Publications

27 Apr 2021
Research & Ideas

IPO or M&A? How Venture Capital Shapes a Startup's Future

says, noting most VC investments don’t yield any return. “‘So, if we get an acquisition that returns any money, that's actually amazing.’ Maybe we don't talk about it as much, but that's really important. Often, that's a better outcome... View Details

Keywords: by Rachel Layne

September 2018 (Revised June 2019)
Case

THE VELUX FOUNDATIONS: Selecting Impact Funds

By: Vikram Gandhi, Caitlin Reimers Brumme and Nathaniel Schwalb

After much internal debate, THE VELUX FOUNDATIONS of Denmark have decided to allocate a small percentage of their investment portfolio to impact investments. Cambridge Associates, one of the leading investment advisory firms in the world, has been engaged to assist... View Details

Keywords: Impact Investing; Mission-Related Investing; Foundations; Investment; Venture Capital; Corporate Social Responsibility and Impact; Strategy; Investment Funds; Decision Making; Consulting Industry; Financial Services Industry; Denmark; Europe

06 Jun 2013
Working Paper Summaries

Do Strict Capital Requirements Raise the Cost of Capital? Banking Regulation and the Low Risk Anomaly

Keywords: by Malcolm Baker & Jeffrey Wurgler; Banking; Financial Services

Risks, Opportunities, And Investments In The Era Of Climate Change (ROICC)

The MBA course on "Risks, Opportunities, and Investments in an Era of Climate Change" is ideal for students who aspire to become entrepreneurs by starting their own company or joining a start-up that is driving innovation and solving challenges posed by climate change.... View Details

Article

Association of the Meaningful Use Electronic Health Record Incentive Program with Health Information Technology Venture Capital Funding

By: Samuel Lite, William J. Gordon and Ariel Dora Stern

IMPORTANCE
Although the Health Information Technology for Economic and Clinical Health (HITECH) Act has accelerated electronic health record (EHR) adoption since its passage, clinician satisfaction with EHRs remains low, and the association of HITECH with... View Details

Keywords: Health Care and Treatment; Information Technology; Laws and Statutes; Innovation and Invention; Entrepreneurship; Venture Capital

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2006
Working Paper

Skill vs. Luck in Entrepreneurship and Venture Capital: Evidence from Serial Entrepreneurs

By: Paul A. Gompers, Anna Kovner, Josh Lerner and David S. Scharfstein

This paper argues that a large component of success in entrepreneurship and venture capital can be attributed to skill. We show that entrepreneurs with a track record of success are more likely to succeed than first time entrepreneurs and those who have previously... View Details

Keywords: Return On Investment; Entrepreneurship; Venture Capital; Success; Experience and Expertise

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August 2013
Article

The Price of Diversifiable Risk in Venture Capital and Private Equity

By: Michael Ewens, Charles Jones and Matthew Rhodes-Kropf

This paper explores the private equity and venture capital (VC) markets and extends the standard principal-agent problem between the investors and venture capitalist to show how it alters the interaction between the venture capitalist and the entrepreneur. Since the... View Details

Keywords: Price; Risk and Uncertainty; Venture Capital; Private Equity; Contracts; Investment; Competition; Agency Theory; Investment Return; Forecasting and Prediction; Theory; Diversification

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2017
Chapter

Multinational Activity in Emerging Markets: How and When Does Foreign Direct Investment Promote Growth?

By: Laura Alfaro

Among the prominent economic trends in recent decades is the exponential increase in flows of goods and capital driven by technological progress and a falling number of restrictions. A key driver of this phenomenon has been the cross-border production, foreign... View Details

Keywords: Multinational Activity; Growth; Spillovers; Complementarities; Foreign Direct Investment; Emerging Markets; Growth and Development; Multinational Firms and Management

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January 2017 (Revised December 2017)
Case

Carmichael Roberts: To Create a Private Equity Firm?

By: Steven Rogers and Kenneth J. Cooper

Carmichael Roberts, a rare African-American venture capitalist, considered leaving his general partnership in a private equity firm near Boston and setting up his own in 2015. He weighed whether the timing was right, with the economy still not fully recovered from the... View Details

March 2014 (Revised September 2015)
Case

ACA and the Union Bank Acquisition

By: Josh Lerner and Nathaniel Burbank

Okey Enelamah is the CEO of the African Capital Alliance (ACA), a private equity firm based in Nigeria. ACA has spent more than a year arranging a $500 million consortium bid to acquire and recapitalize Union Bank, Nigeria's sixth largest bank. Several weeks before the... View Details

Keywords: Nigeria; African Capital Alliance; Africa; Bank Capital; ACA; Union Bank; Development Finance Institutions; Capital Alliance Private Equity; Private Equity; Central Banking; Banking Industry; Financial Services Industry; Nigeria; Africa

Web

Investment analyst reports (equity research reports) | Baker Library

Library, then Research Center and choose Morningstar) Standard & Poor's NetAdvantage (for equity analysis) Standard & Poor's Ratings Direct within Capital IQ (for credit analysis) Value Line Related Help View all Learn with Baker Library:... View Details

February 2013
Case

New Earth Mining, Inc.

By: William E. Fruhan and Wei Wang

New Earth Mining is one of the largest producers of precious metals in the U.S. While the firm operates mines primarily in the U.S. and Canada, it has also made substantial investments in gold exploration projects in Australia and Chile. New Earth has been very... View Details

Keywords: South Africa; Capital Budgeting; International Business; Return On Investment; Mining; Risk and Uncertainty; Risk Management; Valuation; Investment; Diversification; Mining Industry; Australia; South Africa; Chile; Canada; United States

24 Apr 2014
News

Corporate venture funds invested wisely can propel a company forward

In researching R&D funding at large corporations, Josh Lerner (PhD/PMD 62, 1991), the Jacob H. Schiff Professor of Investment Banking, noted a recent trend toward decentralizing research functions and slashing research budgets. The... View Details

Fast Answer

Managing & Investing in a Fast-Growing Emerging Market: India

Library and related resources for Managing & Investing in a Fast-Growing Emerging Market: India View Details

25 Feb 2015
News

How Singapore Became an Entrepreneurial Hub

Keywords: venture capital; Internet; government regulations; entrepreneurship; investment; innovation

June 1996
Article

Risk-Based Capital Requirements and the Riskiness of Bank Portfolios

By: Brian J. Hall and Steven R. Grenadier

Keywords: Risk and Uncertainty; Capital; Banks and Banking; Investment

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June 2024 (Revised December 2024)
Case

Lana Ghanem: Pushing the Boundaries of Health Care through Venture Capital

By: Joshua D. Margolis and Ahmed Dahawy

Lana Ghanem, managing director of Hikma Ventures, the corporate venture arm of larger pharmaceutical group Hikma, is considering how to grow the venture arm as well as progress her own career. Over the past few years Hikma's executive team had been pressuring the... View Details

Keywords: Business Divisions; Corporate Entrepreneurship; Investment; Corporate Governance; Health Care and Treatment; Leadership Development; Business or Company Management; Growth and Development Strategy; Business Strategy; Venture Capital; Personal Development and Career; Health Industry; Pharmaceutical Industry; Jordan