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- Faculty Publications (54)
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- All HBS Web (157)
- Faculty Publications (54)
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- 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
- August 2013
- Case
HgCapital and the Visma Transaction (A)
By: Paul A. Gompers, Karol Misztal and Joris Van Gool
This case concerns the negotiations of a deal by HgCapital, a UK-based private equity firm, to buy Visma, ASA, a Norwegian software company. Visma has received an offer from Sage Group, a strategic acquirer. HgCapital must determine if it wants to bid and how to outbid... View Details
Keywords: Management Buyout; Deal Structuring; Negotiations; Private Equity; Finance; Valuation; Leveraged Buyouts; Negotiation Deal; Negotiation; Strategy; Europe
Gompers, Paul A., Karol Misztal, and Joris Van Gool. "HgCapital and the Visma Transaction (A)." Harvard Business School Case 214-018, August 2013.
- 2009
- Chapter
Do Private Equity-owned Firms Have Better Management Practices?
By: Nicholas Bloom, Raffaella Sadun and John Van Reenen
We use an innovative survey tool to collect management practice data from over 4,000 medium sized manufacturing firms across Asia, Europe and the US. These measures of managerial practice are strongly associated with firm-level performance (e.g. productivity,... View Details
Keywords: Private Equity; Management Practices and Processes; Production; Private Ownership; Performance Improvement; Performance Productivity
Bloom, Nicholas, Raffaella Sadun, and John Van Reenen. "Do Private Equity-owned Firms Have Better Management Practices?" Chap. 1 in The Global Economic Impact of Private Equity Report 2009, 1–23. Globalization of Alternative Investments Working Papers. Geneva, Switzerland: World Economic Forum, 2009.
- March 2018 (Revised July 2018)
- Case
Cadre
By: Thomas R. Eisenmann, Scott Duke Kominers and David Lane
Late in 2017, CEO Ryan Williams and his team debated whether Cadre should become not only a technology-enabled investment manager, but also an online trading exchange providing high levels of liquidity for investors in commercial real estate (CRE) equity. Cadre was a... View Details
- July 2019 (Revised May 2020)
- Supplement
Piramal e-Swasthya (B): Considering Change
By: Rosabeth Moss Kanter and Joyce J. Kim
From 2008 to 2010 Anand Piramal ran a series of pilots for his digital healthcare startup, Piramal e-Swasthya (PeS) to “democratize healthcare” in rural areas of India. PeS ran into difficulties so Anand Piramal had to decide whether to continue the organization and,... View Details
Keywords: Entrepreneur; Healthcare; Innovation; Emerging Economies; Decision Choices and Conditions; Health Industry; India
Kanter, Rosabeth Moss, and Joyce J. Kim. "Piramal e-Swasthya (B): Considering Change." Harvard Business School Supplement 320-011, July 2019. (Revised May 2020.)
- 23 Oct 2012
- First Look
First Look: October 23
Equity Investing Authors:Lily H. Fang, Victoria Ivashina, and Josh Lerner Abstract Bank-affiliated private equity (PE) groups account for 30% of all PE investments. These affiliated groups' market share is highest during peaks of the... View Details
Keywords: Sean Silverthorne
- 18 Apr 2024
- Lecture
Innovation Opportunities Created by COVID-19 Can Help: And How to Make Them Happen
The crush of patients created by COVID enabled the creation of sites for care outside the traditional hospital, such as retail pharmacies, ambulatory surgery centers, urgent care centers, telemedicine, and wireless sensors. Public policy mirrored these changes by... View Details
- 2009
- Working Paper
Private Equity and Industry Performance
By: Josh Lerner
The growth of the private equity industry has spurred concerns about its potential impact on the economy more generally. This analysis looks across nations and industries to assess the impact of private equity on industry performance. Industries where PE funds have... View Details
Keywords: Private Equity; Investment; Common Law; Industry Growth; Performance Productivity; Europe; United Kingdom; United States
Lerner, Josh. "Private Equity and Industry Performance." Harvard Business School Working Paper, No. 10-045, December 2009. (NBER Working Paper Series, No. 14861, April 2009.)
- September 2018
- Case
ProdEng: Services for Oil & Gas Extraction
By: Frank V. Cespedes, Maria Fernanda Miguel and Mariana Cal
ProdEng is a venture created as part of a PE fund and provides oil field services in Argentina. In 2016, an industry-wide unforeseen oil and gas demand slump drove ProdEng’s average service rates down by more than 37%, with EBITDA margins falling from 50% to 24% in the... View Details
Cespedes, Frank V., Maria Fernanda Miguel, and Mariana Cal. "ProdEng: Services for Oil & Gas Extraction." Harvard Business School Case 819-003, September 2018.
- April 2017
- Article
Private Equity and Industry Performance
By: Shai Bernstein, Josh Lerner, Morten Sorensen and Per Stromberg
The growth of the private equity industry has spurred concerns about its potential impact on the economy more generally. This analysis looks across nations and industries to assess the impact of private equity on industry performance. Industries where PE funds have... View Details
Bernstein, Shai, Josh Lerner, Morten Sorensen, and Per Stromberg. "Private Equity and Industry Performance." Management Science 63, no. 4 (April 2017): 1198–1213.
