Publications

October 2016 (Revised October 2017)
Case

Misaki Capital and Sangetsu Corporation

By: Ian Gow, Charles C.Y. Wang, Naoko Jinjo and Nobuo Sato

Japan’s corporate culture has traditionally prioritized the interests of stakeholders such as customers, employees, and suppliers over those of shareholders. After a decades-long economic slump, Japan’s government has revitalized efforts to improve corporate governance... View Details

Keywords: Activist Investing; Constructivist Investing; Japan; Valuation; Stock Screens; Return On Equity; Investment; Business and Stakeholder Relations; Corporate Governance; Financial Strategy; Business and Shareholder Relations; Japan

January 2014
Case

Barclays Bank and Contingent Capital Notes, 2012

By: Lucy White and Trent Kim

In 2012, regulatory changes following the financial crisis mean that Barclays Bank is faced with the need to raise large amounts of capital in order to comply with increased capital requirements, tightening rules as to the "quality of capital," and increased risk... View Details

Keywords: Financial Instruments; Investment Banking; Capital; Banking Industry

April 2023
Technical Note

Venture Capital Firms: What Drives Success?

By: Jo Tango and Alys Ferragamo

With the rapid growth of venture capital (“VC”) in recent decades, we might wonder: who succeeds at VC and why? This is a complicated question, as many factors come into play. VC partnerships are comprised of individual investors with varying backgrounds, experiences,... View Details

Keywords: Venture Capital; Investment; Success

26 Jan 2004
Research & Ideas

How Women Can Get More Venture Capital

hypothesis that if there were more women who were venture capitalists then there would be more points of intersection with women entrepreneurs. In our research using information from 1995 and 2000, we documented all the women in the... View Details

Keywords: by Mallory Stark & Martha Lagace

March 2022
Article

Gender Gaps in Venture Capital Performance

By: Paul A. Gompers, Vladimir Muhkarlyamov, Emily Weisburst and Yuhai Xuan

We explore gender differences in performance in a comprehensive sample of venture capital investments in the United States. Investments by female venture capital investors have significantly lower success rates than investments by their male colleagues when controlling... View Details

Keywords: Venture Capital; Investment; Performance; Gender

November 1994 (Revised March 1995)
Background Note

Capital Projects as Real Options: An Introduction

By: Timothy A. Luehrman

Introduces a framework for evaluating corporate investment projects as call options. Presumes readers are familiar with basic option pricing and basic capital budgeting rules. Explains the motivation for viewing projects as options; presents a mapping between a capital... View Details

Keywords: Financial Instruments; Capital Budgeting; Corporate Finance

August 2015
Article

Cost Conscious? The Neural and Behavioral Impact of Price Primacy on Decision-Making

By: Uma R. Karmarkar, Baba Shiv and Brian Knutson

Price is a key factor in most purchases, but it can be presented at different stages of decision making prior to a purchase. We examine the sequence-dependent effects of price and product information on the decision-making process at both neural and behavioral levels.... View Details

Keywords: fMRI; Retail Promotion; Purchase Decisions; Price; Value; Decision Choices and Conditions; Consumer Behavior; Product Marketing; Retail Industry

1990
Other Unpublished Work

The High Price of Land and the Low Cost of Capital: Theory and Evidence from Japan

By: David S. Scharfstein, Anil Kashyap and David Weil

Keywords: Cost of Capital; Japan

2013
Working Paper

Debating the Responsibility of Capitalism in Historical and Global Perspective

By: Geoffrey Jones

This working paper examines the evolution of concepts of the responsibility of business in a historical and global perspective. It shows that from the nineteenth century American, European, Japanese, Indian and other business leaders discussed the responsibilities of... View Details

SSRN

December 2022 (Revised August 2023)
Case

Ribbit Capital and the Gauntlet Investment Opportunity

By: Shai Bernstein and Allison M. Ciechanover

Ten-year-old, Palo Alto-based Ribbit Capital is best-known for its global investments in fintech. The firm was also an early advocate of crypto and blockchain, having invested in more than two dozen startups in the space in the past decade. In the Spring of 2022,... View Details

Keywords: Alternative Assets; Cryptocurrency; Business Startups; Investment Portfolio; Decision Choices and Conditions; Negotiation Deal; Governing Rules, Regulations, and Reforms; Venture Capital; Financial Services Industry; California

July 2020
Supplement

CSL Capital Management: Patriot Proppants (B)

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 ("greenfield") energy service businesses that serve... View Details

Keywords: Investment; Renewable Energy; Decision Making

January 1992
Teaching Note

Note on the Theory of Optimal Capital Structure TN

By: William E. Fruhan Jr.

Teaching Note for (9-279-069). View Details

Article

Productivity and Selection of Human Capital with Machine Learning

By: Aaron Chalfin, Oren Danieli, Andrew Hillis, Zubin Jelveh, Michael Luca, Jens Ludwig and Sendhil Mullainathan

Keywords: Analytics and Data Science; Selection and Staffing; Performance Productivity; Mathematical Methods; Policy

April 2025
Article

Skill Dependencies Uncover Nested Human Capital

By: Moh Hosseinioun, Frank Neffke, Letian Zhang and Hyejin Youn

Modern economies require increasingly diverse and specialized skills, many of which depend on the acquisition of other skills first. Here we analyse US survey data to reveal a nested structure within skill portfolios, where the direction of dependency is inferred... View Details

Keywords: Competency and Skills; Human Capital; Personal Development and Career; Equality and Inequality; Analytics and Data Science

January 1996
Article

Reducing the Cost of Demand Uncertainty through Accurate Response to Early Sales

By: A. Raman and M. Fisher

Keywords: Cost; Risk and Uncertainty; Sales

2005
Other Unpublished Work

Venture Capital Investment Cycles: The Role of Experience and Specialization

By: P. Gompers, Anna R. Kovner, Josh Lerner and David S. Scharfstein

Keywords: Venture Capital

2018
Working Paper

Coordination Frictions in Venture Capital Syndicates

By: Ramana Nanda and Matthew Rhodes-Kropf

An extensive literature on venture capital has studied asymmetric information and agency problems between investors and entrepreneurs, examining how separating entrepreneurs from the investor can create frictions that might inhibit the funding of good projects. It has... View Details

Keywords: Syndication; Venture Capital; Networks; Entrepreneurship

SSRN

February 2024 (Revised May 2025)
Case

Shore Capital Partners: The Next Ten Years

By: Boris Groysberg and Kerry Herman

Private equity firm Shore Capital Partners is at an inflection point, after 12 years of phenomenal growth and success. Now, as the partners consider options, should Shore remain micro-cap focused, or move into more mid-cap investments? Should Shore hold investments... View Details

Keywords: Organizational Change and Adaptation; Strategy; Financial Services Industry