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  • 11 Oct 2006
  • Research & Ideas

The Success of Reverse Leveraged Buyouts

billion--but analysts have been disappointed by a share price in the mid-teens. Are RLBOs really the risky, under-performing investment that is claimed? In fact, says Harvard Business School Professor Josh Lerner, RLBOs generally... View Details
Keywords: by Sean Silverthorne; Banking; Financial Services
  • January 2010 (Revised March 2010)
  • Compilation

Firm Strategy Vignettes

By: Josh Lerner, G. Felda Hardymon and Ann Leamon
These three vignettes present various issues around the strategy and management of a private equity firm. In one, a senior partner must decide how to manage an over-extended colleague and how to reduce the risk of the firm's portfolio; in the second, a limited partner... View Details
Keywords: Outcome or Result; Business Strategy; Problems and Challenges; Private Equity; Venture Capital; Investment Portfolio; Partners and Partnerships
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  • 2013
  • Working Paper

What Makes the Bonding Stick? A Natural Experiment Involving the U.S. Supreme Court and Cross-Listed Firms

By: Amir N. Licht, Christopher Poliquin, Jordan I. Siegel and Xi Li
On March 29, 2010, the U.S. Supreme Court signaled its intention to geographically limit the reach of the U.S. securities antifraud regime and thus differentially exclude U.S.-listed foreign firms from the ambit of formal U.S. antifraud enforcement. We use this legal... View Details
Keywords: Crime and Corruption; International Finance; Investment; Corporate Governance; Governing Rules, Regulations, and Reforms; Courts and Trials; Legal Liability; United States
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  • June 2018
  • Background Note

Introduction to Life Settlements

By: Alexander Braun, Lauren H. Cohen, Christopher J. Malloy and Jiahua Xu
Life insurance is an asset owned by the majority of American adults (61%). Note that this 61% penetration rate is essentially at parity with home ownership (64%) and higher than that of 401(k) retirement account ownership (53%). Life settlements, or life insurance... View Details
Keywords: Insurance; Assets; Value; Markets; Investment Return
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  • 2023
  • Article

A Review of Commercialisation Mechanisms for Carbon Dioxide Removal

By: Conor Hickey, Sam Fankhauser, Stephen Smith and Myles Allen
The deployment of carbon dioxide removal (CDR) needs to be scaled up to achieve net zero emission pledges. In this paper we survey the policy mechanisms currently in place globally to incentivise CDR, together with an estimate of what different mechanisms are paying... View Details
Keywords: Carbon Dioxide Removal; Climate Change; Markets; Cost; Policy; Environmental Regulation
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  • October 2014 (Revised March 2015)
  • Case

Integrated Reporting at Aegon

By: Robert G. Eccles, George Serafeim, Sydney Ribot and Michael Krzus
In 2011, Aegon adopted integrated reporting—a corporate reporting approach that sought to present company performance in a holistic light by considering medium- to long-term issues, stakeholder opinions, and the relationship between material financial and nonfinancial... View Details
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  • 20 Oct 2011
  • Research & Ideas

Getting the Marketing Mix Right

assistant professor of marketing at Purdue University, and Sachin Gupta, the Henrietta Johnson Louis Professor of Management and professor of marketing at Cornell University. Steenburgh believes that the model could help brand managers determine which marketing... View Details
Keywords: by Dina Gerdeman
  • 15 Jun 2012
  • Working Paper Summaries

Reaching for Yield in the Bond Market

Keywords: by Bo Becker & Victoria Ivashina

    Robert C. Merton

    Robert C. Merton is the School of Management Distinguished Professor of Finance at the MIT Sloan School of Management.

    Merton is University Professor Emeritus at Harvard University and was the George Fisher Baker Professor of... View Details

    Keywords: investment banking industry; investment banking industry; investment banking industry; investment banking industry; investment banking industry; investment banking industry
    • 06 Nov 2006
    • Research & Ideas

    How South Africa Challenges Our Thinking on FDI

    markets. Portfolio inflows that capture those financial market investments are much higher in South Africa than they are for other regions of the world. Q: Your case describes the complexities of good FDI... View Details
    Keywords: by Martha Lagace
    • 2022
    • Working Paper

