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- June 2024
- Supplement
Heritage Holding (A)
By: Richard S. Ruback and Royce Yudkoff
Pre-Abstract: Instructors should consider the timing of making videos available to students, as they may reveal key case details.
Abstract: The summer of 2022 marked a crucial period for Heritage Holding co-founders, Alex de Pfyffer and Ross Porter. The pair...
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Keywords:
Acquisition;
Small Business;
Cost vs Benefits;
Decisions;
Business Education;
Corporate Entrepreneurship;
Leadership Style;
Leading Change;
Business or Company Management;
Problems and Challenges;
Private Equity;
North America
Ruback, Richard S., and Royce Yudkoff. "Heritage Holding (A)." Harvard Business School Multimedia/Video Supplement 224-723, June 2024.
- June 2024
- Supplement
Heritage Holding (B)
By: Richard S. Ruback and Royce Yudkoff
Pre-Abstract: Instructors should consider the timing of making videos available to students, as they may reveal key case details.
Abstract: The summer of 2022 marked a crucial period for Heritage Holding co-founders, Alex de Pfyffer and Ross Porter. The pair...
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Keywords:
Acquisition;
Small Business;
Cost vs Benefits;
Decisions;
Business Education;
Corporate Entrepreneurship;
Leadership Style;
Leading Change;
Business or Company Management;
Problems and Challenges;
Private Equity;
North America
Ruback, Richard S., and Royce Yudkoff. "Heritage Holding (B)." Harvard Business School Multimedia/Video Supplement 224-724, June 2024.
- June 2024
- Case
Driving Scale With Otto
By: Rebecca Karp, David Allen and Annelena Lobb
This case asks how startup founders make scaling decisions in light of their priorities for their business and for themselves. Otto was a technology company that applied artificial intelligence technology to sales. It deployed natural language processing to find sales...
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Keywords:
Artificial Intelligence;
Machine Learning;
Natural Language Processing;
B2B;
B2B Innovation;
Startups;
Scaling;
Scaling Tech Ventures;
Business Ventures;
Information Technology;
Finance;
Sales;
Strategy;
Information Technology Industry;
United States;
Cambridge;
New York (city, NY);
Spain
Karp, Rebecca, David Allen, and Annelena Lobb. "Driving Scale With Otto." Harvard Business School Case 724-407, June 2024.
- 2024
- Working Paper
Private Equity and Digital Transformation
By: Brian K. Baik, Wilbur Chen and Suraj Srinivasan
We study the role which private equity (PE) plays in digital transformation. We find that PE investment is associated with greater investments into portfolio firm’s digital technologies, as measured by IT expenditures and the hiring demand for AI skills. This...
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Keywords:
Digital Transformation;
Private Equity;
Selection and Staffing;
Investment Portfolio;
Value Creation
Baik, Brian K., Wilbur Chen, and Suraj Srinivasan. "Private Equity and Digital Transformation." Harvard Business School Working Paper, No. 24-070, May 2024.
- 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...
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Lietz, Nori Gerardo, and Philipp Chvanov. "Does the Case for Private Equity Still Hold?" Harvard Business School Working Paper, No. 24-066, January 2024.
- April 2024
- Article
Fee Variation in Private Equity
By: Juliane Begenau and Emil N. Siriwardane
We study how investment fees vary within private-capital funds. Net-of-fee return clustering suggests that most funds have two tiers of fees, and we decompose differences across tiers into both management and performance-based fees. Managers of venture capital funds...
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Keywords:
Pension Funds;
Fee Dispersion;
Search And Negotiation Frictions;
Private Equity;
Investment Funds
Begenau, Juliane, and Emil N. Siriwardane. "Fee Variation in Private Equity." Journal of Finance 79, no. 2 (April 2024): 1199–1247.
- March 2024 (Revised April 2024)
- Case
Angel City Football Club: Scoring a New Model
By: Jeffrey F. Rayport, Jennifer Fonstad and Nicole Tempest Keller
In January 2024, Kara Nortman, Julie Uhrman, and Natalie Portman, the founders of Angel City Football Club (ACFC) were developing the club’s first three-year strategic plan. Founded in 2020, ACFC had a star-studded investor group, including Portman and celebrities such...
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Keywords:
Sports;
Entertainment;
Entrepreneurship;
Brands and Branding;
Innovation and Invention;
Venture Capital;
Sports Industry;
Entertainment and Recreation Industry;
United States;
California;
Los Angeles
Rayport, Jeffrey F., Jennifer Fonstad, and Nicole Tempest Keller. "Angel City Football Club: Scoring a New Model." Harvard Business School Case 824-192, March 2024. (Revised April 2024.)
