Josh Lerner
Jacob H. Schiff Professor of Investment Banking
Jacob H. Schiff Professor of Investment Banking
This casebook contains cases and notes designed to provide an understanding of the history of the private equity industry's development and the workings of the industry today. By explaining the industry on a case-by-case basis, this text promises to address the critical question of whether gains made in recent years have been sustained and how firms will respond to the current opportunities and challenges.
Discussions of the economic impact of open source software often generate more heat than light. Advocates passionately assert the benefits of open source while critics decry its effects. Missing from the debate is rigorous economic analysis and systematic economic evidence of the impact of open source on consumers, firms, and economic development in general. This book fills that gap. In The Comingled Code, Josh Lerner and Mark Schankerman, drawing on a new, large-scale database, show that open source and proprietary software interact in sometimes unexpected ways, and discuss the policy implications of these findings. The new data (from a range of countries in varying stages of development) documents the mixing of open source and proprietary software: firms sell proprietary software while contributing to open source, and users extensively mix and match the two. Lerner and Schankerman examine the ways in which software differs from other technologies in promoting economic development, what motivates individuals and firms to contribute to open source projects, how developers and users view the trade-offs between the two kinds of software, and how government policies can ensure that open source competes effectively with proprietary software and contributes to economic development.
Surprisingly, there has been little systematic research or comparative analysis to show how the growth of entrepreneurship differs among countries in various stages of development. International Differences in Entrepreneurship fills this void by explaining how a country's institutional differences, cultural considerations, and personal characteristics can affect the role that entrepreneurs play in its economy. Developing an understanding of the origins of entrepreneurs as well as the choices they make and the complexity of their activities across countries and industries are of central importance to this volume. In addition, contributors consider how environmental factors of individual economies, such as market regulation, government subsidies for banks, and support for entrepreneurial culture affect the industry and the impact that entrepreneurs have on growth in developing nations.
Silicon Valley, Singapore, Tel Aviv—the global hubs of entrepreneurial activity—all bear the marks of government investment. Yet, for every public intervention that spurs entrepreneurial activity, there are many failed efforts that waste untold billions in taxpayer dollars. When has governmental sponsorship succeeded in boosting growth, and when has it fallen terribly short? Should the government be involved in such undertakings at all? Boulevard of Broken Dreams is the first extensive look at the ways governments have supported entrepreneurs and venture capitalists across decades and continents. Josh Lerner, one of the foremost experts in the field, provides valuable insights into why some public initiatives work while others are hobbled by pitfalls, and he offers suggestions for how public ventures should be implemented in the future.
Discussing the complex history of Silicon Valley and other pioneering centers of venture capital, Lerner uncovers the extent of government influence in prompting growth. He examines the public strategies used to advance new ventures, points to the challenges of these endeavors, and reveals the common flaws undermining far too many programs--poor design, a lack of understanding for the entrepreneurial process, and implementation problems. Lerner explains why governments cannot dictate how venture markets evolve, and why they must balance their positions as catalysts with an awareness of their limited ability to stimulate the entrepreneurial sector.
As governments worldwide seek to spur economic growth in ever more aggressive ways, Boulevard of Broken Dreams offers an important caution. The book argues for a careful approach to government support of entrepreneurial activities, so that the mistakes of earlier efforts are not repeated
In The Venture Capital Cycle, Paul Gompers and Josh Lerner correct widespread misperceptions about the nature and role of the venture capitalist and provide an accessible and comprehensive overview of the venture capital industry. Bringing together fifteen years of ground-breaking research into the form and function of venture capital firms, they examine the fund-raising, investing, and exit stages of venture capitalists. Three major themes run throughout the process: venture investors confront tremendous information and incentive problems; venture capital processes are inherently interrelated, and a complete understanding of the industry requires a full understanding of the venture cycle; and, unlike most financial markets, the venture capital industry adjusts very slowly to shifts in the demand for and the supply of investment capital.This second edition has been thoroughly revised in light of recent research findings, and includes six new chapters. The first part, on fund-raising, now includes a chapter that examines what determines the level of venture capital fund-raising and how tax policy influences the demand for venture capital. Three new chapters in the second part, on investing, examine what kind of distortions are introduced when the venture capital market goes dramatically up, a question prompted by the 1999-2000 market bubble; demonstrate that the venture capital industry does indeed spur innovation, an important determinant of economic growth; and examine whether and under what circumstances governments can be effective venture capitalists. Two new chapters in the third part, on exiting venture capital investments, discuss whether venture capital firms affiliated with investment-banks are prone to conflicts of interest with public offerings and how lockups on initial public offerings are used to limit conflicts of interest.
The United States patent system has become sand rather than lubricant in the wheels of American progress. Such is the premise behind this provocative and timely book by two of the nation's leading experts on patents and economic innovation.
Innovation and Its Discontents tells the story of how recent changes in patenting--an institutional process that was created to nurture innovation--have wreaked havoc on innovators, businesses, and economic productivity. Jaffe and Lerner, who have spent the past two decades studying the patent system, show how legal changes initiated in the 1980s converted the system from a stimulator of innovation to a creator of litigation and uncertainty that threatens the innovation process itself.
In one telling vignette, Jaffe and Lerner cite a patent litigation campaign brought by a a semi-conductor chip designer that claims control of an entire category of computer memory chips. The firm's claims are based on a modest 15-year old invention, whose scope and influenced were broadened by secretly manipulating an industry-wide cooperative standard-setting body.
Such cases are largely the result of two changes in the patent climate, Jaffe and Lerner contend. First, new laws have made it easier for businesses and inventors to secure patents on products of all kinds, and second, the laws have tilted the table to favor patent holders, no matter how tenuous their claims.
After analyzing the economic incentives created by the current policies, Jaffe and Lerner suggest a three-pronged solution for restoring the patent system: create incentives to motivate parties who have information about the novelty of a patent; provide multiple levels of patent review; and replace juries with judges and special masters to preside over certain aspects of infringement cases.
Well-argued and engagingly written, Innovation and Its Discontents offers a fresh approach for enhancing both the nation's creativity and its economic growth.
Josh Lerner graduated from Yale College with a special divisional major. He worked for several years on issues concerning technological innovation and public policy at the Brookings Institution, for a public-private task force in Chicago, and on Capitol Hill. He then earned a Ph.D. from Harvard's Economics Department.
Much of his research focuses on venture capital and private equity organizations. (This research is summarized in Boulevard of Broken Dreams, The Money of Invention, Patent Capital, and The Venture Capital Cycle.) He also examines policies on innovation and how they impact firm strategies. (That research is discussed in the books The Architecture of Innovation, The Comingled Code, and Innovation and Its Discontents.) He co-directs the National Bureau of Economic Research’s Productivity, Innovation, and Entrepreneurship Program and serves as co-editor of their publication, Innovation Policy and the Economy. He founded and runs the Private Capital Research Institute, a nonprofit devoted to encouraging access to data and research, and has been a frequent leader of and participant in the World Economic Forum projects and events.
In the 1993-1994 academic year, he introduced an elective course for second-year MBAs. Over the past two decades, “Venture Capital and Private Equity” has consistently been one of the largest elective courses at Harvard Business School. (The course materials are collected in Venture Capital and Private Equity: A Casebook, now in its fifth edition, and the textbook Venture Capital, Private Equity, and the Financing of Entrepreneurship.) He also established and teaches doctoral courses on entrepreneurship, teaches in the Owners-Presidents-Managers Program, and leads executive courses on private equity. He is the Jacob H. Schiff Professor.
Among other recognitions, he is the winner of the Swedish government’s Global Entrepreneurship Research Award and Cheng Siwei Award for Venture Capital Research. For information on Josh’s compensated outside activities, please see www.bella-pm.com.
- Featured Work
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Innovation is a much-used buzzword these days, but when it comes to creating and implementing a new idea, many companies miss the mark—plans backfire, consumer preferences shift, or tried-and-true practices fail to work in a new context. So is innovation just a low-odds crapshoot?(edited with Scott Stern)While the importance of innovation to economic development is widely understood, the conditions conducive to it remain the focus of much attention. This volume offers new theoretical and empirical contributions to fundamental questions relating to the economics of innovation and technological change while revisiting the findings of a classic book. Central to the development of new technologies are institutional environments, and among the topics discussed here are the roles played by universities and other nonprofit research institutions and the ways in which the allocation of funds between the public and private sectors affects innovation. Other essays examine the practice of open research and how the diffusion of information technology influences the economics of knowledge accumulation. Analytically sophisticated and broad in scope, this book addresses a key topic at a time when economic growth is all the more topical.with Felda Hardymon and Ann LeamonThe 5th edition of Lerner's Venture Capital and Private Equity: A Casebook continues to present the important historical cases of private equity while incorporating a number of new relevant and timely cases from previous best-selling issues. It includes more cases relevant to the texts four main goals: understanding the ways in which private equity firms work, applying the key ideas of corporate finance to the industry, understanding the process of valuation, and critiquing valuation approaches of the past and present- an approach which has proved very successful over the past four editions.
This casebook contains cases and notes designed to provide an understanding of the history of the private equity industry's development and the workings of the industry today. By explaining the industry on a case-by-case basis, this text promises to address the critical question of whether gains made in recent years have been sustained and how firms will respond to the current opportunities and challenges.
with Felda Hardymon and Ann LeamonVenture Capital, Private Equity, and the Financing of Entrepreneurship explores the exciting world of active investing and lays out in a clear and readily accessible way their key features, ways of doing business and likely evolution. The book follows the cycle of active investing. Raising funds, considering transactions, structuring and overseeing transactions, and exiting investments are considered in turn. The focus is not just on the U.S. market, but on the increasingly global nature of these activities.with Mark SchankermanDiscussions of the economic impact of open source software often generate more heat than light. Advocates passionately assert the benefits of open source while critics decry its effects. Missing from the debate is rigorous economic analysis and systematic economic evidence of the impact of open source on consumers, firms, and economic development in general. This book fills that gap. In The Comingled Code, Josh Lerner and Mark Schankerman, drawing on a new, large-scale database, show that open source and proprietary software interact in sometimes unexpected ways, and discuss the policy implications of these findings. The new data (from a range of countries in varying stages of development) documents the mixing of open source and proprietary software: firms sell proprietary software while contributing to open source, and users extensively mix and match the two. Lerner and Schankerman examine the ways in which software differs from other technologies in promoting economic development, what motivates individuals and firms to contribute to open source projects, how developers and users view the trade-offs between the two kinds of software, and how government policies can ensure that open source competes effectively with proprietary software and contributes to economic development.
(edited with Antoinette Schoar)Often considered one of the major forces behind economic growth and development, the entrepreneurial firm can accelerate the speed of innovation and dissemination of new technologies, thus increasing a country's competitive edge in the global market. As a result, cultivating a strong culture of entrepreneurial thinking has become a primary goal throughout the world.Surprisingly, there has been little systematic research or comparative analysis to show how the growth of entrepreneurship differs among countries in various stages of development. International Differences in Entrepreneurship fills this void by explaining how a country's institutional differences, cultural considerations, and personal characteristics can affect the role that entrepreneurs play in its economy. Developing an understanding of the origins of entrepreneurs as well as the choices they make and the complexity of their activities across countries and industries are of central importance to this volume. In addition, contributors consider how environmental factors of individual economies, such as market regulation, government subsidies for banks, and support for entrepreneurial culture affect the industry and the impact that entrepreneurs have on growth in developing nations.
Silicon Valley, Singapore, Tel Aviv—the global hubs of entrepreneurial activity—all bear the marks of government investment. Yet, for every public intervention that spurs entrepreneurial activity, there are many failed efforts that waste untold billions in taxpayer dollars. When has governmental sponsorship succeeded in boosting growth, and when has it fallen terribly short? Should the government be involved in such undertakings at all? Boulevard of Broken Dreams is the first extensive look at the ways governments have supported entrepreneurs and venture capitalists across decades and continents. Josh Lerner, one of the foremost experts in the field, provides valuable insights into why some public initiatives work while others are hobbled by pitfalls, and he offers suggestions for how public ventures should be implemented in the future.
Discussing the complex history of Silicon Valley and other pioneering centers of venture capital, Lerner uncovers the extent of government influence in prompting growth. He examines the public strategies used to advance new ventures, points to the challenges of these endeavors, and reveals the common flaws undermining far too many programs--poor design, a lack of understanding for the entrepreneurial process, and implementation problems. Lerner explains why governments cannot dictate how venture markets evolve, and why they must balance their positions as catalysts with an awareness of their limited ability to stimulate the entrepreneurial sector.
As governments worldwide seek to spur economic growth in ever more aggressive ways, Boulevard of Broken Dreams offers an important caution. The book argues for a careful approach to government support of entrepreneurial activities, so that the mistakes of earlier efforts are not repeated
with Paul GompersIn The Venture Capital Cycle, Paul Gompers and Josh Lerner correct widespread misperceptions about the nature and role of the venture capitalist and provide an accessible and comprehensive overview of the venture capital industry. Bringing together fifteen years of ground-breaking research into the form and function of venture capital firms, they examine the fund-raising, investing, and exit stages of venture capitalists. Three major themes run throughout the process: venture investors confront tremendous information and incentive problems; venture capital processes are inherently interrelated, and a complete understanding of the industry requires a full understanding of the venture cycle; and, unlike most financial markets, the venture capital industry adjusts very slowly to shifts in the demand for and the supply of investment capital.This second edition has been thoroughly revised in light of recent research findings, and includes six new chapters. The first part, on fund-raising, now includes a chapter that examines what determines the level of venture capital fund-raising and how tax policy influences the demand for venture capital. Three new chapters in the second part, on investing, examine what kind of distortions are introduced when the venture capital market goes dramatically up, a question prompted by the 1999-2000 market bubble; demonstrate that the venture capital industry does indeed spur innovation, an important determinant of economic growth; and examine whether and under what circumstances governments can be effective venture capitalists. Two new chapters in the third part, on exiting venture capital investments, discuss whether venture capital firms affiliated with investment-banks are prone to conflicts of interest with public offerings and how lockups on initial public offerings are used to limit conflicts of interest.
with Adam B. JaffeThe United States patent system has become sand rather than lubricant in the wheels of American progress. Such is the premise behind this provocative and timely book by two of the nation's leading experts on patents and economic innovation.
