Jay O. Light
George F. Baker Professor of Administration, Emeritus
George F. Baker Professor of Administration, Emeritus
Jay Light is Dean Emeritus of Harvard Business School and the George F. Baker Professor of Administration Emeritus. He earned his bachelor's degree in engineering physics with highest honors from Cornell in 1963. He then worked in satellite guidance and systems planning at the Jet Propulsion Laboratory in Pasadena, CA. He enrolled in the doctoral program in decision and control theory at Harvard in 1966, earning his doctorate four years later. He joined the faculty of HBS in December 1969. After a brief leave of absence from 1977 to 1979 to serve as director of investment and financial policies for the Ford Foundation, he returned to HBS as a full professor.
Light was named Interim Dean in 2005 and Dean the following year. During his tenure, he has overseen the renovation and restoration of Baker Library | Bloomberg Center, which houses the world's preeminent collection of business books and archival materials. He presided over the yearlong celebration of the School's centennial in 2008, reconnecting with alumni around the world and leading discussions on the future of MBA education. He has navigated HBS through the financial challenges of the global economic crisis, deploying a strategy that simultaneously reduced expenses and maintained investments in areas of long-term strategic importance, including faculty research and student financial aid.
Light has overseen a range of innovations in the School's MBA program, including the new January term, Immersion Experience Programs (a portfolio of faculty-led seminars in selected regions around the world), and the launch and development of joint degree programs with Harvard's Medical School and Kennedy School. He has fostered new faculty initiatives in health care, science-based business, and business and the environment, and expanded the Global Initiative with the opening of a research center in India and a new facility in China.
Light previously served as Chairman of the Finance area (1986-1988), Senior Associate Dean and Director of Faculty Planning (1988-1994), and Senior Associate Dean and Director of Planning and Development (1998-2005) at HBS. In this last role he led the School's strategic planning efforts and helped shape new educational and research program initiatives.
Light has taught thousands of students in the School's MBA and doctoral programs, and in various executive programs for CFOs and investment managers. He is the co-author (with W.L. White) of The Financial System (1979) as well as numerous articles and more than 70 cases and notes. His interests include asset management, risk management, negotiation and deal structuring, and corporate finance. He has explored strategic business decisions in the money management industry and related fields. He also has examined how negotiation analysis and related techniques can be used in structuring financial transactions in the context of entrepreneurial situations, and to enhance value in private equity investments.
Light, originally from Ohio, lives in Belmont, Massachusetts, with his wife, Judy; they are the parents of two grown children.
- Journal Articles
-
- Light, Jay O. "Change is in the Offing." How to Fix Business Schools. Harvard Business Review Blogs (May 7, 2009). View Details
- Perold, André, and Jay O. Light. "The Institutionalization of Wealth: Changing Patterns of Investment Decision-Making." Tōshi kōgaku [Investment technology] 2 (1990): 63–96. View Details
- Book Chapters
-
- Perold, André, and Jay O. Light. "The Institutionalization of Wealth: Changing Patterns of Investment Decision-Making." In Wall Street and Regulation, edited by Samuel L. Hayes III, 97–126. Boston: Harvard Business School Press, 1987. View Details
- Cases and Teaching Materials
-
- Light, Jay O. "FrontPoint Partners." Harvard Business School Case 204-020, July 2003. (Revised June 2010.) View Details
- Light, Jay O., and Michael J. Roberts. "Virtualis Systems (A)." Harvard Business School Case 800-003, November 1999. (Revised October 2009.) View Details
- Light, Jay O., Michael J. Roberts, and Taslim Pirmohamed. "Publishing Group of America (A)." Harvard Business School Case 202-036, January 2002. (Revised July 2007.) View Details
