Publications

Article

Investing in Distressed Situations: A Market Survey

By: S. C. Gilson

The risks of investing in distressed companies—a practice popularly known as "vulture" investing—are highly firm specific and idiosyncratic. Investors who are adept at managing these risks, who understand the legal rules that must be followed in corporate bankruptcy,... View Details

Keywords: Investment; Markets

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Investment bank league tables

Where can I find investment bank league tables? Generate custom tables or find league tables in: LSEG Workspace Type “screener” into the main search bar and click to launch the Screener App. Under Universe, change from Public... View Details

November 2009 (Revised April 2010)
Case

Rose Smart Growth Investment Fund

By: Arthur I Segel and Justin Seth Ginsburgh

The Jonathan Rose Companies must decide how to design and launch an innovative new real estate fund focused on green and transit oriented properties. JRC seeks to show through the fund that smart growth and green buildings provide superior economic returns to sprawl... View Details

Keywords: Property; Buildings and Facilities; Transition; Financing and Loans; Investment Funds; Investment; Marketing; Energy Conservation; Business Strategy; Growth and Development Strategy; Environmental Sustainability; Finance; Real Estate Industry

25 May 2011
HBS Case

QuikTrip’s Investment in Retail Employees Pays Off

flexibility: QuikTrip can easily transfer employees and managers from one store to another." QuikTrip makes decisions that increase costs in the short term but offer long-run benefits. For example, it View Details

Keywords: by Julia Hanna; Retail

03 Jun 2021
Blog Post

HBS Pilots First Impact Investing Fund

This year, HBS piloted its first student-run Impact Investing Fund, focused on investing in BIPOC-led and owned small businesses in the Massachusetts area. Since launching, the fund has raised $200k,... View Details

2015
Working Paper

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

By: Erik Stafford

Private equity funds tend to select relatively small firms with low EBITDA multiples. Publicly traded equities with these characteristics have high risk-adjusted returns after controlling for common factors typically associated with value stocks. Hold-to-maturity... View Details

Keywords: Value Investing; Endowments; Investment Management; Asset Pricing; Private Equity; Investment; Management; United States

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November 2016 (Revised April 2018)
Case

Darby's Investment in Sirma: Professionalizing an Entrepreneurial Firm

By: Suraj Srinivasan and Eren Kuzucu

In March 2010, Burak Dalgın (HBS MBA 2004) led private equity firm Darby's investment in Sırma, a local Turkish water and beverage company. Sırma was owned and managed by members of two Turkish business families. The existing management, while being highly... View Details

Keywords: Control Systems; Variance Analysis; Emerging Markets; Debt; Family Ownership; Turkey; Valuation; Business or Company Management; Private Equity; Financial Reporting; Investment; Budgets and Budgeting; Food and Beverage Industry; Turkey

March 1992 (Revised November 1993)
Case

Beta Management Co.

A manager of a small investment company has been successfully using index funds for limited market timing. Growth has allowed her to move into picking stocks. She is considering two small and highly variable listed stocks, but is concerned about the risk that these... View Details

Keywords: Risk and Uncertainty; Stocks; Financial Services Industry

17 Apr 2009
Working Paper Summaries

The Investment Strategies of Sovereign Wealth Funds

Keywords: by Shai Bernstein, Josh Lerner & Antoinette Schoar; Financial Services

January 2007 (Revised March 2011)
Case

Yale University Investments Office: August 2006

By: Josh Lerner

The Yale Investments Office must decide whether to continue to allocate the bulk of the university's endowment to illiquid investments--hedge funds, private equity, real estate, and so forth. Considers the risks and benefits of a different asset allocation strategy.... View Details

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

2020
Working Paper

Short-Termism, Shareholder Payouts, and Investment in the EU

By: Jesse M. Fried and Charles C.Y. Wang

Investor-driven “short-termism” is said to harm EU public firms' ability to invest for the long term, prompting calls for the EU to better insulate managers from shareholder pressure. But the evidence offered—in the form of rising levels of repurchases and dividends—is... View Details

Keywords: Short-termism; Quarterly Capitalism; EU; Dividends; Equity Issuances; Equity Compensastion; Capital Flows; Capital Distribution; R＆D; Innovation; Investment; Corporate Governance; Investment Return; Acquisition; European Union

SSRN

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May 2010 (Revised January 2014)
Case

Water Shortage and Property Investing in Mexico City

By: John D. Macomber, Regina Garcia-Cuellar and Griffin James

A commercial property company evaluates water risks including the government's ability to remedy, the company's operating exposure and mitigation, and whether to relocate because of water risk. A real estate fund manager assesses investment prospects in Mexico City in... View Details

Keywords: Private Equity; Investment; Risk Management; Infrastructure; Privatization; Business and Government Relations; Partners and Partnerships; Financial Services Industry; Real Estate Industry; Utilities Industry; Mexico City

January 2009 (Revised May 2010)
Case

Altoona State Investment Board: December 2008

By: Josh Lerner

Rod Calhoun, the head of the Altoona State Investment Board's private equity investment program, considered the communication he had just received. It was from Permira, the leading European buyout fund, and concerned its fourth fund, to which Altoona had made a £ 100... View Details

Keywords: Private Equity; Financial Management; Financial Strategy; Investment Funds; Partners and Partnerships

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... View Details

Keywords: by Ann Cullen; Financial Services

June 2005 (Revised January 2006)
Case

Investment Policy at the Hewlett Foundation (2005)

By: Luis M. Viceira

In early January 2005, Laurance Hoagland Jr., VP and CIO of the William and Flora Hewlett Foundation (HF), and his investment team met to finish their recommendations to the HF Investment Committee for a new asset allocation policy for the foundation's investment... View Details

Keywords: Investment Portfolio; Risk and Uncertainty; Public Equity; Globalization; Investment; Property; Risk Management; Asset Management; Financial Services Industry

10 Nov 2003
Research & Ideas

The Hard Numbers on Social Investments

Traditional investment criteria such as proprietary technologies and experienced management teams are also important in social purpose investing. The most important finding was that if investors follow a... View Details

Keywords: by Manda Salls

August 2022 (Revised November 2024)
Case

Boston Impact Initiative: Investing in Local Change

By: Emily R. McComb, Amy Klopfenstein and Mel Martin

In fall 2021, Aliana Piñeiro, impact director at Boston Impact Initiative (BII) discovered that an entrepreneur the organization was considering for an investment had failed to disclose pre-existing debt with another lender. Although the business scored highly on BII’s... View Details

Keywords: Entrepreneurship; Social Entrepreneurship; Finance; Investment; Investment Funds; Investment Portfolio; Relationships; Business and Community Relations; Society; Social Issues; Wealth and Poverty; Wealth; Poverty; Risk Management; Financial Services Industry; North and Central America; United States; Massachusetts; Boston