Publications

October 2012 (Revised July 2014)
Background Note

The Role of the Government in the Early Development of American Venture Capital

By: Josh Lerner and Tom Nicholas

Whether the government or markets, or a mixture of both, can provide efficient and effective incentives for encouraging entrepreneurial activity and new venture financing is an age-old question. Public promotion efforts are controversial and in most cases they tend to... View Details

Keywords: Venture Capital; Business and Government Relations; United States

2000
Article

Georgia Regional Transportation Authority: A Case Study of an Innovative Regional Planning Institution

By: Brian Trelstad

The Georgia Regional Transportation Authority (GRTA), a new regional planning institution, is a governor-appointed body of 15 regional leaders with broad authority over land use and transportation planning throughout the state. Created in the summer of 1999, GRTA... View Details

Keywords: Transportation; Planning; Business and Community Relations; Georgia (state, US); Atlanta

December 2006 (Revised October 2016)
Case

eClinicalWorks: The Paths to Growth

By: Robert F. Higgins and Mark Rennella

In January 2006, eClinicalWorks (eCW) had an acquisition opportunity that could fundamentally change the way they had done business since the inception of the company in 1999. eClinicalWorks was a privately run business in the healthcare information technology field... View Details

Keywords: Young Companies; Strategic Revelation; Strategy And Execution; Strategy Development; Strategy And Leadership; Financing Strategy; Financing Risk; Financing; Expansion; Business Growth and Maturation; Organizational Culture; Financing and Loans; Customer Focus and Relationships; Acquisition; Growth and Development Strategy; Information Technology Industry; Health Industry; Massachusetts

2024
Working Paper

Long-run Returns to Impact Investing in Emerging Markets and Developing Economies

By: Shawn Cole, Martin Melecky, Florian Mölders and Tristan Reed

We provide the first evidence on the long-run returns to private equity in emerging and frontier markets using the cash flows from every equity investment made by the International Finance Corporation across 130 countries over 58 years. Risk-adjusted returns are... View Details

Keywords: Impact Investing; Investment; Emerging Markets; Developing Countries and Economies; Investment Return

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summer 1992
Article

Shareholder Trading Practices and Corporate Investment Horizons

By: Kenneth A. Froot, André Perold and J. Stein

Keywords: Institutional Investing; Market Efficiency; Behavioral Finance; Equities; Stock Market; Indexing; Financial Markets; Asset Pricing

September 2011 (Revised October 2012)
Case

Ganging Up on Cancer: Integrative Research Centers at the Dana-Farber Cancer Institute (A)

By: Heidi K. Gardner, Edo Bedzra and Shereef M. Elnahal

Dr. Barrett Rollins, Chief Scientific Officer of the Dana Farber Cancer Institute, attempts to engender cross-scientist collaboration by applying project management principles to medical research. The resulting innovation, Integrative Research Centers, are novel in... View Details

Keywords: Problems and Challenges; Organizational Change and Adaptation; Change Management; Motivation and Incentives; Employees; Performance Evaluation; Leadership Style; Leadership; Collaborative Innovation and Invention; Innovation and Management

May 2010
Teaching Note

Ujjivan: A Microfinance Institution at a Crossroads (TN) (A) and (B)

By: V.G. Narayanan and Lisa Brem

Teaching Note for [108057] and [108083]. View Details

Keywords: Microfinance; Decision Making; Financial Services Industry

May 2011
Article

Consequences and Institutional Determinants of Unregulated Corporate Financial Statements: Evidence from Embedded Value Reporting

By: George Serafeim

I analyze Embedded Value (EV) reporting by firms with life insurance operations to assess the impact of unregulated financial reporting on transparency and to examine the institutional characteristics that promote unregulated reporting. Under EV accounting the present... View Details

Keywords: Financial Statements; Mergers and Acquisitions; Financial Reporting; Cash Flow; Contracts; Equity; Profit; Value; Corporate Disclosure; Governing Rules, Regulations, and Reforms; Business and Shareholder Relations; Business Earnings