- November 2012 (Revised March 2013)
- Case
Talking Strategy at Greighton Partners
By: Boris Groysberg and Kerry Herman
Since its inception, London-based private equity firm Greighton Partners had managed over $15 billion in investor capital. The firm employed about 150 professionals around the globe and had completed over 175 company acquisitions since its founding. Started with a... View Details
Keywords: Private Equity; Business Growth and Maturation; Growth and Development Strategy; Financial Services Industry; Asia; Europe
Groysberg, Boris, and Kerry Herman. "Talking Strategy at Greighton Partners." Harvard Business School Case 413-031, November 2012. (Revised March 2013.)
- 2008
- Other Unpublished Work
Are Private Equity Firms Better Managed?
By: Nicholas Bloom, Raffaella Sadun and John Van Reenen
We use an innovative survey tool to collect management practice data from over 4,000 medium sized manufacturing firms across Asia, Europe and the US. These measures of managerial practice are strongly associated with firm-level performance (e.g. productivity,... View Details
Keywords: Private Equity; Management Practices and Processes; Production; Performance Improvement; Manufacturing Industry; Asia; Europe; United States
Bloom, Nicholas, Raffaella Sadun, and John Van Reenen. "Are Private Equity Firms Better Managed?" December 2008. (Slides.)
- September 2021
- Case
Vignettes on Professional Service Firm Governance
By: David G. Fubini, Suraj Srinivasan and Li-Kuan Ni
The two vignettes within “Vignettes on Professional Service Firm Governance” (HBS No. 122-024) present various issues relating to governance in professional service firms (“PSFs”). In the first, the Managing Director of a U.S. consulting firm contemplates whether to... View Details
Keywords: Consulting Firms; Professional Services; Board Of Directors; Professional Service; Global Firm; Executive Leadership; Globalized Firms and Management; Private Equity; Governing and Advisory Boards; Global Strategy; Corporate Governance; Governance Controls; Leadership Development; Leading Change; Emerging Markets; Strategic Planning; Partners and Partnerships; Service Industry; United States; India
Fubini, David G., Suraj Srinivasan, and Li-Kuan Ni. "Vignettes on Professional Service Firm Governance." Harvard Business School Case 122-024, September 2021.
- February 2013 (Revised February 2013)
- Case
Wayne Ferrari: iAutomation at a Crossroads
By: Jim Sharpe and Michael Norris
Wayne Ferrari has bridged the gap between being an independent entrepreneur and a "professional manager." After selling his business to a Private Equity (PE) firm, Ferrari takes on the role of CEO and with their support implements a roll-up strategy to attain growth... View Details
Keywords: Entrepreneurial Management; Entrepreneurial Organizations; Leveraged Buyouts; Roll-up; Career Planning; Acquisitions; Pricing; Pricing Policies; Pricing Strategy; Pricing Structure; Acquisition; Entrepreneurship; Private Equity; Distribution; Integration; System; Electronics Industry; Distribution Industry; United States
Sharpe, Jim, and Michael Norris. "Wayne Ferrari: iAutomation at a Crossroads." Harvard Business School Case 813-120, February 2013. (Revised February 2013.)
- 18 Apr 2023
- Research & Ideas
The Best Person to Lead Your Company Doesn't Work There—Yet
the operations expertise that PE firms bring to bear. CEO selection may soon become even more critical for PE funds, which have been grappling with inflation and rising interest rates that dampened... View Details
- 09 May 2017
- What Do You Think?
Should Management Be Primarily Responsible to Shareholders?
looking for sustainability.” Rob Kautz provided us with a reminder that sustainability should be a concern of shareholders as well. In his words, “Empirical financial analyses have shown that consistent returns over three years or more result in a higher than average... View Details
Keywords: by James Heskett
- 30 Mar 2010
- First Look
First Look: March 30
practices of their portfolio firms. Prior research documents that PE firms create economic value in portfolio firms through effective governance, financial, and operational engineering. Given PE firms' focus... View Details
Keywords: Sean Silverthorne
- 29 May 2013
- Research & Ideas
Faculty Symposium Showcases Breadth of Research
buyout. Others maintain that PE fund managers are better at managing firms and making them more efficient than many corporate executives. Josh Lerner, the Jacob H. Schiff professor of investment banking at HBS, has spent much of the past... View Details
- 04 Oct 2007
- What Do You Think?
Has Managerial Capitalism Peaked?
better. Be it mutual funds or hedge funds, these so-called owners have virtually no emotional investment in the companies (they own)." B. D. Majuqwana comments that "the biggest drawback for PE is that it does not aim to create... View Details
Keywords: by Jim Heskett
- 18 Jul 2016
- Research & Ideas
Is Greed Ruining Private Equity Firms?
are the average experience in PE partnerships, Ivashina says. In their working paper released in March, Pay Now or Pay Later? The Economics within the Private Equity Partnership, she and Lerner found that a partner’s pay was often tied... View Details