Publications
Publications
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- All HBS Web
(5,613)
- Faculty Publications (1,035)
- March 2003 (Revised January 2004)
- Case
CDC Capital Partners: December 2002
By: G. Felda Hardymon, Josh Lerner and Ann Leamon
Paul Fletcher, CEO of CDC Capital Partners, a private equity group investing in the world's poorest countries, is wrestling with questions raised by the imminent reorganization of the firm. Previously an arm of the United Kingdom's international aid agency, CDC is... View Details
- March 2003 (Revised November 2009)
- Case
Hudson Manufacturing Company
By: Paul A. Gompers and Vanessa del Valle Broussard
Concerns the decision by Brett Keith and Owen Colligan to purchase Hudson Manufacturing, a maker of heaters and air filtration units for the military. Keith and Colligan have organized a search fund and identified Hudson as a potential buyout. The decline in the... View Details
- January 2003 (Revised June 2003)
- Case
Adams Capital Management: March 2002
By: G. Felda Hardymon, Josh Lerner and Ann Leamon
In March 2002, the five partners of Adams Capital Management (ACM), a venture capital firm investing in information technology telecommunications with $700 million under management, gathered to discuss whether they should change their strategy in view of the prolonged... View Details
- January 2003 (Revised September 2007)
- Background Note
A Note on Racing to Acquire Customers
Examines factors that motivate a firm's race to acquire customers in newly emerging markets and explores conditions under which racing strategies are likely to yield attractive returns. Provides a definition of racing behavior, introduces the notion of an optimal level... View Details
- 2003
- Chapter
Short-Term America Revisited? Boom and Bust in the Venture Capital Industry and the Impact on Innovation
By: Josh Lerner and Paul A. Gompers
This chapter seeks to understand the implications of the recent decline in venture activity for innovation. It argues that the situation may not be as grim as it initially appears. While there are many reasons for believing that on average venture capital has a... View Details
- December 2002 (Revised February 2015)
- Case
Jim Sharpe: Extrusion Technology, Inc. (Abridged)
By: H. Kent Bowen and Barbara Feinberg
Jim Sharpe, 10 years after receiving his MBA from Harvard and working for others, has finally become his own boss and 100% owner of manufacturer of aluminum extrusions. After 10 months of an unfunded search, he acquires the business in an LBO and prepares to face his... View Details
Keywords: Search Funds; Search; Entrepreneurial Management; Operations Strategy; Acquisitions; Work/family Balance; Unions; Union; Turnarounds; Funding Model; LBO; Bank Debt; Bank Loans; Equity Investment; Career Management; Small Business; Work-Life Balance; Negotiation; Operations; Labor Unions; Investment; Entrepreneurship; Financing and Loans; Borrowing and Debt; Business Strategy; Manufacturing Industry
- November 2002 (Revised May 2003)
- Case
Epicentric
Describes a set of decisions confronting the management of a software company that sells portal management tools to large companies. Management must raise additional funds under difficult circumstances. View Details
- November 2002
- Case
Siemens ShareNet: Building a Knowledge Network
By: Alan D. MacCormack, Sven Volpel and Kerry Herman
Describes the development of ShareNet, an innovative knowledge management system used by a division of Siemens. ShareNet attempts to capture the knowledge and experience of Siemen's many dispersed sales and marketing units around the globe, making it available to all.... View Details
- October 2002 (Revised August 2004)
- Case
Canary Wharf
By: William J. Poorvu, Arthur I Segel and Camille Douglas
On September 25, 2002, Peter Anderson was due to meet with Morgan Stanley in ten minutes. Anderson had been the finance director of Canary Wharf Group (CWG) since Paul Reichmann and a group of investors had repurchased Canary Wharf in 1995. Anderson had joined Olympia... View Details
- September 2002 (Revised January 2003)
- Case
Dimensional Fund Advisors, 2002
