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- All HBS Web
(259)
- News (57)
- Research (170)
- Multimedia (1)
- Faculty Publications (85)
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- February 2006 (Revised January 2007)
- Case
ABRY Partners, LLC: WideOpenWest
By: Josh Lerner and Smart Darren
ABRY, a Boston-based private equity group, is considering whether to terminate its investment in WideOpenWest or to try to salvage the transaction by acquiring a division of telecommunications unit Ameritech. View Details
Keywords: Private Equity; Investment Portfolio; Problems and Challenges; Media and Broadcasting Industry; Media and Broadcasting Industry; Boston
Lerner, Josh, and Smart Darren. "ABRY Partners, LLC: WideOpenWest." Harvard Business School Case 806-116, February 2006. (Revised January 2007.)
- 2018
- Working Paper
Some Facts of High-Tech Patenting
By: Michael Webb, Nick Short, Nicholas Bloom and Josh Lerner
Patenting in software, cloud computing, and artificial intelligence has grown rapidly in recent years. Such patents are acquired primarily by large U.S. technology firms such as IBM, Microsoft, Google, and HP, as well as by Japanese multinationals such as Sony, Canon,... View Details
Webb, Michael, Nick Short, Nicholas Bloom, and Josh Lerner. "Some Facts of High-Tech Patenting." Harvard Business School Working Paper, No. 19-014, August 2018. (NBER Working Paper Series, No. 24793, July 2018.)
- June 2015
- Article
Standard-Essential Patents
By: Josh Lerner and Jean Tirole
A major policy issue in standard setting is that patents that are ex-ante not that important may, by being included into the standard, become standard-essential patents (SEPs). In an attempt to curb the monopoly power that they create, most standard-setting... View Details
Lerner, Josh, and Jean Tirole. "Standard-Essential Patents." Journal of Political Economy 123, no. 3 (June 2015): 547–586.
- January 2004 (Revised May 2005)
- Case
Gold Hill Venture Lending
By: G. Felda Hardymon, Josh Lerner and Ann Leamon
David Fischer is trying to raise $200 million for a first-time venture debt fund that will be affiliated with Silicon Valley Bank, a major technology lender. Despite his lengthy experience in venture lending, the process is proving difficult. He and his partners are... View Details
Keywords: Information Technology; Value Creation; Venture Capital; Partners and Partnerships; Decision Choices and Conditions; Investment Funds; Banking Industry; Financial Services Industry
Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Gold Hill Venture Lending." Harvard Business School Case 804-083, January 2004. (Revised May 2005.)
- March 2008 (Revised June 2009)
- Case
Actis: January 2008
By: Felda Hardymon, Josh Lerner and Ann Leamon
Paul Feltcher, the CEO of Actis, a leading private equity investor in emerging markets, is preparing for an executive retreat at which the management team will consider how best to position the firm for the future. Actis could move in a number of different directions... View Details
Keywords: Business Model; Private Equity; Investment; Growth and Development Strategy; Management Teams; Emerging Markets; Organizational Change and Adaptation
Hardymon, Felda, Josh Lerner, and Ann Leamon. "Actis: January 2008." Harvard Business School Case 808-130, March 2008. (Revised June 2009.)
- May 2024
- Article
Financial Innovation in the 21st Century: Evidence from U.S. Patents
By: Josh Lerner, Amit Seru, Nick Short and Yuan Sun
We develop a unique dataset of 24 thousand U.S. finance patents granted over the last two decades to explore the evolution and production of financial innovation. We use machine learning to identify the financial patents and extensively audit the results to ensure... View Details
Keywords: Banking; Investment Banks; Information Technology; Regulation; Patents; Innovation and Invention; Trends
Lerner, Josh, Amit Seru, Nick Short, and Yuan Sun. "Financial Innovation in the 21st Century: Evidence from U.S. Patents." Journal of Political Economy 132, no. 5 (May 2024): 1391–1449.
- March 2012
- Article
Reviving Entrepreneurship
By: Josh Lerner and William Sahlman
New enterprises don't exist in a vacuum: They rise or fall depending on myriad contextual factors, all of them interrelated, and all of them affected by government policy. U.S. lawmakers must carefully consider the effects of interventions in at least 12 areas, ranging... View Details
Keywords: Entrepreneurship; Government and Politics; Policy; Economy; Public Administration Industry; United States
Lerner, Josh, and William Sahlman. "Reviving Entrepreneurship." Harvard Business Review 90, no. 3 (March 2012): 116–119.
- September 2005 (Revised May 2007)
- Case
OuterLink Corporation (A)
By: Josh Lerner and Brenda Chia
Zero Stage Capital is addressing a troubled investment in OuterLink Corp., which has a capital deficit of $30 million and was written off by all but one of its investors as a victim of the technology bubble. The venture organization must decide whether to shutter the... View Details
Keywords: Information Technology; Decisions; Venture Capital; Private Equity; Price Bubble; Investment; Financial Services Industry
Lerner, Josh, and Brenda Chia. "OuterLink Corporation (A)." Harvard Business School Case 806-059, September 2005. (Revised May 2007.)
- 01 Sep 2009
- First Look
First Look: September 1
disclosure regulation (the U.K.), the analyst school-tie premium has remained large and significant over the entire sample period. Specialization and Success: Evidence from Venture Capital Authors:Paul A.... View Details
Keywords: Martha Lagace
- Article
The Disintermediation of Financial Markets: Direct Investing in Private Equity
By: Lily Fang, Victoria Ivashina and Josh Lerner
We examine twenty years of direct private equity investments by seven large institutions. These direct investments perform better than public market indices, especially buyout investments and those made in the 1990s. Outperformance by the direct investments, however,... View Details
Keywords: Financial Intermediation; Direct Investment; Co-investment; Private Equity; Entrepreneurship; Financial Markets
Fang, Lily, Victoria Ivashina, and Josh Lerner. "The Disintermediation of Financial Markets: Direct Investing in Private Equity." Journal of Financial Economics 116, no. 1 (April 2015): 160–178.
