Josh Lerner
Jacob H. Schiff Professor of Investment Banking
Please visit http://www.people.hbs.edu/jlerner for information about Josh's activities and many of his publications. Josh can be reached by e-mail at josh@hbs.edu or by mail at Josh Lerner; Rock Center; Harvard Business
School; Boston, MA 02163.
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Article
| Journal of Financial Economics
|
An Analysis of Compensation in the U.S. Venture Capital Partnership
Paul Gompers and Josh Lerner
Keywords: Compensation and Benefits;
Venture Capital;
Partners and Partnerships;
United States;
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Article
| RAND Journal of Economics
|
Assessing the Impact of Venture Capital to Innovation
Samuel Kortum and Josh Lerner
We examine the influence of venture capital on patented inventions in the United States across twenty industries over three decades. We address concerns about causality in several ways, including exploiting a 1979 policy shift that spurred venture capital fundraising. We find that increases in venture capital activity in an industry are associated with significantly higher patenting rates. While the ratio of venture capital to R&D averaged less than 3% from 1983-1992, our estimates suggest that venture capital may have accounted for 8% of industrial innovations in that period.
Keywords: Venture Capital;
Innovation and Invention;
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Article
| Review of Corporate Finance Studies
|
Bridging the Gap? Government Subsidized Lending and Access to Capital
Josh Lerner and Kristle Romero-Cortes
The consequences of providing public funds to financial institutions remain controversial. We examine the Community Development Financial Institution (CDFI) Fund's impact on credit union activity, using hitherto little studied U.S. Treasury data. The CDFI Fund grants increase lending at credit unions by 3%. For every dollar awarded, 45 additional cents are loaned out to borrowers in the first year, and up to an additional $1.60 is loaned out within three years. Delinquent loan rates also increase slightly. Our panel results are supported by a broadband regression discontinuity analysis. Politics does not seem to play a role in allocating funding.
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Article
| Journal of Urban Economics
|
Buy Local? The Geography of Successful Venture Capital Expansion
Henry Chen, Paul A. Gompers, Anna Kovner and Josh Lerner
We document geographic concentration by both venture capital firms and venture capital-financed companies in three metropolitan areas: San Francisco, Boston, and New York. We find that venture capital firms locate in regions with high success rates of venture capital-backed investments. Geography is also significantly related to outcomes. Venture capital firms based in locales that are venture capital centers outperform, regardless of the stage of the investment. This outperformance arises from outsized performance outside of the venture capital firms' office locations, including in peripheral locations. If the goal of state and local policy makers is to encourage venture capital investment, outperformance of non-local investments suggests that policy makers might want to mitigate costs associated with established venture capitalists investing in their geographies rather than encouraging the establishment of new venture capital firms.
Keywords: Venture Capital;
Expansion;
Success;
Capital;
Geographic Location;
Business Units;
Corporate Accountability;
Business Offices;
Goals and Objectives;
Mission and Purpose;
Investment Funds;
Corporate Governance;
Boston;
New York (state, US);
San Francisco;
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Article
| Journal of Law & Economics
|
Conflict of Interest in the Issuance of Public Securities: Evidence from Venture Capital
Paul Gompers and Josh Lerner
Keywords: Conflict of Interests;
Financial Instruments;
Venture Capital;
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Article
| Review of Financial Studies
| Forthcoming
The Consequences of Entrepreneurial Finance:: Evidence from Angel Financings
William R. Kerr, Josh Lerner and Antoinette Schoar
This paper documents that ventures that are funded by two successful angel groups experience superior outcomes to rejected ventures: they have improved survival, exits, employment, patenting, web traffic, and financing. We use strong discontinuities in angel funding behavior over small changes in their collective interest levels to implement a regression discontinuity approach. We confirm the positive effects for venture operations, with qualitative support for a higher likelihood of successful exits. On the other hand, there is no difference in access to additional financing around the discontinuity. This might suggest that financing is not a central input of angel groups.
Keywords: Business Ventures;
Financing and Loans;
Interests;
Employment;
Patents;
Web;
Operations;
Entrepreneurship;
Business Exit or Shutdown;
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Article
| Quarterly Journal of Economics
|
Does Legal Enforcement Affect Financial Transactions?: The Contractual Channel in Private Equity
Josh Lerner and Antoinette Schoar
Keywords: Law Enforcement;
Finance;
Contracts;
Private Equity;
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Article
| Journal of Finance
|
Entrepreneurial Spawning: Public Corporations and the Formation of New Ventures, 1986-1999
Paul A. Gompers, Josh Lerner and David S. Scharfstein
Keywords: Entrepreneurship;
Business Startups;
Public Ownership;
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Article
| Journal of Business
|
The Government as Venture Capitalist: The Long-Run Effects of the SBIR Program
Josh Lerner
Keywords: Government and Politics;
Venture Capital;
Programs;
Local Range;
United States;
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Article
| Journal of Financial Economics
|
The Illiquidity Puzzle: Theory and Evidence from Private Equity
Josh Lerner and Antoinette Schoar
Keywords: Financial Liquidity;
Theory;
Information;
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Article
| Journal of Financial Economics
|
Money Chasing Deals?: The Impact of Fund Inflows on the Valuation of Private Equity Investments
Paul Gompers and Josh Lerner
Keywords: Money;
Valuation;
Finance;
Investment;
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Journal Article
| Journal of Financial Economics
|
The Performance of Reverse Leveraged Buyouts
Josh Lerner and Jerry Cao
Citation: Lerner, Josh, and Jerry Cao. " The Performance of Reverse Leveraged Buyouts." Journal of Financial Economics 91 (February 2009): 139–157. (Earlier version distributed as National Bureau of Economic Research Working Paper No. 12626.)
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Article
| Journal of Financial Economics
|
Performance Persistence in Entrepreneurship and Venture Capital
Paul A. Gompers, Josh Lerner, David Scharfstein and Anna Kovner
This paper presents evidence of performance persistence in entrepreneurship. We show that entrepreneurs with a track record of success are much more likely to succeed than first-time entrepreneurs and those who have previously failed. In particular, they exhibit persistence in selecting the right industry and time to start new ventures. Entrepreneurs with demonstrated market-timing skill are also more likely to outperform industry peers in their subsequent ventures. This is consistent with the view that if suppliers and customers perceive the entrepreneur to have market-timing skill, and is therefore more likely to succeed, they will be more willing to commit resources to the firm. In this way, success breeds success and strengthens performance persistence.
Keywords: Performance;
Entrepreneurship;
Venture Capital;
Market Timing;
Competency and Skills;
Customers;
Resource Allocation;
Success;
Business Startups;
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Article
| Review of Economics and Statistics
|
Pricing and Financial Resources: An Analysis of the Disk Drive Industry, 1980-88
J. Lerner
Keywords: Price;
Hardware;
Money;
Computer Industry;
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Article
| Journal of Finance
| Forthcoming
Private Equity and Long-Run Investment: The Case of Innovation
Josh Lerner, Morten Sorensen and Per Stromberg
A long-standing controversy is whether LBOs relieve managers from short-term pressures of dispersed shareholders, or whether LBO funds themselves are driven by short-term profit motives and sacrifice long-term growth to boost short-term performance. We investigate 495 transactions with a focus on one form of long-term activities, namely investments in innovation as measured by patenting activity. We find no evidence that LBOs decrease these activities. Relying on standard measures of patent quality, we find that patents applied for by firms in private equity transactions are more cited (a proxy for economic importance), show no significant shifts in the fundamental nature of the research, and are more concentrated in the most important and prominent areas of companies' innovative portfolios.
Citation: Lerner, Josh, Morten Sorensen, and Per Stromberg. "Private Equity and Long-Run Investment: The Case of Innovation." Journal of Finance (forthcoming).
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Article
| Journal of Finance
|
The Really Long-Run Performance of Initial Public Offerings: The Pre-Nasdaq Evidence
Paul A. Gompers and Josh Lerner
Keywords: Initial Public Offering;
Stocks;
Markets;
Performance;
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Article
| Journal of Finance
|
Smart Institutions, Foolish Choices: The Limited Partner Performance Puzzle
Josh Lerner, Antoinette Schoar and Wan Wong
Keywords: Decision Choices and Conditions;
Performance;
Partners and Partnerships;
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Journal Article
| Journal of Economics & Management Strategy
|
Specialization and Success: Evidence from Venture Capital
Paul A. Gompers, Anna Kovner and Josh Lerner
This paper examines how organizational structure affects behavior and outcomes, studying the performance of different types of venture capital organizations. We find a strong positive relationship between the degree of specialization by individual venture capitalists at a firm and its success. When the individual investment professionals are highly specialized themselves, the marginal effect of increasing overall firm specialization is much weaker. The poorer performance by generalists appears to be due to both an inefficient allocation of funding across industries and poor selection of investments within industries. Venture capital organizations with more experience tend to outperform those with less experience.
Keywords: Experience and Expertise;
Venture Capital;
Organizational Structure;
Outcome or Result;
Performance Effectiveness;
Behavior;
Financial Services Industry;
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Article
| Financial Management
|
The Syndication of Venture Capital Investments
Josh Lerner
Keywords: Venture Capital;
Investment;
Citation: Lerner, Josh. " The Syndication of Venture Capital Investments." Special Issue on Venture Capital. Financial Management 23 (autumn 1994): 16–27. (Reprinted in Venture Capital, edited by Michael Wright and Ken Robbie. Aldershot: International Library of Management/Dartmouth Publishing, 1997.)
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Article
| Review of Financial Studies
| Forthcoming
Unstable Equity: Combining Banking with Private Equity Investing
Lily H. Fang, Victoria Ivashina and Josh Lerner
Bank-affiliated private equity groups account for 30% of all private equity investments. Their market share is highest during peaks of the private equity market, when the parent banks arrange more debt financing for in-house transactions yet have the lowest exposure to debt. Using financing terms and ex-post performance, we show that overall banks do not make superior equity investments to those of standalone private equity groups. Instead, they appear to expand their private equity engagement to take advantage of the credit market booms while capturing private benefits from cross-selling of other banking services.
Keywords: leveraged buyouts;
private equity;
banks and banking;
banking industry;
regulation;
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Article
| Journal of Law & Economics
|
The Use of Covenants: An Empirical Analysis of Venture Partnership Agreements
Paul A. Gompers and J. Lerner
Keywords: Partners and Partnerships;
Theory;
Agreements and Arrangements;
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Article
| Journal of Finance
|
Venture Capital Distributions: Short-Run and Long-Run Reactions
Paul Gompers and Josh Lerner
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Article
| Journal of Financial Economics
|
Venture Capital Investment Cycles: The Impact of Public Markets
Paul Gompers, Anna Kovner, Josh Lerner and David Scharfstein
It is well documented that the venture capital industry is highly volatile and that much of this volatility is associated with shifting valuations and activity in public equity markets. This paper examines how changes in public market signals affected venture capital investing between 1975 and 1998. We find that venture capitalists with the most industry experience increase their investments the most when public market signals become more favorable. Their reaction to an increase is greater than the reaction of venture capital organizations with relatively little industry experience and those with considerable experience but in other industries. The increase in investment rates does not affect the success of these transactions adversely to a significant extent. These findings are consistent with the view that venture capitalists rationally respond to attractive investment opportunities signaled by public market shifts.
Keywords: History;
Venture Capital;
Investment;
Experience and Expertise;
Public Equity;
Volatility;
Financial Services Industry;
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Article
| Journal of Financial Economics
|
Venture Capitalists and the Decision to Go Public
Josh Lerner
Keywords: Venture Capital;
Decision Making;
Going Public;
Citation: Lerner, Josh. " Venture Capitalists and the Decision to Go Public." Journal of Financial Economics 35, no. 3 (April 1994): 293–316. (Reprinted in Vol. 1 of Small Firms and Economic Growth, pp. 650-673, edited by Zoltan Acs. Cheltenham: Edward Elgar, 1996; and in Empirical Corporate Finance, edited by Michael J. Brennan. Cheltenham: Edward Elgar, 2002.)
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Article
| Journal of Finance
|
Venture Capitalists and the Oversight of Private Firms
Josh Lerner
Keywords: Venture Capital;
Private Ownership;
Business Ventures;
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Article
| Brookings Papers on Economic Activity. Microeconomics
|
What Drives Venture Capital Fundraising?
P. Gompers and J. Lerner
Keywords: Venture Capital;
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Article
| Review of Financial Studies
| Forthcoming
With a Little Help from My (Random) Friends: Success and Failure in Post-Business School Entrepreneurship
Josh Lerner and Ulrike Malmendier
To what extent do peers affect our occupational choices? This question has been of particular interest in the context of entrepreneurship and policies to create a favorable environment for entry. Such influences, however, are hard to identify empirically. We exploit the assignment of students into business school sections that have varying numbers of classmates with prior entrepreneurial experience. We find that the presence of entrepreneurial peers strongly predicts subsequent entrepreneurship rates of students without an entrepreneurial background but in a more complex way than the literature has previously suggested: a higher share of entrepreneurial peers leads to lower rather than higher subsequent rates of entrepreneurship. However, the decrease in entrepreneurship is entirely driven by a significant reduction in unsuccessful entrepreneurial ventures. The effect on the rate of successful post-MBA entrepreneurs, instead, is insignificantly positive. In addition, sections with few prior entrepreneurs have a considerably higher variance in their rates of unsuccessful entrepreneurs. The results are consistent with intra-section learning, where the close ties between section-mates lead to insights about the merits of business plans.
Citation: Lerner, Josh, and Ulrike Malmendier. "With a Little Help from My (Random) Friends: Success and Failure in Post-Business School Entrepreneurship." Review of Financial Studies (forthcoming). (Earlier versions distributed as National Bureau of Economic Research Working Paper No. 16918 and Harvard Business School Working Paper No. 11-108.)
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Article
| RAND Journal of Economics
|
An Empirical Exploration of a Technology Race
J. Lerner
An extensive theoretical literature examines technological competition, and in particular whether leaders maintain their standing. These models, however, have received little support. Innovation is examined in the disk drive industry, an environment particularly conducive to identifying racing behavior. Strategic variables prove significant in explaining the decision to innovate. The patterns are in accord with Reinganum's (1989) work: firms that trail the leader innovate more. Controls are added for technological opportunity, financing constraints, and firm turnover. When firms manufacture drives for internal use or there are many entrants, and strategic actions may be less important, the effects are less pronounced.
Keywords: Technology;
Learning;
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Journal Article
| American Economic Review: Papers and Proceedings
|
The Empirical Impact of Intellectual Property Rights on Innovation: Puzzles and Clues
Josh Lerner
Economists have long seen the patent system as a crucial lever through which policymakers affect the speed and nature of innovation in the economy. It is not surprising, then, that the profound changes which have roiled the global patent system over the past 20 years are attracting increasing attention from the economics profession. A critical question relates to the impact of these shifts: to what extent do they really affect the pace of innovative discovery and diffusion? Much of the theoretical economics literature, such as Richard Gilbert and Carl Shapiro (1990), has assumed an unambiguous relationship between the strength of patent protection and the rate of innovation. This assumption has been relaxed in a line of work on sequential innovation, beginning with Suzanne Scotchmer and Jerry Green (1990). This research addresses this question by examining the impact of major patent policy shifts in 60 nations over the past 150 years. I examine the changes in patent applications by residents of the nation undertaking the policy change. While I tabulate domestic filings by residents and non-residents alike, confounding factors may influence this measure. Thus, I also examine filings made by residents of the nation undertaking the policy change in a nation with a relatively constant patent policy, Great Britain.
Keywords: Economy;
Policy;
Innovation and Invention;
Intellectual Property;
Rights;
Business and Government Relations;
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Article
| RAND Journal of Economics
|
The Importance of Patent Scope: An Empirical Analysis
J. Lerner
Keywords: Patents;
Citation: Lerner, J. " The Importance of Patent Scope: An Empirical Analysis." RAND Journal of Economics 25, no. 2 (summer 1994): 319–333. (Earlier version distributed as Center for Science and International Affairs (Kennedy School of Government) Working Paper No. 91-04. Reprinted in The Economics of Intellectual Property, edited by Ruth Towse and Rudi Holzhauer. Vol. 145 in The International Library of Critical Writings in Economics Series. Cheltenham: Edward Elgar, forthcoming.)
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Article
| Journal of Industrial Economics
|
Inducement Prizes and Innovation
Liam Brunt, Josh Lerner and Tom Nicholas
We examine the effect of prizes on innovation using data on awards for technological development offered by the Royal Agricultural Society of England at annual competitions between 1839 and 1939. We find that the effects of prizes on competitive entry are large, and we also detect an impact of the prizes on the quality of contemporaneous patents, especially when prize categories were set by a strict rotation scheme, thereby mitigating the potentially confounding effect that they targeted only "hot" technology sectors. Prizes encouraged competition and medals were more important than monetary awards. The boost to innovation we observe cannot be explained by the redirection of existing inventive activity.
Keywords: Motivation and Incentives;
Patents;
Innovation and Invention;
Technology;
Growth and Development;
England;
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Article
| Review of Economics and Statistics
|
Innovation and Incentives: Evidence from Corporate R&D
Josh Lerner and Julie Wulf
Beginning in the late 1980s, American corporations began increasingly linking the compensation of central research personnel to the economic objectives of the corporation. This paper examines the impact of the shifting compensation of the heads of corporate research and development. Among firms with centralized R&D organizations, a clear relationship emerges: more long-term incentives (e.g. stock options and restricted stock) are associated with more heavily cited patents. These incentives also appear to be associated with more patent filings and patents of greater originality. Short-term incentives appear to be unrelated to measures of innovation.
Keywords: Innovation and Invention;
Motivation and Incentives;
Goals and Objectives;
Research and Development;
Patents;
Employee Stock Ownership Plan;
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Article
| Journal of Law & Economics
|
The Litigation of Financial Innovations
Josh Lerner
This paper examines the litigation of patents relating to financial products and services. I show that these grants are being litigated at a rate 27 to 39 times greater than that of patents as a whole. The patents being litigated are disproportionately those issued to individuals and to smaller, private entities, as well as those whose features may proxy for higher quality. Larger entities are disproportionately targeted in litigation. I discuss how the findings are in large part consistent with the theoretical literature on the economics of litigation.
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Article
| Journal of Financial Economics
|
The New New Financial Thing: The Origins of Financial Innovations
Josh Lerner
Keywords: Finance;
Innovation and Invention;
Citation: Lerner, Josh. " The New New Financial Thing: The Origins of Financial Innovations." Journal of Financial Economics 79, no. 2 (February 2006). (Earlier version distributed as National Bureau of Economic Research Working Paper No. 10223 and Harvard Business School Negotiations Organizations and Markets Working Paper No. 04-20.)
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Article
| American Law and Economics Review
|
150 Years of Patent Office Practice
Josh Lerner
Keywords: Patents;
Business Ventures;
Citation: Lerner, Josh. " 150 Years of Patent Office Practice." Law and Institutions. American Law and Economics Review 7 (spring 2005): 112–143. (Earlier version distributed as Harvard Business School Working Paper No. 00-040 and National Bureau of Economic Research Working Paper No. 7478.)
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Article
| American Economic Review
|
150 Years of Patent Protection
Josh Lerner
Keywords: Patents;
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Article
| Journal of Law & Economics
|
Patenting in the Shadow of Competitors
J. Lerner
Keywords: Competition;
Patents;
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Article
| RAND Journal of Economics
|
Reinventing Public R&D: Patent Law and Technology Transfer from Federal Laboratories
Adam Jaffe and Josh Lerner
Keywords: Research and Development;
Law;
Patents;
Technology;
Communication;
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Article
| Carnegie-Rochester Conference Series on Public Policy
|
Stronger Protection or Technological Revolution: What is Behind the Recent Surge in Patenting?
Josh Lerner and Samuel Kortum
Keywords: Technology;
Patents;
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Article
| Journal of Law & Economics
|
Tilting the Table? The Use of Preliminary Injunctions
Jean Lanjouw and Josh Lerner
Keywords: Law;
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Article
| International Journal of Industrial Organization
|
What Is the Impact of Software Patent Shifts? Evidence from Lotus v. Borland
Josh Lerner and Feng Zhu
Keywords: Software;
Patents;
Technology;
Information Technology Industry;
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Article
| Journal of Finance
|
Where Does State Street Lead? A First Look at Finance Patents, 1971-2000
Josh Lerner
Keywords: Patents;
Finance;
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Article
| Journal of the European Economic Association
|
Certifying New Technologies
Josh Lerner, Jean Tirole and Emmanuel Farhi
Keywords: Technology;
Citation: Lerner, Josh, Jean Tirole, and Emmanuel Farhi. " Certifying New Technologies." Journal of the European Economic Association 3, nos. 2-3 (April–May 2005): 734–744.
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Journal Article
| American Economic Review
|
Contractibility and Contract Design in Strategic Alliances
Josh Lerner and Ulrike Malmendier
Earlier version distributed as National Bureau of Economic Research Working Paper No. 11292.
