Yale University Investments Office: February 2015

Josh   Lerner; Nori Gerardo Lietz; Terrence  Shu

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Teaching Note | HBS Case Collection | January 2019

Yale University Investments Office: February 2015

by Josh Lerner, Nori Gerardo Lietz and Terrence Shu

Abstract

Teaching Note for HBS No. 815-124.

Keywords: asset management; venture capital; private equity; investment fund; investment strategy;

Language: English

Format: Print

9 pages

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Citation:

Lerner, Josh, Nori Gerardo Lietz, and Terrence Shu. "Yale University Investments Office: February 2015." Harvard Business School Teaching Note 819-094, January 2019.

About the Authors

Josh Lerner

Jacob H. Schiff Professor of Investment Banking

Entrepreneurial Management

Finance

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Nori Gerardo Lietz

Senior Lecturer of Business Administration

Finance

Entrepreneurial Management

View Profile »
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Case | HBS Case Collection | September 2020

Blackstone: Crocs Investment

Victoria Ivashina, John D. Dionne and Terrence Shu

This case follows Prakash Melwani (HBS MBA '86), CIO of Blackstone's Private Equity Group, and his teams’ investment in the footwear company Crocs. Instead of a traditional secondary offering, Crocs opted for a unique deal structure by taking Blackstone's cash in a private investment in public equity (PIPE) deal. During the Blackstone investment, Melwani and his team drastically reworked Crocs’ strategy. The case offers insight into the operational initiatives undertaken to revitalize the Crocs brand.

Keywords: private investment in public equity; PIPE deal; Investment; Brands and Branding; Strategy;

Citation:
Ivashina, Victoria, John D. Dionne, and Terrence Shu. "Blackstone: Crocs Investment." Harvard Business School Case 221-023, September 2020. View Details

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Working Paper | HBS Working Paper Series | 2020

Fencing Off Silicon Valley: Cross-Border Venture Capital and Technology Spillovers

Ufuk Akcigit, Sina T. Ates, Josh Lerner, Richard Townsend and Yulia Zhestkova

The treatment of foreign investors has been a contentious topic in U.S. entrepreneurship policy in recent years. This paper examines foreign corporate investments in Silicon Valley from a theoretical and empirical perspective. We model a setting where such funding may allow U.S. entrepreneurs to pursue technologies that they could not otherwise, but may also lead to spillovers to the overseas firm providing the financing and the nation where it is based. We show that despite the benefits from such inbound investments for U.S. firms, it may be optimal for the U.S. government to raise their costs to deter investments. Using as comprehensive as possible a sample of investments by non-U.S. corporate investors in U.S. start-ups between 1976 and 2015, we find evidence consistent with the presence of knowledge spillovers to foreign investors.

Keywords: innovation; Corporate Venture Capital; Knowledge Spillovers; Innovation and Invention; Foreign Direct Investment; Venture Capital; