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-
All HBS Web
(2,839)
- People (9)
- News (557)
- Research (1,718)
- Events (4)
- Multimedia (10)
- Faculty Publications (828)
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- September 2006 (Revised April 2008)
- Case
The Howland Long-Term Opportunity Fund
By: Andre F. Perold and David S. Scharfstein
Melissa Howland, founder of an investment firm, must choose between two competing investments, which differ in size, maturity, and rate of return.
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Keywords:
Decision Choices and Conditions;
Financial Instruments;
Investment Return;
Investment Funds;
Value
Perold, Andre F., and David S. Scharfstein. "The Howland Long-Term Opportunity Fund." Harvard Business School Case 207-066, September 2006. (Revised April 2008.)
- 2009
- Working Paper
Can a Continuously-Liquidating Tontine (or Mutual Inheritance Fund) Succeed where Immediate Annuities Have Floundered?
By: Julio J. Rotemberg
A new instrument (the Mutual Inheritance Fund or MIF) is proposed whose purpose is to help people carry their savings forward from the moment they retire into their old age. Like annuities, this instrument requires an up-front payment before people receive any benefits...
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Rotemberg, Julio J. "Can a Continuously-Liquidating Tontine (or Mutual Inheritance Fund) Succeed where Immediate Annuities Have Floundered?" Harvard Business School Working Paper, No. 09-121, April 2009.
- November – December 2007
- Article
Fundamentally Flawed Indexing
By: Andre F. Perold
A new theory of finance is being advanced as providing definitive proof that holding stocks in proportion to their market capitalizations is an inferior investment strategy. The claim is that capitalization weighting necessarily invests more in overvalued stocks and...
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Perold, Andre F. "Fundamentally Flawed Indexing." Financial Analysts Journal 63, no. 6 (November–December 2007). (Winner of Graham and Dodd Best Perspectives Award For excellence in financial writing.)
- December 2005 (Revised November 2006)
- Case
Corning, 2002
By: Malcolm P. Baker and James Quinn
Corning, with large investments in fiber optic technology, was hit particularly hard by the collapse of the telecommunications industry in 2001. With over $4 billion in debt, the firm's survival appears to rest on raising additional equity capital. The protagonist is...
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Keywords:
Financial Strategy;
Financial Condition;
Financial Instruments;
Valuation;
Capital;
Public Equity;
Stock Shares;
Business or Company Management;
Strategy;
Manufacturing Industry;
Industrial Products Industry
Baker, Malcolm P., and James Quinn. "Corning, 2002." Harvard Business School Case 206-018, December 2005. (Revised November 2006.)
- March 2014 (Revised October 2014)
- Teaching Note
ISS A/S: The Buyout
By: Lucy White and Carsten Bienz
Provides the opportunity to value a leveraged buyout; and to examine the nature and extent of a company's responsibilities to its bondholders. Here, the context is a "going private" transaction in Europe, where the financing plan called for the addition to the...
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Keywords:
LBO;
Private Equity;
Contracts;
Global Business;
International Business;
Finance;
Ethics;
Law;
Service Industry;
Europe
- February 2014 (Revised October 2014)
- Case
ISS A/S: The Buyout
By: Clayton Rose, Carsten Bienz and Lucy White
Provides the opportunity to value a leveraged buy-out; and to examine the nature and extent of a company's responsibilities to its bondholders. Here, the context is a "going private" transaction in Europe, where the financing plan called for the addition to the...
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Keywords:
LBO;
Private Equity;
Contracts;
Global Business;
International Business;
Finance;
Ethics;
Law;
Service Industry;
Europe
Rose, Clayton, Carsten Bienz, and Lucy White. "ISS A/S: The Buyout." Harvard Business School Case 214-027, February 2014. (Revised October 2014.)
- January 2017 (Revised March 2017)
- Case
SIN Capital and the Fullerton Health IPO
By: Josh Lerner and Ann Leamon
In early 2016, David Sin, founder of the Singapore-based private equity group SIN Capital and chairman of its primary holding, Fullerton Health, was deeply involved in preparations for taking Fullerton public on the Singapore stock exchange. Three years after SIN...
