Publications

01 Nov 2019
Video

Devi Shetty

Devi Shetty, founder of Narayana Health, a major chain of hospitals and health care centers in India headquartered in Bangalore, explains his reasons for deciding to seek equity funding for the company, some of... View Details

October 2007
Article

The Influence of Financial Statement Recognition and Analyst Coverage on the Market's Valuation of R&D Capital

By: Michael D. Kimbrough

Statement of Financial Accounting Standards 141 (SFAS No. 141)'s requirement that an acquirer in a business combination estimate the fair value of the target's separately identifiable assets and liabilities (including research and development capital) provides a rare... View Details

Keywords: Information; Value Creation; Fair Value Accounting; Research and Development; Financial Statements; Capital

June 2005 (Revised May 2008)
Case

Yamanote Kaikan

By: Robin Greenwood, Arthur I Segel and Joshua Katzin

In 2001, James O'Connell, president of Holyoke Japan, an affiliate of Larson Capital, a distress debt private equity firm, wants to bid on a 90 billion yen loan currently in default by the borrower, Sanjo Enterprises, for a popular wedding and banquet facility with an... View Details

Keywords: Borrowing and Debt; Private Equity; Price; Bids and Bidding; Competition; Japan

2014
Other Teaching and Training Material

Entrepreneurship Reading: Financing Entrepreneurial Ventures

By: William R. Kerr, Ramana Nanda and James McQuade

"Financing Entrepreneurial Ventures" introduces students to the key issues involved in the financing of entrepreneurial enterprises. The Reading begins by examining how business models shape external financing requirements. It then contrasts the choice to bootstrap... View Details

24 Nov 2022
News

The term family office is confusing; it needs a new name, says Harvard academic

12 Jun 2019
News

Busy IPO Market Offers Lifeline to Troubled Retailers

February 2000 (Revised April 2005)
Case

Gray Security: Building a South African Services Firm

Describes Gray Security Services, an entrepreneurial South African firm that has recently gone through a financial restructuring with the help of Brait Capital Partners, a private equity firm. Gray provides complete security services to companies in South Africa, other... View Details

Keywords: Initial Public Offering; Entrepreneurship; Equity; Growth and Development Strategy; Service Industry; South Africa

January 2015
Case

Brentwood Associates: Exiting Zoës Kitchen

By: Joan Farre-Mensa and Stephanie Siu

The case discusses the trade-offs associated with the different exit options that private equity firm Brentwood Associates contemplated for its investment in Zoës Kitchen during the summer of 2013: an IPO, a sale to a strategic or financial acquirer, or waiting a few... View Details

Keywords: Finance; Entrepreneurship; Food and Beverage Industry; California

10 Apr 2015
News

General Electric looks to get out of the banking business

April 2011 (Revised April 2012)
Case

Angels in British Columbia

By: Josh Lerner, Thomas Hellmann and Ilkin Ilyaszade

The case study provides an overview of the angel investment practices and describes government policies towards angel and venture capital investing in British Columbia, Canada. It focuses in particular on the Equity Capital Program (BCECP henceforth), which provides... View Details

Keywords: Venture Capital; Private Equity; Investment; Policy; Taxation; Performance Improvement; Programs; British Columbia

March 1992 (Revised June 1992)
Case

Thermo Electron Corp.

By: Carliss Y. Baldwin

George Hatsopoulos, CEO at Thermo Electron Corp., is considering whether to issue shares in a subsidiary via an initial public offering (IPO). The company has developed an unusual corporate structure in which subsidiaries fund new ventures by raising debt and equity in... View Details

Keywords: Financial Management; Business Subsidiaries; Resource Allocation; Valuation; Organizational Structure; Business Headquarters; Initial Public Offering; Capital Structure; Capital Markets; Financial Strategy; Corporate Finance; Semiconductor Industry; Technology Industry

10 Nov 2010
News

A New Era for Raiders

October 2006 (Revised September 2014)
Case

Summit Partners - The FleetCor Investment (A)

By: Michael J. Roberts

Part of a 3-case series in which students get to see the unfolding of due diligence on private equity (buy out) deal. In this, the A case, the deal team has negotiated a letter of intent with FleetCor, a firm that operates a fuel payment network for vehicle fleets.... View Details

Keywords: Negotiation Preparation; Private Equity; Leveraged Buyouts; Investment; Negotiation Offer; Service Industry

October 2019
Case

Hony Capital and Jushi Group

By: Josh Lerner, Shai Bernstein and Ann Leamon

Hony Capital, a multi-billion dollar private equity firm based in China, is investing in a subsidiary of Jushi Group, a Chinese company that is one of the world's largest fiberglass producers. The specific project will build a plant in the United States. In this case,... View Details

Keywords: Real Estate; Investing; Fundraising; Manufacturing; Private Equity; Asset Management; Finance; Investment; Venture Capital; China; United States

23 Oct 2012
First Look

First Look: October 23

Equity Investing Authors:Lily H. Fang, Victoria Ivashina, and Josh Lerner Abstract Bank-affiliated private equity (PE) groups account for 30% of all PE investments. These... View Details

Keywords: Sean Silverthorne

Archie L. Jones

Archie Jones is a Senior Lecturer in the Entrepreneurial Management Unit at the Harvard Business School, where he currently teaches Venture Capital and Private Equity, Field... View Details

April 2006 (Revised October 2006)
Case

Chrysanthemum and Dragon: JAFCO Asia in China

By: Rawi E. Abdelal and David Lane

In the autumn of 2002, JAFCO Asia, a subsidiary of JAFCO Co., Ltd., became the first foreign private equity firm to open an office in Beijing's Haidian Science Park. JAFCO was the only Japanese private equity firm operating in China. As such, Managing Director Vincent... View Details

Keywords: History; International Relations; Business and Shareholder Relations; Business and Government Relations; Expansion; Market Entry and Exit; Performance Effectiveness; Foreign Direct Investment; Business Strategy; Financial Services Industry; China; Beijing; Japan

February 2008 (Revised March 2011)
Case

Sandhar Technologies Group, Ltd.

By: G. Felda Hardymon and Ann Leamon

Jayant Davar, CEO and founder of Sandhar Technologies Group, a privately held auto components maker in India, is trying to decide how best to grow the company. He recently took a $22 million investment from Actis Capital, a major emerging markets private equity firm,... View Details

Keywords: Private Equity; Business Growth and Maturation; Competitive Advantage; Entrepreneurship; Mergers and Acquisitions; Emerging Markets; Growth and Development Strategy; Manufacturing Industry; Auto Industry; India

Find at Harvard

September 1998 (Revised July 1999)
Case

Spyder Active Sports, Inc. and CHB Capital Partners (A)

By: John A. Davis, Louis B. Barnes and Peter K. Botticelli

After establishing a small but profitable skiwear business, an entrepreneur decides to sell a minority stake in the firm to outside investors. His goal is to acquire the capital needed to grow the business, even though this will entail a substantial transformation of... View Details

Keywords: Organizational Change and Adaptation; Private Equity; Family Business; Business Growth and Maturation; Entrepreneurship; Apparel and Accessories Industry; Sports Industry