    On the Estimation of Demand-Based Asset Pricing Models

    By: Philippe van der Beck
    A growing literature uses portfolio holdings data to quantify the impact of investor demand on equilibrium prices via counterfactual experiments. The key parameter in relating demand and equilibrium prices is investors’ elasticity of demand with respect to the price.... View Details
    Keywords: Price; Investment Portfolio; Institutional Investing; Financial Instruments
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    • November 2007 (Revised October 2009)
    • Case

    Ligand Pharmaceuticals Incorporated

    In an activist role, the hedge fund Third Point LLC has three board seats and an ownership stake of 9.5% in Ligand Pharmaceuticals, Inc., a specialty pharmaceutical company. Third Point believed that Ligand had a strong drug portfolio and pipeline but that it was... View Details
    Keywords: Mergers and Acquisitions; Private Equity; Investment Activism; Investment Funds; Governing and Advisory Boards; Bids and Bidding; Ownership Stake; Pharmaceutical Industry; United States
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    • January 2008
    • Background Note

    Convertible Arbitrage

    By: Joshua Coval and Erik Stafford
    The goal of this simulation is to understand how convertible bonds can be viewed as a portfolio of simpler securities and to introduce an over-the-counter market. The convertible bonds that are available during the simulation are at-the-money and in-the-money so that... View Details
    Keywords: Bonds; Investment Portfolio; Price; Risk Management; Mathematical Methods
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    • November 2006 (Revised May 2014)
    • Case

    Li Ka-Shing and the Growth of Cheung Kong

    By: Nitin Nohria, Anthony J. Mayo and Mark Benson
    Events in the history of Cheung Kong's growth reveal how Li Ka-Shing applied his skills as a "first-class noticer" to complex political and socioeconomic environments. While Li's determination to succeed is legendary, so are his skills in reading and responding to the... View Details
    Keywords: Mergers and Acquisitions; Competency and Skills; Decision Choices and Conditions; Investment Portfolio; Business History; Leadership; Personal Development and Career; Hong Kong
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    • December 2010
    • Background Note

    Risk and Reward in Venture Capital

    By: William A. Sahlman
    This note describes the payoff structure of investment in individual venture capital–backed companies and in venture capital portfolios. Venture Capital investments are characterized by high failure rate (0ver 50%) and a small number of given successes (greater than... View Details
    Keywords: Capital Markets; Venture Capital; Investment Return; Investment Portfolio; Analytics and Data Science; Failure; Performance; Information Technology
    Related
    • 15 Aug 2024
    • Blog Post

    Learning from Mistakes and Leveraging Personal Experiences: Tiffany Kent (MBA 2001)

    Learn about the career resources available to HBS alumni through HBS Career & Professional Development I graduated from Harvard Business School at the tail end of the dot-com bubble and was fortunate to join Goldman Sach’s high-tech View Details
    • 20 Aug 2020
    • Blog Post

    “Business as Usual, In a Different Way” – Creating an Impactful Remote Internship at Actis

    growing portfolio of investments across Asia, Africa, and Latin America with employees around the world. So while the team at Actis was no stranger to having staff working in various locations, the 10 week... View Details
    Keywords: Venture Capital / Private Equity; Other Financial Services
    • February 2004 (Revised September 2006)
    • Case

    Apax Partners and Xerium S.A.

    By: Josh Lerner, G. Felda Hardymon and Ann Leamon
    In 2002, Apax Partners had to decide whether to accept a less-than-perfect offer for one of its portfolio companies or to refinance it. This company, a maker of paper industry consumables with a global presence, had been purchased in 1999 and performed extremely well... View Details
    Keywords: Leveraged Buyouts; Globalized Markets and Industries; Business Exit or Shutdown; Borrowing and Debt; Investment; Cash Flow; Pulp and Paper Industry
    Related
    • Web

    Publications - Faculty & Research

    Bank: Gone in 36 Hours By: Jung Koo Kang , Krishna G. Palepu and Charles C.Y. Wang Keywords: Accounting Standards ; Bank Runs ; Financial Accounting ; Financial Reporting ; Social Media ; Banks and Banking ; Financing and Loans ; View Details

      Valuing Snap After the IPO Quiet Period

      Snap, the disappearing message app, went public at $17 per share on March 2, 2017, making its two 20-something founders the youngest self-made billionaires in the country. Over the next three weeks, 14 analysts make investment recommendations on Snap: two with buy... View Details