by Josh Lerner - Publications - Faculty & Research - Harvard Business School

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September 1995 (Revised May 1998)
Case

RogersCasey Alternative Investments: Innovative Response to the Distribution Challenge

By: Josh Lerner

RogersCasey Alternative Investments faces the challenge of managing distributions of stock by the private equity investors in which their clients have invested. These distributed shares appear to behave in complex ways, apparently at odds with market efficiency. A... View Details

Keywords: Private Equity; Stocks; Financial Strategy; Investment; Innovation Strategy; Management; Distribution; Performance; Behavior

January 1995 (Revised November 1995)
Case

Candela Laser vs. Cynosure, Inc.

By: Josh Lerner and Benjamin Conway

Summarizes the lawsuit by Candela Laser against its former CEO and founder, who has begun a competing firm. The extent of patent and trade secret protection are crucial issues. View Details

Keywords: Information Technology; Patents; Lawsuits and Litigation; Entrepreneurship

Web

Faculty & Researchers - Managing the Future of Work

Startups versus Incumbent Firms , in The Role of Innovation and Entrepreneurship in Economic Growth . University of Chicago Press, 2022. With Mercedes Delgado and Daniel Kim. Edited by Michael J. Andrews, Aaron Chatterji, View Details

January 1994 (Revised April 2011)
Background Note

Note on Private Equity Partnership Agreements

By: Josh Lerner

Venture capital by necessity is a long-run investment. Consequently, since the mid-1960s virtually all venture financing has been raised through private partnerships with a ten-year or longer life span. To govern these investments, complex contracts have sprung up... View Details

Keywords: Venture Capital; Financing and Loans; Investment; Governance; Contracts; Partners and Partnerships

December 2012
Article

Inducement Prizes and Innovation

By: Liam Brunt, Josh Lerner and Tom Nicholas

We examine the effect of prizes on innovation using data on awards for technological development offered by the Royal Agricultural Society of England at annual competitions between 1839 and 1939. We find that the effects of prizes on competitive entry are large, and we... View Details

Keywords: Motivation and Incentives; Patents; Innovation and Invention; Information Technology; Growth and Development; England

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Web

Faculty - Private Capital Project

Hellman Family Fellowship awards for research excellence. Josh Lerner Jacob H. Schiff Professor of Investment Banking Unit Head, Entrepreneurial Management Josh View Details

March 2013
Article

Bridging the Gap? Government Subsidized Lending and Access to Capital

By: Josh Lerner and Kristle Romero-Cortes

The consequences of providing public funds to financial institutions remain controversial. We examine the Community Development Financial Institution (CDFI) Fund's impact on credit union activity, using hitherto little studied U.S. Treasury data. The CDFI Fund grants... View Details

Keywords: Financing and Loans; Credit; Government and Politics; Financial Institutions; United States

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27 Apr 2021
Research & Ideas

New Research: Surviving Bankruptcy, Useful Economics, and Retirement

Cash Out Josh Lerner and James Mason “In November 2020, the co-founders of DigiPlex study the future growth trajectory of their Nordic data center venture. A critical question was on the agenda: was now... View Details

2024
Working Paper

The Wandering Scholars: Understanding the Heterogeneity of University Commercialization

By: Josh Lerner, Henry Manley, Carolyn Stein and Heidi Williams

University-based scientific research has long been argued to be a central source of commercial innovation and economic growth. Yet at the same time, there have been long-held concerns that many university-based discoveries never realize their potential social... View Details

Keywords: Research; Higher Education; Business Startups; Innovation and Invention

2009
Book

Boulevard of Broken Dreams: Why Public Efforts to Boost Entrepreneurship and Venture Capital Have Failed and What to Do About It

By: Josh Lerner

In response to the financial crisis, governments are being far more aggressive in intervening to promote economic activity, a trend that shows little tendency of alleviating. This book looks at the experiences of governments in encouraging entrepreneurs and venture... View Details

Keywords: Economic Growth; Financial Crisis; Entrepreneurship; Venture Capital; Policy; Business and Government Relations

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June 2015
Article

Standard-Essential Patents

By: Josh Lerner and Jean Tirole

A major policy issue in standard setting is that patents that are ex-ante not that important may, by being included into the standard, become standard-essential patents (SEPs). In an attempt to curb the monopoly power that they create, most standard-setting... View Details