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Article
| Journal of Law, Economics & Organization
| Forthcoming
Contractual Incompleteness, Contingent Control Rights, and the Design of Internet Portal Alliances
Josh Lerner and Dan Elfenbein
We test theoretical propositions from the literature on information and control in interfirm agreements using a sample of over 100 Internet portal alliance contracts. The literature on information and control in alliances suggests that the use of verifiable performance measures to allocate state-contingent control rights depends (a) on the precision of the information about the realized state and (b) on the level of information asymmetry between the two parties regarding the preferences of each. We test these propositions by looking at how the timing of agreements (a proxy for environmental uncertainty) and exclusivity restrictions (a proxy for incentive conflict) impact the use of a subset of available performance measures. Consistent with a signaling model of the allocation of contingent control rights, we find that contracts involve fewer contingent control rights as industries have matured. Where incentive conflicts are potentially greater, more contingent control rights are used.
Citation: Lerner, Josh, and Dan Elfenbein. "Contractual Incompleteness, Contingent Control Rights, and the Design of Internet Portal Alliances." Journal of Law, Economics & Organization (forthcoming).
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Article
| Journal of Industrial Economics
|
The Control of Technology Alliances: An Empirical Analysis of the Biotechnology Industry
Josh Lerner and Robert P. Merges
Keywords: Technology;
Alliances;
Information;
Biotechnology Industry;
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Journal Article
| RAND Journal of Economics
|
The Design of Patent Pools: The Determinants of Licensing Rules
Josh Lerner, Marcin Strojwas and Jean Tirole
Patent pools are an important but little-studied economic institution. In this paper, we first make a set of predictions about the licensing terms associated with patent pools. The theoretical framework predicts that (a) pools consisting of complementary patents are more likely to allow members to engage in independent licensing and (b) that the requirement that firms license patents to the pool (grantbacks) should be associated with pools that consist of complements and allow independent licensing. We then empirically examine the terms of 63 pools, and show that licensing rules are consistent with these hypotheses.
Keywords: Governing Rules, Regulations, and Reforms;
Collaborative Innovation and Invention;
Patents;
Rights;
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Article
| Journal of Financial Economics
|
Do Equity Financing Cycles Matter?: Evidence from Biotechnology Alliances
Josh Lerner, Hilary Shane and Alexander Tsai
Keywords: Equity;
Financing and Loans;
Science;
Alliances;
Biotechnology Industry;
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Article
| American Economic Review
|
The Dynamics of Open-Source Contributions
Josh Lerner, Parag Pathak and Jean Tirole
Keywords: Technology;
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Article
| American Economic Review
|
Efficient Patent Pools
Josh Lerner and Jean Tirole
Keywords: Patents;
Citation: Lerner, Josh, and Jean Tirole. " Efficient Patent Pools." American Economic Review 94, no. 3 (June 2004): 697–711. (Earlier version distributed as National Bureau of Economic Research Working Paper No. 9175.)
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Article
| Journal of Law, Economics & Organization
|
Exclusivity, Contingent Control Rights, and the Design of Internet Portal Alliances
Josh Lerner and Dan Elfenbein
We explore the relationship between exclusivity and state-contingent control rights using a sample of over 100 Internet portal alliance contracts. We find that stronger exclusivity arrangements are associated with more frequent usage of contingent control rights. For both portals and their partners, the more exclusively bound one party is, the more likely its counterparty is to be granted contingent control rights. Additionally, we find that portals’ alliance partners are more likely to receive contingent control rights when they are prohibited from doing business with other portals and that contingent control rights are less likely to appear as the industry matures. Our findings are consistent with theoretical explanations that exclusivity provisions and contingent control rights both provide incentives to invest in the face of potential holdup problems and also with the proposition that exclusive arrangements lead firms to seek contingent control rights to avoid lock-in when environmental uncertainty is high.
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Article
| RAND Journal of Economics
| Forthcoming
Fear of Rejection? Tiered Certification and Transparency
Emmanuel Farhi, Josh Lerner and Jean Tirole
The sub-prime crisis has shone a harsh spotlight on the practices of securities underwriters, which provided too many complex securities that proved to ultimately have little value. This uproar calls attention to the fact that the literature on intermediaries has carefully analyzed their incentives, but that we know little about the broader strategic dimensions of this market. The paper explores three related strategic dimensions of the certification market: the publicity given to applications, the coarseness of rating patterns, and the sellers' dynamic certification strategies. In the model, certifiers respond to the sellers' desire to get a chance to be highly rated and to limit the stigma from rejection. We find conditions under which sellers opt for an ambitious certification strategy, in which they apply to a demanding but non-transparent certifier and lower their ambitions when rejected. We derive the comparative statics with respect to the sellers' initial reputation, the probability of fortuitous disclosure, the sellers' self-knowledge and impatience, and the concentration of the certification industry. We also analyze the possibility that certifiers opt for a quick turnaround time at the expense of a lower accuracy. Finally, we investigate the opportunity of regulating transparency.
Citation: Farhi, Emmanuel, Josh Lerner, and Jean Tirole. "Fear of Rejection? Tiered Certification and Transparency." RAND Journal of Economics (forthcoming).
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Article
| American Economic Review
|
A Model of Forum Shopping, with Special Reference to Standard Setting Organizations
Josh Lerner and Jean Tirole
Keywords: Standards;
Organizations;
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Article
| RAND Journal of Economics
|
Ownership and Control Rights in Internet Portal Alliances, 1995-1999
Daniel W. Elfenbein and Josh Lerner
Keywords: Ownership;
Rights;
Online Technology;
Alliances;
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Article
| RAND Journal of Economics
|
The Rules of Standard Setting Organizations: An Empirical Analysis
Josh Lerner, Benjamin Chiao and Jean Tirole
Keywords: Standards;
Organizations;
Theory;
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Article
| Journal of Law, Economics & Organization
|
The Scope of Open Source Licensing
Josh Lerner and Jean Tirole
Keywords: Technology;
Citation: Lerner, Josh, and Jean Tirole. " The Scope of Open Source Licensing." Journal of Law, Economics & Organization 21 (April 2005): 20–56. (Earlier version distributed as National Bureau of Economic Research Working Paper No. 9363.)
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Article
| Journal of Industrial Economics
|
Some Simple Economics of Open Source
Josh Lerner and Jean Tirole
Keywords: Economics;
Citation: Lerner, Josh, and Jean Tirole. " Some Simple Economics of Open Source." Journal of Industrial Economics 50, no. 2 (June 2002). (Earlier versions distributed as HBS Working Paper No. 00-068 and NBER Working Paper No. 7600.)
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Article
| International Journal of Industrial Organization
|
To Join or Not to Join: Examining Patent Pool Participation and Rent Sharing Rules
Josh Lerner and Anne Layne-Farrar
In recognition that participation in modern patent pools is voluntary, we present empirical evidence on participation rates and the factors that drive the decision to join a pool, including the profit sharing rules adopted by the pool's founders. In most participation contexts, the at-risk group is extremely difficult, if not impossible, to identify. For pools centered on technologies that result from a standard-setting process, in contrast, we are able to identify a relatively unambiguous population of patents eligible for inclusion but that have not been included in the pool. We find that vertically integrated firms, with patents and downstream operations, are more likely to join a patent pool and among those firms that do join, those with relatively symmetric patent contributions (in terms of value) to a standard appear more likely to accept numeric patent share rules for dividing royalty earnings.
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Working Paper
| 2012
The Disintermediation of Financial Markets: Direct Investing in Private Equity
Lily Fang, Victoria Ivashina and Josh Lerner
One of the important issues in corporate finance is the role of financial intermediaries. In the private equity setting, institutional investors are increasingly eschewing intermediaries in favor of direct investments. To understand the trade-offs at work in this setting, we compiled proprietary dataset of direct investments from seven large institutional investors. We find that solo investments by institutions outperform co-investments and a wide-range of benchmarks for traditional private equity partnership investments. We also find that the outperformance is driven by deals where informational problems are not too great, such as more proximate transactions to the investor and later-stage deals, and by an ability to avoid the deleterious effects on returns often seen in periods with large inflows into the private equity market.
Keywords: financial intermediation;
private equity;
direct investment;
co-investment;
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Working Paper
| HBS Working Paper Series
| 2008
Fear of Rejection? Tiered Certification and Transparency
Emmanuel Farhi, Josh Lerner and Jean Tirole
The sub-prime crisis has shown a harsh spotlight on the practices of securities underwriters, which provided too many complex securities that proved to ultimately have little value. This uproar calls attention to the fact that the literature on intermediaries has carefully analyzed their incentives, but that we know little about the broader strategic dimensions of this market. The paper explores three related strategic dimensions of the certification market: the publicity given to applications, the coarseness of rating patterns and the sellers' dynamic certification strategies. In the model, certifiers respond to the sellers' desire to get a chance to be highly rated and to limit the stigma from rejection. We find conditions under which sellers opt for an ambitious certification strategy, in which they apply to a demanding, but non-transparent certifier and lower their ambitions when rejected. We derive the comparative statics with respect to the sellers' initial reputation, the probability of fortuitous disclosure, the sellers' self-knowledge and impatience, and the concentration of the certification industry. We also analyze the possibility that certifiers opt for a quick turnaround time at the expense of a lower accuracy. Finally, we investigate the opportunity of regulating transparency. Keywords: Financial Crisis;
Corporate Disclosure;
Corporate Governance;
Governance Compliance;
Governing Rules, Regulations, and Reforms;
Reputation;
-
Other Unpublished Work
| 2012
Doing Well by Doing Good? Community Development Venture Capital
Josh Lerner and Anna Kovner
Citation: Lerner, Josh, and Anna Kovner. "Doing Well by Doing Good? Community Development Venture Capital." 2012.
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Other Unpublished Work
| 2005
Institutions, Capital Constraints and Entrepreneurial Firm Dynamics: Evidence from Europe
Mihir Desai, Paul Gompers and Josh Lerner
Keywords: Corporate Entrepreneurship;
Capital;
Europe;
-
Other Unpublished Work
| 2012
Lost in the Clouds: The Impact of Copyright Scope on Investment in Cloud Computing Ventures
Josh Lerner, Chris Borek, Laurits R. Christensen and Greg Rafert
Our analysis seeks to understand the impact of changes in copyright scope on investment in new firms. We begin by analyzing the investment effects of the Cartoon Network, et al. v. Cablevision decision in the U.S. and court rulings in France and Germany on venture capital (VC) investment in U.S. cloud computing firms relative to the EU. Then, we separately analyze the effects of the French and German court rulings on VC investment on cloud computing firms in these countries. Our findings suggest that decisions around the scope of copyrights can have economically and statistically significant impacts on investment and innovation.
-
Working Paper
| HBS Working Paper Series
| 2011
Private Equity, Jobs, and Productivity
Steven J. Davis, John Haltiwanger, Ron Jarmin, Josh Lerner and Javier Miranda
Private equity critics claim that leveraged buyouts bring huge job losses. To investigate this claim, we construct and analyze a new dataset that covers U.S. private equity transactions from 1980 to 2005. We track 3,200 target firms and their 150,000 establishments before and after acquisition, comparing outcomes to controls similar in terms of industry, size, age, and prior growth. Relative to controls, employment at target establishments declines 3 percent over two years post buyout and 6 percent over five years. The job losses are concentrated among public-to-private buyouts, and transactions involving firms in the service and retail sectors. But target firms also create more new jobs at new establishments, and they acquire and divest establishments more rapidly. When we consider these additional adjustment margins, net relative job losses at target firms are less than 1 percent of initial employment. In contrast, the sum of gross job creation and destruction at target firms exceeds that of controls by 13 percent of employment over two years. In short, private equity buyouts catalyze the creative destruction process in the labor market, with only a modest net impact on employment. The creative destruction response mainly involves a more rapid reallocation of jobs across establishments within target firms.
Keywords: Leveraged Buyouts;
Private Equity;
Investment;
Jobs and Positions;
Employment;
Research;
Citation: Davis, Steven J., John Haltiwanger, Ron Jarmin, Josh Lerner, and Javier Miranda. " Private Equity, Jobs, and Productivity." Harvard Business School Working Paper, No. 12–033, October 2011. (NBER Working Paper Series, No. 13–399, August 2011.)
-
Working Paper
| HBS Working Paper Series
| 2009
Private Equity and Industry Performance
Shai Bernstein, Josh Lerner, Morten Sorensen and Per Stromberg
The growth of the private equity industry has spurred concerns about its potential impact on the economy more generally. This analysis looks across nations and industries to assess the impact of private equity on industry performance. Industries where PE funds have invested in the past five years have grown more quickly in terms of productivity and employment. There are few significant differences between industries with limited and high private equity activity. It is hard to find support for claims that economic activity in industries with private equity backing is more exposed to aggregate shocks. The results using lagged private equity investments suggest that the results are not driven by reverse causality. These patterns are not driven solely by common law nations such as the United Kingdom and United States, but also hold in Continental Europe.
Keywords: Private Equity;
Investment;
Common Law;
Industry Growth;
Performance Productivity;
Europe;
United Kingdom;
United States;
Citation: Bernstein, Shai, Josh Lerner, Morten Sorensen, and Per Stromberg. " Private Equity and Industry Performance." Harvard Business School Working Paper, No. 10–045, December 2009. (NBER Working Paper Series, No. 14861, April 2009.)
-
Other Unpublished Work
| 2013
The Standards-Patent Pool Interface
Josh Lerner and Jean Tirole
Citation: Lerner, Josh, and Jean Tirole. "The Standards-Patent Pool Interface." 2013.
-
Other Unpublished Work
| 2012
The Globalization of Angel Investing
Josh Lerner, Antoinette Schoar and Karen Wilson
Citation: Lerner, Josh, Antoinette Schoar, and Karen Wilson. "The Globalization of Angel Investing." 2012.
-
Other Unpublished Work
| 2012
Private Equity and the Financial Crisis
Josh Lerner and Shai Bernstein
Citation: Lerner, Josh, and Shai Bernstein. "Private Equity and the Financial Crisis." 2012.
-
Other Unpublished Work
| 2012
The Secondary Market in Private Equity
Josh Lerner and Morten Sorensen
Citation: Lerner, Josh, and Morten Sorensen. "The Secondary Market in Private Equity." 2012.
-
Book
| 2012
The Architecture of Innovation: The Economics of Creative Organizations
Josh Lerner
Innovation is a much-used buzzword these days, but when it comes to creating and implementing a new idea, many companies miss the mark—plans backfire, consumer preferences shift, or tried-and-true practices fail to work in a new context. So is innovation just a low-odds crapshoot? In The Architecture of Innovation, Harvard Business School professor Josh Lerner—one of the foremost experts on how innovation works—says innovation can be understood and managed. The key to success? Incentives. Fortunately, new research has shed light on the role incentives can play in promoting new ideas, but these findings have been absent from innovation literature—until now. By using the principles of organizational economics, Lerner explains how companies can set the right incentives and time horizons for investments and create a robust innovation infrastructure in the process.
-
Book
| 2009
Boulevard of Broken Dreams: Why Public Efforts to Boost Entrepreneurship and Venture Capital Have Failed and What to Do About It
Josh Lerner
In response to the financial crisis, governments are being far more aggressive in intervening to promote economic activity, a trend that shows little tendency of alleviating. This book looks at the experiences of governments in encouraging entrepreneurs and venture capitalists across many decades and continents. Certainly, the dollars spent each year on these programs—while significant on an absolute basis—pale when compared to defense and healthcare expenditures, not to mention the costs incurred recently rescuing failing banks and automakers, among others. But the picture changes when we consider the long-run consequences of policies that facilitate or hinder the development of a venture sector: that is, the impact on national prosperity that a vital entrepreneurial climate can have. In the long run, the significance of these policies looms much larger. Much of the discussion in the book has focused on specific policies and analyses. From the discussion, five consistent themes emerge:
• Governments around the world today are seeking to promote entrepreneurial and venture capital activity, employing a variety of "stage setting" and direct strategies.
• These steps are sensible, given the historical record and theoretical arguments regarding the importance of such interventions in the development of entrepreneurial regions and industries.
• But these efforts are challenging. Governments cannot dictate how a venture market will evolve, and "top-down" efforts are likely to be unsuccessful.
• The same common flaws doom far too many programs. These reflect both poor design—reflecting a lack of understanding of the entrepreneurial process—and problematic implementation.
• Government must play a careful balancing act, combining an understanding of the necessity of playing a catalytic role with an awareness of the limits of its ability to stimulate the entrepreneurial sector.
If policy makers can apply these key lessons, many, if not most, of the sagas of waste and disappointment that we have highlighted could be avoided. Entrepreneurs could find a more hospitable climate, and we would all benefit.
Keywords: Economic Growth;
Financial Crisis;
Entrepreneurship;
Venture Capital;
Policy;
Business and Government Relations;
-
Book
| 2010
The Comingled Code: Open Source and Economic Development
Josh Lerner and Mark Schankerman
Discussions of the economic impact of open source software often generate more heat than light. Advocates passionately assert the benefits of open source, while critics decry its effects. Missing from the debate is rigorous economic analysis and systematic microeconomic evidence of the impact of open source on consumers, firms, and economic growth in general. This book fills that gap. In The Comingled Code, Josh Lerner and Mark Schankerman, drawing on a new, large-scale database, show that open source and proprietary software interact in sometimes unexpected ways and discuss the policy implications of these findings. The new data (from a range of countries in varying stages of development) documents the mixing of open source and proprietary software: firms sell proprietary software while contributing to open source, and users extensively mix and match the two. Lerner and Schankerman examine the ways in which software differs from other technologies in promoting economic development, what motivates individuals and firms to contribute to open source projects, how developers and users view the tradeoffs between the two kinds of software, and how government policies can ensure that open source competes effectively with proprietary software and contributes to economic growth.
Keywords: Development Economics;
Economic Growth;
Policy;
Government and Politics;
Open Source Distribution;
Software;
-
Book
| 2004
Innovation and Its Discontents: How Our Broken Patent System Is Endangering Innovation and Progress, and What To Do About It
Adam Jaffe and Josh Lerner
Keywords: Innovation and Invention;
Patents;
System;
-
Book
| 2010
International Differences in Entrepreneurship
Josh Lerner and Antoinette Schoar
Often considered one of the major forces behind economic growth and development, the entrepreneurial firm can accelerate the speed of innovation and dissemination of new technologies, thus increasing a country's competitive edge in the global market. As a result, cultivating a strong culture of entrepreneurial thinking has become a primary goal throughout the world. Surprisingly, there has been little systematic research or comparative analysis to show how the growth of entrepreneurship differs among countries in various stages of development. International Differences in Entrepreneurship fills this void by explaining how a country's institutional differences, cultural considerations, and personal characteristics can affect the role that entrepreneurs play in its economy. Developing an understanding of the origins of entrepreneurs as well as the choices they make and the complexity of their activities across countries and industries are of central importance to this volume. In addition, contributors consider how environmental factors of individual economies, such as market regulation, government subsidies for banks, and support for entrepreneurial culture affect the industry and the impact that entrepreneurs have on growth in developing nations.
Keywords: Developing Countries and Economies;
Economic Growth;
Entrepreneurship;
Globalized Economies and Regions;
Governing Rules, Regulations, and Reforms;
Supply and Industry;
Business and Government Relations;
-
Book
| 2001
The Money of Invention: How Venture Capital Creates New Wealth
Josh Lerner and Paul Gompers
Keywords: Money;
Innovation and Invention;
Venture Capital;
Wealth;
-
Book
| 2012
The Rate and Direction of Inventive Activity Revisited
Josh Lerner and Scott Stern
While the importance of innovation to economic development is widely understood, the conditions conducive to it remain the focus of much attention. This volume offers new theoretical and empirical contributions to fundamental questions relating to the economics of innovation and technological change while revisiting the findings of a classic book. Central to the development of new technologies are institutional environments, and among the topics discussed here are the roles played by universities and other nonprofit research institutions and the ways in which the allocation of funds between the public and private sectors affects innovation. Other essays examine the practice of open research and how the diffusion of information technology influences the economics of knowledge accumulation. Analytically sophisticated and broad in scope, this book addresses a key topic at a time when economic growth is all the more topical.
-
Casebook
| 1999
Venture Capital & Private Equity: A Casebook
Josh Lerner, Felda Hardymon and Ann Leamon
Venture Capital & Private Equity: A Casebook, 5th edition provides an understanding of the ways in which private equity groups work. The casebook builds an understanding of the key distinctions in the industry and reviews and applies key ideas of corporate finance. The 5th edition continues to explore a wide variety of valuation approaches, from techniques widely used in practice to methods less frequently seen in practice today but likely to be increasingly important in the future years.
Keywords: Venture Capital;
Private Equity;
Books;
Citation: Lerner, Josh, Felda Hardymon, and Ann Leamon. Venture Capital & Private Equity: A Casebook. New York: John Wiley & Sons, 1999. (New York: John Wiley & Sons, 2001 (second edition) (with Felda Hardymon). Beijing: Economic Science Press, 2002 (Chinese translation of the second edition). Tokyo: Toyo Keizai Shinposha, 2003 (Japanese translation of the second edition). New York: John Wiley and Sons, 2004 (third edition) (with Felda Hardymon and Ann Leamon). New York: John Wiley & Sons, 2008 (fourth edition) (with Felda Hardymon and Ann Leamon). New York: John Wiley & Sons, 2012 (fifth edition) (with Felda Hardymon and Ann Leamon). Beijing: CITIC Press, 2013 (Chinese translation of the fifth edition).)
