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2024
Working Paper

Private Equity Fund Valuation Management during Fundraising

By: Brian K. Baik

I investigate whether and how private equity fund managers (GPs) inflate their interim fund valuations (net asset values or NAVs) during fundraising periods. Specifically, I study the extent to which the GPs inflate NAVs by managing valuation assumptions (e.g.,... View Details

Keywords: Private Equity; Institutional Investors; Valuation Multiples; Earnings Management; Private Firms; Valuation; Investment Funds

January–February 2021
Article

Cross‐firm Return Predictability and Accounting Quality

By: Wen Chen, Mozaffar Khan, Leonid Kogan and George Serafeim

We test the hypothesis that if poor accounting quality (AQ) is associated with poor investor understanding of firms’ revenue and cost structures, then poor AQ stocks likely respond more slowly than good AQ stocks to new non‐idiosyncratic information that affects both... View Details

Keywords: Accounting Quality; Earnings Quality; Stock Returns; Investment Strategy; Accounting; Business Earnings; Quality; Investment Return; Investment; Strategy

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October 2024
Case

Sacoor Brothers: From Co-Family CEOs to No Family CEOs?

By: Lauren Cohen, David Ager and Alpana Thapar

Sacoor Brothers, a luxury clothing retail company, was founded in 1989 in Lisbon, Portugal, by four brothers—Malik, Salim, Rahimo, and Moez. After establishing a strong presence in Portugal, the brothers were drawn to the rapidly growing retail markets in the Middle... View Details

February 2014
Case

BGI: Data-driven Research

By: Willy Shih and Sen Chai

BGI has the largest installed gene-sequencing capacity in the world, and to Zhang Gengyun, general manager of the Life Sciences Division, this represented an opportunity to apply his training as a plant breeder and his early career work as a biochemist to improving... View Details

April 2025
Case

Techint: Strategic Choices for Community Impact

By: Lauren Cohen, Virak Prum, Kenneth Charman, Pedro Levindo and Mariana Cal

In early 2024 Erika Bienek, Chief Community Relations Officer at Techint, had to decide whether to invest in a new company-owned and operated technical school in Veracruz, Mexico, or invest instead in strengthening the city’s public education system. Techint, a global... View Details

Keywords: Technical Institutes; Community Relations; Social Impact; Argentina; Mexico; Brazil; Conglomerate; Stakeholder Management; Government And Business; Community Impact; Philanthropy; Business Conglomerates; Business Subsidiaries; Business Headquarters; Family Business; Decision Making; Private Sector; Public Sector; Education; Curriculum and Courses; Middle School Education; Secondary Education; Teaching; Training; Learning; Energy; Engineering; Construction; Values and Beliefs; Geography; Global Range; Local Range; Cross-Cultural and Cross-Border Issues; Globalized Firms and Management; Government Legislation; Recruitment; Innovation and Invention; Disruptive Innovation; Knowledge; Resource Allocation; Industry Clusters; Infrastructure; Family Ownership; Philanthropy and Charitable Giving; Business and Community Relations; Business and Stakeholder Relations; Business and Government Relations; Creativity; Reputation; Social and Collaborative Networks; Civil Society or Community; Social Issues; Poverty; Strategy; Construction Industry; Education Industry; Energy Industry; Industrial Products Industry; Manufacturing Industry; Steel Industry; Europe; Italy; Latin America; North and Central America; Mexico; North America; United States; South America; Argentina; Buenos Aires; Brazil

May 2013
Article

The Stock Selection and Performance of Buy-Side Analysts

By: Boris Groysberg, Paul Healy, George Serafeim and Devin Shanthikumar

Prior research on equity analysts focuses almost exclusively on those employed by sell-side investment banks and brokerage houses. Yet investment firms undertake their own buy-side research and their analysts face different stock selection and recommendation incentives... View Details

Keywords: Buy-side Analysts; Sell-side Analysts; Stock Recommendations; Recommendation Optimism; Recommendation Performance; Investment Recommendations; Conflicts Of Interest; Financial Markets; Financial Institutions; Financial Services Industry; United States

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2014
Working Paper

Islam, Inequality, and Pre-Industrial Comparative Development

By: Stelios Michalopoulos, Alireza Naghavi and Giovanni Prarolo

This study explores the interaction between trade and geography in shaping the Islamic economic doctrine and in turn the comparative development of the Muslim world. We build a model where an unequal distribution of land quality in presence of trade opportunities... View Details

Keywords: Islam; Inequality In Land Quality; Wealth Accumulation; Public Good Investment; Conflict; Wealth; Geography; Religion; Trade

February 2024
Case

Can Cities Beat the Heat? (A): A Comparative Analysis of Climate Actions and Change Enablers in 14 U.S. Cities

By: Rosabeth Moss Kanter and Jacob A. Small

Throughout the early 2000's, emphasis was placed on initiatives to adapt to and mitigate climate action in cities. This series presents overviews (snapshots) of 14 U.S. metropolitan regions to help identify similarities, differences, and opportunities for developing... View Details

