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Show Results For
- All HBS Web
(461)
- People (1)
- News (126)
- Research (274)
- Multimedia (1)
- Faculty Publications (138)
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- 2014
- Working Paper
Adding Value Through Venture Capital in Latin America and the Caribbean
By: Josh Lerner, Ann Leamon, James Tighe and Susana Garcia-Robles
Venture capital (VC) investment has long been recognized as an engine for economic growth and development. Unlike bank loans, where the entrepreneur receives money and is left alone as long as the payments arrive on the pre-arranged schedule, venture capital... View Details
Lerner, Josh, Ann Leamon, James Tighe, and Susana Garcia-Robles. "Adding Value Through Venture Capital in Latin America and the Caribbean." Harvard Business School Working Paper, No. 15-024, October 2014.
- March 27, 2013
- Article
Downton Abbey: Real Life Lessons for Trust & Estate Advisors
By: Josh Baron and Devin Bird
The article discusses how the TV series "Downton Abbey" reflects challenges and opportunities faced by business families. The show's storyline, centered around the aristocratic Crawley family and their estate, parallels real-world situations where business families... View Details
Keywords: Family Business; Family and Family Relationships; Management Succession; Family Ownership; Adaptation; Transition
Baron, Josh, and Devin Bird. "Downton Abbey: Real Life Lessons for Trust & Estate Advisors." Wealth Management (website) (March 27, 2013).
- January 2014
- Article
The Consequences of Entrepreneurial Finance: Evidence from Angel Financings
By: William R. Kerr, Josh Lerner and Antoinette Schoar
This paper documents that ventures that are funded by two successful angel groups experience superior outcomes to rejected ventures: they have improved survival, exits, employment, patenting, web traffic, and financing. We use strong discontinuities in angel funding... View Details
Keywords: Business Ventures; Financing and Loans; Interests; Employment; Patents; Internet and the Web; Operations; Entrepreneurship; Business Exit or Shutdown
Kerr, William R., Josh Lerner, and Antoinette Schoar. "The Consequences of Entrepreneurial Finance: Evidence from Angel Financings." Review of Financial Studies 27, no. 1 (January 2014): 20–55.
- 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
Lerner, Josh, and Nathaniel Burbank. "Altoona State Investment Board: July 2012." Harvard Business School Case 813-100, October 2012. (Revised September 2015.)
- June 2007
- Article
What Is the Impact of Software Patent Shifts? Evidence from Lotus v. Borland
By: Josh Lerner and Feng Zhu
Economists have debated the extent to which strengthening patent protection spurs or detracts from technological innovation. This paper examines the reduction of software copyright protection in the Lotus v. Borland decision. If patent and copyright protections are... View Details
Keywords: Applications and Software; Patents; Information Technology; Information Technology Industry
Lerner, Josh, and Feng Zhu. "What Is the Impact of Software Patent Shifts? Evidence from Lotus v. Borland." International Journal of Industrial Organization 25, no. 3 (June 2007): 511–529. (Earlier version distributed as National Bureau of Economic Research Working Paper No. 11168.)
- November 6, 2017
- Article
The Common Traps of Working in Your Family's Business
By: Josh Baron
When your family’s name is on the door, you will never just be one of the gang — and everything you do could be fodder for the office rumor mill. Your actions are amplified because of your status in the company, and even seemingly small gestures can unintentionally... View Details
Keywords: Family Business; Attitudes; Behavior; Personal Development and Career; Mission and Purpose
Baron, Josh. "The Common Traps of Working in Your Family's Business." Harvard Business Review (website) (November 6, 2017).
- March 2011
- Article
To Join or Not to Join: Examining Patent Pool Participation and Rent Sharing Rules
By: Josh Lerner and Anne Layne-Farrar
In recognition that participation in modern patent pools is voluntary, we present empirical evidence on participation rates and the factors that drive the decision to join a pool, including the profit sharing rules adopted by the pool's founders. In most participation... View Details
Lerner, Josh, and Anne Layne-Farrar. "To Join or Not to Join: Examining Patent Pool Participation and Rent Sharing Rules." International Journal of Industrial Organization 29, no. 2 (March 2011): 294–303.
- February 2002 (Revised May 2003)
- Case
Endeca Technologies (A)
By: G. Felda Hardymon, Josh Lerner and Ann Leamon
Steve Papa, CEO of Endeca Technologies, must decide among two term sheets raising the same amount of badly needed money for his young software company. One deal is led by insiders and, is offered at a lower price. It continues a board that has worked very well and... View Details
Keywords: Venture Capital; Cost vs Benefits; Financial Condition; Financing and Loans; Management Skills; Financial Strategy; Corporate Finance; Decision Choices and Conditions; Information Technology Industry
Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Endeca Technologies (A)." Harvard Business School Case 802-141, February 2002. (Revised May 2003.)
- Summer 2020
- Article
Venture Capital's Role in Financing Innovation: What We Know and How Much We Still Need to Learn
By: Josh Lerner and Ramana Nanda
Venture capital is associated with some of the most high-growth and influential firms in the world. Academics and practitioners have effectively articulated the strengths of the venture model. At the same time, venture capital financing also has real limitations in its... View Details
Lerner, Josh, and Ramana Nanda. "Venture Capital's Role in Financing Innovation: What We Know and How Much We Still Need to Learn." Journal of Economic Perspectives 34, no. 3 (Summer 2020): 237–261.
