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Show Results For
-
All HBS Web
(1,474)
- People (4)
- News (394)
- Research (846)
- Events (3)
- Multimedia (1)
- Faculty Publications (347)
- 01 Mar 2023
- News
Step Change
had long been part of the cultural mindset. Today’s startup scene in Egypt is hopping. Venture capital funding reached $491 million in 2021, with a compounded annual growth rate of 117 percent between 2017 and 2021, according to Magnitt....
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- November 2007
- Background Note
Asset Allocation I
By: Joshua D. Coval, Erik Stafford, Rodrigo Osmo, John Jernigan, Zack Page and Paulo Passoni
The goal of these simulations is to understand the mathematics of mean-variance optimization and the equilibrium pricing of risk if all investors use this rule with common information sets. Simulation A focuses on five to 10 years of monthly sector returns that are...
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- May 2011
- Article
Higher Risk, Lower Returns: What Hedge Fund Investors Really Earn
By: Ilia Dichev and Gwen Yu
The returns of hedge fund investors depend not only on the returns of the hedge funds they hold but also on the timing and magnitude of their capital flows in and out of the funds. We use dollar-weighted returns (a form of IRR) to assess the properties of actual...
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Dichev, Ilia, and Gwen Yu. "Higher Risk, Lower Returns: What Hedge Fund Investors Really Earn." Journal of Financial Economics 100, no. 2 (May 2011): 248–263.
- October 2018
- Case
Accomplice: Scaling Early Stage Finance
By: Ramana Nanda, Raffaella Sadun and Olivia Hull
Accomplice, an early-stage venture capital firm based in Boston, is raising its second fund in November 2017. Since 2009, the firm has followed a seed-led investment model, investing in tech companies at the earliest stages, often when products and business models are...
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Keywords:
Early Stage Finance;
Seed Finance;
Scouts;
Venture Capital;
Business Startups;
Private Equity;
Investment Portfolio;
Organizational Structure;
Organizational Change and Adaptation;
Partners and Partnerships;
Networks;
Adaptation;
Corporate Strategy;
Technology;
Financial Services Industry;
Massachusetts;
Boston;
Cambridge;
United States
Nanda, Ramana, Raffaella Sadun, and Olivia Hull. "Accomplice: Scaling Early Stage Finance." Harvard Business School Case 719-403, October 2018.
- January 2017 (Revised November 2018)
- Case
Vox Capital: Pioneering Impact Investing in Brazil
By: Julie Battilana, Marissa Kimsey, Falko Paetzold and Priscilla Zogbi
Vox Capital was the first certified impact investing fund in Brazil. Founded in 2009, it provides early-stage capital for companies offering innovative and scalable solutions to enhance the lives of low-income Brazilians, while aiming to simultaneously generate...
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Keywords:
Impact Investing;
Social Performance Measurement;
Social Entrepreneurship;
Investment Funds;
Social Enterprise;
Brazil
Battilana, Julie, Marissa Kimsey, Falko Paetzold, and Priscilla Zogbi. "Vox Capital: Pioneering Impact Investing in Brazil." Harvard Business School Case 417-051, January 2017. (Revised November 2018.)
- Second Quarter 2014
- Article
Dynamics of the Board Interview
By: Blythe McGarvie
You want candidates who meet the requirements of cultural fit, the right skill set, and meaningful diversity. No one expects the candidate to know everything about the company during the interview process. Research shows that companies with more women on their boards...
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McGarvie, Blythe. "Dynamics of the Board Interview." Directors & Boards 38, no. 3 (Second Quarter 2014).
- 2015
- Working Paper
What Do Private Equity Firms Say They Do?
By: Paul A. Gompers, Steven N. Kaplan and Vladimir Mukharlyamov
We survey 79 private equity investors with combined assets under management (AUM) of over $750 billion about their practices in firm valuation, capital structure, governance, and value creation. Investors rely primarily on internal rate of return (IRR) and multiples to...
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Keywords:
Governance;
Value Creation;
Private Equity;
Capital Structure;
Valuation;
Management Practices and Processes
Gompers, Paul A., Steven N. Kaplan, and Vladimir Mukharlyamov. "What Do Private Equity Firms Say They Do?" Harvard Business School Working Paper, No. 15-081, April 2015.
- August 2000 (Revised July 2002)
- Background Note
Fundamental Enterprise Valuation: Introduction
The purpose of this series of notes is to define the key "drivers" of the fundamental value of equity and to illustrate how these drivers determine the future cash flows and the "present value pattern" of the underlying common stock. The series includes one technical...
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Baldwin, Carliss Y. "Fundamental Enterprise Valuation: Introduction." Harvard Business School Background Note 801-121, August 2000. (Revised July 2002.)
- March 2022
- Article
Targeting High Ability Entrepreneurs Using Community Information: Mechanism Design in the Field
Identifying high-growth microentrepreneurs in low-income countries remains a challenge due to a scarcity of verifiable information. With a cash grant experiment in India we demonstrate that community knowledge can help target high-growth microentrepreneurs; while the...
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Keywords:
Microentrepreneurs;
Community Information;
Field Experiment;
Loans;
Entrepreneurship;
Developing Countries and Economies;
Financing and Loans;
Information;
Mathematical Methods;
India
Hussam, Reshmaan, Natalia Rigol, and Benjamin N. Roth. "Targeting High Ability Entrepreneurs Using Community Information: Mechanism Design in the Field." American Economic Review 112, no. 3 (March 2022): 861–898.
