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  • February 2006 (Revised June 2007)
  • Case

Brazos Partners and Cheddar's Inc.

By: G. Felda Hardymon, Josh Lerner and Ann Leamon
Randall Fojtasek, a partner at Brazos Private Equity Partners, must decide whether to invest more money in Cheddar's restaurant chain, which the firm invested in 10 months earlier. The incremental investment would fund a real estate subsidiary that would own the... View Details
Keywords: Negotiation Deal; Price; Partners and Partnerships; Management; Investment; Leadership; Business Subsidiaries; Stocks
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  • January 2018
  • Article

The Globalization of Angel Investments: Evidence Across Countries

By: Josh Lerner, Antoinette Schoar, Stanislav Sokolinski and Karen Wilson
This paper examines investments made by 13 angel groups across 21 countries. We compare applicants just above and below the funding cutoff and find that these angel investors have a positive impact on the growth, performance, and survival of firms as well as their... View Details
Keywords: Entrepreneurship; Globalization; Investment; Business Startups
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  • July 2012
  • Article

The Real Consequences of Market Segmentation

By: Sergey Chernenko and Adi Sunderam
We study the real effects of market segmentation due to credit ratings using a matched sample of firms just above and just below the investment-grade cutoff. These firms have similar observables, including average investment rates. However, flows into high-yield mutual... View Details
Keywords: Segmentation; Credit; Investment; Investment Funds; Quality; Markets; Measurement and Metrics; Business Ventures
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    Lauren H. Cohen

    Lauren Cohen is the L.E. Simmons Professor in the Finance & Entrepreneurial Management Units at Harvard Business School and a Research Associate at the National Bureau of Economic Research. He is an Editor of the Review of Financial... View Details

    Keywords: investment banking industry; investment banking industry; investment banking industry; investment banking industry; investment banking industry; investment banking industry
    • 24 May 2017
    • News

    One Trick for Getting Bosses to Buy In to Your Idea

    • 2022
    • Working Paper

    How Do Investors Value ESG?

    By: Malcolm Baker, Mark Egan and Suproteem K. Sarkar
    Environmental, social, and governance (ESG) objectives have risen to near the top of the agenda for corporate executives and boards, driven in large part by their perceptions of shareholder interest. We quantify the value that shareholders place on ESG using a revealed... View Details
    Keywords: Investment; Investment Portfolio; Corporate Social Responsibility and Impact; Business and Shareholder Relations; Environmental Sustainability; Governance; Financial Services Industry; United States
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    • January 1985
    • Case

    Business Research Corp. (A)

    By: William A. Sahlman
    Contains a description of a decision confronting an entrepreneur: which of two investment proposals should he accept to fund the creation and marketing of a database that comprises the full text of research reports produced by Wall Street investment banking firms? The... View Details
    Keywords: Strategy; Cost vs Benefits; Valuation; Investment Banking; Negotiation Participants; Negotiation Deal; Financing and Loans; Financial Strategy; Corporate Finance; Service Industry
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    • August 2013 (Revised November 2015)
    • Case

    Prudential Financial - General Motors Pension Risk Transfer: Back to the Future?

    By: Luis M. Viceira and Emily A. Chien

    In November 2012, Prudential Financial and General Motors closed on a $25.1B pension risk transfer (PRT) transaction, the largest of its kind to date by an order of magnitude both in the U.S. market and globally. In exchange for an in-kind transfer of $25.1B in... View Details

    Keywords: Risk Management; Asset Management; Insurance; Retirement; Financial Services Industry; Insurance Industry
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    • Working Paper

    Measuring the Perceived Liquidity of the Corporate Bond Market

    By: Sergey Chernenko and Adi Sunderam
    We propose a novel measure of bond market liquidity that does not depend on transaction data: the strength of the cross-sectional relationship between mutual fund cash holdings and fund flow volatility. Our measure captures how liquid funds perceive their portfolio... View Details
    Keywords: Bond Market; Bonds; Financial Liquidity; Measurement and Metrics
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    • March 2017 (Revised November 2021)
    • Case

    Floodgate: On the Hunt for Thunder Lizards

    By: Rory McDonald, Alix Burke, Emma Franking and Nicole Tempest
    Founded in 2008, Floodgate pioneered the “micro-VC” category, a new type of investment firm that raised smaller funds and made earlier, smaller investments in technology startups than traditional venture-capital firms. By 2015, Floodgate had raised three funds totaling... View Details
    Keywords: Innovation; Business Models; Angel Investors; Crowdfunding; Incubators; Accelerators; Entrepreneurship; Venture Capital; Business Startups; Information Technology; Business Model; Innovation and Invention; Competitive Strategy
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    • 2010
    • Working Paper

