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Show Results For
- All HBS Web
(2,980)
- People (15)
- News (814)
- Research (1,594)
- Events (3)
- Multimedia (11)
- Faculty Publications (971)
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- 2008
- Mimeo
Do Hedge Funds Profit from Mutual-Fund Distress?
By: Joseph Chen, Samuel G. Hanson, Harrison Hong and Jeremy C. Stein
This paper explores the question of whether hedge funds engage in frontrunning strategies that exploit the predictable trades of others. One potential opportunity for front-running arises when distressed mutual funds—those suffering large outflows of assets under... View Details
Keywords: Investment Funds; Profit; Strategy; Forecasting and Prediction; Investment Return; Opportunities; Asset Management; Sales
Chen, Joseph, Samuel G. Hanson, Harrison Hong, and Jeremy C. Stein. "Do Hedge Funds Profit from Mutual-Fund Distress?" 2008. Mimeo.
- 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
Baik, Brian K. "Private Equity Fund Valuation Management during Fundraising." Harvard Business School Working Paper, No. 23-013, August 2022. (Revised May 2024.)
- August 2008 (Revised May 2009)
- Case
Kmart and ESL Investments (A)
By: Stuart C. Gilson and Sarah Abbott
A major bankrupt retailer is poised to emerge from Chapter 11. Two activist hedge funds ("vulture investors") will own over 50% of reorganized Kmart's common stock, based on prior investments in Kmart's debt claims, and an infusion of new equity financing. The Chapter... View Details
Keywords: Restructuring; Capital Structure; Insolvency and Bankruptcy; Investment; Investment Activism; Valuation; Financial Services Industry; Retail Industry; United States
Gilson, Stuart C., and Sarah Abbott. "Kmart and ESL Investments (A)." Harvard Business School Case 209-044, August 2008. (Revised May 2009.)
- July 2003 (Revised December 2003)
- Case
Investment Policy at New England Healthcare
By: Jay O. Light, Luis M. Viceira and Akiko M. Mitsui
The Investment Committee of New England Healthcare must decide how to invest three long-term investment pools: a long-term, endowment-type fund and two pension plans. In particular, the committee is evaluating whether the two pension funds--one is a "final salary"... View Details
Keywords: Decisions; Asset Management; Investment; Investment Portfolio; Policy; Taxation; Health Industry; England
Light, Jay O., Luis M. Viceira, and Akiko M. Mitsui. "Investment Policy at New England Healthcare." Harvard Business School Case 204-018, July 2003. (Revised December 2003.)
- June 2006 (Revised April 2007)
- Case
Nephila: Innovation in Catastrophe Risk Insurance
By: Kenneth A. Froot and Michael Heinrich
At the cross-section of capital markets and the catastrophe insurance space stands the hedge fund Nephila. Nephila must decide how best to take advantage of the newly presented market opportunities post hurricanes Katrina, Wilma, and Rita. Nephila has a plethora of... View Details
Keywords: Hedge Fund; Investment Management; Uncertainty; Risk and Uncertainty; Natural Disasters; Insurance; Capital Markets; Investment Funds; Financial Services Industry; Insurance Industry; Bermuda
Froot, Kenneth A., and Michael Heinrich. "Nephila: Innovation in Catastrophe Risk Insurance." Harvard Business School Case 206-130, June 2006. (Revised April 2007.)
- August 1993 (Revised October 1993)
- Case
Dimensional Fund Advisors: 1993
By: Jay O. Light
A small California-based money manager is now offering specialty products for institutional investors based upon recent financial research findings. View Details
Light, Jay O. "Dimensional Fund Advisors: 1993." Harvard Business School Case 294-025, August 1993. (Revised October 1993.)
