Publications

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2000
Working Paper

Does Competition Kill Relationships? Inside Investment Banking

By: Bharat Anand and A. Galetovic

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August 2017 (Revised September 2023)
Case

Altoona State Investment Board & Bain Capital Fund XI

By: Josh Lerner and Ted Berk

Considers the decision faced by state pension fund manager Rod Calhoun as he decides whether to invest $200 million in Bain Capital's eleventh global buyout fund: Bain Capital Fund XI. For the fund, Bain was offering its limited partners a choice among three different... View Details

Keywords: Equity Method; Leveraged Buyout; Management Buyout; Capital; Design; Entrepreneurship; Finance; Leveraged Buyouts; Management; Private Equity; Venture Capital; Banking Industry; Massachusetts

Research Summary

Working Hard and Investing for an Early Retirement

I examine consumption, leisure, and portfolio choices made over the life-cycle using a model allowing for semi-flexible leisure and an endogenously chosen retirement date. Under a Cobb-Douglas utility specification, I present closed-form expressions for optimal... View Details

July 2013
Case

B. Zaitz & Sons Co. Farmland Investing

By: Andre F. Perold

In April 2013, Ben Zaitz was looking down at an expanse of agricultural land as his plane flew over the Midwest. He would soon arrive in northern Minnesota to meet with farmers regarding land he had recently purchased there. The vast tracts of row-crop acreage below... View Details

Keywords: Plant-Based Agribusiness; Investment; Market Participation; Business Strategy; Financial Services Industry; Agriculture and Agribusiness Industry; Minnesota; Latin America; Africa; United States; Europe

Article

Business Investment in Education in Emerging Markets Since the 1960s

By: Valeria Giacomin, Geoffrey Jones and Erica Salvaj

This article examines non-profit investments by business in education in emerging markets between the 1960s and the present day. Using a sample of 110 interviews with business leaders from an oral history database, the study shows that more than three-quarters of such... View Details

Keywords: Economic History; Oral History; Education; Philanthropy and Charitable Giving; Business History; Emerging Markets; Reputation; Corporate Social Responsibility and Impact; Education Industry; Africa; Asia; Latin America; Middle East; India; Chile; Colombia; Sri Lanka; Kenya

01 Jun 2009
Lessons from the Classroom

The Challenges of Investing in Science-Based Innovation

profoundly." Scientific innovation is moving into companies such as BofA that you wouldn't expect, she adds. "We think of automakers focusing primarily on design, but the growing emphasis on alternative fuels is causing some of them to View Details

Keywords: by Julia Hanna; Banking; Auto; Pharmaceutical

25 Feb 2002
Research & Ideas

MNCs in Asia: Investing in the Future

at Harvard Business School. Nicholas Howson, a partner at Paul, Weiss, Rifkind, Wharton & Garrison, focused his comments on developments in China. Corporate investment in China used to be long-term and brand-focused, he said, with an... View Details

Keywords: by Julia Hanna

04 Feb 2020
Cold Call Podcast

Why Backstage Capital Invests in ‘Underestimated’ Entrepreneurs

Keywords: Financial Services

January 2024
Teaching Note

Icahn Enterprises: Ponzi Scheme or Sound Investment

By: Aiyesha Dey and Jonas Heese

Teaching Note for HBS Case No. 124-013. View Details

December 2023 (Revised March 2024)
Supplement

Invest or Build - or Steal? (B)

By: Joseph Badaracco

November 2022 (Revised March 2024)
Background Note

The Role of ESG in Investment Strategy

By: Vikram S Gandhi, Christopher Diak and Radhika Kak

July 2020
Case

Sustainable Investing in Private Markets at TIFF

By: Luis M. Viceira and Victoria Sienczewski

September 2004
Teaching Note

Chengwei Ventures and the hdt* Investment (TN)

By: Josh Lerner, G. Felda Hardymon and Ann Leamon

Teaching Note to (9-802-089). View Details

Keywords: Financial Services Industry; China

Winter 2013
Article

Corporate Governance Reform and Executive Incentives: Implications for Investments and Risk-Taking

By: Daniel Cohen, Aiyesha Dey and Thomas Lys

We investigate the mechanism through which the Sarbanes Oxley Act (SOX) was associated with changes in corporate investment strategies. We document that the passage of the governance regulations in SOX was followed by a significant decline in pay‐performance... View Details

September 2011
Article

What Drives Sell-Side Analyst Compensation at High-Status Investment Banks?

By: Boris Groysberg, Paul M. Healy and David A. Maber

We use proprietary data from a major investment bank to investigate factors associated with analysts' annual compensation. We find compensation to be positively related to "All-Star" recognition, investment-banking contributions, the size of analysts' portfolios, and... View Details

Keywords: Investment Banking; Research; Compensation and Benefits; Investment Portfolio; Forecasting and Prediction; Resource Allocation; Status and Position; Business Earnings; Quality; Revenue; Stocks; Voting

21 Apr 2011
Research & Ideas

Searching for Better Practices in Social Investing

philanthropy and a search for 'give us better practices,' " said Nancy Roob, president and CEO of the Edna McConnell Clark Foundation (EMCF). Joining her on the panel were Matt Bannick (HBS MBA 1993), managing partner of Omidyar Network, a philanthropic View Details

Keywords: by Carmen Nobel; Financial Services

09 Sep 2013
Working Paper Summaries

The Disintermediation of Financial Markets: Direct Investing in Private Equity

Keywords: by Lily Fang, Victoria Ivashina & Josh Lerner

June 12, 2023
Article

The Limits of Capacity Building for Investment Contract Negotiations

By: Karl P. Sauvant, Vanessa Sze Wai Tsang and Louis T. Wells

Developing countries must negotiate the best possible investment contracts with foreign investors at the outset. Donor organizations regularly push for “capacity building” to create technical expertise for negotiations within host country governments. But building and... View Details

Keywords: International Finance; Contracts; Negotiation