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Publications

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    • All HBS Web  (329)
      • Faculty Publications  (104)

      by Victoria Ivashina and Josh LernerRemove by Victoria Ivashina and Josh Lerner →

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      • 2015
      • Working Paper

      Lost in the Clouds: The Impact of Changing Property Rights on Investment in Cloud Computing Ventures

      By: Josh Lerner and Greg Rafert
      Our analysis seeks to understand the impact of changing allocations of property rights on investment in new firms. We focus on the Cartoon Network, et al. v. Cablevision decision in the U.S., which narrowed the protection enjoyed by content creators (e.g., movie... View Details
      Keywords: Technological Innovation; Venture Capital; Internet and the Web; Entrepreneurship; Investment; Copyright
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      Lerner, Josh, and Greg Rafert. "Lost in the Clouds: The Impact of Changing Property Rights on Investment in Cloud Computing Ventures." Harvard Business School Working Paper, No. 15-082, April 2015.
      • Article

      The Disintermediation of Financial Markets: Direct Investing in Private Equity

      By: Lily Fang, Victoria Ivashina and Josh Lerner
      We examine twenty years of direct private equity investments by seven large institutions. These direct investments perform better than public market indices, especially buyout investments and those made in the 1990s. Outperformance by the direct investments, however,... View Details
      Keywords: Financial Intermediation; Direct Investment; Co-investment; Private Equity; Entrepreneurship; Financial Markets
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      Fang, Lily, Victoria Ivashina, and Josh Lerner. "The Disintermediation of Financial Markets: Direct Investing in Private Equity." Journal of Financial Economics 116, no. 1 (April 2015): 160–178.
      • December 2014
      • Article

      Private Equity, Jobs, and Productivity

      By: Steven J. Davis, John Haltiwanger, Kyle Handley, Ron Jarmin, Josh Lerner and Javier Miranda
      Private equity critics claim that leveraged buyouts bring huge job losses. To investigate this claim, we construct and analyze a new dataset that covers U.S. private equity transactions from 1980 to 2005. We track 3,200 target firms and their 150,000 establishments... View Details
      Keywords: Private Equity; Leveraged Buyouts; Performance Productivity; Jobs and Positions; United States
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      Davis, Steven J., John Haltiwanger, Kyle Handley, Ron Jarmin, Josh Lerner, and Javier Miranda. "Private Equity, Jobs, and Productivity." American Economic Review 104, no. 12 (December 2014): 3956–3990. (Earlier versions distributed as National Bureau of Economic Research Working Paper No. 17399 and Harvard Business School Working Paper No. 12-033.) (Originally called "Private Equity and Employment.")
      • December 2014
      • Other Article

      Private Equity, Jobs, and Productivity—Online Appendix

      By: Steven J. Davis, John Haltiwanger, Kyle Handley, Ron Jarmin, Josh Lerner and Javier Miranda
      Private equity critics claim that leveraged buyouts bring huge job losses. To investigate this claim, we construct and analyze a new dataset that covers U.S. private equity transactions from 1980 to 2005. We track 3,200 target firms and their 150,000 establishments... View Details
      Keywords: Job Cuts and Outsourcing; Private Equity; Performance Productivity
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      Davis, Steven J., John Haltiwanger, Kyle Handley, Ron Jarmin, Josh Lerner, and Javier Miranda. "Private Equity, Jobs, and Productivity—Online Appendix." American Economic Review 104, no. 12 (December 2014).
      • 2014
      • Working Paper

      Financial Repression in the European Sovereign Debt Crisis

      By: Bo Becker and Victoria Ivashina
      By the end of 2013, the share of government debt held by the domestic banking sectors of Eurozone countries was more than twice its 2007 level. We show that this type of increasing reliance on the domestic banking sector for absorbing government bonds generates a... View Details
      Keywords: Credit Cycles; Sovereign Debt; Financial Repression; Sovereign Finance; Greece
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      Becker, Bo, and Victoria Ivashina. "Financial Repression in the European Sovereign Debt Crisis." Working Paper, April 2014.
      • March 2014
      • Article

      Cyclicality of Credit Supply: Firm Level Evidence

      By: Bo Becker and Victoria Ivashina
      Theory predicts that there is a close link between bank credit supply and the evolution of the business cycle. Yet fluctuations in bank-loan supply have been hard to quantify in the time series. While loan issuance falls in recessions, it is not clear if this is due to... View Details
      Keywords: Business Cycles; Borrowing and Debt; Credit; Banks and Banking; Bonds; Financial Markets; Financing and Loans; Banking Industry
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      Becker, Bo, and Victoria Ivashina. "Cyclicality of Credit Supply: Firm Level Evidence." Journal of Monetary Economics 62 (March 2014): 76–93.
      • February 28, 2014
      • Article

