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- All HBS Web
(2,048)
- People (5)
- News (448)
- Research (1,193)
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- December 2010 (Revised October 2021)
- Case
Silver Lake
By: David J. Collis and Elizabeth A. Kind
Dave Roux, co-founder and chairman of Silver Lake, a private equity (PE) firm specializing in technology investments, was meeting with the firm's investment committee via video conference to discuss options for Silver Lake's future growth. While the private equity... View Details
Keywords: Growth and Development Strategy; Competitive Strategy; Private Equity; Expansion; Global Range; Financial Services Industry
Collis, David J., and Elizabeth A. Kind. "Silver Lake." Harvard Business School Case 711-420, December 2010. (Revised October 2021.)
- January 2016 (Revised November 2019)
- Case
Blackstone at Age 30
By: Josh Lerner, John D. Dionne and Amram Migdal
Since its IPO in 2007 and following the global financial crisis, Blackstone largely outpaced its alternative investment firm peers in assets under management, new business launches, profitability, and market capitalization. Under the leadership of Stephen A.... View Details
Keywords: Business Growth and Maturation; Asset Management; Private Equity; Financial Services Industry; New York (city, NY)
Lerner, Josh, John D. Dionne, and Amram Migdal. "Blackstone at Age 30." Harvard Business School Case 816-013, January 2016. (Revised November 2019.)
- January 2015 (Revised April 2015)
- Case
Lagkagehuset: Building a Bakery Chain
By: Krishna G. Palepu and Emer Moloney
A Danish bakery chain that was acquired by a private equity firm in 2008, and has grown from 3 to 31 stores, plans to address reoccuring operational and organizational issues before growing further. View Details
Palepu, Krishna G., and Emer Moloney. "Lagkagehuset: Building a Bakery Chain." Harvard Business School Case 115-002, January 2015. (Revised April 2015.)
- 18 Apr 2023
- Research & Ideas
The Best Person to Lead Your Company Doesn't Work There—Yet
companies in the S&P 400 Index. Some 70 percent of the PE-backed firms hired new CEOs when they were acquired, and about two-thirds of those new CEOs were outsiders to the company (though many had general industry expertise). Unlike... View Details
- June 2014
- Teaching Note
Doing Deals and Leading Teams at XAF Partners
By: Boris Groysberg, Sarah L. Abbott and Robin Abrahams
Private equity firm XAF Partners had grown steadily over the last decade, establishing offices across Asia. At the end of their day-long partners' retreat, several firm partners discuss the challenges they face as "producing managers." These include collaboration and... View Details
- March 1998
- Case
Bumper Acquisition (A1), A: Confidential Information for Thermo-Impact, Inc.
By: James K. Sebenius and David T. Kotchen
Located in Mundelein, IL, Thermo-Impact, Inc. is a rapidly growing, private firm that manufactures automotive bumpers. In 1995, a number of large automotive supply companies and a private equity investment firm offer to buy Thermo-Impact. The cases in this series focus... View Details
Keywords: Private Equity; Valuation; Negotiation Participants; Decision Making; Negotiation Process; Entrepreneurship; Negotiation Offer; Acquisition; Manufacturing Industry; Auto Industry; Illinois
Sebenius, James K., and David T. Kotchen. "Bumper Acquisition (A1), A: Confidential Information for Thermo-Impact, Inc." Harvard Business School Case 898-198, March 1998.
- 2004
- Working Paper
Are Perks Purely Managerial Excess?
By: Raghuram G. Rajan and Julie Wulf
Why do some firms tend to offer executives a variety of perks while others offer none at all? A widespread view in the corporate finance literature is that executive perks are a form of agency or private benefit and a way for managers to misappropriate some of the... View Details
Keywords: Motivation and Incentives; Performance Productivity; Executive Compensation; Corporate Finance
Rajan, Raghuram G., and Julie Wulf. "Are Perks Purely Managerial Excess?" NBER Working Paper Series, No. 10494, May 2004. (Published in Journal of Financial Economics 2006.)
