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  • 01 Jul 2013
  • Research & Ideas

Crowdfunding a Poor Investment?

donations to organizations such as World Wildlife Fund and Save the Children fit in. Those contributing money are driven first and foremost by an affinity with the idea, rather... View Details
Keywords: by Michael Blanding; Financial Services
  • 21 Jul 2017
  • News

Don't Try To Make Your City The Next Silicon Valley

  • 05 Aug 2010
  • News

Picking winners, saving losers

  • 30 Jun 2011
  • News

Chinese investment in Europe: Streaks of red

  • 02 Feb 2009
  • Research & Ideas

The Success of Persistent Entrepreneurs

their next venture-backed firm, compared with 23 percent for those who previously failed and 22 percent for first-timers. "The size of the effect more than anything was surprising," note HBS professors Paul A. Gompers View Details
Keywords: by Sarah Jane Gilbert

    Boulevard of Broken Dreams: Why Public Efforts to Boost Entrepreneurship and Venture Capital Have Failed--and What to Do About It

    Silicon Valley, Singapore, Tel Aviv—the global hubs of entrepreneurial activity—all bear the marks of government investment. Yet, for every public intervention that spurs entrepreneurial activity, there are many failed efforts that waste untold billions in taxpayer... View Details

    • February 2023
    • Article

    Disruption and Credit Markets

    By: Bo Becker and Victoria Ivashina
    We show that over the past half century innovative disruptions were central to understanding corporate defaults. In a given year, industries experiencing abnormally high VC or IPO activity subsequently see higher default rates, higher segment exits by conglomerates,... View Details
    Keywords: Default; Corporate Bonds; Disruption; Corporate Finance; Bonds
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    • December 2012
    • Article

    Inducement Prizes and Innovation

    By: Liam Brunt, Josh Lerner and Tom Nicholas
    We examine the effect of prizes on innovation using data on awards for technological development offered by the Royal Agricultural Society of England at annual competitions between 1839 and 1939. We find that the effects of prizes on competitive entry are large, and we... View Details
    Keywords: Motivation and Incentives; Patents; Innovation and Invention; Information Technology; Growth and Development; England
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    • 15 Jan 2019
    • First Look

    New Research and Ideas, January 15, 2019

    https://www.hbs.edu/faculty/Pages/item.aspx?num=55402 The Creation and Evolution of Entrepreneurial Public Markets By: Bernstein, Shai, Abhishek Dev, and Josh View Details
    Keywords: Dina Gerdeman
    • 25 Jan 2012
    • News

    Amid Attacks on Private Equity, Efforts to Study Its Value

    • 09 May 2014
    • News

    American dynamism dimmed

    • 2009
    • Working Paper

    Private Equity and Industry Performance

    By: Josh Lerner
    The growth of the private equity industry has spurred concerns about its potential impact on the economy more generally. This analysis looks across nations and industries to assess the impact of private equity on industry performance. Industries where PE funds have... View Details
    Keywords: Private Equity; Investment; Common Law; Industry Growth; Performance Productivity; Europe; United Kingdom; United States
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    • 2012
    • Book

    The Architecture of Innovation: The Economics of Creative Organizations

    By: Josh Lerner
    Innovation is a much-used buzzword these days, but when it comes to creating and implementing a new idea, many companies miss the mark—plans backfire, consumer preferences shift, or tried-and-true practices fail to work in a new context. So is innovation just a... View Details
    Keywords: Motivation and Incentives; Innovation Strategy; Innovation and Management; Organizational Structure; Microeconomics
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    • October 2013 (Revised November 2013)
    • Case

    Blackstone and the Sale of Citigroup's Loan Portfolio

    By: Victoria Ivashina and David Scharfstein
    The credit boom that preceded the 2007-2009 financial crisis led to several lending practices that exposed banks to large risks. In particular, when the financial crisis unraveled, there were several billion dollars' worth of leveraged buyout (LBO) loans that were... View Details
    Keywords: Restructuring; Private Equity; Insolvency and Bankruptcy; Credit Derivatives and Swaps; Financial Markets; Investment; Banking Industry; Financial Services Industry
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    • December 2020
    • Article

    Monetary Policy and Global Banking

    By: Falk Bräuning and Victoria Ivashina
    When central banks adjust interest rates, the opportunity cost of lending in local currency changes, but—in absence of frictions—there is no spillover effect to lending in other currencies. However, when equity capital is limited, global banks must benchmark domestic... View Details
    Keywords: Global Banks; Monetary Policy Transmission; Cross-border Lending; Banks and Banking; Financial Markets; Global Range
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    • Working Paper

    Covenant-Light Contracts and Creditor Coordination

    By: Bo Becker and Victoria Ivashina
    In 2015, 70% of newly issued leveraged loans had weaker enforcement features, called covenant-light or "cov-lite"; this is nearly a three-time increase in cov-lite issuance compared to a previous peak in 2007. We evaluate whether this development can be attributed to... View Details
    Keywords: Credit Cycles; Loan Contracts; Debt Covenants; Contracts; Financing and Loans; Credit; Borrowing and Debt
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    • 2017
    • Working Paper

    The Use and Misuse of Patent Data: Issues for Corporate Finance and Beyond

    By: Josh Lerner
    Patents and citations are powerful tools for understanding innovative activity inside the firm and are increasingly used in corporate finance research. But due to the complexities of patent data collection and the changing spatial and industry composition of innovative... View Details
    Keywords: Patents; Analytics and Data Science; Corporate Finance; Research; Problems and Challenges
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    • September 2022 (Revised January 2023)
    • Case

    York Capital CLOs and WorldStrides International

    By: Victoria Ivashina and William Vrattos
    The case follows the debt restructuring of WorldStrides International, a travel program provider in the education market, after the onset of COVID-19. The pandemic severely impacted the travel industry, creating challenges for many companies like WorldStrides, which... View Details
    Keywords: COVID-19 Pandemic; Debt Restructuring; CLO; Compliance; Debt Securities; Financing and Loans; Decision Making; Travel Industry; Education Industry
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    • 2010
    • Chapter

    The Financing of R&D and Innovation

    By: Bronwyn H. Hall and Josh Lerner
    Evidence on the “funding gap” for investment innovation is surveyed. The focus is on financial market reasons for underinvestment that exist even when externality-induced underinvestment is absent. We conclude that while small and new innovative firms experience high... View Details
    Keywords: Research and Development; Innovation and Invention; Venture Capital; Corporate Finance
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    • Article

    Large Banks and Small Firm Lending

    By: Vitaly Bord, Victoria Ivashina and Ryan D. Taliaferro
    We examine the long-lasting effects of the 2007 real estate price collapse on small business credit supply. Banks affected by the decline in real estate prices systematically contracted their credit to small firms. At the same time, regional and local banks, many of... View Details
    Keywords: Small Firms; Credit Supply; Banking Competition; Small Business; Credit; Financial Crisis; Banks and Banking; Competition
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