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  • 06 Aug 2009
  • Working Paper Summaries

Buy Local? The Geography of Successful and Unsuccessful Venture Capital Expansion

Keywords: by Henry Chen, Paul A. Gompers, Anna Kovner & Josh Lerner
  • Article

The Impact of Venture Capital Monitoring

By: S. Bernstein, X. Giroud and R. Townsend
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Bernstein, S., X. Giroud, and R. Townsend. "The Impact of Venture Capital Monitoring." Journal of Finance 71, no. 4 (August 2016): 1591–1622.
  • August 2006 (Revised December 2010)
  • Exercise

The Venture Capital Valuation Problem Set

By: William A. Sahlman and Evan Wade Richardson
To be used with (396-090). View Details
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Sahlman, William A., and Evan Wade Richardson. "The Venture Capital Valuation Problem Set." Harvard Business School Exercise 807-036, August 2006. (Revised December 2010.)
  • summer 1988
  • Article

Aspects of Financial Contracting in Venture Capital

By: William A. Sahlman
Keywords: Venture Capital; Finance
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Sahlman, William A. "Aspects of Financial Contracting in Venture Capital." Continental Bank Journal of Applied Corporate Finance 1, no. 2 (summer 1988): 23–36.
  • October 1996 (Revised April 2011)
  • Module Note

Venture Capital and Private Equity: Module I

By: Josh Lerner, G. Felda Hardymon and Ann Leamon
Provides an overview of a module that focuses on how private equity funds are raised and structured. View Details
Keywords: Venture Capital; Private Equity; Investment Funds
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Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Venture Capital and Private Equity: Module I." Harvard Business School Module Note 297-040, October 1996. (Revised April 2011.)
  • October 1996 (Revised May 2011)
  • Module Note

Venture Capital and Private Equity: Module II

By: Josh Lerner, G. Felda Hardymon and Ann Leamon
Provides an overview of a module that focuses on the interaction between private equity investors and the firms they finance. View Details
Keywords: Business Ventures; Venture Capital; Private Equity; Financing and Loans; Investment; Business and Stakeholder Relations
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Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Venture Capital and Private Equity: Module II." Harvard Business School Module Note 297-041, October 1996. (Revised May 2011.)
  • September 2003 (Revised January 2005)
  • Case

Emergence, Valhalla, and Orchid: Divergent Models for Venture Capital Funds

By: William A. Sahlman and Matthew Willis
Compares and contrasts three different venture capital funds from the perspective of a potential investor. The first fund has a technology-enabled services preference, the second a Mid-Atlantic region preference, and the third a seed round preference. Students are... View Details
Keywords: Borrowing and Debt; Entrepreneurship; Service Operations; Information Technology; Venture Capital
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Sahlman, William A., and Matthew Willis. "Emergence, Valhalla, and Orchid: Divergent Models for Venture Capital Funds." Harvard Business School Case 804-056, September 2003. (Revised January 2005.)
  • 27 Apr 2021
  • Research & Ideas

IPO or M&A? How Venture Capital Shapes a Startup's Future

Entrepreneurs rarely consider who will ultimately own their startups—and what that means for founders—when they court venture capitalists. New research suggests they should. A startup funded by VCs who tend to work with the same group of... View Details
Keywords: by Rachel Layne
  • January 1986
  • Background Note

Note on the Venture Capital Industry: Update--1985

By: William A. Sahlman
Keywords: Venture Capital
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Sahlman, William A. "Note on the Venture Capital Industry: Update--1985." Harvard Business School Background Note 286-060, January 1986.
  • September 2006
  • Teaching Note

Corporate Venture Capital at Eli Lilly (TN)

By: Richard G. Hamermesh and Erin Seefeld
Keywords: Venture Capital; Pharmaceutical Industry
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Hamermesh, Richard G., and Erin Seefeld. "Corporate Venture Capital at Eli Lilly (TN)." Harvard Business School Teaching Note 807-059, September 2006.
  • Article

The Rise and Fall of Venture Capital

By: Paul A. Gompers
Keywords: Venture Capital
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Gompers, Paul A. "The Rise and Fall of Venture Capital." Business and Economic History 23, no. 2 (Winter 1994): 1–24.
  • July 2014
  • Case

Venture Capital at the Harvard Management Company in Historical Perspective

By: Felda Hardymon, Tom Nicholas and Vasiliki Fouka
The compromise between capital preservation and growth has always been central to the performance of the Harvard endowment. Setting an institutional structure for effectively governing this compromise became especially important when the Harvard Management Company... View Details
Keywords: Venture Capital; Financial Management; Asset Management; Higher Education; Investment; Financial Services Industry; Education Industry; Cambridge
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Hardymon, Felda, Tom Nicholas, and Vasiliki Fouka. "Venture Capital at the Harvard Management Company in Historical Perspective." Harvard Business School Case 815-047, July 2014.
  • June 2018
  • Article

