Publications

SSRN

October 2016 (Revised October 2017)
Case

Misaki Capital and Sangetsu Corporation

By: Ian Gow, Charles C.Y. Wang, Naoko Jinjo and Nobuo Sato

Japan’s corporate culture has traditionally prioritized the interests of stakeholders such as customers, employees, and suppliers over those of shareholders. After a decades-long economic slump, Japan’s government has revitalized efforts to improve corporate governance... View Details

Keywords: Activist Investing; Constructivist Investing; Japan; Valuation; Stock Screens; Return On Equity; Investment; Business and Stakeholder Relations; Corporate Governance; Financial Strategy; Business and Shareholder Relations; Japan

March 2018 (Revised May 2018)
Case

Celgene

By: Malcolm Baker and Emily McComb

In February 2011, Adam Koppel, a managing director at Brookside Capital, the public equity arm of Bain Capital, must decide whether to increase or exit the firm’s position in Celgene Corporation. News has emerged that raises potential safety concerns associated with... View Details

Keywords: Life Sciences; Biotechnology; Public Market Investing; Celgene; Revlimid; Hedge Fund; Growth Stocks; Valuation; Investment; Decision Choices and Conditions; Analysis; Biotechnology Industry

April 2018
Supplement

Celgene

By: Malcolm Baker and Emily R. McComb

In February 2011, Adam Koppel, a Managing Director at Brookside Capital, the public equity arm of Bain Capital, must decide whether to increase or exit the firm’s position in Celgene Corporation. News has emerged that raises potential safety concerns associated with... View Details

Keywords: Life Sciences; Biotechnology; Public Market Investing; Celgene; Revlimid; Hedge Fund; Growth Stocks; Valuation; Investment; Decision Choices and Conditions; Analysis

Article

An Invitation to Market Design

By: Scott Duke Kominers, Alexander Teytelboym and Vincent P. Crawford

Market design seeks to translate economic theory and analysis into practical solutions to real-world problems. By redesigning both the rules that guide market transactions and the infrastructure that enables those transactions to take place, market designers can... View Details

Keywords: Matching; Trading; Scrip; Liquidity; Efficiency; Equity; Allocation Rules; Marketplaces; Market Design; Marketplace Matching; Auctions

Find at Harvard

March 2021
Case

Yale Investments Office: November 2020

By: Josh Lerner, Jo Tango and Alys Ferragamo

David Swensen and the Investments Office staff must decide whether to continue to allocate the bulk of the university's endowment to illiquid investments—hedge funds, private equity, venture capital, real estate, natural resources—given the impact of the COVID-19... View Details

Keywords: University Endowment; Asset Allocation; Real Estate; Equities; Fixed Income; COVID-19; Asset Management; Private Equity; Venture Capital; Natural Resources; Resource Allocation; Investment; Investment Portfolio; Health Pandemics; Financial Crisis; Financial Services Industry; Real Estate Industry; Energy Industry; Connecticut

2020
Working Paper

Spreading the Health: Americans' Estimated and Ideal Distributions of Death and Health(care)

By: Sorapop Kiatpongsan and Michael I. Norton

The 2010 Patient Protection and Affordable Care Act intensified debates over the role of government in the distribution of healthcare. A nationally-representative sample of Americans reported their estimated and ideal distributions of healthcare (unmet need for... View Details

Keywords: Healthcare; Mortality; Inequality; Justice; Equity; Health; Health Care and Treatment; Equality and Inequality; Fairness; Public Opinion; United States

SSRN

March 2017 (Revised July 2019)
Case

Interline Brands: Don't Stop Believing

By: Nori Gerardo Lietz and Ricardo Andrade

Interline Brands, a leading distributor of residential housing maintenance and repair parts and equipment in the U.S., had just held its November 2014 board meeting. The meeting had been productive but not without some soul searching for both the company’s management... View Details

Keywords: Private Equity Exit; Consumer Goods; IPO; Private Equity; Initial Public Offering; Decision Choices and Conditions

Teaching Interest

Overview

By: John F. Batter

As as Senior Lecturer I teach the EC course Law, Management and Entrepreneurship (cross-listed in the General Management and Entrepreneurial Management Units) in both the Fall and Spring semesters. While I have retired from my public and private company litigation... View Details

Keywords: Fiduciary Duty; Securities; Private Equity; Entrepreneurship; Mergers; Law

February 2017 (Revised March 2017)
Case

Link REIT

By: Siddharth Yog

Publicly listed in November 2005, Link REIT was the first real estate investment trust (REIT) in Hong Kong after the Hong Kong government decided to privatize a portfolio of community shopping malls, car parks, and fresh produce markets. Run by CEO George Hongchoy, the... View Details

Keywords: Hong Kong; REIT; Real Estate; Retail; Government; China; Housing; Public Company; Strategic Planning; Expansion; Public Equity; Real Estate Industry; Hong Kong; China

2024
Working Paper

What Do Impact Investors Do Differently?

