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December 2024 (Revised January 2025)
Case

Balancing Returns and Responsibilities at Raya Partners

By: Arthur Segel, Ephraim Mernick, Derek C. M. van Bever and Olivia Barba

Raya Partners, a private equity firm, faces a crucial decision regarding Asa Specialty Coatings Company (ASCC). The dilemma involves shifting ASCC's manufacturing operations to Mexico, a move that would boost profitability and reduce emissions but result in significant... View Details

Keywords: Factories, Labs, and Plants; Communication Strategy; Private Equity; Job Cuts and Outsourcing; Corporate Social Responsibility and Impact; Mexico; Vermont

2024
Working Paper

Climate Solutions, Transition Risk, and Stock Returns

By: Shirley Lu, Edward J. Riedl, Simon Xu and George Serafeim

Using large language models to measure firms' climate solution products and services, we find that high-climate solution firms exhibit lower stock returns and higher market valuation multiples. Their stock prices respond positively to events signaling increased demand... View Details

Keywords: Technology; Generative Ai; Large Language Models; Climate Finance; Climate Change; Innovation and Invention; Environmental Sustainability; AI and Machine Learning; Investment; Financial Markets

2024
Working Paper

Hidden Risk

By: Daniel Barth, Phillip Monin, Emil Siriwardane and Adi Sunderam

Since 2013, large U.S. hedge fund advisers have been required to report risk exposures in their regulatory filings. Using these data, we first establish that managers’ perceptions of risk contain useful information that is not embedded in fund returns. Investor flows... View Details

Keywords: Corporate Disclosure; Investment Funds; Risk and Uncertainty; Investment Return; Communication Strategy; Financial Services Industry

October 2024
Case

Estímulo: Blended Finance in Brazil

By: Vikram S. Gandhi, James Barnett, Maxim Pike Harrell and Marina Osborn

In December 2022, Estímulo—a Brazilian impact investment fund supporting small businesses—found itself at a crossroads. The fund was established in 2020 to provide emergency relief through accessible credit and financial education. When low default rates from borrowers... View Details

Keywords: Credit; Financial Management; Financing and Loans; Investment; Social Enterprise; Business Model; Financial Services Industry; Brazil; South America; Latin America

October 2024
Case

Ranger Energy Services: Bridging Public & Private Markets

By: Joseph Pacelli, Ravi Ramniklal Gondalia and James Weber

In August of 2017, CSL Capital, a private equity fund founded and operated by Charlie Leykum (HBS ’04), was deciding to take one of its portfolio companies, Ranger Energy Services, public. Founded in 2014, Ranger Energy was an oilfield service company providing... View Details

Keywords: Entrepreneurship; Initial Public Offering; Financial Strategy; Valuation; Private Equity; Business Strategy; Investment Portfolio; Investment Return; Financial Services Industry; Energy Industry; United States

2024
Working Paper

Ponzi Funds

By: Philippe van der Beck, Jean-Philippe Bouchaud and Dario Villamaina

Many active funds hold concentrated portfolios. Flow-driven trading causes price pressure, which pushes up the funds’ existing positions resulting in realized returns. We decompose fund returns into a price pressure (self-inflated) and a fundamental component and... View Details

Keywords: Investment Funds; Investment Portfolio; Investment Return; Price Bubble; Financial Reporting; Financial Liquidity

October 2024
Case

Southern California Industrial: Freezer Drive

By: Arthur I. Segel, W. Matt Kelly and Dwight Angelini

In the midst of the COVID-19 pandemic, a Boston based real estate private equity firm was seeking to make their very first West Coast investments in hopes of establishing their presence in the strategic region. An exciting property suddenly became available on the... View Details

Keywords: Real Estate Development; Acquisition; Health Pandemics; Risk and Uncertainty; Expansion; Cost vs Benefits; Investment Return; Real Estate Industry

September 26, 2024
Article

A Better Way to Measure Social Impact

By: Robert S. Kaplan and Constance Spitzer

All impact investors report the financial returns from their funds and investments, and many provide metrics on intended social outcomes, such as numbers of individuals served, or quality jobs created. But investors do not supply metrics about their impacts on... View Details

Keywords: Impact Investing; Social Impact Investment; Inclusive Growth; Sustainability; Corporate Social Responsibility and Impact; Environmental Sustainability

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September 2024
Case

Faena: Magic in Mid-Miami Beach

By: Robin Greenwood, Denise Han, Dave Habeeb and Ruth Page

The link to this multimedia case should be provided to students in advance as preparation for classroom case discussion.

