Publications

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2013
Working Paper

Financial vs. Strategic Buyers

By: Marc Martos-Vila, Matthew Rhodes-Kropf and Jarrad Harford

This paper introduces the impact of debt misvaluation on merger and acquisition activity. Debt misvaluation helps explain the shifting dominance of financial acquirers (private equity firms) relative to strategic acquirers (operating companies). The effects of... View Details

Keywords: Misvaluation; Mergers and Acquisitions; Private Equity

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2012
Chapter

The Role of Venture Capitalists in the Acquisition of Private Companies

By: Paul A. Gompers and Yuhai Xuan

Keywords: Venture Capital; Acquisition; Private Ownership

2004
Other Unpublished Work

The Role of Venture Capital in the Acquisition of Private Companies

By: P. Gompers and Yuhai Xuan

Keywords: Venture Capital; Acquisition; Private Ownership

19 Jun 2014
Blog Post

Exploring the World of Retail as an Intern at Walmart

Additionally, I recently learned that my assignment is in Merchandise Finance & Strategy, specifically for the Softlines part of the business (i.e., apparel and footwear). I’m thrilled that they listened... View Details

29 Oct 2015
Blog Post

Why We Recruit: Bloom Energy

generation systems are helping businesses become more resilient and reduce uncertainty from grid dependence. Our technology, first developed for NASA's Mars Program, is among the most efficient power generation technology on the planet,... View Details

Keywords: Manufacturing

October 2011 (Revised December 2011)
Case

Vignette: Alternative Liquidity Options

By: Felda Hardymon, Josh Lerner and Ann Leamon

The growth of companies that facilitate the sales of unregistered stock, such as that granted to employees of successful but long-private companies, has raised a number of questions among regulators, investors, and company founders. This brief vignette sketches out... View Details

Keywords: Financial Liquidity; Private Equity; Stocks; Business Growth and Maturation; Sales

December 1998 (Revised March 2000)
Case

Knot, The

By: William A. Sahlman, Michael J. Roberts and Matthew C. Lieb

An online wedding resource company is seeking an equity investment to grow the business. View Details

Keywords: Entrepreneurship; Business Model; Venture Capital; Value Creation; Internet and the Web; Finance; Expansion; Strategic Planning; Service Industry; Consulting Industry

November 2006
Case

Brontes Technologies -- 2005

By: William A. Sahlman and Caroline Perkins

Describes a set of decisions confronting the founders of a company developing a new device for taking three-dimensional pictures of teeth in order to improve dental outcomes. The company needs more money and must choose between raising new equity capital from a venture... View Details

Keywords: Borrowing and Debt; Business Startups; Medical Devices and Supplies Industry

2009
Article

Equity Capital Markets - The Last Two Decades

By: Dante Roscini

Keywords: Capital; Markets; Business History

August 2002 (Revised September 2002)
Background Note

Financial Analysis of Microsoft

By: William A. Sahlman

Contains a detailed analysis of Microsoft's financial performance from 1985 to 2001. During this time, Microsoft improved its profitability and cash flow generation--changes that led to a dramatic rise in valuation. Also addresses the issue of determining how much... View Details

Keywords: Business Ventures; Analysis; Financial Condition

Article

Dividend Policy inside the Multinational Firm

By: Mihir A. Desai, C. Fritz Foley and James R. Hines Jr.

Keywords: Profit; Policy; Business Ventures

SSRN

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March 1968 (Revised July 2010)
Case

Basic Industries

By: Joseph L. Bower and John W. Rosenblum

Policy problems, mainly organizational issues, face a young middle manager in the context of capital budgeting in a highly technological conglomerate firm with high market uncertainty. View Details

Keywords: Business Conglomerates; Capital Budgeting; Policy; Managerial Roles; Risk and Uncertainty

June 1997 (Revised September 1997)
Case

Genset Initial Public Offering (B)

By: Paul A. Gompers and Jeffrey M. Anapolsky

Supplements the (A) case. View Details

Keywords: Business Model; Initial Public Offering; Genetics; Going Public; Management Teams; Biotechnology Industry; France; United States

September 2023
Case

Healthy.io: The Negotiation for the Medical Selfie

By: Amit Goldenberg and Kumba Sennaar

Healthy.io, an Israeli digital health company, prepares to enter the U.S. market with its chronic kidney disease test. A product safety approval is delayed, putting the company’s cash runway at risk. How should the CEO negotiate his offer to insurance companies ahead... View Details

Keywords: Negotiation; Entrepreneurship; Venture Capital; Operations; Business Startups; Market Entry and Exit; Health Industry; Israel; United Kingdom; United States

August 2002 (Revised July 2003)
Case

LAE Enterprises Corp.

Jay Entrepreneur had to decide whether it was worth his time to plow through a 12-page term sheet for a Series A round of preferred stock prepared by HBS Investors, a well-established venture capital firm that did seed, early-round, and mezzanine financings. He could... View Details

Keywords: Venture Capital; Contracts; Decision Choices and Conditions; Business Startups; Medical Devices and Supplies Industry

January 2000 (Revised May 2000)
Case

Patagon.com: Building (and Defending) the First Financial Destination in Latin America

By: William A. Sahlman, Ramiro Montealegre and Luis Pereiro

Describes Patagon.com, a company trying to build a financial portal in Latin America. The company's founders, Wenceslao Casares and Constancio Larguia, must deal with complex financial and strategic challenges as they guide the company in a difficult context. View Details

Keywords: Strategy; Internet and the Web; Entrepreneurship; Problems and Challenges; Business Startups; Finance; Financial Services Industry; Latin America

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2020
Working Paper

Immigration Policy Levers for U.S. Innovation and Startups

By: William R. Kerr and Sari Pekkala Kerr

Immigrants account for about a quarter of U.S. invention and entrepreneurship despite a policy environment that is not well suited for these purposes. This chapter reviews the U.S. immigration policy environment that governs how skilled migrants move to America for... View Details

Keywords: Invention; Innovation; Startups; High-tech; Immigration; Entrepreneurship; Innovation and Invention; Business Startups; Venture Capital; United States