Publications

August 2024 (Revised October 2024)
Case

Discerene Group: Long-Term Public-Markets Investing

By: Luis M. Viceira and Brent Schwarz

This case discusses active investing based on fundamental valuations and price distortions created by market events, and whether contractual terms between investment managers and their investors can help align incentives between long-term investors and active managers.... View Details

Keywords: Financial Strategy; Investment Funds; Valuation; Financial Markets; Financial Services Industry; Connecticut

September 2022
Article

Find and Replace: R&D Investment Following the Erosion of Existing Products

By: Joshua L. Krieger, Xuelin Li and Richard T. Thakor

How do innovative firms react when existing products experience negative shocks? We explore this question with detailed project-level data from drug development firms. Using FDA Public Health Advisories as idiosyncratic negative shocks to approved drugs, we first... View Details

Keywords: R＆D Investments; Drug Development; Product Shocks; M＆A; Biopharmaceutical Industry; FDA; System Shocks; Research and Development; Investment; Decision Making; Pharmaceutical Industry

October 2005
Background Note

Portfolio Investment in Emerging Markets

By: Tarun Khanna, Krishna G. Palepu and Kjell Ke-Li Carlsson

Provides distinctive data on investment flows into emerging markets. View Details

Keywords: Emerging Markets; Investment

2024
Working Paper

Public Debt and Investment Under Political Competition: Evidence from Toxic Loans

By: Julien Sauvagnat and Boris Vallée

We examine how political considerations shape local government responses to a substantial rise in indebtedness. We use the delayed yet sharp deterioration of “toxic” loans held by French municipalities as a quasi-natural experiment to empirically investigate such... View Details

Keywords: Public Debt; Public Investments; Political Contestation; Toxic Loans; Borrowing and Debt; Investment; Public Sector; Government and Politics; Local Range; Financing and Loans

Read Now

May 2010 (Revised November 2010)
Case

Investment Technology Group

By: Clayton S. Rose and David Lane

Investment Technology Group (ITG) CEO Robert Gasser wondered if the financial crisis had permanently affected the firm's business model. A leader in trade analytics and execution for institutional equity investors, ITG had grown since its establishment in 1987 in step... View Details

Keywords: Customer Relationship Management; Financial Crisis; Investment; Resignation and Termination; Crisis Management; Product Positioning; Organizational Change and Adaptation; Financial Services Industry; Information Technology Industry; New York (city, NY)

05 Sep 2013
News

Women and Sustainable Investing

06 Feb 2023
Blog Post

Meet the Black Investment Club

In 2020, Paul Ampofo (MBA 2020) and Brian Sykes (MBA 2020) founded the Black Investment Club at Harvard Business School to address the massive underrepresentation of Black investors in venture capital, private equity, and View Details

Keywords: Investment Management / Hedge Fund; Investment Management / Hedge Fund; Investment Management / Hedge Fund

13 Jan 2020
News

Making Impact Investing Work

April 2022
Article

Going Out or Opting Out? Capital, Political Vulnerability, and the State in China's Outward Investment

By: Meg Rithmire

How do state-business relations interact with outward investment in authoritarian regimes? This paper examines this question in the context of China’s rapid transformation into a major capital exporter. While most political economy scholarship focuses on firms’... View Details

Keywords: Outward Investment; Capital Controls; Corruption; Foreign Direct Investment; Political Economy; State-owned Enterprises; Investment; Global Range; Capital; Globalization; Policy; Government and Politics; China

Clubs

Women in Investing Club

Keywords: Affinity; Venture Capital / Private Equity / LBO

2010
Chapter

Carbon As An Investment Opportunity

By: Jurgen Weiss and Veronique Bugnion

The chapter discusses various sources for monetizing carbon abatement and provides an outlook for the size of the market and related investment opportunities. View Details

Keywords: Carbon Abatement; Monetization; Investment

October 2020 (Revised December 2020)
Case

AfricInvest: A Pan-African Investment Platform

By: Victoria Ivashina and Youssef Abdel Aal

The case is set in December 2018, when Ziad Oueslati, co-managing director and co-founder of AfricInvest, a leading pan-African private equity firm headquartered in Tunisia, was reflecting on the future direction of his firm. AfricInvest started as a traditional small... View Details

Keywords: Finance; Private Equity; Venture Capital; Strategy; Governance; Financial Services Industry; Tunisia; Africa; Middle East

January 2013
Case

Omidyar Network: Pioneering Impact Investment

By: Michael Chu and Lauren Barley

Omidyar Network, having deployed to date over $500 million in ways ranging from donations to commercial equity capital, must decide whether to back Anudip, an Indian organization dedicated to providing the rural unemployed and marginalized with livelihoods linked to... View Details

Keywords: Social Enterprise; Social Entrepreneurship; Investment; Philanthropy and Charitable Giving; India

December 1983 (Revised August 1986)
Case

Investment Partners 100

By: William J. Poorvu

Keywords: Investment

30 Nov 2020
Research & Ideas

COVID Not Slowing VC Investment

expect their investments to outperform major equity indexes going forward, and they’re continuing to fund new endeavors. “It’s sort of the opposite of doom and gloom,” Gompers says. “We were surprised by how relatively unaffected the... View Details

Keywords: by Danielle Kost; Financial Services; Banking

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

February 2012 (Revised July 2012)
Background Note

The Promise of Impact Investing

By: V. Kasturi Rangan, Sarah Appleby and Laura Moon

This note outlines the segments of a potential $500 billion social investment market; sectors such as housing, microfinance, health and education. The note sketches the roles of the various players and summarizes their investment perspectives. View Details

Keywords: Investment