Finance
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- 2024
- Working Paper
Does the Case for Private Equity Still Hold?
By: Nori Gerardo Lietz and Philipp Chvanov- 2024
- Working Paper
Does the Case for Private Equity Still Hold?
By: Nori Gerardo Lietz and Philipp Chvanov -
- April 2024
- Article
Fee Variation in Private Equity
By: Juliane Begenau and Emil N. SiriwardaneWe study how investment fees vary within private-capital funds. Net-of-fee return clustering suggests that most funds have two tiers of fees, and we decompose differences across tiers into both management and performance-based fees. Managers of venture capital funds and those in high demand are less likely to use multiple fee schedules. Some investors consistently pay lower fees relative to others within their funds. Investor size, experience, and past performance explain some but not all of this effect, suggesting that unobserved traits like negotiation skill or bargaining power materially impact the fees that investors pay to access private markets.
- April 2024
- Article
Fee Variation in Private Equity
By: Juliane Begenau and Emil N. SiriwardaneWe study how investment fees vary within private-capital funds. Net-of-fee return clustering suggests that most funds have two tiers of fees, and we decompose differences across tiers into both management and performance-based fees. Managers of venture capital funds and those in high demand are less likely to use multiple fee schedules. Some...
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- March 2024
- Case
AMC: The Zero Revenue Case
By: C. Fritz Foley and Donal O'CofaighThe onset of the Covid-19 pandemic put theatre company AMC’s already perilous financial situation under even further strain. The company’s high levels of debt resulted in a monthly cash-burn which left it facing an imminent Chapter-11 filing in the absence of significant capital raises. This case raises practical and ethical questions about the measures taken by management to stave off bankruptcy, including at-the-market equity issues and preferred share issues. Should a management team issue equity if market prices seem overvalued, as was the case when AMC was characterized as a meme stock? If common shareholders do not approve an increase in shares outstanding, can managers issue preferred shares if permitted by the corporate charter? Should insiders sell their own shares while issuing shares to the public?
- March 2024
- Case
AMC: The Zero Revenue Case
By: C. Fritz Foley and Donal O'CofaighThe onset of the Covid-19 pandemic put theatre company AMC’s already perilous financial situation under even further strain. The company’s high levels of debt resulted in a monthly cash-burn which left it facing an imminent Chapter-11 filing in the absence of significant capital raises. This case raises practical and ethical questions about the...
About the Unit
Our strategy is to assemble and nurture a faculty whose interests and skills complement each other, and who work well together:
a) to produce a broad range of finance-related research that is published in top-tier scientific and practitioner journals, and that addresses issues of present and future importance to managers (including regulators and policy makers);
b) to develop highly-relevant and intellectually rigorous MBA and executive education courses; and
c) to mentor future academics through the Business Economics doctoral program.
Our applied focus and access to business organizations are major advantages which are reinforced by our students and our case-based approach. We have a faculty with broad expertise, and we have resources, field contacts, and institutional support, all of which we can leverage to do richer work and be more productive than we could at other institutions.
Recent Publications
Does the Case for Private Equity Still Hold?
- 2024 |
- Working Paper |
- Faculty Research
NBIM and the Norwegian Sovereign Wealth Fund
- April 2024 |
- Teaching Note |
- Faculty Research
Masterpiece for the Masses: The First Art Exchange ARTEX
- April 2024 |
- Supplement |
- Faculty Research
Fee Variation in Private Equity
- April 2024 |
- Article |
- Journal of Finance
AMC: The Zero Revenue Case
- March 2024 |
- Case |
- Faculty Research
Biomanufacturing Decentralization by Stämm
- March 2024 |
- Case |
- Faculty Research
Celsius Network Inc.: Fear, Uncertainty, and Doubt in the Brave New World of Crypto Bankruptcy
- March 2024 |
- Supplement |
- Faculty Research
Expanding the Bicester Collection to New York
- March 2024 |
- Supplement |
- Faculty Research
Harvard Business Publishing
Seminars & Conferences
- 24 Apr 2024