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- 14 Oct 2011
- Working Paper Summaries
The Cost of Capital for Alternative Investments
Keywords: by Jakub W. Jurek & Erik Stafford
- September 1998 (Revised July 1999)
- Case
Spyder Active Sports, Inc. and CHB Capital Partners (A)
By: John A. Davis, Louis B. Barnes and Peter K. Botticelli
After establishing a small but profitable skiwear business, an entrepreneur decides to sell a minority stake in the firm to outside investors. His goal is to acquire the capital needed to grow the business, even though this will entail a substantial transformation of... View Details
Keywords: Organizational Change and Adaptation; Private Equity; Family Business; Business Growth and Maturation; Entrepreneurship; Apparel and Accessories Industry; Sports Industry
Davis, John A., Louis B. Barnes, and Peter K. Botticelli. "Spyder Active Sports, Inc. and CHB Capital Partners (A)." Harvard Business School Case 899-084, September 1998. (Revised July 1999.)
- 26 Jan 2004
- Research & Ideas
How Women Can Get More Venture Capital
Women-owned businesses are just as financially strong and creditworthy as the average U.S. firm, according to the Washington, D.C.-based Center for Women's Business Research. Yet women struggle more than men to acquire equity capital.... View Details
Keywords: by Mallory Stark & Martha Lagace
- September 2022 (Revised June 2025)
- Case
York Capital CLOs and WorldStrides International
By: Victoria Ivashina and William Vrattos
The case follows the debt restructuring of WorldStrides International, a travel program provider in the education market, after the onset of COVID-19. The pandemic severely impacted the travel industry, creating challenges for many companies like WorldStrides, which... View Details
Keywords: COVID-19 Pandemic; Debt Restructuring; CLO; Compliance; Debt Securities; Financing and Loans; Decision Making; Travel Industry; Education Industry
Ivashina, Victoria, and William Vrattos. "York Capital CLOs and WorldStrides International." Harvard Business School Case 223-034, September 2022. (Revised June 2025.)
- 2010
- Other Unpublished Work
International Capital Allocation, Sovereign Borrowing, and Growth
By: Laura Alfaro, Sebnem Kalemli-Ozcan and Vadym Volosovych
The key in the investigation of "where" and "why" capital flows, relative to the neoclassical benchmark, is how we measure these flows. The macro literature has been using three main yardsticks: the current account balance, returns to capital, and the volume of net... View Details
- 03 May 2016
- Working Paper Summaries
Pay Now or Pay Later? The Economics within the Private Equity Partnership
- 06 Nov 2000
- Research & Ideas
The Determinants of Corporate Venture Capital Success
Corporate-sponsored venture funds first appeared in the 1960s, about two decades after the first flowering of the venture capital industry. Ever since, they have mirrored the cyclic nature of the industry as a whole. But there are... View Details
Keywords: by Paul Gompers & Josh Lerner
- 2016
- Working Paper
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; Venture Capital; Private Equity; Partners and Partnerships; Leveraged Buyouts
Ivashina, Victoria, and Josh Lerner. "Pay Now or Pay Later? The Economics within the Private Equity Partnership." Harvard Business School Working Paper, No. 16-119, March 2016.
- 23 Nov 1999
- Research & Ideas
The Future of the Venture Capital Cycle
financial product. The supply of venture capital is also likely to continue growing. Within the past two years, numerous pension funds have invested in private equity for the first time. Many experienced... View Details
- 2012
- Working Paper
The First Deal: The Division of Founder Equity in New Ventures
By: Thomas F. Hellmann and Noam Wasserman
This paper examines the division of founder shares in entrepreneurial ventures, focusing on the decision of whether or not to divide the shares equally among all founders. To motivate the empirical analysis we develop a simple theory of costly bargaining, where... View Details
Hellmann, Thomas F., and Noam Wasserman. "The First Deal: The Division of Founder Equity in New Ventures." Harvard Business School Working Paper, No. 14-085, March 2014.
