Publications

November 2019
Teaching Note

Actera Group: Investing in Mars Cinema Group (A) and (B)

By: Victoria Ivashina and Jeffrey Boyar

In summer of 2010, Murat Çavuşoğlu (HBS MBA 1994) led private equity firm Actera Group’s investment in Mars Cinema Group (Mars), the leading movie exhibitor in Turkey. Immediately after acquiring Mars and merging it with the second larger player in the market, AFM,... View Details

Keywords: Private Equity; Value Creation; Transformation; Valuation; Entertainment and Recreation Industry; Motion Pictures and Video Industry; Turkey

1972
Chapter

Risk and the Discount Rate for Public Investment

By: Michael C. Jensen and Martin J. Bailey

Keywords: Risk and Uncertainty; Investment; Public Sector

1982
Chapter

On the Microeconomic Theory of Investment under Uncertainty

By: Robert C. Merton

Keywords: Microeconomics; Investment; Risk and Uncertainty; Risk Management

December 2002
Article

Knowledge Seeking and Location Choice of Foreign Direct Investment in the United States

By: Juan Alcacer and Wilbur Chung

To what extent do firms go abroad to access technology available in other locations? This paper examines whether and when state technical capabilities attract foreign investment in manufacturing from 1987-1993. We find that on average state R&D intensity does not... View Details

Keywords: Knowledge Acquisition; Foreign Direct Investment; Research and Development; Information Technology; Production; Geographic Location; United States

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2023
Working Paper

The Equity Market Implications of the Retail Investment Boom

By: Philippe van der Beck and Coralie Jaunin

This paper quantifies the impact of Robinhood traders on the US equity market. Within a structural model, we estimate retail and institutional demand curves and derive aggregate pricing implications via market clearing. The inelastic nature of institutional demand... View Details

Keywords: Institutional Investing; Financial Markets; Price; Financial Instruments

February 2006
Article

Earnings Manipulation, Pension Assumptions, and Managerial Investment Decisions

By: Daniel B. Bergstresser, Mihir A. Desai and Joshua Rauh

Keywords: Profit; Compensation and Benefits; Management; Investment; Decision Making

Article

The Impact of Recombining Commercial and Investment Banking

By: Samuel L. Hayes III

Keywords: Investment; Banks and Banking; Commercial Banking

2007
Chapter

Labor Market Regulations and European Venture Capital Investment

By: Ant Bozkaya and William R. Kerr

Keywords: Venture Capital; Investment; Human Capital; Governing Rules, Regulations, and Reforms; Government and Politics; Business and Government Relations; Europe

30 Sep 2014
Working Paper Summaries

The Real Effects of Capital Controls: Financial Constraints, Exporters, and Firm Investment

Keywords: by Laura Alfaro, Anusha Chari & Fabio Kanczuk

2006
Chapter

The Comovement of Returns and Investment within International Firms

By: Mihir A. Desai and C. Fritz Foley

Keywords: Multinational Firms and Management; Investment Return; Foreign Direct Investment

November 2018 (Revised January 2019)
Case

Investing in Nature: The Nature Conservancy and NatureVest 2018

By: Shawn A. Cole and Caitlin Reimers Brumme

Educators

May 2017
Case

Vicki Fuller: Chief Investment Officer of New York State's $150+ Billion Employee Pension Fund

By: Steven Rogers and Valerie Mosley

Vicki Fuller traveled from a four-room tenement bordering Chicago’s infamous Cabrini-Green housing projects to speaking at conferences around the world and typically holding court wherever she went. As a teenager, she helped raise her siblings. As a Wall Street... View Details

Educators

1987
Chapter

Evaluating Foreign Investment with Special Reference to Southeast Asia

By: L. T. Wells Jr.

Keywords: Foreign Direct Investment; Performance Evaluation; Developing Countries and Economies; Asia

2001
Working Paper

When Does the Market Matter? Stock Prices and the Investment of Equity Dependent Firms

By: Malcolm Baker, Jeremy Stein and Jeffrey Wurgler

We use a simple model of corporate investment to determine when investment will be sensitive to non-fundamental movements in stock prices. The key cross-sectional prediction of the model is that stock prices will have a stronger impact on the investment of firms that... View Details

Keywords: Investment; Equity; Stocks; Price; Mathematical Methods; Forecasting and Prediction

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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

Educators

October 1993
Background Note

Brief Introduction to Real Estate Investment Trusts (REITs)

By: Jay O. Light and James O. Sailer

Keywords: Finance; Real Estate Industry

October 27, 2020
Blog Post

Short-Termism, Shareholder Payouts, and Investment in the EU

By: Jesse M. Fried and Charles C.Y. Wang

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January 2008
Case

Parks Capital - Investment in US Retail, Inc.

Parks Capital acquired a Children's Apparel Manufacturer , American Child Clothing Manufacturers, Inc. (ACCM), in 2001. Two years later ACCM's largest retail customer, U.S. Retail, Inc., decided to evaluate strategic alternatives due to financial difficulties. Parks... View Details

Keywords: Mergers and Acquisitions; Customer Value and Value Chain; Private Equity; Vertical Integration; Apparel and Accessories Industry; Manufacturing Industry; Retail Industry; United States