-
Manual
| 2001
Venture Capital and Private Equity: An Instructor's Manual
Josh Lerner, G. Felda Hardymon and Ann Leamon
Keywords: Venture Capital;
Private Equity;
Information;
Citation: Lerner, Josh, G. Felda Hardymon, and Ann Leamon. Venture Capital and Private Equity: An Instructor's Manual. 2nd ed. NY: John Wiley & Sons, 2001.
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Book
| 1999
The Venture Capital Cycle
P. Gompers and J. Lerner
Keywords: Venture Capital;
Citation: Gompers, P., and J. Lerner. The Venture Capital Cycle. Cambridge, MA: MIT Press, 1999. (Beijing: Economic Science Press, 2001 (Chinese edition). Tokyo: Springer-Verlag Tokyo, 2001 (Japanese edition). Seoul: Kukil Securities and Economics Research Institute, 2001 (Korean edition))
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Book
| 2012
Venture Capital, Private Equity, and the Financing of Entrepreneurship
Josh Lerner, Ann Leamon and Felda Hardymon
Venture Capital, Private Equity, and the Financing of Entrepreneurship stems from a realization that private equity overall—defined in this volume as venture capital and buyouts but excluding hedge funds—has become a vastly more sizable and influential part of the global economic landscape over the past two decades. The text explores the world of active investing and showcases ways of doing business in a clear and concise manner. With more than 60 years of combined experience as practitioners in and/or academic investigators of private equity, Lerner, Leamon, and Hardymon explain how the fascinating world of private equity works, from start to finish, how it creates value, and where it may destroy value.
Keywords: Venture Capital;
Private Equity;
Financing and Loans;
Entrepreneurship;
-
Chapter
| Concentrated Corporate Ownership
| 2000
The Determinants of Corporate Venture Capital Success: Organizational Structure, Incentives, and Complementarities
Paul Gompers and Josh Lerner
Keywords: Venture Capital;
Success;
Organizational Structure;
Motivation and Incentives;
Citation: Gompers, Paul, and Josh Lerner. "The Determinants of Corporate Venture Capital Success: Organizational Structure, Incentives, and Complementarities." In Concentrated Corporate Ownership, edited by Randall Morck, 17–50. National Bureau of Economic Research Conference Report. University of Chicago Press, 2000.
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Article
| Strategic Organization
|
Digitization, Innovation, and Copyright: What Is the Agenda?
Josh Lerner, Shane Greenstein and Scott Stern
This essay discusses the need for research on the consequences of digitization, as well as the impact of alternative policies governing the creation and use of digital information. This agenda focuses on the development of research to investigate the economics of digitization, to analyze the governance of intellectual property in this sector, particularly through copyright, and to pioneer approaches to analyzing measurement of digitization. This agenda overlaps with many related open questions in organizational and strategy research.
-
Article
| Research on Technological Innovation, Management and Policy
|
Innovation and the Structure of High-Technology Industries
Josh Lerner
Keywords: Innovation and Invention;
Technology;
Business Ventures;
-
Article
| Industrial and Corporate Change
|
Institutions and Venture Capital
Josh Lerner and Joacim Tag
We survey the literature on venture capital and institutions and present a case study comparing the development of the venture capital market in the United States and Sweden. Our literature survey underscores that the legal environment, financial market development, the tax system, labor market regulations, and public spending on research and development correlate with venture capital activities across countries. Our case study suggests these institutional differences led to the later development of an active venture capital market in Sweden compared with the United States. In particular, a later development of financial markets and a heavier tax burden for entrepreneurs have played a key role.
-
Other Presentation
|
2004
International Patenting and the European Patent Office: A Quantitative Assessment
Josh Lerner, Jonathan Eaton and Samuel Kortum
Citation: Lerner, Josh, Jonathan Eaton, and Samuel Kortum. "International Patenting and the European Patent Office: A Quantitative Assessment." Organisation for Economic Co-operation and Development (OECD), Paris, 2004.
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Article
| Journal of Economic Perspectives
|
The Investment Strategies of Sovereign Wealth Funds
Shai Bernstein, Josh Lerner and Antoinette Schoar
This paper examines the direct private equity investment strategies across sovereign wealth funds (SWFs) and their relationship to the funds' organizational structures. SWFs seem to engage in a form of trend chasing, since they are more likely to invest at home when domestic equity prices are higher and invest abroad when foreign prices are higher. Funds see the industry P/E ratios of their home investments drop in the year after the investment, while they have a positive change in the year after their investments abroad. SWFs where politicians are involved have a much greater likelihood of investing at home than those where external managers are involved. At the same time, SWFs with external managers tend to invest in lower P/E industries, which see an increase in the P/E ratios in the year after the investment. By way of contrast, funds with politicians involved invest in higher P/E industries, which have a negative valuation change in the year after the investment.
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Article
| Journal of Applied Corporate Finance
|
It Ain't Broke: The Past, Present, and Future of Venture Capital
Steven N. Kaplan and Josh Lerner
Keywords: Venture Capital;
-
Article
| Vanderbilt Law Review
|
Patent Policy Innovations: A Clinical Examination
Josh Lerner
Keywords: Patents;
Policy;
Innovation and Invention;
-
Chapter
| Competing in the Age of Digital Convergence
| 1997
Patent Scope and Emerging Industries: Biotechnology, Software, and Beyond
Josh Lerner and Robert P. Merges
Keywords: Patents;
Software;
Genetics;
Information Technology Industry;
Biotechnology Industry;
Citation: Lerner, Josh, and Robert P. Merges. "Patent Scope and Emerging Industries: Biotechnology, Software, and Beyond." In Competing in the Age of Digital Convergence, edited by D. B. Yoffie. Boston: Harvard Business School Press, 1997.
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Article
| Harvard Business Review
|
Reviving Entrepreneurship
Josh Lerner and William Sahlman
New enterprises don't exist in a vacuum: They rise or fall depending on myriad contextual factors, all of them interrelated, and all of them affected by government policy. U.S. lawmakers must carefully consider the effects of interventions in at least 12 areas, ranging from capital markets to tax treatment to intellectual property to health care. Their decisions could shore up-or further weaken-what has long been America's greatest economic asset.
Keywords: Entrepreneurship;
Government and Politics;
Policy;
Economy;
Public Administration Industry;
United States;
-
Article
| Journal of Private Equity
|
Risk and Reward in Private Equity Investments: The Challenge of Performance Assessment
Paul A. Gompers and J. Lerner
Keywords: Risk and Uncertainty;
Motivation and Incentives;
For-Profit Firms;
Equity;
Investment;
Problems and Challenges;
Performance;
-
Journal Article
| Journal of Economic Perspectives
|
Secrets of the Academy: The Drivers of University Endowment Success
Josh Lerner, Antoinette Schoar and Jialan Wang
-
Article
| Journal of Economic Behavior & Organization
|
Academic Science and Entrepreneurship: Dual Engines of Growth?
Josh Lerner, Adam Jaffe, Scott Stern and Marie Thursby
-
Article
| Journal of Banking & Finance
|
Angel Financing and Public Policy: An Overview
Josh Lerner
Keywords: Financing and Loans;
Policy;
-
Article
| Journal of Economic Perspectives
|
The Economics of Technology Sharing: Open Source and Beyond
Josh Lerner and Jean Tirole
Keywords: Economics;
Technology;
-
Article
| Annales d'économie et de statistique
|
The Enforcement of Intellectual Property Rights: A Survey of the Empirical Literature
Josh Lerner and Jenny Lanjouw
Keywords: Intellectual Property;
Rights;
-
Chapter
| Handbook of Entrepreneurship Research: An Interdisciplinary Survey and Introduction
| 2003
Equity Financing
Josh Lerner and Paul A. Gompers
Citation: Lerner, Josh, and Paul A. Gompers. "Equity Financing." In Handbook of Entrepreneurship Research: An Interdisciplinary Survey and Introduction, edited by Zoltan Acs, and David Audretsch, 267–298. Boston, MA: Kluwer Academic Publishers, 2003.
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Chapter
| Handbook of the Economics of Innovation
| 2010
The Financing of R&D and Innovation
Josh Lerner and Bronwyn H Hall
Citation: Lerner, Josh, and Bronwyn H Hall. "The Financing of R&D and Innovation." In Handbook of the Economics of Innovation. Vol. 1, edited by Bronwyn H Hall, and Nathan Rosenberg. Elsevier, 2010.
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Chapter
| Financing Innovation in the United States, 1870 to Present
| 2007
The Governance of New Firms: A Functional Perspective
Josh Lerner
Keywords: Corporate Governance;
Business Startups;
Citation: Lerner, Josh. "The Governance of New Firms: A Functional Perspective." In Financing Innovation in the United States, 1870 to Present, edited by Naomi R. Lamoreaux, and Kenneth L. Sokoloff. Cambridge: MIT Press, 2007.
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Article
| Capitalism and Society
|
Innovation and Its Discontents
Josh Lerner and Adam B. Jaffe
Keywords: Innovation and Invention;
-
Article
| Journal of Financial Economics
|
Introduction: NBER Conference on Strategic Alliances
Josh Lerner and Raghuram G. Rajan
-
Article
| RAND Journal of Economics
|
Introduction: Symposium on the Patent System and Innovation
Josh Lerner, Adam Jaffe and Jean Lanjouw
Citation: Lerner, Josh, Adam Jaffe, and Jean Lanjouw. "Introduction: Symposium on the Patent System and Innovation." RAND Journal of Economics 32, no. 1 (spring 2001): 75–75.
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Article
| European Economic Review
|
The Open Source Movement: Key Research Questions
Josh Lerner and Jean Tirole
The paper analyzes the incentives of individual programmers and of commercial companies to participate in open source projects. While these incentives are in our opinion well accounted for by the economic paradigm, much empirical and theoretical work is still needed to answer the many interesting questions suggested by the open source movement.
Citation: Lerner, Josh, and Jean Tirole. " The Open Source Movement: Key Research Questions." Special Issue on Papers and Proceedings of the 15th Congress of the European Economic Association European Economic Review 45, nos. 4-6 (May 2001): 819–826.
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Article
| NBER Reporter
|
Patent Policy Reform and Its Implications
Josh Lerner
-
Article
| RAND Journal of Economics
|
The Patent System and Innovation
Adam Jaffe and Josh Lerner
Keywords: Patents;
System;
Innovation and Invention;
-
Article
| Innovation Policy and the Economy
|
Public Policy Towards Patent Pools
Josh Lerner and Jean Tirole
Keywords: Policy;
Patents;
-
Chapter
| The SBIR Program: Challenges and Opportunities, A Report on a Workshop
| 1999
'Public Venture Capital': Rationales and Evaluation
Josh Lerner
Keywords: Venture Capital;
Public Sector;
Sovereign Finance;
Citation: Lerner, Josh. "'Public Venture Capital': Rationales and Evaluation." In The SBIR Program: Challenges and Opportunities, A Report on a Workshop, edited by Charles W. Wessner, 115–128. Washington, D.C.: National Academy Press, 1999.
-
Chapter
| Innovation Policy and the Economy
| 2011
Short-Term America Revisited? Boom and Bust in the Venture Capital Industry and the Impact on Innovation?
Josh Lerner and Paul Gompers
Keywords: Venture Capital;
Innovation and Invention;
Business Cycles;
Financial Services Industry;
United States;
Citation: Lerner, Josh, and Paul Gompers. "Short-Term America Revisited? Boom and Bust in the Venture Capital Industry and the Impact on Innovation?" In Innovation Policy and the Economy. Vol. 3, edited by Adam B. Jaffe, Josh Lerner, and Scott Stern.NBER Books. MIT Press, 2002.
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Chapter
| Are Small Firms Important?
| 1999
Small Businesses, Innovation, and Public Policy
Josh Lerner
Keywords: Innovation and Invention;
Innovation and Management;
Policy;
Government and Politics;
Business and Government Relations;
Citation: Lerner, Josh. "Small Businesses, Innovation, and Public Policy." In Are Small Firms Important? edited by Zoltan Acs, 159–168. Kluwer Academic Publishers, 1999.
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Chapter
| Understanding the Digital Economy: Data, Tools, and Research
| 2000
Small Businesses, Innovation, and Public Policy in the Information Technology Industry
Josh Lerner
Keywords: Innovation and Invention;
Policy;
Government and Politics;
Business and Government Relations;
Information Technology;
Information Technology Industry;
Citation: Lerner, Josh. "Small Businesses, Innovation, and Public Policy in the Information Technology Industry." In Understanding the Digital Economy: Data, Tools, and Research, edited by Erik Brynjolfsson, and Brian Kahin, 201–214. Cambridge: MIT Press, 2000.
-
Chapter
| Encyclopedia of Ethical, Legal and Policy Issues in Biotechnology
| 2000
Strategic Alliances and Technology Licensing in Biotechnology
Josh Lerner
Keywords: Alliances;
Corporate Strategy;
Intellectual Property;
Biotechnology Industry;
Citation: Lerner, Josh. "Strategic Alliances and Technology Licensing in Biotechnology." In Encyclopedia of Ethical, Legal and Policy Issues in Biotechnology, edited by Thomas H. Murray, and Maxwell J. Mehlman, 1069–1079. New York: John Wiley & Sons, 2000.
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Chapter
| Handbook of Organizational Economics
| Forthcoming
Technological Innovation and Organizations
Josh Lerner and Pierre Azoulay
Keywords: Technological Innovation;
Organizational Design;
Organizational Change and Adaptation;
Citation: Lerner, Josh, and Pierre Azoulay. "Technological Innovation and Organizations." Chap. 14 in Handbook of Organizational Economics, edited by Robert Gibbons, and John Roberts, 575–603. Princeton University Press, 2012.
-
Article
| Journal of Technology Transfer
|
The University and the Start-Up: Lessons from the Past Two Decades
Josh Lerner
Keywords: Higher Education;
Learning;
-
Chapter
| Technological Innovation & Economic Performance
| 2002
Venture Capital
Josh Lerner
Keywords: Venture Capital;
Citation: Lerner, Josh. "Venture Capital." In Technological Innovation & Economic Performance, edited by Benn Steil, David G. Victor, and Richard R. Nelson, 327–346. Princeton: Princeton University Press, 2002.
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Chapter
| Handbook of Modern Finance
| 2004
Venture Capital
Paul Gompers and Josh Lerner
Keywords: Venture Capital;
Citation: Gompers, Paul, and Josh Lerner. "Venture Capital." Chap. D5 of Handbook of Modern Finance, edited by James Seward, and Dennis Logue. New York: Warren, Gorham & Lamont, 2004.
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Chapter
| The Technology Management Handbook
| 1999
Venture Capital
Paul Gompers and Josh Lerner
Keywords: Venture Capital;
Citation: Gompers, Paul, and Josh Lerner. "Venture Capital." In The Technology Management Handbook, edited by Richard C. Dorf, 1–16 to 1–21. New York: CRC Press, 1999.
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Chapter
| The New Palgrave Dictionary of Economics
| 2008
Venture Capital
Josh Lerner
Keywords: Venture Capital;
Citation: Lerner, Josh. "Venture Capital." In The New Palgrave Dictionary of Economics. 2nd ed. Edited by Steven Derlauf, and Larry Blume. Hampshire, U.K.: Palgrave Macmillan, 2008.
-
Chapter
| Accelerating Energy Innovation: Insights from Multiple Sectors
| 2011
Venture Capital and Innovation in Energy
Josh Lerner
Citation: Lerner, Josh. "Venture Capital and Innovation in Energy." In Accelerating Energy Innovation: Insights from Multiple Sectors, edited by Rebecca M. Henderson, and Richard G. Newell, 225–260. University of Chicago Press, 2011.
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Article
| International Journal of Entrepreneurship Education
|
Venture Capital and Private Equity: A Course Overview
Josh Lerner
This paper describes a course exploring the private equity industry, "Venture Capital and Private Equity". The goals of this article are two-fold: to make the structure and content of the class available to a broader audience beyond the audience of MBAs and executives to whom it has been offered and to promote the development and diffusion of courses on private equity, both in the United States and abroad. The paper describes the course's objectives, structure and future directions.
-
Chapter
| Industrializing Knowledge: University-Industry Linkages in Japan and the United States
| 1999
Venture Capital and the Commercialization of Academic Technology: Symbiosis and Paradox
Josh Lerner
Keywords: Venture Capital;
Commercialization;
Technology;
Education;
Education Industry;
Technology Industry;
Citation: Lerner, Josh. "Venture Capital and the Commercialization of Academic Technology: Symbiosis and Paradox." In Industrializing Knowledge: University-Industry Linkages in Japan and the United States, edited by Lewis M. Branscomb, 385–409. Cambridge: MIT Press, 1999.
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Article
| Journal of Private Equity
|
Venture Capital and the Creation of Public Companies: Do Venture Capitalists Really Bring More than Money?
Paul A. Gompers and Josh Lerner
Keywords: Venture Capital;
Business Ventures;
Money;
Public Ownership;
-
Article
| Journal of Economic Perspectives
|
The Venture Capital Revolution
Paul A. Gompers and J. Lerner
Keywords: Venture Capital;
-
Article
| Economic Journal (Royal Economic Society)
|
When Bureaucrats Meet Entrepreneurs: The Design of Successful 'Public Venture Capital' Programs
Josh Lerner
Keywords: Entrepreneurship;
Design;
Venture Capital;
Programs;
-
Article
| Journal of Law, Economics & Organization
|
Discussion of "Engineering Bureaucracy: The Genesis of Formal Policies, Positions, and Structures in High-Technology Firms" by James N. Baron, M. Diane Burton, and Michael T. Hannan
Josh Lerner
-
Article
| Journal of Economic Literature
|
Discussion of Ivory Tower and Industrial Innovation: University-Inductry Technology Transfer Before and After the Bayh-Dole Act in the United States by David C. Mowery, Richard R. Nelson, Bhaven N. Sampat, and Arvids A. Ziedonis
Josh Lerner
Keywords: Innovation and Invention;
Education;
Technology;
Patents;
Law;
Communication;
United States;
-
Article
| Small Business Economics
|
Discussion of 'Lean and Mean' by Bennett Harrison
Josh Lerner
-
Chapter
| Technology and Growth: Proceedings of the 40th Economic Conference
| 1997
Discussion of "Microeconomic Policy, Technological Change, and Small Business" by Edwin Mansfield
Josh Lerner
-
Article
| Boston University Journal of Science & Technology Law
|
Discussion of 'Open Source Genomics' by Dan Burk
Josh Lerner
Citation: Lerner, Josh. "Discussion of 'Open Source Genomics' by Dan Burk." Boston University Journal of Science & Technology Law 8 (Winter 2002).
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Article
| Journal of Banking & Finance
|
Discussion of 'Venture Capital Financing, Moral Hazard, and Learning' by Dirk Bergemann and Ulrich Hege
Josh Lerner
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Article
| Small Business Economics
|
Discussion of 'Venture Capital Investment' by Gavin Reid
Josh Lerner
Keywords: Venture Capital;
Investment;
Communication;
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Case
| HBS Case Collection
|
1997
(Revised from original version)
Weston Presidio Offshore Capital: Confronting the Fundraising Challenge
Josh Lerner
Weston Presidio Capital encounters substantial difficulties while raising its first fund. The incentives and roles of investment advisors ("gatekeepers") pension funds and consultants are explored. The relationship with lead investors is considered.
Keywords: Private Equity;
Financing and Loans;
Investment Funds;
Markets;
Problems and Challenges;
Relationships;
Motivation and Incentives;
Financial Services Industry;
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Case
| HBS Case Collection
|
2004
(Revised from original 2003 version)
Yale University Investments Office: June 2003
Josh Lerner
The Yale Investments Office must decide whether to continue to allocate the bulk of the university's endowment to illiquid investments--hedge funds, private equity, real estate, and so forth. Considers the risks and benefits of a different asset allocation strategy. Highlights the choice between different subclasses, e.g., between venture capital and leveraged buyout funds.
Keywords: Leveraged Buyouts;
Assets;
Venture Capital;
Private Equity;
Investment Funds;
Resource Allocation;
Partners and Partnerships;
Risk and Uncertainty;
Strategy;
Education Industry;
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Case
| HBS Case Collection
|
2011
(Revised from original 2007 version)
Yale University Investments Office: August 2006
Josh Lerner
The Yale Investments Office must decide whether to continue to allocate the bulk of the university's endowment to illiquid investments--hedge funds, private equity, real estate, and so forth. Considers the risks and benefits of a different asset allocation strategy. Highlights the choice between different subclasses, e.g., between venture capital and leveraged buyout funds.
Keywords: Higher Education;
Asset Management;
Financial Management;
Financial Strategy;
Investment Portfolio;
Risk Management;
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Case
| HBS Case Collection
|
1998
(Revised from original 1997 version)
Yale University Investments Office: November 1997
Josh Lerner
David Swensen, chief investment officer at Yale University, reviews the $6 billion endowment strategy, which places an unusually heavy emphasis on private equity and other illiquid securities. Changing market conditions in November 1997 cause him to rethink historically successful approaches. A rewritten version of an earlier case.
