Publications
Publications
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- All HBS Web
(938)
- Faculty Publications (409)
- September 2018
- Teaching Note
The Case of the Unidentified Ratios
By: Josh Lerner
Teaching Note for HBS No. 812-129. This teaching note provides an introduction to ratio analysis as well as the different financial properties across and within industries. Students are asked to match ratios to a list of industries. View Details
- August 2018 (Revised May 2025)
- Case
Bow & Drape
By: Mark N. Roberge, Natalie Bartlett and Josh Lerner
- 2018
- Working Paper
Some Facts of High-Tech Patenting
By: Michael Webb, Nick Short, Nicholas Bloom and Josh Lerner
Patenting in software, cloud computing, and artificial intelligence has grown rapidly in recent years. Such patents are acquired primarily by large U.S. technology firms such as IBM, Microsoft, Google, and HP, as well as by Japanese multinationals such as Sony, Canon,... View Details
- 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
- December 2017
- Teaching Note
KKR, Ringier Digital, and the Acquisition of Scout24 Switzerland
By: Josh Lerner
Teaching Note for HBS No. 816-059. View Details
- November 2017
- Teaching Note
The Carlyle Group and Axalta
By: Josh Lerner and Alexey Tuzikov
Teaching Note for HBS No. 818-040. View Details
- 2017
- Working Paper
The Use and Misuse of Patent Data: Issues for Corporate Finance and Beyond
By: Josh Lerner
Patents and citations are powerful tools for understanding innovative activity inside the firm and are increasingly used in corporate finance research. But due to the complexities of patent data collection and the changing spatial and industry composition of innovative... View Details
- November 6, 2017
- Article
The Common Traps of Working in Your Family's Business
By: Josh Baron
When your family’s name is on the door, you will never just be one of the gang — and everything you do could be fodder for the office rumor mill. Your actions are amplified because of your status in the company, and even seemingly small gestures can unintentionally... View Details
- September 2017 (Revised October 2017)
- Case
The Carlyle Group and Axalta
By: Josh Lerner and Alexey Tuzikov
- Fall 2017
- Article
An Empirical Analysis of Investment Return Dispersion in Emerging Markets Private Equity
By: Josh Lerner and Mark Baker
The authors use transaction-level data to compare the dispersion of private equity (PE) returns in emerging markets (EMs) to the same in developed markets (DMs). They regress within-market absolute deviation from the mean on an EM indicator and controls. They find... View Details
- 2017
- Chapter
Venture Capital Data: Opportunities and Challenges
By: Steven N. Kaplan and Josh Lerner
This paper describes the available data and research on venture capital investments and performance. We comment on the challenges inherent in those data and research as well as possible opportunities to do better. View Details
- August 2017 (Revised September 2023)
- Case
Altoona State Investment Board & Bain Capital Fund XI
By: Josh Lerner and Ted Berk
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 among three different... View Details
- July 2017
- Case
Centerbridge Partners and Great Wolf Resorts: Buying from a Highly Regarded Competitor
By: Josh Lerner, John D. Dionne and Amram Migdal
The case examines the March 2015 Centerbridge Partners investment decision regarding whether to acquire Great Wolf Resorts, a North American family-oriented indoor water parks and hotel operator, from a private equity (PE) competitor, Apollo Global Management. The case... View Details
Keywords: Private Equity Financing; Commercial Mortgage Backed Securities; CMBS; Secondary Buyouts; Business Ventures; Acquisition; Finance; Borrowing and Debt; Cost; Cost of Capital; Equity; Private Equity; Financial Instruments; Debt Securities; Accommodations Industry; Entertainment and Recreation Industry; Financial Services Industry; North and Central America; United States
- July 2017
- Article
Intellectual Property Rights Protection, Ownership, and Innovation: Evidence from China
By: Lily Fang, Josh Lerner and Chaopeng Wu
Using a difference-in-difference approach, we study how intellectual property right (IPR) protection affects innovation in China in the years around the privatizations of state-owned enterprises (SOEs). Innovation increases after SOE privatizations, and this increase... View Details
Keywords: Patents; Privatization; State Ownership; Trademarks; Copyright; Innovation and Invention; China
- 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
- February 2017
- Teaching Note
Sin Capital and the Fullerton Health IPO
By: Josh Lerner and Ann Leamon
Teaching Note for HBS No. 817-030. View Details
- January 2017 (Revised March 2017)
- Case
SIN Capital and the Fullerton Health IPO
By: Josh Lerner and Ann Leamon
In early 2016, David Sin, founder of the Singapore-based private equity group SIN Capital and chairman of its primary holding, Fullerton Health, was deeply involved in preparations for taking Fullerton public on the Singapore stock exchange. Three years after SIN... View Details
- December 2016
- Simulation
Venture Capital and Private Equity Game
By: Matthew Rhodes-Kropf, Josh Lerner, G. Felda Hardymon and Nathaniel Burbank
The Venture Capital and Private Equity Simulation enables groups of students to play the role of either an early or later stage private equity firm. Within the simulation, students raise funds, search for companies to invest in, complete deals, and manage a portfolio... View Details
- 2016
- Working Paper
Patent Disclosures and Standard-Setting
By: Josh Lerner, Haris Tabakovic and Jean Tirole
A key role of standard setting organizations (SSOs) is to aggregate information on relevant intellectual property (IP) claims before deciding on a standard. This article explores the firms’ strategies in response to IP disclosure requirements—in particular, the choice... View Details
- 2016
- Working Paper
Intellectual Property Rights Protection, Ownership, and Innovation: Evidence from China
By: Lily Fang, Josh Lerner and Chaopeng Wu
Using a difference-in-difference approach, we study how intellectual property right (IPR) protection affects innovation in China in the years around the privatizations of state-owned enterprises (SOEs). Innovation increases after SOE privatizations, and this increase... View Details