Publications

October 2019
Case

Hony Capital and Jushi Group

By: Josh Lerner, Shai Bernstein and Ann Leamon

Hony Capital, a multi-billion dollar private equity firm based in China, is investing in a subsidiary of Jushi Group, a Chinese company that is one of the world's largest fiberglass producers. The specific project will build a plant in the United States. In this case,... View Details

Keywords: Real Estate; Investing; Fundraising; Manufacturing; Private Equity; Asset Management; Finance; Investment; Venture Capital; China; United States

Web

Agents of Change: The Founding of the AASU - The Value of Business Education

Baker Library Special Collections Exhibits More Exhibits Explore the Exhibit Student Pioneers The Value of Business Education The Golden Age of Black Business AASU Early Years & Influence AASU Founders Core Demands & Proposals Early Years... View Details

January 2020
Case

SK Group: Social Progress Credits

By: George Serafeim, Ethan Rouen and David Freiberg

SK Group was one of the largest companies South Korea. A family-run conglomerate consisting of around 120 subsidiaries and employing more than 100,000, SK was tightly knit into the fabric of Korean society. SK viewed their future success as contingent upon the strength... View Details

04 Sep 2020
Blog Post

Advice from a Career Switcher: The Value of Informational Conversations with Alumni

mid-March, Adam accepted an offer to join Breakthrough Energy Ventures (BEV) as a Portfolio Greenhouse Gas Impact Analysis Intern; BEV invests in entrepreneurs building companies that can have a significant impact on climate change at... View Details

12 PM – 1 PM EST, 29 Nov 2018
Webinars: Career

The Shiny Penny: How to Maximize the M&A Value of your Company

Angel investor Steve Kirschner explains how to maximize the M&A valuation of your company heading into a private sale.

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Web

Alumni Initiatives in Impact Investing | Social Enterprise | Harvard Business School

Alumni Initiatives in Impact Investing Multiple Alumni Topics Business for Social Impact Impact Investing More Impact Stories A Pathway to Pursue Aspirations Mizuho Kanai 2018 While Mizuho Kanai (MBA 2018)... View Details

December 1970 (Revised May 1991)
Supplement

Methods of Calculating Net Present Value and Internal Rate of Return, Programmed Exercises

By: Howard Raiffa

Keywords: Finance; Investment

2005
Book

Managing Customers as Investments: The Strategic Value of Customers in the Long Run

By: Sunil Gupta and Donald R. Lehmann

Keywords: Management; Customers; Investment; Strategy; Value

Web

The Future of Impact Investing | Social Enterprise | Harvard Business School

The Future of Impact Investing Ronald Cohen, MBA 1969 Topics Business for Social Impact Impact Investing More Impact Stories A Pathway to Pursue Aspirations Mizuho Kanai 2018 While Mizuho Kanai (MBA 2018)... View Details

2004
Chapter

Measuring the Value of Political Connections After Liberalization: Some Thoughts on Theoretical Constructs and Improved Research Design

By: Jordan I. Siegel

Scholars have recently begun to focus heightened attention on how firms in emerging economies react and even thrive during deep liberalization. Yet one fundamental question remains less than satisfactorily answered. How much in terms of scarce resources should firms in... View Details

Keywords: Liberalization; Emerging Economies; Political Connections; Business and Government Relations; Emerging Markets; Strategy

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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

Keywords: Sustainability; Venture Capital; Investment Strategy; Investment; Strategy; Ownership; Valuation; Energy Conservation; Equity; Technological Innovation; Environmental Sustainability; Performance Efficiency; Manufacturing Industry; Financial Services Industry; United Kingdom

Article

Political Skill: Explaining the Effects of Nonnative Accent on Managerial Hiring and Entrepreneurial Investment Decisions

By: Laura Huang, Marcia Frideger and Jone L. Pearce

We propose and test a new theory explaining glass-ceiling bias against nonnative speakers as driven by perceptions that nonnative speakers have weak political skill. Although nonnative accent is a complex signal, its effects on assessments of the speakers' political... View Details

