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All HBS Web
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- Faculty Publications (235)
- 2020
- Working Paper
Best Ideas
By: Miguel Antón, Randolph B. Cohen and Christopher Polk
We find that the stocks in which active mutual fund or hedge fund managers display the most conviction towards ex-ante, their “Best ideas,” outperform the market, as well as the other stocks in those managers’ portfolios, by approximately 2.8 to 4.5 percent per year,...
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Keywords:
Mutual Funds;
Managerial Skill;
Market Efficiency;
Investment Funds;
Management;
Investment Portfolio;
Decision Making
Antón, Miguel, Randolph B. Cohen, and Christopher Polk. "Best Ideas." Harvard Business School Working Paper, No. 21-004, June 2020.
- June 2020
- Teaching Note
Generation Investment Management
By: Vikram S. Gandhi and Sarah Mehta
This teaching note provides guidance for teaching the case “Generation Investment Management” (820-033), which looks at the challenges facing a sustainable investment firm.
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Keywords:
Sustainable Investing;
Socially Responsible Investing;
Long-term Investing;
ESG;
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
- March 2020 (Revised May 2020)
- Case
Generation Investment Management
By: Vikram S. Gandhi and Sarah Mehta
By January 2020, sustainable investment firm Generation Investment Management (Generation), founded in London in 2004, had grown from a shared vision among seven founders to a 90-person firm managing $27 billion in public and private equity. Throughout its history,...
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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
Gandhi, Vikram S., and Sarah Mehta. "Generation Investment Management." Harvard Business School Case 820-033, March 2020. (Revised May 2020.)
- Article
Association of the Meaningful Use Electronic Health Record Incentive Program with Health Information Technology Venture Capital Funding
By: Samuel Lite, William J. Gordon and Ariel Dora Stern
IMPORTANCE
Although the Health Information Technology for Economic and Clinical Health (HITECH) Act has accelerated electronic health record (EHR) adoption since its passage, clinician satisfaction with EHRs remains low, and the association of HITECH with... View Details
Although the Health Information Technology for Economic and Clinical Health (HITECH) Act has accelerated electronic health record (EHR) adoption since its passage, clinician satisfaction with EHRs remains low, and the association of HITECH with... View Details
Keywords:
Health Care and Treatment;
Information Technology;
Laws and Statutes;
Innovation and Invention;
Entrepreneurship;
Venture Capital
Lite, Samuel, William J. Gordon, and Ariel Dora Stern. "Association of the Meaningful Use Electronic Health Record Incentive Program with Health Information Technology Venture Capital Funding." JAMA Network Open 3, no. 3 (March 2020).
- January 2020 (Revised October 2023)
- Case
Governing PG&E
By: Lynn S. Paine and Will Hurwitz
The five commissioners of the California Public Utilities Commission (CPUC) listened intently at a public forum in April 2019 as PG&E Corporation’s out-going chairman Richard Kelly described the company’s proposed new board. PG&E, which provided electricity and natural...
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Keywords:
Bankruptcy;
Board Of Directors;
Board Dynamics;
Business Ethics;
Business Model Innovation;
Corporate Boards;
Energy Efficiency;
Environmental And Social Sustainability;
Government And Business;
Hedge Funds;
Institutional Investors;
Legal Aspects Of Business;
Regulated Monopolies;
Regulation;
Shareholders;
Stakeholder Management;
Strategy And Execution;
Utilities;
Insolvency and Bankruptcy;
Governing and Advisory Boards;
Ethics;
Capital Structure;
Climate Change;
Corporate Accountability;
Corporate Governance;
Environmental Sustainability;
Executive Compensation;
Leadership;
Management;
Safety;
Business and Government Relations;
Energy Industry;
Utilities Industry;
California;
United States
Paine, Lynn S., and Will Hurwitz. "Governing PG&E." Harvard Business School Case 320-024, January 2020. (Revised October 2023.)
- November 2019
- Case
Apple, Einhorn, and iPrefs (Abridged)
By: Carliss Y. Baldwin and W. Carl Kester
In March 2013, Apple Computer has a very large cash balance, and is under pressure to return cash to shareholders. Hedge fund manager David Einhorn thinks Apple can "unlock value" by issuing perpetual preferred stock, dubbed iPrefs. Henry Blodget, CEO of Business...
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Baldwin, Carliss Y., and W. Carl Kester. "Apple, Einhorn, and iPrefs (Abridged)." Harvard Business School Case 220-043, November 2019.
- November 2019
- Supplement
United Technologies Corp.: Are the Parts Worth More Than the Whole?
