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  • 26 Jan 2004
  • Research & Ideas

How Women Can Get More Venture Capital

venture money? A: The vast majority of venture capital is allocated to technology-driven businesses: software, hardware, Internet-related spaces. There is also significant investment in the life sciences and... View Details
Keywords: by Mallory Stark & Martha Lagace
  • 23 Nov 1999
  • Research & Ideas

The Future of the Venture Capital Cycle

financial product. The supply of venture capital is also likely to continue growing. Within the past two years, numerous pension funds have invested in private equity for the first time. Many experienced investors have also decided to... View Details
Keywords: by Paul A. Gompers & Josh Lerner; Financial Services
  • July 2014
  • Case

Venture Capital at the Harvard Management Company in Historical Perspective

By: Felda Hardymon, Tom Nicholas and Vasiliki Fouka
The compromise between capital preservation and growth has always been central to the performance of the Harvard endowment. Setting an institutional structure for effectively governing this compromise became especially important when the Harvard Management Company... View Details
Keywords: Venture Capital; Financial Management; Asset Management; Higher Education; Investment; Financial Services Industry; Education Industry; Cambridge
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  • Spring 2016
  • Article

Risk Neglect in Equity Markets

By: Malcolm Baker
The link between measures of risk and return within the equity market has been very weak over the past 47 years: in the United States, returns on high-risk stocks have cumulatively fallen short of the returns on low-risk stocks, during a period when the equity market... View Details
Keywords: Asset Allocation; Equity Investment; Behavioral Finance; Private Equity
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  • March 2021
  • Case

Yale Investments Office: November 2020

By: Josh Lerner, Jo Tango and Alys Ferragamo
David Swensen and the Investments Office staff must decide whether to continue to allocate the bulk of the university's endowment to illiquid investments—hedge funds, private equity, venture capital, real estate, natural resources—given the impact of the COVID-19... View Details
Keywords: University Endowment; Asset Allocation; Real Estate; Equities; Fixed Income; COVID-19; Asset Management; Private Equity; Venture Capital; Natural Resources; Resource Allocation; Investment; Investment Portfolio; Health Pandemics; Financial Crisis; Financial Services Industry; Real Estate Industry; Energy Industry; Connecticut
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  • 2016
  • Article

Organizational Decision-Making and Information: Angel Investments by Venture Capital Partners

By: Andy Wu
We study information aggregation in organizational decision-making for the financing of entrepreneurial ventures. We introduce a formal model of voting where agents face costly tacit information to improve their decision quality. Equilibrium outcomes suggest a... View Details
Keywords: Entrepreneurial Finance; Angel Investors; Organization Design; Voting; Group Decision-making; Information; Strategy; Organizations; Entrepreneurship; Decision Making; Financing and Loans
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  • June 2016 (Revised February 2017)
  • Case

The Role of Real Estate in Endowment Portfolios: The Case of Christ Church, Oxford

By: David Chambers, Elroy Dimson, Arthur I Segel and Eva Steiner
The case centers on Christ Church's Treasurer, James Lawrie, who is contemplating his options for investing a portion of the College's endowment in real estate. Approximately 1/3 of the total $690 million endowment was allocated towards real estate, much higher than... View Details
Keywords: Real Estate; Endowment Management; Endowments; United Kingdom; Oxford; Portfolio Allocation; Higher Education; Investment Portfolio; Property; Corporate Finance; Financial Services Industry; United Kingdom
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  • August 2016
  • Teaching Note

The Role of Real Estate in Endowment Portfolios: The Case of Christ Church College

By: Arthur I. Segel and Alexander W. Schultz
The case centers on Christ Church’s Treasurer, James Lawrie, who is contemplating his options for investing a portion of the College’s endowment in real estate. Approximately 1/3 of the total $690 million endowment was allocated towards real estate, much higher than... View Details
Keywords: Portfolio Allocation; Oxford; England; Real Estate; University Endowment; Higher Education; Investment Portfolio; Property; Corporate Finance; Financial Services Industry; England
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  • March 2013
  • Article

Bridging the Gap? Government Subsidized Lending and Access to Capital

By: Josh Lerner and Kristle Romero-Cortes
The consequences of providing public funds to financial institutions remain controversial. We examine the Community Development Financial Institution (CDFI) Fund's impact on credit union activity, using hitherto little studied U.S. Treasury data. The CDFI Fund grants... View Details
Keywords: Financing and Loans; Credit; Government and Politics; Financial Institutions; United States
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    Best-selling and New Cases by Ben Esty

    Best-Selling Cases:  

      1) Eaton: Portfolio Transformation & Cost of... View Details

    • Web

    Venture Capital and Private Equity - Course Catalog

    HBS Course Catalog Venture Capital and Private Equity Course Number 1428 Senior Lecturer Jo Tango Senior Lecturer Archie L. Jones Fall; Q1Q2; 3.0 credits 28 Sessions Overview Note: this course is not for students with prior full-time VCPE... View Details
    • Forthcoming
    • Article

    Should Human Capital Development Programs Be Voluntary or Mandatory? Evidence from a Field Experiment

