Publications

21 Dec 2010
First Look

First Look: December 21

Josh Lerner and Yiwen JinHarvard Business School Case 811-032 The private equity group Hony Capital considers what to do with their investment in Zoomlion, which has been... View Details

March 2008 (Revised June 2009)
Case

Actis: January 2008

By: Felda Hardymon, Josh Lerner and Ann Leamon

Paul Feltcher, the CEO of Actis, a leading private equity investor in emerging markets, is preparing for an executive retreat at which the management team will consider how best to position the firm for the future. Actis could move in a number of different directions... View Details

Keywords: Business Model; Private Equity; Investment; Growth and Development Strategy; Management Teams; Emerging Markets; Organizational Change and Adaptation

Educators

22 May 2012
First Look

First Look: May 22

Creating a Venture Ecosystem in Brazil: FINEP's INOVAR Project Authors:Ann Leamon and Josh Lerner Abstract An abstract is unavailable at this time. Download the paper:... View Details

Keywords: Sean Silverthorne

Web

Advisory Board - Entrepreneurship

on the future of engineering education. Joe received his BS, MS, and PhD from MIT and was awarded National Science, Adams and McDermott Fellowships. He was elected to Sigma Xi.... View Details

January 2008
Article

Venture Capital Investment Cycles: The Impact of Public Markets

By: Paul Gompers, Anna Kovner, Josh Lerner and David Scharfstein

It is well documented that the venture capital industry is highly volatile and that much of this volatility is associated with shifting valuations and activity in public equity markets. This paper examines how changes in public market signals affected venture capital... View Details

Keywords: Market Cycles; Venture Capital; Investment; Experience and Expertise; Public Equity; Volatility; Financial Services Industry

Read Now

January 2010
Article

Buy Local? The Geography of Successful Venture Capital Expansion

By: Henry Chen, Paul A. Gompers, Anna Kovner and Josh Lerner

We document geographic concentration by both venture capital firms and venture capital-financed companies in three metropolitan areas: San Francisco, Boston, and New York. We find that venture capital firms locate in regions with high success rates of venture... View Details

Keywords: Venture Capital; Expansion; Success; Capital; Geographic Location; Business Units; Corporate Accountability; Business Offices; Goals and Objectives; Mission and Purpose; Investment Funds; Corporate Governance; Boston; New York (state, US); San Francisco

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

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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

Educators

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

Educators

Keywords: Colleges, Universities, and Professional Schools; Colleges, Universities, and Professional Schools; Colleges, Universities, and Professional Schools; Colleges, Universities, and Professional Schools; Colleges, Universities, and Professional Schools

01 Dec 2001
News

BOOK: The Money of Invention

by Paul A. Gompers and Josh Lerner (Harvard Business School Press ) Did venture capital cause the explosion in innovation in the last thirty... View Details

2013
Working Paper

Combining Banking with Private Equity Investing

By: Lily Fang, Victoria Ivashina and Josh Lerner

Bank-affiliated private equity groups account for 30% of all private equity investments. Their market share is highest during peaks of the private equity market, when the parent banks arrange more debt financing for in-house transactions yet have the lowest exposure to... View Details

Keywords: Private Equity; Banks and Banking; Banking Industry; Financial Services Industry

01 Dec 2018
News

Research Is the Foundation

heuristics used by early-stage investors in high-potential ventures,” says Professor Ramana Nanda, who serves as the project’s co-director with finance professors Victoria View Details

07 May 2013
First Look

First Look: May 7

Publications 2006 Review of Financial Studies Unstable Equity: Combining Banking with Private Equity Investing By: Fang, Lily H., Victoria Ivashina, and Josh View Details

Keywords: Carmen Nobel

19 Jul 2011
First Look

First Look: July 19

resulting from the liberalization of the Turkish economy. Purchase this case:http://cb.hbsp.harvard.edu/cb/product/811081-PDF-ENG Oriental Fortune Capital: Building a Better Stock Exchange Josh Lerner View Details

Keywords: Sean Silverthorne

01 Mar 2015
News

What Is Harvard’s Impact in the World?

who have founded firms and social enterprises. With the support of Harvard President Drew Gilpin Faust, HBS professor Josh Lerner will survey the entire active alumni community... View Details

Keywords: Business Schools & Computer & Management Training; Educational Services

01 Mar 2016
News

Measuring Impact

the findings of the inaugural Harvard Impact Study, the University’s first effort to quantify the economic and social contributions of its alumni. HBS professor Josh Lerner led... View Details

Keywords: April White

26 Mar 2013
First Look

First Look: March 26

persists as the biggest threat to private minority shareholders in these firms. Book: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2217627 Working Papers Reaching for Yield in the Bond Market By: Becker, Bo, and View Details

Keywords: Sean Silverthorne

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 View Details

Keywords: Carmen Nobel

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

Keywords: Sovereign Finance; Strategy; Investment Funds