Innovation and Its Discontents tells the story of how recent changes in patenting--an institutional process that was created to nurture innovation--have wreaked havoc on innovators, businesses, and economic productivity. Jaffe and Lerner, who have spent the past two decades studying the patent system, show how legal changes initiated in the 1980s converted the system from a stimulator of innovation to a creator of litigation and uncertainty that threatens the innovation process itself.
In one telling vignette, Jaffe and Lerner cite a patent litigation campaign brought by a a semi-conductor chip designer that claims control of an entire category of computer memory chips. The firm's claims are based on a modest 15-year old invention, whose scope and influenced were broadened by secretly manipulating an industry-wide cooperative standard-setting body.
Such cases are largely the result of two changes in the patent climate, Jaffe and Lerner contend. First, new laws have made it easier for businesses and inventors to secure patents on products of all kinds, and second, the laws have tilted the table to favor patent holders, no matter how tenuous their claims.
After analyzing the economic incentives created by the current policies, Jaffe and Lerner suggest a three-pronged solution for restoring the patent system: create incentives to motivate parties who have information about the novelty of a patent; provide multiple levels of patent review; and replace juries with judges and special masters to preside over certain aspects of infringement cases.
Well-argued and engagingly written, Innovation and Its Discontents offers a fresh approach for enhancing both the nation's creativity and its economic growth.
with Paul A. GompersWhen the economy was booming and dot-coms were flying high, venture capitalists were admired as impresarios of innovation. Then the market tanked, start-ups fizzled, and those same deal-makers were rebuked as predators out for a quick score. So which portrayal is accurate? Where is this much-hyped industry heading? And what will it mean for the future of innovation in the global economy? In this definitive book, industry experts Paul Gompers and Josh Lerner provide the first cool-headed explanation of the venture capital industry and the role it plays in our economy. They underscore that, regardless of the economic conditions, innovation is incredibly difficult to finance, take to market, and translate into value. While venture capital has evolved to address these problems - the industry has fueled innovation, economic growth, and wealth creation for decades - features of the venture industry have left it vulnerable to boom-and-bust cycles.In the near future, say the authors, the industry must transform dramatically, with important implications for industry players and the entrepreneurs and organizations they serve. Drawing from compelling research and industry "war stories," Gompers and Lerner present a series of practical frameworks for understanding the relationships among venture capital, innovation, and entrepreneurial success. They demystify how the venture capital world operates, and outline the opportunities and obstacles faced by all players in this evolving arena.They explore: the problems entrepreneurs encounter in securing financing, and how the venture capital model can help innovators to resolve them; how venture capitalists can effectively pursue promising opportunities while building a sustainable franchise; and, how corporations, nonprofits, and government institutions can harness the power - and avoid the pitfalls - of the venture capital model when applying it in their own sectors. Whether the industry is enjoying an incredible growth spurt or weathering an economic slowdown, readers will find this book an immensely practical guide to leveraging the venture capital model to turn innovation into value. Paul A. Gompers is a Professor of Business Administration and a Director of Research at Harvard Business School. Josh Lerner is a Professor of Business Administration at Harvard Business School. Both authors live in the Boston area. - Articles in Academic Journals on Venture Capital, Private Equity, and Entrepreneurial Finance
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- Davis, Steven J., John Haltiwanger, Kyle Handley, Ben Lipsius, Josh Lerner, and Javier Miranda. "The (Heterogenous) Economic Effects of Private Equity Buyouts." Management Science (forthcoming). (Earlier version distributed as National Bureau of Economic Research Working Paper No. 26371 and Harvard Business School Working Paper No. 20-030. Related discussion published as “Private Equity Buyout and Their Effects,” VoxEU, 2019.) View Details
- Akcigit, Ufuk, Sina T. Ates, Josh Lerner, Richard Townsend, and Yulia Zhestkova. "Fencing Off Silicon Valley: Cross-Border Venture Capital and Technology Spillovers." Harvard Business School Working Paper, No. 21-043, September 2020. (Revised September 2023. Conditionally Accepted, Journal of Monetary Economics.) View Details
- Lerner, Josh, Jason Mao, Antoinette Schoar, and Nan R. Zhang. "Investing Outside the Box: Evidence from Alternative Vehicles in Private Equity." Journal of Financial Economics 143, no. 1 (January 2022): 359–380. (Won the 2022 Doriot Award for the Best Private Equity Research Paper.) View Details
- Lerner, Josh, Sergey Chernenko, and Yao Zeng. "Mutual Funds as Venture Capitalists? Evidence from Unicorns." Review of Financial Studies 34, no. 5 (May 2021): 2362–2410. View Details
- Bernstein, Shai, Abhishek Dev, and Josh Lerner. "The Creation and Evolution of Entrepreneurial Public Markets." Journal of Financial Economics 136, no. 2 (May 2020): 307–329. View Details
- Bernstein, Shai, Josh Lerner, and Filippo Mezzanotti. "Private Equity and Financial Fragility during the Crisis." Review of Financial Studies 32, no. 4 (April 2019): 1309–1373. (Earlier version distributed as National Bureau of Economic Research Working Paper No. 23626 and Harvard Business School Working Paper No. 18-005.) View Details
- Ivashina, Victoria, and Josh Lerner. "Pay Now or Pay Later? The Economics within the Private Equity Partnership." Journal of Financial Economics 131, no. 1 (January 2019): 61–87. View Details
- Lerner, Josh, Antoinette Schoar, Stanislav Sokolinski, and Karen Wilson. "The Globalization of Angel Investments: Evidence Across Countries." Journal of Financial Economics 127, no. 1 (January 2018): 1–20. View Details
- Bernstein, Shai, Josh Lerner, Morten Sorensen, and Per Stromberg. "Private Equity and Industry Performance." Management Science 63, no. 4 (April 2017): 1198–1213. View Details
- Lerner, Josh, and Anna Kovner. "Doing Well by Doing Good? Community Development Venture Capital." Journal of Economics & Management Strategy 24, no. 3 (Fall 2015): 643–663. View Details
- Fang, Lily, Victoria Ivashina, and Josh Lerner. "The Disintermediation of Financial Markets: Direct Investing in Private Equity." Journal of Financial Economics 116, no. 1 (April 2015): 160–178. View Details
- Davis, Steven J., John Haltiwanger, Kyle Handley, Ron Jarmin, Josh Lerner, and Javier Miranda. "Private Equity, Jobs, and Productivity." American Economic Review 104, no. 12 (December 2014): 3956–3990. (Earlier versions distributed as National Bureau of Economic Research Working Paper No. 17399 and Harvard Business School Working Paper No. 12-033.) (Originally called "Private Equity and Employment.") View Details
- Davis, Steven J., John Haltiwanger, Kyle Handley, Ron Jarmin, Josh Lerner, and Javier Miranda. "Private Equity, Jobs, and Productivity—Online Appendix." American Economic Review 104, no. 12 (December 2014). View Details
- Kerr, William R., Josh Lerner, and Antoinette Schoar. "The Consequences of Entrepreneurial Finance: Evidence from Angel Financings." Review of Financial Studies 27, no. 1 (January 2014): 20–55. View Details
- Lerner, Josh, and Ulrike Malmendier. "With a Little Help from My (Random) Friends: Success and Failure in Post-Business School Entrepreneurship." Review of Financial Studies 26, no. 10 (October 2013): 2411–2452. (Earlier versions distributed as National Bureau of Economic Research Working Paper No. 16918 and Harvard Business School Working Paper No. 11-108.) View Details
- Fang, Lily H., Victoria Ivashina, and Josh Lerner. "Combining Banking with Private Equity Investing." Review of Financial Studies 26, no. 9 (September 2013): 2139–2173. View Details
- 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. View Details
- Lerner, Josh, Morten Sorensen, and Per Stromberg. "Private Equity and Long-Run Investment: The Case of Innovation." Journal of Finance 66, no. 2 (April 2011): 445–477. View Details
- Gompers, Paul A., Josh Lerner, David Scharfstein, and Anna Kovner. "Performance Persistence in Entrepreneurship and Venture Capital." Journal of Financial Economics 96, no. 1 (April 2010): 18–32. View Details
- Chen, Henry, Paul A. Gompers, Anna Kovner, and Josh Lerner. "Buy Local? The Geography of Successful Venture Capital Expansion." Journal of Urban Economics 67, no. 1 (January 2010): 90–110. View Details
- Gompers, Paul A., Anna Kovner, and Josh Lerner. "Specialization and Success: Evidence from Venture Capital." Journal of Economics & Management Strategy 18, no. 3 (Fall 2009): 817–844. View Details
- Lerner, Josh, and Jerry Cao. "The Performance of Reverse Leveraged Buyouts." Journal of Financial Economics 91, no. 2 (February 2009): 139–157. (Earlier version distributed as National Bureau of Economic Research Working Paper No. 12626.) View Details
- 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.) View Details
- Lerner, Josh, Antoinette Schoar, and Wan Wong. "Smart Institutions, Foolish Choices: The Limited Partner Performance Puzzle." Journal of Finance 62, no. 2 (April 2007): 731–764. (Earlier version distributed as National Bureau of Economic Research Working Paper No. 11136.) View Details
- Gompers, Paul A., Josh Lerner, and David S. Scharfstein. "Entrepreneurial Spawning: Public Corporations and the Genesis of New Ventures, 1986-1999." Journal of Finance 60, no. 2 (April 2005): 577–614. (Earlier version distributed as National Bureau of Economic Research Working Paper No. 9816.) View Details
- Lerner, Josh, and Antoinette Schoar. "Does Legal Enforcement Affect Financial Transactions?: The Contractual Channel in Private Equity." Quarterly Journal of Economics 120, no. 1 (February 2005): 223–246. (Earlier version distributed as National Bureau of Economic Research Working Paper No. 10348.) View Details
- Lerner, Josh, and Antoinette Schoar. "The Illiquidity Puzzle: Theory and Evidence from Private Equity." Journal of Financial Economics 72, no. 1 (April 2004): 3–40. View Details
- Gompers, Paul A., and Josh Lerner. "The Really Long-Run Performance of Initial Public Offerings: The Pre-Nasdaq Evidence." Journal of Finance 58, no. 4 (August 2003): 1355–1392. View Details
- Gompers, Paul, and Josh Lerner. "Money Chasing Deals?: The Impact of Fund Inflows on the Valuation of Private Equity Investments." Journal of Financial Economics 55, no. 2 (February 2000): 281–325. View Details
- Kortum, Samuel, and Josh Lerner. "Assessing the Impact of Venture Capital to Innovation." RAND Journal of Economics 31, no. 4 (winter 2000): 674–692. (Supplemental appendix.) View Details
- Lerner, Josh. "The Government as Venture Capitalist: The Long-Run Effects of the SBIR Program." Journal of Business 72 (July 1999): 285–318. View Details
- Gompers, Paul, and Josh Lerner. "Conflict of Interest in the Issuance of Public Securities: Evidence from Venture Capital." Journal of Law & Economics 42, Part 1, no. 1 (April 1999): 1–28. View Details
- Gompers, Paul, and Josh Lerner. "An Analysis of Compensation in the U.S. Venture Capital Partnership." Journal of Financial Economics 51, no. 1 (January 1999): 3–44. View Details
- Gompers, Paul, and Josh Lerner. "Venture Capital Distributions: Short-Run and Long-Run Reactions." Journal of Finance 53, no. 6 (December 1998): 2161–2183. View Details
- Gompers, P., and J. Lerner. "What Drives Venture Capital Fundraising?" Brookings Papers on Economic Activity. Microeconomics (July 1998): 149–192. View Details
- Gompers, Paul A., and J. Lerner. "The Use of Covenants: An Empirical Analysis of Venture Partnership Agreements." Journal of Law & Economics 39, no. 2 (October 1996): 463–498. (Condensed version reprinted in Investment Policy 1 (September/October 1997): 122-130.) View Details
- Lerner, J. "Pricing and Financial Resources: An Analysis of the Disk Drive Industry, 1980-88." Review of Economics and Statistics 77, no. 4 (November 1995): 585–598. (Symposium on Hedonic Methods in Industrial Economics.) View Details
- Lerner, Josh. "Venture Capitalists and the Oversight of Private Firms." Journal of Finance 50, no. 1 (March 1995): 301–318. (Reprinted in Venture Capital, pp. 267-284, edited by Michael Wright and Ken Robbie. Aldershot: International Library of Management/Dartmouth Publishing, 1997.) View Details
- Lerner, Josh. "The Syndication of Venture Capital Investments." Special Issue on Venture Capital. Financial Management 23, no. 3 (Fall 1994): 16–27. (Reprinted in Venture Capital, edited by Michael Wright and Ken Robbie. Aldershot: International Library of Management/Dartmouth Publishing, 1997.) View Details
- Lerner, Josh. "Venture Capitalists and the Decision to Go Public." Journal of Financial Economics 35, no. 3 (April 1994): 293–316. (Reprinted in Vol. 1 of Small Firms and Economic Growth, pp. 650-673, edited by Zoltan Acs. Cheltenham: Edward Elgar, 1996; and in Empirical Corporate Finance, edited by Michael J. Brennan. Cheltenham: Edward Elgar, 2002.) View Details
- Articles in Academic Journals on Intellectual Property and Innovation
