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January 2022
Article

Replicating Private Equity with Value Investing, Homemade Leverage, and Hold-to-Maturity Accounting

By: Erik Stafford

The contributions of asset selection and incremental leverage to buyout investment performance are more important than typically assumed or estimated to be. Buyout funds select small firms with distinct value characteristics. Public equities with these characteristics... View Details

Keywords: Replicating Portfolio; Private Equity; Investment Portfolio

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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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John A. Quelch

John A. Quelch is Executive Vice Chancellor and Distinguished Professor of Social Science at Duke Kunshan University. He is also John DeButts Professor at Duke University's Fuqua School of Business. Between 2017 and 2023 he was the Leonard M. Miller University... View Details

Keywords: marketing industry; marketing industry; marketing industry; marketing industry; marketing industry; marketing industry; marketing industry; marketing industry; marketing industry; marketing industry; marketing industry; marketing industry; marketing industry; marketing industry

September 2017 (Revised July 2021)
Case

Asset Allocation at the Cook County Pension Fund

By: Emil Siriwardane, Juliane Begenau and Yuval Gonczarowski

Nickol Hackett, chief investment officer of the Cook County Pension Fund, is responsible for investing the fund’s $9 billion worth of assets on behalf of the employees of Cook County, Illinois. Like many other defined-benefit pensions at the time, the Cook County... View Details

Keywords: Asset Management; Investment Funds; Financial Strategy; Decision Choices and Conditions

William C. Vrattos

Bill Vrattos is a Senior Lecturer at the Harvard Business School, where he teaches Investment Strategies, a course on public market investing in the elective curriculum. He also co-teaches Private Equity Projects and Ecosystems, where he mentors student groups on... View Details

March 2017 (Revised February 2020)
Case

Corey Thomas and the IPO

By: Steven Rogers and Derrick Collins

Corey Thomas, the African American CEO of the company Rapid7, must decide if it is the right time to take the 15-year-old company public, as it stood poised to capitalize on what appeared to be the next frontier for digital technology markets—cybersecurity. In spite of... View Details

Keywords: Business Finance; Capital Markets; Private Equity; Internet and the Web; Initial Public Offering; Decision Making; Financial Services Industry; Technology Industry; Web Services Industry; United States

February 2025 (Revised May 2025)
Case

Align Partners and SM Entertainment: Korean Shareholder Activism Meets K-Pop (A)

By: Charles C.Y. Wang and Billy Chan

For years, institutional investors had experienced very limited success in influencing the management of listed companies through shareholder activist campaigns in Korea. The common practice of circular ownership and public resentment toward foreign shareholder... View Details

Keywords: Financial Reporting; Public Equity; Stocks; Investment Activism; Music Entertainment; Corporate Governance; Success; Business and Shareholder Relations; Entertainment and Recreation Industry; South Korea

2014
Book

Reinventing State Capitalism: Leviathan in Business, Brazil and Beyond

By: Aldo Musacchio and Sergio G. Lazzarini

In this book we describe the transformation of state capitalism from a model in which governments owned and ran corporations and broadly controlled the allocation of financial resources into two new varieties of state capitalism: Leviathan as a majority and as a... View Details

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October 2006
Case

Clearwire Corporation

By: Richard S. Ruback

Explores Clearwire's decision to fund its substantial capital investments through an initial public offering (IPO) or through private equity. Clearwire is developing and deploying a broadband wireless network using WiMAX technology. It had filed a registered statement... View Details

Keywords: Private Equity; Mobile and Wireless Technology; Technological Innovation; Initial Public Offering; Investment Portfolio; Telecommunications Industry

2021
Book

The Power of Trust: How Companies Build It, Lose It, Regain It

By: Sandra J. Sucher and Shalene Gupta

Trust is the most powerful force underlying the success of every business. Yet it can be shattered in an instant, with a devastating impact on a company’s market cap and reputation. How to build and sustain trust requires fresh insight into why customers, employees,... View Details

2005
Working Paper

Aggregate Corporate Liquidity and Stock Returns

By: Robin Greenwood

Aggregate investment in cash and liquid assets as a share of total corporate investment is negatively related to subsequent U.S. stock market returns between 1947 and 2003. The share of cash in total investment is a more stable predictor of returns than scaled price... View Details

Keywords: Stocks; Financial Liquidity; Cash; Investment Return; Corporate Finance

