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Publications

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    • Faculty Publications  (483)

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    • All HBS Web  (120,179)
      • Faculty Publications  (483)

      Lerner, JoshRemove Lerner, Josh →

      ← Page 3 of 483 Results →
      • May 2021
      • Article

      Mutual Funds as Venture Capitalists? Evidence from Unicorns

      By: Josh Lerner, Sergey Chernenko and Yao Zeng
      The past decade saw the rise of both “founder-friendly” venture financings and non-traditional investors, frequently with liquidity constraints. Using detailed contract data, we study open-end mutual funds investing in private venture-backed firms. We posit an... View Details
      Keywords: Investment Funds; Investment; Business Startups; Venture Capital; Private Equity; Governance
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      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.
      • 2021
      • Working Paper

      The Dance Between Government and Private Investors: Public Entrepreneurial Finance around the Globe

      By: Jessica Bai, Shai Bernstein, Abhishek Dev and Josh Lerner
      This paper examines the interaction between governments and private capital investors when financing early-stage ventures. We first provide a simple conceptual framework to explore when collaboration between governments and private investors is likely to emerge. Using... View Details
      Keywords: Public Entrepreneurship; Subsidy; Industrial Policy; Entrepreneurship; Public Sector; Financing and Loans; Venture Capital; Global Range
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      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.)
      • March 2021 (Revised August 2021)
      • Case

      DigiPlex: Ante-Up or Cash Out

      By: Josh Lerner and James Mason
      In November 2020, the co-founders of DigiPlex study the future growth trajectory of their Nordic data center venture. A critical question was on the agenda: was now finally the right time to sell DigiPlex? Originally a $2.75 million investment in one small data center... View Details
      Keywords: Entrepreneurship; Growth and Development; Decision Making
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      Lerner, Josh, and James Mason. "DigiPlex: Ante-Up or Cash Out." Harvard Business School Case 821-080, March 2021. (Revised August 2021.)
      • March 2021
      • Case

      Yale Investments Office: November 2020

      By: Josh Lerner, Jo Tango and Alys Ferragamo
      David Swensen and the Investments Office staff must decide whether to continue to allocate the bulk of the university's endowment to illiquid investments—hedge funds, private equity, venture capital, real estate, natural resources—given the impact of the COVID-19... View Details
      Keywords: University Endowment; Asset Allocation; Real Estate; Equities; Fixed Income; COVID-19; Asset Management; Private Equity; Venture Capital; Natural Resources; Resource Allocation; Investment; Investment Portfolio; Health Pandemics; Financial Crisis; Financial Services Industry; Real Estate Industry; Energy Industry; Connecticut
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      Lerner, Josh, Jo Tango, and Alys Ferragamo. "Yale Investments Office: November 2020." Harvard Business School Case 821-074, March 2021.
      • March 2021 (Revised August 2021)
      • Case

      Apax Partners and Duck Creek Technologies

      By: Josh Lerner, Terrence Shu and Alys Ferragamo
      This case follows Jason Wright and Umang Kajaria at Apax Partners as they consider an investment in Duck Creek Technologies, a technology provider for property & casualty insurance companies. The deal required a complex carve-out from Accenture, Duck Creek’s parent... View Details
      Keywords: Carve-out; Private Equity; Insurance; Investment; Operations; Valuation; Financial Strategy; New York (city, NY)
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      Lerner, Josh, Terrence Shu, and Alys Ferragamo. "Apax Partners and Duck Creek Technologies." Harvard Business School Case 221-075, March 2021. (Revised August 2021.)
      • 2020
      • Chapter

      Government Incentives for Entrepreneurship

      By: Josh Lerner
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      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.
      • Article

      Private Equity and Portfolio Companies: Lessons from the Global Financial Crisis

      By: Shai Bernstein, Josh Lerner and Filippo Mezzanotti
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      Bernstein, Shai, Josh Lerner, and Filippo Mezzanotti. "Private Equity and Portfolio Companies: Lessons from the Global Financial Crisis." Journal of Applied Corporate Finance 32, no. 3 (Summer 2020): 21–41.
      • Summer 2020
      • Article

      Venture Capital's Role in Financing Innovation: What We Know and How Much We Still Need to Learn

      By: Josh Lerner and Ramana Nanda
      Venture capital is associated with some of the most high-growth and influential firms in the world. Academics and practitioners have effectively articulated the strengths of the venture model. At the same time, venture capital financing also has real limitations in its... View Details
      Keywords: Innovation; Financing; Venture Capital; Financing and Loans; Technological Innovation
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      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.
      • 2021
      • Working Paper

      Two Case Studies on the Financing of Forest Conservation

      By: Andrew Baxter, Connor Cash, Josh Lerner and Ratnika Prasad
      A variety of factors is leading to fresh approaches to the ownership and management of forestland, with an emphasis on the combination of conservation goals and private investments. But the barriers to successfully achieving attractive financial returns and desirable... View Details
      Keywords: Financing; Forestry; Environmental Management; Natural Resources; Financing and Loans
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      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.)
      • 2021
      • Working Paper

