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All HBS Web
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- Faculty Publications (683)
- August 2023
- Supplement
Parexel (B): The Future of the CRO Industry
By: Regina E. Herzlinger and Ben Creo
How should Parexel respond to the rapidly changing environment in clinical research, now that it is owned by a private equity firm and its founder is no longer with the firm?
Parexel, a major clinical research organization, has experienced substantial... View Details
Parexel, a major clinical research organization, has experienced substantial... View Details
- 18 Jul 2023
- Interview
Jeffrey Rayport on Product Market Fit, Profit Market Fit and Whiplash, and More
By: Jeffrey F. Rayport and Doug Levin
This episode of "Lessons from Startup Life" podcast features Jeffrey Rayport, Senior Lecturer of Business Administration at the Harvard Business School. Jeffrey specializes in teaching and researching growth-stage technology ventures and their scalability. Prior to...
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Keywords:
Scaling And Growth;
Start-up;
Diversity;
Equity;
Inclusion;
Technology;
Business Startups;
Product Marketing;
Business Growth and Maturation
"Jeffrey Rayport on Product Market Fit, Profit Market Fit and Whiplash, and More." Lessons from a Startup Life (podcast), July 18, 2023.
- July 2023 (Revised February 2024)
- Case
Equity Restructuring at Dell Technologies: Buy Out, Buy Up, Buy In (A)
By: Stuart C. Gilson and Sarah L. Abbott
In November 2018, Dell Technologies was poised to re-enter the public markets by means of a complex recapitalization that would replace an entire class of publicly-traded “tracking stock,” with new shares that would trade publicly without the need of a formal IPO. The...
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Keywords:
Technology;
M&A;
Recapitalization;
MBO;
Equity Issues;
Private Equity Buyouts;
Public Ownership;
Stock Shares;
Mergers and Acquisitions;
Equity;
Technology Industry;
United States
Gilson, Stuart C., and Sarah L. Abbott. "Equity Restructuring at Dell Technologies: Buy Out, Buy Up, Buy In (A)." Harvard Business School Case 224-005, July 2023. (Revised February 2024.)
- July 2023
- Article
Takahashi-Alexander Revisited: Modeling Private Equity Portfolio Outcomes Using Historical Simulations
By: Dawson Beutler, Alex Billias, Sam Holt, Josh Lerner and TzuHwan Seet
In 2001, Dean Takahashi and Seth Alexander of the Yale University Investments Office developed a deterministic model for estimating future cash flows and valuations for the Yale endowment’s private equity portfolio. Their model, which is simple and intuitive, is still...
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Beutler, Dawson, Alex Billias, Sam Holt, Josh Lerner, and TzuHwan Seet. "Takahashi-Alexander Revisited: Modeling Private Equity Portfolio Outcomes Using Historical Simulations." Journal of Portfolio Management 49, no. 7 (July 2023): 144–158.
- June 2023 (Revised March 2024)
- Case
Creating World-Class Board Governance at SECO
By: Krishna G. Palepu and Emer Moloney
In Spring 2023, SECO CEO Massimo Mauri had the ambition to grow the €200 million revenue technology company to a €1 billion company by 2030. Founded in Italy in the 1970s, the family-owned company had gone through a period of growth and internationalization,...
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Keywords:
Family Business;
Business Model;
Acquisition;
Business Growth and Maturation;
Talent and Talent Management;
Customer Focus and Relationships;
Engineering;
Governance;
Corporate Governance;
Governing and Advisory Boards;
Growth and Development Strategy;
Compensation and Benefits;
Retention;
Innovation and Invention;
Technological Innovation;
Going Public;
Strategic Planning;
Business and Shareholder Relations;
Business Strategy;
Information Infrastructure;
Information Technology;
Value Creation;
Organizational Change and Adaptation;
Computer Industry;
Electronics Industry;
Industrial Products Industry;
Information Technology Industry;
Technology Industry;
Italy;
Europe;
Germany;
United States;
China
Palepu, Krishna G., and Emer Moloney. "Creating World-Class Board Governance at SECO." Harvard Business School Case 123-082, June 2023. (Revised March 2024.)
- June 2023 (Revised January 2024)
- Case
Siemens AG: A Private Equity Approach within an Industrial Corporation?
By: David J. Collis and Haisley Wert
In July 2022, Horst Kayser, Chairman of Siemens AG Portfolio Companies (POC), was reflecting on the advice he could offer Roland Busch, Chief Executive Officer of the parent company Siemens AG, about whether and how to operate a private equity-like approach inside the...
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Collis, David J., and Haisley Wert. "Siemens AG: A Private Equity Approach within an Industrial Corporation?" Harvard Business School Case 723-420, June 2023. (Revised January 2024.)
