Publications

Article

Investor Activism and Takeovers

By: Robin Greenwood and Michael Schor

Recent work documents large positive abnormal returns around the time that a hedge fund announces its activist intentions with a publicly listed firm. We show that these returns are largely explained by the ability of activists to force target firms into a takeover: In... View Details

Keywords: Mergers and Acquisitions; Private Equity; Investment Return; Investment Activism; Investment Portfolio; Public Ownership

March 2009 (Revised March 2010)
Case

Groupe Eurotunnel S.A. (A)

By: Stuart C. Gilson, Vincent Marie Dessain and Sarah Abbott

In the summer of 2006, the chairman and CEO of Eurotunnel Group is faced with the decision whether to file for bankruptcy protection, after having failed to gain creditor approval of an ambitious out-of-court restructuring plan. The company, which has been attempting... View Details

Keywords: Restructuring; Capital Structure; Insolvency and Bankruptcy; Laws and Statutes; Risk Management; Rail Industry; France; United Kingdom

September 2011 (Revised February 2013)
Case

Sino-Forest (A)

By: David F. Hawkins and David Lane

Chinese company listed on the Toronto Stock Exchange is accused of fraud by a hedge fund. View Details

Keywords: Business Earnings; Crime and Corruption; Financial Markets; Investment Funds; Management Analysis, Tools, and Techniques; China

November 1999
Case

Long-Term Capital Management, L.P. (C)

By: Andre F. Perold

Long-Term Capital Management, L.P. (LTCM) was in the business of engaging in trading strategies to exploit market pricing discrepancies. Because the firm employed strategies designed to make money over long horizons--from six months to two years or more--it adopted a... View Details

Keywords: Fluctuation; Capital; Financial Liquidity; Financing and Loans; Investment Funds; Investment Portfolio; Corporate Governance; Governing Rules, Regulations, and Reforms; Management; Risk Management; Markets; Motivation and Incentives; Financial Services Industry

14 Apr 2009
First Look

First Look: April 14, 2009

York-based hedge fund must decide whether to invest in TravelCenters of America (TA), a recent spin-off from a U.S.-based real estate investment... View Details

Keywords: Martha Lagace

14 Sep 2010
First Look

First Look: September 14, 2010

on the loan used to finance the Momentive buyout and allow issuance of senior secured notes. The case is set up from the perspective of a hedge fund that holds a fraction of Momentive's syndicated loan. The... View Details

Keywords: Sean Silverthorne

November 1984
Background Note

Black-Scholes Option Pricing Program for the HP 12C Calculator

By: Andre F. Perold

Contains a program that can be used on the HP12C pocket calculator to compute the Black-Scholes option price and the associated hedge ratio. The program must be given the following parameters: the exercise price, the risk-free rate, the time to expiration, and the... View Details

Keywords: Stock Options; Investment Funds; Price; Management; Software

Find at Harvard

05 Mar 2013
First Look

First Look: March 5

NorrisHarvard Business School Case 113-035 In October 2011, noted hedge fund manager David Einhorn of Greenlight Capital delivered a presentation at an investors' conference... View Details

Keywords: Sean Silverthorne

06 Nov 2006
Research & Ideas

How South Africa Challenges Our Thinking on FDI

of investment because of whims: Investment managers or hedge fund managers can pull... View Details

Keywords: by Martha Lagace

28 May 2013
First Look

First Look: May 28

fund. Purchase this case: http://hbr.org/search/813157-PDF-ENG Harvard Business School Case 113-120 NovaStar Financial: A Short Seller's Battle The NovaStar case describes the challenges faced by short seller Marc Cohodes of hedge View Details

Keywords: Sean Silverthorne

25 Mar 2014
First Look

First Look: March 25

working paper: https://www.hbs.edu/faculty/Pages/item.aspx?num=46882 Friends with Close Ties: Asset or Liability? Evidence from the Investment Decisions of Mutual Funds in China By: Gao, Xinzi, T.J. Wong,... View Details

Keywords: Sean Silverthorne

14 Dec 2010
First Look

First Look: Dec. 14

increased during the 2007-2009 financial crisis. Diversification gave firms both financing and investment advantages. First, conglomerates became significantly more leveraged relative to comparable focused firms. Second, conglomerates'... View Details

Keywords: Sean Silverthorne

06 Nov 2000
Research & Ideas

The Determinants of Corporate Venture Capital Success

basis of the task force's recommendation, Kearns decided to pursue a corporate venture capital program. He agreed to commit $30 million to invest in promising technologies developed at Xerox. As he commented at the time, "XTV is a... View Details

Keywords: by Paul Gompers & Josh Lerner

15 Jun 2016
Research & Ideas

These VC Partners May Make Your Firm Less Innovative

align? For example, when the VC hedges its bet by investing in multiple startups that may be competitors? A startup whose VC also invests in competitors may produce fewer new... View Details

Keywords: by Michael Blanding; Financial Services; Banking

July 2010 (Revised March 2016)
Case

MacroMarkets LLC

By: Robin Greenwood and Luis M. Viceira

MacroMarkets co-founder and CEO Samuel Masucci III is meeting with a strategic partner for his firm. Co-founded with Yale University Professor Robert Shiller, MacroMarkets' main innovation is the "MacroShare," which allows investors to take long or short, levered or... View Details

Keywords: Macroeconomics; Financial Instruments; Financial Markets; Investment Funds; Investment Portfolio; Innovation and Invention; Risk Management; Product Positioning; Demand and Consumers; Financial Services Industry