Publications

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2016
Article

Organizational Decision-Making and Information: Angel Investments by Venture Capital Partners

By: Andy Wu

We study information aggregation in organizational decision-making for the financing of entrepreneurial ventures. We introduce a formal model of voting where agents face costly tacit information to improve their decision quality. Equilibrium outcomes suggest a... View Details

Keywords: Entrepreneurial Finance; Angel Investors; Organization Design; Voting; Group Decision-making; Information; Strategy; Organizations; Entrepreneurship; Decision Making; Financing and Loans

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April 2017
Article

Financing Risk and Innovation

By: Ramana Nanda and Matthew Rhodes-Kropf

We provide a model of investment into new ventures that demonstrates why some places, times, and industries should be associated with a greater degree of experimentation by investors. Investors respond to financing risk―a forecast of limited future funding―by modifying... View Details

Keywords: Risk and Uncertainty; Financing and Loans; Innovation and Invention

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August 2008 (Revised April 2012)
Case

Real Property Negotiation Game (A): Seller Case, Las Vegas Pines

By: Arthur I Segel and John H. Vogel, Jr.

The Real Property Negotiation Game simulates the experience negotiating the sale, purchase, or financing of a property. The class competes as either a lender, buyer, or one of two groups of sellers, Raleigh, North Carolina and Las Vegas, Nevada. This is the seller... View Details

Keywords: Negotiation; Property; Sales; Price; Financing and Loans; Real Estate Industry; Las Vegas

March 1989 (Revised June 1993)
Case

Daniel Dobbins Distillery, Inc.

A distiller increases whiskey production and income declines because of accounting methods in use. Questions are raised regarding the treatment of expenditures which can be classified as production, inventory, or period costs. The necessary aging process raises added... View Details

Keywords: Financial Statements; Financing and Loans; Cost; Accounting; Food and Beverage Industry

January 1996
Article

Monetary Policy and Credit Conditions: Evidence from the Composition of External Finance: Reply

Keywords: Money; Policy; Financing and Loans; Finance; Information

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March 1993 (Revised April 1998)
Case

Viscotech, Inc.

Focuses on the efforts of a small company to raise funds in a variety of ways. In the course of its efforts to raise equity capital, the company commits a number of SEC violations. The case includes an example of both a poor, aggressive offering circular and a tightly... View Details

Keywords: Capital; Equity; Financing and Loans; Lawfulness

Web

Additional Harvard Funding | MBA

These fellowships are administered by the Harvard University Committee on General Scholarships. For further information, visit the Traveling Fellowships section of the Committee on General Scholarships website. (Please note: Traveling Fellowships are generally... View Details

14 Oct 2010
News

Jobs Bill Misses Mark

background helps bring Lerner’s view into focus. Politicians love to talk about how small businesses are the jobs engine of the economy. So passing a bill with small business loan guarantees and tax write-offs for equipment investment... View Details

Keywords: Colleges, Universities, and Professional Schools; Educational Services; Administration of Economic Programs; Government

Portrait Project

David Askaryan

trinket. I bought my own candy from the store with a $10 loan from my parents and started selling them at a quarter each – undercutting the monopolistic school fundraiser. Sales were great and I couldn't keep up with demand. I was... View Details

17 Feb 2022
News

A Big Bet

Google philanthropy and loan repayments by students. (As an example, a student might contribute flat monthly payments of $100 so long as their annual income exceeds a threshold amount of $40,000.) Chertavian’s Year Up, along with Merit... View Details

Keywords: jobs training; social enterprise; upskilling; Technical and Trade Schools; Educational Services

19 Apr 2016
First Look

April 19, 2016

link: https://www.hbs.edu/faculty/Pages/item.aspx?num=50837 Covenant-Light Contracts and Creditor Coordination By: Becker, Bo, and Victoria Ivashina Abstract—In 2015, 70% of newly issued leveraged loans had weaker enforcement features,... View Details

Keywords: Sean Silverthorne

19 Jun 2012
First Look

First Look: June 19

Grain: Jim Teague in Tanzania Karthik RamannaHarvard Business School Case 112-069 Loan officer Jim Teague discovers his agro-processor client has a serious health-code violation just days before a disbursement is due. Proceeding with the... View Details

Keywords: Sean Silverthorne

01 Dec 2009
News

An Action Plan for Economic Recovery

rating. But the issuer would still pay for the fees of the rating agency after it was selected by the third party. You note in your book that loan securitization collapsed at the end of 2008. Has it revived yet, and why is it important... View Details

Keywords: Roger Thompson; Finance

February 2021
Case

Lidya: Bringing Nigerian FinTech Innovation to Global Small and Medium Enterprises

By: Lauren Cohen and Spencer C.N. Hagist

Lidya CEO Tunde Kehinde must size up options for the expansion of his novel lending practices that drastically reduce the credit cycle in his developing Nigeria, and determine if expansion into Eastern Europe will prove successful or disastrous. View Details

Keywords: Fintech; Economics; Entrepreneurship; Financing and Loans; Strategy; Expansion; Nigeria

March 1999 (Revised March 2004)
Case

Georgian Glass and Mineral Water

Georgian Glass and Mineral Water (GGMW), was created in 1995 by a Georgian entrepreneur and Western investors in Georgia (former Soviet Union) to bottle and market the famous mineral water from the Borjomi valley. At the height of the Soviet Union's power, Borjomi was... View Details

Keywords: Privatization; Emerging Markets; Financing and Loans; Distribution Industry; Food and Beverage Industry

11 Dec 2017
Blog Post

3 Ways Financial Aid is Unique at HBS

the financial position of recent HBS graduates. For the Class of 2017, the average debt was $87,300. The median starting salary at graduation was $135,000 and the median signing bonus (for students who received a bonus) was $25,000. This income to debt ratio is very... View Details

September 2010 (Revised March 2013)
Case

Capital for Enterprise Limited (CfEL): Bridging the SME Early-Stage Finance Gap

By: Josh Lerner, Eli Talmor, Ananth Vyas Bhimavarapu and Thibaud Simphal

The CEO of the company set up to manage a British government effort to promote the venture capital industry considers the progress made to date, as well as how the program can be adjusted. View Details

Keywords: Entrepreneurship; Venture Capital; Financing and Loans; Business and Government Relations; Financial Services Industry; Public Administration Industry; United Kingdom

January 2008
Teaching Note

Gobi Partners: Raising Fund II (TN)

By: Josh Lerner, Felda Hardymon and Ann Leamon

Teaching Note for [808052]. View Details

Keywords: Valuation; Venture Capital; Financing and Loans; Partners and Partnerships; Financial Services Industry; China

April 2000 (Revised April 2004)
Case

TixToGo: Financing a Silicon Valley Start-up

Describes TixToGo, a Silicon Valley start-up company that offers online solutions to individuals and organizations that want to offer activities and/or collect registration fees for events over the Internet. A serial entrepreneur and his partner started the company in... View Details

Keywords: Business Model; Information Technology; Financing and Loans; Business Startups; Information Technology Industry; San Francisco