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- Kalyani, Aakash, Marcela Carvalho, Nicholas Bloom, Tarek Hassan, Josh Lerner, and Ahmed Tahoun. "The Diffusion of New Technologies." Quarterly Journal of Economics (forthcoming). (Earlier version distributed as National Bureau of Economic Research Working Paper No. 28999 and Harvard Business School Working Paper No. 21-114. Related discussion published as “How Disruptive Technologies Diffuse,” VoxEU, 2021.) View Details
- Lerner, Josh, Amit Seru, Nick Short, and Yuan Sun. "Financial Innovation in the 21st Century: Evidence from U.S. Patents." Journal of Political Economy 132, no. 5 (May 2024): 1391–1449. View Details
- Fang, Lily, Josh Lerner, Chaopeng Wu, and Qi Zhang. "Anti-Corruption, Government Subsidies, and Innovation: Evidence from China." Management Science 69, no. 8 (August 2023): 4363–4388. View Details
- Lerner, Josh, and Amit Seru. "The Use and Misuse of Patent Data: Issues for Finance and Beyond." Review of Financial Studies 35, no. 6 (June 2022): 2667–2704. View Details
- Fang, Lily, Josh Lerner, and Chaopeng Wu. "Intellectual Property Rights Protection, Ownership, and Innovation: Evidence from China." Review of Financial Studies 30, no. 7 (July 2017): 2446–2477. View Details
- Brunt, Liam, Josh Lerner, and Tom Nicholas. "Inducement Prizes and Innovation." Journal of Industrial Economics 60, no. 4 (December 2012): 657–696. View Details
- Lerner, Josh. "The Litigation of Financial Innovations." Journal of Law & Economics 53, no. 4 (November 2010): 807–831. View Details
- 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.) View Details
- Lerner, Josh, and Julie Wulf. "Innovation and Incentives: Evidence from Corporate R&D." Review of Economics and Statistics 89, no. 4 (November 2007): 634–644. View Details
- Lerner, Josh, and Feng Zhu. "What Is the Impact of Software Patent Shifts? Evidence from Lotus v. Borland." International Journal of Industrial Organization 25, no. 3 (June 2007): 511–529. (Earlier version distributed as National Bureau of Economic Research Working Paper No. 11168.) View Details
- Lerner, Josh. "The New New Financial Thing: The Origins of Financial Innovations." Journal of Financial Economics 79, no. 2 (February 2006): 223–255. (Earlier version distributed as National Bureau of Economic Research Working Paper No. 10223 and Harvard Business School Negotiations Organizations and Markets Working Paper No. 04-20.) View Details
- Lerner, Josh. "150 Years of Patent Office Practice." American Law and Economics Review 7, no. 1 (Spring 2005): 112–143. (Earlier version distributed as Harvard Business School Working Paper No. 00-040 and National Bureau of Economic Research Working Paper No. 7478.) View Details
- Lerner, Josh. "150 Years of Patent Protection." American Economic Review: Papers and Proceedings 92, no. 2 (May 2002): 221–225. (American Economic Review Papers and Proceedings, 92 (May 2002) 221-225. Reprinted in John Cantwell, editor, The Economics of Patents. Cheltenham, United Kingdom: Edward Elgar, 2005. Reprinted in Robert P. Merges, editor, Economics of Intellectual Property Law. Cheltenham, United Kingdom: Edward Elgar, 2007. Reprinted in Carlos M. Correa, editor, Intellectual Property and Economic Development. Cheltenham, United Kingdom: Edward Elgar, 2018. Earlier versions distributed as Harvard Business School Working Paper.) View Details
- Lerner, Josh. "Where Does State Street Lead? A First Look at Finance Patents, 1971-2000." Journal of Finance 57, no. 2 (April 2002). (Earlier versions distributed as HBS Working Paper No. 01-005 and NBER Working Paper No. 7918; Supplemental information on financial patents. Spreadsheet of financial patents, 1971-February 2000.) View Details
- Lanjouw, Jean, and Josh Lerner. "Tilting the Table? The Use of Preliminary Injunctions." Journal of Law & Economics 44, no. 2 (October 2001). View Details
- Jaffe, Adam, and Josh Lerner. "Reinventing Public R&D: Patent Law and Technology Transfer from Federal Laboratories." RAND Journal of Economics 32, no. 1 (spring 2001): 167–198. View Details
- Lerner, Josh, and Samuel Kortum. "Stronger Protection or Technological Revolution: What is Behind the Recent Surge in Patenting?" Carnegie-Rochester Conference Series on Public Policy 49 (June 1998). (Abridged version reprinted as "What is Behind the Recent Surge in Patenting?" in Research Policy 28 (January 1999): 1-22.) View Details
- Lerner, J. "An Empirical Exploration of a Technology Race." RAND Journal of Economics 28, no. 2 (summer 1997): 228–247. View Details
- Lerner, J. "Patenting in the Shadow of Competitors." Journal of Law & Economics 38, no. 2 (October 1995): 563–595. View Details
- Lerner, J. "The Importance of Patent Scope: An Empirical Analysis." RAND Journal of Economics 25, no. 2 (summer 1994): 319–333. (Earlier version distributed as Center for Science and International Affairs (Kennedy School of Government) Working Paper No. 91-04. Reprinted in The Economics of Intellectual Property, edited by Ruth Towse and Rudi Holzhauer. Vol. 145 in The International Library of Critical Writings in Economics Series. Cheltenham: Edward Elgar, forthcoming.) View Details
- Articles in Academic Journals on Strategic Alliances and Other Hybrid Organizational Forms
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- Lerner, Josh, and Jean Tirole. "Standard-Essential Patents." Journal of Political Economy 123, no. 3 (June 2015): 547–586. View Details
- Lerner, Josh, and Jean Tirole. "A Better Route to Tech Standards." Science 343, no. 6174 (February 28, 2014): 972–973. View Details
- Farhi, Emmanuel, Josh Lerner, and Jean Tirole. "Fear of Rejection? Tiered Certification and Transparency." RAND Journal of Economics 44, no. 4 (Winter 2013): 610–631. View Details
- Lerner, Josh, and Dan Elfenbein. "Exclusivity, Contingent Control Rights, and the Design of Internet Portal Alliances." Journal of Law, Economics & Organization 28, no. 1 (April 2012): 45–76. View Details
- Lerner, Josh, and Anne Layne-Farrar. "To Join or Not to Join: Examining Patent Pool Participation and Rent Sharing Rules." International Journal of Industrial Organization 29, no. 2 (March 2011): 294–303. View Details
- Lerner, Josh, and Ulrike Malmendier. "Contractibility and Contract Design in Strategic Alliances." American Economic Review 100, no. 1 (March 2010): 44. View Details
- Lerner, Josh, Benjamin Chiao, and Jean Tirole. "The Rules of Standard Setting Organizations: An Empirical Analysis." RAND Journal of Economics 38, no. 4 (winter 2007): 905–930. (Earlier versions distributed as National Bureau of Economic Research Working Paper No. 11156.) View Details
- Lerner, Josh, Marcin Strojwas, and Jean Tirole. "The Design of Patent Pools: The Determinants of Licensing Rules." RAND Journal of Economics 38, no. 3 (fall 2007): 610–625. (Earlier version distributed as National Bureau of Economic Research Working Paper No. 9680.) View Details
- Lerner, Josh, and Jean Tirole. "A Model of Forum Shopping, with Special Reference to Standard Setting Organizations." American Economic Review 96, no. 4 (September 2006): 1091–1113. (Earlier versions distributed as National Bureau of Economic Research Working Paper No. 10664.) View Details
- Lerner, Josh, Parag Pathak, and Jean Tirole. "The Dynamics of Open-Source Contributions." American Economic Review 96, no. 2 (May 2006): 114–118. View Details
- Lerner, Josh, Jean Tirole, and Emmanuel Farhi. "Certifying New Technologies." Journal of the European Economic Association 3, nos. 2-3 (April–May 2005): 734–744. View Details
- Lerner, Josh, and Jean Tirole. "The Scope of Open Source Licensing." Journal of Law, Economics & Organization 21, no. 1 (April 2005): 20–56. (Earlier version distributed as National Bureau of Economic Research Working Paper No. 9363.) View Details
- Lerner, Josh, and Jean Tirole. "Efficient Patent Pools." American Economic Review 94, no. 3 (June 2004): 697–711. (Earlier version distributed as National Bureau of Economic Research Working Paper No. 9175.) View Details
- Elfenbein, Daniel W., and Josh Lerner. "Ownership and Control Rights in Internet Portal Alliances, 1995-1999." RAND Journal of Economics 34, no. 2 (summer 2003). View Details
- Lerner, Josh, Hilary Shane, and Alexander Tsai. "Do Equity Financing Cycles Matter?: Evidence from Biotechnology Alliances." Journal of Financial Economics 67, no. 3 (March 2003): 411–446. (Earlier versions distributed as HBS Working Paper No. 00-038 and NBER Working Paper No. 7464.) View Details
- Lerner, Josh, and Jean Tirole. "Some Simple Economics of Open Source." Journal of Industrial Economics 50, no. 2 (June 2002): 197–234. (Earlier versions distributed as HBS Working Paper No. 00-068 and NBER Working Paper No. 7600.) View Details
- Lerner, Josh, and Robert P. Merges. "The Control of Technology Alliances: An Empirical Analysis of the Biotechnology Industry." Journal of Industrial Economics 46, no. 2 (June 1998): 125–156. (Special Symposium "Inside the Pin Factory": Empirical Studies Augmented by Manager Interviews.) View Details
- Working Papers
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- Davis, Steven J., John Haltiwanger, Kyle Handley, Ben Lipsius, Josh Lerner, and Javier Miranda. "The (Heterogenous) Economic Effects of Private Equity Buyouts." Management Science (forthcoming). (Earlier version distributed as National Bureau of Economic Research Working Paper No. 26371 and Harvard Business School Working Paper No. 20-030. Related discussion published as “Private Equity Buyout and Their Effects,” VoxEU, 2019.) View Details
- 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. View Details
- Lerner, Josh, Henry Manley, Carolyn Stein, and Heidi Williams. "The Wandering Scholars: Understanding the Heterogeneity of University Commercialization." Harvard Business School Working Paper, No. 24-043, January 2024. View Details
- Cole, Shawn, Leslie Jeng, Josh Lerner, Natalia Rigol, and Benjamin N. Roth. "What Do Impact Investors Do Differently?" Harvard Business School Working Paper, No. 24-028, November 2023. (Reject and Resubmit, Journal of Financial Economics.) View Details
- Lerner, Josh, Jinlin Li, and Tong Liu. "Learning by Investing: Entrepreneurial Spillovers from Venture Capital." Harvard Business School Working Paper, No. 24-029, November 2023. View Details
- Cassel, Johan, Josh Lerner, and Emmanuel Yimfor. "Racial Diversity in Private Capital Fundraising." Harvard Business School Working Paper, No. 23-020, September 2022. View Details
- Bai, Jessica, Shai Bernstein, Abhishek Dev, and Josh Lerner. "The Dance Between Government and Private Investors: Public Entrepreneurial Finance around the Globe." Harvard Business School Working Paper, No. 21-120, April 2021. (Revised January 2022.) View Details
- Howell, Sabrina T., Josh Lerner, Ramana Nanda, and Richard Townsend. "How Resilient Is Venture-Backed Innovation? Evidence from Four Decades of U.S. Patenting." Harvard Business School Working Paper, No. 20-115, May 2020. (Revised July 2023.) View Details
- Lerner, Josh, Haris Tabakovic, and Jean Tirole. "Patent Disclosures and Standard-Setting." Harvard Business School Working Paper, No. 17-030, October 2016. View Details
- Webb, Michael, Nick Short, Nicholas Bloom, and Josh Lerner. "Some Facts of High-Tech Patenting." Harvard Business School Working Paper, No. 19-014, August 2018. (NBER Working Paper Series, No. 24793, July 2018.) View Details
- Lerner, Josh, and Greg Rafert. "Lost in the Clouds: The Impact of Changing Property Rights on Investment in Cloud Computing Ventures." Harvard Business School Working Paper, No. 15-082, April 2015. View Details
- Desai, Mihir, Paul Gompers, and Josh Lerner. "Institutions, Capital Constraints and Entrepreneurial Firm Dynamics: Evidence from Europe." NBER Working Paper Series, June 2005. View Details
- Burton, M. Diane, Shawn Cole, Abhishek Dev, Christina Jarymowycz, Leslie Jeng, Josh Lerner, Fanele Mashwama, Yue (Cynthia) Xu, and T. Robert Zochowski. "The Project on Impact Investments' Impact Investment Database." Harvard Business School Working Paper, No. 20-117, May 2020. (Revised August 2021.) View Details
- Burton, M. Diane, Gurveen Chadha, Shawn A. Cole, Abhishek Dev, Christina Jarymowycz, Leslie Jeng, Laura Kelley, Josh Lerner, Jaime R. Diaz Palacios, Yue (Cynthia) Xu, and T. Robert Zochowski. "Studying the U.S.-Based Portfolio Companies of U.S. Impact Investors." Harvard Business School Working Paper, No. 21-130, June 2021. View Details
- Books
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- Andrews, Michael J., Aaron Chatterji, Josh Lerner, and Scott Stern, eds. The Role of Innovation and Entrepreneurship in Economic Growth. Chicago: University of Chicago Press, 2022. View Details
- Ivashina, Victoria, and Josh Lerner. Patient Capital: The Challenges and Promises of Long-Term Investing. First ed. Princeton, NJ: Princeton University Press, 2019. View Details
- Lerner, Josh. The Architecture of Innovation: The Economics of Creative Organizations. Harvard Business Review Press, 2012. View Details
- Lerner, Josh and Scott Stern, eds. The Rate and Direction of Inventive Activity Revisited. University of Chicago Press, 2012. View Details
- Lerner, Josh, Ann Leamon, and Felda Hardymon. Venture Capital, Private Equity, and the Financing of Entrepreneurship. New York: John Wiley & Sons, 2012. View Details
- Lerner, Josh, Felda Hardymon, and Ann Leamon. Venture Capital & Private Equity: A Casebook (5th Edition). New York: John Wiley & Sons, 2012. (New York: John Wiley & Sons, 2001 (second edition) (with Felda Hardymon). Beijing: Economic Science Press, 2002 (Chinese translation of the second edition). Tokyo: Toyo Keizai Shinposha, 2003 (Japanese translation of the second edition). New York: John Wiley and Sons, 2004 (third edition) (with Felda Hardymon and Ann Leamon). New York: John Wiley & Sons, 2008 (fourth edition) (with Felda Hardymon and Ann Leamon). Beijing: CITIC Press, 2013 (Chinese translation of the fifth edition).) View Details
- Lerner, Josh, and Mark Schankerman. The Comingled Code: Open Source and Economic Development. MIT Press, 2010. View Details
