Publications

Educators

November–December 2024
Article

Group Size and Its Impact on Diversity-Related Perceptions and Hiring Decisions in Homogeneous Groups

By: Aneesh Rai, Edward H. Chang, Erika Kirgios and Katherine L. Milkman

Why do some homogeneous groups face backlash for lacking diversity, whereas others escape censure? We show that a homogeneous group’s size changes how it is perceived and whether decision makers pursue greater diversity in its ranks. We theorize that people make... View Details

Keywords: Diversity; Perception; Decision Making; Groups and Teams; Selection and Staffing; Size

22 Apr 2002
Research & Ideas

Profits and Prophets: The Role of Values in Investment

few" examples of shareholder actions resulting in an outcome such as the South African divestitures. "So, how do we operate in an imperfect society?" he asked. While clearly his committee wouldn't invest in a company owned... View Details

Keywords: by Sean Silverthorne

2012
Other Unpublished Work

Lost in the Clouds: The Impact of Copyright Scope on Investment in Cloud Computing Ventures

By: Josh Lerner and Greg Rafert

Our analysis seeks to understand the impact of changes in copyright scope on investment in new firms. We begin by analyzing the investment effects of the Cartoon Network, et al. v. Cablevision decision in the U.S. and court rulings in France and Germany on venture... View Details

Keywords: Technological Innovation; Venture Capital; Internet and the Web; Investment; Business Startups; Copyright; France; Germany; United States; European Union

2005
Other Unpublished Work

Corporate Financing Decisions When Investors Take the Path of Least Resistance

By: Malcolm Baker, Joshua Coval and Jeremy Stein

We explore the consequences for corporate financial policy that arise when investors exhibit inertial behavior. One implication of investor inertia is that, all else equal, a firm pursuing a strategy of equity-financed growth will prefer a stock-for-stock merger to... View Details

Keywords: Decisions; Behavior; Stocks; Mergers and Acquisitions; Policy; Investment; Financial Institutions; Equity; Corporate Finance

February 2017
Case

Eve Hall: The African American Investment Fund in Milwaukee

By: Steven Rogers and Alterrell Mills

The case highlights the role of minority chambers of commerce and the background of Eve Hall, a well-regarded multi-sector leader asked to revive Wisconsin's African-American chamber. This case study examines the lending options that a minority chamber of commerce... View Details

Educators

May 2007
Article

Corporate Financing Decisions When Investors Take the Path of Least Resistance

By: Malcolm Baker, Joshua Coval and Jeremy Stein

We explore the consequences for corporate financial policy that arise when investors exhibit inertial behavior. One implication of investor inertia is that, all else equal, a firm pursuing a strategy of equity-financed growth will prefer a stock-for-stock merger to... View Details

Keywords: Behavior; Investment; Policy; Corporate Finance

Find at Harvard

01 Jun 2009
Lessons from the Classroom

The Challenges of Investing in Science-Based Innovation

he made the decision to continue investing in longer-term research rather than short-term profit after Merck took its blockbuster drug Vioxx off the market in September 2004. "He believed that the only... View Details

Keywords: by Julia Hanna; Banking; Auto; Pharmaceutical

January 1998 (Revised November 2003)
Case

Morgan Stanley and S.G. Warburg: Investment Bank of the Future (A)

By: James K. Sebenius and David T. Kotchen

Describes secretive negotiations that took place between the top executives of Morgan Stanley and S.G. Warburg in the fall of 1994, when the two firms were contemplating a merger that would create one of the world's most powerful investment banks. By December, in order... View Details

Keywords: Negotiation; Investment Banking; Mergers and Acquisitions; Consolidation; Banking Industry; Financial Services Industry

Find at Harvard

21 Apr 2011
Research & Ideas

Searching for Better Practices in Social Investing

philanthropy and a search for 'give us better practices,' " said Nancy Roob, president and CEO of the Edna McConnell Clark Foundation (EMCF). Joining her on the panel were Matt Bannick (HBS MBA 1993), managing partner of Omidyar Network, a philanthropic View Details

Keywords: by Carmen Nobel; Financial Services

2015
Working Paper

Lost in the Clouds: The Impact of Changing Property Rights on Investment in Cloud Computing Ventures

By: Josh Lerner and Greg Rafert

Our analysis seeks to understand the impact of changing allocations of property rights on investment in new firms. We focus on the Cartoon Network, et al. v. Cablevision decision in the U.S., which narrowed the protection enjoyed by content creators (e.g., movie... View Details

Keywords: Technological Innovation; Venture Capital; Internet and the Web; Entrepreneurship; Investment; Copyright

10 Feb 2010
Working Paper Summaries

Investing in Improvement: Strategy and Resource Allocation in Public School Districts

Keywords: by Stacey Childress; Education

July 2008
Teaching Note

Yale University Investments Office: August 2006 (TN)

By: Josh Lerner and Ann Leamon

Teaching Note for [807073]. View Details

Keywords: Investment Funds; Strategy; Cost vs Benefits; Resource Allocation; Decision Choices and Conditions; Venture Capital; Assets; Leveraged Buyouts

July 2007
Teaching Note

Foreign Direct Investment and South Africa (TN)

By: Eric D. Werker

Teaching Note to 707019. View Details

Keywords: Foreign Direct Investment; Governing Rules, Regulations, and Reforms; Investment; Decisions; Economic Growth; Private Sector; Balance and Stability; South Africa

December 2020
Case

XP: Dual Track Financing Alternatives

By: Marco Di Maggio, Pedro Levindo and Carla Larangeira

XP, an investment platform, was on the verge of defining whether to do an IPO or selling off a majority stake to Itaú Unibanco, Brazil´s largest financial conglomerate. Under the leadership of Guilherme Benchimol, XP´s co-founder and CEO, XP had risen to become the... View Details

Keywords: Financing Decisions; Expansion; Decision Choices and Conditions; Latin America; Brazil

Educators

02 Apr 2018
Research & Ideas

Is 'Gut Feel' a Good Reason to Invest in a Startup?

to see if their explanations matched their actions; and traced the performance of the companies they invested in. As she described in a previous paper published in Administrative Science Quarterly, decisions... View Details

Keywords: by Michael Blanding; Financial Services

May 2008
Teaching Note

Warburg Pincus and emgs: The IPO Decision (TN) (A) and (B)

By: G. Felda Hardymon, Josh Lerner and Ann Leamon

Teaching Note for [807092] and [808046]. View Details

Keywords: Initial Public Offering; Decision Making; Investment Banking; Financial Services Industry