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- February 2024
- Case
Nuwa Capital: Investing During Uncertainty
By: Paul A. Gompers and Fares Khrais
Nuwa Capital (Nuwa) was a venture capital firm based in Dubai in the United Arab Emirates and Riyadh in Saudi Arabia. The business was founded in 2020 by Khaled Talhouni and his partners Sarah Abu Risheh, and Stephanie Nour Prince (they were later joined by Nitin Reen... View Details
- January 2024 (Revised May 2024)
- Case
Runa
By: Paul Gompers and Carla Larangeira
In early 2022, Courtney McColgan, founder and CEO of Runa, a human resources and payroll Software-as-a-Service platform, faced an unexpected tech market downturn. Founded in 2018, Runa catered to small and medium-sized businesses in Mexico, offering an affordable and... View Details
- January 2024 (Revised May 2024)
- Case
Generation Investment Management: Sustainable Investing in a Warming World
By: Vikram S. Gandhi, Michael Norris and David Allen
In September 2021, the sustainable investment firm Generation Investment Management (Generation) considered whether to add Schneider Electric to the focus list of companies in which it was prepared to invest. Dedicated to promoting a sustainable world through its... View Details
Keywords: Sustainable Investing; Climate Change; Environmental Sustainability; Governance; Private Equity; Public Equity; Financial Markets; Investment Return; Investment Activism; Investment Funds; Investment Portfolio; Institutional Investing; Corporate Social Responsibility and Impact; Financial Services Industry; United Kingdom; England; London
- January 2024
- Technical Note
Venture Capital and Private Equity Funds: A Primer
By: Jo Tango and Christina Wallace
How do venture capital and private equity funds actually work? This Technical Note covers the "when, who, and how" details:
- "When": fund length, extensions, and when investors can no longer initiate new investments.
- "Who": who is in the General... View Details
- January 2024 (Revised February 2024)
- Case
TPG Rise Climate: Deploying 'Climate Capital'
By: Vikram S. Gandhi, David Allen, Sarah Mehta and Shannon Roche
This case is about TPG Rise Climate, a $7.3 billion climate impact fund launched in 2021 by alternative asset manager TPG. Climate investing is a complex, capital-intensive endeavor; entering it has forced TPG to think and act differently. Relative to other funds, Rise... View Details
- January 2024 (Revised August 2024)
- Case
Silicon Valley Bank: Gone in 36 Hours
This case examines factors contributing to the collapse of Silicon Valley Bank (SVB) in March 2023, an event as unpredicted as it was quick. SVB funded nearly half of all U.S. venture-backed startups and at the end of 2022 held $173 billion in deposits, largely... View Details
Keywords: Accounting Standards; Bank Runs; Financial Accounting; Financial Reporting; Social Media; Banks and Banking; Financing and Loans; Investment Portfolio; Interest Rates; Debt Securities; Risk and Uncertainty; Financial Statements; Risk Management; Failure; Fair Value Accounting; Credit; Corporate Governance; Financial Services Industry; Banking Industry; United States
- January 2024 (Revised April 2024)
- Case
NBIM and the Norwegian Sovereign Wealth Fund
By: Wenxin Du and Luis M. Viceira
- January 2024 (Revised May 2024)
- Case
PortageBay and ESG Analytics
By: Vikram S. Gandhi and Radhika Kak
In 2023, sustainable investors faced several challenges. The first was the lack of access to standardized and vetted environmental, social, and governance (ESG) data, and equally, the interpretation of this data into investment-useful insights. Reducing reliance on... View Details
- January 2024
- Article
A Cost Model for a Low Threshold Clinic Treating Opioid Use Disorder
By: Sarah E. Wakeman, Elizabeth Powell, Syed Shehab, Grace Herman, Laura Kehoe and Robert S. Kaplan
The US fee-for-service payment system under-reimburses clinics offering access to comprehensive treatments for opioid use disorder (OUD). The funding shortfall limits a clinic’s ability to expand and improve access, especially for socially marginalized patients with... View Details
- 2024
- Working Paper
Employer-Based Short-Term Savings Accounts
By: Sarah Holmes Berk, John Beshears, Jay Garg, James J. Choi and David Laibson