Keywords: Change;
Private Equity;
Financial Liquidity;
Investment;
Marketing Strategy;
Strategy;
Education Industry;
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Case
| HBS Case Collection
|
2001
(Revised from original 2000 version)
Yale University Investments Office: July 2000
Josh Lerner
David Swensen, chief investment officer at Yale University, reviews the $10 billion endowment strategy, that places an unusually heavy emphasis on private equity and other illiquid securities. Changing market conditions in July 2000 cause him to rethink historically successful approaches.
Keywords: Private Equity;
Financial Liquidity;
Investment;
Strategy;
Education Industry;
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Case
| HBS Case Collection
|
1995
(Revised from original version)
Yale University Investments Office
Josh Lerner and Jay O. Light
Yale University's investment office was responsible for managing its endowment, which totaled nearly $4 billion in June 1995. Yale had developed a rather different approach to endowment management, including substantial investments in "less efficient" equity markets such as private equity, real estate, and "absolute return" investments. The investment office was now considering devoting even more of their assets to these markets.
Keywords: Assets;
Private Equity;
Investment;
Investment Return;
Management;
Markets;
Strategy;
Education Industry;
Citation: Lerner, Josh, and Jay O. Light. " Yale University Investments Office." Harvard Business School Case 296-040, December 1995. (Revised from original December 1995 version.)
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Case
| HBS Case Collection
|
1998
(Revised from original 1998 version)
Xerox Technology Ventures: January 1997
Josh Lerner
Supplements Xerox Technology Ventures: March 1995.
Keywords: Service Industry;
Computer Industry;
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Supplement
| HBS Case Collection
|
2012
(Revised from original 2007 version)
Warburg Pincus and emgs: The IPO Decision (B)
G. Felda Hardymon, Josh Lerner and Ann Leamon
Keywords: Initial Public Offering;
Decision Making;
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Case
| HBS Case Collection
|
2003
(Revised from original 2002 version)
Vignette: The Rebar Dilemma
G. Felda Hardymon, Josh Lerner and Ann Leamon
Martin Smith, a new associate at an LBO firm, must respond to a problem posed by his boss, based on an historical deal that suddenly came undone. After months of negotiation, his firm's plan to buy a bankrupt competitor of one of its portfolio companies and close it down, thus reducing capacity, was ready for board approval. Recently, not only has the market for the product improved, but management of the target firm has presented a more attractive deal to recapitalize the company. This would have disastrous results for the entire industry by perpetuating an overcapacity problem. Discusses Smith suggestions.
Keywords: Leveraged Buyouts;
Insolvency and Bankruptcy;
Competition;
Growth and Development Strategy;
Business or Company Management;
Citation: Hardymon, G. Felda, Josh Lerner, and Ann Leamon. " Vignette: The Rebar Dilemma." Harvard Business School Case 803-091, June 2003. (Revised from original December 2002 version.)
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Case
| HBS Case Collection
|
2011
(Revised from original 2011 version)
Vignette: Alternative Liquidity Options
Felda Hardymon, Josh Lerner and Ann Leamon
The growth of companies that facilitate the sales of unregistered stock, such as that granted to employees of successful but long-private companies, has raised a number of questions among regulators, investors, and company founders. This brief vignette sketches out some of the benefits and drawbacks of alternative methods of liquidity.
Keywords: Financial Liquidity;
Private Equity;
Stocks;
Business Growth and Maturation;
Sales;
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Case
| HBS Case Collection
|
2000
University Technology Ventures: October 2000
Josh Lerner
The founders of University Technology Ventures, a fund of funds designed for university professors, face numerous challenges in raising their first fund. The role, economics, and structure of funds-of-funds are examined in the course of examining the partners' dilemma.
Keywords: Private Equity;
Problems and Challenges;
Partners and Partnerships;
Financial Services Industry;
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Case
| HBS Case Collection
|
2008
(Revised from original 2008 version)
Tad O'Malley: The Investment Conundrum
Felda Hardymon, Josh Lerner and Ann Leamon
Tad O'Malley has just started as an associate with Empire Investment Group. He must evaluate three investment opportunities facing the big leveraged buyout firm. All are global, but each pertains to different offices and each deal has different strengths and weaknesses. Which should he recommend to the partners for additional resources and what does a recommendation mean for his career?
Keywords: Leveraged Buyouts;
Decision Choices and Conditions;
Private Equity;
Investment;
Strength and Weakness;
Negotiation Deal;
Personal Development and Career;
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Case
| HBS Case Collection
|
2006
(Revised from original 2006 version)
Tad O'Malley: June 2005
G. Felda Hardymon, Josh Lerner and Ann Leamon
Tad O'Malley, a new associate at Empire Investment Group, a top-tier leveraged buyout firm, must evaluate three different deals and recommend which should receive additional resources for further investigation. He must consider the specifics of each company and each deal as well as the resources or restrictions of the firm's offices that would handle the project.
Keywords: Negotiation Deal;
Resource Allocation;
Private Equity;
Projects;
Management Analysis, Tools, and Techniques;
Performance Evaluation;
Leveraged Buyouts;
Citation: Hardymon, G. Felda, Josh Lerner, and Ann Leamon. " Tad O'Malley: June 2005." Harvard Business School Case 806-078, September 2006. (Revised from original February 2006 version.)
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Case
| HBS Case Collection
|
2007
(Revised from original 2005 version)
Tad O'Malley: December 2004
G. Felda Hardymon, Josh Lerner, Ann Leamon and Sean Klimczak
Tad O'Malley, a second-year student at Harvard Business School, must choose among three offers from private equity firms. Each firm presents a unique combination of history, culture, and compensation. Traces Tad's strategy in obtaining these offers and lets students decide which he should accept.
Keywords: Private Equity;
Compensation and Benefits;
Job Offer;
Negotiation Tactics;
Organizational Culture;
Personal Development and Career;
Citation: Hardymon, G. Felda, Josh Lerner, Ann Leamon, and Sean Klimczak. " Tad O'Malley: December 2004." Harvard Business School Case 806-024, November 2007. (Revised from original November 2005 version.)
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Case
| HBS Case Collection
|
1995
(Revised from original 1994 version)
Scripps Research Institute, The: November 1993 (Abridged)
Josh Lerner
In November 1993, Dr. Richard Lerner, president of the Scripps Research Institute, faces the challenge of maintaining his organization's financial and scientific vitality. A proposed cooperative venture with Sandoz has attracted considerable criticism. Meanwhile, a new proposal to conduct clinical trials presents intriguing possibilities. Teaching Purpose: To understand how federal policy directly and indirectly shapes high-technology industries, to explore financing new ventures in a nonprofit research organization, and to value a proposed new venture.
Keywords: Joint Ventures;
Financing and Loans;
Policy;
Management;
Organizational Change and Adaptation;
Problems and Challenges;
Research;
Nonprofit Organizations;
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Case
| HBS Case Collection
|
1998
(Revised from original version)
RogersCasey Alternative Investments: Innovative Response to the Distribution Challenge
Josh Lerner
RogersCasey Alternative Investments faces the challenge of managing distributions of stock by the private equity investors in which their clients have invested. These distributed shares appear to behave in complex ways, apparently at odds with market efficiency. A variety of strategies to capitalize on this behavior are considered.
Keywords: Private Equity;
Stocks;
Financial Strategy;
Investment;
Innovation Strategy;
Management;
Distribution;
Performance;
Behavior;
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Case
| HBS Case Collection
|
1998
(Revised from original 1994 version)
Repligen Corporation: January 1992
Josh Lerner and David Kane
Sandford Smith, CEO of Repligen, faces the breakdown of negotiations about a proposed joint venture with a large pharmaceutical firm. He must decide whether to proceed using his firm's internal resources or whether to seek to revise the proposed collaboration. If the deal is to be revived, he must decide on what aspects to compromise.
Keywords: Joint Ventures;
Decisions;
Contracts;
Agreements and Arrangements;
Value;
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Case
| HBS Case Collection
|
1996
Outrage in Cyberspace: CompuServe and the GIF Patent
Josh Lerner and Benjamin Conway
CompuServe, an online services vendor, informs its software developers that they must enter into a licensing agreement to use the popular GIF compression. CompuServe claims that it is forced to do so because Unisys is enforcing its patent rights in this area. Others argue that CompuServe's move is a response to the growing competitive challenge posed by the Internet.
Keywords: Patents;
Technological Innovation;
Internet;
Information Technology;
Competitive Strategy;
Search Technology;
Web Services Industry;
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Case
| HBS Case Collection
|
2007
(Revised from original 2005 version)
OuterLink Corporation (A)
Josh Lerner and Brenda Chia
Zero Stage Capital is addressing a troubled investment in OuterLink Corp., which has a capital deficit of $30 million and was written off by all but one of its investors as a victim of the technology bubble. The venture organization must decide whether to shutter the investment or put more capital to work.
Keywords: Technology;
Decisions;
Venture Capital;
Private Equity;
Price Bubble;
Investment;
Financial Services Industry;
Citation: Lerner, Josh, and Brenda Chia. " OuterLink Corporation (A)." Harvard Business School Case 806-059, May 2007. (Revised from original September 2005 version.)
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Case
| HBS Case Collection
|
1997
(Revised from original version)
Northeast Ventures: January 1996
Josh Lerner and Eric K. Jackson
Northeast Ventures, a venture capital fund focusing on the development of northeastern Minnesota, seeks to combine social goals with financial returns. This marriage poses several challenges.
Citation: Lerner, Josh, and Eric K. Jackson. " Northeast Ventures: January 1996." Harvard Business School Case 296-093, November 1997. (Revised from original May 1996 version.)
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Case
| HBS Case Collection
|
2007
(Revised from original 2007 version)
NCH Capital and Univermag Ukraina
Josh Lerner and John Didiuk
NCH Capital is considering whether to sell its Ukrainian company Univermag Ukraina, which it has held and built up over the past decade.
Keywords: Opportunities;
Private Equity;
Problems and Challenges;
Developing Countries and Economies;
Retail Industry;
Ukraine;
Citation: Lerner, Josh, and John Didiuk. " NCH Capital and Univermag Ukraina." Harvard Business School Case 807-143, March 2007. (Revised from original February 2007 version.)
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Case
| HBS Case Collection
|
2004
Case Vignette: The Salesman Saga
G. Felda Hardymon, Josh Lerner and Ann Leamon
A venture capitalist faces a situation in which a struggling portfolio company has found a promising vice president of sales through a recruitment agency. The candidate would be an excellent fit for another one of the investor's companies--one that is doing much better. Yet, that firm has not embarked on a formal search.
Keywords: Salesforce Management;
Corporate Governance;
Venture Capital;
Ethics;
Recruitment;
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Case
| HBS Case Collection
|
2010
(Revised from original 2010 version)
Capital for Enterprise UK: Bridging the SME Early-Stage Finance Gap
Josh Lerner, Eli Talmor, Ananth Vyas Bhimavarapu and Thibaud Simphal
The CEO of the company set up to manage a British government effort to promote the venture capital industry considers the progress made to date, as well as how the program can be adjusted.
Keywords: Entrepreneurship;
Venture Capital;
Financing and Loans;
Business and Government Relations;
Financial Services Industry;
Public Administration Industry;
United Kingdom;
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Case
| HBS Case Collection
|
2003
(Revised from original 2003 version)
3i Group plc
G. Felda Hardymon, Josh Lerner and Ann Leamon
Brian Larcombe, CEO of 3i Group, one of the world's largest private equity firms and one of the few publicly listed ones, is deciding how best to use his firm's international network to deliver superior returns to shareholders. This case presents 3i's history and international strategy.
Keywords: History;
Networks;
Private Equity;
Growth Management;
Global Strategy;
Public Ownership;
Business and Shareholder Relations;
Growth and Development Strategy;
Financial Services Industry;
Citation: Hardymon, G. Felda, Josh Lerner, and Ann Leamon. " 3i Group plc." Harvard Business School Case 803-020, November 2003. (Revised from original March 2003 version.)
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Case
| HBS Case Collection
|
1995
(Revised from original 1993 version)
ALZA and Bio-Electro Systems (A): Technological and Financial Innovation
Josh Lerner and Peter Tufano
To develop the next generation of risky products, ALZA, a mature and profitable biotechnology firm specializing in drug delivery systems, must raise $40 million. Organizational constraints and competitive concerns demand that the work be done inside the firm. However, accounting considerations and concerns about shareholders' reactions to the introduction of new risks to the firm lead the CEO to consider off-balance-sheet means to finance the new venture. To finance the new venture, the firm creates a new financing vehicle: a unit consisting of callable common stock plus warrants. This case examines the CEO's decision leading up to the issue of the units and the establishment of a new research and development subsidiary.
Keywords: Risk and Uncertainty;
Technological Innovation;
Business Subsidiaries;
Decision Choices and Conditions;
Corporate Finance;
Biotechnology Industry;
Medical Devices and Supplies Industry;
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Case
| HBS Case Collection
|
2006
(Revised from original 2003 version)
AIT Group Plc
G. Felda Hardymon, Josh Lerner and Ann Leamon
A U.S. venture capital firm has just learned that the deal structure for purchasing an illiquid U.K. software firm is unacceptable to institutional investors. The group must decide if it still wants to go through with the deal. This decision hinges on whether the investors are confident that their due diligence has uncovered all the issues that affect both the price the investors will pay for the company and the additional amount they need to provide to help it recover.
Keywords: Price;
Business and Stakeholder Relations;
Mergers and Acquisitions;
Venture Capital;
Financial Condition;
Risk and Uncertainty;
Decision Making;
Financial Services Industry;
United States;
United Kingdom;
Citation: Hardymon, G. Felda, Josh Lerner, and Ann Leamon. " AIT Group Plc." Harvard Business School Case 803-104, January 2006. (Revised from original February 2003 version.)
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Case
| HBS Case Collection
|
2006
Adams Capital Management: Fund IV
G. Felda Hardymon, Josh Lerner and Ann Leamon
The partners of Adams Capital Management must decide whether to start their fourth fund in early 2006 or to hold off until they have realized more exits from the earlier funds and have proved the viability of a recent change in strategy.
Keywords: Investment Funds;
Business Strategy;
Decision Choices and Conditions;
Financial Services Industry;
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Case
| HBS Case Collection
|
2000
(Revised from original 1995 version)
Acme Investment Trust
Josh Lerner
Acme Investment Trust is considering investing in a private equity partnership that is seeking only 15% of the profits, instead of the standard 20%. The management fee requested, however, is higher than in its earlier fund. The pension managers must consider the financial and organizational consequences of this shift.
Keywords: Compensation and Benefits;
Private Equity;
Organizations;
Investment Funds;
Motivation and Incentives;
Financial Services Industry;
Citation: Lerner, Josh. " Acme Investment Trust." Harvard Business School Case 296-042, October 2000. (Revised from original November 1995 version.)
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Case
| HBS Case Collection
|
2012
(Revised from original 2012 version)
Abraaj Capital and the Karachi Electric Supply Company
Josh Lerner, Asim Ijaz Khwaja and Ann Leamon
In 2008, the Dubai-based private equity group Abraaj Capital Invested $360 million in Karachi Electric Supply Company, a troubled utility serving Pakistan's largest city. In 2010, the firm has made great strides in turning around the company but the transition is not complete. In fact, completing the task involves significant work in rebuilding the social contract in addition to correcting matters related to company management and electricity supply. Is this the direction for private equity in the future?
Keywords: Energy Generation;
Private Equity;
Investment;
Utilities Industry;
Financial Services Industry;
Pakistan;
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Case
| HBS Case Collection
|
1997
(Revised from original 1994 version)
Aberlyn Capital Management: July 1993
Josh Lerner and Peter Tufano
Aberlyn Capital Management, a venture leasing firm specializing in providing capital to biotechnology firms, proposes to introduce a new product. Aberlyn will base a lease on an intangible product: the patent of a biotechnology firm. This poses a series of short and longer run challenges.
Keywords: Financing and Loans;
Valuation;
Product Launch;
Problems and Challenges;
Patents;
Financial Instruments;
Financial Services Industry;
Biotechnology Industry;
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Case
| HBS Case Collection
|
2009
(Revised from original 2008 version)
Abraaj Capital
Josh Lerner and Ant Bozkaya
Abraaj Capital addresses issues of how to respond to the fast-growing Middle East market. Questions of scaling, institutionalization, and geographic scope are among those considered.
Keywords: Capital;
Private Equity;
Financing and Loans;
Global Range;
Markets;
Strategy;
Middle East;
Citation: Lerner, Josh, and Ant Bozkaya. " Abraaj Capital." Harvard Business School Case 809-008, May 2009. (Revised from original July 2008 version.)
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Case
| HBS Case Collection
|
2007
(Revised from original 2006 version)
ABRY Partners, LLC: WideOpenWest
Josh Lerner and Smart Darren
ABRY, a Boston-based private equity group, is considering whether to terminate its investment in WideOpenWest or to try to salvage the transaction by acquiring a division of telecommunications unit Ameritech.
Keywords: Private Equity;
Investment Portfolio;
Problems and Challenges;
Financial Services Industry;
Media and Broadcasting Industry;
Boston;
Citation: Lerner, Josh, and Smart Darren. " ABRY Partners, LLC: WideOpenWest." Harvard Business School Case 806-116, January 2007. (Revised from original February 2006 version.)
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Case
| HBS Case Collection
|
2003
(Revised from original 2003 version)
Accel Partners' European Launch
G. Felda Hardymon and Josh Lerner
In spring 2001, with the venture market crashing all around, the London office of Accel Partners, a major west coast venture capital firm, needs to make a decision about investing in an Irish software company. As the first investment of the new European operation, the decision will serve as a proof of concept for the process that the organization has set up. This case presents Accel's strategy in moving into Europe and staying there even as many other firms shuttered or reduced their overseas' operations. In addition, the protagonists must decide how to structure a term sheet and whether to include another venture firm in the deal.
Keywords: Investment;
Growth and Development Strategy;
Venture Capital;
Global Strategy;
Decision Choices and Conditions;
Expansion;
Management Practices and Processes;
Partners and Partnerships;
Financial Services Industry;
London;
United States;
Citation: Hardymon, G. Felda, and Josh Lerner. " Accel Partners' European Launch." Harvard Business School Case 803-021, May 2003. (Revised from original February 2003 version.)
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Case
| HBS Case Collection
|
2002
(Revised from original 2001 version)
Acme Investment Trust: January 2001
Josh Lerner
The managers of a large corporate pension fund must decide whether to invest in a private equity fund that is offering a guaranteed rate of return of 20% on part of its portfolio. The background behind and implications of the guarantee are explored.
Keywords: Decisions;
Private Equity;
Motivation and Incentives;
Asset Management;
Investment Funds;
Financial Strategy;
Financial Services Industry;
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Case
| HBS Case Collection
|
2009
(Revised from original 2008 version)
Actis: January 2008
Felda Hardymon, Josh Lerner and Ann Leamon
Paul Feltcher, the CEO of Actis, a leading private equity investor in emerging markets, is preparing for an executive retreat at which the management team will consider how best to position the firm for the future. Actis could move in a number of different directions by expanding into new geographies, asset classes, or deal sizes. Choices made along these dimensions all have different implications for the degree of cohesion between the regions and the headquarters in London, the types of funds the firm will raise, and the skills required of employees. One of the final challenges is whether Actis, which has produced a very good track record, even needs to change its business model at this point.
Keywords: Business Model;
Private Equity;
Investment;
Growth and Development Strategy;
Management Teams;
Emerging Markets;
Organizational Change and Adaptation;
Citation: Hardymon, Felda, Josh Lerner, and Ann Leamon. " Actis: January 2008." Harvard Business School Case 808-130, June 2009. (Revised from original March 2008 version.)
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Case
| HBS Case Collection
|
2003
(Revised from original 2003 version)
Adams Capital Management: March 2002
G. Felda Hardymon, Josh Lerner and Ann Leamon
In March 2002, the five partners of Adams Capital Management (ACM), a venture capital firm investing in information technology telecommunications with $700 million under management, gathered to discuss whether they should change their strategy in view of the prolonged downturn in both the economy and their targeted investment sectors. Since its founding in 1993, ACM had followed a distinct strategy of targeting particular markets of interest, investing within these, and managing the portfolio companies through a defined process to liquidity. ACM's first fund had performed extremely well; its second was looking good; and the third, albeit only a year into its life, was not performing as well. ACM is considering three options: investing in companies producing more fundamental products, hiring more associates or investing in more markets, or taking bigger positions in companies in its traditional sectors. Each has its own possibilities and drawbacks. A rewritten version of an earlier case.
Keywords: Decision Choices and Conditions;
Economic Slowdown and Stagnation;
Venture Capital;
Investment Portfolio;
Business or Company Management;
Partners and Partnerships;
Business Strategy;
Financial Services Industry;
Citation: Hardymon, G. Felda, Josh Lerner, and Ann Leamon. " Adams Capital Management: March 2002." Harvard Business School Case 803-143, June 2003. (Revised from original January 2003 version.)
