Publications

07 May 2013
First Look

Publications 2006 Review of Financial Studies Unstable Equity: Combining Banking with Private Equity Investing By: Fang, Lily H., Victoria Ivashina, and Josh Lerner Abstract—Bank-affiliated private View Details

Keywords: Carmen Nobel

23 Feb 2021
News

Managing Diversity, A Conversation about John Lewis and the Civil Rights Movement

December 2017 (Revised April 2018)
Case

Area One Farms

By: Forest Reinhardt, Jose B. Alvarez and Annelena Lobb

In 2017, Joelle Faulkner, CEO of Area One Farms, a Canadian private-equity fund focused on investing in the best Canadian farms and helping them expand, considered the merits and disadvantages of expanding her business to the U.S. While the markets shared some... View Details

Keywords: Expansion; Decision Choices and Conditions; Private Equity; Canada; United States

17 Jun 2014
First Look

First Look: June 17

suggested by theories concerning conflicts between managers and owners over risk-taking. We argue that managers holding equity of their bank take less risk because they have fewer opportunities to diversify... View Details

Keywords: Sean Silverthorne

May 2019
Background Note

Founders' Agreements

By: Shikhar Ghosh, Shweta Bagai and Sanchali Pal

Crafting a Founders’ Agreement is an important component of startup infrastructure as it documents a complex set of decisions that build a company’s roots. Its four key elements are: roles and responsibilities, rights (decision rights, rewards, position on board),... View Details

Keywords: Founders' Agreements; Team Management; Contingency Planning; Business Startups; Equity; Entrepreneurship

01 Sep 2009
First Look

First Look: September 1

considerations guiding financial reporting. Financial reports produced under the positive theory of GAAP would also generate information useful for equity valuation, but equity... View Details

Keywords: Martha Lagace

June 2010 (Revised November 2013)
Case

Momentive Performance Materials, Inc.

By: Victoria Ivashina and David Scharfstein

After nearly violating its loan covenants in 2009, Momentive Performance Materials, backed by its financial sponsor Apollo Global Management, took a variety of actions to restructure its debt. The restructuring steps included an open market repurchase of publicly held... View Details

Keywords: Restructuring; Financial Crisis; Borrowing and Debt; Private Equity; Financing and Loans

16 May 2022
News

Jody Rose and Jeff Bussgang Are Tackling Tech’s Diversity Problem

12 Jan 2022
News

Harvard Business School’s Bold Agenda

21 Feb 2024
Blog Post

Hiring at HBS: How Summer Interns Make an Impact at Bridges Fund Management

Fund Management, HBS students are motivated to propel the success of those businesses. Meet Bridges Fund Management Founded in 2002, Bridges, the UK-based impact investing fund, is committed to building a more inclusive and sustainable... View Details

Keywords: Venture Capital / Private Equity

April 2015 (Revised April 2015)
Case

Yale University Investments Office: February 2015

By: Josh Lerner

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, real estate—given the impact of the recent market turmoil. The case explores the risks... View Details

Keywords: Asset Management; Resource Allocation; Investment; Venture Capital; Investment Funds; Property; Private Equity

18 Jun 2020
Blog Post

Black MBA Students Pen Letters to the HBS Community: Letter 3/5

for it to benefit others. Your Black classmates need support... In the workplace: In this moment of racial reckoning, some of your Black classmates entering new internships and full-time roles are expected... View Details

08 May 2018
First Look

First Look at New Research and Ideas, May 8, 2018

Summa was developed under a new private equity model that sought to “future-proof” businesses by focusing on long-term value creation and growth, in addition to traditional private equity practices View Details

Keywords: Sean Silverthorne

13 Apr 2021
News

“Getting Serious About Diversity” wins 62nd Annual HBR McKinsey Award

21 Oct 2014
First Look

First Look: October 21

cross-sectional empirical evidence is most persuasive in favor of agency considerations. Studies centered on the May 2003 dividend tax cut confirm that differences in the taxation View Details

Keywords: Sean Silverthorne

October 2011 (Revised March 2013)
Case

Yale University Investments Office: February 2011

By: Josh Lerner and Ann Leamon

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, real estate—given the impact of the recent market turmoil. The case explores the risks... View Details

Keywords: Asset Management; Resource Allocation; Investment; Venture Capital; Investment Funds; Property; Private Equity

October 2007 (Revised March 2009)
Case

Advanced Energy: Programs for Energy Conservation

By: V. Kasturi Rangan and Brooke Barton

Describes the dilemma facing Advanced Energy (AE), a $6 million nonprofit engaged in energy conservation in North Carolina. Most of the money for its programs comes from a Public Benefits Fund (PBF) enacted by the state legislature. With renewed effort by activists in... View Details

Keywords: Energy Conservation; Public Equity; Performance Efficiency; Nonprofit Organizations; Conflict and Resolution; Energy Industry; Utilities Industry