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All HBS Web
(935)
- People (1)
- News (257)
- Research (580)
- Events (1)
- Multimedia (11)
- Faculty Publications (463)
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- July 2023
- Article
Takahashi-Alexander Revisited: Modeling Private Equity Portfolio Outcomes Using Historical Simulations
By: Dawson Beutler, Alex Billias, Sam Holt, Josh Lerner and TzuHwan Seet
In 2001, Dean Takahashi and Seth Alexander of the Yale University Investments Office developed a deterministic model for estimating future cash flows and valuations for the Yale endowment’s private equity portfolio. Their model, which is simple and intuitive, is still...
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Beutler, Dawson, Alex Billias, Sam Holt, Josh Lerner, and TzuHwan Seet. "Takahashi-Alexander Revisited: Modeling Private Equity Portfolio Outcomes Using Historical Simulations." Journal of Portfolio Management 49, no. 7 (July 2023): 144–158.
- 2024
- Working Paper
Appropriate Entrepreneurship? The Rise of China and the Developing World
By: Josh Lerner, Junxi Liu, Jacob Moscona and David Yang
Global innovation and entrepreneurship has traditionally been dominated by a handful
of high-income countries, especially the US. This paper investigates the international
consequences of the rise of a new hub for innovation, focusing on the dramatic
growth of...
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Lerner, Josh, Junxi Liu, Jacob Moscona, and David Yang. "Appropriate Entrepreneurship? The Rise of China and the Developing World." Harvard Business School Working Paper, No. 24-061, March 2024.
- 2016
- Working Paper
Pay Now or Pay Later? The Economics within the Private Equity Partnership
By: Victoria Ivashina and Josh Lerner
The economics of partnerships have been of enduring interest to economists, but many issues regarding intergenerational conflicts and their impact on the continuity of these organizations remain unclear. We examine 717 private equity partnerships and show that (a) the...
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Keywords:
Partnerships;
Leveraged Buyout;
Venture Capital;
Private Equity;
Partners and Partnerships;
Leveraged Buyouts
Ivashina, Victoria, and Josh Lerner. "Pay Now or Pay Later? The Economics within the Private Equity Partnership." Harvard Business School Working Paper, No. 16-119, March 2016.
- 20 Mar 2012
- First Look
First Look: March 20
economic actors. Capitalist competition takes place in markets that exist in legal and regulatory frameworks and are governed by a political authority with the power and legitimacy to empower as well as regulate behavior and punish...
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Keywords:
Sean Silverthorne
- July 2022
- Case
Yinglan Tan: Scaling a Venture Capital Firm in Southeast Asia
By: Josh Lerner and Richard Zhu
Yinglan Tan considered the future of his young Singapore-based venture capital firm. On the one hand, the intuition that was behind the initial creation of Insignia in 2017 had been proven correct. The venture capital market in Southeast Asia had grown rapidly, driven...
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Keywords:
E-commerce;
Scalability;
Globalized Markets and Industries;
Venture Capital;
International Finance;
Growth and Development;
Expansion
Lerner, Josh, and Richard Zhu. "Yinglan Tan: Scaling a Venture Capital Firm in Southeast Asia." Harvard Business School Case 823-025, July 2022.
- August 2022
- Case
In-Q-Tel: Innovation On A Mission
By: Joshua Lev Krieger and Josh Lerner
In 2022, the leaders of In-Q-Tel (IQT) considered what was next for the unique mission-driven organization. Since 1999, IQT had one mission: to be the most sophisticated source of strategic technical knowledge and capabilities to the U.S. government and its allies. IQT...
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Keywords:
Mission and Purpose;
National Security;
Technological Innovation;
Research;
Geopolitical Units;
Risk Management;
Recruitment;
Growth and Development Strategy;
Venture Capital;
Knowledge Management;
Information Industry;
Banking Industry
Krieger, Joshua Lev, and Josh Lerner. "In-Q-Tel: Innovation On A Mission." Harvard Business School Case 823-031, August 2022.