- 01 May 2012
- First Look
First Look: May 1
IBM Authors: Timothy F. Bresnahan, Shane Greenstein, and Rebecca M. Henderson Publication: In The Rate and Direction of Inventive Activity Revisited, edited by Josh Lerner and Scott Stern. Chicago, Ill:... View Details
Keywords: Carmen Nobel
- March 2003 (Revised January 2004)
- Case
CDC Capital Partners: December 2002
By: G. Felda Hardymon, Josh Lerner and Ann Leamon
Paul Fletcher, CEO of CDC Capital Partners, a private equity group investing in the world's poorest countries, is wrestling with questions raised by the imminent reorganization of the firm. Previously an arm of the United Kingdom's international aid agency, CDC is... View Details
Keywords: Private Equity; Investment Portfolio; Privatization; Venture Capital; Business and Government Relations; Emerging Markets; Infrastructure; Financial Services Industry; Banking Industry; United Kingdom
Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "CDC Capital Partners: December 2002." Harvard Business School Case 803-167, March 2003. (Revised January 2004.)
- 13 Jul 2010
- First Look
First Look: July 13
matching candidates are attractive by reducing the competition among agents on the same side of the market. An agent who sees fewer candidates knows that these candidates also see fewer potential matches, and so are more likely to accept... View Details
Keywords: Martha Lagace
- 2023
- Working Paper
Fencing Off Silicon Valley: Cross-Border Venture Capital and Technology Spillovers
By: Ufuk Akcigit, Sina T. Ates, Josh Lerner, Richard Townsend and Yulia Zhestkova
The treatment of foreign investors is a contentious topic in U.S. entrepreneurship policy. We
model a setting where foreign corporate investments in Silicon Valley may allow U.S. entrepreneurs
to pursue technologies that they could not otherwise, but may also lead to... View Details
Keywords: Innovation; Corporate Venture Capital; Knowledge Spillovers; Innovation and Invention; Foreign Direct Investment; Venture Capital; Entrepreneurship; Policy; United States
Akcigit, Ufuk, Sina T. Ates, Josh Lerner, Richard Townsend, and Yulia Zhestkova. "Fencing Off Silicon Valley: Cross-Border Venture Capital and Technology Spillovers." Harvard Business School Working Paper, No. 21-043, September 2020. (Revised September 2023. Conditionally Accepted, Journal of Monetary Economics.)
- 02 Mar 2010
- First Look
First Look: March 2
legal change applied). These reductions in agency costs were followed by an increase in average leverage and a reduction in interest costs. Finally, we can estimate the welfare implications of agency costs, because firm values increased... View Details
Keywords: Martha Lagace
- Teaching Interest
Venture Capital and Private Equity (MBA)
By: Josh Lerner
The growth of private equity internationally has been dramatic, to the point that the asset class has been both lauded as the savior and vilified as the cause of our current economic malaise. Over the past two decades, private equity- ranging from venture capital to... View Details
- October 2013
- Article
With a Little Help from My (Random) Friends: Success and Failure in Post-Business School Entrepreneurship
By: Josh Lerner and Ulrike Malmendier
To what extent do peers affect our occupational choices? This question has been of particular interest in the context of entrepreneurship and policies to create a favorable environment for entry. Such influences, however, are hard to identify empirically. We exploit... View Details
Lerner, Josh, and Ulrike Malmendier. "With a Little Help from My (Random) Friends: Success and Failure in Post-Business School Entrepreneurship." Review of Financial Studies 26, no. 10 (October 2013): 2411–2452. (Earlier versions distributed as National Bureau of Economic Research Working Paper No. 16918 and Harvard Business School Working Paper No. 11-108.)
- 15 Nov 2016
- First Look
November 15, 2016
hiring (in this study, by the head office of a U.S. retail chain) or decentralized hiring (by store managers) leads to higher quality employee-company matches. While centralized hiring can ensure that enough resources are invested in... View Details
Keywords: Sean Silverthorne
- Spring 2013
- Article
The Investment Strategies of Sovereign Wealth Funds
By: Shai Bernstein, Josh Lerner and Antoinette Schoar
This paper examines the direct private equity investment strategies across sovereign wealth funds (SWFs) and their relationship to the funds' organizational structures. SWFs seem to engage in a form of trend chasing, since they are more likely to invest at home when... View Details
Bernstein, Shai, Josh Lerner, and Antoinette Schoar. "The Investment Strategies of Sovereign Wealth Funds." Journal of Economic Perspectives 27, no. 2 (Spring 2013): 219–238.
- September 2007 (Revised February 2008)
- Case
Partners in Health: The PACT Project
By: Richard M.J. Bohmer and Josh Friedman
Partners in Health is a Boston-based, not-for-profit that provides health care to people in some of the poorest regions of the world, including Haiti, Malawi, Rwanda, and Peru. In 1998, PIH established a program (PACT) in Boston to bring care to AIDS and TB patients... View Details
Keywords: Health Care and Treatment; Nonprofit Organizations; Non-Governmental Organizations; Developing Countries and Economies; Service Delivery; Health Industry
Bohmer, Richard M.J., and Josh Friedman. "Partners in Health: The PACT Project." Harvard Business School Case 608-065, September 2007. (Revised February 2008.)
- May 2020
- Article
The Creation and Evolution of Entrepreneurial Public Markets
By: Shai Bernstein, Abhishek Dev and Josh Lerner
This paper explores the creation and evolution of new stock exchanges around the world geared towards entrepreneurial companies, known as second-tier exchanges. Using hand-collected novel data, we document the proliferation of these new stock exchanges that were... View Details
Keywords: Stock Exchanges; Entrepreneurship; Finance; Initial Public Offering; Capital; Entrepreneurial Finance
Bernstein, Shai, Abhishek Dev, and Josh Lerner. "The Creation and Evolution of Entrepreneurial Public Markets." Journal of Financial Economics 136, no. 2 (May 2020): 307–329.