(Online Appendix with Corrigendum—Thanks to Isabella Masetto, Diego Ubfal, and The Institute for Replication for identifying a minor coding error in the production of Table 4.)
(Online Appendix with Corrigendum—Thanks to Isabella Masetto, Diego Ubfal, and The Institute for Replication for identifying a minor coding error in the production of Table 4.)
- Article
The Effect of Dividends on Consumption
By: Malcolm Baker, Stefan Nagel and Jeffrey Wurgler
Classical models predict that the division of stock returns into dividends and capital appreciation does not affect investor consumption patterns, while mental accounting and other economic frictions predict that investors have a higher propensity to consume from...
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Keywords:
Investment;
Investment Return;
Economics;
Stocks;
Capital;
Business Earnings;
Investment Portfolio;
Investment Funds;
Cost;
Saving
Baker, Malcolm, Stefan Nagel, and Jeffrey Wurgler. "The Effect of Dividends on Consumption." Brookings Papers on Economic Activity, no. 1 (2007): 277–291.
- 15 Apr 2015
- News
New Enterprise Raises Record-Breaking $2.8 Billion Venture Fund
- 2006
- Working Paper
The Effect of Dividends on Consumption
By: Malcolm Baker, Stefan Nagel and Jeffrey Wurgler
Classical models predict that the division of stock returns into dividends and capital appreciation does not affect investor consumption patterns, while mental accounting and other economic frictions predict that investors have a higher propensity to consume from stock...
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Baker, Malcolm, Stefan Nagel, and Jeffrey Wurgler. "The Effect of Dividends on Consumption." NBER Working Paper Series, No. 12288, June 2006. (First Draft in 2005.)
A New Way to Understand Corporate Leverage
The link between measures of risk and return within the equity market has been very weak over the past 47 years: in the United States, returns on high-risk stocks have cumulatively fallen short of the returns on low-risk stocks, during a period when the equity market...
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- October 1993
- Case
Analyst's Dilemma (A), The
By: Joseph L. Badaracco Jr. and Jerry Useem
A young investment banker returns home one night to find that her roommate and best friend has been laid off from Universal Bank because Universal is shutting down its capital finance group. Her roommate makes her promise to keep this information confidential because...
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Keywords:
Ethics;
Values and Beliefs;
Leveraged Buyouts;
Conflict of Interests;
Decision Choices and Conditions;
Risk and Uncertainty
Badaracco, Joseph L., Jr., and Jerry Useem. "Analyst's Dilemma (A), The." Harvard Business School Case 394-056, October 1993.
- 2009
- Other Unpublished Work
Bridge Building in Venture Capital-Backed Acquisitions
By: Paul A. Gompers and Yuhai Xuan
We study the role of common venture capital investors in alleviating asymmetric information between public acquirers and private venture capital-backed targets. We find that acquisition announcement returns are more positive for acquisitions in which both the target...
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Keywords:
Mergers and Acquisitions;
Venture Capital;
Private Equity;
Knowledge Sharing;
Market Transactions
Gompers, Paul A., and Yuhai Xuan. "Bridge Building in Venture Capital-Backed Acquisitions." 2009.
- May 2007 (Revised January 2009)
- Case
Stryker Corporation: In-sourcing PCBs
By: Timothy A. Luehrman
This case examines a proposed investment in the capability to manufacture printed circuit boards (PCBs) in-house rather than buying them from third-party contract manufacturers. Stryker Corporation's Instruments business is considering the proposal in response to...
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Keywords:
Competency and Skills;
Capital Budgeting;
Investment;
Investment Return;
Production;
Valuation
Luehrman, Timothy A. "Stryker Corporation: In-sourcing PCBs." Harvard Business School Case 207-121, May 2007. (Revised January 2009.)
- 24 Jan 2017
- News
Call to Create Jobs, or Else, Tests Trump’s Sway
- Article
The Stock Selection and Performance of Buy-Side Analysts
We examine the selection and performance of stocks recommended by analysts at a large investment firm relative to those of sell-side analysts during the period mid-1997 and 2004. The buy-side firm's analysts issued less optimistic recommendations for stocks with larger...
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Keywords:
Buy-side Analysts;
Sell-side Analysts;
Stock Recommendations;
Recommendation Optimism;
Recommendation Performance;
Investment Recommendations;
Conflicts Of Interest;
Financial Markets;
Financial Institutions;
Stocks;
Financial Services Industry;
United States
Groysberg, Boris, Paul M. Healy, Georgios Serafeim, Devin Shanthikumar, and Gui Yang. "The Stock Selection and Performance of Buy-Side Analysts." Harvard Business School Working Knowledge (March 20, 2012).
- October 2012 (Revised February 2019)
- Case
Whaling Ventures
By: Tom Nicholas and Jonas Peter Akins
Whaling was a prominent global industry in the nineteenth century and the United States was dominant. By 1850 there were about 900 whaling ships in the world and 700 of these were American. Rates of return on capital were high compared to benchmark investments, at...
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Keywords:
Whaling;
Organization Design;
Entrepreneurship;
Venture Capital;
Finance;
Organizational Design;
Industry Growth;
History;
United States
Nicholas, Tom, and Jonas Peter Akins. "Whaling Ventures." Harvard Business School Case 813-086, October 2012. (Revised February 2019.)