Publications

September 2012 (Revised September 2016)
Background Note

Convertible Notes in Seed Financings

By: Ramana Nanda, William R. Kerr and Robert F. White

This note introduces convertible notes in angel financing. It begins by delineating the differences between a priced and non-priced round. It then describes a specific example of a convertible note, with attention paid to technical details regarding valuation caps. View Details

Keywords: Financing; Finance; Entrepreneurship

July 1983 (Revised March 1986)
Case

Fred Johnson's Adjustable Rate Convertible Note

By: William E. Fruhan Jr.

Keywords: Financial Instruments; Valuation

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May 2003
Teaching Note

Argentina's Convertibility Plan (TN)

By: Rafael M. Di Tella and Ingrid Vogel

Teaching Note for (9-702-002). View Details

Keywords: Argentina

2022
Article

Reversible Power-to-Gas Systems for Energy Conversion and Storage

By: Gunther Glenk and Stefan Reichelstein

In the transition to decarbonized energy systems, Power-to-Gas (PtG) processes have the potential to connect the existing markets for electricity and hydrogen. Specifically, reversible PtG systems can convert electricity to hydrogen at times of ample power supply, yet... View Details

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20 Oct 2010
Op-Ed

Export Competitiveness: Reversing the Logic

sustained growth. 3. Reversing the logic: A different way of looking at exports and competitiveness The competitiveness framework developed by Porter (1990, 1998) suggests that there is an alternative way to look at the relationship... View Details

Keywords: by Christian Ketels

November 2003
Teaching Note

STMicroelectronics N.V., 2003 Convertible Bond Offering (TN)

By: William E. Fruhan Jr.

Teaching Note to (9-204-092). View Details

01 Mar 2006
News

HBS Reverses Policy On Grade Disclosure

overall student experience at HBS.” The students maintained that grade disclosure would lead to decreased cooperation and collaboration and less willingness to take risks in second-year course selection. In his letter to students, Light took View Details

Keywords: grades; Colleges, Universities, and Professional Schools; Educational Services

15 Jun 2021
News

Alumni Work to Reverse Bias Through Philanthropy

nonprofits led by people of color had been building for some time. “We’ve known that less than 2 percent of funding from the nation’s largest philanthropies is specifically targeted to the Black community,” notes Thomas. “The NCF is... View Details

Keywords: Deborah Blagg

02 Aug 2021
Blog Post

ALUMNI WORK TO REVERSE BIAS THROUGH PHILANTHROPY

philanthropies is specifically targeted to the Black community,” notes Thomas. “The NCF is working to reverse this bias by backing organizations led by people from communities of color who include the voices... View Details

01 Sep 2011
News

Noted & Quoted

“One more door is shut in terms of how seniors can find the money to survive as they age.” — HBS senior lecturer Nicolas Retsinas, reacting to news that Wells Fargo has joined Bank of America in no longer offering reverse mortgages.... View Details

Keywords: Corporate Services; Finance; Management

October 2019
Teaching Note

Granite Equity Partners

By: Victoria Ivashina and Terrence Shu

This teaching note accompanies HBS case 219-040, “Granite Equity Partners,” which follows the private equity firm as it evaluates the potential acquisition of Tyrell Corp., a Minnesota-based quality control biomaterials company. Granite Equity’s fund was different from... View Details

Keywords: Private Equity Exit; Investing; Fund Exit; Fund Management; Wealth Management; Liquidity; Buyout; Exit Strategy; Preferred Shares; Convertible Notes; Finance; Private Equity; Investment; Asset Management; Wealth; Management; Financial Liquidity; Minnesota; United States

September 2018
Case

Granite Equity Partners

By: Victoria Ivashina and Jeffrey Boyar

This case follows Rick Bauerly, CEO of Minnesota-based Granite Equity Partners, a private equity firm that specialized in buying out retiring business owners in the Minnesota community. In 2007, Granite Equity was considering an investment in Tyrell Corp. (name... View Details

Keywords: Private Equity Exit; Investing; Fund Exit; Fund Management; Wealth Management; Liquidity; Buyout; Exit Strategy; Preferred Shares; Convertible Notes; Finance; Private Equity; Investment; Asset Management; Wealth; Management; Financial Liquidity

February 2014
Background Note

Raising Startup Capital

By: Jeffrey Bussgang

Entrepreneurs typically focus their full energies on business-building. But raising capital is a core part of building a valuable business. Developing expertise in raising capital is more than a necessary evil, it is a competitive weapon. Master it and you will be in a... View Details

June 2012 (Revised March 2015)
Teaching Note

PunchTab, Inc.

By: Ramana Nanda and William R. Kerr

A Teaching Note for the PunchTab case, which discusses how high-tech startups structure seed financing, merits of angels vs. super angels vs. VCs, and related topics (e.g., convertible notes, priced versus non-priced financing rounds, entrepreneurial finance networks). View Details

Keywords: Finance; Entrepreneurial Finance; Venture Capital; Entrepreneurship

March 2009
Article

Trading Restrictions and Stock Prices

By: Robin Greenwood

Firms can manipulate their stock price by limiting the ability of their investors to sell. I examine a series of corporate events in Japan in which firms actively reduced their float—the fraction of shares available to trade—for periods of one to three months, locking... View Details

Keywords: Equity; Stock Shares; Investment; Investment Return; Price; Market Transactions; Japan

August 2023 (Revised July 2024)
Technical Note

Power-to-X

By: Willy Shih, Michael W. Toffel and Kelsey Carter

To reduce greenhouse gas emissions that were contributing to climate change, the world needs to transition from fossil fuels to renewable energy sources. Power-to-X (PtX) refers to an array of processes that convert electricity (power) to various gaseous and liquid... View Details

Keywords: Environmental Strategies; Climate Change; Environmental Sustainability; Transition; Renewable Energy; Energy Industry

June 2001 (Revised June 2001)
Background Note

Process Improvement Template

Managers are often confronted with the challenge of improving critical business processes so that their efforts are not merely ad hoc. This note provides a template by which improvement efforts are converted from unstructured efforts to bona fide, hypothesis-testing... View Details

Keywords: Performance Improvement; Business Processes

March 2005
Case

Tribune Company: The PHONES Proposal

The Tribune Co. is considering issuing a structured note to monetize its investment in another company, America Online (AOL). Tribune originally invested in AOL in 1991 and currently has approximately 10 million shares left of that investment. However, these shares are... View Details

Keywords: Financial Instruments; Taxation; Investment; Media and Broadcasting Industry