- March 2024
- Case
Funderbeam: Teaming Up or Going Alone?
By: Paul A. Gompers, Elena Corsi and Orna Dan
Funderbeam, a global platform founded in Estonia to enable start-ups to run private syndications and secondaries while offering liquidity for private equity investors, was at a crossroads. Over its ten-year run, the company had expanded its services and areas of...
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Keywords:
Decision Making;
Business Exit or Shutdown;
Transition;
Leading Change;
Business or Company Management;
Organizational Change and Adaptation;
Law;
Mergers and Acquisitions;
Financing and Loans;
Cross-Cultural and Cross-Border Issues;
Ownership Stake;
Expansion;
Business Startups;
Venture Capital;
Financial Services Industry;
Estonia;
Republic of Ireland;
United Kingdom;
Singapore
- March 2024
- Case
East Rock Capital: 'Talent Is the Best Asset Class'
By: Boris Groysberg, Sarah L. Abbott and Izzy Yeoh
Adam Shapiro and Graham Duncan launched East Rock Capital, LLC in 2006 with a seed investment from Stuart Miller, executive chairman of Lennar Corporation. East Rock managed long-term assets for high-net-worth families, primarily working with external managers who had...
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Keywords:
Alternative Assets;
Hiring;
HNW Products And Services;
Recruiting;
Hedge Funds;
Wealth Management;
Asset Management;
Private Equity;
Financial Institutions;
Marketing Strategy;
Growth and Development Strategy;
Financial Services Industry;
United States
Groysberg, Boris, Sarah L. Abbott, and Izzy Yeoh. "East Rock Capital: 'Talent Is the Best Asset Class'." Harvard Business School Case 424-017, March 2024.
- March 2024
- Supplement
ELCA's Series A Cap Table Exercise (Instructor Version)
By: Raymond Kluender and Anke Becker
In ELCA, the company must decide between two term sheets: one put forth by STV and one put forth by ESV.
This exercise is an analysis of the implications of these two term sheets on the ownership structure and the payouts of common and preferred... View Details
This exercise is an analysis of the implications of these two term sheets on the ownership structure and the payouts of common and preferred... View Details
- March 2024
- Supplement
ELCA's Series A Cap Table Exercise (Student Version)
By: Raymond Kluender, Anke Becker and Johnson Elugbadebo
In ELCA, the company must decide between two term sheets: one put forth by STV and one put forth by ESV.
This exercise is an analysis of the implications of these two term sheets on the ownership structure and the payouts of common and preferred... View Details
This exercise is an analysis of the implications of these two term sheets on the ownership structure and the payouts of common and preferred... View Details
- March 2024
- Article
The Asymmetric Mispricing Information in Analysts’ Target Prices
By: Jeremiah Green, John R. M. Hand and Anywhere Sikochi
We study the mispricing information present in the target prices of U.S. and international analysts. We hypothesize that asymmetry in the value-relevance of the information that managers supply to analysts, combined with asymmetry in the incentives facing analysts to...
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Keywords:
Analysts;
Target Prices;
Mispricing;
Cost Of Equity;
Valuation;
Price;
Cost;
Analysis;
Theory
Green, Jeremiah, John R. M. Hand, and Anywhere Sikochi. "The Asymmetric Mispricing Information in Analysts’ Target Prices." Review of Accounting Studies 29, no. 1 (March 2024): 889–915.
- February 2024
- Case
TimeCredit
TimeCredit is an artificial intelligence (AI) startup that is developing large language models (LLMs) to generate accounting memos. The case follows Ndonga Sagnia, a Gambian Harvard Business School MBA student with an accounting background, as she decides how much...
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Keywords:
Accounting;
Business Startups;
Entrepreneurship;
Financing and Loans;
AI and Machine Learning;
Entrepreneurial Finance;
Identity;
Technology Industry
Colonnelli, Emanuele, Raymond Kluender, and Shai Benjamin Bernstein. "TimeCredit." Harvard Business School Case 824-139, February 2024.
- February 2024 (Revised May 2024)
- Case
Can Families Conquer Private Equity? Pritzker Private Capital
By: Lauren Cohen and Sophia Pan
Anthony (Tony) Pritkzer, Paul Carbone, and the Pritzker Private Capital (PPC) team wondered how to approach the firm’s next phase of growth. PPC was a private equity firm that offered a differentiated approach to the family capital market. Back in 2016, the partners...
