Publications

October 2012 (Revised March 2022)
Case

Kleiner-Perkins and Genentech: When Venture Capital Met Science

By: Felda Hardymon and Tom Nicholas

Genentech is a rare success story in the biotechnology industry. Hundreds of billions of dollars of venture capital have been invested without the expected transformational effects. Established in 1976, Genentech was to develop the new science of recombinant DNA into... View Details

Keywords: Innovation ＆ Entrepreneurship; Venture Capital; Innovation and Invention; Entrepreneurship; Information Technology; Science; Biotechnology Industry; United States

22 Apr 2024
Research & Ideas

When Does Impact Investing Make the Biggest Impact?

majority tend to invest in companies that are also able to raise capital from non-impact investors. More than half of funding rounds involving impact investors include co-investment with traditional,... View Details

Keywords: by Rachel Layne

November 2010 (Revised August 2016)
Case

The Changing Face of Angel Investing

By: William A. Sahlman and Evan Richardson

Angel investors Ram Shriram, Mike Maples, Eric Paley, James Geshweiler, and Jim Southern discuss their investment philosophies and the changing landscape of angel investing. Questions include: • How has angel investing changed in the last few years? • How do you... View Details

Keywords: Investment; Venture Capital; Investment Funds

10 Jun 2010
Working Paper Summaries

Corporate Governance and Internal Capital Markets

Keywords: by Zacharias Sautner & Belén Villalonga

22 Feb 2000
Research & Ideas

Social Capital Markets: Creating Value in the Nonprofit World

in Philanthropy, who willspearhead the effort along with Allen Grossman, Bloomberg Senior Lecturerin Philanthropy. But a new understanding is emerging: these dollars, whilecharitable, are still capital View Details

Keywords: by Anne Kavanagh

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

October 1999 (Revised November 1999)
Case

Wit Capital: Evolution of the Online Investment Bank

Wit Capital brings democracy to the IPO process via the World Wide Web. This case encourages debate about the role service will play in this technology-intermediated investment bank and the sources and sustainability of its competitive advantage. View Details

Keywords: Initial Public Offering; Service Delivery; Competitive Advantage; Investment Banking; Web; Banking Industry

2010
Working Paper

Investment Taxation and Portfolio Performance

By: Daniel B. Bergstresser and Jeffrey Pontiff

Taxes have a first-order impact on portfolio returns. Most research mistakenly assumes that portfolios command similar tax burdens, or that tax burdens are proportional to dividend yields. Portfolio strategies differ in the pace of capital gains realization. We use the... View Details

Keywords: Financial Strategy; Investment Return; Investment Portfolio; Taxation; Performance Evaluation

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Clubs

Venture Capital & Private Equity Club

Keywords: Investment Banking / Sales & Trading; Investment Banking / Sales & Trading

03 Apr 2017
What Do You Think?

How About Investing in Human Infrastructure?

and clearly should be implemented. But it won’t while the merits of human capital investment are substantial, the political realities of our grotesquely divided nation today would appear to me to be a hurdle... View Details

Keywords: by James Heskett; Construction

2024
Working Paper

Internal and External Capital Markets of Large Banks

By: Lina Lu, Marco Macchiavelli and Jonathan Wallen

Despite regulatory restrictions, large U.S. bank holding companies have sizable and dynamic internal capital markets. They raise long-term debt at the holding company and deposits at the commercial bank to internally make unsecured loans to affiliated broker-dealers.... View Details

Keywords: Banks and Banking; International Finance; Financial Markets

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18 Nov 2010
Working Paper Summaries

Payout Taxes and the Allocation of Investment

Keywords: by Bo Becker, Marcus Jacob & Martin Jacob

Teaching Interest

Venture Capital and Private Equity (MBA)

By: Josh Lerner

The growth of private equity internationally has been dramatic, to the point that the asset class has been both lauded as the savior and vilified as the cause of our current economic malaise. Over the past two decades, private equity- ranging from venture capital to... View Details

January 2024
Article

Investing with the Government: A Field Experiment in China

By: Emanuele Colonnelli, Bo Li and Ernest Liu

We study the demand for government participation in China’s venture capital and private equity market. We conduct a large-scale, non-deceptive field experiment in collaboration with the leading industry service provider, through which we survey both capital investors... View Details

Keywords: Venture Capital; Private Equity; Business and Government Relations; Entrepreneurship; China

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December 2009
Case

Milliway Capital & Martin Smith: November 2008

By: G. Felda Hardymon, Matthew Rhodes-Kropf and Ann Leamon

Martin Smith, a recent MBA graduate, has just joined a top-tier venture capital firm in the difficult environment of late 2008. One of his first assignments is to review three companies in a partner's portfolio and recommend strategies for managing them. In addition,... View Details

Keywords: Investment Portfolio; Financial Management; Private Equity; Business Strategy; Partners and Partnerships; Venture Capital; Business or Company Management

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Web

Research Design - Impact Investments

The third focus area of the project will undertake a joint statistical project with the U.S. Census Bureau to better quantify the implications of the growing impact investing market. An outsized majority of impact View Details

January 2014
Case

Barclays Bank and Contingent Capital Notes, 2012

By: Lucy White and Trent Kim

In 2012, regulatory changes following the financial crisis mean that Barclays Bank is faced with the need to raise large amounts of capital in order to comply with increased capital requirements, tightening rules as to the "quality of capital," and increased risk... View Details

Keywords: Financial Instruments; Investment Banking; Capital; Banking Industry