Publications

September 1989
Case

Funding the United States Social Security System

By: Arthur Schleifer Jr.

Keywords: Welfare; Sovereign Finance; United States

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2012
Working Paper

Leviathan in Business: Varieties of State Capitalism and Their Implications for Economic Performance

By: Aldo Musacchio and Sergio G. Lazzarini

In this paper we document the extent and reach of state capitalism around the world and explore its economic implications. We focus on governmental provision of capital to corporations—either equity or debt—as a defining feature of state capitalism. We present a... View Details

Keywords: State Capitalism; State-owned Enterprises; Development Banks; Sovereign Wealth Funds; Economic Systems; State Ownership; Sovereign Finance; Business and Government Relations; Investment

30 Apr 2014
News

Cities, states to lose big if highway fund disappears

2022
Working Paper

Why Do Index Funds Have Market Power? Quantifying Frictions in the Index Fund Market

By: Zach Y. Brown, Mark Egan, Jihye Jeon, Chuqing Jin and Alex A. Wu

Index funds are one of the most common ways investors access financial markets and are perceived to be a transparent and low-cost alternative to active investment management. Despite these purported virtues of index fund investing and the introduction of new products... View Details

Keywords: Mutual Funds; Passive Investing; Asset Management; Financial Markets; Investment Funds; Financial Management; Financial Services Industry; United States

June 2013 (Revised August 2013)
Background Note

Note on Pension Guarantee Funds

By: Robert C. Pozen and Patricia Bissett Higgins

The United States and the United Kingdom both had quasi-government agencies that provided back-up insurance for individuals participating in defined benefit ("DB") pension plans. This note compares and contrasts the United Kingdom's Pension Protection Fund ("PPF") with... View Details

Keywords: Pensions; Pension Guarantee Funds; Pension Protection Fund; Pension Benefit Guaranty Corporation; Employee Retirement Income Security Act; PBGC; ERISA; MAP-21; Legislation; Insurance; Saving; Retirement; Labor; Labor and Management Relations; Employees; Insurance Industry; United States; United Kingdom

April 2012 (Revised March 2013)
Module Note

State Capitalism and State-Owned Enterprise Reform

By: Aldo Musacchio

The note examines state capitalism in the twenty-first century. It introduces a series of topics and cases related to state capitalism, such as the debate about the causes of inefficiency in state owned enterprises, possible ways of turning them around, as well as a... View Details

Keywords: State Capitalism; State-owned Enterprises; Business Government Relations; Political Economy; Turnarounds; Economic Systems; State Ownership; Business and Government Relations

February 2022
Teaching Note

Altoona State Investment Board & Bain Capital Fund XI

By: Josh Lerner

Teaching Note for HBS Case No. 218-022. View Details

15 Feb 2017
Op-Ed

What Africa Can Teach the United States About Funding Infrastructure Projects

investors, and builders can learn from the African experience, where public-private partnerships and deployments of new technologies are illuminating new ways to approach the task of funding infrastructure despite a scarcity of government... View Details

Keywords: by John Macomber; Construction

15 Feb 2017
News

What Africa Can Teach the United States About Funding Infrastructure Projects

October 2007 (Revised July 2013)
Case

Vertex Pharmaceuticals and the Cystic Fibrosis Foundation: Venture Philanthropy Funding for Biotech

By: Robert F. Higgins, Sophie LaMontagne and Brent Kazan

In 2001, Vertex Pharmaceuticals Incorporated acquired the San Diego-based biotech company, Aurora Biosciences. The combination of Vertex's and Aurora's technologies would improve the flow of novel drug candidates into development. However, several questions related to... View Details

Keywords: Philanthropy; Philanthropy Funding; Innovation; Funding Model; Venture Capital; Partners and Partnerships; Financing and Loans; Investment Funds; Acquisition; Philanthropy and Charitable Giving; Biotechnology Industry; Pharmaceutical Industry; San Diego

2008
Chapter

Life-Cycle Funds

By: Luis M. Viceira

The U.S. retirement system has experienced a substantial transformation in recent years. It has evolved from a system in which employees relied mainly on Social Security and professionally managed defined benefit (DB) pension plans sponsored by their employers to... View Details

Keywords: Retirement; Personal Finance; Investment Funds; Compensation and Benefits; United States

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2021
Working Paper

Recovering Investor Expectations from Demand for Index Funds

By: Mark Egan, Alexander J. MacKay and Hanbin Yang

We use a revealed-preference approach to estimate investor expectations of stock market returns. Using data on demand for index funds that follow the S&P 500, we develop and estimate a model of investor choice to flexibly recover the time-varying distribution of... View Details

Keywords: Stock Market Expectations; Demand Estimation; Exchange-traded Funds (ETFs); Demand and Consumers; Investment; United States

SSRN

August 1994
Background Note

World Pension Fund Markets

By: Jay O. Light and Jon Headley

Presents a comparative description and analysis of pension funds in different countries. There is a special focus on comparing the United States and the United Kingdom. View Details

Keywords: Retirement; Management Analysis, Tools, and Techniques; Investment Funds; United States; United Kingdom

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Fast Answer

Search Funds

down further as you progress in your search. Company List: Database Strengths/Unique Features Infogroup US Historical Business Data Annual, geo-coded records of United States businesses and other organizations from 1997-2021.... View Details

September 2019
Case

Dementia Discovery Fund

By: Richard G. Hamermesh, Kathy Giusti and Sarah Gulick

The case is set in March 2019, and tells the story of the founding of the Dementia Discovery Fund (DDF). The idea for the fund began in 2015, when then-Prime Minister David Cameron spoke about the importance of making breakthroughs in dementia research, and pledged... View Details

Keywords: Venture Capital; Investment Funds; Mission and Purpose; Recruitment; Health Care and Treatment; Pharmaceutical Industry; Financial Services Industry; Boston; Massachusetts; London; England

September 2010 (Revised March 2012)
Case

AQR's Momentum Funds (A)

By: Daniel Baird Bergstresser, Lauren H. Cohen, Randolph B. Cohen and Christopher J. Malloy

AQR is a hedge fund based in Greenwich, Connecticut, that is considering offering a wholly new line of product to retail investors, namely the ability to invest in the price phenomenon known as momentum. There is a large body of empirical evidence supporting momentum... View Details

Keywords: Financial Strategy; Investment Funds; Investment Portfolio; Governing Rules, Regulations, and Reforms; Product Development; Financial Services Industry; Greenwich

01 Mar 2011
News

Entrepreneurs’ Fund

Dan Rumennik, Jess Bloomgarden, and Andrew Rosenthal (all HBS ’12) are the driving forces behind the establishment of a new initiative, funded by the Rock Center, that offers a total of $50,000 to HBS student entrepreneurs. Awards of... View Details

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

December 2005 (Revised September 2007)
Case

Canyon Johnson Urban Fund

By: Felix Oberholzer-Gee and Alexa Arena

Basketball star Earvin "Magic" Johnson and K. Robert Turner, managing partner of Canyon Johnson Urban Fund (CJUF), raised $271.7 million for investments in urban real estate. The fund considered two projects, both located in Hollywood, CA. The first was located on... View Details

Keywords: Investment; Projects; Business and Government Relations; Public Opinion; Urban Development; Real Estate Industry; Los Angeles