By: Shawn Cole, Leslie Jeng, Josh Lerner, Natalia Rigol and Benjamin N. Roth

In recent years, impact investors – private investors who seek to generate simultaneously financial and social returns – have attracted intense interest and controversy. We analyze a novel, comprehensive data set of impact and traditional investors to assess how the... View Details

Keywords: ESG; Socially Responsible Investing; Investment Decisions; Public Goods; Impact Investment; Investment; Private Equity; Venture Capital

SSRN

01 Mar 2024
News

In Harmony

Kim at Seoul’s government-built Hoehyeon “Citizens’ Apartments.” Opened in 1970, it stands as a reminder of a Korea from a very different era. Like so many South Koreans of a certain age, Michael ByungJu Kim (MBA 1990) lives in a country where the past lingers,... View Details

Keywords: Julia Hanna; photographs by Jun Michael Park; private equity; fiction; financial crisis; leadership; Korea

October 2022 (Revised February 2024)
Case

Masdar City: Aiming for Sustainable and Profitable Real Estate

By: Boris Vallee and Fares Khrais

Masdar City broke ground in 2008 and was conceived by the Abu Dhabi government to be an international beacon of innovation in sustainable energy and real estate. It was also to be a profitable investment for the government. At first glance, the two goals pulled in... View Details

18 Apr 2023
Research & Ideas

The Best Person to Lead Your Company Doesn't Work There—Yet

cumulative 22 percent and an annualized 5 percent, the authors note. And CEOs of PE-funded companies receive lucrative incentives that can include up to 10 percent of equity upside, a way to take a cut of future returns. The best horse... View Details

Keywords: by Rachel Layne; Financial Services

Paul A. Gompers

Paul Gompers, Professor of Business Administration at the Harvard Business School, specializes in research on financial issues related to start-up, high growth, and newly public companies. Professor Gompers has an appointment in both the View Details

Keywords: electronics; health care; high technology; information technology industry; investment banking industry; pharmaceuticals; semiconductor; venture capital industry

November 2012 (Revised January 2014)
Case

HCA, Inc. LBO Exit

By: Victoria Ivashina

This case discusses the events following the 2006 $33.2 billion buyout of Hospital Corporation of America (HCA) by a consortium of private equity firms, including Bain Capital, KKR, and Merrill Lynch's private equity arm. The case highlights some of the core features... View Details

Keywords: Entrepreneurship; Finance; Stockholders; Dividends; Private Equity; Initial Public Offering

January 2007 (Revised February 2009)
Case

Austin, Blakeley, & Cambridge, LLC

The founding partners of ABC, LLC, one of the leading private equity firms in the world, are trying to understand why some of the other top firms in the business, such as KKR and Apollo, have been tapping the public equity markets for their own funds, and whether they... View Details

Keywords: Private Equity; Public Equity; Investment Funds; Going Public; Financial Services Industry

20 Aug 2012
Research & Ideas

The Acquirers

When it comes to mergers and acquisitions, private equity firms are in high-stakes competition with public companies to identify takeover targets. During some M&A waves, View Details

Keywords: by Kim Girard; Financial Services

April 2023 (Revised January 2024)
Background Note

Note on Healthcare in Ghana

By: Regina E. Herzlinger and Ben Creo

This note provides an overview of the healthcare system in Ghana. It discusses the public and private sector as well as traditional medical practice. It also discusses the country’s pharmaceutical industry. It is recommended as a companion to Professor Regina... View Details

Keywords: Africa; Pharmaceutical Companies; Pharmacy Benefit Manager; Health Care; Health Care Costs; Health Care Delivery; Health Care Entrepreneurship; Telehealth; Health Equity; Governing Rules, Regulations, and Reforms; Health Care and Treatment; Business and Government Relations; Health Industry; Pharmaceutical Industry; Ghana