Publications
Publications
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- All HBS Web
(1,241)
- Faculty Publications (225)
- January 2024
- Technical Note
Venture Capital and Private Equity Funds: A Primer
By: Jo Tango and Christina Wallace
How do venture capital and private equity funds actually work? This Technical Note covers the "when, who, and how" details:
- "When": fund length, extensions, and when investors can no longer initiate new investments.
- "Who": who is in the General... View Details
- 2024
- Chapter
The Private Economy Under Party-State Capitalism
By: Margaret M. Pearson, Meg Rithmire and Kellee S. Tsai
This chapter addresses the evolution of China’s approach to the private sector from the early reform era until the beginning of Xi Jinping’s third term. It argues that China has evolved from a familiar form of state capitalism, in which economic growth is the primary... View Details
- November 2023 (Revised April 2024)
- Case
BiomX: Bringing Phage Back to the Stage
By: Paul A. Gompers, Elie Ofek, Orna Dan and Emilie Billaud
In the spring of 2023, and following the favorable results of a trial involving its phage cocktail for treating lung infections among cystic fibrosis (CF) patients, the leadership of BiomX had several critical issues to wrestle with. First, given its precarious... View Details
- 2024
- Working Paper
What Do Impact Investors Do Differently?
In recent years, impact investors – private investors who seek to generate simultaneously financial and social returns – have attracted intense interest and controversy. We analyze a novel, comprehensive data set of impact and traditional investors to assess how the... View Details
- 2023
- Book
Precarious Ties: Business and the State in Authoritarian Asia
By: Meg Rithmire
Developing Asia has been the site of some of the last century's fastest growing economies as well as some of the world's most durable authoritarian regimes. Many accounts of rapid growth alongside monopolies on political power have focused on crony relationships... View Details
- April 2023 (Revised January 2024)
- Background Note
Note on Healthcare in Ghana
By: Regina E. Herzlinger and Ben Creo
This note provides an overview of the healthcare system in Ghana. It discusses the public and private sector as well as traditional medical practice. It also discusses the country’s pharmaceutical industry. It is recommended as a companion to Professor Regina... View Details
Keywords: Africa; Pharmaceutical Companies; Pharmacy Benefit Manager; Health Care; Health Care Costs; Health Care Delivery; Health Care Entrepreneurship; Telehealth; Health Equity; Governing Rules, Regulations, and Reforms; Health Care and Treatment; Business and Government Relations; Health Industry; Pharmaceutical Industry; Ghana
- March 2023 (Revised January 2025)
- Case
Wilshire Lane Capital
By: Jeffrey J. Bussgang, Lindsay N. Hyde and Stacy Straaberg
In September 2021, Adam Demuyakor (MBA 2017) was faced with decisions about how to launch his venture capital (VC) investment firm. His previous investment activities were a series of angel investments and special purpose vehicles alongside two part-time general... View Details
- February 2023 (Revised May 2023)
- Case
CalPERS Private Equity 2.0
By: Josh Lerner, John D. Dionne and Alys Ferragamo
Yup Kim, the Head of Investments, Private Equity at the California Public Employees’ Retirement System (CalPERS), reflected on the pension fund’s private equity strategy. In July of 2022, the fund was in the midst of a multi-year turnaround strategy with the goal to... View Details
- 2023
- Working Paper
The Market for CEOs: Evidence from Private Equity
By: Paul A. Gompers, Steven N. Kaplan and Vladimir Mukharlyamov
Most research on the CEO labor market studies public company CEOs while largely ignoring CEOs in private equity (PE) funded companies. We fill this gap by studying the market for CEOs among U.S. companies purchased by PE firms in large leveraged buyout transactions.... View Details
- November 2022
- Case
Ajax Health: A New Model for Medical Technology Innovation
By: Regina E. Herzlinger and Ben Creo
