Publications

February 2020 (Revised January 2022)
Case

Mission Related Investments at the Ford Foundation (A)

By: Shawn Cole, Michael Norris and T. Robert Zochowski

In 2017, Darren Walker, president of the Ford Foundation, one of the largest philanthropic foundations in the world, was preparing to meet with his board of directors to discuss beginning a mission related investments (MRI) program. Walker hoped to devote $1 billion of... View Details

Keywords: Mission-Related Investing; Philanthropy; Foundation; Endowments; Socially Responsible Investing; Investment; Institutional Investing; Investment Activism; Governance; Corporate Social Responsibility and Impact; Mission and Purpose; Social Enterprise; Philanthropy and Charitable Giving; United States; New York (city, NY)

April 2010 (Revised July 2010)
Background Note

Introduction to Mutual Funds

By: Robert C. Pozen

This note is an excerpt from my book The Mutual Fund Business and is an introduction to mutual funds, contrasted with commercial banks. View Details

Keywords: Commercial Banking; Investment; Investment Funds; Banking Industry

January 2023 (Revised September 2024)
Supplement

The END Fund (B)

By: V. Kasturi Rangan and Courtney Han

Founded in 2012, the END fund focused on eliminating five Neglected Tropical Diseases that accounted for 80% of the tropical diseases affecting nearly 1.5 billion people worldwide. Its roughly $25 million/year annual budget was fully committed when it got news that the... View Details

Keywords: Health Disorders; Investment Funds; Global Range; Nonprofit Organizations; Resource Allocation; Decisions; Health Care and Treatment; Mission and Purpose

2015
Working Paper

Lost in the Clouds: The Impact of Changing Property Rights on Investment in Cloud Computing Ventures

By: Josh Lerner and Greg Rafert

Our analysis seeks to understand the impact of changing allocations of property rights on investment in new firms. We focus on the Cartoon Network, et al. v. Cablevision decision in the U.S., which narrowed the protection enjoyed by content creators (e.g., movie... View Details

Keywords: Technological Innovation; Venture Capital; Internet and the Web; Entrepreneurship; Investment; Copyright

Read Now

August 1994
Background Note

World Pension Fund Markets

By: Jay O. Light and Jon Headley

Presents a comparative description and analysis of pension funds in different countries. There is a special focus on comparing the United States and the United Kingdom. View Details

Keywords: Retirement; Management Analysis, Tools, and Techniques; Investment Funds; United States; United Kingdom

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Web

Impact Investing Interest Group | Social Enterprise | Harvard Business School

This group focuses on facilitating connections and sharing ideas amongst alumni interested in impact investing through regular webinars, live gatherings, and a LinkedIn group . Find Fellow Alumni Find other... View Details

Article

ESG Integration in Investment Management: Myths and Realities

By: Sakis Kotsantonis, Christopher Pinney and George Serafeim

The authors’ aim in this article is to set the record straight on the financial performance of sustainable investing while also correcting a number of other widespread misconceptions about this rapidly growing set of principles and methods. Myth Number 1:... View Details

Keywords: ESG; Sustainability; Investment Management; Finance; Corporate Social Responsibility; Integrated Corporate Reporting; Corporate Social Responsibility and Impact; Investment; Environmental Sustainability; Corporate Governance

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January 2019
Supplement

JPMorgan Chase: Invested in Detroit (C)

By: Joseph L. Bower and Michael Norris

Video Supplement to HBS Case Nos. 918-406 and 918-410.
Beginning in 2014, JPMorgan Chase launched “Invested in Detroit,” a $100 million philanthropic investment in the city over five years. The bank worked with local economic development organizations,... View Details

Keywords: Philanthropic Investment; Banking; Economic Development; Local Economic Development; Workforce Development; Financial Institutions; Corporate Social Responsibility and Impact; Urban Development; Business and Community Relations; Philanthropy and Charitable Giving; Expansion; Banking Industry; United States; Michigan; Detroit

06 Oct 2003
Research & Ideas

The Problem with Hedge Funds

in the Internet and telecom bubbles. Those who have money left, or who have new savings coming in and are seeking investments have heard that hedge funds have done well. For example, they've heard that... View Details

Keywords: by D. Quinn Mills

Web

Global Steering Group Impact Summit: Catalyzing the Impact Investing Market | Social Enterprise | Harvard Business School

October 2018 (Revised February 2018)
Case

Masayoshi Son and the Vision Fund

By: Tom Nicholas, Ramana Nanda and Benjamin N. Roth

In October 2016, SoftBank Group Corp., the Japanese conglomerate giant caused a significant shock to the worldwide market for venture capital and private equity by announcing the Vision Fund, the largest tech investment fund in the world at close to $100 billion. The... View Details

Keywords: Strategy; Venture Capital; Private Equity; Entrepreneurship; Competitive Strategy

April 2008 (Revised April 2010)
Background Note

The Hedge Fund Industry

By: William E. Fruhan Jr.

This note describes the hedge fund industry as of the end of the year 2007. View Details

Keywords: Investment Return; Investment Funds; Investment Portfolio; Financial Services Industry

Article

Optimal Life-Cycle Investing with Flexible Labor Supply: A Welfare Analysis of Life-Cycle Funds

By: Francisco J. Gomes, Laurence J. Kotlikoff and Luis M. Viceira

Keywords: Investment; Labor; Investment Funds

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Read Now

Web

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

make a positive impact on the world, one exciting path forward is investing in mission-centered businesses. Areas like healthcare, education, energy, and the environment attract innovative and... View Details

Web

Measuring Success in Impact Investing | Social Enterprise | Harvard Business School

Measuring Success in Impact Investing Multiple Alumni Topics Business for Social Impact Impact Investing More... View Details

28 May 2015
Working Paper Summaries

Lost in the Clouds: The Impact of Changing Property Rights on Investment in Cloud Computing Ventures

Keywords: by Josh Lerner & Greg Rafert; Technology

Clubs

Investment Club

Keywords: Investment Management / Hedge Fund; Investment Management / Hedge Fund

January 2019 (Revised February 2020)
Case

Should a Pension Fund Try to Change the World? Inside GPIF's Embrace of ESG

By: George Serafeim

In the fall of 2018, Hiro Mizuno, the Chief Investment Officer (CIO) of GPIF, the Japanese Government Pension Fund, was reflecting on his efforts to integrate Environmental, Social and Governance (ESG) issues into every aspect of GPIF’s portfolio. His efforts ranged... View Details

Keywords: Pension Funds; ESG (Environmental, Social, Governance) Performance; Investment Funds; Environmental Sustainability; Social Issues; Governance; Leading Change; Economy; Performance Improvement; Japan