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Case
| HBS Case Collection
|
2010
(Revised from original 2009 version)
Altoona State Investment Board: December 2008
Josh Lerner
Rod Calhoun, the head of the Altoona State Investment Board's private equity investment program, considered the communication he had just received. It was from Permira, the leading European buyout fund, and concerned its fourth fund, to which Altoona had made a £ 100 million commitment. The memorandum offered investors a chance to reduce their commitment to Permira IV. This potential offer was an attractive one, as it would allow the state pension to address its "over-commitment problem," one that plagued many institutional investors. But the terms of the arrangement gave Calhoun pause.
Keywords: Private Equity;
Financial Management;
Financial Strategy;
Investment Funds;
Partners and Partnerships;
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Supplement
| HBS Case Collection
|
2011
Altoona State Investment Board: December 2008: Spreadsheet Supplement
Josh Lerner
Keywords: Investment Funds;
Accounting;
Financial Services Industry;
Altoona;
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Case
| HBS Case Collection
|
2012
Altoona State Investment Board: July 2012
Josh Lerner and Nathaniel Burbank
Considers the decision faced by state pension fund manager Rod Calhoun as he decides whether to invest $200 million in Bain Capital's eleventh global buyout fund: Bain Capital Fund XI. For the fund, Bain was offering its limited partners a choice between three different fee structures: first, a "conventional" fee structure of a 1.5% management fee with 20% carried interest and a 7% preferred rate of return; second, a 1% management fee with 30% carried interest and a 7% preferred rate of return; or third, a 0.5% management fee, 30% carried interest, and a 0% preferred rate of return. Should Calhoun invest in Bain? If he should, which fee structure should Calhoun choose?
Keywords: private equity;
leveraged buyouts;
management fees;
Bain Capital;
Venture Capital;
Private Equity;
Leveraged Buyouts;
Banking Industry;
Boston;
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Supplement
| HBS Case Collection
|
1996
(Revised from original 1993 version)
ALZA and Bio-Electro Systems (B1): Rights Offering Strategy
Josh Lerner and Peter Tufano
Supplements the (A) case. Describes the CEO's decision.
Keywords: Strategy;
Intellectual Property;
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Supplement
| HBS Case Collection
|
1996
(Revised from original 1993 version)
ALZA and Bio-Electro Systems (B2): The Rights Offering
Josh Lerner and Peter Tufano
Supplements the (A) case. Describes the implementation of the CEO's decision.
Keywords: Intellectual Property;
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Case
| HBS Case Collection
|
2012
(Revised from original 2011 version)
Angels in British Columbia
Josh Lerner, Thomas Hellmann and Ilkin Ilyaszade
The case study provides an overview of the angel investment practices and describes government policies towards angel and venture capital investing in British Columbia, Canada. It focuses in particular on the Equity Capital Program (BCECP henceforth), which provides tax credits to private equity investors that meet several eligibility criteria. The case study is written from the point of view of a policy maker, with a perspective on the entire ecosystem. It provides an overview of the existing structure of the tax credit program, its history, and the lessons learned to date. It discusses the current challenges faced by policy makers wanting to further improve the program.
Keywords: Venture Capital;
Private Equity;
Investment;
Policy;
Taxation;
Performance Improvement;
Programs;
British Columbia;
Citation: Lerner, Josh, Thomas Hellmann, and Ilkin Ilyaszade. " Angels in British Columbia." Harvard Business School Case 811-100, April 2012. (Revised from original April 2011 version.)
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Supplement
| HBS Case Collection
|
1996
(Revised from original 1993 version)
ALZA and Bio-Electro Systems (C): 1988-92
Josh Lerner and Peter Tufano
Supplements the (A) case. Describes the aftermarket performance of the units.
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Case
| HBS Case Collection
|
2001
(Revised from original 2001 version)
Apax Partners and Dialog Semiconductor: March 1998
G. Felda Hardymon, Josh Lerner, Antonio Alvarez-Cano and Borja Martinez
Apax Partners is considering a complex buyout of a semiconductor manufacturer. The firms must assess in a compressed timeframe the complex technological, financial, and operational risks that the proposed transaction poses.
Keywords: Market Transactions;
Leveraged Buyouts;
Restructuring;
Time Management;
Production;
Risk Management;
Financial Services Industry;
Semiconductor Industry;
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Case
| HBS Case Collection
|
2006
(Revised from original 2004 version)
Apax Partners and Xerium S.A.
Josh Lerner, G. Felda Hardymon and Ann Leamon
In 2002, Apax Partners had to decide whether to accept a less-than-perfect offer for one of its portfolio companies or to refinance it. This company, a maker of paper industry consumables with a global presence, had been purchased in 1999 and performed extremely well since then. Despite being a solid, cash-generative operation, it didn't excite a lot of interest in the market. An early exit at a good multiple would be helpful for Apax's current fund and future fund-raising efforts, whereas refinancing would allow Apax to take some money off the table and share in future upsides. Which is the better choice?
Keywords: Leveraged Buyouts;
Globalized Markets and Industries;
Business Exit or Shutdown;
Borrowing and Debt;
Investment;
Cash Flow;
Pulp and Paper Industry;
Citation: Lerner, Josh, G. Felda Hardymon, and Ann Leamon. " Apax Partners and Xerium S.A." Harvard Business School Case 804-084, September 2006. (Revised from original February 2004 version.)
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Case
| HBS Case Collection
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1997
(Revised from original version)
Apex Investment Partners (A): April 1995
Josh Lerner
The partners of Apex Investment Partners are seeking to provide financing for Accessine Technologies, a small firm specializing in providing "One Person, One Number" telecommunication services. The negotiation of the terms-and-conditions of the deal, as well as its pricing, prove challenging.
Keywords: Negotiation Process;
Negotiation Offer;
Negotiation Participants;
Problems and Challenges;
Financing and Loans;
Communication Technology;
Financial Services Industry;
Telecommunications Industry;
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Supplement
| HBS Case Collection
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1997
(Revised from original version)
Apex Investment Partners (B): May 1995
Josh Lerner and Sanjiv R. Das
Examines the warrant pricing.
Keywords: Financial Instruments;
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Case
| HBS Case Collection
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2002
(Revised from original 2002 version)
Battery Ventures
Josh Lerner, G. Felda Hardymon, Ann Leamon, Nitin Gupta and Sameer Bharadwaj
Todd Dagres, general partner of Battery Ventures, reflects on his firm's organization and it's effectiveness in one particular deal. One of the perennial challenges of venture capital is the scaling of the firm. Usually regarded as a craft industry, venture firms tend to have fewer than ten deal-makers. Battery has undertaken a particular approach to this problem, instituting a career path that begins at a very low level, progressing to general partner. Examining Battery making a deal demonstrates the advantages and disadvantages of this structure.
Keywords: Venture Capital;
Measurement and Metrics;
Performance Effectiveness;
Organizational Structure;
Financial Services Industry;
Citation: Lerner, Josh, G. Felda Hardymon, Ann Leamon, Nitin Gupta, and Sameer Bharadwaj. " Battery Ventures." Harvard Business School Case 802-159, March 2002. (Revised from original February 2002 version.)
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Case
| HBS Case Collection
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2013
Bay Partners (A)
Josh Lerner and Lauren Barley
In April 2010, Salil Deshpande has recently resigned from Palo Alto, California-based Bay Partners (Bay) where he had been a general partner. Although Deshpande had built a successful track record at the venture firm, he resigned with two other Bay general partners as disagreement about internal economics and governance continued among the Bay's six-member management team. This triggered the "key man" clause in the limited partnership agreement of Bay's most recent fund, Bay XI. The case considers the options that Deshpande and the Bay XI limited partners face as the firm and fund's futures are thrown into doubt.
Citation: Lerner, Josh, and Lauren Barley. " Bay Partners (A)." Harvard Business School Case 213-102, March 2013.
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Case
| HBS Case Collection
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1998
(Revised from original 1998 version)
BCI Growth III: May 1993
Josh Lerner
A Vermont solid-waste company seeks mezzanine financing to finance its strategy of acquiring and consolidating local competitors. The mezzanine private equity group must decide whether this investment offers an attractive risk-return tradeoff.
Keywords: Private Equity;
Business Growth and Maturation;
Consolidation;
Acquisition;
Wastes and Waste Processing;
Service Industry;
United States;
Citation: Lerner, Josh. " BCI Growth III: May 1993." Harvard Business School Case 298-093, December 1998. (Revised from original March 1998 version.)
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Case
| HBS Case Collection
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1998
(Revised from original 1998 version)
BCI Growth III: November 1993
Josh Lerner
Supplements BCI Growth III: May 1993.
Keywords: Private Equity;
Business Growth and Maturation;
Consolidation;
Acquisition;
Wastes and Waste Processing;
Service Industry;
United States;
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Case
| HBS Case Collection
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2008
(Revised from original 2008 version)
The Blackstone Group's IPO
Felda Hardymon, Josh Lerner and Ann Leamon
Steven Schwarzman, Chairman of the Blackstone Group, has just learned that an investment group associated with the government of China wants to buy the majority of Blackstone's leveraged IPO. As he considers how to respond to this offer, Schwarzman reviews the firm's proposed structure as a public entity and assesses how he might retain the delicate balance among stakeholders while still maintaining liquidity in the market.
Keywords: Private Equity;
Financial Liquidity;
Initial Public Offering;
Investment;
Ownership Stake;
Business and Stakeholder Relations;
Citation: Hardymon, Felda, Josh Lerner, and Ann Leamon. " The Blackstone Group's IPO." Harvard Business School Case 808-100, May 2008. (Revised from original March 2008 version.)
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Case
| HBS Case Collection
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2004
(Revised from original 2002 version)
Brazos Partners: the CoMark LBO
Josh Lerner, G. Felda Hardymon and Ann Leamon
The partners of a new midmarket buyout fund are working on a buyout of a closely held modular building company. Although originally structured as a stock deal, they have realized that an asset deal would be preferable from their point of view and are trying to determine what benefits it might hold for the sellers, whose continuing involvement in the company is essential for success. This case describes the process of the deal's due diligence and the state of the LBO industry in the early 21st century.
Keywords: Leveraged Buyouts;
Negotiation Deal;
Valuation;
Citation: Lerner, Josh, G. Felda Hardymon, and Ann Leamon. " Brazos Partners: the CoMark LBO." Harvard Business School Case 202-090, February 2004. (Revised from original February 2002 version.)
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Case
| HBS Case Collection
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2012
(Revised from original 2012 version)
Blackstone's Investment in Intelenet
Josh Lerner, Sandeep Bapat and Rachna Tahilyani
Three years had passed since Blackstone's investment in Intelenet Global Services, their third largest investment in India. Great progress had been made, but now a new challenge loomed. Globank, a large global bank, was Intelenet's largest customer. Intelenet's contract with Globank was set to expire in the next seven months, and all of Intelenet's assets and people working on the account, would move to Globank. Amit Dixit, managing director at the Blackstone Group, estimated that in the next four years this would result in Intelenet losing $160 million of revenue and $48 million of EBITDA. Blackstone could either channel large amounts of capital and human resources towards renewing the contract, or focus on growing third-party business at Intelenet. Dixit had to firm up his strategy quickly in order to begin negotiations with Globank.
Keywords: private equity;
india;
Blackstone;
Private Equity;
Financial Services Industry;
India;
Citation: Lerner, Josh, Sandeep Bapat, and Rachna Tahilyani. " Blackstone's Investment in Intelenet." Harvard Business School Case 213-036, December 2012. (Revised from original September 2012 version.)
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Case
| HBS Case Collection
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2007
(Revised from original 2006 version)
Brazos Partners and Cheddar's Inc.
G. Felda Hardymon, Josh Lerner and Ann Leamon
Randall Fojtasek, a partner at Brazos Private Equity Partners, must decide whether to invest more money in Cheddar's restaurant chain, which the firm invested in 10 months earlier. The incremental investment would fund a real estate subsidiary that would own the property on which Cheddar's built its stores, rather than its traditional approach of sale and leaseback. As he considers the issue, Fojtasek must decide how to price the new stock, how to structure the deal to limit his firm's dilution, and how to manage the personality issues involved.
Keywords: Negotiation Deal;
Price;
Partners and Partnerships;
Management;
Investment;
Leadership;
Business Subsidiaries;
Stocks;
Citation: Hardymon, G. Felda, Josh Lerner, and Ann Leamon. " Brazos Partners and Cheddar's Inc." Harvard Business School Case 806-069, June 2007. (Revised from original February 2006 version.)
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Case
| HBS Case Collection
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2009
(Revised from original 2009 version)
The Canada Pension Plan Investment Board
G. Felda Hardymon, Josh Lerner and Ann Leamon
The Canada Pension Plan Investment Board is one of the largest and fastest-growing pools of investment capital in the world and follows an unusually active program of investment management. In the market turmoil of late 2008, Mark Wiseman, Senior Vice President of the Private Investments Department, must decide if this approach is still the best way to fulfill his organization's goal of protecting and increasing the pension assets of 17 million Canadians.
Keywords: Financial Crisis;
Asset Management;
Capital;
Financial Management;
Investment;
Financial Services Industry;
Canada;
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Case
| HBS Case Collection
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1995
(Revised from original 1995 version)
Candela Laser vs. Cynosure, Inc.
Josh Lerner and Benjamin Conway
Summarizes the lawsuit by Candela Laser against its former CEO and founder, who has begun a competing firm. The extent of patent and trade secret protection are crucial issues.
Citation: Lerner, Josh, and Benjamin Conway. " Candela Laser vs. Cynosure, Inc." Harvard Business School Case 295-097, November 1995. (Revised from original January 1995 version.)
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Case
| HBS Case Collection
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2012
The Case of the Unidentified Ratios
Josh Lerner
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Case
| HBS Case Collection
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2004
(Revised from original 2003 version)
CDC Capital Partners: December 2002
G. Felda Hardymon, Josh Lerner and Ann Leamon
Paul Fletcher, CEO of CDC Capital Partners, a private equity group investing in the world's poorest countries, is wrestling with questions raised by the imminent reorganization of the firm. Previously an arm of the United Kingdom's international aid agency, CDC is becoming a public-private partnership, which requires that it refocus its efforts and rearrange its widespread portfolio into a form that outside investors will recognize. The proposed organization, separating government money from fund management, appears to solve a number of the problems from a strategic perspective, yet a host remain. Given the generally poor risk/return ratio of emerging market investing over the past decade, Fletcher and his executives must decide how they can position their organization to compete with other investment vehicles and still remain true to the mission of mobilizing capital to invest in poor countries.
Keywords: Private Equity;
Investment Portfolio;
Privatization;
Venture Capital;
Business and Government Relations;
Emerging Markets;
Infrastructure;
Financial Services Industry;
Banking Industry;
United Kingdom;
Citation: Hardymon, G. Felda, Josh Lerner, and Ann Leamon. " CDC Capital Partners: December 2002." Harvard Business School Case 803-167, January 2004. (Revised from original March 2003 version.)
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Case
| HBS Case Collection
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2001
(Revised from original 2001 version)
CDC Capital Partners
G. Felda Hardymon, Josh Lerner and Ann Leamon
In 2001, CDC Capital Partners is facing the greatest challenge in its 53-year history. Founded as part of the U.K. government's post-war colonial reconstruction, it had operated as a developmental finance institution, largely issuing debt to the world's poorest countries. Now, however, it must transform itself to become a public-private partnership (PPP) dealing in private equity projects, but still restricted to the world's poorest countries. Can CDC succeed?
Keywords: Business or Company Management;
Private Equity;
Emerging Markets;
Cost vs Benefits;
Mergers and Acquisitions;
Partners and Partnerships;
Financial Institutions;
Financial Services Industry;
United Kingdom;
Citation: Hardymon, G. Felda, Josh Lerner, and Ann Leamon. " CDC Capital Partners." Harvard Business School Case 801-333, April 2001. (Revised from original February 2001 version.)
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Case
| HBS Case Collection
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2002
(Revised from original 2002 version)
Chengwei Ventures and the hdt* Investment
G. Felda Hardymon, Josh Lerner and Ann Leamon
Bo Feng, cofounder and principal in Chengwei Ventures, one of the first sovereign venture capital firms in China, is trying to decide on the proper business model for hdt, the product of a merger between two portfolio companies. This case discusses the best way for the new company, which designs Web sites and provides customer relationship management and ad-serving software, to prosper in China's changing market.
Keywords: Venture Capital;
Mergers and Acquisitions;
Customer Relationship Management;
Sovereign Finance;
Management Analysis, Tools, and Techniques;
Entrepreneurship;
Web Sites;
Software;
Markets;
Business Model;
Financial Services Industry;
China;
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Case
| HBS Case Collection
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2000
CMGI: Organizational and Market Innovation
Josh Lerner
CMGI is considering acquiring yesmail, an e-mail marketing firm. In assessing the potential acquisition, it must assess the fit with its own organization, which consists of a unique blend of venture capital investments and publicly traded subsidiaries.
Keywords: Innovation and Invention;
Organizational Change and Adaptation;
Mergers and Acquisitions;
Organizational Structure;
Venture Capital;
Business Subsidiaries;
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Case
| HBS Case Collection
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2006
(Revised from original 2006 version)
Christo and Jeanne-Claude: The Art of the Entrepreneur
G. Felda Hardymon, Josh Lerner and Ann Leamon
Christo and Jeanne-Claude, the artists who created The Gates in New York City in 2005, are trying to decide how best to finance their next project. Over the River, a project to drape sections of the Arkansas River with translucent fabric is a very different enterprise from The Gates. Bank Leu, the Swiss back that had provided a line of credit for The Gates, has declined the opportunity to participate in Over the River. As Christo and Jeanne-Claude review the Bank Leu vehicle, they must consider whether it is replicable to other projects and institutions or whether they should consider a different approach.
Keywords: Private Equity;
Arts;
Fine Arts Industry;
Arkansas;
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Background Note
| HBS Case Collection
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2013
Cost of Capital Problems
Josh Lerner
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Case
| HBS Case Collection
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1995
(Revised from original 1994 version)
EMC Corporation: Response to Shareholder Litigation (A)
Josh Lerner
EMC Corp. is the target of a shareholder class-action lawsuit for the second time. CEO, Richard Egan, must decide whether to settle the case, as is done in 96% of such cases and as EMC itself did previously, or fight the action.
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Case
| HBS Case Collection
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1994
(Revised from original 1994 version)
EMC Corporation: Response to Shareholder Litigation (B)
Josh Lerner
Reports EMC's decision concerning the second shareholder class-action suit and its implications. Legislative efforts to reform securities litigation are also discussed.
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Exercise
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2003
(Revised from original 2002 version)
Endeca Negotiation, The: Hardy Smith
G. Felda Hardymon, Josh Lerner and Ann Leamon
Students play the role of Hardy Smith, one of the founding investors of a venture-backed enterprise software company. In the challenging financing climate of the fall of 2001, he is trying to decide what terms to offer the company as an insider-funded C-round. Presents the background of the company and the lengthy struggle that Hardy and the CEO endured just to get a term sheet.
Keywords: Negotiation Process;
Negotiation Offer;
Management Teams;
Venture Capital;
Valuation;
Software;
Information Technology Industry;
Web Services Industry;
Citation: Hardymon, G. Felda, Josh Lerner, and Ann Leamon. " Endeca Negotiation, The: Hardy Smith." Harvard Business School Exercise 802-213, May 2003. (Revised from original May 2002 version.)
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Exercise
|
2003
(Revised from original 2002 version)
Endeca Negotiation, The: Charlie Yie
G. Felda Hardymon, Josh Lerner and Ann Leamon
Students play the role of Charlie Yie, a venture capitalist considering an investment in a venture-backed enterprise software company. In the challenging financing climate of the Fall of 2001, he is trying to decide what terms to offer the company as an outside investor leading its C-round. Presents the background of the company and the lengthy struggle that existing investors and the CEO endured just to get a term sheet.
Keywords: Negotiation Process;
Negotiation Offer;
Management Teams;
Venture Capital;
Valuation;
Software;
Information Technology Industry;
Web Services Industry;
Citation: Hardymon, G. Felda, Josh Lerner, and Ann Leamon. " Endeca Negotiation, The: Charlie Yie." Harvard Business School Exercise 802-214, May 2003. (Revised from original May 2002 version.)
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Exercise
|
2003
(Revised from original 2002 version)
Endeca Negotiation, The: Steve Papa
G. Felda Hardymon, Josh Lerner and Ann Leamon
Students play the role of Steve Papa, the CEO and founder of a venture-backed enterprise software company. In the challenging financing climate of the fall of 2001, he knows that two different groups are about to submit term sheets for his company's C-round. He is trying to decide what he should aim for in the ensuing negotiation. Presents the background of the company and the lengthy battle Steve fought just to get a term sheet. He has two months of cash left and a number of issues to consider, including a founding investor's request to change the terms of a previous round.
Keywords: Negotiation Process;
Negotiation Offer;
Management Teams;
Venture Capital;
Valuation;
Software;
Information Technology Industry;
Web Services Industry;
Citation: Hardymon, G. Felda, Josh Lerner, and Ann Leamon. " Endeca Negotiation, The: Steve Papa." Harvard Business School Exercise 802-212, May 2003. (Revised from original May 2002 version.)