- Light, Jay O. "The Harrison and HIA." Harvard Business School Case 205-123, June 2005. (Revised November 2005.) View Details
- Light, Jay O., Luis M. Viceira, and Akiko M. Mitsui. "Investment Policy at New England Healthcare." Harvard Business School Case 204-018, July 2003. (Revised December 2003.) View Details
- Light, Jay O. "A Short Note on the AccuFlow Excel Model." Harvard Business School Background Note 203-089, March 2003. View Details
- Light, Jay O., Michael J. Roberts, and Taslim Pirmohamed. "Publishing Group of America (B)." Harvard Business School Case 202-080, January 2002. (Revised January 2003.) View Details
- Light, Jay O., and Anthony Massaro. "Intuitive Surgical - Negotiating the Deal." Harvard Business School Case 202-094, January 2002. (Revised March 2002.) View Details
- Roberts, Michael J., and Jay O. Light. "Virtualis Systems (Condensed)." Harvard Business School Case 802-130, January 2002. (Revised March 2002.) View Details
- Light, Jay O., and Daniel J. Green. "Arepa." Harvard Business School Case 201-008, August 2000. (Revised February 2002.) View Details
- Austin, Robert D., Jay O. Light, and Daniel Green. "Arepa (TN)." Harvard Business School Teaching Note 202-043, December 2001. View Details
- Light, Jay O., and Mary N. Caravella. "Bang Networks-The First Customer (B)." Harvard Business School Case 202-066, November 2001. View Details
- Light, Jay O. "Security Factors." Harvard Business School Case 201-084, March 2001. (Revised November 2001.) View Details
- Light, Jay O. "Harvard Management Company (2001)." Harvard Business School Case 201-129, May 2001. (Revised October 2001.) View Details
- Light, Jay O., and Mary N. Caravella. "Bang Networks- The First Customer (A)." Harvard Business School Case 201-111, June 2001. View Details
- Light, Jay O., and Daniel J. Green. "GetConnected." Harvard Business School Case 201-010, June 2001. View Details
- Light, Jay O., and Anthony Massaro. "Infinata: The Quest for Human Resource Venture Capital." Harvard Business School Case 201-032, June 2001. View Details
- Light, Jay O., and Anthony Massaro. "eSurg (A): Negotiating the Start-Up." Harvard Business School Case 201-050, February 2001. (Revised June 2001.) View Details
- Light, Jay O., and Anthony Massaro. "eSurg (B): Second Round Financing." Harvard Business School Case 201-051, February 2001. (Revised June 2001.) View Details
- Light, Jay O., Jay W. Lorsch, James O. Sailer, and Katharina Pick. "California PERS (B)." Harvard Business School Case 201-091, February 2001. View Details
- Light, Jay O., and Daniel J. Green. "Arbinet Communications, Inc. (A)." Harvard Business School Case 201-006, July 2000. (Revised January 2001.) View Details
- Light, Jay O., Jay W. Lorsch, and James O. Sailer. "California PERS (A)." Harvard Business School Case 291-045, July 1991. (Revised August 2000.) View Details
- Light, Jay O., Lynda M. Applegate, and Daniel J. Green. "Last Mile of Broadband Access, The: Technical Note." Harvard Business School Technical Note 800-076, September 1999. (Revised January 2000.) View Details
- Light, Jay O., Lynda M. Applegate, and Daniel J. Green. "Revolution in the Communications Switching Industry." Harvard Business School Background Note 800-121, September 1999. View Details
- Light, Jay O., and Michael J. Roberts. "Developing a Teaching Case (B): Virtualis Systems." Harvard Business School Supplement 900-003, July 1999. View Details
- Light, Jay O. "Wireless Telecom Negotiation." Harvard Business School Case 299-029, November 1998. (Revised April 1999.) View Details
- Light, Jay O. "AccuFlow, Inc." Harvard Business School Case 299-079, March 1999. (Revised April 1999.) View Details
- Light, Jay O., William J. Poorvu, and Elizabeth McLoughlin. "Security Capital Group Incorporated." Harvard Business School Case 898-175, February 1998. View Details
- Light, Jay O. "B.F. Goodrich-Rabobank Interest Rate Swap." Harvard Business School Case 284-080, March 1984. (Revised August 1996.) View Details
- Light, Jay O. "Transformation of Institutional Investment Management, The." Harvard Business School Background Note 297-019, August 1996. View Details
- Light, Jay O. "AIA and The Atlantic." Harvard Business School Case 295-112, February 1995. (Revised June 1996.) View Details
