Publications

Research Summary

Working on third edition of textbook on the fund industry

The book explains how mutual funds and other collective investment vehicles are organized, how they manage your money, and how they are marketed to investors. It also addresses the internationalization of funds in terms of global investing and global... View Details

March 2013
Article

The Client Is King: Do Mutual Fund Relationships Bias Analyst Recommendations?

By: Michael Firth, Chen Lin, Ping Liu and Yuhai Xuan

This paper investigates whether the business relations between mutual funds and brokerage firms influence sell-side analyst recommendations. Using a unique data set that discloses brokerage firms' commission income derived from each mutual fund client as well as the... View Details

Keywords: Prejudice and Bias; Decision Choices and Conditions; Investment Funds

Read Now

15 Apr 2015
News

New Enterprise Raises Record-Breaking $2.8 Billion Venture Fund

June 2007 (Revised January 2008)
Case

The Vanguard Group, Inc. in 2006 and Target Retirement Funds

By: Luis M. Viceira

The Vanguard Group is one of the largest asset managers in the U.S., with over $1 trillion in assets, ninety percent of which are mutual fund assets, and more than 12,000 employees at year-end 2006. Vanguard has built a strong reputation as the manager of reference for... View Details

Keywords: Asset Management; Investment Funds; Personal Finance; Brands and Branding; Retirement; Trust; Financial Services Industry; United States

March 2018
Supplement

Environmental Technology Fund Partners and E-Leather

By: Vikram S Gandhi and Aldo Sesia

This courseware was created to allow students to model E-Leather's enterprise value (EV) in early 2014. Yellow cells in the Enterprise Value (EV) worksheets indicate where students provide inputs. The other worksheets provide information to help students make... View Details

Keywords: Valuation

July 1986 (Revised August 1986)
Case

Frito-Lay, Inc.: Funding for Information Systems

Frito-Lay, Inc., a large snack foods company, has adopted a new method for allocating information systems resources. The method and its rationale are described in detail, along with user reactions. The new scheme is simple, but is it an improvement? Will it be... View Details

Keywords: Resource Allocation; Information Technology; Manufacturing Industry; Food and Beverage Industry

Find at Harvard

27 Oct 2008
News

As stocks plunge, funds lose balance

February 1996 (Revised May 1996)
Teaching Note

Fidelity Investments: Spartan Florida Municipal Fund (TN)

By: Andre F. Perold and Wai Lee

Keywords: City; Investment Funds; Florida

01 Feb 2013
Working Paper Summaries

Dollar Funding and the Lending Behavior of Global Banks

Keywords: by Victoria Ivashina, David S. Scharfstein & Jeremy C. Stein; Financial Services

December 2009 (Revised February 2010)
Case

The Investment Fund for Foundations (TIFF) in 2009

By: Luis M. Viceira and Brendon Christopher Parry

In late June 2009, management at The Investment Fund for Foundations (TIFF) was considering expanding the footprint of the TIFF Diversified Fund (TDF), the first truly comprehensive endowment management vehicle offered under the TIFF banner. The recent large capital... View Details

Keywords: Financial Crisis; Asset Management; Financial Strategy; Investment Funds; Risk Management; Product Marketing; Financial Services Industry; United States

February 2017
Case

Eve Hall: The African American Investment Fund in Milwaukee

By: Steven Rogers and Alterrell Mills

The case highlights the role of minority chambers of commerce and the background of Eve Hall, a well-regarded multi-sector leader asked to revive Wisconsin's African-American chamber. This case study examines the lending options that a minority chamber of commerce... View Details

June 2013 (Revised July 2013)
Case

Blackstone Alternative Asset Management

By: Robin Greenwood, Luis M. Viceira and Jared Dourdeville

This case explores reasons for Blackstone Alternative Asset Management's (BAAM's) growth from 2007-2013, a time when the overall fund of hedge funds industry contracted substantially. Additionally, the case analyzes evolving business models and value propositions... View Details

Keywords: Hedge Fund; Fund Of Hedge Funds; Hedge Fund Industry Growth; Fund Of Hedge Funds Industry Growth; Evolving Business Models; Value Propositions In The Fund Of Hege Funds Industry; Business Model; Investment Funds; Growth and Development Strategy; Financial Services Industry; United States

September 2003 (Revised January 2005)
Case

Emergence, Valhalla, and Orchid: Divergent Models for Venture Capital Funds

By: William A. Sahlman and Matthew Willis

Compares and contrasts three different venture capital funds from the perspective of a potential investor. The first fund has a technology-enabled services preference, the second a Mid-Atlantic region preference, and the third a seed round preference. Students are... View Details

Keywords: Borrowing and Debt; Entrepreneurship; Service Operations; Information Technology; Venture Capital