Publications
Publications
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- All HBS Web
(3,076)
- Faculty Publications (634)
- March 2018 (Revised December 2018)
- Teaching Note
Closed-End Funds at Saba Capital Management
By: Adi Sunderam and Shawn O'Brien
- March 2018 (Revised July 2018)
- Case
Cadre
By: Thomas R. Eisenmann, Scott Duke Kominers and David Lane
Late in 2017, CEO Ryan Williams and his team debated whether Cadre should become not only a technology-enabled investment manager, but also an online trading exchange providing high levels of liquidity for investors in commercial real estate (CRE) equity. Cadre was a... View Details
- March 2018 (Revised May 2018)
- Case
Celgene
By: Malcolm Baker and Emily McComb
In February 2011, Adam Koppel, a managing director at Brookside Capital, the public equity arm of Bain Capital, must decide whether to increase or exit the firm’s position in Celgene Corporation. News has emerged that raises potential safety concerns associated with... View Details
- March 2018
- Case
Sachem Head's Activism at Autodesk
By: Suraj Srinivasan and Quinn Pitcher
In 2015, activist hedge fund Sachem Head Capital, led by founder Scott Ferguson, launched an activist campaign at computer aided design (CAD) software maker Autodesk. The activist campaign, waged mainly in private, was over Autodesk's lackluster financial performance,... View Details
- February 2018
- Case
Infrastructure in Nigeria: Unlocking Pension Fund Investments
By: John Macomber and Pippa Tubman Armerding
The so-called “infrastructure finance gap” was a problem in Nigeria as in many parts of the world. Infrastructure projects like power plants and dams were very large capital investments that could generate long-term consistent cash flows, but their financing and... View Details
- February 2018 (Revised August 2018)
- Case
OpenInvest
By: Shawn Cole, Boris Vallée and Nicole Tempest Keller
Founded by a team of hedge fund and NGO alumni, OpenInvest launched its platform in 2015 to enable retail investors to tailor their portfolios to their personal values in an automated way, for instance by screening out weapons manufacturers stocks or overweighting... View Details
- February 2018 (Revised December 2019)
- Case
The Tax Man: Taxes in Private Equity Real Estate
By: Nori Gerardo Lietz, Timothy J. Becker, Ricardo Andrade and Sayiddah F. McCree
In January 2018, Caelan Langan, an associate at KSW Partners LLC (“KSW”), was asked by Katherine Scott, the partner for whom he worked, to recommend a proposed structure to acquire a prominent office building in San Francisco for their most recent fund. Caelan was... View Details
- February 2018 (Revised August 2018)
- Case
Blue Haven Initiative: The PEGAfrica Investment
By: Vikram S. Gandhi, Caitlin Reimers Brumme and Amram Migdal
This case examines Blue Haven Initiative (BHI), an impact investing fund and family office, and one of its investments, PEGAfrica (PEG). BHI founder Liesel Pritzker Simmons’ motivations for using her family wealth to start a family office focused on impact investing,... View Details
Keywords: Impact Investing; Family Office; Development; International Development; International Development Investing; Development Fund; Sustainability; Solar Energy; Solar; Pay As You Go; PAYG; MFI; Social Venture; Business Ventures; Acquisition; Business Growth and Maturation; Business Startups; Economics; Development Economics; Energy; Energy Conservation; Energy Sources; Renewable Energy; Social Entrepreneurship; Finance; Assets; Asset Pricing; Capital; Capital Budgeting; Capital Structure; Venture Capital; Cash; Cash Flow; Currency; Currency Exchange Rate; Equity; Private Equity; Financial Instruments; Debt Securities; Stock Shares; Financing and Loans; Microfinance; International Finance; Investment; Investment Return; Investment Activism; Investment Funds; Investment Portfolio; Price; Geography; Geographic Location; Emerging Markets; Ownership; Ownership Stake; Private Ownership; Social Enterprise; Value; Valuation; Value Creation; Energy Industry; Financial Services Industry; Green Technology Industry; Africa; United States
- January 2018
- Case
Environmental Technology Fund Partners and E-Leather
By: Vikram S. Gandhi and Aldo Sesia
It is 2014 and Environmental Technologies Fund (ETF) Partners, a UK-based venture capital firm, has an opportunity to invest in a privately held UK company that manufactured engineered composition leather extracted from waste leather using an environmentally friendly... View Details
- January 2018 (Revised April 2021)
- Case
Capital Allocation at HCA