Dimensional Fund Advisors (DFA) is an investment management firm that prides itself on basing its investment strategies on sound academic research. Many of the best-known finance research papers of the past two decades (especially those by Eugene Fama and Kenneth... View Details
- September 2002 (Revised August 2003)
- Case
Genzyme's Gaucher Initiative: Global Risk and Responsibility
By: Christopher A. Bartlett and Andrew N. McLean
In Egypt, Genzyme's humanitarian commitment to treat all sufferers of the rare Gaucher disease worldwide first confronts its commercial imperative to recoup the huge investment required to bring the drug Cerezyme to market. Here Tomye Tierney must decide how to balance... View Details
- July 2002 (Revised August 2003)
- Case
Unilever Superannuation Fund vs. Merrill Lynch, The
By: Andre F. Perold and Joshua Musher
In 2001, the Unilever Superannuation Fund sued Merrill Lynch for damages of 130 million British pounds. Over the period 1977 to 1998, the Unilever Fund had significantly underperformed the benchmark, and its trustees contended that the poor returns resulted from... View Details
- May 2002
- Case
Venture Capital Fund Restructuring Vignettes (Abridged)
By: Paul A. Gompers
This case examines the changes in fund structures proposed by four venture capital firms in 2002: Accel Partners, Battery Ventures, Charles River Ventures, and Kleiner Perkins Caufield & Byers. The venture capital market has experienced a major downturn, and these... View Details
- April 2002 (Revised February 2003)
- Background Note
An Economic Framework for Assessing Development Impact
By: Benjamin C. Esty, Frank J. Lysy and Carrie Ferman
Discusses the differences between private and social returns and describes an economic framework for assessing a project's social return [known as the economic rate of return (ERR)]. The framework begins by analyzing the impact of a new project on private financiers... View Details
- February 2002 (Revised December 2003)
- Exercise
Incentives Game, The
By: Jason R. Barro, Brian J. Hall and Jonathan Lim
This exercise provides an opportunity to gain insight about designing, negotiating, and responding to incentives. The setting is investment management. A class is divided into a certain number of investment firms. Each company has one CEO and begins with four portfolio... View Details
- 2002
- Other Unpublished Work
Market Liquidity as a Sentiment Indicator
By: Malcolm Baker and Jeremy Stein
We build a model that helps to explain why increases in liquidity—such as lower bid–ask spreads, a lower price impact of trade, or higher turnover—predict lower subsequent returns in both firm-level and aggregate data. The model features a class of irrational... View Details
- January 2002 (Revised August 2004)
- Case
Massachusetts Financial Services
By: Brian J. Hall and Jonathan Lim
This case describes the compensation and performance evaluations at an investment management company. The senior management team of Massachusetts Financial Services (MFS) Investment Management was contemplating an introduction of hedge funds at the firm, but many... View Details
- 2001
- Working Paper
When Does the Market Matter? Stock Prices and the Investment of Equity Dependent Firms
By: Malcolm Baker, Jeremy Stein and Jeffrey Wurgler
We use a simple model of corporate investment to determine when investment will be sensitive to non-fundamental movements in stock prices. The key cross-sectional prediction of the model is that stock prices will have a stronger impact on the investment of firms that... View Details
- October 2001 (Revised March 2006)
- Case
Chad-Cameroon Petroleum Development and Pipeline Project (A), The
By: Benjamin C. Esty and Carrie Ferman
On June 6, 2000, the World Bank's and IFC's board of directors was scheduled to vote on whether to approve funding for the $4 billion Chad-Cameroon Petroleum Development and Pipeline project. Although the project presented a unique opportunity to alleviate poverty in... View Details
- October 2001 (Revised February 2002)
- Case
Acme Investment Trust: January 2001
By: Josh Lerner
The managers of a large corporate pension fund must decide whether to invest in a private equity fund that is offering a guaranteed rate of return of 20% on part of its portfolio. The background behind and implications of the guarantee are explored. View Details