Publications

Research Summary

Charitable Investing

He is working on the subject of why and how private foundations and public charities could buy securities in a private commercial venture if it furthered their charitable mission. For example, a MS foundation would buy stock in a start-up biotech venture... View Details

July 2003 (Revised December 2004)
Case

Sustainable Conservation--Where Next?

Sustainable Conservation (SusCon) is an environmental nonprofit in San Francisco that works collaboratively with the private and public sectors to achieve positive environmental change. The organization forms partnerships with industry and government agencies to devise... View Details

Keywords: Nonprofit Organizations; Cost vs Benefits; Expansion; Environmental Sustainability; San Francisco

November 2016 (Revised February 2017)
Case

Square, Inc. IPO

By: Ramana Nanda, Robert White and Lauren G. Pickle

In November 2015, Square, Inc. launched its initial public offering (IPO). The IPO had an offering price of $9 per share, lower than the $11 to $13 estimate that had been outlined in the preliminary prospectus and 42% below the $15.50 share price in its most recent... View Details

Keywords: Business Finance; Initial Public Offering; Equity; Capital Markets; Public Equity; Stocks; Venture Capital; Financial Services Industry; United States

March 2007 (Revised September 2019)
Case

Motilal Oswal Financial Services Ltd.: An IPO in India

By: Felda Hardymon, Joshua Lerner and Ann Leamon

The executives of Motilal Oswal Financial Services, Ltd., one of the largest brokerages in India, are considering an IPO on the Indian markets. The company recently received a small private equity investment from two global private equity firms, which it has not yet... View Details

Keywords: Private Equity; Initial Public Offering; Investment; Emerging Markets; Financial Services Industry; India

May 2016 (Revised March 2017)
Teaching Note

The Road to Kolkata: NH-34 and PPP in India

By: Sid Yog and Ben Eppler

It is May 2014 and construction of road NH-34 has been fraught with difficulties, but HCON CEO Arjun Dhawan can see the light at the end of the tunnel. Land acquisition is finally nearing completion throughout the entire stretch, and one parcel is almost ready to begin... View Details

Keywords: Private Ownership; Partners and Partnerships; Construction; Emerging Markets; Infrastructure; Public Ownership; Construction Industry; India

Drawing on my book, The Art of Negotiation, the Negotiation 1-2-3 web project provides business practitioners, MBA students, and other learners, an interactive, online resource for improving their negotiation skills. The site’s numeric name reflects three... View Details

Royce G. Yudkoff

Royce Yudkoff is the MBA Class of 1975 Professor of Management Practice of Entrepreneurial Management at the Harvard Business School and a General Partner and co-founder of ABRY Partners, LLC in Boston, MA. Alongside Professor Richard Ruback, Royce currently... View Details

February 2000 (Revised August 2005)
Case

Deep Sight Technology, Inc.

By: Henry B. Reiling and Catherine M. Conneely

The founders of a deep sea technology company must refine their tentative capital structure and founders agreement in response to tax factors. Some parties are conveying partnership assets, others are conveying rights to an invention, another will be primarily... View Details

Keywords: Contracts; Agreements and Arrangements; Capital Structure; Alliances; Taxation; Entrepreneurship; Technology Industry

30 Jul 2018
News

HBS Alumnus and Great Benefactor C. D. Spangler, Jr., Dies at 86

Forthcoming
Article

Bank Risk-Taking and the Real Economy: Evidence from the Housing Boom and Its Aftermath

By: Antonio Falato, Giovanni Favara and David Scharfstein

We present evidence that pressure to maximize short-term stock prices and earnings leads banks to increase risk. We start by showing that banks increase risk when they transition from private to public ownership through a public listing or an acquisition. The increase... View Details

Keywords: Ownership Type; Risk and Uncertainty; Financial Markets; Banks and Banking; Transition; Price

Public entrepreneurship is entrepreneurship. It’s the pursuit by public officials and their collaborators of opportunity without regard to resources controlled. But still today, we mostly train future public leaders to be public administrators. We school... View Details

November 2002 (Revised May 2003)
Case

Education in Chile: A Venue for Individual, Business and Community Involvement

Describes the alliance between a private businessman in Chile and a municipality to manage the local public education system. Describes the institution of a performance-based culture, including the use of management tools to align visions and incentives among key... View Details

Keywords: Partners and Partnerships; Social Entrepreneurship; Social Issues; Education; Business and Community Relations; Education Industry; Chile

2007
Other Unpublished Work

Influence and Inefficiency in the Internal Capital Market

By: Julie Wulf

I model inefficient resource allocations in M-form organizations due to influence activities by division managers that skew capital budgets in their favor. Corporate headquarters receives two types of signals about investment opportunities: private signals that can be... View Details

Keywords: Capital Budgeting; Investment; Knowledge Acquisition; Managerial Roles; Resource Allocation; Power and Influence

January 2007 (Revised February 2009)
Case

Austin, Blakeley, & Cambridge, LLC

The founding partners of ABC, LLC, one of the leading private equity firms in the world, are trying to understand why some of the other top firms in the business, such as KKR and Apollo, have been tapping the public equity markets for their own funds, and whether they... View Details

Keywords: Private Equity; Public Equity; Investment Funds; Going Public; Financial Services Industry

2018
Working Paper

Conceptions of Ethics in the Cannabis Industry: The Case of Boston, MA

By: Kristin Sippl

Work in progress exploring the consumer demand for and conceptualizations of social, economic, and environmental ethics in the emerging cannabis industry, and the private sector’s and civil society’s response. Draws on interviews and fieldwork from Portland, OR,... View Details

Keywords: Cannabis Industry; Ethics; Demand and Consumers; Boston

Read Now

April 2014 (Revised October 2015)
Case

Texas Teachers and the New Texas Way

By: Matthew Rhodes-Kropf, Luis M. Viceira, John D. Dionne and Nathaniel Burbank

In 2011 Britt Harris, the Chief Investment Officer for the $107.4 billion Teachers Retirement System of Texas (TRS), was considering whether to pursue strategic partnerships with a group of large private equity firms. After spending four years aggressively moving the... View Details

Keywords: Texas; TRS; Texas Teachers; Private Equity; Texas

12 Feb 2025
Video

Beyond traditional ownership: Capitalism's next chapter

September 2006 (Revised June 2007)
Case

3i Group plc: May 2006

By: G. Felda Hardymon and Ann Leamon

Since 2004, Philip Yea, the first outsider ever to lead 3i Group, one of Europe's largest publicly listed private equity firms, has been trying to help the far flung organization become more of a streamlined partnership even as it functions around the globe. As he... View Details

Keywords: Private Equity; Globalized Firms and Management; Alignment; Partners and Partnerships; Public Ownership; Employees; Goals and Objectives; Financial Services Industry