Publications

April 1999 (Revised November 1999)
Case

Columbia Capital Corporation: Summer 1998

By: G. Felda Hardymon and Justin D. Wasik

In August 1998, the partners of Columbia Capital in Arlington, Va. made a decision about whether or not to raise an outside fund for venture capital investing. Columbia had begun in 1988 as a boutique investment bank focused on the telecommunications industry, but had... View Details

Keywords: Decisions; Venture Capital; Private Equity; Partners and Partnerships; Investment Funds; Banks and Banking; Financial Services Industry; Telecommunications Industry; United States

2012
Working Paper

Leviathan in Business: Varieties of State Capitalism and Their Implications for Economic Performance

By: Aldo Musacchio and Sergio G. Lazzarini

In this paper we document the extent and reach of state capitalism around the world and explore its economic implications. We focus on governmental provision of capital to corporations—either equity or debt—as a defining feature of state capitalism. We present a... View Details

Keywords: State Capitalism; State-owned Enterprises; Development Banks; Sovereign Wealth Funds; Economic Systems; State Ownership; Sovereign Finance; Business and Government Relations; Investment

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February 2011 (Revised January 2015)
Supplement

Matrix Capital Management (A) (CW)

By: Malcolm P. Baker and David Lane

Spreadsheet supplement to Matrix Capital Management (A) allowing students to value the company. View Details

Keywords: Investment Funds; Valuation; Financial Services Industry

22 Feb 2018
Book

The New History of American Capitalism

Desan look to how scholars in history, law, and political science are redefining capitalism in light of the American experience. Essayists write on such diverse subjects as markets, selling of slave clothing, the Gilded Age, women’s... View Details

Keywords: Manufacturing

September 2011 (Revised August 2012)
Background Note

The Venture Capital Problem Set

By: William Sahlman, Evan W. Richardson and James McQuade

This note consists of three valuation/analysis exercises often found in venture capital financing deals. View Details

Keywords: Venture Capital; Financing and Loans; Management Analysis, Tools, and Techniques; Negotiation Deal; Valuation

Research Summary

Effective Capital Market Communications

Hutton's most recent research and cases examine how managers enhance the credibility and effectiveness of their financial reports and voluntary disclosures. Her most recent working paper, "Effective Voluntary Disclosure" (co-authored with Greg Miller, HBS, and Douglas... View Details

March 2014
Article

Do Analysts Follow Managers Who Switch Companies? An Analysis of Relationships in the Capital Markets

By: Francois Brochet, Gregory S. Miller and Suraj Srinivasan

We examine the importance of professional relationships developed between analysts and managers by investigating analyst coverage decisions in the context of CEO and CFO moves between publicly listed firms. We find that top executive moves from an origin firm to a... View Details

Keywords: Management Turnover; Analyst Coverage; Capital Market Relationships; Capital Markets; Relationships

SSRN

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January 1994 (Revised November 1997)
Case

Aberlyn Capital Management: July 1993

By: Josh Lerner and Peter Tufano

Aberlyn Capital Management, a venture leasing firm specializing in providing capital to biotechnology firms, proposes to introduce a new product. Aberlyn will base a lease on an intangible product: the patent of a biotechnology firm. This poses a series of short and... View Details

Keywords: Financing and Loans; Valuation; Product Launch; Problems and Challenges; Patents; Financial Instruments; Financial Services Industry; Biotechnology Industry

14 Dec 2011
News

A Manifesto for Sustainable Capitalism

19 May 2022
News

Cost of Capital

April 2014
Case

Don Valentine and Sequoia Capital

By: Felda Hardymon, Tom Nicholas and Liz Kind

Don Valentine participated in the beginnings of two significant milestones: the birth of the silicon chip and the development of the venture capital industry. From humble beginnings, Valentine became a legendary salesman at Fairchild Semiconductor and National... View Details

Keywords: Venture Capital; Personal Development and Career; Semiconductor Industry

May 2023
Technical Note

Venture Capital at a Crossroads

By: Jo Tango and Alys Ferragamo

Venture capital is a cyclical, ever-changing industry, as seen in recent years. The late 2010s and early 2020s witnessed record amounts of capital flowing into the sector, high valuations, and new types of investors entering the market. Innovations in the seed stage,... View Details

Keywords: Venture Capital

2014
Chapter

Firms and Global Capitalism

By: Geoffrey Jones

This chapter forms part of the two-volume Cambridge History of Capitalism, a definitive new reference work that traces the history of capitalism from its origins to the present day. The chapter focuses on the role of business enterprises as powerful actors in... View Details

Keywords: Political Economy; American History; Economic History; Business History; Labor History; Slavery; Numeracy And Quantification; Science And Technology Studies; History Of The Book; International Investment; International Business; International Marketing; Globalization; History

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November 1994 (Revised January 1995)
Background Note

A Note on Capital Cash Flow Valuation

By: Richard S. Ruback

Presents the capital cash flow method for valuing risky cash flows. In this method cash flows are calculated to include the benefits of interest tax shields. In a capital structure, with just ordinary debt and common equity, capital cash flows equal the flows available... View Details

Keywords: Capital; Cash Flow; Valuation

July 1988
Exercise

Capital Budgeting Exercises

By: David E. Bell

Keywords: Capital Budgeting

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February 2007 (Revised March 2007)
Case

NCH Capital and Univermag Ukraina

By: Josh Lerner and John Didiuk

NCH Capital is considering whether to sell its Ukrainian company Univermag Ukraina, which it has held and built up over the past decade. View Details

Keywords: Opportunities; Private Equity; Problems and Challenges; Developing Countries and Economies; Retail Industry; Ukraine

May 2010
Supplement

Tremblant Capital Group Exhibits (CW)

By: Robin Greenwood

Brett Barakett, CEO and founder of Tremblant Capital Group, a New York-based hedge fund, must decide what to do with his fund's position in Green Mountain Coffee Roasters, which has dropped in value by more than 40 percent in recent months. Tremblant is a hedge fund... View Details

Keywords: Transformation; Decisions; Forecasting and Prediction; Cash Flow; Cost of Capital; Stocks; Investment Funds; Consumer Behavior; Business Strategy; Competitive Advantage; New York (state, US)