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Keywords:
Family Office;
External Financing;
Succession;
Leadership Transition;
Family Business;
Private Equity;
Investment;
Business Growth and Maturation;
Financial Strategy;
Investment Portfolio;
Business Model;
Private Sector;
Financial Liquidity;
Risk Management;
Organizational Structure;
Competitive Advantage;
Venture Capital;
Financial Services Industry;
Chicago;
Illinois;
United States
- January 2024 (Revised May 2024)
- Case
Generation Investment Management: Sustainable Investing in a Warming World
By: Vikram S. Gandhi, Michael Norris and David Allen
In September 2021, the sustainable investment firm Generation Investment Management (Generation) considered whether to add Schneider Electric to the focus list of companies in which it was prepared to invest. Dedicated to promoting a sustainable world through its...
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Keywords:
Sustainable Investing;
Climate Change;
Environmental Sustainability;
Finance;
Equity;
Governance;
Private Equity;
Public Equity;
Financial Markets;
Investment;
Investment Return;
Investment Activism;
Investment Funds;
Investment Portfolio;
Institutional Investing;
Corporate Social Responsibility and Impact;
Financial Services Industry;
United Kingdom;
England;
London
- January 2024
- Article
Investing with the Government: A Field Experiment in China
By: Emanuele Colonnelli, Bo Li and Ernest Liu
We study the demand for government participation in China’s venture capital and private equity market. We conduct a large-scale, non-deceptive field experiment in collaboration with the leading industry service provider, through which we survey both capital investors...
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Keywords:
Venture Capital;
Private Equity;
Business and Government Relations;
Entrepreneurship;
China
Colonnelli, Emanuele, Bo Li, and Ernest Liu. "Investing with the Government: A Field Experiment in China." Journal of Political Economy 132, no. 1 (January 2024): 248–294.
- December 2023
- Article
Brokerage Relationships and Analyst Forecasts: Evidence from the Protocol for Broker Recruiting
By: Braiden Coleman, Michael Drake, Joseph Pacelli and Brady Twedt
In this study, we offer novel evidence on how the nature of brokerage-client relationships can influence the quality of equity research. We exploit a unique setting provided by the Protocol for Broker Recruiting to examine whether relaxed broker non-compete agreement...
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Keywords:
Brokers;
Analysts;
Forecasts;
Bias;
Protocol;
Investment;
Research;
Forecasting and Prediction
Coleman, Braiden, Michael Drake, Joseph Pacelli, and Brady Twedt. "Brokerage Relationships and Analyst Forecasts: Evidence from the Protocol for Broker Recruiting." Review of Accounting Studies 28, no. 4 (December 2023): 2075–2103.
- November 2023 (Revised April 2024)
- Case
BiomX: Bringing Phage Back to the Stage
By: Paul A. Gompers, Elie Ofek, Orna Dan and Emilie Billaud
In the spring of 2023, and following the favorable results of a trial involving its phage cocktail for treating lung infections among cystic fibrosis (CF) patients, the leadership of BiomX had several critical issues to wrestle with. First, given its precarious...
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Keywords:
Working Capital;
Financing and Loans;
Health Testing and Trials;
Product Development;
Research and Development;
Science-Based Business;
Commercialization;
Biotechnology Industry;
Pharmaceutical Industry
Gompers, Paul A., Elie Ofek, Orna Dan, and Emilie Billaud. "BiomX: Bringing Phage Back to the Stage." Harvard Business School Case 524-051, November 2023. (Revised April 2024.)
- 2023
- Working Paper
What Do Impact Investors Do Differently?
In recent years, impact investors – private investors who seek to generate simultaneously financial and social returns – have attracted intense interest and controversy. We analyze a novel, comprehensive data set of impact and traditional investors to assess how the...
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Keywords:
ESG;
Socially Responsible Investing;
Investment Decisions;
Public Goods;
Impact Investment;
Investment;
Private Equity;
Venture Capital
Cole, Shawn, Leslie Jeng, Josh Lerner, Natalia Rigol, and Benjamin N. Roth. "What Do Impact Investors Do Differently?" Harvard Business School Working Paper, No. 24-028, November 2023. (Reject and Resubmit, Journal of Financial Economics.)
- October 2023
- Case
Shredder Setups or Straightlining into Risk?: Investing in What You Love
By: Lauren Cohen and Grace Headinger
Bob Hall, President of Green Gables Partners, evaluated whether to angel invest into an up-and-coming ski brand. As the son-in-law of the founder of Vera Bradley and having retired from a lengthy career on Wall Street, Hall was well-versed in both direct investing and...
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Keywords:
Family Office;
Angel Investors;
Direct Investment;
Family Business;
Business Growth and Maturation;
Small Business;
Financial Strategy;
Personal Finance;
Investment Portfolio;
Private Equity;
Decision Choices and Conditions;
Risk and Uncertainty;
Consumer Products Industry;
Montana;
United States