Publications
Publications
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- Faculty Publications (846)
- May 2024 (Revised September 2024)
- Case
Hakluyt: From Corporate Intelligence to Trusted Advisors
By: Joseph B. Fuller and Lena Duchene
Established in 1995 by a group of ex-British intelligence officers, Hakluyt & Company (Hakluyt) was a corporate advisory firm that generated insights by leveraging a unique blend of internal expertise and a global network of well-connected individuals. Since 2019, the... View Details
Keywords: Business Growth and Maturation; Business Model; Talent and Talent Management; Capital Structure; Cash Flow; Corporate Finance; Equity; Stock Shares; Corporate Governance; Business History; Compensation and Benefits; Recruitment; Leadership Style; Growth Management; Management Succession; Organizational Culture; Performance Evaluation; Networks; Partners and Partnerships; Business Strategy; Competitive Advantage; Transformation; Consulting Industry; Europe; United Kingdom; England; London
- 2024
- Working Paper
Does the Case for Private Equity Still Hold?
By: Nori Gerardo Lietz and Philipp Chvanov
Private Equity (“PE”) received a 10-fold increase in capital flows since the Great Financial Crisis (“GFC”) Investors sought higher nominal returns relative to those they could obtain in the public capital markets. This paper questions the fundamental assumptions... View Details
- April 2024
- Article
Fee Variation in Private Equity
By: Juliane Begenau and Emil N. Siriwardane
We study how investment fees vary within private-capital funds. Net-of-fee return clustering suggests that most funds have two tiers of fees, and we decompose differences across tiers into both management and performance-based fees. Managers of venture capital funds... View Details
- March 2024 (Revised April 2024)
- Case
Angel City Football Club: Scoring a New Model
By: Jeffrey F. Rayport, Jennifer Fonstad and Nicole Tempest Keller
In January 2024, Kara Nortman, Julie Uhrman, and Natalie Portman, the founders of Angel City Football Club (ACFC) were developing the club’s first three-year strategic plan. Founded in 2020, ACFC had a star-studded investor group, including Portman and celebrities such... View Details
- March 2024 (Revised July 2024)
- Case
AMC: The Zero Revenue Case
By: C. Fritz Foley and Donal O'Cofaigh
The onset of the Covid-19 pandemic put theatre company AMC’s already perilous financial situation under even further strain. The company’s high levels of debt resulted in a monthly cash-burn which left it facing an imminent Chapter-11 filing in the absence of... View Details
- March 2024
- Case
Funderbeam: Teaming Up or Going Alone?
By: Paul A. Gompers, Elena Corsi and Orna Dan
Funderbeam, a global platform founded in Estonia to enable start-ups to run private syndications and secondaries while offering liquidity for private equity investors, was at a crossroads. Over its ten-year run, the company had expanded its services and areas of... View Details
Keywords: Decision Making; Business Exit or Shutdown; Transition; Leading Change; Business or Company Management; Organizational Change and Adaptation; Law; Mergers and Acquisitions; Financing and Loans; Cross-Cultural and Cross-Border Issues; Ownership Stake; Expansion; Business Startups; Venture Capital; Financial Services Industry; Estonia; Republic of Ireland; United Kingdom; Singapore
- March 2024
- Case
East Rock Capital: 'Talent Is the Best Asset Class'
By: Boris Groysberg, Sarah L. Abbott and Izzy Yeoh
Adam Shapiro and Graham Duncan launched East Rock Capital, LLC in 2006 with a seed investment from Stuart Miller, executive chairman of Lennar Corporation. East Rock managed long-term assets for high-net-worth families, primarily working with external managers who had... View Details
- March 2024
- Supplement
ELCA's Series A Cap Table Exercise (Instructor Version)
By: Raymond Kluender and Anke Becker
In ELCA, the company must decide between two term sheets: one put forth by STV and one put forth by ESV.
This exercise is an analysis of the implications of these two term sheets on the ownership structure and the payouts of common and preferred... View Details
This exercise is an analysis of the implications of these two term sheets on the ownership structure and the payouts of common and preferred... View Details
- March 2024
- Supplement
ELCA's Series A Cap Table Exercise (Student Version)
By: Raymond Kluender, Anke Becker and Johnson Elugbadebo
In ELCA, the company must decide between two term sheets: one put forth by STV and one put forth by ESV.