    By: Jason Sandvik, Richard Saouma, Nathan Seegert and Christopher Stanton
    In a field experiment, we find large differences in productivity treatment effects between voluntary and mandatory workplace mentorship programs. A significant portion of this difference is due to the best employees opting into the program when it is voluntary and... View Details
    Keywords: Mentoring; Mentorship Programs; Randomized Controlled Trial; Performance Productivity; Employees; Talent and Talent Management; Programs
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    • 2023
    • Working Paper

    Should Human Capital Development Programs Be Voluntary or Mandatory? Evidence from a Field Experiment

    By: Jason Sandvik, Richard Saouma, Nathan Seegert and Christopher Stanton
    In a field experiment, we find large differences in productivity treatment effects between voluntary and mandatory workplace mentorship programs. A significant portion of this difference is due to the best employees opting into the program when it is voluntary and... View Details
    Keywords: Mentoring; Mentorship Programs; Randomized Controlled Trial; Employees; Relationships; Programs; Performance
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    • Research Summary

    Reinventing State Capitalism: Leviathan in Business, Brazil and Beyond

    Part of the fear and misunderstanding of state capitalism in the post-Berlin Wall era stems from the fact that most observers see state-owned enterprises (SOEs) as inefficient soviet companies. In Reinventing State Capitalism: Leviathan in Business, Brazil and... View Details

    Keywords: State Capitalism; State-owned Enterprises; Development Banks; State Ownership; Development Economics; Management; Energy Industry; Banking Industry; Brazil; China; Europe; Latin America; Asia
    • 2014
    • Book

    Reinventing State Capitalism: Leviathan in Business, Brazil and Beyond

    By: Aldo Musacchio and Sergio G. Lazzarini
    In this book we describe the transformation of state capitalism from a model in which governments owned and ran corporations and broadly controlled the allocation of financial resources into two new varieties of state capitalism: Leviathan as a majority and as a... View Details
    Keywords: State Capitalism; State-owned Enterprises; Industrial Policy; Development Banks; Capitalism; Financial Markets; Corporate Governance Theory; CEO Effects; Public Sector; Economic Systems; Financial Institutions; Corporate Governance; Business and Government Relations; Governing and Advisory Boards; State Ownership; Privatization; Public Ownership; Emerging Markets; Banking Industry; Mining Industry; Energy Industry
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    • December 2013
    • Article

    Leviathan as a Minority Shareholder: Firm-level Implications of State Equity Purchases

    By: Carlos F. K. V. Inoue, Sergio G. Lazzarini and Aldo Musacchio
    In many countries, firms face institutional voids that raise the costs of doing business and thwart entrepreneurial activity. We examine a particular mechanism to address those voids: minority state ownership. Due to their minority nature, such stakes are less affected... View Details
    Keywords: Business Groups; Development Banks; State Capitalism; Performance; State Ownership; Brazil
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    • 1997
    • Chapter

    Resource Allocation, Incentives, and Control: The Importance of Venture Capital in Financing Entrepreneurial Firms

    By: P. A. Gompers
    Keywords: Venture Capital; Resource Allocation; Motivation and Incentives; Corporate Entrepreneurship; Corporate Governance
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    • 2017
    • Working Paper

    Optimal Tilts: Combining Persistent Characteristic Portfolios

    By: Malcolm Baker, Ryan Taliaferro and Terry Burnham
    We examine the optimal weighting of four tilts in US equity markets from 1968 through 2014. We define a “tilt” as a characteristic-based portfolio strategy that requires relatively low annual turnover. This is a continuum, with small size, a very persistent... View Details
    Keywords: Risk Anomaly; Beta; Capital Asset Pricing Model; Factor Investing
    Related
    • Fourth Quarter 2017
    • Article

    Optimal Tilts: Combining Persistent Characteristic Portfolios

    By: Malcolm Baker, Ryan Taliaferro and Terry Burnham
    We examine the optimal weighting of four tilts in U.S. equity markets from 1968 through 2014. We define a “tilt” as a characteristic-based portfolio strategy that requires relatively low annual turnover. This is a continuum, with small size (a very persistent... View Details
    Keywords: Risk Anomaly; Beta; Capital Asset Pricing Model; Factor Investing
    Related
    • September 2017 (Revised March 2018)
    • Case

    Chai Point: Disrupting Chai

    By: Shikhar Ghosh, Ramana Nanda and Rachna Tahilyani
    Chai Point is India’s largest organized chai retailer. It has missed its target for retail store openings by approximately 25%, goals that are very important to its investors who are also board members. However, it has developed an exciting new internet-based tea... View Details
    Keywords: Strategy; Venture Capital; Stock; Business Model; Mobile Technology; Technological Innovation; Marketing; Marketing Strategy; Internet and the Web; Mobile and Wireless Technology; Food; Selection and Staffing; Employee Stock Ownership Plan; Resignation and Termination; Compensation and Benefits; Resource Allocation; Product Positioning; Distribution Channels; Product Design; Supply Chain; Governing and Advisory Boards; Food and Beverage Industry; Retail Industry; Asia; India; Karnataka; Bangalore
    Related