Keywords: Patents; Policy; Standards

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Article

The Disintermediation of Financial Markets: Direct Investing in Private Equity

By: Lily Fang, Victoria Ivashina and Josh Lerner

We examine twenty years of direct private equity investments by seven large institutions. These direct investments perform better than public market indices, especially buyout investments and those made in the 1990s. Outperformance by the direct investments, however,... View Details

Keywords: Financial Intermediation; Direct Investment; Co-investment; Private Equity; Entrepreneurship; Financial Markets

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September 2018 (Revised August 2021)
Teaching Note

Blackstone at Age 30 and Blackstone at 35

By: Josh Lerner

This teaching note is meant to guide in the instruction of HBS No. 316-013 "Blackstone at 30" case. It examines the process of institutionalization and scaling in private equity and alternative investments more generally, looking specifically at how Blackstone's size... View Details

Keywords: Finance; Blackstone; Alternative Assets; Venture Capital; Private Equity; Business Growth and Maturation; Public Ownership; Cost vs Benefits; Financial Services Industry

July 2017
Case

Centerbridge Partners and Great Wolf Resorts: Buying from a Highly Regarded Competitor

By: Josh Lerner, John D. Dionne and Amram Migdal

The case examines the March 2015 Centerbridge Partners investment decision regarding whether to acquire Great Wolf Resorts, a North American family-oriented indoor water parks and hotel operator, from a private equity (PE) competitor, Apollo Global Management. The case... View Details

Keywords: Private Equity Financing; Commercial Mortgage Backed Securities; CMBS; Secondary Buyouts; Business Ventures; Acquisition; Finance; Borrowing and Debt; Cost; Cost of Capital; Equity; Private Equity; Financial Instruments; Debt Securities; Accommodations Industry; Entertainment and Recreation Industry; Financial Services Industry; North and Central America; United States

2021
Working Paper

The Project on Impact Investments' Impact Investment Database

By: M. Diane Burton, Shawn Cole, Abhishek Dev, Christina Jarymowycz, Leslie Jeng, Josh Lerner, Fanele Mashwama, Yue (Cynthia) Xu and T. Robert Zochowski

Impact investing has grown significantly over the past 15 years. From a niche investing segment with only $25 billion AUM in 2013 (WEF 2013), it experienced double-digit growth and developed into a market with an estimated $502 billion AUM (Mudaliapar and Dithrich... View Details

Keywords: Impact Investing; Investment; Analytics and Data Science; Analysis

September 2005 (Revised May 2007)
Case

OuterLink Corporation (A)

By: Josh Lerner and Brenda Chia

Zero Stage Capital is addressing a troubled investment in OuterLink Corp., which has a capital deficit of $30 million and was written off by all but one of its investors as a victim of the technology bubble. The venture organization must decide whether to shutter the... View Details

Keywords: Information Technology; Decisions; Venture Capital; Private Equity; Price Bubble; Investment; Financial Services Industry

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Web

HBS Entrepreneurship Summit - Alumni

, Partner, G2 Venture Partners Paris Wallace (MBA 2007) , CEO, National Cycling League Josh Yguado (MBA 2004) , CEO & Co-Founder, Jam City About HBS Alumni Relations HBS Alumni Relations fosters deep and meaningful connections between... View Details

December 2002 (Revised June 2003)
Case

Vignette: The Rebar Dilemma

By: G. Felda Hardymon, Josh Lerner and Ann Leamon

Martin Smith, a new associate at an LBO firm, must respond to a problem posed by his boss, based on an historical deal that suddenly came undone. After months of negotiation, his firm's plan to buy a bankrupt competitor of one of its portfolio companies and close it... View Details

Keywords: Leveraged Buyouts; Insolvency and Bankruptcy; Competition; Growth and Development Strategy; Business or Company Management

2010
Chapter

The Financing of R&D and Innovation

By: Bronwyn H. Hall and Josh Lerner

Evidence on the “funding gap” for investment innovation is surveyed. The focus is on financial market reasons for underinvestment that exist even when externality-induced underinvestment is absent. We conclude that while small and new innovative firms experience high... View Details

Keywords: Research and Development; Innovation and Invention; Venture Capital; Corporate Finance

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January 1996
Case

Outrage in Cyberspace: CompuServe and the GIF Patent

By: Josh Lerner and Benjamin Conway

CompuServe, an online services vendor, informs its software developers that they must enter into a licensing agreement to use the popular GIF compression. CompuServe claims that it is forced to do so because Unisys is enforcing its patent rights in this area. Others... View Details

Keywords: Patents; Technological Innovation; Internet and the Web; Information Technology; Competitive Strategy; Internet and the Web; Web Services Industry

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