- May 2023
- Article
Political Ideology and International Capital Allocation
By: Elisabeth Kempf, Mancy Luo, Larissa Schäfer and Margarita Tsoutsoura
Does investors' political ideology shape international capital allocation? We provide evidence from two settings—syndicated corporate loans and equity mutual funds—to show ideological alignment with foreign governments affects the cross-border capital allocation by...
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Keywords:
Capital Flows;
Syndicated Loans;
Mutual Funds;
Partisanship;
Polarization;
Elections;
Political Ideology;
Banks and Banking;
Institutional Investing;
Behavioral Finance;
Decision Choices and Conditions
Kempf, Elisabeth, Mancy Luo, Larissa Schäfer, and Margarita Tsoutsoura. "Political Ideology and International Capital Allocation." Journal of Financial Economics 148, no. 2 (May 2023): 150–173.
- April 2023 (Revised January 2024)
- Background Note
Note on Healthcare in Ghana
By: Regina E. Herzlinger and Ben Creo
This note provides an overview of the healthcare system in Ghana. It discusses the public and private sector as well as traditional medical practice. It also discusses the country’s pharmaceutical industry. It is recommended as a companion to Professor Regina...
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Keywords:
Africa;
Pharmaceutical Companies;
Pharmacy Benefit Manager;
Health Care;
Health Care Costs;
Health Care Delivery;
Health Care Entrepreneurship;
Telehealth;
Health Equity;
Governing Rules, Regulations, and Reforms;
Health Care and Treatment;
Business and Government Relations;
Health Industry;
Pharmaceutical Industry;
Ghana
Herzlinger, Regina E., and Ben Creo. "Note on Healthcare in Ghana." Harvard Business School Background Note 323-112, April 2023. (Revised January 2024.)
- April 2023
- Case
Strive Asset Management
By: Suraj Srinivasan, Lynn S. Paine and Aldo Sesia
Strive Asset Management, which launched in 2022, was actively targeting several leading U.S. companies in the upcoming 2023 proxy voting season to stop acquiescing to those large asset managers and other institutional shareholders who were pressing those companies to...
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- March 2023 (Revised September 2023)
- Case
Wilshire Lane Capital
By: Jeffrey J. Bussgang, Lindsay N. Hyde and Stacy Straaberg
In September 2021, Adam Demuyakor (MBA 2017) was faced with decisions about how to launch his venture capital (VC) investment firm. His previous investment activities were a series of angel investments and special purpose vehicles alongside two part-time general...
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Keywords:
Ownership Stake;
Investment Funds;
Venture Capital;
Business and Shareholder Relations;
Real Estate Industry;
Technology Industry;
Los Angeles;
California;
United States
Bussgang, Jeffrey J., Lindsay N. Hyde, and Stacy Straaberg. "Wilshire Lane Capital." Harvard Business School Case 823-062, March 2023. (Revised September 2023.)
- March 2023
- Case
Ownership Works: Scaling a Profitable Social Mission
By: Ethan Rouen, Dennis Campbell and Andrew Robinson
Pete Stavros was on a high after his latest experiment with employee ownership. As the head of industrial investments for KKR, Stavros orchestrated the sale of CHI Overhead Doors, which turned into KKR’s best investment in more than two decades and created $360 million...
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Rouen, Ethan, Dennis Campbell, and Andrew Robinson. "Ownership Works: Scaling a Profitable Social Mission." Harvard Business School Case 123-079, March 2023.
- February 2023
- Case
Success Academy Charter Schools
By: Robin Greenwood, Joshua D. Coval, Denise Han, Ruth Page and Dave Habeeb
This stand-alone multimedia case follows the story of Eva Moskowitz and Success Academy, a network of high-performing charter schools in New York City. As a New York City councilor between 1999 and 2006, Moskowitz became frustrated over the inertia and dysfunction in...
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Keywords:
Business and Government Relations;
Performance Effectiveness;
Equality and Inequality;
Private Sector;
Education Industry;
New York (city, NY)
Greenwood, Robin, Joshua D. Coval, Denise Han, Ruth Page, and Dave Habeeb. "Success Academy Charter Schools." Harvard Business School Multimedia/Video Case 222-707, February 2023.
- February 2023 (Revised May 2023)
- Case
CalPERS Private Equity 2.0
By: Josh Lerner, John D. Dionne and Alys Ferragamo
Yup Kim, the Head of Investments, Private Equity at the California Public Employees’ Retirement System (CalPERS), reflected on the pension fund’s private equity strategy. In July of 2022, the fund was in the midst of a multi-year turnaround strategy with the goal to...
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Lerner, Josh, John D. Dionne, and Alys Ferragamo. "CalPERS Private Equity 2.0." Harvard Business School Case 223-048, February 2023. (Revised May 2023.)