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Case
| HBS Case Collection
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2003
(Revised from original 2002 version)
Endeca Technologies (A)
G. Felda Hardymon, Josh Lerner and Ann Leamon
Steve Papa, CEO of Endeca Technologies, must decide among two term sheets raising the same amount of badly needed money for his young software company. One deal is led by insiders and, is offered at a lower price. It continues a board that has worked very well and shares a common vision. It also is likely to involve a very important potential customer. The second offer comes from a group with which Papa does not have history. Although it carries a higher price, it will change the board structure and also requires that the closing be delayed a week, from September 7, 2001, to September 14. The company has cash only into October so, if anything goes wrong, Papa is unlikely to be able to arrange alternate financing. Discusses which option he should accept.
Keywords: Venture Capital;
Cost vs Benefits;
Financial Condition;
Financing and Loans;
Management Skills;
Financial Strategy;
Corporate Finance;
Information Technology Industry;
Citation: Hardymon, G. Felda, Josh Lerner, and Ann Leamon. " Endeca Technologies (A)." Harvard Business School Case 802-141, May 2003. (Revised from original February 2002 version.)
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Case
| HBS Case Collection
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2002
(Revised from original 2002 version)
Endeca Technologies (B)
Josh Lerner, G. Felda Hardymon and Ann Leamon
Supplements the (A) case.
Keywords: Information Technology Industry;
Citation: Lerner, Josh, G. Felda Hardymon, and Ann Leamon. " Endeca Technologies (B)." Harvard Business School Case 802-142, May 2002. (Revised from original February 2002 version.)
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Case
| HBS Case Collection
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1998
(Revised from original version)
European Association of Security Dealers, The: November 1994
Josh Lerner
Keywords: Europe;
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Case
| HBS Case Collection
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2003
(Revised from original 2001 version)
Exxel Group, The: March 2001
Josh Lerner and Alberto Ballve
The Exxel Group, a leading Latin American buyout fund, faces a challenge when deciding whether and how to exit its largest investment. The capital markets are very weak, precluding an initial public offering. Undertaking a trade sale of the firm, however, proves to be challenging.
Keywords: Venture Capital;
Private Equity;
Leveraged Buyouts;
Capital Markets;
Investment Funds;
Financial Strategy;
Financial Services Industry;
Latin America;
Citation: Lerner, Josh, and Alberto Ballve. " Exxel Group, The: March 2001." Harvard Business School Case 202-053, March 2003. (Revised from original October 2001 version.)
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Case
| HBS Case Collection
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2002
(Revised from original 1997 version)
The Exxel Group: September 1995
Josh Lerner, Alex Hoye and Gonzalo Pacanins
The Exxel Group, a private equity group based in Buenos Aires, is considering a buyout of Argencard, Mastercard's exclusive licensee in Argentina. To complete the deal, however, it will need to raise additional financing from U.S. investors. Both the valuation and the terms of the proposed deal prove problematic.
Keywords: Leveraged Buyouts;
Developing Countries and Economies;
Private Equity;
Financing and Loans;
Investment;
Negotiation Deal;
Problems and Challenges;
Valuation;
United States;
Buenos Aires;
Citation: Lerner, Josh, Alex Hoye, and Gonzalo Pacanins. " The Exxel Group: September 1995." Harvard Business School Case 297-068, October 2002. (Revised from original February 1997 version.)
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Compilation
|
2010
(Revised from original 2010 version)
Firm Strategy Vignettes
Josh Lerner, G. Felda Hardymon and Ann Leamon
These three vignettes present various issues around the strategy and management of a private equity firm. In one, a senior partner must decide how to manage an over-extended colleague and how to reduce the risk of the firm's portfolio; in the second, a limited partner must decide how to respond to tensions between general partners in a fund, and in the third, the general partners must decide whether to invest in an intriguing opportunity that lies outside the firm's carefully developed investment strategy.
Keywords: Outcome or Result;
Business Strategy;
Problems and Challenges;
Private Equity;
Venture Capital;
Investment Portfolio;
Partners and Partnerships;
Citation: Lerner, Josh, G. Felda Hardymon, and Ann Leamon. " Firm Strategy Vignettes." Harvard Business School Compilation 810-087, March 2010. (Revised from original January 2010 version.)
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Case
| HBS Case Collection
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1999
Fojtasek Companies and Heritage Partners, The: October 1998
Josh Lerner
Provides an update.
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Case
| HBS Case Collection
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1998
(Revised from original version)
FOX Venture Partners: Enriching the Private Equity Investor Pool
Josh Lerner
FOX Venture Partners (FVP) is a proposed "Fund-of-Funds" that will enable wealthy individuals to invest in venture capital. While several leading venture capitalists are enthusiastic about the concept, FVP's general partners are finding it difficult to invest individually in the fund.
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Case
| HBS Case Collection
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1997
(Revised from original 1997 version)
Fojtasek Companies and Heritage Partners, The: March 1995
Samuel L. Hayes III and Josh Lerner
The Fojtasek Companies, a family business, faces several financing choices to address generational succession issues. Several buyouts have expressed interest in acquiring the firm outright; an investment bank has proposed a leveraged recapitalization; and a private equity group, Heritage Partners, has proposed a hybrid transaction.
Keywords: Family Ownership;
Financing and Loans;
Private Equity;
Mergers and Acquisitions;
Investment Banking;
Partners and Partnerships;
Management Succession;
Capital Structure;
Financial Strategy;
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Case
| HBS Case Collection
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2000
Francisco Partners
Josh Lerner and David L. Gallo
Francisco Partners (which focuses on buyouts of high-technology firms) aims to be the largest first-time fund ever raised. The rationales for the fund, fundraising strategy, and partnership terms and conditions are among the topics explored.
Keywords: Private Equity;
Leveraged Buyouts;
Venture Capital;
Financial Strategy;
Partners and Partnerships;
Strategy;
Investment Funds;
Financial Services Industry;
Citation: Lerner, Josh, and David L. Gallo. " Francisco Partners." Harvard Business School Case 200-063, April 2000.
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Case
| HBS Case Collection
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2013
Glynn Roberts: February 2003
Josh Lerner
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Case
| HBS Case Collection
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2010
(Revised from original 2010 version)
Gobi Partners and DMG
G. Felda Hardymon, Josh Lerner and Ann Leamon
Thomas G. Tsao, founding general partner of Gobi Partners, an early stage venture capital firm in China, must decide how to manage his firm's largest investment after the departure of the CEO. Tom has temporarily stepped in as CEO, but finding a replacement with the necessary technical and language skills is difficult. Moreover, the company is facing significant challenges in winning business and restructuring its own operations. Should Tom stay on as CEO? Revisit one of the candidates who had withdrawn? Try harder to sell the company? At what price? The case provides an opportunity to discuss the issue of active investment management in an emerging market from the perspectives of the many stakeholders involved.
Keywords: Restructuring;
Competency and Skills;
Decision Choices and Conditions;
Venture Capital;
Investment;
Business or Company Management;
Management Succession;
Emerging Markets;
Problems and Challenges;
Business and Stakeholder Relations;
China;
Citation: Hardymon, G. Felda, Josh Lerner, and Ann Leamon. " Gobi Partners and DMG." Harvard Business School Case 810-095, April 2010. (Revised from original January 2010 version.)
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Case
| HBS Case Collection
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1997
(Revised from original 1997 version)
GMIMCo Venture Capital: September 1996
Josh Lerner, Peter Wendell and Catherine M. Conneely
Kathryn Stokel must choose between three venture capital groups (if any) in which to invest the pension fund of General Motors Corp. Each has distinct strengths and weaknesses.
Keywords: Private Equity;
Asset Management;
Retirement;
Investment Funds;
Venture Capital;
Financial Services Industry;
Citation: Lerner, Josh, Peter Wendell, and Catherine M. Conneely. "GMIMCo Venture Capital: September 1996." Harvard Business School Case 298-052, September 1997. (Revised from original August 1997 version.)
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Case
| HBS Case Collection
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1997
(Revised from original 1996 version)
GO Corporation
Josh Lerner, Thomas J. Kosnik, Tarek AbuZayyad and Paul C. Yang
GO faces a crisis in March 1991 when Microsoft announces the introduction of a competing operating system for pen-based computers. GO's managers must work with its venture financers, Kleiner Perkins, to redesign its financing, alliance, and product development strategies.
Citation: Lerner, Josh, Thomas J. Kosnik, Tarek AbuZayyad, and Paul C. Yang. " GO Corporation." Harvard Business School Case 297-021, April 1997. (Revised from original September 1996 version.)
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Case
| HBS Case Collection
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2004
(Revised from original 2003 version)
Grove Street Advisors
G. Felda Hardymon, Josh Lerner, Ann Leamon and Frank Angella
Grove Street Advisors, a manager of customized private equity investment products, has been very successful in its first five years. To grow, the group must decide whether to target smaller organizations, revive its coinvestment efforts, or enter the highly competitive fund-of-funds market.
Keywords: Business Organization;
Decision Choices and Conditions;
Private Equity;
Investment;
Market Entry and Exit;
Competitive Strategy;
Citation: Hardymon, G. Felda, Josh Lerner, Ann Leamon, and Frank Angella. " Grove Street Advisors." Harvard Business School Case 804-050, May 2004. (Revised from original December 2003 version.)
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Case
| HBS Case Collection
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2005
(Revised from original 2004 version)
Gold Hill Venture Lending
G. Felda Hardymon, Josh Lerner and Ann Leamon
David Fischer is trying to raise $200 million for a first-time venture debt fund that will be affiliated with Silicon Valley Bank, a major technology lender. Despite his lengthy experience in venture lending, the process is proving difficult. He and his partners are considering whether to continue trying to raise the full amount or to close a smaller sum that is readily available and prove the model before trying to raise a larger fund. In making their decision, the partners must consider the structure of the fund and the value added by their links to the bank as well as how to counter conflict of interest concerns raised by the potential limited partners.
Keywords: Technology;
Value Creation;
Venture Capital;
Partners and Partnerships;
Decision Choices and Conditions;
Investment Funds;
Banking Industry;
Financial Services Industry;
Citation: Hardymon, G. Felda, Josh Lerner, and Ann Leamon. " Gold Hill Venture Lending." Harvard Business School Case 804-083, May 2005. (Revised from original January 2004 version.)
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Case
| HBS Case Collection
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2012
(Revised from original 2010 version)
Hony, CIFA, and Zoomlion: Creating Value and Strategic Choices in a Dynamic Market
Josh Lerner and Yiwen Jin
The private equity group Hony Capital considers what to do with their investment in Zoomlion, which has been successful to date. The question is whether to take their money off the table or to invest in their acquisition of a large Italian competitor.
Keywords: Private Equity;
Financial Strategy;
Investment;
Emerging Markets;
Financial Services Industry;
China;
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Case
| HBS Case Collection
|
1997
(Revised from original version)
ImmuLogic Pharmaceutical Corporation (A): March 1991
Josh Lerner
ImmuLogic Pharmaceutical Corp., a development-stage biotechnology company, is considering making an initial offering of common stock. The diverse perspectives of the entrepreneur, venture capitalist, investment banker, and institutional investor are explored. Problems of valuation are highlighted. The challenges posed by "windows" for public offerings are considered.
Keywords: Decisions;
Entrepreneurship;
Venture Capital;
Banks and Banking;
Initial Public Offering;
Going Public;
Perspective;
Valuation;
Biotechnology Industry;
Pharmaceutical Industry;
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Supplement
| HBS Case Collection
|
1993
(Revised from original 1992 version)
ImmuLogic Pharmaceutical Corporation (B1): Malcolm Gefter
Josh Lerner
Supplements the (A) case.
Keywords: Pharmaceutical Industry;
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Case
| HBS Case Collection
|
1996
(Revised from original 1992 version)
ImmuLogic Pharmaceutical Corporation (Abridged)
Josh Lerner
ImmuLogic Pharmaceutical Corp., a development-stage biotechnology company, is considering making an initial offering of common stock. The rationales for and problems of high-technology start-ups are explored. The challenges posed by "windows" for public offerings are highlighted.
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Supplement
| HBS Case Collection
|
1993
(Revised from original 1992 version)
ImmuLogic Pharmaceutical Corporation (B2): Henry McCance
Josh Lerner
Supplements the (A) case.
Keywords: Pharmaceutical Industry;
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Supplement
| HBS Case Collection
|
1993
(Revised from original 1992 version)
ImmuLogic Pharmaceutical Corporation (B4): Phillip Gross
Josh Lerner
Supplements the (A) case.
Keywords: Pharmaceutical Industry;
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Supplement
| HBS Case Collection
|
1993
(Revised from original 1992 version)
ImmuLogic Pharmaceutical Corporation (B3): Katherine Kirk
Josh Lerner
Supplements the (A) case.
Keywords: Pharmaceutical Industry;
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Supplement
| HBS Case Collection
|
1993
(Revised from original 1992 version)
ImmuLogic Pharmaceutical Corporation (C): April 1991
Josh Lerner
Supplements the (A) case.
Keywords: Pharmaceutical Industry;
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Case
| HBS Case Collection
|
2013
(Revised from original 2012 version)
Innova Capital: The Transition
Josh Lerner and Ann Leamon
The partners at Innova Capital, a leading mid-market private equity investor in Poland, must negotiate a transition of power between the two ex-patriate founders and three talented young Polish partners. If they fail to find an accomodation, the entire firm will self-destruct. This case explores the long-running process through which they were able to reach an agreement and the different motivations and goals that each partner wanted to achieve.
Keywords: entrepreneurship;
private equity;
firm structure;
venture capital;
negotiation;
investment;
career management;
emerging market;
succession;
Entrepreneurship;
Private Equity;
Venture Capital;
Negotiation;
Investment;
Citation: Lerner, Josh, and Ann Leamon. " Innova Capital: The Transition." Harvard Business School Case 813-064, February 2013. (Revised from original October 2012 version.)
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Case
| HBS Case Collection
|
2005
(Revised from original 2004 version)
In-Q-Tel
Josh Lerner, G. Felda Hardymon, Kevin Book and Ann Leamon
The Central Intelligence Agency establishes a venture-enabled fund, In-Q-Tel, to allow it to access cutting-edge technologies. Fund managers face a variety of difficulties, some similar to those facing other institutionally affiliated venture funds and some unique.
Keywords: Technological Innovation;
Venture Capital;
Investment Funds;
Problems and Challenges;
Government Administration;
Public Administration Industry;
United States;
Citation: Lerner, Josh, G. Felda Hardymon, Kevin Book, and Ann Leamon. " In-Q-Tel." Harvard Business School Case 804-146, May 2005. (Revised from original February 2004 version.)
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Case
| HBS Case Collection
|
1999
(Revised from original 1999 version)
Investitori Associati: Exiting the Savio LBO (A)
Josh Lerner, Dino Cattaneo and Giampiero Mazza
Investitori Associati seeks to exit a leveraged buyout investment. Choosing the appropriate way in which to undertake their exit-an initial public offering or sale of the firm-proves problematic.
Keywords: Private Equity;
Initial Public Offering;
Business Exit or Shutdown;
Leveraged Buyouts;
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Case
| HBS Case Collection
|
1999
Investitori Associati: Exiting the Savio LBO (B)
Josh Lerner
Supplements the (A) case.
Keywords: Leveraged Buyouts;
Investment;
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Case
| HBS Case Collection
|
2011
(Revised from original 2009 version)
Iris Running Crane: December 2009
Matthew Rhodes-Kropf, Josh Lerner and Ann Leamon
Iris Running Crane, an MBA candidate, must choose among three different job offers in private equity. One is with a top-tier megafund buyout operation; the second with a geographically focused mid-market fund; and the third with a one-time top-tier fund that is trying to reposition itself as a turnaround expert, starting with its own portfolio. Iris must consider the advantages and drawbacks of each position, and how each will help her achieve her personal goals.
Keywords: Decision Choices and Conditions;
Private Equity;
Compensation and Benefits;
Job Offer;
Personal Development and Career;
Financial Services Industry;
Citation: Rhodes-Kropf, Matthew, Josh Lerner, and Ann Leamon. " Iris Running Crane: December 2009." Harvard Business School Case 810-073, February 2011. (Revised from original December 2009 version.)
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Case
| HBS Case Collection
|
2010
(Revised from original 2008 version)
Ithmar Capital
Josh Lerner and Ann Leamon
The founders of Ithmar Capital, a mid-market private equity fund targeting businesses in and addressing the Gulf Co-operation Council countries, are about to raise their third fund, targeting $1 billion. The firm's current strategy as demonstrated in Funds I ($70 million) and II ($250 million) emphasized careful targeting of sectors and in-depth work to develop the portfolio companies post-acquisition. With the industry's greater velocity and deal size, can Ithmar continue to pursue this strategy even with a larger fund?
Keywords: Private Equity;
Financial Management;
Investment Funds;
Investment Portfolio;
Financial Services Industry;
Citation: Lerner, Josh, and Ann Leamon. " Ithmar Capital." Harvard Business School Case 809-032, September 2010. (Revised from original September 2008 version.)
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Case
| HBS Case Collection
|
2008
(Revised from original 2006 version)
Lion Capital and the Blackstone Group: The Orangina Deal
G. Felda Hardymon, Josh Lerner and Ann Leamon
The managing partners of two private equity firms are hoping to forestall a third bidding round for a target company, the European beverage division of Cadbury Schweppes. As they wait to meet with the CEO, they revisit their assumptions on the deal and review the insights that informed their valuation.
Keywords: Mergers and Acquisitions;
Private Equity;
Negotiation Deal;
Negotiation Process;
Partners and Partnerships;
Valuation;
Europe;
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Case
| HBS Case Collection
|
2003
(Revised from original 1997 version)
Martin Smith: January 2002
Josh Lerner
An MBA student must choose between offers from three private equity organizations. Each organization has distinct strengths and weaknesses, and different implications for the student's career development. The case presents compensation and employment data about the private equity industry. Teaching Note: Introduces the private equity industry and the key offerings between groups.
Keywords: Private Equity;
Compensation and Benefits;
Data and Data Sets;
Job Offer;
Personal Development and Career;
Citation: Lerner, Josh. " Martin Smith: January 2002." Harvard Business School Case 298-076, January 2003. (Revised from original November 1997 version.)
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Case
| HBS Case Collection
|
2000
(Revised from original 2000 version)
Martin Smith: May 2000
G. Felda Hardymon and Josh Lerner
A new associate at a venture capital firm must choose which of three potential investments to recommend to the firm's partners. Each potential investment has strengths and drawbacks.
Keywords: Venture Capital;
Investment;
Valuation;
Citation: Hardymon, G. Felda, and Josh Lerner. " Martin Smith: May 2000." Harvard Business School Case 200-046, April 2000. (Revised from original March 2000 version.)
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Case
| HBS Case Collection
|
2013
(Revised from original 2012 version)
Martin Smith: July 2012
Josh Lerner and Felda Hardymon
Martin Smith, a recently hired general partner at a Brazil-based venture capital firm, must decide among three deal opportunities. Each has different strengths (management, market, and technology) but each has its own weaknesses as well. He must also consider each deal in the context of the firm's situation and his own career.
Keywords: private equity;
deal choice;
venture capital;
Investments;
career management;
Management Teams;
Decision Choices and Conditions;
Cost vs Benefits;
Personal Development and Career;
Financial Services Industry;
Brazil;
Citation: Lerner, Josh, and Felda Hardymon. "Martin Smith: July 2012." Harvard Business School Case 813-067, January 2013. (Revised from original September 2012 version.)
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Case
| HBS Case Collection
|
2002
(Revised from original 2002 version)
Martin Smith: May 2002
G. Felda Hardymon, Josh Lerner and Ann Leamon
Martin Smith, a recent HBS graduate, has just begun working with a leveraged buyout firm. His first assignment is to evaluate three different deals and make recommendations to the partners. As he studies the deals, he realizes that each has different merits and drawbacks and that his recommendation must take into account not only the specifics of each target company but also the situation of his firm. Also, he must consider the stage of his career and that of the senior partner.
Keywords: Leveraged Buyouts;
Personal Development and Career;
Financial Strategy;
Partners and Partnerships;
Citation: Hardymon, G. Felda, Josh Lerner, and Ann Leamon. " Martin Smith: May 2002." Harvard Business School Case 802-160, April 2002. (Revised from original January 2002 version.)
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Case
| HBS Case Collection
|
2010
(Revised from original 2009 version)
Messer Griesheim (A)
Josh Lerner, Ann-Kristin Achleitner, Eva Lutz and Kerry Herman
In 2001, Allianz Capital Partners and Goldman Sachs acquired a majority stake in Messer Griesheim, a European industrial gas concern held by Hoechst. The dealmakers faced several challenges, including delicate corporate governance issues due to partial family ownership and a consolidating market for industrial gases. Aiming to make Messer Griesheim a more attractive potential acquisition, Messer Griesheim management had drawn up a restructuring plan as early as 2000. By late 2003 the private equity players were ready to exit and the Messer family agitated for further control. Several factors were in play: the family had a buy-back option, the window of which was quickly closing; there were few possible strategic buyers, given the anti-trust issues facing a European player interested in buying the firm; and the family made no secret of its desire to retain a piece of the firm, at the very least, and some measure of control. The case explores the steps taken by the private equity investors to restructure the firm, and the relationship the partners forged with the family owners, to bring about a favorable exit for the private equity partners and ownership for the Messer family.
