Publications

SSRN

May 2010
Supplement

Tremblant Capital Group Exhibits (CW)

By: Robin Greenwood

Brett Barakett, CEO and founder of Tremblant Capital Group, a New York-based hedge fund, must decide what to do with his fund's position in Green Mountain Coffee Roasters, which has dropped in value by more than 40 percent in recent months. Tremblant is a hedge fund... View Details

Keywords: Transformation; Decisions; Forecasting and Prediction; Cash Flow; Cost of Capital; Stocks; Investment Funds; Consumer Behavior; Business Strategy; Competitive Advantage; New York (state, US)

11 May 2021
Blog Post

IPO or M&A? How Venture Capital Shapes a Startup's Future

Entrepreneurs rarely consider who will ultimately own their startups—and what that means for founders—when they court venture capitalists. New research suggests they should. A startup funded by VCs who tend to work with the same group of... View Details

Keywords: Venture Capital / Private Equity

Samuel G. Hanson

Samuel G. Hanson is the William L. White Professor of Business Administration at Harvard Business School, a Research Associate at the National Bureau of Economic Research, and a Faculty Affiliate of the Harvard Economics department. He teaches Finance 1... View Details

Keywords: investment banking industry; investment banking industry; investment banking industry; investment banking industry; investment banking industry; investment banking industry

George A. Riedel

George A. Riedel is the Henry B. Arthur Fellow and Senior Lecturer in the General Management Unit, where he currently teaches TEM (The Entrepreneurial Manager) and acts as a Section Chair in the Required Curriculum (RC). He has also taught TOM (Technology and... View Details

September 2006 (Revised February 2011)
Case

Empemex

By: Lynda M. Applegate and Regina Garcia-Cuellar

Studies an entrepreneurial venture in Mexico City. The protagonists, two MBAs from HBS, started a pawn shop chain funded from their private equity office after finishing business school. This is timed at a point where the protagonists have to decide how to grow the... View Details

Keywords: Developing Countries and Economies; Entrepreneurship; Venture Capital; Investment; Growth and Development Strategy; Mexico City; United States

30 Jul 2008
Op-Ed

Why the U.S. Should Encourage FDI

recent experience suggests that direct foreign investors on average do not possess that advantage when entering the United States. For sovereign wealth funds eager to deploy capital, the experience of the last two decades of View Details

Keywords: by Mihir A. Desai

Career Coach

Phil Wong

operational foundation for running healthcare practices. Prior to pivoting into healthcare, Phil was a portfolio manager at a fund of hedge funds managing $1Bn+ on behalf of pension plans and insurance... View Details

Keywords: Investment Banking; Investment Banking; Investment Banking; Investment Banking; Investment Banking; Investment Banking; Investment Banking; Investment Banking; Investment Banking; Investment Banking; Investment Banking; Investment Banking; Investment Banking; Investment Banking

Teaching Interest

Public Entrepreneurship

By: Mitchell B. Weiss

Public entrepreneurship is designed for future private entrepreneurs and public leaders who want to build new ventures operating in or selling into traditionally public domains.

The last few years have seen a wave of new public entrepreneurs start companies... View Details

Keywords: Public Entrepreneurship

September 1960 (Revised August 1983)
Background Note

Note on Financial Analysis

Serves as an introduction to funds flows and ratio analysis. Includes basic discussion of these tools as assists in the analyst's or manager's job. Supplementary material includes problem set and answers. View Details

Keywords: Analysis; Investment

January 2023
Case

Cleave Therapeutics: Taking a Risk on Oncology Drug Discovery

By: Regina Herzlinger and Brian Walker

What should a successful executive (HBS Baker Scholar) assess as her next move as the CEO of a firm with a promising and yet uncertain new drug? Amy Burroughs’ mandate to successfully commercialize Cleave Therapeutics’ drug for a cancer with no current successful... View Details

Keywords: Product Development; Leadership; Health Testing and Trials; Research and Development; Risk and Uncertainty; Financial Condition; Partners and Partnerships; Pharmaceutical Industry

March 2015 (Revised January 2024)
Case

CV Ingenuity (A): How to Evaluate the Commercial Viability of New Health Care Technologies

By: Regina E. Herzlinger and Andrew Otazo

Duke Rohlen (HBS MBA ’01) hoped to win over a prominent venture capital investor for Series B financing of his firm CVI that was creating a drug-eluting balloon (DES) to treat peripheral arterial disease. As a second-mover, Duke felt he was more likely to acquire... View Details

July 2003 (Revised September 2003)
Case

Refinancing of Shanghai General Motors (B), The

By: Mihir A. Desai and Mark Veblen

This case provides the outcome to "The Refinancing of Shanghai General Motors (A)" in which the CFO of General Motors' joint venture in Shanghai, Shanghai General Motors (SGM), wants to refinance almost $900 million of project finance it raised to begin operations. The... View Details

Keywords: Business Subsidiaries; Multinational Firms and Management; Joint Ventures; Financing and Loans; Auto Industry; Shanghai

2024
Working Paper

Does Private Equity Have Any Business Being in the Health Care Business?

By: Nori Gerardo Lietz and Zirui Song

Private Equity (“PE”) has come under increased scrutiny by the press, academics, and policymakers, as well as the public, for its investments in health care delivery. This scrutiny has been exacerbated by recent high profile hospital bankruptcies following PE... View Details

Keywords: Private Equity; Government Administration; Acquisition; Health Industry

SSRN

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Article

The Value of Intermediation in the Stock Market

By: Marco Di Maggio, Mark Egan and Francesco Franzoni

We estimate a structural model of broker choice to quantitatively decompose the value that institutional investors attach to broker services. Studying over 300 million institutional equity trades, we find that investors are sensitive to both explicit and implicit... View Details

Keywords: Financial Intermediation; Institutional Investors; Research Analysts; Broker Networks; Equity Trading; Institutional Investing

Find at Harvard

Mr. Crane was a member of the Finance Faculty at Harvard Business School for a number of years, working primarily in the field of financial institutions and corporate governance. He taught in the MBA and executive education programs at the School, most recently... View Details

20 Jan 2020
News

Is Venture Capital Worth The Risk?

16 Mar 2021
Blog Post

2+2 Where Are They Now Spotlight: Smitha Das (MBA 2018)

dedicated to mobilizing capital to drive social progress. In my role, I work on our strategy and social investment teams. I’ve helped develop our impact management and field building strategies and contribute to firm-wide fundraising... View Details

March 2011 (Revised June 2013)
Case

Next Street, LLC

By: Richard S. Ruback and Royce Yudkoff

Next Street Financial, LLC was a modern merchant bank that provided high quality advisory services and capital to small- and mid-sized inner city businesses. Next Street was a for-profit business that aimed to increase the growth, profitability and success of its... View Details

Keywords: Development Economics; Entrepreneurship; Capital; Commercial Banking; Investment Funds; Urban Development; Financial Services Industry