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Publications
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- Faculty Publications (712)
- October 1996 (Revised April 2011)
- Module Note
Venture Capital and Private Equity: Module III
By: Josh Lerner, G. Felda Hardymon and Ann Leamon
Provides an overview of a module that focuses on existing venture capital and other private equity investments. View Details
- October 1996 (Revised April 2011)
- Module Note
Venture Capital and Private Equity: Module IV
By: Josh Lerner, G. Felda Hardymon and Ann Leamon
Provides an overview of a module that focuses on the adaptation of the private equity model to corporate and nonprofit settings. View Details
- October 1996 (Revised March 1998)
- Case
Schroder Ventures: Launch of the Euro Fund
By: Josh Lerner, Kate Bringham and Nick Ferguson
Schroder Ventures is considering launching a pan-European fund in response to investor demand. This will lead to changes in the interactions between the parent organization and the national affiliates. A related question is the extent to which the private equity model... View Details
- September 1996 (Revised April 1997)
- Case
GO Corporation
By: Josh Lerner, Thomas J. Kosnik, Tarek AbuZayyad and Paul C. Yang
GO faces a crisis in March 1991 when Microsoft announces the introduction of a competing operating system for pen-based computers. GO's managers must work with its venture financers, Kleiner Perkins, to redesign its financing, alliance, and product development... View Details
- September 1996 (Revised October 1996)
- Case
Private Equity Investment in Russia: Alliance Cellulose Limited
By: Andre F. Perold, James Gray and Roberto Mignone
- January 1996
- Case
Transportation Displays Incorporated (C): The Case for a Preemptive Restructuring
By: Stuart C. Gilson, Joel T. Schwartz, Steve Silver and David Stemerman
A company nears the end of a long multiyear turnaround and now must consider how to "cash out" so its management can realize a financial return on investment. The privately held company has several options, including a leveraged ESOP and a leveraged recapitalization. View Details
- January 1996 (Revised November 1997)
- Case
Weston Presidio Offshore Capital: Confronting the Fundraising Challenge
By: Josh Lerner
Weston Presidio Capital encounters substantial difficulties while raising its first fund. The incentives and roles of investment advisors ("gatekeepers") pension funds and consultants are explored. The relationship with lead investors is considered. View Details
- December 1995 (Revised March 1998)
- Case
FOX Venture Partners: Enriching the Private Equity Investor Pool
By: Josh Lerner
FOX Venture Partners (FVP) is a proposed "Fund-of-Funds" that will enable wealthy individuals to invest in venture capital. While several leading venture capitalists are enthusiastic about the concept, FVP's general partners are finding it difficult to invest... View Details
- December 1995 (Revised December 1995)
- Case
Yale University Investments Office
By: Josh Lerner and Jay O. Light
Yale University's investment office was responsible for managing its endowment, which totaled nearly $4 billion in June 1995. Yale had developed a rather different approach to endowment management, including substantial investments in "less efficient" equity markets... View Details
Keywords: Assets; Private Equity; Investment; Investment Return; Management; Markets; Strategy; Education Industry
- November 1995 (Revised October 2000)
- Case
Acme Investment Trust
By: Josh Lerner
Acme Investment Trust is considering investing in a private equity partnership that is seeking only 15% of the profits, instead of the standard 20%. The management fee requested, however, is higher than in its earlier fund. The pension managers must consider the... View Details
- September 1995 (Revised May 1998)
- Case
RogersCasey Alternative Investments: Innovative Response to the Distribution Challenge
By: Josh Lerner
RogersCasey Alternative Investments faces the challenge of managing distributions of stock by the private equity investors in which their clients have invested. These distributed shares appear to behave in complex ways, apparently at odds with market efficiency. A... View Details
- December 1994 (Revised November 1997)
- Background Note
Information Sources About Private Equity
By: Josh Lerner
Provides an overview of key sources of information. View Details
Keywords: Private Equity
- January 1994 (Revised April 2011)
- Background Note
Note on Private Equity Partnership Agreements
By: Josh Lerner
Venture capital by necessity is a long-run investment. Consequently, since the mid-1960s virtually all venture financing has been raised through private partnerships with a ten-year or longer life span. To govern these investments, complex contracts have sprung up... View Details
- September 1992 (Revised March 1993)
- Case
Empresas ICA and the Mexican Road Privatization Program
By: Willis M. Emmons III and Monica Brand
Mexico's largest construction company, Empresas ICA, makes an initial public offering to international equity investors in April 1992 to help fund its participation in an ambitious new private-sector approach to highway development. Under the new program, launched by... View Details
- February 1992 (Revised March 1993)
- Case
Intel Corp.--1992
By: Kenneth A. Froot
Intel Corp., the world's dominant designer and manufacturer of microprocessors (the "brains" of the personal computer), has accumulated a large amount of cash (net of debt). Furthermore, it expects to continue to accumulate cash at an unprecedented rate. Has the... View Details
- October 1990
- Article
Troubled Debt Restructurings: An Empirical Analysis of Private Reorganization of Firms in Default
By: S. C. Gilson, J. Kose and L. H. P. Kang
This study investigates the incentives of financially distressed firms to restructure their debt privately rather than through formal bankruptcy. In a sample of 169 financially distressed companies, about half successfully restructure their debt outside of Chapter 11.... View Details
- June 1984 (Revised July 1999)
- Background Note
Securities Law and Private Financing
By: Howard H. Stevenson and Michael J. Roberts
Describes the issues an entrepreneur faces in the process of raising private funds, and the securities laws which impact the process. Based in part on a note by R.E. Floor of the law firm of Goodwin, Procter & Hoar. View Details
- Article
Inflation and Taxes in a Growing Economy with Debt and Equity
By: M. Feldstein, Jerry R. Green and Eytan Sheshinski
Our tax system was designed for an economy with little or no inflation. The current paper shows that inflation causes capricious changes in the effective rate of tax on capital income and therefore in the real net rate of return that savers receive. This is not only a... View Details
- April 1975 (Revised November 1984)
- Case
Enzone Petroleum Corp.
By: Thomas R. Piper
A large integrated oil company is debating whether to switch from a single hurdle rate to multiple hurdle rates for project analysis purposes. Raises questions on: 1) determination of the cost of equity; 2) the usefulness of multiple hurdle rates to adjust for project... View Details
- Teaching Interest
Demystifying the Family Enterprise
This course is primarily designed for students who are pursuing a career in family run businesses, family owned businesses, investment roles in family offices, or students that might invest in or wholly purchase a family owned business through a private equity firm,... View Details