Publications
Publications
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- All HBS Web
(799)
- Faculty Publications (155)
- 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
- 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
- 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
- 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
- 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
- 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
- September 2021
- Teaching Note
CPE and SUS Environmental: You've Got to Know When to Hold 'Em (A) and (B)
By: Josh Lerner
- August 2021
- Teaching Note
DigiPlex: Ante-Up or Cash Out
By: Josh Lerner
Teaching Note for HBS Case No. 821-080. View Details
- August 2021
- Teaching Note
Yale University Investments Office: November 2020
By: Josh Lerner
Teaching Note for HBS Case No. 821-074. View Details
- July 2021
- Case
Bessemer Venture Partners: Century Fund
By: Jo Tango and Alys Ferragamo
In July of 2021, Bessemer Venture Partners (BVP) contemplated the future of its growth investing practice, known as “Century.” While still relatively new as a focused initiative, BVP’s growth investing already had significant momentum. The fund’s investment pace had... View Details
- July 2021
- Case
A Close Shave at Squire
In 2020, just after closing a $34 million Series B financing round, Dave Salvant and Songe LaRon consider how to adjust their business, Squire Technologies, to the new realities posed by the COVID-19 pandemic. Their barbershop technology, including tools to run a shop... View Details
- May 2021
- Case
Inclusive Innovation at Mass General Brigham
By: Katherine Baldiga Coffman and Olivia Hull
Massachusetts General Brigham (MGB) Chief Innovation Officer Christopher Coburn had overseen a period of exciting transformation and growth in healthcare innovation at MGB. In November 2019, the health system was the largest recipient of National Institutes of Health... View Details
Keywords: Inclusion; Innovation; Invention; Gender; Business Startups; Investment Funds; Private Equity; Health Care and Treatment; Innovation Strategy; Technological Innovation; Intellectual Property; Copyright; Patents; Research; Research and Development; Diversification; Technology; Health Industry; Massachusetts; Boston
- May 2021
- Article
Mutual Funds as Venture Capitalists? Evidence from Unicorns
By: Josh Lerner, Sergey Chernenko and Yao Zeng
The past decade saw the rise of both “founder-friendly” venture financings and non-traditional investors, frequently with liquidity constraints. Using detailed contract data, we study open-end mutual funds investing in private venture-backed firms. We posit an... View Details
- 2021
- Working Paper
The Dance Between Government and Private Investors: Public Entrepreneurial Finance around the Globe
By: Jessica Bai, Shai Bernstein, Abhishek Dev and Josh Lerner
This paper examines the interaction between governments and private capital investors when financing early-stage ventures. We first provide a simple conceptual framework to explore when collaboration between governments and private investors is likely to emerge. Using... View Details
- March 2021
- Case
Yale Investments Office: November 2020
By: Josh Lerner, Jo Tango and Alys Ferragamo
David Swensen and the Investments Office staff must decide whether to continue to allocate the bulk of the university's endowment to illiquid investments—hedge funds, private equity, venture capital, real estate, natural resources—given the impact of the COVID-19... View Details
Keywords: University Endowment; Asset Allocation; Real Estate; Equities; Fixed Income; COVID-19; Asset Management; Private Equity; Venture Capital; Natural Resources; Resource Allocation; Investment; Investment Portfolio; Health Pandemics; Financial Crisis; Financial Services Industry; Real Estate Industry; Energy Industry; Connecticut
- October 2020 (Revised December 2020)
- Case
AfricInvest: A Pan-African Investment Platform
By: Victoria Ivashina and Youssef Abdel Aal
The case is set in December 2018, when Ziad Oueslati, co-managing director and co-founder of AfricInvest, a leading pan-African private equity firm headquartered in Tunisia, was reflecting on the future direction of his firm. AfricInvest started as a traditional small... View Details
- September 2020
- Teaching Plan
Harlem Capital: Changing the Face of Entrepreneurship
By: George Serafeim
Jarrid Tingle and Henri Pierre-Jacques had spent the summer between their first and second years of their MBA program fund raising for their start-up venture capital (VC) firm, Harlem Capital Partners. Harlem Capital was founded upon the principle that addressing the... View Details
Keywords: Venture Capital Firm Compensation; Entrepreneurial Finance; Entrepreneurial Financing; Black Entrepreneurs; Black Leadership; Black Inventors; Inclusion; Minority-owned Businesses; Race And Ethnicity; Race Characteristics; Entrepreneurship; Venture Capital; Diversity; Race; Gender; Mission and Purpose; Social Enterprise; Financial Services Industry; United States
- 2020
- Working Paper
How Do Private Equity Fees Vary Across Public Pensions?
By: Juliane Begenau and Emil 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