Publications

January 2019
Teaching Note

Yale University Investments Office: February 2015

By: Josh Lerner, Nori Gerardo Lietz and Terrence Shu

Teaching Note for HBS No. 815-124. View Details

Keywords: Asset Management; Venture Capital; Private Equity; Investment Fund; Investment Strategy

07 Jul 2020
Podcast

Incorporating Climate Risk in Pension Fund Investment Decisions

Hiro Mizuno, former head of the Japanese Government Pension Investment Fund (GPIF), and Professor Vikram Gandhi discuss the steps GPIF has taken to incorporate climate risk in its investment process. Mizuno highlights the need to address the entire investment universe... View Details

2008
Chapter

Life-Cycle Funds

By: Luis M. Viceira

The U.S. retirement system has experienced a substantial transformation in recent years. It has evolved from a system in which employees relied mainly on Social Security and professionally managed defined benefit (DB) pension plans sponsored by their employers to... View Details

Keywords: Retirement; Personal Finance; Investment Funds; Compensation and Benefits; United States

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14 Jan 2013
News

Why Money Market Funds Are Still Safe Investments

August 2021
Article

Don't Take Their Word for It: The Misclassification of Bond Mutual Funds

By: Huaizhi Chen, Lauren Cohen and Umit Gurun

We provide evidence that bond fund managers misclassify their holdings, and that these misclassifications have a real and significant impact on investor capital flows. In particular, many funds report more investment grade assets than are actually held in their... View Details

Keywords: Mutual Funds; Economics; Finance; Measurement and Metrics; Risk and Uncertainty; Financial Services Industry

SSRN

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March 2019 (Revised May 2019)
Case

Growth Investing at Totem Point

By: Suraj Srinivasan, Charles C.Y. Wang and Jonah Goldberg

The case describes the investment of hedge fund, Totem Point Management in Analog Semiconductors (ADI) as a way to discuss forecasting and valuation in growth companies. In June 2016, hedge fund Totem Point invested in ADI at around $55 a share. In general, Totem Point... View Details

Keywords: Growth Investing; Investment; Strategy; Forecasting and Prediction; Valuation

November 2013
Case

Canyon-Agassi Investing in Charter Schools

By: Nicolas P. Retsinas, Nicole Shomair, Vernon Beckford and Lisa Strope

After an unusual round of doubles in May 2011, real estate investor Bobby Turner, Managing Partner, Canyon-Agassi Charter School Facilities Fund (CACSFF) and Chairman, CEO, and Co-Founder of Canyon Capital Realty Advisors, found himself at a loss for words. Turner was... View Details

Keywords: Charter Schools; Real Estate; Fund Raising; Social Entrepreneurship; Education; Real Estate Industry; United States

February 2022
Teaching Note

Altoona State Investment Board & Bain Capital Fund XI

By: Josh Lerner

Teaching Note for HBS Case No. 218-022. View Details

2015
Working Paper

Public R&D Investments and Private-sector Patenting: Evidence from NIH Funding Rules

By: Pierre Azoulay, Joshua S. Graff Zivin, Danielle Li and Bhaven N. Sampat

We quantify the impact of scientific grant funding at the National Institutes of Health (NIH) on patenting by pharmaceutical and biotechnology firms. Our paper makes two contributions. First, we use newly constructed bibliometric data to develop a method for flexibly... View Details

Keywords: Economics Of Science; Patenting; Academic Reserach; NIH; Knowledge Spillovers; Patents; Research; Government and Politics

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June 2019 (Revised April 2020)
Teaching Note

Vox Capital: Pioneering Impact Investing in Brazil

By: Julie Battilana, Marissa Kimsey and Falko Paetzold

Teaching Note for HBS No. 417-051. This Teaching Note provides conceptual foundations and teaching plan recommendations for the case on Vox Capital, a firm that launched one of the first impact investing funds in Brazil. The learning objectives are to understand how an... View Details

Keywords: Impact Investing; Social Performance Measurement; Social Entrepreneurship; Investment Funds; Social Enterprise; Brazil

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

December 1996
Case

Common Fund Hedge Fund Portfolio, The

By: Andre F. Perold and William T. Spitz

The Common Fund, a nonprofit consortium of educational institutions, is deciding whether to create a fund of hedge funds for its members, and if it does, which hedge fund managers to select. View Details

Keywords: Measurement and Metrics; Investment Funds

09 May 2022
Video

A New HBS Impact Investment Fund Run by Students is Launched

12 Jan 2015
News

Good Investments

fundamental issues.” —Àlvaro Rodríguez-Arregui (MBA 1995) After founding a microfinance investment fund called the Dignity Fund in 2005 with Elizabeth Collet Funk (MBA 1996),... View Details

Keywords: Dan Morrell; impact investing; ideas; Securities, Commodities, and Other Financial Investments; Securities, Commodities, and Other Financial Investments

01 Dec 2010
News

Chaotic Funding Derails Research

"Of course it would be a different story entirely if we could extract crude oil from stem cells." © Jack Ziegler/The New Yorker Collection/www.cartoonbank.com In light of the latest developments of the on-again, off-again, on-again government View Details

Keywords: William Sahlman; Science funding; stem cell research; Colleges, Universities, and Professional Schools; Educational Services

11 Nov 2015
Working Paper Summaries

Public R&D Investments and Private-sector Patenting: Evidence from NIH Funding Rules

Keywords: by Danielle Li; Health; Biotechnology; Pharmaceutical; Medical Devices & Supplies

26 Feb 2020
News

Think Twice Before You Invest in a Private-Equity Fund

July 2017
Teaching Note

Eve Hall: The African American Investment Fund in Milwaukee

By: Steven Rogers and Alterrell Mills