Publications

October 1994
Case

Bankers Trust: Global Investment Bank

By: Andre F. Perold and Kuljot Singh

In October 1992, Eugene Shanks, president of Bankers Trust New York Corp., and Brian Walsh, head of the Global Investment Bank (GIB) business unit, are considering a proposal for a large and complex financing involving the North Sea Oil Co. (NSOC). The financing... View Details

Keywords: Risk and Uncertainty; Credit Derivatives and Swaps; Risk Management; Value Creation; Business History; Capital Markets; Financing and Loans; Financial Markets; Corporate Finance; Banking Industry; Energy Industry

November 2000 (Revised March 2001)
Case

Yale University Investments Office: July 2000

By: Josh Lerner

David Swensen, chief investment officer at Yale University, reviews the $10 billion endowment strategy, that places an unusually heavy emphasis on private equity and other illiquid securities. Changing market conditions in July 2000 cause him to rethink historically... View Details

Keywords: Private Equity; Financial Liquidity; Investment; Strategy; Education Industry

August 1986
Case

IBM International Investment Management

By: Andre F. Perold

Keywords: Investment; Management

August 2010 (Revised June 2020)
Teaching Note

Generation Investment Management (TN)

By: Sandra J. Sucher

Teaching Note for 613-002. The case and/or its teaching note includes references to case supplement videos that are intended for students to view, along with the written case, before class. As a reminder, the (A) video supplement is intended for students to view... View Details

Keywords: Investment; Development Economics; Environmental Sustainability; Energy Generation; Rural Scope; Non-Renewable Energy; Pollutants; Financial Services Industry; India

August 2010 (Revised February 2011)
Case

Highland Capital Partners: Investing in Cleantech

By: Joseph B. Lassiter III and David Kiron

One day during the summer of 2008, Paul Maeder, co-founder and general partner of Highland Capital Partners (HCP), was walking with his wife around Reykjavik, Iceland, marveling at how clean the city felt and at the widespread use of naturally occurring geothermal... View Details

Keywords: Renewable Energy; Entrepreneurship; Investment; Global Strategy; Environmental Sustainability; Financial Services Industry; Green Technology Industry

18 Oct 2016
Op-Ed

Why Business Should Invest in Community Health

Children in the United States today are at risk to live shorter lives than their parents. This sobering assessment is one reason big box retailer Target is investing $40 million this year to improve the health of communities around the... View Details

Keywords: by John Quelch, Howard Koh, and Pamela Yatsko; Health

December 1992
Article

America's Long-Term Investment Problem

By: M. E. Porter and Rebecca E. Wayland

Keywords: Investment; Problems and Challenges; United States

January 2023
Teaching Note

MicroStrategy’s Investment in Bitcoin

By: C. Fritz Foley, Celine Chammas and Donal O'Cofaigh

Teaching Note for HBS Case No. 222-048. View Details

Keywords: Bitcoin; Corporate Strategy; Acquisition; Investment Portfolio; Capital Structure; Equity

23 Jan 2008
Op-Ed

A House Divided: Investment or Shelter?

live and take root, the home in recent times has been elevated to Investment Opportunity, a place where you stayed for awhile, made a lot of money, then moved on to the next home-investment. Is the definition of home about to change once... View Details

Keywords: by Nicolas P. Retsinas; Banking; Construction; Real Estate

2017
Working Paper

Investment Timing with Costly Search for Financing

By: Samuel Antill

I develop a dynamic model of investment timing in which firms must first choose when to search for external financing. Search is costly and the arrival of investors is uncertain, leading to delay in financing and investment. Depending on parameters, my model can... View Details

Keywords: Real Options; Search And Bargaining; Time-varying Financial Conditions; Investment; Venture Capital; Mathematical Methods

SSRN

May 2014
Article

Investment Incentives in Labor Market Matching

By: John William Hatfield, Fuhito Kojima and Scott Duke Kominers

We provide an illustration of how the design of labor market clearing mechanisms can affect incentives for human capital acquisition. Specifically, we extend the labor market matching model (with discrete transfers) of Kelso and Crawford (1982) to incorporate the... View Details

Keywords: Human Capital; Marketplace Matching

July 1986
Article

Inflation, Uncertainty and Investment

By: Carliss Y. Baldwin and R. S. Ruback

Keywords: Inflation and Deflation; Investment; Risk and Uncertainty

September 2022 (Revised December 2022)
Case

QED Invests in Africa

By: Álvaro Rodríguez Arregui and James Barnett

In March 2022, investors at venture capital firm QED consider strategy for establishing business in Africa. View Details

Keywords: Analysis; Investment; Geography; Markets; Operations; Strategic Planning; Strategy; Financial Services Industry; Africa; Nigeria; North America; Canada; Europe; Asia; Latin America

17 Apr 2009
Working Paper Summaries

The Investment Strategies of Sovereign Wealth Funds

Keywords: by Shai Bernstein, Josh Lerner & Antoinette Schoar; Financial Services

June 2012 (Revised August 2014)
Supplement

Foreign Direct Investment and South Africa (B)

By: Eric Werker and Ian McKown Cornell

Incoming and outgoing foreign direct investment in an environment of politics, geography, globalization, and history. Updates the 2006 case to 2012. The subsequent six years only reinforce the message of the original case. Since the end of apartheid, South Africa had... View Details

Keywords: Global Business; Developing Countries; Business Government Relations; Economic Growth; Foreign Direct Investment; Globalized Markets and Industries; Developing Countries and Economies; Business and Government Relations; South Africa

October 2012 (Revised September 2015)
Case

Altoona State Investment Board: July 2012

By: Josh Lerner and Nathaniel Burbank

Considers the decision faced by state pension fund manager Rod Calhoun as he decides whether to invest $200 million in Bain Capital's eleventh global buyout fund: Bain Capital Fund XI. For the fund, Bain was offering its limited partners a choice between three... View Details

Keywords: Management Fees; Bain Capital; Venture Capital; Private Equity; Leveraged Buyouts; Banking Industry; Boston

October 2006 (Revised August 2008)
Background Note

Performing Industry Research to Inform Investment Decisions

Conducting thorough research about an industry is often an important component of investment analysis. Written specifically for HBS MBA students, provides guidance on how to perform industry research to inform investment decisions. Provides detailed information about... View Details

Keywords: Decision Choices and Conditions; Investment; Supply and Industry; Research

October 1999
Case

CIBC Corporate and Investment Banking (C): 1997-1999

By: Joseph L. Bower and Michael Raynor

By 1997 the turnaround of CIBC's troubled investment bank, Wood Gundy, and its integration with corporate banking activities was complete. Marketplace results were encouraging, but scuttled mergers and tumultuous succession issues made the future uncertain. View Details

Keywords: Integration; Investment Banking; Success; Risk and Uncertainty; Management Succession; Mergers and Acquisitions; Financial Services Industry