March 1992 (Revised March 1998)
Case

Adam Opel AG (B)

By: Hugo Uyterhoeven

Should General Motors make a strategic manufacturing investment in East Germany after becoming number one in this market through an aggressive marketing strategy? The proposal, dependent on government assistance and based on a number of uncertain economic assumptions,... View Details

Keywords: Transformation; Investment; Government and Politics; Leadership; Marketing Strategy; Production; Organizational Structure; Strategy; Germany

February 2025
Supplement

Align Partners and SM Entertainment: Korean Shareholder Activism Meets K-Pop (B)

By: Charles C.Y. Wang and Billy Chan

Supplements the (A) case, HBS No. 125-065. For years, institutional investors had experienced very limited success in influencing the management of listed companies through shareholder activist campaigns in Korea. The common practice of circular ownership and public... View Details

Keywords: Financial Reporting; Public Equity; Stocks; Investment Activism; Music Entertainment; Corporate Governance; Success; Business and Shareholder Relations; Entertainment and Recreation Industry; South Korea

18 Aug 2008
Research & Ideas

How Disruptive Innovation Changes Education

How can schools around the world educate their students better? What does the future hold? Most researchers who study these questions in the field of education peer through the lenses of sociology and public policy. HBS professor Clayton... View Details

Keywords: by Martha Lagace; Education

February 2004
Case

Bradman and Tendulkar, LLC

By: Ananth Raman and Vishal Gaur

An investment firm is trying to project inventory turns for Radio Shack, a chain of consumer electronics stores. The investment firm has access to public financial data but not to internal operational metrics. It needs to project inventory turns because inventory... View Details

Keywords: Forecasting and Prediction; Cash Flow; Demand and Consumers; Distribution Channels; Mathematical Methods; Valuation

March 2010
Article

The Evolution of Corporate Ownership after IPO: The Impact of Investor Protection

By: C. Fritz Foley and Robin Greenwood

We use firm-level data from 34 countries covering the 1995-2006 period to analyze how the characteristics of public markets shape the process by which firms become widely held. Firms in all countries in the sample tend to have concentrated ownership at the time they go... View Details

Keywords: Blockholding; Float; Shareholder Rights; Investor Protection; Ownership; Financial Liquidity; Business History; Market Timing; Going Public; Business and Government Relations; Business and Shareholder Relations

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August 2016 (Revised July 2017)
Case

Diageo and Mey Icki: Turkish Delight or Turkish Hangover?

By: Dante Roscini and Gamze Yucaoglu

In September 2013, two years after its $2.1 billion acquisition of Mey Icki Sanayi ve Ticaret AS (Mey Icki), the principal spirits company in Turkey specializing in the local beverage, raki, Diageo, the world’s leading premium drinks company, was concerned about new... View Details

Keywords: Foreign Direct Investment; Emerging Markets; Government Legislation; Taxation; Valuation; Business and Government Relations; Government and Politics; Risk Management; Retail Industry; Food and Beverage Industry; Middle East; Turkey

June 2014
Case

Going Social: Durex in China

By: Mikolaj Jan Piskorski and Aaron Smith

When Reckitt Benckiser (RB), a leading consumer goods company, first entered China, it encountered significant challenges. RB's strategy relied on selling high margin products supported by cost-effective advertising and distribution, but the highly competitive Chinese... View Details

Keywords: Distribution; Multinational Firms and Management; Internet and the Web; Marketing Communications; Brands and Branding; Consumer Products Industry; China

August 2019 (Revised November 2022)
Case

Paradigm Capital Value Fund

By: Luis M. Viceira and Elena Corsi

Karl Jan Erick Hummel had founded Paradigm Capital Value Fund in 2007 together with Columbia Business School Professor Bruce Greenwald, an expert in value investing and now chairman of the fund. The fund followed the principles of value investing to their target... View Details

Keywords: Investment Activism; Investment Portfolio; Financial Management; Growth and Development Strategy; Investment Funds; Financial Services Industry

2024
Working Paper

The Rise of Alternatives

By: Juliane Begenau, Pauline Liang and Emil Siriwardane

Since the 2000s, U.S. public pensions have shifted their risky investments towards alternative assets like private equity and hedge funds, some more aggressively than others. We explore several explanations for these cross-sectional trends, focusing on those implied by... View Details

Keywords: Investment Funds; Investment Return; Risk and Uncertainty

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