Cost of Experimentation and the Evolution of Venture Capital

By: Michael Ewens, Ramana Nanda and Matthew Rhodes-Kropf
We study how technological shocks to the cost of starting new businesses have led the venture capital model to adapt in fundamental ways over the prior decade. We both document and provide a framework to understand the changes in the investment strategy of VCs in... View Details
Keywords: Innovation; Investing; Abandonment Option; Technological Innovation; Venture Capital; Investment
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Ewens, Michael, Ramana Nanda, and Matthew Rhodes-Kropf. "Cost of Experimentation and the Evolution of Venture Capital." Journal of Financial Economics 128, no. 3 (June 2018): 422–442.
  • 2017
  • Working Paper

Cost of Experimentation and the Evolution of Venture Capital

By: Michael Ewens, Ramana Nanda and Matthew Rhodes-Kropf
We study how technological shocks to the cost of starting new businesses have led the venture capital model to adapt in fundamental ways over the prior decade. We both document and provide a framework to understand the changes in the investment strategy of VCs in... View Details
Keywords: Innovation; Investing; Abandonment Option; Technological Innovation; Venture Capital; Entrepreneurship; Investment
Citation
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Ewens, Michael, Ramana Nanda, and Matthew Rhodes-Kropf. "Cost of Experimentation and the Evolution of Venture Capital." Harvard Business School Working Paper, No. 15-070, February 2015. (Revised March 2017, Forthcoming in the Journal of Financial Economics.)
  • 1993
  • Chapter

Aspects of Financial Contracting in Venture Capital

By: William A. Sahlman
Keywords: Venture Capital; Contracts; Financial Services Industry
Citation
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Sahlman, William A. "Aspects of Financial Contracting in Venture Capital." In The New Corporate Finance: Where Theory Meets Practice, edited by D. Chew, 229, Part IV:4. New York: McGraw-Hill, 1993.
  • May–June 2020
  • Article

Interfirm Ties Between Ventures and Limited Partners of Venture Capital Funds: Performance Effects in Financial Markets

By: Umit Ozmel, M. Deniz Yavuz, Timothy E. Trombley and Ranjay Gulati
We argue that strong indirect ties are conducive to the transfer of private information, which provides an advantage in identifying profitable investment opportunities. In our context, a strong indirect tie is generated between an investor and a focal firm if the... View Details
Keywords: Interfirm Ties; Social Networks; Venture Capital; Entrepreneurship; Performance
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Ozmel, Umit, M. Deniz Yavuz, Timothy E. Trombley, and Ranjay Gulati. "Interfirm Ties Between Ventures and Limited Partners of Venture Capital Funds: Performance Effects in Financial Markets." Organization Science 31, no. 3 (May–June 2020): 698–719.
  • 2014
  • Working Paper

Adding Value Through Venture Capital in Latin America and the Caribbean

By: Josh Lerner, Ann Leamon, James Tighe and Susana Garcia-Robles
Venture capital (VC) investment has long been recognized as an engine for economic growth and development. Unlike bank loans, where the entrepreneur receives money and is left alone as long as the payments arrive on the pre-arranged schedule, venture capital... View Details
Keywords: Venture Capital; Value; Entrepreneurship; Investment; Latin America; West Indies
Citation
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Lerner, Josh, Ann Leamon, James Tighe, and Susana Garcia-Robles. "Adding Value Through Venture Capital in Latin America and the Caribbean." Harvard Business School Working Paper, No. 15-024, October 2014.
  • Article

Venture Capital Distributions: Short-Run and Long-Run Reactions

By: Paul Gompers and Josh Lerner
Citation
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Gompers, Paul, and Josh Lerner. "Venture Capital Distributions: Short-Run and Long-Run Reactions." Journal of Finance 53, no. 6 (December 1998): 2161–2183.
  • February 2002 (Revised October 2002)
  • Case

Venture Capital Method: Valuation Problem Set Solutions

Presents the solutions to questions 1 through 4 of the problem set. To be handed out in class. A rewritten version of an earlier supplement. View Details
Keywords: Venture Capital; Valuation
Citation
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Kuemmerle, Walter. "Venture Capital Method: Valuation Problem Set Solutions." Harvard Business School Case 802-162, February 2002. (Revised October 2002.)
  • 1999
  • Chapter

Aspects of Financial Contracting in Venture Capital

By: William A. Sahlman
Keywords: Venture Capital; Contracts
Citation
Related
Sahlman, William A. "Aspects of Financial Contracting in Venture Capital." Chap. 16 in The Entrepreneurial Venture. 2nd ed. by William A. Sahlman, Howard H. Stevenson, Michael J Roberts, and Amar V. Bhide, 304–325. Harvard Business School Press, 1999. (Originally published in Continental Bank Journal of Applied Corporate Finance 1, no. 2 (summer 1988): 23-36. Also reprinted in The New Corporate Finance: Where Theory Meets Practice, edited by D. Chew, 229. New York: McGraw-Hill, 1993. Part IV: 4.)
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