arkansan bank founded with the mission to provide financial services to rural, underserved communities, CEO Darrin Williams is wondering how Southern Bancorp should continue to grow.... View Details
- March 2021
- Case
Yale Investments Office: November 2020
By: Josh Lerner, Jo Tango and Alys Ferragamo
David Swensen and the Investments Office staff must decide whether to continue to allocate the bulk of the university's endowment to illiquid investments—hedge funds, private equity, venture capital, real estate, natural resources—given the impact of the COVID-19... View Details
Keywords: University Endowment; Asset Allocation; Real Estate; Equities; Fixed Income; COVID-19; Asset Management; Private Equity; Venture Capital; Natural Resources; Resource Allocation; Investment; Investment Portfolio; Health Pandemics; Financial Crisis; Financial Services Industry; Real Estate Industry; Energy Industry; Connecticut
- March 2021 (Revised August 2021)
- Case
Nayana Mawilmada: Transforming Urban Development in Sri Lanka
By: Joshua D. Margolis and Mahima Rao-Kachroo
In February 2018, Nayana Mawilmada (Nayana), investment head for the Sri Lankan government’s ambitious $40 billion Megapolis project, must weigh an attractive job offer to move from the public sector to the private sector. A massive government project aimed at... View Details
Keywords: Change Management; Transformation; Decision Making; Public Sector; Experience and Expertise; Strategic Planning; Work-Life Balance; Transportation; Risk and Uncertainty; Power and Influence; Personal Development and Career; Real Estate Industry; Rail Industry; Transportation Industry; South Asia; Sri Lanka; Boston; Virginia; United States
- February 2021 (Revised June 2021)
- Case
Barbarians at the Gate or Turnaround Gurus? Private Equity and the Rise of the LBO
By: Tom Nicholas and John Masko
During the 1980s, leveraged buyouts (LBOs) and the private equity (PE) firms responsible for carrying them out revolutionized both investment and management in the U.S. Between 1980 and 1989, buyout activity in the U.S. surged from $1 billion per year to $60 billion.... View Details
Keywords: Leveraged Buyouts; Mergers and Acquisitions; Business Conglomerates; Restructuring; Borrowing and Debt; Private Equity; Bonds; Investment Return; Institutional Investing; Profit Sharing; Business History; Management Style; Private Ownership; Performance Effectiveness; Value Creation; Financial Services Industry; United States
- February 2021 (Revised March 2022)
- Case
TikTok in 2020: Super App or Supernova?
By: Jeffrey F. Rayport, Dan Maher and Dan O'Brien
TikTok’s parent company, ByteDance, was launched in 2012 around a simple idea – helping users entertain themselves on their smartphones while on the Beijing Subway. In less than a decade, it had become one of the world’s most valuable private companies, with investors... View Details
Keywords: Business Model; Business Startups; Business Organization; Change Management; Disruption; Cross-Cultural and Cross-Border Issues; Global Strategy; Health Pandemics; Innovation Strategy; Growth and Development Strategy; Growth Management; Brands and Branding; Marketing Strategy; Marketing Channels; Network Effects; Digital Platforms; Product Design; Product Development; Partners and Partnerships; Opportunities; Social Issues; Mobile and Wireless Technology; Internet and the Web; Value Creation; United States; China
- February 2021
- Article
The Department of Justice as a Gatekeeper in Whistleblower-Initiated Corporate Fraud Enforcement: Drivers and Consequences
By: Jonas Heese, Ranjani Krishnan and Hari Ramasubramanian
We examine drivers and consequences of U.S. Department of Justice (DOJ) oversight of whistleblower cases of corporate fraud against the government. We find that the DOJ is more likely to intervene in and conduct longer investigations of cases that have a higher chance... View Details
- January–February 2021
- Article
Compensation Packages That Actually Drive Performance
By: Boris Groysberg, Sarah Abbott, Michael R. Marino and Metin Aksoy
By aligning executives’ financial incentives with company strategy, a firm can inspire its management to deliver superior results. But it can be hard to get pay packages right. In this article four experts break down the key elements of compensation and explain how to... View Details