By: Benjamin C. Esty and Daniel Fisher
After spending more than 50 years creating a diversified industrial conglomerate that Fortune Magazine described as “arguably the most profitable conglomerate in America” in 2014, UTC’s CEO Greg Hayes was under pressure from activist investors (Dan Loeb and Bill...
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Keywords:
Corporate Strategy;
Business Conglomerates;
Financial Management;
Corporate Governance;
Organizational Structure;
Diversification;
Valuation;
Investment Activism;
Financial Strategy;
Investment Funds;
Value Creation;
Aerospace Industry;
Electronics Industry;
Industrial Products Industry;
United States
- August 2019 (Revised November 2022)
- Case
Paradigm Capital Value Fund
By: Luis M. Viceira and Elena Corsi
Karl Jan Erick Hummel had founded Paradigm Capital Value Fund in 2007 together with Columbia Business School Professor Bruce Greenwald, an expert in value investing and now chairman of the fund. The fund followed the principles of value investing to their target...
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Keywords:
Investment Activism;
Investment Portfolio;
Financial Management;
Growth and Development Strategy;
Investment Funds;
Financial Services Industry
Viceira, Luis M., and Elena Corsi. "Paradigm Capital Value Fund." Harvard Business School Case 220-014, August 2019. (Revised November 2022.)
- 2021
- Working Paper
The Value of Intermediation in the Stock Market
By: Marco Di Maggio, Mark Egan and Francesco Franzoni
We estimate a structural model of broker choice to quantitatively decompose the value that institutional investors attach to broker services. Studying over 300 million institutional equity trades, we find that investors are sensitive to both explicit and implicit...
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Keywords:
Financial Intermediation;
Institutional Investors;
Research Analysts;
Broker Networks;
Equity Trading;
Institutional Investing;
Financial Services Industry
Di Maggio, Marco, Mark Egan, and Francesco Franzoni. "The Value of Intermediation in the Stock Market." Harvard Business School Working Paper, No. 20-016, August 2019. (Revised June 2021. Accepted at the Journal of Financial Economics.)
- April 2019 (Revised July 2019)
- Case
Aperture Investors
By: Krishna G. Palepu, George Serafeim and David Lane
Aperture Investors is a startup investment firm that seeks to disrupt the asset management industry through competitive differentiation by charging investors primarily when its portfolio managers outperform the marketplace. Headed by Wall Street veteran Peter Kraus and...
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Keywords:
Business Model;
Talent and Talent Management;
Investment;
Investment Funds;
Asset Management;
Recruitment;
Selection and Staffing;
Marketing Channels;
Emerging Markets;
Partners and Partnerships;
Motivation and Incentives;
Financial Services Industry
Palepu, Krishna G., George Serafeim, and David Lane. "Aperture Investors." Harvard Business School Case 119-053, April 2019. (Revised July 2019.)
- March 2019 (Revised May 2019)
- Case
Growth Investing at Totem Point
By: Suraj Srinivasan, Charles C.Y. Wang and Jonah Goldberg
The case describes the investment of hedge fund, Totem Point Management in Analog Semiconductors (ADI) as a way to discuss forecasting and valuation in growth companies. In June 2016, hedge fund Totem Point invested in ADI at around $55 a share. In general, Totem Point...
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Srinivasan, Suraj, Charles C.Y. Wang, and Jonah Goldberg. "Growth Investing at Totem Point." Harvard Business School Case 119-091, March 2019. (Revised May 2019.)
- January 2019 (Revised February 2020)
- Case
Should a Pension Fund Try to Change the World? Inside GPIF's Embrace of ESG
In the fall of 2018, Hiro Mizuno, the Chief Investment Officer (CIO) of GPIF, the Japanese Government Pension Fund, was reflecting on his efforts to integrate Environmental, Social and Governance (ESG) issues into every aspect of GPIF’s portfolio. His efforts ranged...
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Keywords:
Pension Funds;
ESG (Environmental, Social, Governance) Performance;
Investment Funds;
Environmental Sustainability;
Social Issues;
Governance;
Leading Change;
Economy;
Performance Improvement;
Japan
Henderson, Rebecca, George Serafeim, Josh Lerner, and Naoko Jinjo. "Should a Pension Fund Try to Change the World? Inside GPIF's Embrace of ESG." Harvard Business School Case 319-067, January 2019. (Revised February 2020.)
- January 15, 2019
- Article
Is Your Company's Strategy Aligned with Your Ownership Model?