Keywords: Mergers and Acquisitions;
Restructuring;
Venture Capital;
Private Equity;
Corporate Governance;
Family Ownership;
Chemical Industry;
Industrial Products Industry;
Europe;
Citation: Lerner, Josh, Ann-Kristin Achleitner, Eva Lutz, and Kerry Herman. " Messer Griesheim (A)." Harvard Business School Case 809-056, July 2010. (Revised from original February 2009 version.)
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Case
| HBS Case Collection
|
2012
Messer Griesheim (A) (Abridged)
Josh Lerner, Eva Lutz and Kerry Herman
In 2001, Allianz Capital Partners and Goldman Sachs acquired a majority stake in Messer Griesheim, a European industrial gas concern held by Hoechst. The dealmakers faced several challenges, including delicate corporate governance issues due to partial family ownership and a consolidating market for industrial gases. Aiming to make Messer Griesheim a more attractive potential acquisition, Messer Griesheim management had drawn up a restructuring plan as early as 2000. By late 2003 the private equity players were ready to exit and the Messer family agitated for further control. Several factors were in play: the family had a buy-back option, the window of which was quickly closing; there were few possible strategic buyers, given the anti-trust issues facing a European player interested in buying the firm; and the family made no secret of its desire to retain a piece of the firm at the very least and some measure of control. The case explores the the steps taken by the private equity investors to restructure the firm, and the relationship the partners forged with the family owners, to bring about a favorable exit for the private equity partners and ownership for the Messer family.
The case explores the steps taken by private equity investors to restructure a European industrial gas concern held by Hoechts, and complicated by partial family ownership. The case considers the relationship the partners forged with the family owners to bring about a favorable exit for the private equity partners and ownership for the Messer family. Keywords: private equity;
venture capital;
Germany;
energy;
Private Equity;
Venture Capital;
Energy Industry;
European Union;
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Supplement
| HBS Case Collection
|
2010
(Revised from original 2009 version)
Messer Griesheim (B)
Josh Lerner, Ann-Kristin Achleitner, Eva Lutz and Kerry Herman
In 2001, Allianz Capital Partners and Godlman Sachs acquired a majority stake in Messer Greisheim, a European industrial gas concern held by Hoeschst. The dealmakers faced several challenges, including delicate corporate governance issues due to partial family ownership and a consolidating sector. By late 2003 the private equity players were ready to exit and the Messer family agitated for further control. Several factors were in play: the family had a buy-back option, the window of which was quickly closing; there were few possible strategic buyers, given the anti-trust issues facing a European player interested in buying the firm; and the family made no secret of its desire to retain a piece of the firm at the very least and some measure of control. The case provides an update post-exit.
Keywords: Mergers and Acquisitions;
Private Equity;
Stock Options;
Stock Shares;
Corporate Governance;
Governance Controls;
Family Ownership;
Problems and Challenges;
Energy Industry;
Europe;
Citation: Lerner, Josh, Ann-Kristin Achleitner, Eva Lutz, and Kerry Herman. " Messer Griesheim (B)." Harvard Business School Supplement 809-057, January 2010. (Revised from original February 2009 version.)
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Case
| HBS Case Collection
|
2004
(Revised from original 2004 version)
Montagu Private Equity (A)
G. Felda Hardymon, Josh Lerner and Ann Leamon
Describes the dilemma facing Chris Masterson, the head of HSBC's private equity division, in negotiating this team's buyout of its organization from HSBC, its corporate parent since 1992. Discusses the pros and cons of being a captive fund and the delicate balance among many interests--limited partners, team members, the parent, and the investee companies--that must be maintained.
Keywords: Private Equity;
Balance and Stability;
Asset Pricing;
Citation: Hardymon, G. Felda, Josh Lerner, and Ann Leamon. " Montagu Private Equity (A)." Harvard Business School Case 804-051, May 2004. (Revised from original January 2004 version.)
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Case
| HBS Case Collection
|
2001
(Revised from original 1999 version)
New Business Investment Company: October 1997
Josh Lerner, Lee Branstetter and Takeshi Nakabayashi
A quasi-government organization seeks to stimulate entrepreneurship in Japan by making venture capital investments. The organization of the fund, identification of transactions, and oversight of portfolio firms pose considerable challenges.
Keywords: Venture Capital;
Entrepreneurship;
Government and Politics;
Problems and Challenges;
Financial Services Industry;
Japan;
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Case
| HBS Case Collection
|
2011
Oriental Fortune Capital: Building a Better Stock Exchange
Josh Lerner and Keith Chi-ho Wong
When ChiNext opened in October 2009 as the second tier market of the Shenzhen Stock Exchange (SZSE), it aimed to provide Chinese entrepreneurs with equity capital and to facilitate the exits of venture capital firms and other investors which had previously relied on the New York, London, and Hong Kong markets for public offerings. A year into ChiNext's operation, Dr. Wei Chen, Chairman and founder of Oriental Fortune Capital, one of the fastest-growing venture capital firms in China, met with an SZSE research fellow to discuss how the rules governing the market might be adjusted to allow more firms to list and, more importantly, to improve efficiency and transparency in order to make ChiNext a better stock exchange.
Keywords: Capital Markets;
Stocks;
Financial Markets;
Venture Capital;
Private Equity;
International Finance;
Financial Services Industry;
China;
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Supplement
| HBS Case Collection
|
2007
OuterLink Corporation (B)
Josh Lerner and Brenda Chia
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Case
| HBS Case Collection
|
1998
(Revised from original 1996 version)
Schroder Ventures: Launch of the Euro Fund
Josh Lerner, Kate Bringham and Nick Ferguson
Schroder Ventures is considering launching a pan-European fund in response to investor demand. This will lead to changes in the interactions between the parent organization and the national affiliates. A related question is the extent to which the private equity model can be transplanted across national boundaries.
Keywords: Change;
Private Equity;
Investment Funds;
Multinational Firms and Management;
Product Launch;
Europe;
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Case
| HBS Case Collection
|
2012
Start-Up Chile: April 2012
Lynda M. Applegate, William R. Kerr, Josh Lerner, Dina D. Pomeranz, Gustavo A. Herrero and Cintra Scott
Start-Up Chile is a unique program to encourage entrepreneurs to bring their new ventures to Chile. Policymakers must evaluate its effectiveness in achieving economic and social goals.
Keywords: Entrepreneurship;
Venture Capital;
Policy;
Chile;
Citation: Applegate, Lynda M., William R. Kerr, Josh Lerner, Dina D. Pomeranz, Gustavo A. Herrero, and Cintra Scott. " Start-Up Chile: April 2012." Harvard Business School Case 812-158, May 2012.
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Case
| HBS Case Collection
|
2003
(Revised from original 2002 version)
Tympani Board, The
G. Felda Hardymon, Josh Lerner and Ann Leamon
Mike Tarkington, a partner at Reality Venture Partners, must recommend a course of action to his colleague, Steve Bonhomme. Bonhomme is trying to decide whom he should put on the board of a company that is acquiring one of Reality's portfolio companies. Reality will own a very small portion of the merged entity, which will be headquartered in Finland, and Bonhomme is considering a host of options.
Keywords: Mergers and Acquisitions;
Decision Making;
Equity;
Venture Capital;
Governing and Advisory Boards;
Finland;
United States;
Citation: Hardymon, G. Felda, Josh Lerner, and Ann Leamon. " Tympani Board, The." Harvard Business School Case 803-105, November 2003. (Revised from original December 2002 version.)
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Case
| HBS Case Collection
|
1997
Exxel Group, The
Josh Lerner, Alex Hoye and Gonzalo Pacanins
Citation: Lerner, Josh, Alex Hoye, and Gonzalo Pacanins. " Exxel Group, The." Harvard Business School Case 297-103, April 1997.
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Background Note
| HBS Case Collection
|
1997
(Revised from original version)
Information Sources About Private Equity
Josh Lerner
Provides an overview of key sources of information.
Keywords: Private Equity;
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Background Note
| HBS Case Collection
|
2006
(Revised from original version)
An Introduction to Patents and Trade Secrets
Josh Lerner
Provides an overview of patent and trade secret protection. Also discusses the legal processes through which intellectual property is protected and litigated.
Keywords: Patents;
Intellectual Property;
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Background Note
| HBS Case Collection
|
1995
A Note on Distribution of Venture Investments
Josh Lerner
Venture capitalists typically exit investments by distributing shares to investors. These transfers pose challenges for these investors. Predictions and evidence about the behavior of stock prices of firms around the time of these distributions are presented.
Keywords: Forecasting and Prediction;
Venture Capital;
Stocks;
Investment;
Price;
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Background Note
| HBS Case Collection
|
2008
A Note on Limited Partner Advisory Boards
Josh Lerner, G. Felda Hardymon and Ann Leamon
This note explores the limited partner advisory boards. Based on interviews with seven experienced limited partners who serve on a number of different advisory boards, it presents the roles of the advisory board, the ways it can influence the general partner, and the reasons for limited partners to serve on them. It also contrasts the findings of this survey with a paper on the performance differential between university endowments and other institutional investors and hypothesizes the reasons behind it.
Keywords: Corporate Governance;
Governing and Advisory Boards;
Partners and Partnerships;
Power and Influence;
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Background Note
| HBS Case Collection
|
2007
(Revised from original 2004 version)
Best Practices: Decision Making Among Venture Capital Firms
G. Felda Hardymon, Josh Lerner and Ann Leamon
Describes investment decision-making processes, based on interviews with 56% of the top 38 venture capital firms in the country. Discusses some implications for the future growth of the industry.
Keywords: Decision Making;
Venture Capital;
Investment;
Industry Growth;
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Background Note
| HBS Case Collection
|
2011
(Revised from original 2003 version)
Between a Rock and a Hard Place: Valuation and Distribution in Private Equity
G. Felda Hardymon, Josh Lerner and Ann Leamon
Introduces the issues attendant to valuing privately held portfolios and distributing thinly traded stock. Although they have existed since the beginning of the formal venture capital industry, they have received increasing amounts of attention as the money invested in private equity has grown. Presents the perspectives of the many participants in the industry.
Keywords: Venture Capital;
Private Equity;
Stocks;
Investment Portfolio;
Valuation;
Financial Services Industry;
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Background Note
| HBS Case Collection
|
2001
(Revised from original 2000 version)
Note on Corporate Venture Capital, A
Josh Lerner
Provides an overview of corporate venture investment.
Keywords: Venture Capital;
Business Startups;
Corporate Entrepreneurship;
Financial Services Industry;
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Background Note
| HBS Case Collection
|
2011
(Revised from original 2011 version)
A Note on European Private Equity
Josh Lerner and Ann Leamon
This note provides an overview of private equity in Europe as of mid-2010.
Keywords: Private Equity;
Investment;
Europe;
Citation: Lerner, Josh, and Ann Leamon. " A Note on European Private Equity." Harvard Business School Background Note 811-103, May 2011. (Revised from original May 2011 version.)
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Background Note
| HBS Case Collection
|
2011
(Revised from original 2011 version)
A Note on Private Equity in Developing Countries
Josh Lerner, Ann Leamon and Abishai Vase
This note provides an overview of private equity in emerging markets as of late 2009.
Keywords: Development Economics;
Developing Countries and Economies;
Private Equity;
Investment;
Emerging Markets;
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Background Note
| HBS Case Collection
|
2011
(Revised from original 1998 version)
Note on Private Equity Information Sources
Josh Lerner and Ann Leamon
Provides an overview of key information sources about venture capital and private equity.
Keywords: Venture Capital;
Private Equity;
Investment;
Knowledge Acquisition;
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Background Note
| HBS Case Collection
|
2011
(Revised from original 1994 version)
Note on Private Equity Partnership Agreements
Josh Lerner
Venture capital by necessity is a long-run investment. Consequently, since the mid-1960s virtually all venture financing has been raised through private partnerships with a ten-year or longer life span. To govern these investments, complex contracts have sprung up between venture capitalists and limited partners. These contracts provide an insight into the complex challenge of raising and managing a venture capital fund.
Keywords: Venture Capital;
Financing and Loans;
Investment;
Governance;
Contracts;
Partners and Partnerships;
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Background Note
| HBS Case Collection
|
2001
(Revised from original 1999 version)
Note on Private Equity Securities, A
G. Felda Hardymon and Josh Lerner
Provides an overview of the primary securities used in private equity, their structures, and the economic motivation behind their designs.
Keywords: Design;
Private Equity;
Debt Securities;
Industry Structures;
Motivation and Incentives;
Citation: Hardymon, G. Felda, and Josh Lerner. " Note on Private Equity Securities, A." Harvard Business School Background Note 200-027, November 2001. (Revised from original December 1999 version.)
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Background Note
| HBS Case Collection
|
2007
(Revised from original 1999 version)
A Note on the Initial Public Offering Process
Josh Lerner
Provides an overview of the going public process.
Keywords: Initial Public Offering;
Going Public;
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Background Note
| HBS Case Collection
|
2011
(Revised from original 2000 version)
Note on the Private Equity Fundraising
Josh Lerner, G. Felda Hardymon and Ann Leamon
Provides an overview of raising venture capital and private equity funds.
Keywords: Venture Capital;
Private Equity;
Investment Funds;
Citation: Lerner, Josh, G. Felda Hardymon, and Ann Leamon. " Note on the Private Equity Fundraising." Harvard Business School Background Note 201-042, April 2011. (Revised from original September 2000 version.)
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Background Note
| HBS Case Collection
|
2001
(Revised from original 1994 version)
A Note on the Venture Capital Industry
Paul A. Gompers and Josh Lerner
The history of the venture capital industry is reviewed, and the key institutional features described.
Keywords: Venture Capital;
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Background Note
| HBS Case Collection
|
2001
(Revised from original 1994 version)
Note on the Venture Leasing Industry, A
Josh Lerner
Provides an overview of venture leasing, an innovative financing mechanism that resembles both venture equity investments and bank lending.
Keywords: Finance;
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Background Note
| HBS Case Collection
|
2011
(Revised from original 1996 version)
Note on Valuation in Private Equity Settings, A
Josh Lerner and John Willinge
This note discusses several ways in which venture-backed firms can be valued, including comparables, net present value, decision-tree analysis, and the "venture capital method."
Keywords: Entrepreneurship;
Venture Capital;
Private Equity;
Investment;
Valuation;
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Background Note
| HBS Case Collection
|
2007
(Revised from original 2007 version)
Technology Transfer at U.S. Universities
Richard G. Hamermesh, Josh Lerner and David Kiron
Technology transfer from U.S. universities to industry has increased dramatically in the last 25 years. Reviews the history of technology transfer with particular emphasis on the Bayh-Dole Act of 1980. It then examines how universities responded to Bayh-Dole, the growth of technology transfer offices, and compares how three different universities (MIT, Stanford, and Harvard) approach technology transfer. Provides an overview of the technology transfer process and issues around current practices.
Keywords: Higher Education;
Technology;
Laws and Statutes;
Education Industry;
Technology Industry;
United States;
Citation: Hamermesh, Richard G., Josh Lerner, and David Kiron. " Technology Transfer at U.S. Universities." Harvard Business School Background Note 807-124, June 2007. (Revised from original January 2007 version.)
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Background Note
| HBS Case Collection
|
2011
(Revised from original 2011 version)
U.S. Universities and Technology Transfer
Richard G. Hamermesh, Josh Lerner and Phillip Andrews
Technology transfer from U.S. universities to industry has increased dramatically in the last 25 years. Reviews the history of technology transfer with particular emphasis on the Bayh-Dole Act of 1980. It then examines how universities responded to Bayh-Dole, the growth of technology transfer offices, and compares how three different universities (MIT, Stanford, and Harvard) approach technology transfer. Provides an overview of the technology transfer process and issues around current practices.
Keywords: Higher Education;
Technology;
Laws and Statutes;
Education Industry;
Technology Industry;
United States;
Citation: Hamermesh, Richard G., Josh Lerner, and Phillip Andrews. " U.S. Universities and Technology Transfer." Harvard Business School Background Note 812-016, September 2011. (Revised from original August 2011 version.)
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Compilation
|
2010
VCPE Strategy Vignettes I
Josh Lerner, G. Felda Hardymon, Matthew Rhodes-Kropf, Ann Leamon and Lisa Strope
These three vignettes present various issues around the strategy and management of venture capital and private equity firms. In one, the general partners must decide whether to invest in an intriguing opportunity that lies outside the firm's carefully developed investment strategy; in the second, a new associate must decide whether or not to keep a promising but under-performing investment in the portfolio and in the third, a minority investor in an Chinese company considers removing a politically connected but ineffective controller
Keywords: Venture Capital;
Private Equity;
Financial Strategy;
Projects;
Decision Choices and Conditions;
Partners and Partnerships;
Opportunities;
Investment Portfolio;
Business or Company Management;
China;
Citation: Lerner, Josh, G. Felda Hardymon, Matthew Rhodes-Kropf, Ann Leamon, and Lisa Strope. "VCPE Strategy Vignettes I." Harvard Business School Compilation 811-043, December 2010.
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Compilation
|
2010
VCPE Strategy Vignettes II
Josh Lerner, G. Felda Hardymon, Matthew Rhodes-Kropf, Ann Leamon and Lisa Strope
These three vignettes present various issues around the strategy and management of venture capital and private equity firms. In one, a senior partner must decide how to manage an over-extended colleague and how to reduce the risk of the firm's portfolio; the second examines the problem of dividing stock among founders and the last summarizes the experience of Simmons Bedding, a US company that declared bankruptcy after 25 years of rotating private equity ownership.
Keywords: Venture Capital;
Private Equity;
Cost vs Benefits;
Insolvency and Bankruptcy;
Investment Portfolio;
Ownership;
Partners and Partnerships;
Risk Management;
Stocks;
Problems and Challenges;
United States;
Citation: Lerner, Josh, G. Felda Hardymon, Matthew Rhodes-Kropf, Ann Leamon, and Lisa Strope. "VCPE Strategy Vignettes II." Harvard Business School Compilation 811-054, December 2010.
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Compilation
|
2011
VCPE Strategy Vignettes: 2012
Josh Lerner, Felda Hardymon, Matthew Rhodes-Kropf, Ann Leamon and Lisa Strope
Keywords: Strategy;
Citation: Lerner, Josh, Felda Hardymon, Matthew Rhodes-Kropf, Ann Leamon, and Lisa Strope. "VCPE Strategy Vignettes: 2012." Harvard Business School Compilation 812-073, November 2011.
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Working Paper
| HBS Working Paper Series
| 1997
Venture Capital and Private Equity: A Course Overview
Josh Lerner
Citation: Lerner, Josh. "Venture Capital and Private Equity: A Course Overview." Harvard Business School Working Paper, No. 98–042, November 1997.
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Background Note
| HBS Case Collection
|
1997
(Revised from original 1996 version)
Venture Capital and Private Equity: Course Overview
Josh Lerner
Provides an overview of the Venture Capital and Private Equity modules.
Keywords: Venture Capital;
Private Equity;
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Module Note
|
2011
(Revised from original 1996 version)
Venture Capital and Private Equity: Module I
Josh Lerner, G. Felda Hardymon and Ann Leamon
Provides an overview of a module that focuses on how private equity funds are raised and structured.
Keywords: Venture Capital;
Private Equity;
Investment Funds;
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Module Note
|
2011
(Revised from original 1996 version)
Venture Capital and Private Equity: Module II
Josh Lerner, G. Felda Hardymon and Ann Leamon
Provides an overview of a module that focuses on the interaction between private equity investors and the firms they finance.
Keywords: Business Ventures;
Venture Capital;
Private Equity;
Financing and Loans;
Investment;
Business and Stakeholder Relations;
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Module Note
|
2011
(Revised from original 1996 version)
Venture Capital and Private Equity: Module III
Josh Lerner, G. Felda Hardymon and Ann Leamon
Provides an overview of a module that focuses on existing venture capital and other private equity investments.
Keywords: Venture Capital;
Private Equity;
Investment;
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Module Note
|
2011
(Revised from original 1996 version)
Venture Capital and Private Equity: Module IV
Josh Lerner, G. Felda Hardymon and Ann Leamon
Provides an overview of a module that focuses on the adaptation of the private equity model to corporate and nonprofit settings.
Keywords: Venture Capital;
Private Equity;
Investment;
Nonprofit Organizations;
Adaptation;
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Teaching Note
| HBS Case Collection
|
1999
(Revised from original 1995 version)
Aberlyn Capital Management TN
Josh Lerner
Teaching Note for (9-294-083).
Keywords: Biotechnology Industry;
Financial Services Industry;
Citation: Lerner, Josh. " Aberlyn Capital Management TN." Harvard Business School Teaching Note 295-134, April 1999. (Revised from original April 1995 version.)
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Teaching Note
| HBS Case Collection
|
1995
Repligen Corporation: January 1992 TN
Josh Lerner
Teaching Note for (9-294-082).
-
Teaching Note
| HBS Case Collection
|
1995
EMC Corporation: Response to Shareholder Litigation (Case Series) TN
Josh Lerner
Teaching Note for (9-294-070) and (9-294-071).