- Lerner, Josh, and Antoinette Schoar, eds. International Differences in Entrepreneurship. National Bureau of Economic Research Conference Report. Chicago: University of Chicago Press, 2010. View Details
- Lerner, Josh. Boulevard of Broken Dreams: Why Public Efforts to Boost Entrepreneurship and Venture Capital Have Failed and What to Do About It. Princeton University Press, 2009. (Winner of Axiom Business Book Award. Gold Medal in Entrepreneurship presented by Jenkins Group Inc. Winner of PROSE Award for Excellence in Business, Finance & Management “For Professional and Scholarly Excellence” presented by Association of American Publishers.) View Details
- Jaffe, Adam, and Josh Lerner. Innovation and Its Discontents: How Our Broken Patent System Is Endangering Innovation and Progress, and What To Do About It. Princeton, NJ: Princeton University Press, 2004. View Details
- Lerner, Josh, and Paul Gompers. The Money of Invention: How Venture Capital Creates New Wealth. Boston: Harvard Business School Press, 2001. View Details
- Lerner, Josh, G. Felda Hardymon, and Ann Leamon. Venture Capital and Private Equity: An Instructor's Manual. 2nd ed. NY: John Wiley & Sons, 2001. View Details
- Gompers, P., and J. Lerner. The Venture Capital Cycle. Cambridge, MA: MIT Press, 1999. (Beijing: Economic Science Press, 2001 (Chinese edition). Tokyo: Springer-Verlag Tokyo, 2001 (Japanese edition). Seoul: Kukil Securities and Economics Research Institute, 2001 (Korean edition)) View Details
- Papers in Edited Volumes, Practitioner Journals, and Book Chapters
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- Lerner, Josh. "Venture Capital in a Time of Turmoil." Economía Industrial 432 (Second Quarter 2024): 17–21. View Details
- 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. View Details
- Lerner, Josh, and Diana Noble. "When to Go and How to Go? Founder and Leader Transitions in Private Equity Firms." Journal of Alternative Investments 24, no. 2 (Fall 2021): 9–30. View Details
- Lerner, Josh. "Government Incentives for Entrepreneurship." Chap. 4 in Global Innovation Index 2020: Who will Finance Innovation? 13th edition, edited by Soumitra Dutta, Bruno Lanvin, and Sacha Wunsch-Vincent. Cornell University, 2020. Electronic. View Details
- Lerner, Josh, and Ramana Nanda. "Venture Capital's Role in Financing Innovation: What We Know and How Much We Still Need to Learn." Journal of Economic Perspectives 34, no. 3 (Summer 2020): 237–261. View Details
- Kaplan, Steven N., and Josh Lerner. "Venture Capital Data: Opportunities and Challenges." Chap. 10 in Measuring Entrepreneurial Businesses: Current Knowledge and Challenges. Vol. 75, edited by John Haltiwanger, Erik Hurst, Javier Miranda, and Antoinette Schoar. Studies in Income and Wealth (NBER). Chicago: University of Chicago Press, 2017. View Details
- Lerner, Josh, and Mark Baker. "An Empirical Analysis of Investment Return Dispersion in Emerging Markets Private Equity." Journal of Private Equity 20, no. 4 (Fall 2017): 15–24. View Details
- Lerner, Josh, Jake Ledbetter, Andrew Speen, Ann Leamon, and Chris Allen. "Private Equity in Emerging Markets: Yesterday, Today, and Tomorrow." Journal of Private Equity 19, no. 3 (Summer 2016): 8–20. View Details
- Lerner, Josh, and Leslie Jeng. "Making Private Data Accessible in an Opaque Industry: The Experience of the Private Capital Research Institute." American Economic Review: Papers and Proceedings 106, no. 5 (May 2016): 157–160. View Details
- Lerner, Josh. "Oliver Hart's Contributions to the Understanding of Strategic Alliances and Technology Licensing." In The Impact of Incomplete Contracts on Economics, edited by Philippe Aghion, Mathias Dewatripont, Patrick Legros, and Luigi Zingales, 151–161. New York: Oxford University Press, 2016. View Details
- Azoulay, Pierre, and Josh Lerner. "Technological Innovation and Organizations." Chap. 14 in Handbook of Organizational Economics, edited by Robert Gibbons and John Roberts, 575–603. Princeton University Press, 2012. View Details
- Lerner, Josh. "The Boulevard of Broken Dreams." In The Industrial Policy Revolution I: The Role of Government Beyond Ideology. no. 151-1, edited by Joseph E. Stiglitz and Justin Lin Yifu. IEA Conference Volume. London: Palgrave Macmillan, 2013. View Details
- Lerner, Josh. "Corporate Venturing." Harvard Business Review 91, no. 10 (October 2013): 86–94. View Details
- Bernstein, Shai, Josh Lerner, and Antoinette Schoar. "The Investment Strategies of Sovereign Wealth Funds." Journal of Economic Perspectives 27, no. 2 (Spring 2013): 219–238. View Details
- Lerner, Josh, and Joacim Tag. "Institutions and Venture Capital." Industrial and Corporate Change 22, no. 1 (February 2013): 153–182. View Details
- Greenstein, Shane, Josh Lerner, and Scott Stern. "Digitization, Innovation, and Copyright: What Is the Agenda?" Strategic Organization 11, no. 1 (February 2013): 110–121. View Details
- Lerner, Josh, and William Sahlman. "Reviving Entrepreneurship." Harvard Business Review 90, no. 3 (March 2012): 116–119. View Details
- Lerner, Josh. "Venture Capital and Innovation in Energy." In Accelerating Energy Innovation: Insights from Multiple Sectors, edited by Rebecca M. Henderson and Richard G. Newell, 225–260. University of Chicago Press, 2011. View Details
- Hall, Bronwyn H., and Josh Lerner. "The Financing of R&D and Innovation." Chap. 14 in Handbook of the Economics of Innovation: Volume 1, by Bronwyn H. Hall and Nathan Rosenberg, 609–639. Amsterdam: Elsevier, 2010. View Details
- Kaplan, Steven N., and Josh Lerner. "It Ain't Broke: The Past, Present, and Future of Venture Capital." Journal of Applied Corporate Finance 22, no. 2 (Spring 2010): 1–12. View Details
- Lerner, Josh, and Jean Tirole. "Public Policy Towards Patent Pools." Innovation Policy and the Economy 8 (2007): 157–186. View Details
- Lerner, Josh, Antoinette Schoar, and Jialan Wang. "Secrets of the Academy: The Drivers of University Endowment Success." Journal of Economic Perspectives 22, no. 3 (Summer 2008): 207–222. View Details
- Lerner, Josh. "Venture Capital." In The New Palgrave Dictionary of Economics. 2nd ed. Edited by Steven Derlauf and Larry Blume. Hampshire, U.K.: Palgrave Macmillan, 2008. View Details
- Lerner, Josh, Adam Jaffe, Scott Stern, and Marie Thursby. "Academic Science and Entrepreneurship: Dual Engines of Growth?" Journal of Economic Behavior & Organization 63, no. 4 (August 2007): 573–576. View Details
- Lerner, Josh. "The Governance of New Firms: A Functional Perspective." In Financing Innovation in the United States, 1870 to Present, edited by Naomi R. Lamoreaux and Kenneth L. Sokoloff, 405–432. Cambridge, MA: MIT Press, 2007. View Details
- Lerner, Josh, and Adam B. Jaffe. "Innovation and Its Discontents." Capitalism and Society 1, no. 3 (December 2006). View Details
- Lerner, Josh, and Raghuram G. Rajan. "Introduction: NBER Conference on Strategic Alliances." Journal of Financial Economics 80, no. 1 (April 2006): 1–3. View Details
- Lerner, Josh, and Jean Tirole. "The Economics of Technology Sharing: Open Source and Beyond." Journal of Economic Perspectives 19, no. 2 (Spring 2005): 99–120. (Earlier version distributed as NBER Working Paper Series No. w10956.) View Details
- Lerner, Josh. "The University and the Start-Up: Lessons from the Past Two Decades." Special Issue in Honor of Edwin Mansfield Journal of Technology Transfer 30 (January 2005): 49–56. View Details
- Lerner, Josh, Jonathan Eaton, and Samuel Kortum. "International Patenting and the European Patent Office: A Quantitative Assessment." Organisation for Economic Co-operation and Development (OECD), Paris, 2004. View Details
- Gompers, Paul, and Joshua Lerner. "Equity Financing." In Handbook of Entrepreneurship Research: An Interdisciplinary Survey and Introduction, by Zoltan J. Acs and David B. Audretsch, 267–298. Boston, MA: Kluwer Academic Publishers, 2003. View Details
- Lerner, Josh. "Venture Capital and Private Equity: A Course Overview." International Journal of Entrepreneurship Education 1, no. 3 (2003): 359–384. View Details
- Lerner, Josh. "Patent Policy Reform and Its Implications." NBER Reporter (Winter 2002), 17–19. View Details
- Lerner, Josh. "Venture Capital." In Technological Innovation & Economic Performance, edited by Benn Steil, David G. Victor, and Richard R. Nelson, 327–346. Princeton: Princeton University Press, 2002. View Details
- Lerner, Josh, and Paul A. Gompers. "Short-Term America Revisited? Boom and Bust in the Venture Capital Industry and the Impact on Innovation." In Innovation Policy and the Economy, Volume 3, edited by Adam B. Jaffe, Josh Lerner, and Scott Stern, 1–28. MIT Press, 2003. View Details
- Lerner, Josh. "When Bureaucrats Meet Entrepreneurs: The Design of Successful 'Public Venture Capital' Programs." Economic Journal 112, no. 477 (February 2002): F73–F84. (Symposium on Funding Gaps.) View Details
- 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. View Details
- Lerner, Josh, Adam Jaffe, and Jean Lanjouw. "Introduction: Symposium on the Patent System and Innovation." RAND Journal of Economics 32, no. 1 (spring 2001): 75–75. View Details
- Gompers, Paul A., and J. Lerner. "The Venture Capital Revolution." Journal of Economic Perspectives 15, no. 2 (Spring 2001): 145–168. View Details
- Lerner, Josh. "Patent Policy Innovations: A Clinical Examination." Vanderbilt Law Review 53 (November 2000): 1841–1856. View Details
- Gompers, Paul, and Josh Lerner. "The Determinants of Corporate Venture Capital Success: Organizational Structure, Incentives, and Complementarities." Chap. 1 in Concentrated Corporate Ownership, edited by Randall Morck, 17–50. National Bureau of Economic Research Conference Report. University of Chicago Press, 2000. View Details
- Lerner, Josh. "Small Businesses, Innovation, and Public Policy in the Information Technology Industry." In Understanding the Digital Economy: Data, Tools, and Research, edited by Erik Brynjolfsson and Brian Kahin, 201–214. Cambridge: MIT Press, 2000. View Details
- Lerner, Josh. "Strategic Alliances and Technology Licensing in Biotechnology." In Encyclopedia of Ethical, Legal and Policy Issues in Biotechnology, edited by Thomas H. Murray and Maxwell J. Mehlman, 1069–1079. New York: John Wiley & Sons, 2000. View Details
- Gompers, Paul A., and J. Lerner. "Risk and Reward in Private Equity Investments: The Challenge of Performance Assessment." Journal of Private Equity 1 (winter 1997): 5–12. View Details
- Lerner, Josh. "'Public Venture Capital': Rationales and Evaluation." In The SBIR Program: Challenges and Opportunities, A Report on a Workshop, edited by Charles W. Wessner, 115–128. Washington, D.C.: National Academy Press, 1999. View Details
- Lerner, Josh. "Small Businesses, Innovation, and Public Policy." In Are Small Firms Important? edited by Zoltan Acs, 159–168. Kluwer Academic Publishers, 1999. View Details
- Lerner, Josh. "Venture Capital and the Commercialization of Academic Technology: Symbiosis and Paradox." In Industrializing Knowledge: University-Industry Linkages in Japan and the United States, edited by Lewis M. Branscomb, 385–409. Cambridge: MIT Press, 1999. View Details
- Lerner, Josh. "Angel Financing and Public Policy: An Overview." Special Issue on The Economics of Small Business Finance. Journal of Banking & Finance 22, nos. 6-8 (August 1998): 773–783. View Details
- Lerner, Josh, and Jenny Lanjouw. "The Enforcement of Intellectual Property Rights: A Survey of the Empirical Literature." Special Issue on The Economics and Econometrics of Innovation. Annales d'économie et de statistique, nos. 49-50 (January–June 1998): 223–246. View Details
- Gompers, Paul, and Josh Lerner. "Venture Capital." Chap. D5 of Handbook of Modern Finance, edited by James Seward and Dennis Logue. New York: Warren, Gorham & Lamont, 2004. View Details
- Gompers, Paul, and Josh Lerner. "Venture Capital." In The Technology Management Handbook, edited by Richard C. Dorf, 1–16 to 1–21. New York: CRC Press, 1999. View Details
- Gompers, Paul A., and Josh Lerner. "Venture Capital and the Creation of Public Companies: Do Venture Capitalists Really Bring More than Money?" Journal of Private Equity 1, no. 1 (Fall 1997): 15–32. View Details
- Lerner, Josh, and Robert P. Merges. "Patent Scope and Emerging Industries: Biotechnology, Software, and Beyond." In Competing in the Age of Digital Convergence, edited by D. B. Yoffie, 301–324. Boston: Harvard Business School Press, 1997. View Details
- Lerner, Josh. "Innovation and the Structure of High-Technology Industries." Research on Technological Innovation, Management and Policy 5 (1993): 89–107. View Details
- Government Reports
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- Lerner, Josh, and Paul A. Gompers. "Capital Formation and Investment in Venture Markets: Implications for the Advanced Technology Program." Report, 1999 (Condensed version published in Richard N. Spivack, editor, Papers and Proceeedings of the Advanced Technology Program's International Conference on the Economic Evaluation of Technological Change. NIST Special Publication 952, National Institutes of Standards and Technology, 2001, pp. 15-21.) View Details
- Gompers, Paul, and Josh Lerner. "Capital Formation and Investment in Venture Markets: Implications for the Advanced Technology Program." December 1999. (A Report to the Advanced Technology Program and the National Bureau of Economic Research.) View Details
- Discussions and Reviews
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- Lerner, Josh. Discussion of "Industrial Policies, the Creation of a Learning Society, and Economic Development" by Bruce Greenwald and Stiglitz Stiglitz. In The Industrial Policy Revolution I: The Role of Government Beyond Ideology. no. 151-1, edited by Joseph E. Stiglitz and Justin Lin Yifu. IEA Conference Volume. London: Palgrave Macmillan, 2013. View Details
- Lerner, Josh. Discussion of "Ivory Tower and Industrial Innovation: University-Industry Technology Transfer Before and After the Bayh-Dole Act in the United States" by David C. Mowery, Richard R. Nelson, Bhaven N. Sampat, and Arvids A. Ziedonis. Journal of Economic Literature 43, no. 2 (June 2005): 510–511. View Details