This exercise is an analysis of the implications of these two term sheets on the ownership structure and the payouts of common and preferred... View Details
This exercise is an analysis of the implications of these two term sheets on the ownership structure and the payouts of common and preferred... View Details
- March 2024
- Article
The Asymmetric Mispricing Information in Analysts’ Target Prices
By: Jeremiah Green, John R. M. Hand and Anywhere Sikochi
We study the mispricing information present in the target prices of U.S. and international analysts. We hypothesize that asymmetry in the value-relevance of the information that managers supply to analysts, combined with asymmetry in the incentives facing analysts to... View Details
Keywords: Analysts; Target Prices; Mispricing; Cost Of Equity; Valuation; Price; Cost; Analysis; Theory
- February 2024
- Teaching Note
TimeCredit
By: Emanuele Colonnelli, Raymond Kluender and Shai Benjamin Bernstein
Teaching Note for HBS Case No. 824-139. TimeCredit is an artificial intelligence (AI) startup that is developing large language models (LLMs) to generate accounting memos. The case follows Ndonga Sagnia, a Gambian Harvard Business School MBA student with an accounting... View Details
- February 2024 (Revised September 2024)
- Case
TimeCredit
By: Emanuele Colonnelli, Raymond Kluender and Shai Benjamin Bernstein
TimeCredit is an artificial intelligence (AI) startup that is developing large language models (LLMs) to generate accounting memos. The case follows Ndonga Sagnia, a Gambian Harvard Business School MBA student with an accounting background, as she decides how much... View Details
- February 2024 (Revised June 2024)
- Case
Can Families Conquer Private Equity? Pritzker Private Capital
By: Lauren Cohen and Sophia Pan
Anthony (Tony) Pritkzer, Paul Carbone, and the Pritzker Private Capital (PPC) team wondered how to approach the firm’s next phase of growth. PPC was a private equity firm that offered a differentiated approach to the family capital market. Back in 2016, the partners... View Details
Keywords: Family Office; External Financing; Succession; Leadership Transition; Family Business; Private Equity; Investment; Business Growth and Maturation; Financial Strategy; Investment Portfolio; Business Model; Private Sector; Financial Liquidity; Risk Management; Organizational Structure; Competitive Advantage; Venture Capital; Management Succession; Financial Services Industry; Chicago; Illinois; United States
- January 2024 (Revised May 2024)
- Case
Generation Investment Management: Sustainable Investing in a Warming World
By: Vikram S. Gandhi, Michael Norris and David Allen
In September 2021, the sustainable investment firm Generation Investment Management (Generation) considered whether to add Schneider Electric to the focus list of companies in which it was prepared to invest. Dedicated to promoting a sustainable world through its... View Details
Keywords: Sustainable Investing; Climate Change; Environmental Sustainability; Governance; Private Equity; Public Equity; Financial Markets; Investment Return; Investment Activism; Investment Funds; Investment Portfolio; Institutional Investing; Corporate Social Responsibility and Impact; Financial Services Industry; United Kingdom; England; London
- 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
- December 2023
- Article
Brokerage Relationships and Analyst Forecasts: Evidence from the Protocol for Broker Recruiting
By: Braiden Coleman, Michael Drake, Joseph Pacelli and Brady Twedt
In this study, we offer novel evidence on how the nature of brokerage-client relationships can influence the quality of equity research. We exploit a unique setting provided by the Protocol for Broker Recruiting to examine whether relaxed broker non-compete agreement... View Details
Keywords: Brokers; Analysts; Forecasts; Bias; Protocol; Investment; Research; Forecasting and Prediction
- 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
- 2023
- Working Paper
The Equity Market Implications of the Retail Investment Boom
By: Philippe van der Beck and Coralie Jaunin
This paper quantifies the impact of Robinhood traders on the US equity market. Within a structural model, we estimate retail and institutional demand curves and derive aggregate pricing implications via market clearing. The inelastic nature of institutional demand... 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
- October 2023
- Case
Shredder Setups or Straightlining into Risk?: Investing in What You Love
By: Lauren Cohen and Grace Headinger
Bob Hall, President of Green Gables Partners, evaluated whether to angel invest into an up-and-coming ski brand. As the son-in-law of the founder of Vera Bradley and having retired from a lengthy career on Wall Street, Hall was well-versed in both direct investing and... View Details
Keywords: Family Office; Angel Investors; Direct Investment; Family Business; Business Growth and Maturation; Small Business; Financial Strategy; Personal Finance; Investment Portfolio; Private Equity; Decision Choices and Conditions; Risk and Uncertainty; Consumer Products Industry; Montana; United States