By: Josh Baron
The legacy of Vanguard founder John Bogle has brought attention to the transformative influence of ownership structures within the business world. Bogle's revolutionary insight into the limitations of active fund management led to the widespread adoption of index...
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Keywords:
Ownership Type;
Business Strategy;
Organizational Structure;
Strength and Weakness;
Competitive Advantage
Baron, Josh. "Is Your Company's Strategy Aligned with Your Ownership Model?" Harvard Business Review (website) (January 15, 2019).
- January 2019 (Revised March 2020)
- Case
Blackstone Alternative Asset Management in 2018
By: Emil Siriwardane, Luis M. Viceira and Shawn O'Brien
In early 2018, Blackstone announced that John McCormick would succeed Tom Hill as President and Chief Executive Officer of Blackstone Alternative Asset Management (BAAM), the largest fund-of-hedge funds in the world by a sizeable margin. As new CEO, McCormick must...
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Keywords:
Asset Management;
Expansion;
Strategy;
Decision Choices and Conditions;
Financial Services Industry
Siriwardane, Emil, Luis M. Viceira, and Shawn O'Brien. "Blackstone Alternative Asset Management in 2018." Harvard Business School Case 219-063, January 2019. (Revised March 2020.)
- November 2018 (Revised June 2019)
- Case
JANA Partners: Impact through Activism?
By: Vikram S. Gandhi and Caitlin Reimers Brumme
Jana Partners, a well-known “activist” hedge fund has announced the launch of a new fund Jana Impact. The basic premise is that the fund will be able to generate superior returns by using Jana’s activist approach with companies that are underperforming on ESG metrics....
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Keywords:
Hedge Fund;
Hedge Funds;
ETF;
Activist Investing;
Activism;
Investment Activism;
Investment Funds;
Asset Management
Gandhi, Vikram S., and Caitlin Reimers Brumme. "JANA Partners: Impact through Activism?" Harvard Business School Case 819-073, November 2018. (Revised June 2019.)
- Editorial
How Index Funds Can Be a Positive Force for Change
By: George Serafeim
Keywords:
Indexing;
Stock Market;
Engagement;
Activism;
Sustainability;
Collaboration;
Tragedy Of The Commons
Serafeim, George. "How Index Funds Can Be a Positive Force for Change." Barron's (October 12, 2018).
- October 2018 (Revised September 2022)
- Case
Stock-Based Compensation at Twitter
By: Jonas Heese, Zeya Yang and Mike Young
Olivia Nash, an analyst at leading hedge fund BlueShark Capital Management, had just finished listening to the hour-long earnings call for Twitter’s Q4 2017 results. Was Twitter doing well? That depended on which numbers she chose to believe. According to Generally...
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Keywords:
Twitter;
Non-GAAP Disclosure;
Stock-based Compensation;
Earnings Management;
Corporate Disclosure;
Compensation and Benefits;
Stocks;
Measurement and Metrics
Heese, Jonas, Zeya Yang, and Mike Young. "Stock-Based Compensation at Twitter." Harvard Business School Case 119-032, October 2018. (Revised September 2022.)
- 2018
- Working Paper
The Impact of Pensions and Insurance on Global Yield Curves
By: Robin Greenwood and Annette Vissing-Jorgensen
We document a strong effect of pension and insurance company (P&I) assets on the long end of the yield curve. Using data from 26 countries, the yield spread between 30-year and 10-year government bond yields is negatively related to the ratio of pension assets (in...
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Greenwood, Robin, and Annette Vissing-Jorgensen. "The Impact of Pensions and Insurance on Global Yield Curves." Harvard Business School Working Paper, No. 18-109, June 2018. (Revised December 2018.)
- April 2018
- Supplement
Celgene
By: Malcolm Baker and Emily R. McComb
In February 2011, Adam Koppel, a Managing Director at Brookside Capital, the public equity arm of Bain Capital, must decide whether to increase or exit the firm’s position in Celgene Corporation. News has emerged that raises potential safety concerns associated with...
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- Article
Investors as Stewards of the Commons?
By: George Serafeim
Over the past few years, there has been a significant increase in the number of initiatives seeking to mobilize investor voice towards positive social impact. In this paper, I provide a framework outlining the role of investors as stewards of the commons. While...
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Keywords:
Collaboration;
Industry Self-regulation;
Sustainability;
ESG;
Capital Markets;
Investor Behavior;
Investment Activism;
Social Issues;
Environmental Sustainability;
Corporate Social Responsibility and Impact;
Cooperation
Serafeim, George. "Investors as Stewards of the Commons?" Journal of Applied Corporate Finance 30, no. 2 (Spring 2018): 8–17.