This case teaches key success factors for both startup and established MedTech firms. It examines how to structure a firm to maximize innovation and financial returns with organizational structures that better align the incentives for the different skill sets... View Details
- 2022
- Article
The Effects of Public and Private Equity Markets on Firm Behavior
By: Shai Bernstein
In this article, I review the theoretical and empirical literature on the effects of public and private equity markets on firm behavior, emphasizing the consequences that emerge from disclosure requirements, ownership concentration, and degree of firm standardization.... View Details
- September 2022 (Revised January 2023)
- Case
York Capital CLOs and WorldStrides International
By: Victoria Ivashina and William Vrattos
The case follows the debt restructuring of WorldStrides International, a travel program provider in the education market, after the onset of COVID-19. The pandemic severely impacted the travel industry, creating challenges for many companies like WorldStrides, which... View Details
- July 2022 (Revised October 2024)
- Case
3G Capital
By: Jo Tango and Alys Ferragamo
In June 2022, 3G Capital Co-Managing Partners Alex Behring and Daniel Schwartz were in a partners’ meeting. On the agenda were three potential investments. Code named “Alpha,” “Bravo,” and “Charlie” (real target companies that have been disguised), they were the... View Details
- April 2022 (Revised August 2022)
- Case
Restaurant Brands International: Version 2.0
By: Boris Groysberg and Sarah L. Abbott
In 2010, 3G Capital acquired Burger King, the second largest burger chain globally. 3G expanded Burger King’s operations via acquisitions into a multi-brand business, renamed Restaurant Brands International. The acquisition had been a financial success story for 3G.... View Details
- March 2022 (Revised November 2024)
- Case
Aldrich Capital Partners
By: Jo Tango and Alys Ferragamo
By July 2016, the Aldrich Capital Partners team had spent over two years trying to raise their inaugural growth-equity fund. They had pitched to over 140 investors, but none had committed. Managing Partners Mirza Baig and Raz Zia each had extensive experience in the... View Details
- March 2022
- Case
Metric
By: Christina Wallace, Rebecca Cink and Maria Lappas
Megan Murday, the founder of Metric, an environmental, social, and corporate governance (ESG) analytics startup, must decide which customer segment to target as a beachhead market. She received positive feedback from a Swiss venture capital (VC) firm, indicating their... View Details
- February 2022 (Revised March 2022)
- Case
Hertz in Bankruptcy: A Wild Ride in Pandemic Times
Hertz filed for Chapter 11 bankruptcy in response to asset-backed securities (ABS) obligations and the COVID-19 pandemic. Enthusiastic Robinhood investors and shrewd negotiating tactics helped Hertz stabilize. Roughly nine months into the bankruptcy, Hertz received... View Details
- January 2022
- Article
Investing Outside the Box: Evidence from Alternative Vehicles in Private Equity
By: Josh Lerner, Jason Mao, Antoinette Schoar and Nan R. Zhang
This paper uses previously unexplored custodial data to examine the use of alternative investment vehicles in private equity (PE) over four decades. We document a steep increase in the capital directed to alternative vehicles, with these vehicles approaching a 40%... View Details
- November 2021
- Case
Steve Schwarzman on Dealmaking I: “Becoming a ‘Friend of the Situation’” (A)
By: James K. Sebenius and Alex Green
Blackstone Co-founder, Chairman, and CEO Stephen A. Schwarzman, whom Forbes has called “Wall Street’s Greatest Dealmaker,” played a major role in the negotiations that transformed Blackstone from a fragile startup in 1985 with $400,000 in capital into a dominant... View Details
- November 2021
- Case
Steve Schwarzman on Dealmaking II: When They Hold All the Cards (A)
By: James K. Sebenius and Alex Green
Blackstone Co-founder, Chairman, and CEO Stephen A. Schwarzman, whom Forbes has called “Wall Street’s Greatest Dealmaker,” played a major role in the negotiations that transformed Blackstone from a fragile startup in 1985 with $400,000 in capital into a dominant... View Details