- Froot, Kenneth A., Jay O. Light, and Nancy Donohue. "Note on Commodity Futures." Harvard Business School Background Note 293-018, July 1992. (Revised May 1996.) View Details
- Lerner, Josh, and Jay O. Light. "Yale University Investments Office." Harvard Business School Case 296-040, December 1995. (Revised December 1995.) View Details
- Froot, Kenneth A., Jay O. Light, and Nancy Donohue. "An Investment Linked to Commodity Futures." Harvard Business School Case 293-017, July 1992. (Revised January 1995.) View Details
- Froot, Kenneth A., Jay O. Light, and Jon Headley. "Investing in China." Harvard Business School Case 295-025, September 1994. View Details
- Light, Jay O., and Jon Headley. "Valuation of U.S. and U.K. Investment Managers." Harvard Business School Background Note 295-026, September 1994. View Details
- Light, Jay O. "Harvard Management Company (1994), The." Harvard Business School Case 295-024, August 1994. View Details
- Light, Jay O., and Jon Headley. "World Pension Fund Markets." Harvard Business School Background Note 295-027, August 1994. View Details
- Light, Jay O., and Jon Headley. "Gartmore plc." Harvard Business School Case 295-022, August 1994. View Details
- Light, Jay O., and Jon Headley. "Grantham, Mayo, Van Otterloo & Co." Harvard Business School Case 295-023, August 1994. View Details
- Light, Jay O. "ARPPS: Adjustable Rate Perpetual Preferred Stock." Harvard Business School Case 284-096, June 1984. (Revised August 1994.) View Details
- Light, Jay O., and James O. Sailer. "ARCO Investment Management Company TN." Harvard Business School Teaching Note 295-003, July 1994. View Details
- Light, Jay O., and James O. Sailer. "California PERS (A) TN." Harvard Business School Teaching Note 295-004, July 1994. View Details
- Light, Jay O., and James O. Sailer. "Scudder, Stevens & Clark TN." Harvard Business School Teaching Note 295-005, July 1994. View Details
- Light, Jay O. "Vanguard Group, Inc. (A)." Harvard Business School Case 293-064, October 1992. (Revised December 1993.) View Details
- Light, Jay O., and James O. Sailer. "Scudder, Stevens & Clark." Harvard Business School Case 294-026, August 1993. (Revised December 1993.) View Details
- Light, Jay O., and James O. Sailer. "GTE Corporation (C) TN." Harvard Business School Teaching Note 294-063, December 1993. View Details
- Light, Jay O. "Vanguard Group, Inc., The(A) TN." Harvard Business School Teaching Note 294-064, December 1993. View Details
- Light, Jay O. "GM PERCS (A)." Harvard Business School Case 293-061, October 1992. (Revised December 1993.) View Details
- Light, Jay O., and James O. Sailer. "Cleveland-Cliffs, Inc. TN." Harvard Business School Teaching Note 294-049, October 1993. View Details
- Light, Jay O., and James O. Sailer. "Brief Introduction to Real Estate Investment Trusts (REITs)." Harvard Business School Background Note 294-044, October 1993. View Details
- Light, Jay O. "Dimensional Fund Advisors: 1993." Harvard Business School Case 294-025, August 1993. (Revised October 1993.) View Details
- Light, Jay O. "BEA: 1993." Harvard Business School Case 294-033, September 1993. (Revised October 1993.) View Details
- Light, Jay O. "Cleveland-Cliffs, Inc." Harvard Business School Case 293-051, September 1992. (Revised September 1993.) View Details
- Light, Jay O., and James O. Sailer. "GTE Corporation (C)." Harvard Business School Case 294-030, August 1993. View Details
- Light, Jay O., and James O. Sailer. "ARCO Investment Management Company." Harvard Business School Case 294-027, August 1993. View Details
- Light, Jay O. "The Mutual Fund Industry 1992." Harvard Business School Background Note 293-075, November 1992. View Details
- Light, Jay O. "Vanguard Group, Inc. (B)." Harvard Business School Case 293-065, October 1992. View Details
- Light, Jay O. "GM PERCS (B)." Harvard Business School Supplement 293-062, October 1992. View Details
- Light, Jay O. "Hartwig Co., The." Harvard Business School Case 293-060, October 1992. View Details
- Light, Jay O. "Harvard Management Co." Harvard Business School Case 292-094, February 1992. (Revised April 1992.) View Details
- Light, Jay O. "Brinson Partners." Harvard Business School Case 291-009, July 1990. (Revised September 1991.) View Details
- Light, Jay O., and Jeremy C. Stein. "Note on the Pricing of Mortgage-Backed Securities." Harvard Business School Background Note 287-060, January 1987. (Revised March 1989.) View Details
