Publications

09 Sep 2015
News

Entrepreneurship: Increasingly, the Province of the Wealthy

20 Jul 2017
News

The Looming Threat That Could Decimate Wall Street's Fund Managers

November 2006 (Revised October 2007)
Case

Artisan Entertainment Inc.

Geoff Rehnert and Marc Wolpow have left Bain Capital to launch Audax Group. As part of their separation, they have been granted 90-day options to purchase Bain Capital's stake in a number of portfolio companies at Fair Market Value. As they conside whether to exercise... View Details

Keywords: Leveraged Buyouts; Private Equity; Financing and Loans; Investment Funds

Find at Harvard

2012
Article

Mutual Fund Trading Pressure: Firm-Level Stock Price Impact and Timing of SEOs

By: Mozaffar N. Khan, Leonid Kogan and George Serafeim

In tests of the equity market timing theory of external finance, the prior literature has used overvaluation identifiers such as high market-to-book and high prior returns that are likely correlated with other determinants of SEOs. We use price pressure resulting from... View Details

Keywords: Equity; Market Transactions; Valuation; Capital Structure; Market Timing; Mathematical Methods; Acquisition

25 Oct 2024
Blog Post

Harvard Business School Announces Latest RISE Fellows

for HBS’s Venture Capital & Private Equity Club, where she is leveraging her platform and skills to drive systemic change that survives her time as a student. She said, “I envision a legacy in which my... View Details

16 Mar 2021
Blog Post

2+2 Where Are They Now Spotlight: Smitha Das (MBA 2018)

dedicated to mobilizing capital to drive social progress. In my role, I work on our strategy and social investment teams. I’ve helped develop our impact management and field building strategies and contribute to firm-wide fundraising... View Details

March 2011 (Revised January 2015)
Case

H Partners and Six Flags

By: Robin Greenwood and Michael Gorzynski

Rehan Jaffer, the founder of hedge fund H Partners, is considering what to do with his investment in Six Flags. H Partners had invested a significant amount of the firm's capital in the senior bonds of U.S.-based Six Flags, following that company's bankruptcy filing. View Details

Keywords: Behavioral Finance; Private Equity; Insolvency and Bankruptcy; Debt Securities; Bonds; Investment; Entertainment and Recreation Industry; Financial Services Industry; United States

March 2022
Case

Metric

By: Christina Wallace, Rebecca Cink and Maria Lappas

Megan Murday, the founder of Metric, an environmental, social, and corporate governance (ESG) analytics startup, must decide which customer segment to target as a beachhead market. She received positive feedback from a Swiss venture capital (VC) firm, indicating their... View Details

Keywords: Entrepreneurship; Marketing; Mission and Purpose; Customers

2020
Working Paper

Aggregate and Firm-Level Stock Returns During Pandemics, in Real Time

By: Laura Alfaro, Anusha Chari, Andrew Greenland and Peter K. Schott

We show that unexpected changes in the trajectory of COVID-19 infections predict U.S. stock returns, in real time. Parameter estimates indicate that an unanticipated doubling (halving) of projected infections forecasts next-day decreases (increases) in aggregate U.S.... View Details

Keywords: COVID-19; Stock Returns; Health Pandemics; Stocks; Investment Return; Forecasting and Prediction

Read Now

Article

Tax Policy and the Efficiency of U.S. Direct Investment Abroad

By: Mihir A. Desai, C. Fritz Foley and James R. Hines Jr.

Deferral of U.S. taxes on foreign source income is commonly characterized as a subsidy to foreign investment, as reflected in its inclusion among "tax expenditures" and occasional calls for its repeal. This paper analyzes the extent to which tax deferral and other... View Details

Keywords: International Taxation; Dynamic Efficiency; Deferral; Policy; Taxation; Performance Efficiency; Foreign Direct Investment; Investment Funds; Investment Return; Business Earnings; Equity; Financing and Loans; Cash Flow; Capital; United States

SSRN

Find at Harvard

January 2007 (Revised August 2008)
Case

NatuRi Corporation

By: Robert F. Higgins and Virginia Fuller

NatuRi Corporation was a start up, founded in 2005, aiming to manufacture a cholesterol-lowering drug made from the byproducts of rice bran oil production. With operations split between Chennai, India and Boston, Massachusetts, NatuRi faced several challenges,... View Details

Keywords: Business Startups; Decision Choices and Conditions; Entrepreneurship; Venture Capital; Equity; Investment Funds; Growth and Development Strategy; Chennai; Boston

06 Sep 2012
Working Paper Summaries

FIN Around the World: The Contribution of Financing Activity to Profitability

Keywords: by Russell Lundholm, George Serafeim & Gwen Yu

February 2005 (Revised January 2012)
Case

Liston Mechanics Corporation

By: Marc L. Bertoneche

Reviews, through a rather simple and straightforward situation, the various methods of valuation--free cash flow, weighted average cost of capital, equity cash flow, adjusted present value, multiples, etc. View Details

Keywords: Valuation; Cost of Capital; Equity; Cash Flow; Value; Financial Management

January 2006 (Revised August 2008)
Case

Vivaldi Food Concepts--The Start-up of an Asian Venture (A)

Joel Silverstein needs to raise an additional $1.5 million from private investors to round out the equity financing for his new Quick Service Restaurant venture in China, Korea, and Japan. How should he pitch the opportunity? What should be the terms? View Details

Keywords: Venture Capital; Private Equity; Business Startups; Retail Industry; Food and Beverage Industry; Japan; China; South Korea

Find at Harvard

March 1998 (Revised October 2001)
Case

Xedia and Silicon Valley Bank (A)

By: Paul A. Gompers and Jon Biotti

Xedia, a networking equipment manufacturer that helps provide high-speed Internet service for corporate clients through access routing, wants a bridge loan to fund daily operations until it raises its next round of equity financing. View Details

Keywords: Venture Capital; Equity; Financing and Loans; Negotiation; Production; Internet; Banking Industry

February 2009 (Revised March 2013)
Supplement

Messer Griesheim (B)

By: Josh Lerner, Ann-Kristin Achleitner, Eva Lutz and Kerry Herman

In 2001, Allianz Capital Partners and Godlman Sachs acquired a majority stake in Messer Greisheim, a European industrial gas concern held by Hoeschst. The dealmakers faced several challenges, including delicate corporate governance issues due to partial family... View Details

Keywords: Mergers and Acquisitions; Private Equity; Stock Options; Stock Shares; Corporate Governance; Governance Controls; Family Ownership; Problems and Challenges; Energy Industry; Europe

August 2006 (Revised February 2009)
Case

Medco Energi Internasional

In late 2004, Hilmi Panigoro, CEO of the publicly traded Indonesian oil company Medco Energi Internasional, is striving to regain majority control of the company his brother Arifin founded in 1980. The Asian financial crisis of 1999 led to a major restructuring that... View Details

Keywords: Leveraged Buyouts; Family Business; Restructuring; Financing and Loans; Ownership Stake; Business and Shareholder Relations; Indonesia; Singapore

April 2020
Supplement

Oaktree: Pierre Foods Investment

By: Victoria Ivashina and Terrence Shu

This case is a setting to discuss “loan to own” investment strategy that is often pursued by distressed investors. The aftermath of the 2007 financial crisis left many companies with poor liquidity and limited ability to obtain credit. One of these companies was Pierre... View Details

Keywords: Distress Investing; Investment; Debt Securities; Strategy; Restructuring