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All HBS Web
(1,493)
- Faculty Publications (268)
- June 2016 (Revised February 2017)
- Case
The Role of Real Estate in Endowment Portfolios: The Case of Christ Church, Oxford
By: David Chambers, Elroy Dimson, Arthur I Segel and Eva Steiner
The case centers on Christ Church's Treasurer, James Lawrie, who is contemplating his options for investing a portion of the College's endowment in real estate. Approximately 1/3 of the total $690 million endowment was allocated towards real estate, much higher than...
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Keywords:
Real Estate;
Endowment Management;
Endowments;
United Kingdom;
Oxford;
Portfolio Allocation;
Higher Education;
Investment Portfolio;
Property;
Corporate Finance;
Financial Services Industry;
United Kingdom
Chambers, David, Elroy Dimson, Arthur I Segel, and Eva Steiner. "The Role of Real Estate in Endowment Portfolios: The Case of Christ Church, Oxford." Harvard Business School Case 216-086, June 2016. (Revised February 2017.)
- 2015
- Working Paper
Replicating Private Equity with Value Investing, Homemade Leverage, and Hold-to-Maturity Accounting
By: Erik Stafford
Private equity funds tend to select relatively small firms with low EBITDA multiples. Publicly traded equities with these characteristics have high risk-adjusted returns after controlling for common factors typically associated with value stocks. Hold-to-maturity...
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Keywords:
Value Investing;
Endowments;
Investment Management;
Asset Pricing;
Private Equity;
Investment;
Management;
United States
Stafford, Erik. "Replicating Private Equity with Value Investing, Homemade Leverage, and Hold-to-Maturity Accounting." Harvard Business School Working Paper, No. 16-081, January 2016.
- October 2015 (Revised July 2017)
- Case
OMV Petrom: Investment as Partnership—When It Takes Three to Tango
By: Dante Roscini, Emer Maloney and Daniela Beyersdorfer
Petrom was privatized by the Romanian state in 2004 and acquired by Austrian oil company OMV, with the state retaining a 20.6% stake in the company. The situation was particularly challenging for the foreign investor since the sector in which the company operated was...
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Keywords:
Partners and Partnerships;
Privatization;
Acquisition;
Foreign Direct Investment;
Cross-Cultural and Cross-Border Issues;
Business and Government Relations;
Energy Industry;
Austria;
Romania
Roscini, Dante, Emer Maloney, and Daniela Beyersdorfer. "OMV Petrom: Investment as Partnership—When It Takes Three to Tango." Harvard Business School Case 716-035, October 2015. (Revised July 2017.)
- October 2015 (Revised September 2016)
- Case
Whirlpool Corp.: Structuring the Deal to Acquire Hefei Rongshida Sanyo Electric Company
By: Benjamin C. Esty and Nancy Hua Dai
Ian Lee, Whirlpool's VP for North Asia, had been negotiating a possible acquisition with Jackie Jin, the chairman of a leading Chinese appliance manufacturer named Hefei Rongshida Sanyo Electric Company (Hefei Sanyo), for almost six months when suddenly Hefei Sanyo's...
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Keywords:
Mergers & Acquisitions;
Regulation;
Cross-border Investment;
Brand Names;
State-owned Enterprise (SOE);
Appliances;
White Goods;
Consumer Durables;
Negotiation;
Valuation;
Mergers and Acquisitions;
State Ownership;
Foreign Direct Investment;
Brands and Branding;
Consumer Products Industry;
China
Esty, Benjamin C., and Nancy Hua Dai. "Whirlpool Corp.: Structuring the Deal to Acquire Hefei Rongshida Sanyo Electric Company." Harvard Business School Case 216-019, October 2015. (Revised September 2016.)
- 2015
- Working Paper
The Impact of Funds: An Evaluation of CDC 2004-12
By: Josh Lerner, Ann Leamon, Steve Dew and Dong Ik Lee
CDC was founded in 1948 as part of the U.K. government's efforts to develop the economic resources of Britain's remaining colonies. Since then, CDC has pursued a series of strategies to "do good without losing money," as its original mission was phrased. Its approach...
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Lerner, Josh, Ann Leamon, Steve Dew, and Dong Ik Lee. "The Impact of Funds: An Evaluation of CDC 2004-12." Working Paper, October 2015.
- June 2015
- Case
Ethiopia: An Emerging Market Opportunity?
By: John A. Quelch and Sunru Yong
This case centers on the potential and challenges of entering an emerging market. It provides a brief overview of the Ethiopian market, market reforms and policies, and the business environment faced by foreign companies. Three multinational businesses, CareCo, ShoeCo,...
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Quelch, John A., and Sunru Yong. "Ethiopia: An Emerging Market Opportunity?" Harvard Business School Brief Case 915-501, June 2015.
- Article
Search-Based Peer Firms: Aggregating Investor Perceptions Through Internet Co-Searches
By: Charles M.C. Lee, Paul Ma and Charles C.Y. Wang
Applying a "co-search" algorithm to Internet traffic at the SEC's EDGAR website, we develop a novel method for identifying economically-related peer firms and for measuring their relative importance. Our results show that firms appearing in chronologically adjacent...