- 2011
- Working Paper
Leviathan as a Minority Shareholder: A Study of Equity Purchases by the Brazilian National Development Bank (BNDES), 1995-2003
By: Sergio G. Lazzarini and Aldo Musacchio
There is a growing literature comparing the performance of private vs. state-owned companies. Yet, there is little work examining the effects of having the government as a minority shareholder of private companies. We conduct such a study using data for 296 publicly... View Details
Keywords: Investment; Ownership Stake; State Ownership; Private Ownership; Performance Evaluation; Business and Government Relations; Business and Shareholder Relations; Banking Industry; Brazil
Lazzarini, Sergio G., and Aldo Musacchio. "Leviathan as a Minority Shareholder: A Study of Equity Purchases by the Brazilian National Development Bank (BNDES), 1995-2003." Harvard Business School Working Paper, No. 11-073, January 2011. (**Winner of the Prize for the Best Paper Presented at the Strategic Management Society Special Conference, Rio de Janeiro, 2011.)
- January 2024
- Article
Investing with the Government: A Field Experiment in China
By: Emanuele Colonnelli, Bo Li and Ernest Liu
We study the demand for government participation in China’s venture capital and private equity market. We conduct a large-scale, non-deceptive field experiment in collaboration with the leading industry service provider, through which we survey both capital investors... View Details
Keywords: Venture Capital; Private Equity; Business and Government Relations; Entrepreneurship; China
Colonnelli, Emanuele, Bo Li, and Ernest Liu. "Investing with the Government: A Field Experiment in China." Journal of Political Economy 132, no. 1 (January 2024): 248–294.
- March 2020
- Article
Voluntary, Self-Regulatory, and Mandatory Disclosure of Oil and Gas Company Payments to Foreign Governments
By: Paul M. Healy and George Serafeim
Concerns about high rates of government corruption in resource-rich countries have led transparency advocates to urge oil and gas firms to disclose payments to host governments for natural resources. Transparency, they argue, can increase government accountability and... View Details
Keywords: Oil & Gas; Corruption; Transparency; Self-regulation; Industry Self-regulation; Regulation; Disclosure; Disclosure Regulation; Energy Sources; Crime and Corruption; Corporate Disclosure; Governing Rules, Regulations, and Reforms; Energy Industry
Healy, Paul M., and George Serafeim. "Voluntary, Self-Regulatory, and Mandatory Disclosure of Oil and Gas Company Payments to Foreign Governments." Accounting Horizons 34, no. 1 (March 2020): 111–129.
- July 2017
- Article
Intellectual Property Rights Protection, Ownership, and Innovation: Evidence from China
By: Lily Fang, Josh Lerner and Chaopeng Wu
Using a difference-in-difference approach, we study how intellectual property right (IPR) protection affects innovation in China in the years around the privatizations of state-owned enterprises (SOEs). Innovation increases after SOE privatizations, and this increase... View Details
Keywords: Patents; Privatization; State Ownership; Trademarks; Copyright; Innovation and Invention; China
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.
- 2007
- Working Paper
Evidence from Goodwill Non-impairments on the Effects of Unverifiable Fair-Value Accounting
By: Karthik Ramanna and Ross L. Watts
SFAS 142 requires firms to use unverifiable fair-value estimates to determine goodwill impairments. Standard setters suggest managers will use the discretion given by such estimates to convey private information on future cash flows, while agency theory predicts... View Details
Ramanna, Karthik, and Ross L. Watts. "Evidence from Goodwill Non-impairments on the Effects of Unverifiable Fair-Value Accounting." Harvard Business School Working Paper, No. 08-014, August 2007.
- April 2005 (Revised January 2007)
- Case
Furman Selz LLC (A): A Tale of Two Acquisitions
By: Nancy D. Beaulieu, Boris Groysberg and Kyle Doherty
Profiles a firm that was reacquired by two companies with different degrees of success. Highlights integration challenges present in acquisition deals when the primary assets of the target are human capital. Focuses on Furman Selz's acquisition by Xerox in 1987; its... View Details
Keywords: Mergers and Acquisitions; Transition; Valuation; Human Capital; Compensation and Benefits; Integration; Organizational Culture; Banking Industry; Financial Services Industry; United States
Beaulieu, Nancy D., Boris Groysberg, and Kyle Doherty. "Furman Selz LLC (A): A Tale of Two Acquisitions." Harvard Business School Case 905-066, April 2005. (Revised January 2007.)