- 07 Nov 2011
- Working Paper Summaries
Investment Cycles and Startup Innovation
Keywords: by Ramana Nanda & Matthew Rhodes-Kropf
- 19 Mar 2006
- Research & Ideas
Unlocking Your Investment Capital
Many companies can double or even triple their capacity to invest in strategic assets and competencies by properly managing their "risk balance sheet," argues Harvard Business School professor Robert C. Merton. In a provocative... View Details
- July 2002 (Revised August 2003)
- Case
Unilever Superannuation Fund vs. Merrill Lynch, The
By: Andre F. Perold and Joshua Musher
In 2001, the Unilever Superannuation Fund sued Merrill Lynch for damages of 130 million British pounds. Over the period 1977 to 1998, the Unilever Fund had significantly underperformed the benchmark, and its trustees contended that the poor returns resulted from... View Details
Keywords: Investment; Lawsuits and Litigation; Performance Evaluation; Agreements and Arrangements; Customer Relationship Management; Risk and Uncertainty; Asset Management; Risk Management; Legal Liability; Financial Services Industry; United Kingdom
Perold, Andre F., and Joshua Musher. "Unilever Superannuation Fund vs. Merrill Lynch, The." Harvard Business School Case 203-034, July 2002. (Revised August 2003.)
- November 2010 (Revised August 2016)
- Case
The Changing Face of Angel Investing
By: William A. Sahlman and Evan Richardson
Angel investors Ram Shriram, Mike Maples, Eric Paley, James Geshweiler, and Jim Southern discuss their investment philosophies and the changing landscape of angel investing. Questions include: • How has angel investing changed in the last few years? • How do you... View Details
Sahlman, William A., and Evan Richardson. "The Changing Face of Angel Investing." Harvard Business School Case 811-046, November 2010. (Revised August 2016.)
- 2024
- Working Paper
Primary Capital Market Transactions and Index Funds
By: Marco Sammon and Chris Murray
We document the effects of mechanical buying by CRSP-index-tracking funds on post-IPO returns and IPO deal structure. Leveraging a difference-in-differences-style design built on a 2017 CRSP rule change, we find that expected index fund demand leads fast track IPOs to... View Details
Keywords: Investment Funds; Initial Public Offering; Investment Return; Price; Market Transactions; Financial Markets
Sammon, Marco, and Chris Murray. "Primary Capital Market Transactions and Index Funds." Working Paper, August 2024.
- 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
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.)
- 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
Ivashina, Victoria, and Youssef Abdel Aal. "AfricInvest: A Pan-African Investment Platform." Harvard Business School Case 221-037, October 2020. (Revised December 2020.)
- November 2016 (Revised November 2016)
- Supplement
The Galaxy Dividend Income Growth Fund's Option Investment Strategies
By: W. Carl Kester
- 14 Oct 2011
- Working Paper Summaries
The Cost of Capital for Alternative Investments
Keywords: by Jakub W. Jurek & Erik Stafford
- 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.)
- November 1992
- Background Note
The Mutual Fund Industry 1992
By: Jay O. Light
Light, Jay O. "The Mutual Fund Industry 1992." Harvard Business School Background Note 293-075, November 1992.
- October 1995
- Case
State Street Bank Retirement Fund
By: Richard F. Meyer
Meyer, Richard F. "State Street Bank Retirement Fund." Harvard Business School Case 296-026, October 1995.
- October 1981 (Revised January 1994)
- Case
Golden Gate Bank Retirement Fund
By: David E. Bell
Bell, David E. "Golden Gate Bank Retirement Fund." Harvard Business School Case 182-086, October 1981. (Revised January 1994.)
- September 2009 (Revised May 2011)
- Case
Acumen Fund: Measurement in Impact Investing (A)
By: Alnoor Ebrahim and V. Kasturi Rangan
Acumen Fund is a global venture capital firm with a dual purpose: it looks for a return on its investments, and it also seeks entrepreneurial solutions to global poverty. This case examines Acumen's new projects in Kenya. The organization's investment committee and its... View Details
Keywords: Decision Choices and Conditions; Venture Capital; Investment Return; Philanthropy and Charitable Giving; Risk Management; Corporate Social Responsibility and Impact; Business and Government Relations; Social Enterprise; Financial Services Industry; Kenya
Ebrahim, Alnoor, and V. Kasturi Rangan. "Acumen Fund: Measurement in Impact Investing (A)." Harvard Business School Case 310-011, September 2009. (Revised May 2011.)