Keywords: Spoken Communication; Prejudice and Bias; Competency and Skills; Selection and Staffing; Entrepreneurship; Investment; Decisions

January 2019 (Revised December 2019)
Case

CrossBoundary Energy

By: John Macomber

Almost 500 million people are without electricity in sub-Saharan Africa. Governments and public utilities are challenged to bring generation and distribution to most of them. Considerable promise exists in “off-grid” or “mini-grid” technologies, notably using renewable... View Details

Keywords: Energy Investing; Economic Development; Renewable Energy; Business Growth and Maturation; Developing Countries and Economies; Project Finance; Emerging Markets; Industry Structures; Infrastructure; Segmentation; Private Equity; Decision Choices and Conditions; Energy Industry; Utilities Industry; Africa; Tanzania; Ghana

January 1999
Article

An Analysis of Value Destruction and Recovery in the Alliance and Proposed Merger of Volvo and Renault

By: Robert Bruner

Volvo's attempt to merge with Renault in 1993 temporarily destroyed SEK 8.6 billion (US$ 1.1 billion) in Volvo shareholder wealth. This study traces the destruction to hubris, managerialism, and the escalation of commitment—elements suggested in previous research. In... View Details

Keywords: Mergers ＆ Acquisitions; Institutional Investors; Alliances; Privatization; Mergers and Acquisitions; Institutional Investing; Auto Industry

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2018
Working Paper

Design Rules, Volume 2: How Technology Shapes Organizations: Chapter 7 The Value Structure of Technologies, Part 2: Technical and Strategic Bottlenecks as Guides for Action

By: Carliss Y. Baldwin

The purpose of this chapter is to present analytic tools based on functional maps that can be used to identify investment opportunities and to formulate strategy in large, evolving technical systems. I argue that the points of value creation and value capture in a... View Details

Keywords: Bottlenecks; Information Technology; System; Investment; Opportunities; Strategy

SSRN

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2020
Article

Public Sentiment and the Price of Corporate Sustainability

By: George Serafeim

Combining corporate sustainability performance scores based on environmental, social, and governance (ESG) data with big data measuring public sentiment about a company’s sustainability performance, I find that the valuation premium paid for companies with strong... View Details

Keywords: Sustainability; ESG; ESG (Environmental, Social, Governance) Performance; Investment Management; Investment Strategy; Big Data; Machine Learning; Environment; Environmental Sustainability; Corporate Governance; Performance; Asset Pricing; Investment; Management; Strategy; Human Capital; Public Opinion; Value; Analytics and Data Science

SSRN

24 Mar 2021
News

Clubs Reaffirm Equity in Community Partners Work; Alumni Angels Invest in Member Education

funnel our impact through them.” For more information on Community Partners, contact HBS Alumni Clubs and Associations. HBS Alumni Angels Invest in Member Education with Webinars The HBS Alumni Angels Association recentlypresented a... View Details

Keywords: Margie Kelley

February 2000
Article

Money Chasing Deals?: The Impact of Fund Inflows on the Valuation of Private Equity Investments

By: Paul Gompers and Josh Lerner

Keywords: Money; Valuation; Finance; Investment

January 2020
Case

Banorte Móvil: Data-Driven Mobile Growth

By: Ayelet Israeli, Carla Larangeira and Mariana Cal

In mid-2019, Carlos Hank was deliberating over the results for Banorte Móvil—the mobile application for Banorte, Mexico’s most profitable and second-largest financial institution. Hank, who had been appointed as Banorte´s Chairman of the Board in January 2015, had... View Details

Keywords: Data Analytics; Customer Lifetime Value; Financial Institutions; Mobile and Wireless Technology; Growth and Development Strategy; Customers; Technology Adoption; Communication Strategy; Banking Industry; Mexico; Latin America