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Publications

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    • All HBS Web  (120,288)
      • Faculty Publications  (482)

      Lerner, JoshRemove Lerner, Josh →

      ← Page 4 of 482 Results →
      • October 2019
      • Case

      Hony Capital and Jushi Group

      By: Josh Lerner, Shai Bernstein and Ann Leamon
      Hony Capital, a multi-billion dollar private equity firm based in China, is investing in a subsidiary of Jushi Group, a Chinese company that is one of the world's largest fiberglass producers. The specific project will build a plant in the United States. In this case,... View Details
      Keywords: Real Estate; Investing; Fundraising; Manufacturing; Private Equity; Asset Management; Finance; Investment; Venture Capital; China; United States
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      Lerner, Josh, Shai Bernstein, and Ann Leamon. "Hony Capital and Jushi Group." Harvard Business School Case 820-040, October 2019.
      • August 2019
      • Case

      PROOF: Pro Rata Opportunity Fund

      By: Josh Lerner, Shai Bernstein and Terrence Shu
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      Lerner, Josh, Shai Bernstein, and Terrence Shu. "PROOF: Pro Rata Opportunity Fund." Harvard Business School Case 820-030, August 2019.
      • 2019
      • Book

      Patient Capital: The Challenges and Promises of Long-Term Investing

      By: Victoria Ivashina and Josh Lerner
      There has never been a greater need for long-term investments. And it is increasingly unlikely that the public sector will be willing or able to fill the gap. Those best positioned to address the long-run needs are likely to be the pools of capital in the hands of... View Details
      Keywords: Long-term Investing; Large Investors; Capital; Investment; Strategic Planning; Problems and Challenges; Opportunities; Society
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      Ivashina, Victoria, and Josh Lerner. Patient Capital: The Challenges and Promises of Long-Term Investing. First ed. Princeton, NJ: Princeton University Press, 2019.
      • April 2019
      • Article

      Private Equity and Financial Fragility during the Crisis

      By: Shai Bernstein, Josh Lerner and Filippo Mezzanotti
      Do private equity firms contribute to financial fragility during economic crises? We find that during the 2008 financial crisis, PE-backed companies increased investments relative to their peers, while also experiencing greater equity and debt inflows. The effects are... View Details
      Keywords: Private Equity; Financial Crisis; Performance; Financial Condition
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      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.)
      • January 2019
      • Teaching Note

      Yale University Investments Office: February 2015

      By: Josh Lerner, Nori Gerardo Lietz and Terrence Shu
      Teaching Note for HBS No. 815-124. View Details
      Keywords: Asset Management; Venture Capital; Private Equity; Investment Fund; Investment Strategy
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      Lerner, Josh, Nori Gerardo Lietz, and Terrence Shu. "Yale University Investments Office: February 2015." Harvard Business School Teaching Note 819-094, January 2019.
      • January 2019
      • Teaching Note

      Innova Capital: The Transition

      By: Josh Lerner, Nori Gerardo Lietz and Terrence Shu
      Teaching Note for HBS No. 813-064. View Details
      Keywords: Private Equity; Succession Planning; Finance; Eastern Europe; Poland
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      Lerner, Josh, Nori Gerardo Lietz, and Terrence Shu. "Innova Capital: The Transition." Harvard Business School Teaching Note 819-085, January 2019.
      • January 2019
      • Article

      Pay Now or Pay Later? The Economics within the Private Equity Partnership

      By: Victoria Ivashina and Josh Lerner
      The economics of partnerships have been of enduring interest to economists, but many issues regarding intergenerational conflicts and their impact on the continuity of these organizations remain unclear. We examine 717 private equity partnerships and show that (a) the... View Details
      Keywords: Partnerships; Leveraged Buyout; Partners and Partnerships; Private Equity; Venture Capital; Leveraged Buyouts
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      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.
      • December 2018
      • Teaching Note

      Clayton, Dubilier & Rice at 40

      By: Josh Lerner and Terrence Shu
      Keywords: Finance; Private Equity; Succession Planning
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      Lerner, Josh, and Terrence Shu. "Clayton, Dubilier & Rice at 40." Harvard Business School Teaching Note 819-086, December 2018.
      • September 2018
      • Case

      Clayton, Dubilier & Rice at 40

      By: Josh Lerner, Abhijit Tagade and Terrence Shu
      In 2018, private equity firm Clayton, Dubilier & Rice celebrated its 40th anniversary and its 20th year under the leadership of CEO Don Gogel. In those decades, CD&R showed solid portfolio performance and generated strong returns for its investors - accomplishments... View Details
      Keywords: Finance; Succession; Buyout; Leveraged Buyout; Turnaround; Operations; Private Equity; Management Succession; Business Model; Leveraged Buyouts; Trends; Organizational Change and Adaptation
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      Lerner, Josh, Abhijit Tagade, and Terrence Shu. "Clayton, Dubilier & Rice at 40." Harvard Business School Case 819-055, September 2018.
      • September 2018 (Revised August 2021)
      • Teaching Note