- Lerner, Josh. "Discussion of 'Open Source Genomics' by Dan Burk." Boston University Journal of Science & Technology Law 8, no. 1 (Winter 2002). View Details
- Lerner, Josh. "Discussion of 'Venture Capital Investment' by Gavin Reid." Small Business Economics 15 (August 2000): 77–78. View Details
- Lerner, Josh. 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. Special Issue on Bureaucracy: Issues and Apparatus Journal of Law, Economics & Organization 15, no. 1 (March 1999): 42–46. View Details
- Lerner, Josh. "Discussion of 'Venture Capital Financing, Moral Hazard, and Learning' by Dirk Bergemann and Ulrich Hege." Special Issue on The Economics of Small Business Finance Journal of Banking & Finance 22, nos. 6-8 (August 1998): 736–740. View Details
- Lerner, Joshua. Discussion of "Microeconomic Policy, Technological Change, and Small Business" by Edwin Mansfield. In Technology and Growth: Proceedings of the 40th Economic Conference, edited by Jeffrey C. Fuhrer and Jane Sneddon Little, 208–213. Boston: Federal Reserve Bank of Boston, 1997. View Details
- Lerner, Josh. Symposium on Harrison's "Lean and Mean": A Finance Perspective. Small Business Economics 7, no. 5 (October 1995): 345–347. View Details
- Case Studies
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- Bernstein, Shai, Sabrina Howell, and Josh Lerner. "The Israeli Innovation Authority: Decision-making in a Time of Uncertainty." Harvard Business School Case 824-198, April 2024. (Revised August 2024.) View Details
- Lerner, Josh, John D. Dionne, and Alys Ferragamo. "CalPERS Private Equity 2.0." Harvard Business School Case 223-048, February 2023. (Revised May 2023.) View Details
- Lerner, Josh, and Franko Jira. "CPE and SUS Environmental: You’ve Got to Know When to Hold ‘Em (B)." Harvard Business School Supplement 822-010, August 2021. (Revised August 2021.) View Details
- Baxter, Andrew, Connor Cash, Josh Lerner, and Ratnika Prasad. "Two Case Studies on the Financing of Forest Conservation." Harvard Business School Working Paper, No. 20-137, June 2020. (Revised February 2021.) View Details
- Lerner, Josh, John D. Dionne, and Abdul Al-Asaad. "Hollie Haynes: An Unanticipated Crossroads." Harvard Business School Case 822-084, January 2022. (Revised July 2022.) View Details
- Krieger, Joshua Lev, and Josh Lerner. "In-Q-Tel: Innovation On A Mission." Harvard Business School Case 823-031, August 2022. View Details
- Lerner, Josh, Luyang Zhang, Xinlai Tong, and Yue Kong. "Shanghai Pudong Science and Technology Investment Co., Ltd.: December 2014 ." Harvard Business School Case 822-111, March 2022. View Details
- Lerner, Josh, and Richard Zhu. "Yinglan Tan: Scaling a Venture Capital Firm in Southeast Asia." Harvard Business School Case 823-025, July 2022. View Details
- Lerner, Josh, Terrence Shu, and Alys Ferragamo. "Apax Partners and Duck Creek Technologies." Harvard Business School Case 221-075, March 2021. (Revised August 2021.) View Details
- 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. View Details
- Lerner, Josh, and Franko Jira. "CPE and SUS Environmental: You've Got to Know When to Hold 'Em (A)." Harvard Business School Case 821-085, May 2021. (Revised September 2021.) View Details
- Lerner, Josh, and James Mason. "DigiPlex: Ante-Up or Cash Out." Harvard Business School Case 821-080, March 2021. (Revised August 2021.) View Details
- Lerner, Josh, Jo Tango, and Alys Ferragamo. "Yale Investments Office: November 2020." Harvard Business School Case 821-074, March 2021. View Details
- Lerner, Josh. "Blackstone at 35: Performance, Innovation, and the Next Generation." Harvard Business School Case 220-051, January 2020. View Details
- Lerner, Josh, Shai Bernstein, Ann Leamon, and Richard Sessa. "GeBBS Healthcare Solutions: Did You Ever Have to Make Up Your Mind?" Harvard Business School Case 820-041, December 2019. View Details
- Lerner, Josh, Shai Bernstein, Ann Leamon, and Richard Sessa. "GeBBS Healthcare Solutions: Did You Ever Have to Make Up Your Mind? (B)." Harvard Business School Supplement 820-074, December 2019. View Details
- Lerner, Josh, Shai Bernstein, and Ann Leamon. "Hony Capital and Jushi Group." Harvard Business School Case 820-040, October 2019. View Details
- Lerner, Josh, Shai Bernstein, and Terrence Shu. "PROOF: Pro Rata Opportunity Fund." Harvard Business School Case 820-030, August 2019. View Details
- Lerner, Josh, Abhijit Tagade, and Terrence Shu. "Clayton, Dubilier & Rice at 40." Harvard Business School Case 819-055, September 2018. View Details
- Lerner, Josh, and Ted Berk. "Altoona State Investment Board & Bain Capital Fund XI." Harvard Business School Case 218-022, August 2017. (Revised September 2023.) View Details
- Lerner, Josh, and Alexey Tuzikov. "The Carlyle Group and Axalta." Harvard Business School Case 818-040, September 2017. (Revised October 2017.) View Details
- Lerner, Josh, John D. Dionne, and Amram Migdal. "Centerbridge Partners and Great Wolf Resorts: Buying from a Highly Regarded Competitor." Harvard Business School Case 818-023, July 2017. View Details
- Lerner, Josh, John D. Dionne, and Amram Migdal. "Centerbridge Partners and Great Wolf Resorts (B)." Harvard Business School Supplement 818-024, July 2017. View Details
- Lerner, Josh, and Ann Leamon. "SIN Capital and the Fullerton Health IPO." Harvard Business School Case 817-030, January 2017. (Revised March 2017.) View Details
- Lerner, Josh, John D. Dionne, and Amram Migdal. "Blackstone at Age 30." Harvard Business School Case 816-013, January 2016. (Revised November 2019.) View Details
- Lerner, Josh, and Nathaniel Burbank. "KKR, Ringier Digital, and the Acquisition of Scout24 Switzerland." Harvard Business School Case 816-059, December 2015. View Details
- Lerner, Josh, Maria Fernanda Miguel, and Laura Urdapilleta. "NXTP Labs: An Innovative Accelerator Model." Harvard Business School Case 815-110, April 2015. (Revised May 2018.) View Details
- Lerner, Josh. "Private Equity Transforming TDC." Harvard Business School Case 815-084, December 2014. View Details
- Lerner, Josh. "Yale University Investments Office: February 2015." Harvard Business School Case 815-124, April 2015. (Revised April 2015.) View Details
- Lerner, Josh, and Nathaniel Burbank. "ACA and the Union Bank Acquisition." Harvard Business School Case 814-080, March 2014. (Revised September 2015.) View Details
- Lerner, Josh, and Matthew Rhodes-Kropf. "Bay Partners (B) (Abridged)." Harvard Business School Case 214-042, October 2013. View Details
- Lerner, Josh, and Nathaniel Burbank. "Altoona State Investment Board: July 2012." Harvard Business School Case 813-100, October 2012. (Revised September 2015.) View Details
- Lerner, Josh, and Lauren Barley. "Bay Partners (A)." Harvard Business School Case 213-102, March 2013. (Revised July 2014.) View Details
- Lerner, Josh, and Lauren Barley. "Bay Partners (B)." Harvard Business School Supplement 213-103, March 2013. (Revised July 2014.) View Details
- Lerner, Josh, Sandeep Bapat, and Rachna Tahilyani. "Blackstone's Investment in Intelenet." Harvard Business School Case 213-036, September 2012. (Revised July 2014.) View Details
- Lerner, Josh, Matthew Rhodes-Kropf, and Nathaniel Burbank. "The Canada Pension Plan Investment Board: October 2012." Harvard Business School Teaching Note 814-085, March 2014. View Details
- Rhodes-Kropf, Matthew, and Josh Lerner. "The Canada Pension Plan Investment Board: October 2012 (CW)." Harvard Business School Spreadsheet Supplement 814-704, March 2014. View Details
- Lerner, Josh. "Cost of Capital Problems." Harvard Business School Background Note 813-152, January 2013. (Revised April 2015.) View Details
- Lerner, Josh. "Glynn Roberts: February 2003." Harvard Business School Case 813-148, January 2013. (Revised September 2015.) View Details
- Lerner, Josh, and Ann Leamon. "Innova Capital: The Transition." Harvard Business School Case 813-064, October 2012. (Revised February 2013.) View Details
- Lerner, Josh, and Felda Hardymon. "Martin Smith: July 2012." Harvard Business School Case 813-067, September 2012. (Revised January 2013.) View Details
- Lerner, Josh, Eva Lutz, and Kerry Herman. "Messer Griesheim (A) (Abridged)." Harvard Business School Case 813-018, August 2012. View Details
- Lerner, Josh. "Oliver Mizne: January 2009." Harvard Business School Case 813-153, January 2013. (Revised September 2015.) View Details
- Lerner, Josh. "Tate Elliott: August 2012." Harvard Business School Case 813-144, January 2013. (Revised September 2015.) View Details
- Lerner, Josh. "The Case of the Unidentified Ratios." Harvard Business School Case 812-129, February 2012. (Revised July 2014.) View Details
- Applegate, Lynda M., William R. Kerr, Josh Lerner, Dina D. Pomeranz, Gustavo A. Herrero, and Cintra Scott. "Start-Up Chile: April 2012." Harvard Business School Case 812-158, May 2012. View Details
- Lerner, Josh. "Altoona State Investment Board: December 2008: Spreadsheet Supplement." Harvard Business School Spreadsheet Supplement 812-703, December 2011. View Details
- Hardymon, Felda, Josh Lerner, and Ann Leamon. "Vignette: Alternative Liquidity Options." Harvard Business School Case 812-070, October 2011. (Revised December 2011.) View Details
- Lerner, Josh, and Ann Leamon. "Yale University Investments Office: February 2011." Harvard Business School Case 812-062, October 2011. (Revised March 2013.) View Details
- Lerner, Josh, Thomas Hellmann, and Ilkin Ilyaszade. "Angels in British Columbia." Harvard Business School Case 811-100, April 2011. (Revised April 2012.) View Details
- Lerner, Josh, Ann Leamon, and Abishai Vase. "A Note on Private Equity in Developing Countries." Harvard Business School Background Note 811-102, May 2011. (Revised September 2015.) View Details
- Lerner, Josh, Eli Talmor, Ananth Vyas Bhimavarapu, and Thibaud Simphal. "Capital for Enterprise Limited (CfEL): Bridging the SME Early-Stage Finance Gap." Harvard Business School Case 811-027, September 2010. (Revised March 2013.) View Details
- Lerner, Josh, and Yiwen Jin. "Hony, CIFA, and Zoomlion: Creating Value and Strategic Choices in a Dynamic Market." Harvard Business School Case 811-032, October 2010. (Revised January 2012.) View Details
- Lerner, Josh, and Keith Chi-ho Wong. "Oriental Fortune Capital: Building a Better Stock Exchange." Harvard Business School Case 811-105, May 2011. View Details
- Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Firm Strategy Vignettes." Harvard Business School Compilation 810-087, January 2010. (Revised March 2010.) View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Gobi Partners and DMG." Harvard Business School Case 810-095, January 2010. (Revised April 2010.) View Details
- Rhodes-Kropf, Matthew, Josh Lerner, and Ann Leamon. "Iris Running Crane: December 2009." Harvard Business School Case 810-073, December 2009. (Revised July 2013.) View Details
- Lerner, Josh, and Ann Leamon. "Microsoft's IP Ventures." Harvard Business School Case 810-096, March 2010. (Revised January 2012.) View Details
- Lerner, Josh. "Altoona State Investment Board: December 2008." Harvard Business School Case 809-095, January 2009. (Revised May 2010.) View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "The Canada Pension Plan Investment Board." Harvard Business School Case 809-073, January 2009. (Revised April 2009.) View Details
- Lerner, Josh, and Ann Leamon. "Ithmar Capital." Harvard Business School Case 809-032, September 2008. (Revised September 2010.) View Details
- Lerner, Josh, Ann-Kristin Achleitner, Eva Lutz, and Kerry Herman. "Messer Griesheim (A)." Harvard Business School Case 809-056, February 2009. (Revised March 2013.) View Details
- Lerner, Josh, Ann-Kristin Achleitner, Eva Lutz, and Kerry Herman. "Messer Griesheim (B)." Harvard Business School Supplement 809-057, February 2009. (Revised March 2013.) View Details
- Hardymon, Felda, Josh Lerner, and Ann Leamon. "Actis: January 2008." Harvard Business School Case 808-130, March 2008. (Revised June 2009.) View Details
- Hardymon, Felda, Josh Lerner, and Ann Leamon. "The Blackstone Group's IPO." Harvard Business School Case 808-100, March 2008. (Revised May 2008.) View Details
- Hardymon, Felda, Josh Lerner, and Ann Leamon. "Tad O'Malley: The Investment Conundrum." Harvard Business School Case 808-125, February 2008. (Revised May 2008.) View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Warburg Pincus and emgs: The IPO Decision (B)." Harvard Business School Supplement 808-046, August 2007. (Revised August 2012.) View Details
- Lerner, Josh, and John Didiuk. "NCH Capital and Univermag Ukraina." Harvard Business School Case 807-143, February 2007. (Revised March 2007.) View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Lion Capital and the Blackstone Group: The Orangina Deal." Harvard Business School Case 807-005, December 2006. (Revised May 2008.) View Details
- Lerner, Josh, and Brenda Chia. "OuterLink Corporation (B)." Harvard Business School Supplement 807-158, April 2007. View Details
- Lerner, Josh. "Yale University Investments Office: August 2006." Harvard Business School Case 807-073, January 2007. (Revised March 2011.) View Details
- Lerner, Josh, and Smart Darren. "ABRY Partners, LLC: WideOpenWest." Harvard Business School Case 806-116, February 2006. (Revised January 2007.) View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Adams Capital Management: Fund IV." Harvard Business School Case 806-077, February 2006. View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Brazos Partners and Cheddar's Inc." Harvard Business School Case 806-069, February 2006. (Revised June 2007.) View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Christo and Jeanne-Claude: The Art of the Entrepreneur." Harvard Business School Case 806-014, February 2006. (Revised August 2006.) View Details