      A Better Route to Tech Standards

      By: Josh Lerner and Jean Tirole
      Technological standards are ubiquitous, whether they allow consumers to communicate seamlessly across wireless networks or manufacturers to procure goods across complex global supply chains. These standards—shaped by standard-setting organizations (SSOs) and... View Details
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      Lerner, Josh, and Jean Tirole. "A Better Route to Tech Standards." Science 343, no. 6174 (February 28, 2014): 972–973.
      • January 2014
      • Article

      The Consequences of Entrepreneurial Finance: Evidence from Angel Financings

      By: William R. Kerr, Josh Lerner and Antoinette Schoar
      This paper documents that ventures that are funded by two successful angel groups experience superior outcomes to rejected ventures: they have improved survival, exits, employment, patenting, web traffic, and financing. We use strong discontinuities in angel funding... View Details
      Keywords: Business Ventures; Financing and Loans; Interests; Employment; Patents; Internet and the Web; Operations; Entrepreneurship; Business Exit or Shutdown
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      Kerr, William R., Josh Lerner, and Antoinette Schoar. "The Consequences of Entrepreneurial Finance: Evidence from Angel Financings." Review of Financial Studies 27, no. 1 (January 2014): 20–55.
      • 2013
      • Chapter

      Discussion of "Industrial Policies, the Creation of a Learning Society, and Economic Development" by Bruce Greenwald and Stiglitz Stiglitz

      By: Josh Lerner
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      Lerner, Josh. Discussion of "Industrial Policies, the Creation of a Learning Society, and Economic Development" by Bruce Greenwald and Stiglitz Stiglitz. In The Industrial Policy Revolution I: The Role of Government Beyond Ideology. no. 151-1, edited by Joseph E. Stiglitz and Justin Lin Yifu. IEA Conference Volume. London: Palgrave Macmillan, 2013.
      • October 2013 (Revised November 2013)
      • Case

      Blackstone and the Sale of Citigroup's Loan Portfolio

      By: Victoria Ivashina and David Scharfstein
      The credit boom that preceded the 2007-2009 financial crisis led to several lending practices that exposed banks to large risks. In particular, when the financial crisis unraveled, there were several billion dollars' worth of leveraged buyout (LBO) loans that were... View Details
      Keywords: Restructuring; Private Equity; Insolvency and Bankruptcy; Credit Derivatives and Swaps; Financial Markets; Investment; Banking Industry; Financial Services Industry
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      Ivashina, Victoria, and David Scharfstein. "Blackstone and the Sale of Citigroup's Loan Portfolio." Harvard Business School Case 214-037, October 2013. (Revised November 2013.)
      • October 2013
      • Supplement

      Oaktree and the Restructuring of CIT Group (B)

      By: Victoria Ivashina and David Scharfstein
      This supplement presents the actual terms of the rescue financing provided by a group of private investors to CIT. It is intended to be distributed at the end of the discussion of "Oaktree and the Restructuring of CIT Group (A)" (HBS No. 214-035) and can be used as... View Details
      Keywords: Private Equity; Restructuring; Financial Services Industry
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      Ivashina, Victoria, and David Scharfstein. "Oaktree and the Restructuring of CIT Group (B)." Harvard Business School Supplement 214-036, October 2013.
      • October 2013
      • Article

      Corporate Venturing

      By: Josh Lerner
      For decades, large companies have been wary of corporate venturing. But as R&D organizations face pressure to rein in costs and produce results, companies are investing in promising start-ups to gain knowledge and agility. The logic of corporate venturing is... View Details
      Keywords: Venture Capital; Knowledge Acquisition; Corporate Strategy; Research and Development; Business Startups; Innovation and Invention
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      Lerner, Josh. "Corporate Venturing." Harvard Business Review 91, no. 10 (October 2013): 86–94.
      • October 2013
      • Article

      With a Little Help from My (Random) Friends: Success and Failure in Post-Business School Entrepreneurship

