Publications

TeachingInterests

Executive Education - Owner/President Management Program

By: Martin A. Sinozich

Delivered in three units that span 24 months over three calendar years, the Owner/President Management (OPM) program is a transformative learning experience that boosts leadership skills and the value of participants’ enterprises. Sinozich teaches the Finance... View Details

January 2013
Article

Payout Taxes and the Allocation of Investment

When corporate payout is taxed, internal equity (retained earnings) is cheaper than external equity (share issues). If there are no perfect substitutes for equity finance, payout taxes may therefore have an effect on the investment of firms. High taxes will favor... View Details

Keywords: Taxation; Investment; Equity; Growth and Development Strategy; Resource Allocation

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2009
Working Paper

When Does Domestic Saving Matter for Economic Growth?

By: Philippe Aghion, Diego A. Comin, Peter Howitt and Isabel Tecu

Can a country grow faster by saving more? We address this question both theoretically and empirically. In our theoretical model, growth results from innovations that allow local sectors to catch up with frontier technology. In poor countries, catching up requires the... View Details

Keywords: Developing Countries and Economies; Economic Growth; Entrepreneurship; Foreign Direct Investment; Saving; Technological Innovation; Mathematical Methods

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June 2023 (Revised March 2024)
Case

Creating World-Class Board Governance at SECO

By: Krishna G. Palepu and Emer Moloney

In Spring 2023, SECO CEO Massimo Mauri had the ambition to grow the €200 million revenue technology company to a €1 billion company by 2030. Founded in Italy in the 1970s, the family-owned company had gone through a period of growth and internationalization,... View Details

October 2011 (Revised November 2011)
Case

Verengo Solar Plus!

By: William A. Sahlman, Joseph B. Lassiter III and Liz Kind

In the three years since Bishop and Button purchased Verengo in a leveraged buyout (LBO), the company had gone through dramatic changes. Initially a residential windows and insulation firm, after the economic recession of 2008 the company switched gears and began... View Details

Keywords: Venture Capital; Private Equity; Growth Management; Restructuring; Renewable Energy; Corporate Entrepreneurship; Corporate Finance; Product Development; Energy Industry; California

November 2012 (Revised March 2013)
Case

Talking Strategy at Greighton Partners

By: Boris Groysberg and Kerry Herman

Since its inception, London-based private equity firm Greighton Partners had managed over $15 billion in investor capital. The firm employed about 150 professionals around the globe and had completed over 175 company acquisitions since its founding. Started with a... View Details

Keywords: Private Equity; Business Growth and Maturation; Growth and Development Strategy; Financial Services Industry; Asia; Europe

28 Feb 2023
Blog Post

Celebrating Socioeconomic Diversity and Inclusion at HBS (Part 1)

equity and inclusion in business and society. Here, current HBS students share their personal stories about what being first-generation, low-income (FGLI) means to them through a storyboard series organized by Student Association in... View Details

January 2025
Case

Arsenal Capital Partners' Refinancing of Pinnacle

By: Victoria Ivashina and Srimayi Mylavarapu

Arsenal Capital Partners’ portfolio company, Pinnacle, a leading producer of high-performance adhesive technologies, has experienced rapid growth under Arsenal’s ownership. Over just two years, Pinnacle's EBITDA increased from $13.5 million to $60 million. By mid-2021,... View Details

Keywords: Business Exit or Shutdown; Decision Choices and Conditions; Private Equity; Financing and Loans; Growth Management

November 2022
Case

Ajax Health: A New Model for Medical Technology Innovation

By: Regina E. Herzlinger and Ben Creo

This case teaches key success factors for both startup and established MedTech firms. It examines how to structure a firm to maximize innovation and financial returns with organizational structures that better align the incentives for the different skill sets... View Details

Keywords: Business Startups; Success; Innovation Strategy; Mergers and Acquisitions; Market Entry and Exit; Financial Strategy; Business Model; Partners and Partnerships; Entrepreneurship; Private Equity; Technology Industry; Medical Devices and Supplies Industry

May 2021 (Revised September 2021)
Case

CPE and SUS Environmental: You've Got to Know When to Hold 'Em

By: Josh Lerner and Franko Jira

In July 2016, Di Yang and Grace Guo of the leading Chinese private equity group CPE faced a dilemma—a happy dilemma, but a challenge nonetheless. CPE’s investment in the waste-to-energy firm SUS Environment had proved to be exceedingly successful. This success had... View Details

Keywords: Decision Choices and Conditions; Private Equity; Financial Liquidity; Investment Return; Growth and Development

16 Feb 2004
Research & Ideas

European Private Equity—Still a Teenager?

The European market remains very attractive, with strong potential for growth—especially once French and German restructuring gets more underway, according to a panel of private equity group executives. That panel discussion was part of... View Details

Keywords: by Martha Lagace; Financial Services

15 Jun 2010
First Look

First Look: June 15

for larger firms (which have access to bond markets), we confirm that this substitution has strong predictive power for lending volume by small and unrated firms. Download the paper: http://www.hbs.edu/research/pdf/10-107.pdf Unfair Advantage'? Combining Banking with... View Details

Keywords: Martha Lagace

April 2020
Supplement

Oaktree: Pierre Foods Investment

By: Victoria Ivashina and Terrence Shu

This case is a setting to discuss “loan to own” investment strategy that is often pursued by distressed investors. The aftermath of the 2007 financial crisis left many companies with poor liquidity and limited ability to obtain credit. One of these companies was Pierre... View Details

Keywords: Distress Investing; Investment; Debt Securities; Strategy; Restructuring

February 2003 (Revised September 2003)
Case

NanoGene Technologies, Inc.

Describes a company during the start-up phase and focuses on the founders' decisions regarding splitting the equity and compensation. Also considers establishing policies and practices that will set the tone for the company as it grows. Discusses a number of specific... View Details

Keywords: Business Startups; Business or Company Management; Compensation and Benefits; Selection and Staffing; Growth and Development Strategy; Organizational Culture; Policy; Technology Industry

18 Mar 2014
First Look

First Look: March 18

Controlling for these effects and other determinants, we find that firms with lower residual ratings have relatively higher subsequent media allegations of corruption. They also report higher future sales growth and show a negative... View Details

Keywords: Sean Silverthorne

25 Oct 2024
Blog Post

Harvard Business School Announces Latest RISE Fellows

As part of the Harvard Business School (HBS) Advancing Racial Equity action plan, 26 students from the MBA Classes of 2025 and 2026 have been named recipients of a Recognizing Individuals Seeking Equity... View Details

July 1997 (Revised August 1997)
Case

numeric investors l.p.

By: Andre F. Perold and Brian J. Tierney

Numeric Investors manages equity portfolios with the use of a momentum model and a value model. The momentum model is based on earnings surprise and analysts' revisions of their earnings estimates. The firm offers long-short as well as long-only strategies, and its... View Details

Keywords: Asset Management; Cost; Equity; Financial Strategy; Investment; Investment Portfolio; Management; Product Development; Performance Efficiency; Business Strategy

August 2017 (Revised January 2020)
Case

Berkshire Partners: Party City

By: Victoria Ivashina and Jeffrey Boyar

In 2005, Berkshire Partners, a Boston-based private equity firm specializing in growth equity, was one year into their ownership of Amscan, the market leader of designed, manufactured, and distributed decorated party goods and accessories. However, Amscan's primary... View Details

Keywords: Turnaround; Fundraising; Cross-fund Investment; Private Equity; Vertical Integration; Governance; Valuation; Manufacturing Industry; Retail Industry; United States