      Blackstone at Age 30 and Blackstone at 35

      By: Josh Lerner
      This teaching note is meant to guide in the instruction of HBS No. 316-013 "Blackstone at 30" case. It examines the process of institutionalization and scaling in private equity and alternative investments more generally, looking specifically at how Blackstone's size... View Details
      Keywords: Finance; Blackstone; Alternative Assets; Venture Capital; Private Equity; Business Growth and Maturation; Public Ownership; Cost vs Benefits; Financial Services Industry
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      Lerner, Josh. "Blackstone at Age 30 and Blackstone at 35." Harvard Business School Teaching Note 819-053, September 2018. (Revised August 2021.)
      • September 2018
      • Teaching Note

      The Case of the Unidentified Ratios

      By: Josh Lerner
      Teaching Note for HBS No. 812-129. This teaching note provides an introduction to ratio analysis as well as the different financial properties across and within industries. Students are asked to match ratios to a list of industries. View Details
      Keywords: Financial Analysis; Ratio Analysis; Industry Analysis; Finance; Analysis
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      Lerner, Josh. "The Case of the Unidentified Ratios." Harvard Business School Teaching Note 819-052, September 2018.
      • August 2018 (Revised May 2025)
      • Case

      Bow & Drape

      By: Mark N. Roberge, Natalie Bartlett and Josh Lerner
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      Roberge, Mark N., Natalie Bartlett, and Josh Lerner. "Bow & Drape." Harvard Business School Case 819-048, August 2018. (Revised May 2025.)
      • 2018
      • Working Paper

      Some Facts of High-Tech Patenting

      By: Michael Webb, Nick Short, Nicholas Bloom and Josh Lerner
      Patenting in software, cloud computing, and artificial intelligence has grown rapidly in recent years. Such patents are acquired primarily by large U.S. technology firms such as IBM, Microsoft, Google, and HP, as well as by Japanese multinationals such as Sony, Canon,... View Details
      Keywords: Patents; Applications and Software; Technological Innovation; United States
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      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.)
      • January 2018
      • Article

      The Globalization of Angel Investments: Evidence Across Countries

      By: Josh Lerner, Antoinette Schoar, Stanislav Sokolinski and Karen Wilson
      This paper examines investments made by 13 angel groups across 21 countries. We compare applicants just above and below the funding cutoff and find that these angel investors have a positive impact on the growth, performance, and survival of firms as well as their... View Details
      Keywords: Entrepreneurship; Globalization; Investment; Business Startups
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      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.
      • December 2017
      • Teaching Note

      KKR, Ringier Digital, and the Acquisition of Scout24 Switzerland

      By: Josh Lerner
      Teaching Note for HBS No. 816-059. View Details
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      Lerner, Josh. "KKR, Ringier Digital, and the Acquisition of Scout24 Switzerland." Harvard Business School Teaching Note 818-085, December 2017.
      • December 2017
      • Teaching Note

      Centerbridge Partners and Great Wolf Resorts: Buying from a Highly Regarded Competitor

      By: Josh Lerner, John D. Dionne and Amram Migdal
      Teaching Note for HBS Nos. 818-023 and 818-024. View Details
      Keywords: Private Equity Financing; Commercial Mortgage Backed Securities; CMBS; Secondary Buyouts; Sbo; Business Exit or Shutdown; Entertainment and Recreation Industry; Financial Services Industry
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      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.
      • November 2017
      • Teaching Note

      The Carlyle Group and Axalta

      By: Josh Lerner and Alexey Tuzikov
      Teaching Note for HBS No. 818-040. View Details
      Keywords: Private Equity; Carlyle; Axalta; LBO; Leveraged Buyout
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      Lerner, Josh, and Alexey Tuzikov. "The Carlyle Group and Axalta." Harvard Business School Teaching Note 818-074, November 2017.
      • 2017
      • Working Paper

      The Use and Misuse of Patent Data: Issues for Corporate Finance and Beyond

      By: Josh Lerner
      Patents and citations are powerful tools for understanding innovative activity inside the firm and are increasingly used in corporate finance research. But due to the complexities of patent data collection and the changing spatial and industry composition of innovative... View Details
      Keywords: Patents; Analytics and Data Science; Corporate Finance; Research; Problems and Challenges
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      Lerner, Josh, and Amit Seru. "The Use and Misuse of Patent Data: Issues for Corporate Finance and Beyond." Harvard Business School Working Paper, No. 18-042, November 2017.
      • September 2017 (Revised October 2017)
      • Case

      The Carlyle Group and Axalta

      By: Josh Lerner and Alexey Tuzikov
      Keywords: Carlyle; Axalta; Private Equity; Carve-out; DuPont; Industrials
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      Lerner, Josh, and Alexey Tuzikov. "The Carlyle Group and Axalta." Harvard Business School Case 818-040, September 2017. (Revised October 2017.)
      • Fall 2017
      • Article

      An Empirical Analysis of Investment Return Dispersion in Emerging Markets Private Equity

      By: Josh Lerner and Mark Baker
      The authors use transaction-level data to compare the dispersion of private equity (PE) returns in emerging markets (EMs) to the same in developed markets (DMs). They regress within-market absolute deviation from the mean on an EM indicator and controls. They find... View Details
      Keywords: Private Equity; Emerging Markets; Investment Return; Analysis
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      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.
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