      The Project on Impact Investments' Impact Investment Database

      By: M. Diane Burton, Shawn Cole, Abhishek Dev, Christina Jarymowycz, Leslie Jeng, Josh Lerner, Fanele Mashwama, Yue (Cynthia) Xu and T. Robert Zochowski
      Impact investing has grown significantly over the past 15 years. From a niche investing segment with only $25 billion AUM in 2013 (WEF 2013), it experienced double-digit growth and developed into a market with an estimated $502 billion AUM (Mudaliapar and Dithrich... View Details
      Keywords: Impact Investing; Investment; Analytics and Data Science; Analysis
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      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.)
      • 2023
      • Working Paper

      How Resilient Is Venture-Backed Innovation? Evidence from Four Decades of U.S. Patenting

      By: Sabrina T. Howell, Josh Lerner, Ramana Nanda and Richard Townsend
      Despite theoretical predictions to the contrary, corporate innovation is strongly pro-cyclical. In this paper, we compare innovation in the economy as a whole to that of firms backed by venture capital (VC), a source of capital associated with the most impactful young... View Details
      Keywords: Recessions; Venture Capital; Innovation and Invention; Patents; Business Cycles; Economic Slowdown and Stagnation
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      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.)
      • May 2020
      • Article

      The Creation and Evolution of Entrepreneurial Public Markets

      By: Shai Bernstein, Abhishek Dev and Josh Lerner
      This paper explores the creation and evolution of new stock exchanges around the world geared towards entrepreneurial companies, known as second-tier exchanges. Using hand-collected novel data, we document the proliferation of these new stock exchanges that were... View Details
      Keywords: Stock Exchanges; Entrepreneurship; Finance; Initial Public Offering; Capital; Entrepreneurial Finance
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      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.
      • 2020
      • Book

      Innovation Policy and the Economy, Volume 20

      By: Josh Lerner and Scott Stern
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      Lerner, Josh, and Scott Stern, eds. Innovation Policy and the Economy, Volume 20. Chicago, IL: University of Chicago Press, 2020.
      • January 2020
      • Case

      Blackstone at 35: Performance, Innovation, and the Next Generation

      By: Josh Lerner
      Keywords: Finance; Private Equity; Investing; Succession Planning; Leadership; Fund Management; Fund Raising
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      Lerner, Josh. "Blackstone at 35: Performance, Innovation, and the Next Generation." Harvard Business School Case 220-051, January 2020.
      • January 2020
      • Supplement

      PROOF TN Supplement 1: Preclass

      By: Josh Lerner, Shai Benjamin Bernstein and Terrence Shu
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      Lerner, Josh, Shai Benjamin Bernstein, and Terrence Shu. "PROOF TN Supplement 1: Preclass." Harvard Business School Spreadsheet Supplement 820-712, January 2020.
      • January 2020
      • Supplement

      PROOF TN Supplement 2: Postclass

      By: Josh Lerner, Shai Benjamin Bernstein and Terrence Shu
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      Lerner, Josh, Shai Benjamin Bernstein, and Terrence Shu. "PROOF TN Supplement 2: Postclass." Harvard Business School Spreadsheet Supplement 820-713, January 2020.
      • January 2020
      • Teaching Note

      PROOF: Pro Rata Opportunity Fund

      By: Josh Lerner, Shai Bernstein and Terrence Shu
      This is a teaching note meant to accompany "PROOF: Pro Rata Opportunity Fund," HBS Case No. 820-030. View Details
      Keywords: Finance; Venture Capital; Fund Management; Fund Raising; Investing; Investment Banking; Limited Partners
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      Lerner, Josh, Shai Bernstein, and Terrence Shu. "PROOF: Pro Rata Opportunity Fund." Harvard Business School Teaching Note 820-085, January 2020.
      • December 2019
      • Case

      GeBBS Healthcare Solutions: Did You Ever Have to Make Up Your Mind?

      By: Josh Lerner, Shai Bernstein, Ann Leamon and Richard Sessa
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      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.
      • December 2019
      • Supplement

      GeBBS Healthcare Solutions: Did You Ever Have to Make Up Your Mind? (B)

      By: Josh Lerner, Shai Bernstein, Ann Leamon and Richard Sessa
      Supplements the (A) case. View Details
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      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.
      • December 2019
      • Teaching Note

      Hony Capital and Jushi Group

      By: Josh Lerner, Shai Bernstein and Ann Leamon
      Teaching Note for HBS No. 820-040. View Details
      Keywords: Real Estate; Investing; Manufacturing; Private Equity; Asset Management; Investment; Factories, Labs, and Plants; Finance; China; United States
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      Lerner, Josh, Shai Bernstein, and Ann Leamon. "Hony Capital and Jushi Group." Harvard Business School Teaching Note 820-073, December 2019.
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