- 2020
- Working Paper
An Empirical Guide to Investor-Level Private Equity Data from Preqin
By: Juliane Begenau, Claudia Robles-Garcia, Emil Siriwardane and Lulu Wang
This note provides guidance on the use of investor-level private equity data from Preqin for empirical research. Preqin primarily sources its cash flow data through Freedom of Information Act (FOIA) requests with U.S. public pensions. Our focus is on the components of... View Details
- September 2020
- Case
Blackstone: Crocs Investment
By: Victoria Ivashina, John D. Dionne and Terrence Shu
This case follows Prakash Melwani (HBS MBA '86), CIO of Blackstone's Private Equity Group, and his teams’ investment in the footwear company Crocs. Instead of a traditional secondary offering, Crocs opted for a unique deal structure by taking Blackstone's cash in a... View Details
- September 2, 2020
- Article
How to Pay for Public Option Without Tax Hike
By: Regina E. Herzlinger and Richard Boxer
A bipartisan combination of the two parties’ most popular initiatives can expand health care coverage, significantly reduce costs, and enable freedom of choice, without raising taxes. Along the way, we can revitalize competition between public and private plans. Our... View Details
- August 2020 (Revised July 2021)
- Case
From Farm Boy to Financier: Eiichi Shibusawa and the Creation of Modern Japan
By: Geoffrey Jones, Gabriel Ellsworth and Ryo Takahashi
This case describes the career of Eiichi Shibusawa (1840-1931), a serial entrepreneur who is widely known as the “father of Japanese capitalism” and as a pioneer of socially responsible investment. Born in feudal Edo Japan, following the Meiji Restoration in 1868... View Details
- 2023
- Working Paper
When Should Public Programs Be Privately Administered? Theory and Evidence from the Paycheck Protection Program
By: Alexander Bartik, Zoë B. Cullen, Edward L. Glaeser, Michael Luca, Christopher Stanton and Adi Sunderam
What happens when public resources are allocated by private companies whose objectives may be
imperfectly aligned with policy goals? We study this question in the context of the Paycheck
Protection Program (PPP), which relied on private banks to disburse aid to small... View Details
- June 30, 2020
- Article
Bipartisan Tax-Free Solution to Health Care Financing: Coupling HRAs With a Public Option
By: Regina E. Herzlinger, Richard Boxer and James Wallace
A combination of health insurance initiatives by the presumptive 2020 Democratic and Republican presidential nominees could expand health care coverage and significantly reduce costs, without raising taxes. Along the way, the combination could revitalize private... View Details
- June 2020
- Teaching Note
Generation Investment Management
By: Vikram S. Gandhi and Sarah Mehta
This teaching note provides guidance for teaching the case “Generation Investment Management” (820-033), which looks at the challenges facing a sustainable investment firm. View Details
Keywords: Sustainable Investing; Socially Responsible Investing; Long-term Investing; ESG; Climate Change; Environmental Sustainability; Finance; Equity; Governance; Private Equity; Public Equity; Financial Markets; Investment; Investment Return; Investment Activism; Investment Funds; Investment Portfolio; Institutional Investing; Corporate Social Responsibility and Impact; Financial Services Industry; United Kingdom; England; London
- May 21, 2020
- Editorial
Primary Care Is Hurting: Why Aren't Private Insurers Pitching In?
By: Leemore S. Dafny and J. Michael McWilliams
Primary care clinicians are the front line for patients with suspected infection. We rely on them to diagnose, triage, and manage patients with potential or confirmed COVID infections. They are also responsible for keeping non-COVID medical conditions under control... View Details
- May 2020 (Revised August 2021)
- Case
Playing the Field: Competing Bids for Anadarko Petroleum Corp
On April 8, 2019, Occidental’s CEO Vicki Hollub made a private offer to buy Anadarko Petroleum Corporation for $72 in cash and stock. Anadarko's CEO Al Walker said he would consider the offer, yet three days later, on April 11, he signed a merger agreement with Chevron... View Details