- 15 Jun 2010
- First Look
First Look: June 15
for larger firms (which have access to bond markets), we confirm that this substitution has strong predictive power for lending volume by small and unrated firms. Download the paper: http://www.hbs.edu/research/pdf/10-107.pdf Unfair... View Details
Keywords: Martha Lagace
- January 1997 (Revised November 1997)
- Case
Fojtasek Companies and Heritage Partners, The: March 1995
By: Samuel L. Hayes III and Josh Lerner
The Fojtasek Companies, a family business, faces several financing choices to address generational succession issues. Several buyouts have expressed interest in acquiring the firm outright; an investment bank has proposed a leveraged recapitalization; and a private... View Details
Keywords: Family Ownership; Financing and Loans; Private Equity; Mergers and Acquisitions; Investment Banking; Partners and Partnerships; Management Succession; Capital Structure; Financial Strategy
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.)
- January 2008 (Revised March 2009)
- Case
Fortress Investment Group
By: Malcolm Baker, Carlos M. Galvez and James Quinn
CEO Wesley Edens and the five Fortress principals are contemplating a move unprecedented in the industry: becoming the first hedge fund and private equity firm to complete an IPO on the New York Stock Exchange (NYSE). This case examines potential reasons for a leading... View Details
Keywords: Private Equity; Public Equity; Initial Public Offering; Investment Funds; Going Public; Valuation; Financial Services Industry
Baker, Malcolm, Carlos M. Galvez, and James Quinn. "Fortress Investment Group." Harvard Business School Case 208-080, January 2008. (Revised March 2009.)
- September 1998 (Revised July 1999)
- Case
Integral Capital Partners
By: Andre F. Perold and Markus Mullarkey
Integral Capital Partners is a small firm with a very distinctive approach to investing in high-technology stocks. The firm invests privately in small start-ups as well as in publicly traded companies, and it develops important financial and advisory relationships with... View Details
Keywords: Technology; Value Creation; Venture Capital; Asset Management; Partners and Partnerships; Public Sector; Private Sector; Business Startups; Corporate Finance; Financial Services Industry
Perold, Andre F., and Markus Mullarkey. "Integral Capital Partners." Harvard Business School Case 299-019, September 1998. (Revised July 1999.)
- October 1995
- Article
Start-ups, Spin-offs, and Internal Projects
By: James J. Anton and Dennis Yao
We examine the incentive problem confronting a firm and employee when the employee privately discovers a significant invention and faces a choice between keeping the invention private and leaving the firm to form a new company (start-up), or transferring knowledge and... View Details
Keywords: Business Startups; Projects; Motivation and Incentives; Rights; Employees; Innovation and Invention; Compensation and Benefits; Knowledge Sharing; Capital; Profit
Anton, James J., and Dennis Yao. "Start-ups, Spin-offs, and Internal Projects." Journal of Law, Economics & Organization 11, no. 2 (October 1995): 362–378. (Harvard users click here for full text.)
- November 1994 (Revised September 1996)
- Case
RiceSelect
By: Alvin J. Silk and Mary Shelman
In August 1994, Robin Andrews, President of RiceTec, Inc., faces a critical decision that will affect his firm's future: what policy should RiceTec follow for supplying grocery retailers with private label merchandise? RiceTec, a small privately owned firm engaged in... View Details
Keywords: Cash Flow; Leadership; Growth and Development Strategy; Brands and Branding; Marketing Strategy; Supply Chain Management; Private Ownership; Research and Development; Conflict Management; Agriculture and Agribusiness Industry; Retail Industry
Silk, Alvin J., and Mary Shelman. "RiceSelect." Harvard Business School Case 595-033, November 1994. (Revised September 1996.)
- December 2015 (Revised February 2017)
- Case
Unigrains
By: David E. Bell and Natalie Kindred
Unigrains is a French agribusiness-focused private equity firm that has provided specialized financing to France's agribusiness sector for decades and, as a result, cultivated a strong reputation and relationships in that space. Now that the broader investment... View Details
Keywords: Change Management; Private Equity; Competitive Advantage; Agribusiness; Agriculture and Agribusiness Industry; France
Bell, David E., and Natalie Kindred. "Unigrains." Harvard Business School Case 516-051, December 2015. (Revised February 2017.)