Publications

Silicon Valley, Singapore, Tel Aviv—the global hubs of entrepreneurial activity—all bear the marks of government investment. Yet, for every public intervention that spurs entrepreneurial activity, there are many failed efforts that waste untold billions in taxpayer... View Details

September 2001
Article

Information Asymmetry, Corporate Disclosure, and the Capital Markets: A Review of the Empirical Disclosure Literature

By: Paul M. Healy and Krishna G. Palepu

Keywords: Information; Markets; Corporate Disclosure; Capital

2009
Article

Empirical Capital Structure: A Review

By: Christopher Parsons and Sheridan Titman

This survey provides a synthesis of the empirical capital structure literature. Our synthesis is divided into three parts. The first part examines the evidence that relates to the cross-sectional determinants of capital structure. This literature identifies and... View Details

Keywords: Capital Structure; Corporate Finance

12 Jul 2021
News

Your Fullest Self

Kickstarted by a $50,000 loan from classmate Kate Lazaroff-Puck, Winters has raised $2 million in venture capital to date and will open Upgrade’s first bricks-and-mortar store in Houston next month. “The... View Details

Keywords: venture capital; entrepreneurship; female founders

May 2025
Teaching Note

Clay Ridge Capital

By: William R. Kerr and Martin A. Sinozich

Teaching Note for HBS Case No. 823-089. Kel Jackson, with the support of his young family, has been searching for a manufacturing business to purchase. After a long process, Kel had submitted a written offer to buy Sheetfab that matched his original conversation with... View Details

Keywords: Acquisition; Entrepreneurship; Negotiation Offer; Manufacturing Industry

2010
Simulation

Finance Simulation: Capital Budgeting: Product No. 3357.

By: Timothy A. Luehrman

In this single-player simulation, students act as members of the Capital Committee of New Heritage Doll Company, tasked with selecting and allocating capital across the company's three divisions. Students evaluate a diverse set of competing investment proposals and... View Details

Keywords: Resource Allocation; Investment; Projects; Capital Budgeting; Corporate Finance

May 2024
Supplement

Forest Park Capital (A)

By: Richard S. Ruback and Royce Yudkoff

During the Covid-19 Pandemic in 2020, Betsy Harbison formed the search fund Forest Park Capital with the intention of purchasing a small business. The case conveys the details of Betsy’s final decision at the terminus of her search, between a software company... View Details

Keywords: Search Fund; Entrepreneurship Through Acquisition; Acquisition; Small Business; Cost vs Benefits; Decisions; Business Education; Corporate Entrepreneurship; Leadership Style; Business or Company Management; Problems and Challenges; Tourism Industry; Web Services Industry; North America; Missouri

March 2004 (Revised May 2006)
Background Note

Corporate Reform in the United States

By: Lynn S. Paine and Kim Bettcher

The spate of corporate misdeeds revealed to the American public in 2001 to 2002 prompted corrective action in many quarters of the U.S. economy. The note summarizes some of the steps taken by lawmakers, regulators, law-enforcement officials, companies, investors,... View Details

Keywords: Corporate Governance; Capital Markets; Governing Rules, Regulations, and Reforms; Trust; United States

2012
Book

Venture Capital, Private Equity, and the Financing of Entrepreneurship

By: Josh Lerner, Ann Leamon and Felda Hardymon

Venture Capital, Private Equity, and the Financing of Entrepreneurship stems from a realization that private equity overall—defined in this volume as venture capital and buyouts but excluding hedge funds—has become a vastly more sizable and influential part of the... View Details

Keywords: Venture Capital; Private Equity; Financing and Loans; Entrepreneurship

June 1992 (Revised August 1992)
Case

Parker-Spencer: The Legal Form of Joint Ventures

Parker Co., a U.S. based agricultural chemical company with $4 billion in sales, has agreed to a joint venture with Spencer, Inc., a smaller U.S. based company, to develop and market a new herbicide for corn. The two companies must consider marketing, tax, and... View Details

Keywords: Business Organization; Joint Ventures; Taxation; Agriculture and Agribusiness Industry; Chemical Industry; United States

16 Oct 2013
News

The Brain—and Soul—of Capitalism

17 Sep 2018
Blog Post

My Summer as a Venture Capitalist

This summer I had the opportunity to intern at a venture firm based in Boston called Underscore. Their approach during the interview process really stood out to me and set me up for a summer where I was able to make an impact. What do you... View Details

Keywords: Venture Capital / Private Equity

12 PM – 1 PM EDT, 06 Apr 2016
Webinars: Career

Pitching to Venture Capitalists? Learn from an Expert

Are you pitching--or getting ready to pitch--a new business idea? Sounds easy, but it is complicated and tricky. Join Ray Rothrock (MBA 1988), Partner Emeritus at Venrock, as he shares lessons from his more than 25 years of experience in the venture capital business... View Details

26 Sep 2014
News

Has Capitalism Reached A Turning Point?

January 2023
Case

Clay Ridge Capital

By: Martin A. Sinozich and William R. Kerr

Kel Jackson, with the support of his young family, has been searching for a manufacturing business to purchase. After a long process, Kel had submitted a written offer to buy Sheetfab that matched his original conversation with the owner, but a broker Kel had never met... View Details

Keywords: Leveraged Buyouts; Small Business; Entrepreneurship; Manufacturing Industry

December 1996 (Revised July 1997)
Case

USG Corporation

By: Benjamin C. Esty and Tara L. Nells

In 1988, USG was the world's largest gypsum producer and one of the world's largest building-products companies. On May 2, 1988, USG's board of directors announced a proposed leveraged recapitalization plan to thwart a hostile cash tender offer by Desert Partners. With... View Details

Keywords: Capital Structure; Mergers and Acquisitions; Corporate Governance; Valuation; Cash Flow; Leveraged Buyouts; Restructuring; United States

March 2003 (Revised January 2004)
Case

CDC Capital Partners: December 2002

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

Paul Fletcher, CEO of CDC Capital Partners, a private equity group investing in the world's poorest countries, is wrestling with questions raised by the imminent reorganization of the firm. Previously an arm of the United Kingdom's international aid agency, CDC is... View Details

Keywords: Private Equity; Investment Portfolio; Privatization; Venture Capital; Business and Government Relations; Emerging Markets; Infrastructure; Financial Services Industry; Banking Industry; United Kingdom

Working Paper

How Do Venture Capitalists Make Decisions?

By: Paul A. Gompers, William Gornall, Steven N. Kaplan and Ilya A. Strebulaev

We survey 885 institutional venture capitalists (VCs) at 681 firms to learn how they make decisions across eight areas: deal sourcing, investment selection, valuation, deal structure, post-investment value-added, exits, internal firm organization, and relationships... View Details

Keywords: Venture Capital; Decision Choices and Conditions

Read Now

December 1994
Case

CNW Corporation

The Blackstone Group, an LBO firm, is considering a $1.7 billion leveraged acquisition of CNW Corp., a railroad holding company. Information is provided concerning historic and protected results and the proposed financial structure of the entity. Data is presented... View Details

Keywords: Valuation; Capital Structure; Leveraged Buyouts