Publications

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Forthcoming
Article

Human Capital and the Managerial Revolution in the United States: Evidence from General Electric

By: Tom Nicholas

This paper estimates the returns to human capital accumulation during the first era of mega-firms in the United States by linking employees at General Electric—a canonical enterprise associated with the “visible hand” of managerial hierarchies—to the 1940 census. I... View Details

Keywords: Returns To Education; Management Practices; Hierarchies; Management Practices and Processes; Rank and Position; Human Capital; Talent and Talent Management; Business History; United States

09 Apr 2020
Research & Ideas

How Social Entrepreneurs Can Increase Their Investment Impact

Both impact investing and traditional philanthropy are on the rise after the decade-long economic boom following the Great Recession. But when does an impact investment make a bigger difference than a grant? The question is far more complicated than simply evaluating... View Details

Keywords: by Rachel Layne

Article

Ten Year Sunset Rule for Healthcare Regulation Is a Nonstarter and Discouragement to Post-COVID-19 Investment

By: Regina E. Herzlinger and Eugene Schneller

U.S. healthcare delivery has not benefitted from the same productivity growth as many other service industries, such as bricks and mortar retailing, a loss that has gravely diminished cost control and access. Regulatory capture, which creates barriers to venture... View Details

Keywords: Health Care; COVID-19; Regulation; Health Care and Treatment; Health Pandemics; Governing Rules, Regulations, and Reforms; Investment

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June 2021
Case

Building the Governance to Take Capital SAFI to the Next Level

By: V.G. Narayanan, Asis Martinez Jerez and Mariana Cal

Asset management firm Capital SAFI wanted to attract new strategic investors and expand to other countries. Having the right corporate governance in place was critical to achieve this goal. View Details

Keywords: Board Of Directors; Transparency; Sustainable Finance; South America; Latin America; Corporate Governance; Governance Controls; Governing and Advisory Boards; Business Organization; Corporate Strategy; Transformation; Investment Funds; Financial Services Industry; Bolivia; South America; Latin America

October 2020
Case

HOPE and Transformational Lending: Netflix Invests in Black Led Banks

By: John D. Macomber and Janice Broome Brooks

Following the killing of George Floyd on Memorial Day in 2020, the large US corporation Netflix elected to make a "transformational deposit" of $10 million into Hope Credit Union (HCU), a small Black led community development finance institution (CDFI) based in... View Details

Keywords: Banking; Rural Entrepreneurship; Economic Development; Black Entrepreneurs; Economic Growth; Credit; Banks and Banking; Entrepreneurship; Rural Scope; Development Economics; Race; Investment; Decision Making; Banking Industry

Research Summary

Manager Specific Human Capital Investment: A Model of Block Trading and Firm Stability

I develop a model in which workers can undertake specific human capital investments in the firm and in the manager employed by the firm. If the manager leaves the firm, a worker has to decide whether to join her in the new firm or stay in the old firm. In case of... View Details

2015
Working Paper

Lost in the Clouds: The Impact of Changing Property Rights on Investment in Cloud Computing Ventures

By: Josh Lerner and Greg Rafert

Our analysis seeks to understand the impact of changing allocations of property rights on investment in new firms. We focus on the Cartoon Network, et al. v. Cablevision decision in the U.S., which narrowed the protection enjoyed by content creators (e.g., movie... View Details

Keywords: Technological Innovation; Venture Capital; Internet and the Web; Entrepreneurship; Investment; Copyright

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28 May 2015
Working Paper Summaries

Lost in the Clouds: The Impact of Changing Property Rights on Investment in Cloud Computing Ventures

Keywords: by Josh Lerner & Greg Rafert; Technology

August 2000
Article

Discussion of 'Venture Capital Investment' by Gavin Reid

By: Josh Lerner

Keywords: Venture Capital; Investment; Communication

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28 Jun 2012
Working Paper Summaries

Leviathan in Business: Varieties of State Capitalism and their Implications for Economic Performance

Keywords: by Aldo Musacchio & Sergio G. Lazzarini

February 2013
Case

New Earth Mining, Inc.

By: William E. Fruhan and Wei Wang

New Earth Mining is one of the largest producers of precious metals in the U.S. While the firm operates mines primarily in the U.S. and Canada, it has also made substantial investments in gold exploration projects in Australia and Chile. New Earth has been very... View Details

Keywords: South Africa; Capital Budgeting; International Business; Return On Investment; Mining; Risk and Uncertainty; Risk Management; Valuation; Investment; Diversification; Mining Industry; Australia; South Africa; Chile; Canada; United States

2022
Article

Regulatory Treatment of Changes in Fair Value and the Composition of Banks' Investment Portfolios

By: Michael Iselin, Jung Koo Kang and Joshua Madsen

In their implementation of Basel III, U.S. bank regulators are again including changes in the fair value of available-for-sale (AFS) debt securities in Tier 1 capital, but only for the largest U.S. banks. This paper investigates a potential impact of expanding this... View Details

Keywords: Fair Value Accounting; SFAS 115; Basel III; Governing Rules, Regulations, and Reforms; Banks and Banking; Debt Securities; Credit; Risk and Uncertainty; Investment Portfolio; Decision Making; Banking Industry; United States

SSRN

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January 2025
Case

AI Meets VC: The Data-Driven Revolution at Quantum Light Capital

By: Lauren Cohen, Grace Headinger and Sophia Pan

Ilya Kondrashov, CEO of Quantum Light Capital, was driven to harness AI for identifying high-potential scale-ups. Collaborating with Nik Storonsky, founder of Revolut, the duo observed that most venture capital (VC) decisions were heavily influenced by emotion, with... View Details

10 Feb 2010
Working Paper Summaries

Investing in Improvement: Strategy and Resource Allocation in Public School Districts

Keywords: by Stacey Childress; Education

September 1998 (Revised December 1998)
Case

Walnut Venture Associates (A): RBS Group Investment Memorandum

The Walnut Group's investigation of the RBS Group, a young software company is described. The RBS business plan is also included. View Details

Keywords: Venture Capital; Business Plan; Research; Software; Entrepreneurship; Business Startups; Information Technology Industry

March 2005 (Revised June 2005)
Case

Capital Controls in Chile in the 1990s (B)

By: Laura Alfaro, Rafael M. Di Tella and Ingrid Vogel

Supplements the (A) case. View Details

Keywords: Governance Controls; Financial Crisis; Foreign Direct Investment; Currency Exchange Rate; Inflation and Deflation; Demand and Consumers; Interest Rates; Capital; System; Central Banking; Chile

January 2007 (Revised October 2007)
Case

The Omidyar-Tufts Microfinance Fund: Striving to Reshape the Social Enterprise Capital Markets

By: Michael Chu and Jean Hazell

Seeking to impact global poverty and philanthropy, eBay founder Pierre Omidyar donates $100 million to Tufts University for a trust restricted to investment in microfinance. Explores the origins of the initiative, the perspectives and objectives of the various parties... View Details

Keywords: Capital Markets; Microfinance; Investment Funds; Philanthropy and Charitable Giving; Emerging Markets; Social Enterprise; Financial Services Industry

January 2017 (Revised December 2017)
Case

Carmichael Roberts: To Create a Private Equity Firm?

By: Steven Rogers and Kenneth J. Cooper

Carmichael Roberts, a rare African-American venture capitalist, considered leaving his general partnership in a private equity firm near Boston and setting up his own in 2015. He weighed whether the timing was right, with the economy still not fully recovered from the... View Details