We study the introduction of a choice architecture design intended to increase short-term savings among employees at five U.K. firms. Employees were offered the opportunity to opt into a payroll deduction program that auto-deposits funds from each paycheck into a... View Details
- 2023
- Working Paper
Money, Time, and Grant Design
By: Kyle Myers and Wei Yang Tham
The design of research grants has been hypothesized to be a useful tool for
influencing researchers and their science. We test this by conducting two thought
experiments in a nationally representative survey of academic researchers. First,
we offer participants a... View Details
- November 2023 (Revised July 2024)
- Case
'Care in Every Drop': Ayala Corporation and Manila Water (A)
By: Debora L. Spar, Paul Healy, Tricia Peralta and Julia M. Comeau
Since 1834, eight generations of the Ayala family have used their conglomerate to fund nation-building projects in the Philippines, including investments in tramcars, telecommunications, hospitals, and schools. In 1997, Ayala’s subsidiary, Manila Water, took control of... View Details
- November 2023
- Supplement
'Care in Every Drop': Ayala Corporation and Manila Water (B)
By: Debora L. Spar, Paul Healy, Tricia Peralta and Julia Comeau
Since 1834, eight generations of the Ayala family have used their conglomerate to fund nation-building projects in the Philippines, including investments in tramcars, telecommunications, hospitals, and schools. In 1997, Ayala’s subsidiary, Manila Water, took control of... View Details
- November 2023 (Revised April 2024)
- Case
BiomX: Bringing Phage Back to the Stage
By: Paul A. Gompers, Elie Ofek, Orna Dan and Emilie Billaud
In the spring of 2023, and following the favorable results of a trial involving its phage cocktail for treating lung infections among cystic fibrosis (CF) patients, the leadership of BiomX had several critical issues to wrestle with. First, given its precarious... View Details
- 2023
- Working Paper
Coordinated R&D Programs and the Creation of New Industries
By: Daniel P. Gross and Maria P. Roche
Complex systems technologies—including “deep tech”—are prone to numerous frictions that stymie commercial development. Yet technologies with these features underpin some of the most valuable industries of the past century. We examine how large, mission-oriented... View Details
- 2023
- Working Paper
Learning by Investing: Entrepreneurial Spillovers from Venture Capital
By: Josh Lerner, Jinlin Li and Tong Liu
This paper studies how investing in venture capital (VC) affects the entrepreneurial outcomes of individual limited partners (LPs). Using comprehensive administrative data on entrepreneurial activities and VC fundraising and investments in China, we first document that... View Details
- November 2023 (Revised May 2024)
- Case
Kickstarter: Crowdfunding for the Arts
By: Rohit Deshpandé and Alexis Lefort
Kickstarter was a virtual crowdfunding platform and community that allowed creators of all kinds to raise funding for creative projects. The executive team was wrestling with a tension in its business model: the organization earned the majority of its revenue from... View Details
- November 2023
- Case
Nourishing Communities: Brighter Bites Approach to Childhood Nutrition
By: David E. Bell, Forest Reinhardt and Ai-Ling Jamila Malone
In September 2023, Brighter Bites, a Houston-based non-profit that distributed fresh produce and nutrition education in underserved communities across 11 cities and 5 states, grappled with identifying the best path forward for continued growth. Brighter Bites proved... View Details
- 2023
- Working Paper
Do Active Funds Do Better in What They Trade?
By: Marco Sammon and John J. Shim
We develop two new, simple measures to quantify active fund decisions at the individual position level. The intuition is to separate passive rebalancing induced by flows and position changes from active rebalancing decisions. We find that additive active rebalancing --... View Details
- 2023
- Working Paper
Flow-Driven ESG Returns
I show that the recent returns to ESG investing are strongly driven by price impact
from flows towards ESG funds. Using data on institutional trades, I estimate the
market’s ability to accommodate the demand of ESG funds, which is given by the
elasticity of... View Details