      By: Josh Lerner and Ulrike Malmendier
      To what extent do peers affect our occupational choices? This question has been of particular interest in the context of entrepreneurship and policies to create a favorable environment for entry. Such influences, however, are hard to identify empirically. We exploit... View Details
      Keywords: Behavior; Entrepreneurship; Attitudes; Relationships; Cognition and Thinking
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      Lerner, Josh, and Ulrike Malmendier. "With a Little Help from My (Random) Friends: Success and Failure in Post-Business School Entrepreneurship." Review of Financial Studies 26, no. 10 (October 2013): 2411–2452. (Earlier versions distributed as National Bureau of Economic Research Working Paper No. 16918 and Harvard Business School Working Paper No. 11-108.)
      • September 2013
      • Article

      Combining Banking with Private Equity Investing

      By: Lily H. Fang, Victoria Ivashina and Josh Lerner
      Bank-affiliated private equity groups account for 30% of all private equity investments. Their market share is highest during peaks of the private equity market, when the parent banks arrange more debt financing for in-house transactions yet have the lowest exposure to... View Details
      Keywords: Regulation; Private Equity; Leveraged Buyouts; Banks and Banking; Banking Industry
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      Fang, Lily H., Victoria Ivashina, and Josh Lerner. "Combining Banking with Private Equity Investing." Review of Financial Studies 26, no. 9 (September 2013): 2139–2173.
      • 2013
      • Working Paper

      Combining Banking with Private Equity Investing

      By: Lily Fang, Victoria Ivashina and Josh Lerner
      Bank-affiliated private equity groups account for 30% of all private equity investments. Their market share is highest during peaks of the private equity market, when the parent banks arrange more debt financing for in-house transactions yet have the lowest exposure to... View Details
      Keywords: Private Equity; Banks and Banking; Banking Industry; Financial Services Industry
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      Fang, Lily, Victoria Ivashina, and Josh Lerner. "Combining Banking with Private Equity Investing." NBER Working Paper Series, No. 19300, August 2013.
      • Spring 2013
      • Article

      The Investment Strategies of Sovereign Wealth Funds

      By: Shai Bernstein, Josh Lerner and Antoinette Schoar
      This paper examines the direct private equity investment strategies across sovereign wealth funds (SWFs) and their relationship to the funds' organizational structures. SWFs seem to engage in a form of trend chasing, since they are more likely to invest at home when... View Details
      Keywords: Sovereign Finance; Strategy; Investment Funds
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      Bernstein, Shai, Josh Lerner, and Antoinette Schoar. "The Investment Strategies of Sovereign Wealth Funds." Journal of Economic Perspectives 27, no. 2 (Spring 2013): 219–238.
      • 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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      Lerner, Josh, and Kristle Romero-Cortes. "Bridging the Gap? Government Subsidized Lending and Access to Capital." Review of Corporate Finance Studies 2, no. 1 (March 2013): 98–128.
      • December 2012
      • Article

      Inducement Prizes and Innovation

      By: Liam Brunt, Josh Lerner and Tom Nicholas
      We examine the effect of prizes on innovation using data on awards for technological development offered by the Royal Agricultural Society of England at annual competitions between 1839 and 1939. We find that the effects of prizes on competitive entry are large, and we... View Details
      Keywords: Motivation and Incentives; Patents; Innovation and Invention; Information Technology; Growth and Development; England
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      Brunt, Liam, Josh Lerner, and Tom Nicholas. "Inducement Prizes and Innovation." Journal of Industrial Economics 60, no. 4 (December 2012): 657–696.
      • November 2012 (Revised January 2014)
      • Case

      HCA, Inc. LBO Exit

      By: Victoria Ivashina
      This case discusses the events following the 2006 $33.2 billion buyout of Hospital Corporation of America (HCA) by a consortium of private equity firms, including Bain Capital, KKR, and Merrill Lynch's private equity arm. The case highlights some of the core features... View Details
      Keywords: Entrepreneurship; Finance; Stockholders; Dividends; Private Equity; Initial Public Offering
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      Ivashina, Victoria. "HCA, Inc. LBO Exit." Harvard Business School Case 813-056, November 2012. (Revised January 2014.)
      • October 2012 (Revised September 2015)
      • Case

      Altoona State Investment Board: July 2012

      By: Josh Lerner and Nathaniel Burbank
      Considers the decision faced by state pension fund manager Rod Calhoun as he decides whether to invest $200 million in Bain Capital's eleventh global buyout fund: Bain Capital Fund XI. For the fund, Bain was offering its limited partners a choice between three... View Details
      Keywords: Management Fees; Bain Capital; Venture Capital; Private Equity; Leveraged Buyouts; Banking Industry; Boston
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      Lerner, Josh, and Nathaniel Burbank. "Altoona State Investment Board: July 2012." Harvard Business School Case 813-100, October 2012. (Revised September 2015.)
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