By: W. Carl Kester and Emily R. McComb
In early 2017, HCA Holdings, an investor-owned hospital management company, faced a strategically important capital allocation decision. After the exit of its private equity sponsors in 2016, HCA had to determine how best to allocate its substantial annual free cash... View Details
Keywords: Capital Allocation; Cash Distribution Policy; Dividends; Share Repurchases; Growth Strategy And Execution; Growth Investing; Capital Expenditures; Debt Management; Debt Reduction; Debt Policy; Hospital Management; Investor-owned Hospital Chains; Capital Budgeting; Capital Structure; Cash Flow; Corporate Finance; Decision Choices and Conditions; Health Industry; United States
- January 2018 (Revised March 2019)
- Teaching Note
Jumia Nigeria: from Retail to Marketplace (A) and (B)
By: Ramon Casadesus-Masanell and Karen Elterman
Founded in 2012, Jumia Nigeria, a startup effort by Germany-based Rocket Internet, aimed to become an African Amazon. The company entered the nascent market and immediately enjoyed an uptick in consumer spending fueled by the strength of Nigeria’s oil-based economy. By... View Details
- January 2018
- Case
Blue Harbour's Activism at Babcock & Wilcox
By: Suraj Srinivasan and Quinn Pitcher
The case describes Blue Harbour Group's investment in Babcock & Wilcox and its transformation into BWX Technologies. In 2004, activist hedge fund Blue Harbour Group invested in Babcock & Wilcox, an energy and construction company. Blue Harbour developed an investment... View Details
- January 2018
- Supplement
Blue Harbour's Activism at Babcock & Wilcox (B)
By: Suraj Srinivasan and Quinn Pitcher
Follow-up case detailing the changes and performance upswing at BWX Technologies after hedge fund Blue Harbour Group's investment and when the fund’s Managing Director Robb LeMasters (MBA’05) joined its board of directors. View Details
- December 2017
- Case
Charity or Bribery?
By: Eugene Soltes and Brian Tilley
Filip Kowalski, a senior manager at the pharmaceutical company Healthgen, leads sales for the firm’s Polish division. While pitching Healthgen’s products, he develops a relationship with a director of a regional health fund who also runs a private foundation. After a... View Details
- December 2017 (Revised July 2020)
- Case
Opportunity Growth at Grupo Torre Médica
By: Juan Alcácer, J. Ramon Lecuona-Torras and Katherine Grozier
Senior management must make a decision for how to grow their search fund to reach the final margins for investors. View Details
- January 2018
- Supplement
Jumia Nigeria PowerPoint Supplement
Founded in 2012, Jumia Nigeria, a startup effort by Germany-based Rocket Internet, aimed to become an African Amazon. The company entered the nascent market and immediately enjoyed an uptick in consumer spending fueled by the strength of Nigeria’s oil-based economy. By... View Details
- November 2017 (Revised April 2019)
- Case
Summa Equity: Building Purpose-Driven Organizations
By: George Serafeim
In 2015, Reynir Indahl left top Nordic private equity firm Altor Equity Partners to found Summa Equity (Summa). After long contemplation following the financial crisis, Indahl was convinced the financial system was producing negative externalities and that the current... View Details
Keywords: Corporate Purpose; ESG; ESG (Environmental, Social, Governance) Performance; Social Impact; Investment Management; Management Practices; Innovation; Voice; Environmental Impact; Private Equity; Social Enterprise; Finance; Capital Markets; Management Practices and Processes; Innovation Leadership; Leadership; Innovation and Management; Entrepreneurship; Mission and Purpose; Value Creation; Financial Services Industry; Norway; Sweden; Scandinavia
- November 2017
- Case
One Life; One Love (A)
By: Thomas DeLong and Kerry Herman
Katie Hood, CEO of the One Love Foundation (One Love), a group dedicated to the prevention of relationship violence, had grown the organization's base of funding support to $6 million by 2017 and broadened its mandate to include relationships across many demographics.... View Details
- October 2017
- Case
Quantopian: A New Model for Active Management
- October 2017 (Revised October 2022)
- Case
Jumia Nigeria: from Retail to Marketplace (A)
By: Ramon Casadesus-Masanell and Namrata Arora
Founded in 2012, Jumia Nigeria, a startup effort by Germany-based Rocket Internet, aimed to become an African Amazon. The company entered the nascent market and immediately enjoyed an uptick in consumer spending fueled by the strength of Nigeria’s oil-based economy. By... View Details