- Lerner, Josh, and Brenda Chia. "OuterLink Corporation (A)." Harvard Business School Case 806-059, September 2005. (Revised May 2007.) View Details
- Hardymon, G. Felda, Josh Lerner, Ann Leamon, and Sean Klimczak. "Tad O'Malley: December 2004." Harvard Business School Case 806-024, November 2005. (Revised November 2007.) View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Tad O'Malley: June 2005." Harvard Business School Case 806-078, February 2006. (Revised September 2006.) View Details
- Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Apax Partners and Xerium S.A." Harvard Business School Case 804-084, February 2004. (Revised September 2006.) View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Gold Hill Venture Lending." Harvard Business School Case 804-083, January 2004. (Revised May 2005.) View Details
- Hardymon, G. Felda, Josh Lerner, Ann Leamon, and Frank Angella. "Grove Street Advisors." Harvard Business School Case 804-050, December 2003. (Revised May 2004.) View Details
- Lerner, Josh, G. Felda Hardymon, Kevin Book, and Ann Leamon. "In-Q-Tel." Harvard Business School Case 804-146, February 2004. (Revised May 2005.) View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Montagu Private Equity (A)." Harvard Business School Case 804-051, January 2004. (Revised May 2004.) View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Case Vignette: The Salesman Saga." Harvard Business School Case 804-175, April 2004. View Details
- Lerner, Josh. "Yale University Investments Office: June 2003." Harvard Business School Case 204-055, September 2003. (Revised March 2004.) View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Adams Capital Management: March 2002." Harvard Business School Case 803-143, January 2003. (Revised June 2003.) View Details
- Hardymon, G. Felda, and Josh Lerner. "Accel Partners' European Launch." Harvard Business School Case 803-021, February 2003. (Revised May 2003.) View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "AIT Group Plc." Harvard Business School Case 803-104, February 2003. (Revised January 2006.) View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "CDC Capital Partners: December 2002." Harvard Business School Case 803-167, March 2003. (Revised January 2004.) View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Tympani Board, The." Harvard Business School Case 803-105, December 2002. (Revised November 2003.) View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Vignette: The Rebar Dilemma." Harvard Business School Case 803-091, December 2002. (Revised June 2003.) View Details
- Lerner, Josh. "Acme Investment Trust: January 2001." Harvard Business School Case 202-055, October 2001. (Revised February 2002.) View Details
- Lerner, Josh, G. Felda Hardymon, Ann Leamon, Nitin Gupta, and Sameer Bharadwaj. "Battery Ventures." Harvard Business School Case 802-159, February 2002. (Revised March 2002.) View Details
- Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Brazos Partners: the CoMark LBO." Harvard Business School Case 202-090, February 2002. (Revised February 2004.) View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Chengwei Ventures and the hdt* Investment." Harvard Business School Case 802-089, February 2002. (Revised April 2002.) View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Endeca Negotiation, The: Steve Papa." Harvard Business School Exercise 802-212, May 2002. (Revised May 2003.) View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Endeca Negotiation, The: Hardy Smith." Harvard Business School Exercise 802-213, May 2002. (Revised May 2003.) View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Endeca Negotiation, The: Charlie Yie." Harvard Business School Exercise 802-214, May 2002. (Revised May 2003.) View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Endeca Technologies (A)." Harvard Business School Case 802-141, February 2002. (Revised May 2003.) View Details
- Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Endeca Technologies (B)." Harvard Business School Case 802-142, February 2002. (Revised May 2002.) View Details
- Lerner, Josh, and Alberto Ballve. "Exxel Group, The: March 2001." Harvard Business School Case 202-053, October 2001. (Revised March 2003.) View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Martin Smith: May 2002." Harvard Business School Case 802-160, January 2002. (Revised April 2002.) View Details
- Hardymon, G. Felda, Josh Lerner, Antonio Alvarez-Cano, and Borja Martinez. "Apax Partners and Dialog Semiconductor: March 1998." Harvard Business School Case 201-044, February 2001. (Revised March 2001.) View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "CDC Capital Partners." Harvard Business School Case 801-333, February 2001. (Revised April 2001.) View Details
- Lerner, Josh. "University Technology Ventures: October 2000." Harvard Business School Case 201-043, November 2000. View Details
- Lerner, Josh. "Yale University Investments Office: July 2000." Harvard Business School Case 201-048, November 2000. (Revised March 2001.) View Details
- Lerner, Josh. "CMGI: Organizational and Market Innovation." Harvard Business School Case 200-064, May 2000. View Details
- Lerner, Josh. "Fojtasek Companies and Heritage Partners, The: October 1998." Harvard Business School Case 200-014, October 1999. View Details
- Lerner, Josh, and David L. Gallo. "Francisco Partners." Harvard Business School Case 200-063, April 2000. View Details
- Hardymon, G. Felda, and Josh Lerner. "Martin Smith: May 2000." Harvard Business School Case 200-046, March 2000. (Revised April 2000.) View Details
- Lerner, Josh, Dino Cattaneo, and Giampiero Mazza. "Investitori Associati: Exiting the Savio LBO (A)." Harvard Business School Case 299-048, February 1999. (Revised June 1999.) View Details
- Lerner, Josh. "Investitori Associati: Exiting the Savio LBO (B)." Harvard Business School Case 299-106, June 1999. View Details
- Lerner, Josh, Lee Branstetter, and Takeshi Nakabayashi. "New Business Investment Company: October 1997." Harvard Business School Case 299-025, June 1999. (Revised March 2001.) View Details
- Lerner, Josh. "BCI Growth III: May 1993." Harvard Business School Case 298-093, March 1998. (Revised December 1998.) View Details
- Lerner, Josh. "BCI Growth III: November 1993." Harvard Business School Case 298-103, March 1998. (Revised June 1998.) View Details
- Lerner, Josh, Peter Wendell, and Catherine M. Conneely. "GMIMCo Venture Capital: September 1996." Harvard Business School Case 298-052, August 1997. (Revised September 1997.) View Details
- Lerner, Josh. "Martin Smith: January 2002." Harvard Business School Case 298-076, November 1997. (Revised January 2003.) View Details
- Lerner, Josh. "Xerox Technology Ventures: January 1997." Harvard Business School Case 298-109, February 1998. (Revised April 1998.) View Details
- Lerner, Josh. "Yale University Investments Office: November 1997." Harvard Business School Case 298-077, December 1997. (Revised September 1998.) View Details
- Lerner, Josh, Alex Hoye, and Gonzalo Pacanins. "The Exxel Group: September 1995." Harvard Business School Case 297-068, February 1997. (Revised October 2002.) View Details
- Lerner, Josh, Alex Hoye, and Gonzalo Pacanins. "Exxel Group, The." Harvard Business School Case 297-103, April 1997. View Details
- Hayes, Samuel L., III, and Josh Lerner. "Fojtasek Companies and Heritage Partners, The: March 1995." Harvard Business School Case 297-046, January 1997. (Revised November 1997.) View Details
- Lerner, Josh, Thomas J. Kosnik, Tarek AbuZayyad, and Paul C. Yang. "GO Corporation." Harvard Business School Case 297-021, September 1996. (Revised April 1997.) View Details
- Lerner, Josh, Kate Bringham, and Nick Ferguson. "Schroder Ventures: Launch of the Euro Fund." Harvard Business School Case 297-026, October 1996. (Revised March 1998.) View Details
- Lerner, Josh. "Acme Investment Trust." Harvard Business School Case 296-042, November 1995. (Revised October 2000.) View Details
- Lerner, Josh. "Apex Investment Partners (A): April 1995." Harvard Business School Case 296-028, October 1995. (Revised November 1997.) View Details
- Lerner, Josh, and Sanjiv R. Das. "Apex Investment Partners (B): May 1995." Harvard Business School Supplement 296-029, October 1995. (Revised November 1997.) View Details
- Lerner, Josh. "FOX Venture Partners: Enriching the Private Equity Investor Pool." Harvard Business School Case 296-041, December 1995. (Revised March 1998.) View Details
- Lerner, Josh, and Eric K. Jackson. "Northeast Ventures: January 1996." Harvard Business School Case 296-093, May 1996. (Revised November 1997.) View Details
- Lerner, Josh, and Benjamin Conway. "Outrage in Cyberspace: CompuServe and the GIF Patent." Harvard Business School Case 296-057, January 1996. View Details
- Lerner, Josh. "RogersCasey Alternative Investments: Innovative Response to the Distribution Challenge." Harvard Business School Case 296-024, September 1995. (Revised May 1998.) View Details
- Lerner, Josh. "Weston Presidio Offshore Capital: Confronting the Fundraising Challenge." Harvard Business School Case 296-055, January 1996. (Revised November 1997.) View Details
- Lerner, Josh, and Jay O. Light. "Yale University Investments Office." Harvard Business School Case 296-040, December 1995. (Revised December 1995.) View Details
- Lerner, Josh, and Benjamin Conway. "Candela Laser vs. Cynosure, Inc." Harvard Business School Case 295-097, January 1995. (Revised November 1995.) View Details
- Lerner, Josh. "European Association of Security Dealers, The: November 1994." Harvard Business School Case 295-116, February 1995. (Revised March 1998.) View Details
- Lerner, Josh. "Scripps Research Institute, The: November 1993 (Abridged)." Harvard Business School Case 295-068, November 1994. (Revised December 1995.) View Details
- Lerner, Josh, and Peter Tufano. "Aberlyn Capital Management: July 1993." Harvard Business School Case 294-083, January 1994. (Revised November 1997.) View Details
- Lerner, Josh. "EMC Corporation: Response to Shareholder Litigation (A)." Harvard Business School Case 294-070, January 1994. (Revised April 1995.) View Details
- Lerner, Josh. "EMC Corporation: Response to Shareholder Litigation (B)." Harvard Business School Case 294-071, January 1994. (Revised April 1994.) View Details
- Lerner, Josh, and David Kane. "Repligen Corporation: January 1992." Harvard Business School Case 294-082, January 1994. (Revised July 1998.) View Details
- Lerner, Josh, and Peter Tufano. "ALZA and Bio-Electro Systems (A): Technological and Financial Innovation." Harvard Business School Case 293-124, April 1993. (Revised October 1995.) View Details
- Lerner, Josh, and Peter Tufano. "ALZA and Bio-Electro Systems (B1): Rights Offering Strategy." Harvard Business School Supplement 293-125, April 1993. (Revised February 1996.) View Details
- Lerner, Josh, and Peter Tufano. "ALZA and Bio-Electro Systems (B2): The Rights Offering." Harvard Business School Supplement 293-126, April 1993. (Revised February 1996.) View Details
- Lerner, Josh, and Peter Tufano. "ALZA and Bio-Electro Systems (C): 1988-92." Harvard Business School Supplement 293-127, April 1993. (Revised February 1996.) View Details
- Lerner, Josh. "ImmuLogic Pharmaceutical Corporation (A): March 1991." Harvard Business School Case 293-066, October 1992. (Revised November 1997.) View Details
- Lerner, Josh. "ImmuLogic Pharmaceutical Corporation (B1): Malcolm Gefter." Harvard Business School Supplement 293-067, October 1992. (Revised March 1993.) View Details
- Lerner, Josh. "ImmuLogic Pharmaceutical Corporation (B2): Henry McCance." Harvard Business School Supplement 293-068, October 1992. (Revised April 1993.) View Details
- Lerner, Josh. "ImmuLogic Pharmaceutical Corporation (B3): Katherine Kirk." Harvard Business School Supplement 293-069, October 1992. (Revised March 1993.) View Details
- Lerner, Josh. "ImmuLogic Pharmaceutical Corporation (B4): Phillip Gross." Harvard Business School Supplement 293-070, October 1992. (Revised April 1993.) View Details
- Lerner, Josh. "ImmuLogic Pharmaceutical Corporation (C): April 1991." Harvard Business School Supplement 293-071, October 1992. (Revised March 1993.) View Details
- Lerner, Josh. "ImmuLogic Pharmaceutical Corporation (Abridged)." Harvard Business School Case 293-087, December 1992. (Revised September 1996.) View Details
- Class Notes
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- Lerner, Josh, and Ann Leamon. "A Note on European Private Equity." Harvard Business School Background Note 811-103, May 2011. (Revised May 2011.) View Details
- Hamermesh, Richard G., Josh Lerner, and Phillip Andrews. "U.S. Universities and Technology Transfer." Harvard Business School Background Note 812-016, August 2011. (Revised September 2011.) View Details
- Lerner, Josh, Felda Hardymon, Matthew Rhodes-Kropf, Ann Leamon, and Lisa Strope. "VCPE Strategy Vignettes: 2012." Harvard Business School Compilation 812-073, November 2011. View Details
- 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. View Details
- Lerner, Josh, G. Felda Hardymon, Matthew Rhodes-Kropf, Ann Leamon, and Lisa Strope. "VCPE Strategy Vignettes II." Harvard Business School Compilation 811-054, December 2010. View Details
- Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "A Note on Limited Partner Advisory Boards." Harvard Business School Background Note 808-169, June 2008. View Details
- Hamermesh, Richard G., Josh Lerner, and David Kiron. "Technology Transfer at U.S. Universities." Harvard Business School Background Note 807-124, January 2007. (Revised June 2007.) View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Best Practices: Decision Making Among Venture Capital Firms." Harvard Business School Background Note 804-176, May 2004. (Revised October 2007.) View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Between a Rock and a Hard Place: Valuation and Distribution in Private Equity." Harvard Business School Background Note 803-161, February 2003. (Revised March 2011.) View Details