This multimedia case follows real estate developer Alan Faena as he expanded his luxury development business from Argentina to the... View Details

September 2024 (Revised November 2024)
Case

Carrie Wang: Choosing Between the Family Firm and the Family Spirit

By: Lauren Cohen, Fei Wu and Sophia Pan

Carrie Wang, Investment Head of the Wang’s single-family office, contemplated her next career steps. As one of the first businessmen who had risen from China’s industrial rise, her father had grown his wealth to a considerable level, eventually requesting that his... View Details

Keywords: Family Office; Interests Of Consumers; Family Business; Business Growth and Maturation; Financial Management; Financial Strategy; Financial Markets; Investment Portfolio; Investment Return; Private Equity; Customer Relationship Management; Interests; Reputation; Work-Life Balance; Real Estate Industry; China

September 2024 (Revised December 2024)
Case

Sona Comstar and Blackstone: Unlocking Value Through Business Transformation

By: Ranjay Gulati and Kanika Jain

Private equity firm Blackstone’s majority investment in automotive systems manufacturer Sona Comstar had culminated in the largest IPO in the Indian auto components industry in 2021, with stellar returns for all involved. This EV supplier was the result of a 2019... View Details

Keywords: Strategy; Decision Making; Engineering; Management; Risk and Uncertainty; Private Equity; Mergers and Acquisitions; Initial Public Offering; Auto Industry; Manufacturing Industry; Technology Industry; Asia; Southeast Asia

September 2024
Case

Myeloma Investment Fund

By: Kyle Myers and Scott Sawaya

This case explores a critical decision facing the Myeloma Investment Fund (MIF) as it evaluates two investment opportunities aimed at accelerating a cure for multiple myeloma.

The MIF, a venture philanthropy fund, must choose between two distinct paths. One... View Details

Keywords: Venture Philanthropy; Biomedical Research; Investing For Impact; Innovation ＆ Entrepreneurship; Venture Capital; Science-Based Business; Philanthropy and Charitable Giving; Decision Making; Health Care and Treatment; Biotechnology Industry; Pharmaceutical Industry

September 2024
Article

Activist Directors: Determinants and Consequences

By: Ian D. Gow, Sa-Pyung Sean Shin and Suraj Srinivasan

This paper examines determinants and consequences of hedge fund activism, focusing on activist directors, i.e., directors appointed in response to activist demands. Using a sample of 3,259 activism events from 2004 to 2016, we identify 1,623 activist directors.... View Details

Keywords: Governing and Advisory Boards; Investment Activism; Business and Shareholder Relations

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2024
Working Paper

Finance Without Exotic Risk

By: Pedro Bordalo, Nicola Gennaioli, Rafael La Porta and Andrei Shleifer

We address the joint hypothesis problem in cross-sectional asset pricing by using measured analyst expectations of earnings growth. We construct a firm-level measure of Expectations Based Returns (EBRs) that uses analyst forecast errors and revisions and shuts down any... View Details

Keywords: Investment Return; Financial Markets; Behavioral Finance; Risk and Uncertainty

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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

2024
Working Paper

The Rise of Alternatives

By: Juliane Begenau, Pauline Liang and Emil Siriwardane

Since the 2000s, U.S. public pensions have shifted their risky investments towards alternative assets like private equity and hedge funds, some more aggressively than others. We explore several explanations for these cross-sectional trends, focusing on those implied by... View Details

Keywords: Investment Funds; Investment Return; Risk and Uncertainty

July 2024
Article

AI, ROI, and Sales Productivity

By: Frank V. Cespedes

Artificial intelligence (AI) is now a loose term for many different things and at the peak of its hype curve. So managers hitch-their-pitch to the term in arguing for resources. But like any technology, its business value depends upon actionable use cases embraced by... View Details

Keywords: ROI; AI and Machine Learning; Sales; Investment Return

June 2024 (Revised January 2025)
Background Note

Politics Comes to ESG Investing

By: Shawn Cole and Jonah Zahnd

While the past decade has seen a dramatic increase in the incorporation of Environmental, Social and Governance (ESG) standards into investor practices, this momentum has shifted recently in the United States, as some politicians argued that ESG investing practices... View Details

Keywords: Investment; Corporate Social Responsibility and Impact; United States

2024
Working Paper

Does the Case for Private Equity Still Hold?

By: Nori Gerardo Lietz and Philipp Chvanov

Private Equity (“PE”) received a 10-fold increase in capital flows since the Great Financial Crisis (“GFC”) Investors sought higher nominal returns relative to those they could obtain in the public capital markets. This paper questions the fundamental assumptions... View Details

Keywords: Private Equity; Investment Return; Investment Portfolio; Financial Markets

April 2024
Supplement

Recycle & Re-Match: The Future of Soccer Turfs

By: George Serafeim

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