- Light, Jay O. "GTE Corp. (A)." Harvard Business School Case 284-009, August 1983. (Revised August 1987.) View Details
- Light, Jay O. "Burr Foundation." Harvard Business School Case 283-074, May 1983. (Revised July 1986.) View Details
- Light, Jay O. "Hamilton Closed-End Income Fund." Harvard Business School Case 283-071, June 1983. (Revised July 1986.) View Details
- Light, Jay O. "National Property Investors." Harvard Business School Case 284-097, June 1984. View Details
- Light, Jay O. "Financial Structure of Corporate Pension Plans and Pension Funds." Harvard Business School Background Note 283-075, May 1983. (Revised November 1983.) View Details
- Light, Jay O. "Chandler Chemical Corp. (A)." Harvard Business School Case 282-099, June 1982. (Revised May 1983.) View Details
- Light, Jay O. "Continental Pipeline Co." Harvard Business School Case 283-028, September 1982. View Details
- Light, Jay O. "ERISA and Pension Plan Management." Harvard Business School Background Note 283-020, August 1982. View Details
- Light, Jay O. "National Instrument Company Pension Fund (B)." Harvard Business School Case 280-089, April 1980. (Revised February 1982.) View Details
- Light, Jay O. "Fairhaven Corp. Pension Fund." Harvard Business School Case 282-108, January 1982. View Details
- Light, Jay O. "Valuation Models: The Key Considerations." Harvard Business School Background Note 281-067, July 1981. View Details
- Light, Jay O. "Harrison Management Co." Harvard Business School Case 281-063, June 1981. View Details
- Light, Jay O. "Commerce National Bank and Trust Co." Harvard Business School Case 281-015, October 1980. View Details
- Light, Jay O. "National Instrument Company Pension Fund (A)." Harvard Business School Case 280-083, April 1980. (Revised August 1980.) View Details
- Light, Jay O. "Consolidated Industries, Inc." Harvard Business School Case 280-047, December 1979. (Revised January 1980.) View Details
- Light, Jay O. "Choice of Debt Securities: Maturity and Call Provisions." Harvard Business School Background Note 277-162, April 1977. View Details
- Light, Jay O. "E.I. du Pont de Nemours & Co.--1976." Harvard Business School Case 277-069, November 1976. (Revised February 1977.) View Details
- Light, Jay O. "Available Finance Corp." Harvard Business School Case 277-144, February 1977. View Details
- Light, Jay O. "Hanover Management Co." Harvard Business School Case 273-128, January 1973. View Details
- Light, Jay O. "Farris Associates." Harvard Business School Case 172-023, July 1971. View Details
- Presentations
-
- Perold, André, and Jay O. Light. "Risk Sharing and Corporate Pension Policy." Paper presented at the American Finance Association Annual Meeting, December 01, 1985. View Details
- Other Publications and Materials
-
- Crane, D. B., J. O. Light, K. G. Palepu, and A. F. Perold. "Capital Market Intermediaries: Summary Observations on a Workshop Held at Harvard Business School." May 2003. View Details
- Research Summary
-
Jay O. Light is evaluating strategic business decisions in the money management industry as well as problems that arise in the management of very large pools of tax exempt money, particularly pension funds and endowments. From this research he is developing teaching materials that will be used in the elective course Investment Management, and in various senior executive education programs. These materials will explore investment decisions and decision problems in professional investment management organizations, both those that manage publicly-traded equity and those that manage private equity.Jay O. Light is developing materials that will explore how negotiation analysis and related techniques can be used in structuring financial transactions in the context of entrepreneurial situations, and how they might be used to enhance value in private equity investments.
- Areas of Interest
-
- investment management
- negotiation
- value investing
- venture capital
- asset pricing
- capital markets
- corporate governance
- entrepreneurial finance
- entrepreneurship
- financial statement analysis
- hedge funds
- investor behavior
- life sciences
- private equity
- risk management
- technological innovation
- valuation
- asset management
- health care
- professional services
- venture capital industry
Additional TopicsIndustries