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Keywords:
Healthcare;
Asia;
IPO;
Financing;
Singapore;
Growth;
Health Care and Treatment;
Private Equity;
Initial Public Offering;
Financing and Loans;
Strategy;
Value Creation;
Growth and Development Strategy;
Health Industry;
Singapore
Lerner, Josh, and Ann Leamon. "SIN Capital and the Fullerton Health IPO." Harvard Business School Case 817-030, January 2017. (Revised March 2017.)
- 2018
- Working Paper
The State of Open Source Server Software
By: Shane Greenstein and Klaus Ackermann
The study assembles new data to construct a census of worldwide web server use across the globe. We document a large concentration of investment in the United States, and a wide dispersion across scores of countries. We find tens of billions of dollars of unmeasured...
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Keywords:
Internet;
Open Source;
Internet and the Web;
Policy;
Open Source Distribution;
Internet and the Web;
Global Range
Greenstein, Shane, and Klaus Ackermann. "The State of Open Source Server Software." Working Paper, September 2018.
- February 2021 (Revised June 2021)
- Case
Barbarians at the Gate or Turnaround Gurus? Private Equity and the Rise of the LBO
By: Tom Nicholas and John Masko
During the 1980s, leveraged buyouts (LBOs) and the private equity (PE) firms responsible for carrying them out revolutionized both investment and management in the U.S. Between 1980 and 1989, buyout activity in the U.S. surged from $1 billion per year to $60 billion....
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Keywords:
Leveraged Buyouts;
Mergers and Acquisitions;
Business Conglomerates;
Restructuring;
Borrowing and Debt;
Private Equity;
Bonds;
Investment Return;
Institutional Investing;
Profit Sharing;
Business History;
Management Style;
Private Ownership;
Performance Effectiveness;
Value Creation;
Financial Services Industry;
United States
Nicholas, Tom, and John Masko. "Barbarians at the Gate or Turnaround Gurus? Private Equity and the Rise of the LBO." Harvard Business School Case 821-016, February 2021. (Revised June 2021.)
- Article
How Venture Capitalists Make Decisions
By: Paul A. Gompers, Will Gornall, Steven Kaplan and Ilya Strebulaev
For decades now, venture capitalists have played a crucial role in the economy by financing high-growth start-ups. While the companies they’ve backed—Amazon, Apple, Facebook, Google, and more—are constantly in the headlines, very little is known about what VCs actually...
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Gompers, Paul A., Will Gornall, Steven Kaplan, and Ilya Strebulaev. "How Venture Capitalists Make Decisions." Harvard Business Review 99, no. 2 (March–April 2021).
- January 1985
- Case
Business Research Corp. (A)
Contains a description of a decision confronting an entrepreneur: which of two investment proposals should he accept to fund the creation and marketing of a database that comprises the full text of research reports produced by Wall Street investment banking firms? The...
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Keywords:
Strategy;
Cost vs Benefits;
Valuation;
Investment Banking;
Negotiation Participants;
Negotiation Deal;
Financing and Loans;
Financial Strategy;
Corporate Finance;
Service Industry
Sahlman, William A. "Business Research Corp. (A)." Harvard Business School Case 285-089, January 1985.
- 24 Sep 2001
- Research & Ideas
How To Be an Angel Investor
over 100 early-stage deals, we believe that an investment opportunity has four essential elements, that, when brought together in the right form, represent a high-potential opportunity to make money. If only one of the elements is out of...
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Keywords:
by David Amis & Howard Stevenson
- Teaching Interest
Strategy and Technology (Elective Curriculum)
By: David B. Yoffie
This course explores the unique aspects of creating effective management and investment strategies for technology-intensive businesses. What strategies can win in markets with strong network effects? How can firms leverage technology to build multi-sided platforms?... View Details
- February 2017 (Revised June 2017)
- Case
ExxonMobil: Business as Usual? (A)
By: George Serafeim, Shiva Rajgopal and David Freiberg
Climate change was becoming an important societal and business issue as more governments were introducing climate change related regulations and investors became increasibly worried about stranded assets within oil and gas firms. In September 2016, the U.S. Securities...