May 2011 (Revised September 2015)
Background Note

A Note on Private Equity in Developing Countries

By: Josh Lerner, Ann Leamon and Abishai Vase

This note provides an overview of private equity in emerging markets as of late 2009. View Details

Keywords: Development Economics; Developing Countries and Economies; Private Equity; Investment; Emerging Markets

April 2016
Supplement

Preparing a Concession Bid at TAV Airports Holding

By: C. Fritz Foley and Çiğdem Çelik

In 2013, TAV Airports Holding prepared a bid for the concession to build and operate the third Istanbul airport. This process involved input from various parts of the firm with operating and financial expertise. Burcu Geriş, the CFO of TAV Airports Holding, and her... View Details

Keywords: Project Finance; Infrastructure Development; Equity Cash Flows; Capital Budgeting; Valuation; Financial Management; Financing and Loans; Air Transportation Industry; Transportation Industry; Turkey

fall 1994
Article

Costs, Institutional Mobility Barriers, and Market Structure: Advertising Agencies as Multiproduct Firms

By: A. J. Silk and E. R. Berndt

Keywords: Cost; Markets; Advertising; Product; Advertising Industry

September 2014
Article

Colonial Institutions, Trade Stocks, and the Diffusion of Elementary Education in Brazil, 1889–1930

By: Aldo Musacchio, Andre C. Martinez Fritscher and Martina Viarengo

We show how the decentralization of fiscal responsibility among Brazilian states between 1889 and 1930 promoted an unequal expansion of public schooling. We document how the variation in state export tax revenues, product of commodity booms, explains improvements in... View Details

Keywords: Institutions; Economic History; Education; Development Economics; Policy; Brazil

2017
Working Paper

Inventory Management for Mobile Money Agents in the Developing World

By: Karthik Balasubramanian, David F. Drake and Douglas Fearing

Mobile money systems, platforms built and managed by mobile network operators to allow money to be stored as digital currency, have burgeoned in the developing world as a mechanism to transfer money electronically. Mobile money agents exchange cash for electronic value... View Details

Keywords: Currency; Mobile Technology; Market Platforms; Developing Countries and Economies

SSRN

March 2017
Case

PharmAccess and the M-TIBA Platform: Leveraging Digital Technology in the Developing World

By: Kevin Schulman, Sashidaran Moodley and Anant Vasudevan

PharmAccess is an Amsterdam-based NGO working to support the development of the private health care market in Africa. This work is critical as over 50% of care is delivered through the private sector, but well-intentioned efforts to address global health through the... View Details

Keywords: Finance; Entrepreneurship; Health Care and Treatment; Online Technology; Health Industry; Africa; Kenya

March 2016
Case

Preparing a Concession Bid at TAV Airports Holding

By: C. Fritz Foley and Çiğdem Çelik

In 2013, TAV Airports Holding prepared a bid for the concession to build and operate the third Istanbul airport. This process involved input from various parts of the firm with operating and financial expertise. Burcu Geriş, the CFO of TAV Airports Holding, and her... View Details

Keywords: Project Finance; Infrastructure Development; Equity Cash Flows; Capital Budgeting; Valuation; Financial Management; Financing and Loans; Turkey

2000
Chapter

Is a Career in Finance (and which one?) Right for You?

By: James Waldroop and Timothy Butler

Keywords: Decision Choices and Conditions; Personal Development and Career; Finance; Financial Services Industry; Banking Industry

November 2005 (Revised March 2006)
Case

Nestle's Milk District Model: Economic Development for a Value-Added Food Chain and Improved Nutrition

By: Ray A. Goldberg and Kerry Herman

Nestle is the largest milk firm in the world. For over a century, it has developed a milk model procurement program that improved the well-being of the small-scale farmer and the ultimate consumer. Can it partner with other firms and institutions to make even greater... View Details

Keywords: Development Economics; Value Creation; Programs; Partners and Partnerships; Food and Beverage Industry

15 May 2015
Working Paper Summaries

Mobile Money Services-Design and Development for Financial Inclusion

Keywords: by Rajiv Lal & Ishan Sachdev; Banking

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