- June 2021
- Case
The Canada Pension Plan Investment Board (CPP Investments): April 2021
By: Josh Lerner, Reza Satchu and Alys Ferragamo
The Canada Pension Plan Investment Board (CPPIB) is one of the largest pools of investment capital in the world and follows a rigorous “Total Portfolio Framework” in its approach to investment management. In April of 2021, John Graham was just two months into his role...
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Keywords:
Pension Funds;
Investment Strategy;
Capital Markets;
Financial Strategy;
Investment;
Asset Management;
Financial Institutions;
Private Equity;
Growth and Development Strategy;
Investment Portfolio;
Assets;
Financial Markets;
Financial Services Industry;
Canada
Lerner, Josh, Reza Satchu, and Alys Ferragamo. "The Canada Pension Plan Investment Board (CPP Investments): April 2021." Harvard Business School Case 821-125, June 2021.
- December 2016
- Simulation
Venture Capital and Private Equity Game
By: Matthew Rhodes-Kropf, Josh Lerner, G. Felda Hardymon and Nathaniel Burbank
The Venture Capital and Private Equity Simulation enables groups of students to play the role of either an early or later stage private equity firm. Within the simulation, students raise funds, search for companies to invest in, complete deals, and manage a portfolio...
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- May 2001
- Article
The Open Source Movement: Key Research Questions
By: Josh Lerner and Jean Tirole
The paper analyzes the incentives of individual programmers and of commercial companies to participate in open source projects. While these incentives are in our opinion well accounted for by the economic paradigm, much empirical and theoretical work is still needed to...
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Lerner, Josh, and Jean Tirole. "The Open Source Movement: Key Research Questions." Special Issue on Papers and Proceedings of the 15th Congress of the European Economic Association European Economic Review 45, nos. 4-6 (May 2001): 819–826.
- October 1992 (Revised November 1997)
- Case
ImmuLogic Pharmaceutical Corporation (A): March 1991
By: Josh Lerner
ImmuLogic Pharmaceutical Corp., a development-stage biotechnology company, is considering making an initial offering of common stock. The diverse perspectives of the entrepreneur, venture capitalist, investment banker, and institutional investor are explored. Problems...
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Keywords:
Decisions;
Entrepreneurship;
Venture Capital;
Banks and Banking;
Initial Public Offering;
Going Public;
Perspective;
Valuation;
Biotechnology Industry;
Pharmaceutical Industry
Lerner, Josh. "ImmuLogic Pharmaceutical Corporation (A): March 1991." Harvard Business School Case 293-066, October 1992. (Revised November 1997.)
- January 1995
- Background Note
A Note on Distribution of Venture Investments
By: Josh Lerner
Venture capitalists typically exit investments by distributing shares to investors. These transfers pose challenges for these investors. Predictions and evidence about the behavior of stock prices of firms around the time of these distributions are presented.
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Lerner, Josh. "A Note on Distribution of Venture Investments." Harvard Business School Background Note 295-095, January 1995.
- February 2006 (Revised January 2007)
- Case
ABRY Partners, LLC: WideOpenWest
By: Josh Lerner and Smart Darren
ABRY, a Boston-based private equity group, is considering whether to terminate its investment in WideOpenWest or to try to salvage the transaction by acquiring a division of telecommunications unit Ameritech.
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Keywords:
Private Equity;
Investment Portfolio;
Problems and Challenges;
Financial Services Industry;
Media and Broadcasting Industry;
Boston
Lerner, Josh, and Smart Darren. "ABRY Partners, LLC: WideOpenWest." Harvard Business School Case 806-116, February 2006. (Revised January 2007.)
- 2009
- Working Paper
Private Equity and Industry Performance
By: Josh Lerner
The growth of the private equity industry has spurred concerns about its potential impact on the economy more generally. This analysis looks across nations and industries to assess the impact of private equity on industry performance. Industries where PE funds have...
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Keywords:
Private Equity;
Investment;
Common Law;
Industry Growth;
Performance Productivity;
Europe;
United Kingdom;
United States
Lerner, Josh. "Private Equity and Industry Performance." Harvard Business School Working Paper, No. 10-045, December 2009. (NBER Working Paper Series, No. 14861, April 2009.)