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Keywords:
Peer Firm;
EDGAR Search Traffic;
Revealed Preference;
Co-search;
Industry Classification;
Perception;
Internet and the Web;
Investment
Lee, Charles M.C., Paul Ma, and Charles C.Y. Wang. "Search-Based Peer Firms: Aggregating Investor Perceptions Through Internet Co-Searches." Journal of Financial Economics 116, no. 2 (May 2015): 410–431.
- Article
The Disintermediation of Financial Markets: Direct Investing in Private Equity
By: Lily Fang, Victoria Ivashina and Josh Lerner
We examine twenty years of direct private equity investments by seven large institutions. These direct investments perform better than public market indices, especially buyout investments and those made in the 1990s. Outperformance by the direct investments, however,...
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Keywords:
Financial Intermediation;
Direct Investment;
Co-investment;
Private Equity;
Entrepreneurship;
Financial Markets
Fang, Lily, Victoria Ivashina, and Josh Lerner. "The Disintermediation of Financial Markets: Direct Investing in Private Equity." Journal of Financial Economics 116, no. 1 (April 2015): 160–178.
- February 2015 (Revised April 2018)
- Supplement
Dalian Wanda Group: The AMC Entertainment Acquisition (B)
By: Willy Shih
When Dalian Wanda Group of China announced its plan to acquire the AMC Entertainment theatrical exhibition chain in the United States, many people in the U.S were mystified. Unlike China where theatrical exhibition was experiencing rapid growth, the U.S. market was...
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Keywords:
AMC Entertainment;
Wanda Group;
Wang Jianlin;
Theater Entertainment;
Film Entertainment;
Acquisition;
Mergers and Acquisitions;
Foreign Direct Investment;
Cross-Cultural and Cross-Border Issues;
Growth and Development Strategy;
Business Strategy;
Expansion;
Motion Pictures and Video Industry;
China;
United States
Shih, Willy. "Dalian Wanda Group: The AMC Entertainment Acquisition (B)." Harvard Business School Supplement 615-034, February 2015. (Revised April 2018.)
- December 2014 (Revised April 2018)
- Case
Dalian Wanda Group: The AMC Entertainment Acquisition (A)
By: Willy Shih
When Dalian Wanda Group of China announced its plan to acquire the AMC Entertainment theatrical exhibition chain in the United States, many people in the U.S. were mystified. Unlike China where theatrical exhibition was experiencing rapid growth, the U.S. market was...
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Keywords:
Dalian Wanda Group;
AMC Entertainment;
Wang Jianlin;
Theater Entertainment;
Film Entertainment;
Acquisition;
Mergers and Acquisitions;
Foreign Direct Investment;
Cross-Cultural and Cross-Border Issues;
Growth and Development Strategy;
Business Strategy;
Corporate Strategy;
Expansion;
Motion Pictures and Video Industry;
China;
United States
Shih, Willy. "Dalian Wanda Group: The AMC Entertainment Acquisition (A)." Harvard Business School Case 615-033, December 2014. (Revised April 2018.)
- August 2014 (Revised May 2016)
- Case
Husk Power
By: Joseph B. Lassiter III and Sid Misra
In late 2013, Husk Power Systems found itself falling further and further behind plan. The founding CEO had decided to resign. His co-founder is faced with the decision of quitting his corporate job in the US to head to India and help form a new management team. Husk...
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Keywords:
Plant-Based Agribusiness;
Business Model;
Business Startups;
Energy Generation;
Renewable Energy;
Social Entrepreneurship;
Foreign Direct Investment;
International Finance;
Globalized Markets and Industries;
Crime and Corruption;
Employee Relationship Management;
Independent Innovation and Invention;
Employment;
Leadership Style;
Leading Change;
Management Practices and Processes;
Management Style;
Management Succession;
Management Skills;
Emerging Markets;
Social Psychology;
Culture;
Business Strategy;
Agriculture and Agribusiness Industry;
Energy Industry;
Green Technology Industry;
Utilities Industry;
Africa;
India;
United States
Lassiter, Joseph B., III, and Sid Misra. "Husk Power." Harvard Business School Case 815-023, August 2014. (Revised May 2016.)
- May 2014
- Case
Sasol: U.S. Growth Program
Sasol, the world's largest producer of synthetic oil from coal and gas, has announced plans to build a huge Catalytic cracker and gas-to-liquids plant in Lake Charles, Louisiana. This $21 billion venture will be the single largest foreign direct investment in US...
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Keywords:
Oil & Gas;
Risk;
Risk And Uncertainty;
Petroleum;
Synthesis;
Diesel;
Foreign Direct Investment;
Chemicals;
Strategy;
Energy Industry;
United States
Vietor, Richard H. K. "Sasol: U.S. Growth Program." Harvard Business School Case 714-034, May 2014.
