Publications
Publications
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- All HBS Web
(3,230)
- Faculty Publications (726)
- Article
Does Legal Enforcement Affect Financial Transactions?: The Contractual Channel in Private Equity
By: Josh Lerner and Antoinette Schoar
- December 2004 (Revised May 2006)
- Case
Pacific Salmon Company, Inc.
By: Nabil N. El-Hage, Kenneth A. Froot and Christopher Edward James Payton
RRR, a $1 billion private equity fund, is trying to decide how much to bid for Pacific Salmon Inc. and how to finance the acquisition. View Details
- October 2004 (Revised July 2005)
- Case
Kinetic Concepts, Inc.
By: Jay W. Lorsch, Dwight B. Crane and Ashley Robertson
Raises issues about how the nature and function of a board changes as a company moves from ownership by its employees, including the founder, to ownership by a private equity firm, Fremont Partners, culminating in a highly successful IPO. Gives students the opportunity... View Details
- September 2004
- Teaching Note
Between a Rock and a Hard Place: Valuation and Distribution in Private Equity (TN)
By: G. Felda Hardymon, Josh Lerner and Ann Leamon
Teaching Note to (9-803-161). View Details
- September 2004
- Teaching Note
Montagu Private Equity (A) and (B) TN
By: Josh Lerner, G. Felda Hardymon and Ann Leamon
Teaching Note to (9-804-051) and (9-804-151). View Details
- July 2004 (Revised June 2005)
- Case
Digitas (A)
By: Jay W. Lorsch and Ashley Robertson
Raises issues about how the nature and function of a board changes as its company moves from ownership by its employees (including the founder) to ownership by a private equity firm, Hellman & Friedman, to public ownership. Teaching Purpose: To consider changes in... View Details
- July 2004 (Revised July 2004)
- Case
Man Group plc
By: Andre F. Perold and Herve Duteil
In 2004, Man Group was the world's largest packager and distributor of investment vehicles tied to hedge funds. The firm had an equity market capitalization of $10 billion and funds under management of $38 billion. Man's offerings spanned a wide range of risk/reward... View Details
- April 2004 (Revised April 2004)
- Case
Montagu Private Equity (B)
By: G. Felda Hardymon, Josh Lerner and Ann Leamon
Supplements the (A) case. View Details
- April 2004
- Article
The Illiquidity Puzzle: Theory and Evidence from Private Equity
By: Josh Lerner and Antoinette Schoar
- March 2004 (Revised May 2005)
- Case
Shurgard Self-Storage: Expansion to Europe
By: Richard G. Hamermesh and Indra Reinbergs
Shurgard, a U.S.-based firm that rents storage facilities to consumers and small businesses, is considering financing options for rapid expansion of its European operations. Five years after entering Europe, Shurgard Europe has opened 17 facilities in Belgium, France,... View Details
- January 2004 (Revised May 2004)
- Case
Montagu Private Equity (A)
By: G. Felda Hardymon, Josh Lerner and Ann Leamon
Describes the dilemma facing Chris Masterson, the head of HSBC's private equity division, in negotiating this team's buyout of its organization from HSBC, its corporate parent since 1992. Discusses the pros and cons of being a captive fund and the delicate balance... View Details
- January 2004 (Revised March 2004)
- Case
Redesigning Sovereign Debt Restructuring Mechanisms
By: Mihir A. Desai, Christina Pham, Julia Stevens and Kathleen Luchs
How should the debt of sovereign countries be restructured when countries approach default? Anne O. Krueger of the International Monetary Fund (IMF) is proposing a new approach to sovereign defaults: the Sovereign Debt Restructuring Mechanism (SDRM). The SDRM would... View Details
- January 2004
- Case
Bob Holgrom and the Buyout of the Carlson Division
By: Thomas R. Piper
The head of the Carlson Division stands to benefit substantially in financial terms if a private equity firm wins the bid for the division. The division is in the early stages of a performance turnaround, with only three quarters of profit improvement and no audited... View Details
- 2004
- Working Paper
Judging Fund Managers by the Company They Keep
By: Randolph Cohen, Joshua Coval and Luboš Pástor
We develop a performance evaluation approach in which a fund manager's skill is judged by the extent to which his investment decisions resemble the decisions of managers with distinguished performance records. The proposed performance measures are estimated more... View Details
- December 2003 (Revised May 2004)
- Case
Grove Street Advisors
By: G. Felda Hardymon, Josh Lerner, Ann Leamon and Frank Angella
Grove Street Advisors, a manager of customized private equity investment products, has been very successful in its first five years. To grow, the group must decide whether to target smaller organizations, revive its coinvestment efforts, or enter the highly competitive... View Details
- November 2003 (Revised February 2011)
- Case
Sanford C. Bernstein: The Fork in the Road (A)
By: Boris Groysberg and Anahita Hashemi
Soon after the death of the firm's legendary founder, the individuals then serving as chairman and as president--Lewis A. Sanders and Roger Hertog, respectively--talked about the future of their firm. Sanford C. Bernstein & Co., a private investment firm, had grown... View Details
- September 2003 (Revised March 2004)
- Case
Yale University Investments Office: June 2003
By: Josh Lerner
The Yale Investments Office must decide whether to continue to allocate the bulk of the university's endowment to illiquid investments--hedge funds, private equity, real estate, and so forth. Considers the risks and benefits of a different asset allocation strategy.... View Details
- September 2003
- Case
Valuing a Cross-Border LBO: Bidding on the Yell Group
By: Mihir A. Desai, Paolo Notarnicola and Mark Veblen
A team of private equity investors must value the leveraged buyout of a Yellow Pages business that operated in both the United States and the United Kingdom. In the process, they must wrestle with issues of how to conduct cross-border valuations and how to value a... View Details