- Research Summary
Good cop, Bad Cop: Complementarities between Debt and Equity in Disciplining Management
Joint work with Alexander Gümbel, Saïd Business School and Lincoln College Oxford
In this paper we examine how the quantity of information generated about firm... View Details
- November 2018
- Teaching Note
The Tax Man: Taxes in Private Equity Real Estate
By: Nori Gerardo Lietz and Sayiddah Fatima McCree
Teaching Note for HBS No. 218-077. This teaching note provides the back up analysis for the various alternatives to be considered in choosing the optimal investment structure for the real estate acquisition. It contrasts the interests of the tax exempt investors... View Details
- December 2009
- Case
Milliway Capital & Martin Smith: November 2008
By: G. Felda Hardymon, Matthew Rhodes-Kropf and Ann Leamon
Martin Smith, a recent MBA graduate, has just joined a top-tier venture capital firm in the difficult environment of late 2008. One of his first assignments is to review three companies in a partner's portfolio and recommend strategies for managing them. In addition,... View Details
Keywords: Investment Portfolio; Financial Management; Private Equity; Business Strategy; Partners and Partnerships; Venture Capital; Business or Company Management
Hardymon, G. Felda, Matthew Rhodes-Kropf, and Ann Leamon. "Milliway Capital & Martin Smith: November 2008." Harvard Business School Case 810-088, December 2009.
- Article
What is the Other Reason of Why Private Equity Matters in Emerging Markets?
By: Roberto Charvel
Private equity investments in emerging markets can help increase the availability of credit for firms. View Details
Keywords: Alternative Assets; Emerging Economies; Venture Capital; Private Equity; Financial Services Industry; Latin America
Charvel, Roberto. "What is the Other Reason of Why Private Equity Matters in Emerging Markets?" Venture Equity Latin America 10, no. 16 (September 30, 2011).
- 22 Oct 2012
- Research & Ideas
Not Your Father’s State-Run Capitalism
managers. We haven't always understood these changes." Leviathan In Business In a new working paper, Leviathan in Business: Varieties of State Capitalism and Their Implications for Economic Performance, Musacchio and colleague Sergio G.... View Details
Keywords: by Michael Blanding
- December 2019
- Teaching Note
Hony Capital and Jushi Group
By: Josh Lerner, Shai Bernstein and Ann Leamon
Teaching Note for HBS No. 820-040. View Details
- Research Summary
The Real Effects of Capital Controls: Financial Constraints, Exporters, and Firm Investment
By: Laura Alfaro
In aftermath of the global financial crisis of 2008–2009, emerging-market governments have increasingly restricted foreign capital inflows. The data show a statistically significant drop in cumulative abnormal returns for Brazilian firms following capital control... View Details
- 06 Aug 2009
- Working Paper Summaries
Buy Local? The Geography of Successful and Unsuccessful Venture Capital Expansion
- 2011
- Working Paper
The First Deal: The Division of Founder Equity in New Ventures
By: Thomas F. Hellmann and Noam Wasserman
This paper examines the division of founder shares in entrepreneurial ventures, focusing on the decision of whether or not to divide the shares equally among all founders. To motivate the empirical analysis we develop a simple theory of costly bargaining, where... View Details
Keywords: Business Startups; Decision Choices and Conditions; Entrepreneurship; Fairness; Equity; Managerial Roles; Negotiation Deal; Ownership Stake; Value
Hellmann, Thomas F., and Noam Wasserman. "The First Deal: The Division of Founder Equity in New Ventures." NBER Working Paper Series, No. 16922, April 2011.
- January 2008
- Case
Parks Capital - Investment in US Retail, Inc.
Parks Capital acquired a Children's Apparel Manufacturer , American Child Clothing Manufacturers, Inc. (ACCM), in 2001. Two years later ACCM's largest retail customer, U.S. Retail, Inc., decided to evaluate strategic alternatives due to financial difficulties. Parks... View Details
Keywords: Mergers and Acquisitions; Customer Value and Value Chain; Private Equity; Vertical Integration; Apparel and Accessories Industry; Manufacturing Industry; Retail Industry; United States
El-Hage, Nabil N., and Stephen Parks. "Parks Capital - Investment in US Retail, Inc." Harvard Business School Case 208-104, January 2008.