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Keywords:
Oil & Gas;
Oil Prices;
Oil Companies;
Asset Impairment;
Predictive Analytics;
Sustainability;
Environmental Impact;
Innovation;
Disclosure;
Accounting;
Valuation;
Climate Change;
Renewable Energy;
Environmental Sustainability;
Financial Reporting;
Energy Industry
Serafeim, George, Shiva Rajgopal, and David Freiberg. "ExxonMobil: Business as Usual? (A)." Harvard Business School Case 117-046, February 2017. (Revised June 2017.)
- 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...
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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)
Gandhi, Vikram S., David Allen, Sarah Mehta, and Shannon Roche. "TPG Rise Climate: Deploying 'Climate Capital'." Harvard Business School Case 824-077, January 2024. (Revised February 2024.)
- June 1995
- Case
Banc One Corporation (A)
As Banc One's use of derivatives had proliferated, investors and analysts had expressed increasing concern about the size of derivative portfolios, the potential sensitivity of their value to interest rate swings, and the lack of standardized reporting on their use....
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Keywords:
Credit Derivatives and Swaps;
Investment Banking;
Financial Reporting;
Annual Reports;
Banking Industry
Barth, Mary E., and Dale Coxe. "Banc One Corporation (A)." Harvard Business School Case 195-207, June 1995.
- Research Summary
Optimal Portfolios with Housing Derivatives
Households that contemplate moving to different cities or trading up or down in the fu-ture are exposed to substantial housing risk. In order to mitigate this risk, I derive the op-timal portfolios using housing futures. In addition to the optimum growth portfolio,...
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- 2020
- Working Paper
Design Rules, Volume 2: How Technology Shapes Organizations: Chapter 5 Ecosystems and Complementarities
The purpose of this chapter is to introduce two new building blocks to the theory of how technology shapes organizations. The first is a new layer of organization structure: a business “ecosystem.” The second is the economic concept of “complementarity.” Ecosystems are...
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Baldwin, Carliss Y. "Design Rules, Volume 2: How Technology Shapes Organizations: Chapter 5 Ecosystems and Complementarities." Harvard Business School Working Paper, No. 21-033, August 2020.
- 2021
- Working Paper
The Changing Role of Business in Society
Business interaction with the U.S. government, historically based on securing industry or company special interests at the expense of the public good, has enabled and furthered government dysfunction. Gridlock within the American political system has precluded the...
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Keywords:
Politics;
Shared Value;
Social Progress Index;
Competitiveness;
Walmart;
BlackRock;
ESG (Environmental, Social, Governance) Performance;
ESG;
Transparency;
Campaign Contributions;
Campaign Finance;
Lobbying;
Revolving Door;
Political Ideology;
Political Parties;
Political Partisanship;
Government And Business;
Government Innovation;
Elections;
Democracy;
Capitalism;
Stakeholder Capitalism;
Shareholder Engagement;
Competition;
Strategy;
Government and Politics;
Society;
Social Issues;
Human Needs;
Wealth and Poverty;
Business and Community Relations;
Business and Government Relations;
Corporate Accountability;
Financial Services Industry;
Banking Industry;
United States
Porter, Michael E. "The Changing Role of Business in Society." Working Paper, July 2021.
- April 2016
- Supplement
Canadian Pacific's Bid for Norfolk Southern Spreadsheet Supplement
By: Benjamin C. Esty and Scott Mayfield
In December 2015, Canadian Pacific Railroad (CPR) has just made its third bid to acquire Norfolk Southern Corporation (NSC), one of the largest railroads in the United States. Having rejected the prior offers, NSC’s CEO James Squires and the NSC board must now value...
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