- February 2023
- Case
Seemore Meats & Veggies
By: Lou Shipley, Patricia Favreau and Mel Martin
Cara Nicoletti was an emerging food entrepreneur that had recently launched her first product, a sustainably sourced, vegetable-infused meat sausage. Brooklyn, New York City-based Seemore Meats & Veggies had seen promising signs of success in local markets and pockets...
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Keywords:
Sales;
Food;
Logistics;
Entrepreneurship;
Growth and Development Strategy;
Agriculture and Agribusiness Industry;
Food and Beverage Industry;
United States
Shipley, Lou, Patricia Favreau, and Mel Martin. "Seemore Meats & Veggies." Harvard Business School Case 823-084, February 2023.
- February 2024
- Article
An Economic Framework for Vaccine Prioritization
By: Mohammad Akbarpour, Eric Budish, Piotr Dworczak and Scott Duke Kominers
We propose an economic framework for determining the optimal allocation of a scarce supply of vaccines that become gradually available during a public health crisis, such as the Covid-19 pandemic. Agents differ in observable and unobservable characteristics, and the...
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Keywords:
Vaccine;
Fairness;
Public Finance;
Public Goods;
Allocation Problems;
Allocative Efficiency;
Allocation Rules;
Social Welfare;
Pandemics;
Inequality;
COVID-19;
COVID-19 Pandemic;
Public Sector;
Resource Allocation;
Market Design;
Marketplace Matching;
Public Administration Industry
Akbarpour, Mohammad, Eric Budish, Piotr Dworczak, and Scott Duke Kominers. "An Economic Framework for Vaccine Prioritization." Quarterly Journal of Economics 139, no. 1 (February 2024): 359–417. (Authors' names are in certified random order.)
- January 2024
- Technical Note
Venture Capital and Private Equity Funds: A Primer
By: Jo Tango and Christina Wallace
How do venture capital and private equity funds actually work? This Technical Note covers the "when, who, and how" details:
- "When": fund length, extensions, and when investors can no longer initiate new investments.
- "Who": who is in the General... View Details
Tango, Jo, and Christina Wallace. "Venture Capital and Private Equity Funds: A Primer." Harvard Business School Technical Note 824-123, January 2023.
- 2023
- Working Paper
The Market for CEOs: Evidence from Private Equity
By: Paul A. Gompers, Steven N. Kaplan and Vladimir Mukharlyamov
Most research on the CEO labor market studies public company CEOs while largely ignoring CEOs in private equity (PE) funded companies. We fill this gap by studying the market for CEOs among U.S. companies purchased by PE firms in large leveraged buyout transactions....
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Gompers, Paul A., Steven N. Kaplan, and Vladimir Mukharlyamov. "The Market for CEOs: Evidence from Private Equity." NBER Working Paper Series, No. 30899, April 2022. (Revised January 2023.)
- December 2022 (Revised June 2023)
- Case
KKR at CHI Overhead Doors (A)
By: Dennis Campbell and Ethan Rouen
This case examines the decision by private equity firm KKR to grant equity to every employee at portfolio company CHI Overhead Doors upon purchasing the company in 2015. The case explores whether this initiative will create shared value, growing profits through better...
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Keywords:
Performance Improvement;
Profit Sharing;
Compensation and Benefits;
Organizational Culture
Campbell, Dennis, and Ethan Rouen. "KKR at CHI Overhead Doors (A)." Harvard Business School Case 123-018, December 2022. (Revised June 2023.)
- 2022
- Book
Private Equity
By: Paul A. Gompers and Steven N. Kaplan
This Advanced Introduction provides an illustrative guide to private equity, integrating insights from academic research with examples to derive practical recommendations. Paul Gompers and Steven Kaplan begin by reviewing the history of private equity then exploring...
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Gompers, Paul A., and Steven N. Kaplan. Private Equity. Elgar Advanced Introductions. London: Edward Elgar Publishing, 2022.
- November 2022
- Case
Ajax Health: A New Model for Medical Technology Innovation
By: Regina E. Herzlinger and Ben Creo
This case teaches key success factors for both startup and established MedTech firms. It examines how to structure a firm to maximize innovation and financial returns with organizational structures that better align the incentives for the different skill sets...
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Keywords:
Business Startups;
Success;
Innovation Strategy;
Mergers and Acquisitions;
Market Entry and Exit;
Financial Strategy;
Business Model;
Partners and Partnerships;
Entrepreneurship;
Private Equity;
Technology Industry;
Medical Devices and Supplies Industry
Herzlinger, Regina E., and Ben Creo. "Ajax Health: A New Model for Medical Technology Innovation." Harvard Business School Case 323-043, November 2022.