April 2009
Article

Sovereign Wealth in Abu Dhabi

By: Rawi Abdelal

By the turn of the century, oil had already made the tiny emirate of Abu Dhabi rich beyond anyone's wildest dreams. A sovereign wealth fund, the Abu Dhabi Investment Authority (ADIA), has invested extra oil revenues abroad for more than thirty years and amassed a... View Details

Keywords: Development Economics; Financial Management; Investment Funds; Sovereign Finance; Wealth; Diversification; Abu Dhabi

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February 2014 (Revised August 2016)
Case

Strava

By: Joseph B. Lassiter III, William A. Sahlman and Sid Misra

Strava is a new fast-growing social network for the avid cyclist and runner. The Strava case traces the entrepreneurial journey of two serial entrepreneurs who have been co-founders in a prior venture, and who have co-founded Strava 3 years ago. The protagonists must... View Details

06 Jun 2007
Research & Ideas

Behavioral Finance—Benefiting from Irrational Investors

of individual investors and 30 percent of institutional investors appear to be more inertial than logical. They take the default option, passively accepting the shares offered as consideration in stock mergers and acquisitions. In... View Details

Keywords: by Julia Hanna

Article

The Stock Selection and Performance of Buy-Side Analysts

By: Boris Groysberg, Paul M. Healy, Georgios Serafeim, Devin Shanthikumar and Gui Yang

We examine the selection and performance of stocks recommended by analysts at a large investment firm relative to those of sell-side analysts during the period mid-1997 and 2004. The buy-side firm's analysts issued less optimistic recommendations for stocks with larger... View Details

Keywords: Buy-side Analysts; Sell-side Analysts; Stock Recommendations; Recommendation Optimism; Recommendation Performance; Investment Recommendations; Conflicts Of Interest; Financial Markets; Financial Institutions; Stocks; Financial Services Industry; United States

September 2016 (Revised September 2016)
Case

The Tavistock Group and the Australian Agricultural Company

By: Dante Roscini and Matthew Preble

In late 2015, Dr. Shehan Dissanayake, a managing director and board member of Bahamian investment firm The Tavistock Group (Tavistock), the largest shareholder in the Australian Agricultural Company (AACo), one of the country's largest agribusinesses, faces a... View Details

Keywords: Agribusiness; Foreign Direct Investment; Cross-Cultural and Cross-Border Issues; Business and Government Relations; Agriculture and Agribusiness Industry; Australia; Bahamas

24 Mar 2015
Working Paper Summaries

Corporate Sustainability: First Evidence on Materiality

Keywords: by Mozaffar Khan, George Serafeim & Aaron Yoon; Financial Services

April–May 2017
Article

Career Concerns of Banking Analysts

By: Joanne Horton, George Serafeim and Shan Wu

We study how career concerns influence banking analysts' forecasts and how their forecasting behavior benefits both them and bank managers. We show that banking analysts issue early in the year relatively more optimistic and later in the year more pessimistic forecasts... View Details

Keywords: Sell-side Analysts; Analyst Forecasts; Analysts; Investment Recommendations; Career Advancement; Career Management; Labor Mobility; Labor Market; Prejudice and Bias; Personal Development and Career; Forecasting and Prediction; Investment Banking

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15 Feb 2016
Working Paper Summaries

Replicating Private Equity with Value Investing, Homemade Leverage, and Hold-to-Maturity Accounting

Keywords: by Erik Stafford; Banking; Financial Services

July 2014
Case

Thompson Asset Management

By: William Fruhan and John Banko

Thompson Asset Management (TAM) is a small investment advisory and asset management firm in Jacksonville, Florida, with about $100 million in assets under management in two different funds. Since starting the firm in 2009, the CEO and founder Allison Thompson has had a... View Details

Keywords: Small Business; Asset Management; Expansion; Investment Portfolio; Financial Services Industry; Florida

December 2006 (Revised December 2007)
Case

The Vanderbilt University Endowment (2006)

By: Andre F. Perold and William T. Spitz

As with many modern-day large pools of capital, the Vanderbilt University endowment is significantly invested in alternative assets such as hedge funds, private equity, real estate, and natural resources. The endowment's investment committee chair is attempting to... View Details

Keywords: Higher Education; Asset Management; Financial Management; Financial Strategy; Investment Portfolio; Risk Management

Research Summary

Understanding and Managing Information Intermediaries

Brian Bushee is investigating whether information intermediaries such as institutional investors and financial analysts are sophisticated and efficient users of accounting information and whether these intermediaries' decisions influence the choices made by... View Details

23 Sep 2016
Working Paper Summaries

How Do Venture Capitalists Make Decisions?

Keywords: by Paul A. Gompers, William Gornall, Steven N. Kaplan, and Ilya A. Strebulaev; Financial Services

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