- Lerner, Josh. "Note on Corporate Venture Capital, A." Harvard Business School Background Note 201-036, September 2000. (Revised March 2001.) View Details
- Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Note on the Private Equity Fundraising." Harvard Business School Background Note 201-042, September 2000. (Revised April 2011.) View Details
- Hardymon, G. Felda, and Josh Lerner. "Note on Private Equity Securities, A." Harvard Business School Background Note 200-027, December 1999. (Revised November 2001.) View Details
- Lerner, Josh. "A Note on the Initial Public Offering Process." Harvard Business School Background Note 200-018, October 1999. (Revised July 2007.) View Details
- Lerner, Josh, and Ann Leamon. "Note on Private Equity Information Sources." Harvard Business School Background Note 299-018, September 1998. (Revised May 2011.) View Details
- Lerner, Josh. "Venture Capital and Private Equity: A Course Overview." Harvard Business School Working Paper, No. 98-042, November 1997. View Details
- Gompers, Paul A., and Josh Lerner. "A Note on the Venture Capital Industry." Harvard Business School Background Note 295-065, November 1994. (Revised July 2001.) View Details
- Lerner, Josh, and John Willinge. "Note on Valuation in Private Equity Settings, A." Harvard Business School Background Note 297-050, October 1996. (Revised March 2011.) View Details
- Lerner, Josh. "Venture Capital and Private Equity: Course Overview." Harvard Business School Background Note 297-045, October 1996. (Revised November 1997.) View Details
- Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Venture Capital and Private Equity: Module I." Harvard Business School Module Note 297-040, October 1996. (Revised April 2011.) View Details
- Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Venture Capital and Private Equity: Module II." Harvard Business School Module Note 297-041, October 1996. (Revised May 2011.) View Details
- Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Venture Capital and Private Equity: Module III." Harvard Business School Module Note 297-042, October 1996. (Revised April 2011.) View Details
- Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Venture Capital and Private Equity: Module IV." Harvard Business School Module Note 297-043, October 1996. (Revised April 2011.) View Details
- Lerner, Josh. "A Note on Distribution of Venture Investments." Harvard Business School Background Note 295-095, January 1995. View Details
- Lerner, Josh. "Information Sources About Private Equity." Harvard Business School Background Note 295-066, December 1994. (Revised November 1997.) View Details
- Lerner, Josh. "An Introduction to Patents and Trade Secrets." Harvard Business School Background Note 295-062, November 1994. (Revised January 2006.) View Details
- Lerner, Josh. "Note on Private Equity Partnership Agreements." Harvard Business School Background Note 294-084, January 1994. (Revised April 2011.) View Details
- Lerner, Josh. "Note on the Venture Leasing Industry, A." Harvard Business School Background Note 294-069, January 1994. (Revised November 2001.) View Details
- Teaching Notes
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- Bernstein, Shai, Josh Lerner, and Sabrina T. Howell. "The Israeli Innovation Authority: Decision-making in a Time of Uncertainty." Harvard Business School Teaching Note 825-052, July 2024. View Details
- Lerner, Josh. "Yinglan Tan: Scaling a Venture Capital Firm in Southeast Asia." Harvard Business School Teaching Note 823-053, September 2022. View Details
- Lerner, Josh. "Altoona State Investment Board & Bain Capital Fund XI." Harvard Business School Teaching Note 222-059, February 2022. View Details
- Lerner, Josh. "Apax Partners and Duck Creek Technologies." Harvard Business School Teaching Note 822-029, October 2021. View Details
- Lerner, Josh. "The Canada Pension Plan Investment Board (CPP Investments): April 2021." Harvard Business School Teaching Note 822-036, September 2021. View Details
- Lerner, Josh. "CPE and SUS Environmental: You've Got to Know When to Hold 'Em (A) and (B)." Harvard Business School Teaching Note 822-030, September 2021. View Details
- Lerner, Josh. "DigiPlex: Ante-Up or Cash Out." Harvard Business School Teaching Note 822-032, August 2021. View Details
- Lerner, Josh, and Joshua Lev Krieger. "In-Q-Tel: Innovation On A Mission." Harvard Business School Teaching Note 823-042, August 2022. View Details
- Lerner, Josh. "Hollie Haynes: An Unanticipated Crossroads." Harvard Business School Teaching Note 822-085, March 2022. View Details
- Lerner, Josh. "Shanghai Pudong Science and Technology Investment Co., Ltd.: December 2014 ." Harvard Business School Teaching Note 822-123, April 2022. View Details
- Lerner, Josh. "Yale University Investments Office: November 2020." Harvard Business School Teaching Note 822-031, August 2021. View Details
- Lerner, Josh, Shai Bernstein, and Ann Leamon. "Hony Capital and Jushi Group." Harvard Business School Teaching Note 820-073, December 2019. View Details
- Lerner, Josh, Shai Bernstein, and Terrence Shu. "PROOF: Pro Rata Opportunity Fund." Harvard Business School Teaching Note 820-085, January 2020. View Details
- Lerner, Josh, Shai Benjamin Bernstein, and Terrence Shu. "PROOF TN Supplement 1: Preclass." Harvard Business School Spreadsheet Supplement 820-712, January 2020. View Details
- Lerner, Josh, Shai Benjamin Bernstein, and Terrence Shu. "PROOF TN Supplement 2: Postclass." Harvard Business School Spreadsheet Supplement 820-713, January 2020. View Details
- Lerner, Josh. "Blackstone at Age 30 and Blackstone at 35." Harvard Business School Teaching Note 819-053, September 2018. (Revised August 2021.) View Details
- Lerner, Josh. "The Case of the Unidentified Ratios." Harvard Business School Teaching Note 819-052, September 2018. View Details
- Lerner, Josh, Nori Gerardo Lietz, and Terrence Shu. "Innova Capital: The Transition." Harvard Business School Teaching Note 819-085, January 2019. View Details
- Lerner, Josh, Nori Gerardo Lietz, and Terrence Shu. "Yale University Investments Office: February 2015." Harvard Business School Teaching Note 819-094, January 2019. View Details
- Lerner, Josh, John D. Dionne, and Amram Migdal. "Centerbridge Partners and Great Wolf Resorts: Buying from a Highly Regarded Competitor." Harvard Business School Teaching Note 818-069, December 2017. View Details
- Lerner, Josh. "KKR, Ringier Digital, and the Acquisition of Scout24 Switzerland." Harvard Business School Teaching Note 818-085, December 2017. View Details
- Lerner, Josh, and Ann Leamon. "Sin Capital and the Fullerton Health IPO." Harvard Business School Teaching Note 817-119, February 2017. View Details
- Lerner, Josh, Felda Hardymon, and Ann Leamon. "The Canada Pension Plan Investment Board (TN)." Harvard Business School Teaching Note 812-069, November 2011. View Details
- Lerner, Josh, and Terrence Shu. "Clayton, Dubilier & Rice at 40." Harvard Business School Teaching Note 819-086, December 2018. View Details
- Lerner, Josh, and Eva Lutz. "Messer Griesheim (A) (Abridged) and (B) (TN)." Harvard Business School Teaching Note 813-051, August 2012. View Details
- Lerner, Josh, and Ann Leamon. "Altoona State Investment Board: December 2008 (TN)." Harvard Business School Teaching Note 812-075, November 2011. View Details
- Lerner, Josh. "Abraaj Capital (TN)." Harvard Business School Teaching Note 812-067, November 2011. View Details
- Lerner, Josh, and Thomas Hellmann. "Angels in British Columbia (TN)." Harvard Business School Teaching Note 812-080, November 2011. View Details
- Lerner, Josh. "Hony, CIFA, and Zoomlion: Creating Value and Strategic Choices in a Dynamic Market (TN)." Harvard Business School Teaching Note 812-068, November 2011. View Details
- Lerner, Josh, Matthew Rhodes-Kropf, and Ann Leamon. "Iris Running Crane: December 2009 (TN)." Harvard Business School Teaching Note 812-087, December 2011. View Details
- Lerner, Josh, Ann-Kristin Achleitner, and Eva Lutz. "Messer Griesheim (TN) (A) & (B)." Harvard Business School Teaching Note 810-089, January 2010. View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Motilal Oswal Financial Services Ltd.: An IPO in India (TN)." Harvard Business School Teaching Note 809-018, March 2009. View Details
- Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "3i Group plc: May 2006 (TN)." Harvard Business School Teaching Note 809-013, July 2008. View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "The Blackstone Group's IPO (TN)." Harvard Business School Teaching Note 809-036, August 2008. View Details
- Hardymon, Felda, Josh Lerner, and Ann Leamon. "Brazos Partners and Cheddar's Inc. (TN)." Harvard Business School Teaching Note 808-055, January 2008. View Details
- Lerner, Josh, Felda Hardymon, and Ann Leamon. "Gobi Partners: Raising Fund II (TN)." Harvard Business School Teaching Note 808-052, January 2008. View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Lion Capital and the Blackstone Group: The Orangina Deal (TN)." Harvard Business School Teaching Note 808-056, May 2008. View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Pawson Foundation: August 2006 (TN)." Harvard Business School Teaching Note 809-016, August 2008. View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Tad O'Malley: The Investment Conundrum (TN)." Harvard Business School Teaching Note 809-044, August 2008. View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Warburg Pincus and emgs: The IPO Decision (TN) (A) and (B)." Harvard Business School Teaching Note 808-057, May 2008. View Details
- Lerner, Josh, and Ann Leamon. "Yale University Investments Office: August 2006 (TN)." Harvard Business School Teaching Note 809-015, July 2008. View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Adams Capital Management: Fund IV (TN)." Harvard Business School Teaching Note 808-053, December 2007. (Revised April 2009.) View Details
- Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Tad O'Malley: December 2004 (TN)." Harvard Business School Teaching Note 808-049, December 2007. View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Village Ventures (TN)." Harvard Business School Teaching Note 808-010, December 2007. View Details
- Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Accel Partners' European Launch (TN)." Harvard Business School Teaching Note 805-038, August 2004. View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Adams Capital Management: March 2002 (TN)." Harvard Business School Teaching Note 805-040, August 2004. (Revised February 2005.) View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "AIT Group plc (TN)." Harvard Business School Teaching Note 805-037, August 2004. View Details
- Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Apax Partners and Xerium S.A. (TN)." Harvard Business School Teaching Note 805-046, September 2004. View Details
- Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Battery Ventures (TN)." Harvard Business School Teaching Note 805-036, August 2004. View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Between a Rock and a Hard Place: Valuation and Distribution in Private Equity (TN)." Harvard Business School Teaching Note 805-049, September 2004. View Details
- Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Brazos Partners: the CoMark LBO (TN)." Harvard Business School Teaching Note 205-020, August 2004. View Details
- Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Chengwei Ventures and the hdt* Investment (TN)." Harvard Business School Teaching Note 805-045, September 2004. View Details
- Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Endeca Technologies (A) and (B) TN." Harvard Business School Teaching Note 805-044, September 2004. View Details
- Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Exxel Group, The: March 2001 (TN)." Harvard Business School Teaching Note 205-022, September 2004. View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Gold Hill Venture Lending (TN)." Harvard Business School Teaching Note 805-034, August 2004. View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Grove Street Advisors (TN)." Harvard Business School Teaching Note 805-035, August 2004. View Details
- Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "In-Q-Tel (TN)." Harvard Business School Teaching Note 805-047, September 2004. View Details
- Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Montagu Private Equity (A) and (B) TN." Harvard Business School Teaching Note 805-039, September 2004. View Details
- Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "3i Group plc (TN)." Harvard Business School Teaching Note 805-048, September 2004. View Details
- Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Acme Investment Trust: January 2001 (TN)." Harvard Business School Teaching Note 204-172, June 2004. View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Martin Smith: January 2002 (TN)." Harvard Business School Teaching Note 204-095, October 2003. View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Martin Smith: May 2002 (TN)." Harvard Business School Teaching Note 804-067, November 2003. (Revised March 2005.) View Details
- Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Yale University Investments Office: June 2003 (TN)." Harvard Business School Teaching Note 204-173, June 2004. View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Adams Capital Management: March 1999 TN." Harvard Business School Teaching Note 802-017, September 2001. (Revised July 2003.) View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Apax Partners and Dialog Semiconductor: March 1998 TN." Harvard Business School Teaching Note 202-042, August 2001. View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "CDC Capital Partners TN." Harvard Business School Teaching Note 802-014, August 2001. View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "CMGI: Organizational and Market Innovation TN." Harvard Business School Teaching Note 202-041, August 2001. View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Columbia Capital Corporation: Summer 1998 TN." Harvard Business School Teaching Note 802-016, August 2001. View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Francisco Partners TN." Harvard Business School Teaching Note 202-023, August 2001. View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Intel 64 Fund TN." Harvard Business School Teaching Note 802-026, August 2001. View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Investitori Associati: Exiting the Savio LBO (A) and (B) TN." Harvard Business School Teaching Note 202-039, August 2001. View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Joe Casey: January 2000 TN." Harvard Business School Teaching Note 802-027, August 2001. View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Martin Smith: May 2000 TN." Harvard Business School Teaching Note 202-021, August 2001. (Revised August 2003.) View Details
- Hardymon, G. Felda, and Josh Lerner. "Metapath Software: September 1997 TN." Harvard Business School Teaching Note 802-051, September 2001. (Revised January 2008.) View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "New Business Investment Company: October 1997 TN." Harvard Business School Teaching Note 202-040, August 2001. View Details
- Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Securior Wireless Networks: February 1996 TN." Harvard Business School Teaching Note 802-018, August 2001. View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "University Technology Ventures: October 2000 TN." Harvard Business School Teaching Note 202-038, August 2001. View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Venture Capital Case Vignettes TN." Harvard Business School Teaching Note 802-052, August 2001. View Details
- Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Yale University Investments Office: July 2000 (TN)." Harvard Business School Teaching Note 202-022, August 2001. View Details
- Lerner, Josh. "Acme Investment Trust TN." Harvard Business School Teaching Note 298-130, March 1998. View Details
- Lerner, Josh. "Apex Investment Partners (A) and (B), Teaching Note." Harvard Business School Teaching Note 298-160, May 1998. View Details
- Lerner, Josh. "BCI Growth III TN." Harvard Business School Teaching Note 298-163, May 1998. View Details
- Lerner, Josh. "ARCH Venture Partners: November 1993 TN." Harvard Business School Teaching Note 298-138, April 1998. View Details
- Lerner, Josh. "European Association of Security Dealers TN, The." Harvard Business School Teaching Note 298-158, May 1998. View Details
- Lerner, Josh. "Exxel Group: September 1995 TN ,The." Harvard Business School Teaching Note 298-164, May 1998. View Details
- Lerner, Josh. "Fojtasek Companies and Heritage Partners:March 1995 TN ,The." Harvard Business School Teaching Note 298-162, May 1998. View Details
- Lerner, Josh. "FOX Venture Partners TN." Harvard Business School Teaching Note 298-131, March 1998. View Details
- Lerner, Josh. "GO Corporation TN." Harvard Business School Teaching Note 298-153, April 1998. View Details
- Lerner, Josh. "Northeast Ventures: January 1996 TN." Harvard Business School Teaching Note 298-161, May 1998. View Details
- Lerner, Josh. "RogersCasey Alternative Investments: Innovative Response to the Distribution Challenge TN." Harvard Business School Teaching Note 298-151, April 1998. (Revised July 1998.) View Details
- Lerner, Josh. "Schroder Ventures: Launch of the Euro Fund TN." Harvard Business School Teaching Note 298-137, April 1998. View Details
- Lerner, Josh. "Weston Presidio Offshore Capital: Confronting the Fundraising Challenge TN." Harvard Business School Teaching Note 298-154, May 1998. View Details
- Lerner, Josh. "Xerox Technology Ventures TN." Harvard Business School Teaching Note 298-152, April 1998. View Details
- Lerner, Josh. "Yale University Investments Office and Yale University Investments Office: November 1997 (TN)." Harvard Business School Teaching Note 298-124, March 1998. View Details
- Lerner, Josh. "Aberlyn Capital Management TN." Harvard Business School Teaching Note 295-134, April 1995. (Revised April 1999.) View Details
- Lerner, Josh. "EMC Corporation: Response to Shareholder Litigation (Case Series) TN." Harvard Business School Teaching Note 295-138, April 1995. View Details
- Lerner, Josh. "Repligen Corporation: January 1992 TN." Harvard Business School Teaching Note 295-137, April 1995. View Details
- Lerner, Josh. "Scripps Research Institute, The: (Case Series) TN." Harvard Business School Teaching Note 295-139, April 1995. View Details
- Lerner, Josh. "ImmuLogic Pharmaceutical Corporation (Series) TN." Harvard Business School Teaching Note 293-118, March 1993. (Revised May 1998.) View Details
- Class Video
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- Lerner, Josh. "The Future of Private Equity." Harvard Business School Class Lecture 212-709, March 2012. View Details
- Lerner, Josh. "Boom and Bust in Private Equity." Boston: Harvard Business School Publishing Class Lecture, 2004. Electronic. (Faculty Lecture: HBSP Product Number 9-756-1C.) View Details
- Other Publications and Materials
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- Lerner, Josh. "The Rise of the Angel Investor: A Challenge to Public Policy." Third Way, September 2016. View Details
- Teaching
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The growth of private equity internationally has been dramatic, to the point that the asset class has been both lauded as the savior and vilified as the cause of our current economic malaise. Over the past two decades, private equity- ranging from venture capital to buy- outs and even to certain activities by absolute return funds (hedge funds) -has come to play an increasingly important role in shaping our economy. Their promise of "above market" returns has attracted investments from pension funds upon which millions of our elders rely and universities which educate future contributors to society. Yet private equity organizations often operate in mysterious ways, with little public visibility. This course seeks to understand how these organizations work, why they take the forms that they do, and where crucial problems-and opportunities for innovation-exist. We examine the strategies and incentives of the various players and how they maneuver through the business cycle. Cases are recent and class speakers are common so the current private equity environment and the changing landscape are features of every class.
Entrepreneurship—the formation and growth of new firms—is a complex phenomenon that has historically attracted relatively little academic attention. In recent years, however, scholars in a variety of disciplines have been devoting increasing attention to this topic. This course will explore the emerging work in this dynamic area. Reflecting the complex nature of the entrepreneurship, the course will touch on literature in a variety of academic disciplines, but the readings will primarily focus on discipline-oriented research from an economics, finance, and sociological perspective.As equity markets appear to strengthen, interest rates remain low, and asset values look attractive, private equity firms are uniquely positioned to pursue new opportunities. This leadership development program helps executives master the innovative approaches required to adapt best practices to meet today's unprecedented investment challenges, find new pathways to significant growth, and increase returns on invested capital.
As business owners and entrepreneurs prepare to take their companies to the next level in a highly competitive global arena, they must be fully equipped to master a range of skills—from strategy development to financial management to team building to negotiation. Owner/President Management (OPM) provides a transformative and supportive environment where they can step back from daily operations and learn how to become a more effective leader, deliver greater value to stakeholders, and ensure further success for themselves and their companies. - Awards & Honors
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Received the 1989-1990 Dively Fellowship from the John F. Kennedy School of Government at Harvard University.Received a 1989-1991 Pre-Doctoral Fellowship from the Belfer Center for Science and International Affairs at the John F. Kennedy School of Government at Harvard University.Received a 1990-1991 Pre-Doctoral Fellowship from the Consortium on Competitiveness and Cooperation at the Haas School of Business, University of California at Berkeley.Named a Berol Faculty Fellow, Harvard Business School, 1996-1997.Named a Faculty Research Fellow in the Productivity and Output Measurement Program of the National Bureau of Economic Research, 1996-1999.Named a Faculty Research Fellow in the Corporate Finance Program at the National Bureau of Economic Research, 1998-1999.Named a Research Associate in the Productivity and Output Measurement and Corporate Finance Programs at the National Bureau of Economic Research in 1999.Received the 2002 All Star Paper Award from the Journal of Financial Economics for “Venture Capitalists and the Decision to Go Public” (1994).Winner of the 2003 Western Finance Association’s NASDAQ Award for Best Paper on Capital Formation for "Transaction Structures in Developing Countries: The Case of Private Equity" (with Antoinette Schoar).Innovation and Its Discontents: How Our Broken Patent System Is Endangering Innovation and Progress, and What To Do About It (Princeton University Press, 2004), with Adam Jaffe, was selected by The Economist as one of the Best Business and Economics Books of the Year.Named One of the 50 Most Influential People in Intellectual Property by Managing Intellectual Property magazine in 2005.Nominated for the Smith Breeden Prize for Outstanding Paper published in the Journal of Finance in 2003, 2004, and 2005.Received Honorable Mention for the City of Venice Award for Intellectual Property in 2007.Awarded a Doctorate Honoris Causa from the Technical University of Munich in 2009.Second Place Winner of the 2009 Fama-DFA Prize for the Best Paper Published in the Journal of Financial Economics in the Areas of Capital Markets and Asset Pricing for his paper with Paul Gompers, Anna Kovner, and David Scharfstein, "Venture Capital Investment Cycles: The Impact of Public Markets" (May 2008).Winner of the 2009 PROSE Award for Professional and Scholarly Excellence in the Business, Finance, and Management category for Boulevard of Broken Dreams: Why Public Efforts to Boost Entrepreneurship and Venture Capital Have Failed and What to Do About It (Princeton University Press, 2009). This award is given by the Professional and Scholarly Publishing Division of the Association of American Publishers to recognize landmark works in a field of scholarship.Elected a Fellow of the European Corporate Governance Institute in 2010.Winner of the 2010 Axiom Business Book Award Gold Medal for the Best Book on Entrepreneurship for Boulevard of Broken Dreams: Why Public Efforts to Boost Entrepreneurship and Venture Capital Have Failed and What to Do About It (Princeton University Press, 2009).Winner of the 2010 Global Award for Entrepreneurship, given by the Swedish Entrepreneurship Forum, the Swedish Agency for Economic and Regional Growth, and Sweden's Research Institute of Industrial Economics, for his pioneering research into venture capital and venture capital-backed entrepreneurship.Named one of the 100 most influential people in private equity over the past decade by Private Equity International Magazine, 2012.Named one of the ten most influential academics in the institutional investing world by Asset International's Chief Investment Officer Magazine, 2013.Received the Excellence in Refereeing Award, American Economic Review, 2013.Appointed Vice Chair, Global Agenda Council on Future of Investing, World Economic Forum, 2014-2016.Winner of the 2014 Award for Academic Excellence and Alternative Investment Research from the Chartered Alternative Investment Analyst Association.Winner of the 2022 Doriot Award for the Best Private Equity Research Paper for “Investing Outside the Box: Evidence from Alternative Vehicles in Private Equity” (Journal of Financial Economics, January 2022) with Jason Mao, Antoinette Schoar, and Nan R. Zhang.
- Additional Information
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Key Academic Affiliations
- NBER Productivity Innovation and Entrepreneurship Group
- Private Capital Research Institute
- World Economic Forum Private Equity Studies Volume 1
- World Economic Forum Private Equity Studies Volume 2
- World Economic Forum Private Equity Studies Volume 3
Recent Books- The Architecture of Innovation: The Economics of Creative Organizations
- Venture Capital, Private Equity, and the Financing of Entrepreneurship
- The Comingled Code: Open Source and Economic Development
- Boulevard of Broken Dreams: Why Public Efforts to Boost Entrepreneurship and Venture Capital Have Failed--and What to Do About It
- The Venture Capital Cycle
- Innovation and Its Discontents: How Our Broken Patent System is Endangering Innovation and Progress, and What to Do About It
- The Money of Invention: How Venture Capital Creates New Wealth
- Areas of Interest
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- alliances
- entrepreneurship
- innovation
- patents
- private equity
- venture capital
- venture capital
- IPO
- contracts
- corporate entrepreneurship
- economic development
- economic institutions
- entrepreneurial finance
- entrepreneurial management
- equity financing
- financial analysis
- financial management
- financial strategy
- government and business
- intellectual property
- investment management
- leveraged buyouts
- partnerships
- strategic planning
- technological innovation
- technology strategy
- biotechnology
- high technology
- venture capital industry
Additional TopicsIndustries - In The News