- May 2009
- Article
The Empirical Impact of Intellectual Property Rights on Innovation: Puzzles and Clues
By: Josh Lerner
Economists have long seen the patent system as a crucial lever through which policymakers affect the speed and nature of innovation in the economy. It is not surprising, then, that the profound changes which have roiled the global patent system over the past 20 years...
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Keywords:
Economy;
Policy;
Innovation and Invention;
Intellectual Property;
Rights;
Business and Government Relations
Lerner, Josh. "The Empirical Impact of Intellectual Property Rights on Innovation: Puzzles and Clues." American Economic Review: Papers and Proceedings 99, no. 2 (May 2009): 343–348. (Earlier version distributed as National Bureau of Economic Research Working Paper No. 8977.)
- January 1995 (Revised November 1995)
- Case
Candela Laser vs. Cynosure, Inc.
By: Josh Lerner and Benjamin Conway
Summarizes the lawsuit by Candela Laser against its former CEO and founder, who has begun a competing firm. The extent of patent and trade secret protection are crucial issues.
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Lerner, Josh, and Benjamin Conway. "Candela Laser vs. Cynosure, Inc." Harvard Business School Case 295-097, January 1995. (Revised November 1995.)
- 27 Apr 2021
- Research & Ideas
New Research: Surviving Bankruptcy, Useful Economics, and Retirement
Cash Out Josh Lerner and James Mason “In November 2020, the co-founders of DigiPlex study the future growth trajectory of their Nordic data center venture. A critical question was on the agenda: was now...
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- December 1992 (Revised September 1996)
- Case
ImmuLogic Pharmaceutical Corporation (Abridged)
By: Josh Lerner
ImmuLogic Pharmaceutical Corp., a development-stage biotechnology company, is considering making an initial offering of common stock. The rationales for and problems of high-technology start-ups are explored. The challenges posed by "windows" for public offerings are...
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Keywords:
Decisions;
Initial Public Offering;
Entrepreneurship;
Going Public;
Business Startups;
Biotechnology Industry;
Pharmaceutical Industry;
United States
Lerner, Josh. "ImmuLogic Pharmaceutical Corporation (Abridged)." Harvard Business School Case 293-087, December 1992. (Revised September 1996.)
- January 1994 (Revised April 2011)
- Background Note
Note on Private Equity Partnership Agreements
By: Josh Lerner
Venture capital by necessity is a long-run investment. Consequently, since the mid-1960s virtually all venture financing has been raised through private partnerships with a ten-year or longer life span. To govern these investments, complex contracts have sprung up...
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Keywords:
Venture Capital;
Financing and Loans;
Investment;
Governance;
Contracts;
Partners and Partnerships
Lerner, Josh. "Note on Private Equity Partnership Agreements." Harvard Business School Background Note 294-084, January 1994. (Revised April 2011.)
- March 2013
- Article
Bridging the Gap? Government Subsidized Lending and Access to Capital
By: Josh Lerner and Kristle Romero-Cortes
The consequences of providing public funds to financial institutions remain controversial. We examine the Community Development Financial Institution (CDFI) Fund's impact on credit union activity, using hitherto little studied U.S. Treasury data. The CDFI Fund grants...
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Keywords:
Financing and Loans;
Credit;
Government and Politics;
Financial Institutions;
United States
Lerner, Josh, and Kristle Romero-Cortes. "Bridging the Gap? Government Subsidized Lending and Access to Capital." Review of Corporate Finance Studies 2, no. 1 (March 2013): 98–128.
- September 1995 (Revised May 1998)
- Case
RogersCasey Alternative Investments: Innovative Response to the Distribution Challenge
By: Josh Lerner
RogersCasey Alternative Investments faces the challenge of managing distributions of stock by the private equity investors in which their clients have invested. These distributed shares appear to behave in complex ways, apparently at odds with market efficiency. A...
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Keywords:
Private Equity;
Stocks;
Financial Strategy;
Investment;
Innovation Strategy;
Management;
Distribution;
Performance;
Behavior
Lerner, Josh. "RogersCasey Alternative Investments: Innovative Response to the Distribution Challenge." Harvard Business School Case 296-024, September 1995. (Revised May 1998.)