    A Behavioral Model of Demandable Deposits and Its Implications for Financial Regulation

    By: Julio J. Rotemberg
    A model is developed that rationalizes contracts that give depositors the right to obtain funds on demand even when depositors intend to use these funds for consumption in the future. This is explained by depositor overoptimism regarding their own ability to collect... View Details
    Keywords: Banks and Banking; Insurance; Governing Rules, Regulations, and Reforms; Policy; Consumer Behavior; Financial Services Industry
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    • 14 Apr 2009
    • First Look

    First Look: April 14, 2009

    Working Papers The Investment Strategies of Sovereign Wealth Funds Authors: Shai Bernstein, Josh Lerner, and Antoinette Schoar Abstract This paper examines the direct private equity View Details
    Keywords: Martha Lagace
    • 2010
    • Chapter

    The Financing of R&D and Innovation

    By: Bronwyn H. Hall and Josh Lerner
    Evidence on the “funding gap” for investment innovation is surveyed. The focus is on financial market reasons for underinvestment that exist even when externality-induced underinvestment is absent. We conclude that while small and new innovative firms experience high... View Details
    Keywords: Research and Development; Innovation and Invention; Venture Capital; Corporate Finance
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    • 20 Oct 2010
    • Working Paper Summaries

    Financing Risk and Bubbles of Innovation

    Keywords: by Ramana Nanda & Matthew Rhodes-Kropf; Financial Services
    • August 2022 (Revised November 2022)
    • Case

    Altos Ventures (A)

    By: Jo Tango and Alys Ferragamo
    In December 2012, Altos Ventures General Partners Han Kim, Anthony Lee, and Ho Nam met to discuss the future of the firm. Altos had already adjusted its strategy multiple times. It began as a U.S.-focused venture capital investor whose first two funds were backed by a... View Details
    Keywords: Strategic Planning; Venture Capital; Investment Portfolio; Partners and Partnerships
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    • July 2020
    • Case

    CSL Capital Management: Patriot Proppants (A)

    By: Victoria Ivashina and Yury Kapko
    This two-part case series follows CSL Capital’s 2009 investment in the greenfield manufacturing company, Patriot Proppants. CSL, a recently established investment firm, employs a unique investment model, funding new ("green field") energy service businesses that serve... View Details
    Keywords: Investment; Renewable Energy; Business Model; Decision Making
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    • October 2010 (Revised June 2014)
    • Case

    Volkswagen do Brasil: Driving Strategy with the Balanced Scorecard

    By: Robert S. Kaplan and Ricardo Reisen de Pinho
    A new management team at VW do Brazil develops and deploys a strategy map and Balanced Scorecard to accomplish a turnaround and cultural change after eight consecutive years of financial losses and market share declines. The team uses the strategy map to align... View Details
    Keywords: Business Cycles; Developing Countries and Economies; Management Teams; Leadership; Balanced Scorecard; Strategic Planning; Balance and Stability; Motivation and Incentives; Communication Strategy; Competitive Advantage; Auto Industry; Brazil; Germany
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    • September 2016 (Revised December 2018)
    • Case

    Joan Bavaria and Multi-Dimensional Capitalism

    By: Geoffrey Jones and Seema Amble
    The case examines the career of Joan Bavaria, a pioneer of socially responsible investing and founder of Trillium Asset Management and Ceres, the nonprofit organization advocating for sustainability leadership. It describes her personal journey from art student and... View Details
    Keywords: Integrated Corporate Reporting; Corporate Social Responsibility and Impact; Personal Development and Career
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    • January 2014
    • Case

    Maricopa, Inc.: Finding the Right Treatment for Growth

    By: William A. Sahlman, Thomas R. Eisenmann, Joseph B. Fuller and Shikhar Ghosh

    The founders of Maricopa, Inc., a startup that sold proprietary hair-care products directly to salons, were preparing a board presentation to address the young company's inability to meet financial projections. While the products had caught on with customers, the... View Details

    Keywords: Business Startups; Financial Condition; Venture Capital; Financial Strategy; Financing and Loans; Expansion; Planning; Fashion Industry; Iowa
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    • September 2016 (Revised August 2018)
    • Case

    State Street—The Development and Growth of SHE

    By: Vikram Gandhi
    State Street Global Advisors was the investment arm of State Street Corporation, one of the largest custodians and asset managers in the world with over $2.3 trillion in assets under management. Inspired by demand from a large pension fund client for better gender... View Details
    Keywords: ETF; Asset Management; Financial Services Industry
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