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Teaching Note
| HBS Case Collection
|
1995
Scripps Research Institute, The: (Case Series) TN
Josh Lerner
Citation: Lerner, Josh. "Scripps Research Institute, The: (Case Series) TN." Harvard Business School Teaching Note 295-139, April 1995.
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Teaching Note
| HBS Case Collection
|
1998
Yale University Investments Office and Yale University Investments Office: November 1997 (TN)
Josh Lerner
Teaching Note for (9-296-040) and (9-298-077).
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Teaching Note
| HBS Case Collection
|
1998
Acme Investment Trust TN
Josh Lerner
Teaching Note for (9-296-042).
Keywords: Financial Services Industry;
-
Teaching Note
| HBS Case Collection
|
1998
FOX Venture Partners TN
Josh Lerner
Teaching Note for (9-296-041).
-
Teaching Note
| HBS Case Collection
|
1998
Schroder Ventures: Launch of the Euro Fund TN
Josh Lerner
Keywords: Currency;
European Union;
Citation: Lerner, Josh. "Schroder Ventures: Launch of the Euro Fund TN." Harvard Business School Teaching Note 298-137, April 1998.
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Teaching Note
| HBS Case Collection
|
1998
ARCH Venture Partners: November 1993 TN
Josh Lerner
Teaching Note for (9-295-105).
Keywords: Financial Services Industry;
-
Teaching Note
| HBS Case Collection
|
1998
(Revised from original 1998 version)
RogersCasey Alternative Investments: Innovative Response to the Distribution Challenge TN
Josh Lerner
Teaching Note for (9-296-024).
Keywords: Distribution;
Investment;
-
Teaching Note
| HBS Case Collection
|
1998
Xerox Technology Ventures TN
Josh Lerner
Teaching Note for (9-295-127) and (9-298-109).
Keywords: Service Industry;
Computer Industry;
-
Teaching Note
| HBS Case Collection
|
1998
GO Corporaiton TN
Josh Lerner
Teaching Note for (9-297-021).
Citation: Lerner, Josh. " GO Corporaiton TN." Harvard Business School Teaching Note 298-153, April 1998.
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Teaching Note
| HBS Case Collection
|
1998
Weston Presidio Offshore Capital: Confronting the Fundraising Challenge TN
Josh Lerner
Teaching Note for (9-296-055).
Keywords: Financial Services Industry;
-
Teaching Note
| HBS Case Collection
|
1998
European Association of Security Dealers TN, The
Josh Lerner
Keywords: Europe;
Citation: Lerner, Josh. "European Association of Security Dealers TN, The." Harvard Business School Teaching Note 298-158, May 1998.
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Teaching Note
| HBS Case Collection
|
1998
Apex Investment Partners (A) and (B), Teaching Note
Josh Lerner
Teaching Note for (9-296-028) and (9-296-029).
Keywords: Financial Services Industry;
Telecommunications Industry;
-
Teaching Note
| HBS Case Collection
|
1998
Northeast Ventures: January 1996 TN
Josh Lerner
Teaching Note for (9-296-093).
Keywords: Minnesota;
-
Teaching Note
| HBS Case Collection
|
1998
Fojtasek Companies and Heritage Partners:March 1995 TN ,The
Josh Lerner
Teaching Note for (9-297-046).
-
Teaching Note
| HBS Case Collection
|
1998
BCI Growth III TN
Josh Lerner
Teaching Note for (9-298-093) and (9-298-103).
Keywords: Finance;
Business Growth and Maturation;
Financial Services Industry;
Citation: Lerner, Josh. " BCI Growth III TN." Harvard Business School Teaching Note 298-163, May 1998.
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Teaching Note
| HBS Case Collection
|
1998
Exxel Group: September 1995 TN ,The
Josh Lerner
Teaching Note for (9-297-068).
Keywords: Buenos Aires;
United States;
-
Teaching Note
| HBS Case Collection
|
2011
Abraaj Capital (TN)
Josh Lerner
Keywords: Capital;
Citation: Lerner, Josh. " Abraaj Capital (TN)." Harvard Business School Teaching Note 812-067, November 2011.
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Teaching Note
| HBS Case Collection
|
2004
Accel Partners' European Launch (TN)
Josh Lerner, G. Felda Hardymon and Ann Leamon
Teaching Note to (9-803-021).
Keywords: Financial Services Industry;
London;
United States;
-
Teaching Note
| HBS Case Collection
|
2004
Acme Investment Trust: January 2001 (TN)
Josh Lerner, G. Felda Hardymon and Ann Leamon
Teaching Note to (9-202-055).
Keywords: Financial Services Industry;
-
Teaching Note
| HBS Case Collection
|
2003
(Revised from original 2001 version)
Adams Capital Management: March 1999 TN
G. Felda Hardymon, Josh Lerner and Ann Leamon
Teaching Note for (9-899-256).
Keywords: Financial Services Industry;
Citation: Hardymon, G. Felda, Josh Lerner, and Ann Leamon. " Adams Capital Management: March 1999 TN." Harvard Business School Teaching Note 802-017, July 2003. (Revised from original September 2001 version.)
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Teaching Note
| HBS Case Collection
|
2009
(Revised from original 2007 version)
Adams Capital Management: Fund IV (TN)
G. Felda Hardymon, Josh Lerner and Ann Leamon
Keywords: Financial Management;
Investment;
Citation: Hardymon, G. Felda, Josh Lerner, and Ann Leamon. " Adams Capital Management: Fund IV (TN)." Harvard Business School Teaching Note 808-053, April 2009. (Revised from original December 2007 version.)
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Teaching Note
| HBS Case Collection
|
2005
(Revised from original 2004 version)
Adams Capital Management: March 2002 (TN)
G. Felda Hardymon, Josh Lerner and Ann Leamon
Teaching Note to (9-803-143).
Keywords: Capital;
-
Teaching Note
| HBS Case Collection
|
2004
AIT Group plc (TN)
G. Felda Hardymon, Josh Lerner and Ann Leamon
Teaching Note to (9-803-104).
Keywords: Financial Services Industry;
United States;
United Kingdom;
Citation: Hardymon, G. Felda, Josh Lerner, and Ann Leamon. " AIT Group plc (TN)." Harvard Business School Teaching Note 805-037, August 2004.
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Teaching Note
| HBS Case Collection
|
2011
Altoona State Investment Board: December 2008 (TN)
Josh Lerner and Ann Leamon
Keywords: Investment;
Altoona;
-
Teaching Note
| HBS Case Collection
|
2011
Angels in British Columbia (TN)
Josh Lerner and Thomas Hellmann
Keywords: British Columbia;
-
Teaching Note
| HBS Case Collection
|
2001
Apax Partners and Dialog Semiconductor: March 1998 TN
G. Felda Hardymon, Josh Lerner and Ann Leamon
Teaching Note for (9-201-044).
Keywords: Financial Services Industry;
Semiconductor Industry;
-
Teaching Note
| HBS Case Collection
|
2004
Apax Partners and Xerium S.A. (TN)
Josh Lerner, G. Felda Hardymon and Ann Leamon
Teaching Note to (9-804-084).
Keywords: Pulp and Paper Industry;
-
Teaching Note
| HBS Case Collection
|
2004
Battery Ventures (TN)
Josh Lerner, G. Felda Hardymon and Ann Leamon
Teaching Note to (9-802-159).
Keywords: Financial Services Industry;
Citation: Lerner, Josh, G. Felda Hardymon, and Ann Leamon. " Battery Ventures (TN)." Harvard Business School Teaching Note 805-036, August 2004.
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Teaching Note
| HBS Case Collection
|
2004
Between a Rock and a Hard Place: Valuation and Distribution in Private Equity (TN)
G. Felda Hardymon, Josh Lerner and Ann Leamon
Teaching Note to (9-803-161).
Keywords: Valuation;
Distribution;
Private Equity;
Venture Capital;
Investment Portfolio;
Stocks;
-
Teaching Note
| HBS Case Collection
|
2008
The Blackstone Group's IPO (TN)
G. Felda Hardymon, Josh Lerner and Ann Leamon
Teaching Note for [808100].
Keywords: Financial Liquidity;
Public Ownership;
Initial Public Offering;
Business and Stakeholder Relations;
Organizational Structure;
Financial Services Industry;
China;
-
Teaching Note
| HBS Case Collection
|
2008
Brazos Partners and Cheddar's Inc. (TN)
Felda Hardymon, Josh Lerner and Ann Leamon
Teaching Note for [806069].
-
Teaching Note
| HBS Case Collection
|
2004
Brazos Partners: the CoMark LBO (TN)
Josh Lerner, G. Felda Hardymon and Ann Leamon
Teaching Note to (9-202-090).
-
Teaching Note
| HBS Case Collection
|
2011
The Canada Pension Plan Investment Board (TN)
Josh Lerner, Felda Hardymon and Ann Leamon
Keywords: Retirement;
Investment Funds;
Canada;
-
Teaching Note
| HBS Case Collection
|
2001
CDC Capital Partners TN
G. Felda Hardymon, Josh Lerner and Ann Leamon
Teaching Note for (9-801-333).
Keywords: Financial Services Industry;
United Kingdom;
Citation: Hardymon, G. Felda, Josh Lerner, and Ann Leamon. " CDC Capital Partners TN." Harvard Business School Teaching Note 802-014, August 2001.
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Teaching Note
| HBS Case Collection
|
2004
Chengwei Ventures and the hdt* Investment (TN)
Josh Lerner, G. Felda Hardymon and Ann Leamon
Teaching Note to (9-802-089).
Keywords: Financial Services Industry;
China;
-
Teaching Note
| HBS Case Collection
|
2001
CMGI: Organizational and Market Innovation TN
G. Felda Hardymon, Josh Lerner and Ann Leamon
Teaching Note for (9-200-064).
Keywords: Web Services Industry;
-
Teaching Note
| HBS Case Collection
|
2001
Columbia Capital Corporation: Summer 1998 TN
G. Felda Hardymon, Josh Lerner and Ann Leamon
Teaching Note for (9-899-255).
Keywords: Financial Services Industry;
-
Teaching Note
| HBS Case Collection
|
2004
Endeca Technologies (A) and (B) TN
Josh Lerner, G. Felda Hardymon and Ann Leamon
Teaching Note to (9-802-141) and (9-802-142).
Keywords: Information Technology Industry;
-
Teaching Note
| HBS Case Collection
|
2004
Exxel Group, The: March 2001 (TN)
Josh Lerner, G. Felda Hardymon and Ann Leamon
Teaching Note to (9-202-053).
Keywords: Latin America;
-
Teaching Note
| HBS Case Collection
|
2001
Francisco Partners TN
G. Felda Hardymon, Josh Lerner and Ann Leamon
Teaching Note for (9-200-063).
Keywords: Financial Services Industry;
Citation: Hardymon, G. Felda, Josh Lerner, and Ann Leamon. " Francisco Partners TN." Harvard Business School Teaching Note 202-023, August 2001.
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Teaching Note
| HBS Case Collection
|
2008
Gobi Partners: Raising Fund II (TN)
Josh Lerner, Felda Hardymon and Ann Leamon
Teaching Note for [808052].
Keywords: Valuation;
Venture Capital;
Financing and Loans;
Partners and Partnerships;
Financial Services Industry;
China;
-
Teaching Note
| HBS Case Collection
|
2004
Gold Hill Venture Lending (TN)
G. Felda Hardymon, Josh Lerner and Ann Leamon
Teaching Note to (9-804-083).
Keywords: Financial Services Industry;
-
Teaching Note
| HBS Case Collection
|
2004
Grove Street Advisors (TN)
G. Felda Hardymon, Josh Lerner and Ann Leamon
Teaching Note to (9-804-050).
Citation: Hardymon, G. Felda, Josh Lerner, and Ann Leamon. " Grove Street Advisors (TN)." Harvard Business School Teaching Note 805-035, August 2004.
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Teaching Note
| HBS Case Collection
|
2011
Hony, CIFA, and Zoomlion: Creating Value and Strategic Choices in a Dynamic Market (TN)
Josh Lerner
Keywords: Growth and Development Strategy;
-
Teaching Note
| HBS Case Collection
|
1998
(Revised from original 1993 version)
ImmuLogic Pharmaceutical Corporation (Series) TN
Josh Lerner
Teaching Note for (9-293-066--071) and (9-293-087).
Keywords: Pharmaceutical Industry;
-
Teaching Note
| HBS Case Collection
|
2004
In-Q-Tel (TN)
Josh Lerner, G. Felda Hardymon and Ann Leamon
Teaching Note to (9-804-146).
Keywords: Financial Services Industry;
Citation: Lerner, Josh, G. Felda Hardymon, and Ann Leamon. " In-Q-Tel (TN)." Harvard Business School Teaching Note 805-047, September 2004.
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Teaching Note
| HBS Case Collection
|
2001
Intel 64 Fund TN
G. Felda Hardymon, Josh Lerner and Ann Leamon
Teaching Note for (9-800-351).
Keywords: Computer Industry;
Citation: Hardymon, G. Felda, Josh Lerner, and Ann Leamon. " Intel 64 Fund TN." Harvard Business School Teaching Note 802-026, August 2001.
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Teaching Note
| HBS Case Collection
|
2001
Investitori Associati: Exiting the Savio LBO (A) and (B) TN
G. Felda Hardymon, Josh Lerner and Ann Leamon
Teaching Note for (9-299-048) and (9-299-106).
-
Teaching Note
| HBS Case Collection
|
2011
Iris Running Crane: December 2009 (TN)
Josh Lerner, Matthew Rhodes-Kropf and Ann Leamon
-
Teaching Note
| HBS Case Collection
|
2001
Joe Casey: January 2000 TN
G. Felda Hardymon, Josh Lerner and Ann Leamon
Teaching Note for (9-801-155).
Citation: Hardymon, G. Felda, Josh Lerner, and Ann Leamon. " Joe Casey: January 2000 TN." Harvard Business School Teaching Note 802-027, August 2001.
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Teaching Note
| HBS Case Collection
|
2008
Lion Capital and the Blackstone Group: The Orangina Deal (TN)
G. Felda Hardymon, Josh Lerner and Ann Leamon
Teaching Note for [807005].
Keywords: Private Equity;
Bids and Bidding;
Negotiation Deal;
Valuation;
Financial Services Industry;
Food and Beverage Industry;
-
Teaching Note
| HBS Case Collection
|
2003
(Revised from original 2001 version)
Martin Smith: May 2000 TN
G. Felda Hardymon, Josh Lerner and Ann Leamon
Teaching Note for (9-200-046).
Citation: Hardymon, G. Felda, Josh Lerner, and Ann Leamon. " Martin Smith: May 2000 TN." Harvard Business School Teaching Note 202-021, August 2003. (Revised from original August 2001 version.)
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Teaching Note
| HBS Case Collection
|
2003
Martin Smith: January 2002 (TN)
G. Felda Hardymon, Josh Lerner and Ann Leamon
Teaching Note to (9-298-076).
-
Teaching Note
| HBS Case Collection
|
2005
(Revised from original 2003 version)
Martin Smith: May 2002 (TN)
G. Felda Hardymon, Josh Lerner and Ann Leamon
Teaching Note to (9-802-160).
Citation: Hardymon, G. Felda, Josh Lerner, and Ann Leamon. " Martin Smith: May 2002 (TN)." Harvard Business School Teaching Note 804-067, March 2005. (Revised from original November 2003 version.)
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Teaching Note
| HBS Case Collection
|
2012
Messer Griesheim (A) (Abridged) and (B) (TN)
Josh Lerner and Eva Lutz
Teaching Note for 813-018 and 809-057
Keywords: private equity;
venture capital;
Private Equity;
Venture Capital;
Energy;
Family Ownership;
Energy Industry;
Europe;
Citation: Lerner, Josh, and Eva Lutz. "Messer Griesheim (A) (Abridged) and (B) (TN)." Harvard Business School Teaching Note 813-051, August 2012.
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Teaching Note
| HBS Case Collection
|
2010
Messer Griesheim (TN) (A) & (B)
Josh Lerner, Ann-Kristin Achleitner and Eva Lutz
Teaching Note for [809056] and [809057].
Keywords: Energy Industry;
Europe;
-
Teaching Note
| HBS Case Collection
|
2008
(Revised from original 2001 version)
Metapath Software: September 1997 TN
G. Felda Hardymon and Josh Lerner
Teaching Note for (9-899-160).
Keywords: Technology Industry;
Citation: Hardymon, G. Felda, and Josh Lerner. " Metapath Software: September 1997 TN." Harvard Business School Teaching Note 802-051, January 2008. (Revised from original September 2001 version.)
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Teaching Note
| HBS Case Collection
|
2004
Montagu Private Equity (A) and (B) TN
Josh Lerner, G. Felda Hardymon and Ann Leamon
Teaching Note to (9-804-051) and (9-804-151).
-
Teaching Note
| HBS Case Collection
|
2009
Motilal Oswal Financial Services Ltd.: An IPO in India (TN)
G. Felda Hardymon, Josh Lerner and Ann Leamon
Teaching Note for [807095].
Keywords: Private Equity;
Initial Public Offering;
Revenue;
Valuation;
Going Public;
Emerging Markets;
Investment;
Financial Services Industry;
India;
-
Teaching Note
| HBS Case Collection
|
2001
New Business Investment Company: October 1997 TN
G. Felda Hardymon, Josh Lerner and Ann Leamon
Teaching Note for (9-299-025).
Keywords: Japan;
-
Teaching Note
| HBS Case Collection
|
2008
Pawson Foundation: August 2006 (TN)
G. Felda Hardymon, Josh Lerner and Ann Leamon
Teaching Note for [806042].
Keywords: Venture Capital;
Budgets and Budgeting;
Investment Funds;
-
Teaching Note
| HBS Case Collection
|
2001
Securior Wireless Networks: February 1996 TN
Josh Lerner, G. Felda Hardymon and Ann Leamon
Teaching Note for (9-899-134).
Keywords: Technology Industry;
United Kingdom;
United States;
-
Teaching Note
| HBS Case Collection
|
2007
Tad O'Malley: December 2004 (TN)
Josh Lerner, G. Felda Hardymon and Ann Leamon
-
Teaching Note
| HBS Case Collection
|
2008
Tad O'Malley: The Investment Conundrum (TN)
G. Felda Hardymon, Josh Lerner and Ann Leamon
Teaching Note for [808125].
Keywords: Investment;
Opportunities;
Leveraged Buyouts;
Personal Development and Career;
Resource Allocation;
-
Teaching Note
| HBS Case Collection
|
2004
3i Group plc (TN)
Josh Lerner, G. Felda Hardymon and Ann Leamon
Teaching Note to (9-803-020).
Keywords: Financial Services Industry;
Citation: Lerner, Josh, G. Felda Hardymon, and Ann Leamon. " 3i Group plc (TN)." Harvard Business School Teaching Note 805-048, September 2004.
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Teaching Note
| HBS Case Collection
|
2008
3i Group plc: May 2006 (TN)
Josh Lerner, G. Felda Hardymon and Ann Leamon
Teaching Note for [807006].
Keywords: Financial Services Industry;
Citation: Lerner, Josh, G. Felda Hardymon, and Ann Leamon. " 3i Group plc: May 2006 (TN)." Harvard Business School Teaching Note 809-013, July 2008.
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Teaching Note
| HBS Case Collection
|
2001
University Technology Ventures: October 2000 TN
G. Felda Hardymon, Josh Lerner and Ann Leamon
Teaching Note for (9-201-043).
Keywords: Financial Services Industry;
-
Teaching Note
| HBS Case Collection
|
2001
Venture Capital Case Vignettes TN
G. Felda Hardymon, Josh Lerner and Ann Leamon
Teaching Note for (9-801-408).
Keywords: Financial Services Industry;
-
Teaching Note
| HBS Case Collection
|
2007
Village Ventures (TN)
G. Felda Hardymon, Josh Lerner and Ann Leamon
Citation: Hardymon, G. Felda, Josh Lerner, and Ann Leamon. " Village Ventures (TN)." Harvard Business School Teaching Note 808-010, December 2007.
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Teaching Note
| HBS Case Collection
|
2008
Warburg Pincus and emgs: The IPO Decision (TN) (A) and (B)
G. Felda Hardymon, Josh Lerner and Ann Leamon
Teaching Note for [807092] and [808046].
Keywords: Initial Public Offering;
Decision Making;
Investment Banking;
Financial Services Industry;
-
Teaching Note
| HBS Case Collection
|
2001
Yale University Investments Office: July 2000 (TN)
G. Felda Hardymon, Josh Lerner and Ann Leamon
Teaching Note for (9-201-048). A rewritten version of an earlier teaching note.
Keywords: Education Industry;
-
Teaching Note
| HBS Case Collection
|
2008
Yale University Investments Office: August 2006 (TN)
Josh Lerner and Ann Leamon
Teaching Note for [807073].
Keywords: Investment Funds;
Strategy;
Cost vs Benefits;
Resource Allocation;
Decision Choices and Conditions;
Venture Capital;
Assets;
Leveraged Buyouts;
-
Teaching Note
| HBS Case Collection
|
2004
Yale University Investments Office: June 2003 (TN)
Josh Lerner, G. Felda Hardymon and Ann Leamon
Teaching Note to (9-204-055).
Keywords: Education Industry;
|
|