- May 2014
- Case
Building a High Performance Culture at IDFC
By: V.G. Narayanan and Vidhya Muthuram
IDFC was set up in 1997 to direct private finance to infrastructure projects in India. Over the years, it expanded its capabilities to become a 'complete solutions provider' offering financing solutions including debt and equity, investment banking, brokerage and asset...
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Narayanan, V.G., and Vidhya Muthuram. "Building a High Performance Culture at IDFC." Harvard Business School Case 114-077, May 2014.
- Article
The Use of Broker Votes to Reward Brokerage Firms' and Their Analysts' Research Activities
By: David A. Maber, Boris Groysberg and Paul M. Healy
In traditional markets, the price mechanism directs the flow of resources and governs the process through which supply and demand are brought into equilibrium. In the investment-research industry, broker votes perform these functions. Using detailed clinical data from...
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Maber, David A., Boris Groysberg, and Paul M. Healy. "The Use of Broker Votes to Reward Brokerage Firms' and Their Analysts' Research Activities." Harvard Business School Working Knowledge (March 19, 2014).
- 2014
- Other Unpublished Work
Government-held Equity in Foreign Investment Projects: Good for Host Countries?
By: Louis T. Wells
Host governments have often sought some equity in mining and other foreign investment projects, but as shareholders they have rarely gained what they anticipated. Only in special cases might the benefits to governments outweigh the risks and often unanticipated costs...
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Wells, Louis T. "Government-held Equity in Foreign Investment Projects: Good for Host Countries?" Columbia FDI Perspectives, No. 114, Vale Columbia Center on Sustainable International Investment, February 2014.
- January 2014
- Supplement
Ford Asia Pacific & Africa: The E-coating Facility Decision in Gujarat, India (B)
By: Juan Alcacer and Nancy Hua Dai
The case reveals that Ford decided to open its own e-coating plant in Gujarat, India, and details how the decision was made at different organizational levels.
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Keywords:
Foreign Investment;
Organizational Alignment;
Strategic Decision Making;
Motivation and Incentives;
Communication;
Organizational Structure;
Decision Making;
Business Processes;
Foreign Direct Investment;
Manufacturing Industry;
Auto Industry;
Gujarat
Alcacer, Juan, and Nancy Hua Dai. "Ford Asia Pacific & Africa: The E-coating Facility Decision in Gujarat, India (B)." Harvard Business School Supplement 914-015, January 2014.
- December 30, 2013
- Other Article
Fundamental Purpose
Directing capital to companies that can use it productively
is ultimately the most profound benefit
investors can have on society.
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Porter, Michael E. "Fundamental Purpose." Value Investor Insight (December 30, 2013), 18–20.
- December 2013 (Revised August 2015)
- Case
Viva Macau (A)
By: Dante Roscini and G. A. Donovan
A fast-growing Macau-based airline backed by private US investors faces a dramatic expropriation in the wake of the first change of head of government since the former Portuguese colony became a Special Administrative Region of China. The case allows students to...
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Keywords:
Risk Management;
Air Transportation;
Ownership;
Foreign Direct Investment;
Government and Politics;
Emerging Markets;
Venture Capital;
China;
Macau
Roscini, Dante, and G. A. Donovan. "Viva Macau (A)." Harvard Business School Case 714-024, December 2013. (Revised August 2015.)
- 2013
- Chapter
Growth and the Quality of Foreign Direct Investment: Is All FDI Equal?
By: Laura Alfaro and Andrew Charlton
In this paper we distinguish different "qualities" of FDI to re-examine the relationship between FDI and growth. We use "quality" to mean the effect of a unit of FDI on economic growth. However, this is difficult to establish because it is a function of many different...
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Alfaro, Laura, and Andrew Charlton. "Growth and the Quality of Foreign Direct Investment: Is All FDI Equal?" In The Industrial Policy Revolution I: The Role of Government Beyond Ideology. no. 151-1, edited by Joseph E. Stiglitz and Justin Lin Yifu. IEA Conference Volume. London: Palgrave Macmillan, 2013.
- September 2013 (Revised November 2015)
- Case
Living Proof: Are We a Technology Company or a Beauty Company?
By: Willy Shih
Jon Flint came up with the idea of a science-based beauty company while talking with his hairdresser about the problems with typical hair and skin care products. Together with a small team that included Professor Robert Langer of MIT, he committed to assemble a team... View Details
Keywords:
Hair Care;
Personal Care;
Science-based;
R&D;
Innovation and Invention;
Innovation and Management;
Innovation Leadership;
Innovation Strategy;
Technological Innovation;
Marketing;
Marketing Strategy;
Product Marketing;
Product Positioning;
Science-Based Business;
Business Strategy;
Commercialization;
Corporate Strategy;
Technology Platform;
Expansion;
Beauty and Cosmetics Industry;
United States;
Boston;
Cambridge
Shih, Willy. "Living Proof: Are We a Technology Company or a Beauty Company?" Harvard Business School Case 614-013, September 2013. (Revised November 2015.)