Publications

SSRN

17 Jul 2013
News

For Global Drug Manufacturers, China Becomes a Perilous Market

February 2003 (Revised March 2011)
Background Note

Between a Rock and a Hard Place: Valuation and Distribution in Private Equity

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

Introduces the issues attendant to valuing privately held portfolios and distributing thinly traded stock. Although they have existed since the beginning of the formal venture capital industry, they have received increasing amounts of attention as the money invested in... View Details

Keywords: Venture Capital; Private Equity; Stocks; Investment Portfolio; Valuation; Financial Services Industry

05 Jun 2015
News

How Banking Analysts’ Biases Benefit Everyone Except Investors

04 Feb 2016
Working Paper Summaries

Risk Preferences and Misconduct: Evidence from Politicians

Keywords: by Dylan Minor; Public Administration; Financial Services

January 2008
Background Note

Collateralized Debt Obligations (CDOs)

By: Joshua Coval and Erik Stafford

This lesson integrated Merton's (1974) contingent claims model of debt and equity claims with the CAPM, which allows us to examine the risks and pricing of credit portfolios and the derivative claims issued against them. In particular, this model is used to make... View Details

Keywords: Decision Choices and Conditions; Borrowing and Debt; Credit Derivatives and Swaps; Investment Portfolio; Risk Management

January 2024 (Revised February 2024)
Case

TPG Rise Climate: Deploying 'Climate Capital'

By: Vikram S. Gandhi, David Allen, Sarah Mehta and Shannon Roche

This case is about TPG Rise Climate, a $7.3 billion climate impact fund launched in 2021 by alternative asset manager TPG. Climate investing is a complex, capital-intensive endeavor; entering it has forced TPG to think and act differently. Relative to other funds, Rise... View Details

Keywords: Energy; Environmental Management; Ownership; Science; Value; Asset Management; Investment Funds; Investment Portfolio; Financial Markets; Financial Services Industry; California; San Francisco; New York (city, NY)

February 2011 (Revised August 2021)
Case

Gemini Investors

By: Richard S. Ruback and Royce Yudkoff

Gemini Investors was a private equity firm focused on small and lower middle market businesses. Gemini's target investment size was between $4 million and $6 million and a typical portfolio company had revenue of between $8 million and $30 million. In early 2015,... View Details

Keywords: Private Equity; Investment; Investment Funds; Markets; Size; Financial Services Industry; United States

14 Nov 2021
News

Vikram Gandhi—HBS Professor and Managing Partner at Asha Impact Fund

January 2011 (Revised January 2015)
Case

Matrix Capital Management (A)

By: Malcolm P. Baker and David Lane

Ben Balbale, a partner at hedge fund Matrix Capital, must decide whether to exit their investment in Rovi Corporation, a company with a diverse portfolio of patents used primarily for digital interactive guides. Rovi's shares are up over 50% from the time Balbale... View Details

Keywords: Forecasting and Prediction; Asset Management; Cash Flow; Stock Shares; Financial Markets; Investment Funds; Measurement and Metrics; Mathematical Methods; Strategy; Valuation; Financial Services Industry

June 2011 (Revised September 2011)
Case

Two Key Decisions for China's Sovereign Fund

By: Robert C. Pozen and Xiaoyu Gu

The China Investment Corporation (CIC) was China's sovereign wealth fund (SWF), established with $200 billion of registered capital in September 2007 to diversify China's foreign exchange holdings and increase risk-adjusted returns on those assets. CIC was unusual in... View Details

Keywords: Business Subsidiaries; Business Growth and Maturation; Decisions; Capital; Investment Banking; Investment Funds; Corporate Social Responsibility and Impact; Ownership; Business and Shareholder Relations; Risk and Uncertainty; Wealth; Expansion; Financial Services Industry; China; United States

March 2001 (Revised June 2003)
Case

FDI in China

China is one of the most popular investment destinations in the world. Throughout much of the 1990s, China accounted for 50% of foreign direct investment (FDI) going into developing countries, and between 1994 and 1997, China was the second-largest recipient of FDI in... View Details

Keywords: Competition; Foreign Direct Investment; China

15 Jan 2020
Video

Rahmi M. Koç

Rahmi Koç, former Chair of of Koç Holding, the largest diversified business group in Turkey, relates how difficult it is to bring foreign investments to Turkey, in part due to its location in a volatile region... View Details

November 2000
Case

Reuters Greenhouse Fund

By: Rosabeth M. Kanter and Daniel Galvin

Reuters Greenhouse Fund had successfully invested in a portfolio of 79 companies working in areas relevant to Reuters Group's strategic interests. It had itself facilitated a powerful network among the companies and become a respected global venture capital firm.... View Details

Keywords: Venture Capital; Investment; Investment Portfolio; Corporate Entrepreneurship; Financial Strategy; Organizational Change and Adaptation; Transition; Partners and Partnerships; Networks; Internet; Financial Services Industry; Media and Broadcasting Industry

August 2022
Case

In-Q-Tel: Innovation On A Mission

By: Joshua Lev Krieger and Josh Lerner

In 2022, the leaders of In-Q-Tel (IQT) considered what was next for the unique mission-driven organization. Since 1999, IQT had one mission: to be the most sophisticated source of strategic technical knowledge and capabilities to the U.S. government and its allies. IQT... View Details

Keywords: Mission and Purpose; National Security; Technological Innovation; Research; Geopolitical Units; Risk Management; Recruitment; Growth and Development Strategy; Venture Capital; Knowledge Management; Information Industry; Banking Industry

2009
Book

Merchants to Multinationals

By: G. Jones

Merchants to Multinationals examines the evolution of multinational trading companies from the eighteenth century to the present day. During the Industrial Revolution, British merchants established overseas branches which became major trade intermediaries and... View Details

Keywords: Trade; Foreign Direct Investment; Multinational Firms and Management; Business History; Alliances; Groups and Teams; Distribution Industry; Africa; Asia; Great Britain; Latin America

September 1987
Background Note

What Do Venture Capitalists Do?

By: William A. Sahlman

Presents the results derived from 49 responses to a questionnaire mailed to 100 venture capitalists in late 1984. The purpose of the survey was to shed light on the relationship between venture capitalists and their portfolio companies. The survey revealed that the... View Details

Keywords: Borrowing and Debt; Venture Capital; Investment Portfolio; Recruitment; Surveys; Managerial Roles; Service Operations; Relationships; Service Industry

Find at Harvard

November 1992 (Revised December 1994)
Case

BEA Associates: Enhanced Equity Index Funds

By: Andre F. Perold

BEA's enhanced index fund product uses derivatives and cash market securities to find the most efficient way to "track an index." The considerations involve transaction costs, custodial fees, withholding taxes on dividends, and fees from securities lending. In this... View Details

Keywords: Credit Derivatives and Swaps; Investment Portfolio; Management; Investment Banking; Competitive Advantage; Cost Management

January 2011
Supplement

Matrix Capital Management (B)

By: Malcolm P. Baker and David Lane

Ben Balbale, a partner at hedge fund Matrix Capital, must decide whether to exit their investment in Rovi Corporation, a company with a diverse portfolio of patents used primarily for digital interactive guides. Rovi's shares are up over 50% from the time Balbale... View Details

Keywords: Public Ownership; Cash Flow; Management Analysis, Tools, and Techniques; Investment Funds; Financial Strategy; Valuation; Partners and Partnerships; Markets; Performance Efficiency; Patents; Stock Shares; Decisions; Financial Services Industry