- January 2019
- Article
Pay Now or Pay Later? The Economics within the Private Equity Partnership
By: Victoria Ivashina and Josh Lerner
The economics of partnerships have been of enduring interest to economists, but many issues regarding intergenerational conflicts and their impact on the continuity of these organizations remain unclear. We examine 717 private equity partnerships and show that (a) the... View Details
Keywords: Partnerships; Leveraged Buyout; Partners and Partnerships; Private Equity; Venture Capital; Leveraged Buyouts
Ivashina, Victoria, and Josh Lerner. "Pay Now or Pay Later? The Economics within the Private Equity Partnership." Journal of Financial Economics 131, no. 1 (January 2019): 61–87.
- 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
Lerner, Josh, and Greg Rafert. "Lost in the Clouds: The Impact of Changing Property Rights on Investment in Cloud Computing Ventures." Harvard Business School Working Paper, No. 15-082, April 2015.
- 01 May 2012
- First Look
First Look: May 1
IBM Authors: Timothy F. Bresnahan, Shane Greenstein, and Rebecca M. Henderson Publication: In The Rate and Direction of Inventive Activity Revisited, edited by View Details
Keywords: Carmen Nobel
- 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
Lerner, Josh, and Greg Rafert. "Lost in the Clouds: The Impact of Copyright Scope on Investment in Cloud Computing Ventures." 2012.
- August 2017 (Revised September 2023)
- Case
Altoona State Investment Board & Bain Capital Fund XI
By: Josh Lerner and Ted Berk
Considers the decision faced by state pension fund manager Rod Calhoun as he decides whether to invest $200 million in Bain Capital's eleventh global buyout fund: Bain Capital Fund XI. For the fund, Bain was offering its limited partners a choice among three different... View Details
Keywords: Equity Method; Leveraged Buyout; Management Buyout; Capital; Design; Entrepreneurship; Finance; Leveraged Buyouts; Management; Private Equity; Venture Capital; Banking Industry; Massachusetts
Lerner, Josh, and Ted Berk. "Altoona State Investment Board & Bain Capital Fund XI." Harvard Business School Case 218-022, August 2017. (Revised September 2023.)
- December 2002 (Revised June 2003)
- Case
Vignette: The Rebar Dilemma
By: G. Felda Hardymon, Josh Lerner and Ann Leamon
Martin Smith, a new associate at an LBO firm, must respond to a problem posed by his boss, based on an historical deal that suddenly came undone. After months of negotiation, his firm's plan to buy a bankrupt competitor of one of its portfolio companies and close it... View Details
Keywords: Leveraged Buyouts; Insolvency and Bankruptcy; Competition; Growth and Development Strategy; Business or Company Management
Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Vignette: The Rebar Dilemma." Harvard Business School Case 803-091, December 2002. (Revised June 2003.)
- March 2021 (Revised August 2021)
- Case
DigiPlex: Ante-Up or Cash Out
By: Josh Lerner and James Mason
In November 2020, the co-founders of DigiPlex study the future growth trajectory of their Nordic data center venture. A critical question was on the agenda: was now finally the right time to sell DigiPlex? Originally a $2.75 million investment in one small data center... View Details
Lerner, Josh, and James Mason. "DigiPlex: Ante-Up or Cash Out." Harvard Business School Case 821-080, March 2021. (Revised August 2021.)
- Spring 2013
- Article
The Investment Strategies of Sovereign Wealth Funds
By: Shai Bernstein, Josh Lerner and Antoinette Schoar
This paper examines the direct private equity investment strategies across sovereign wealth funds (SWFs) and their relationship to the funds' organizational structures. SWFs seem to engage in a form of trend chasing, since they are more likely to invest at home when... View Details
Bernstein, Shai, Josh Lerner, and Antoinette Schoar. "The Investment Strategies of Sovereign Wealth Funds." Journal of Economic Perspectives 27, no. 2 (Spring 2013): 219–238.
- October 2012 (Revised September 2015)
- Case
Altoona State Investment Board: July 2012
By: Josh Lerner and Nathaniel Burbank
Considers the decision faced by state pension fund manager Rod Calhoun as he decides whether to invest $200 million in Bain Capital's eleventh global buyout fund: Bain Capital Fund XI. For the fund, Bain was offering its limited partners a choice between three... View Details
Keywords: Management Fees; Bain Capital; Venture Capital; Private Equity; Leveraged Buyouts; Banking Industry; Boston
Lerner, Josh, and Nathaniel Burbank. "Altoona State Investment Board: July 2012." Harvard Business School Case 813-100, October 2012. (Revised September 2015.)
- June 2007
- Article
What Is the Impact of Software Patent Shifts? Evidence from Lotus v. Borland
By: Josh Lerner and Feng Zhu
Economists have debated the extent to which strengthening patent protection spurs or detracts from technological innovation. This paper examines the reduction of software copyright protection in the Lotus v. Borland decision. If patent and copyright protections are... View Details
Keywords: Applications and Software; Patents; Information Technology; Information Technology Industry
Lerner, Josh, and Feng Zhu. "What Is the Impact of Software Patent Shifts? Evidence from Lotus v. Borland." International Journal of Industrial Organization 25, no. 3 (June 2007): 511–529. (Earlier version distributed as National Bureau of Economic Research Working Paper No. 11168.)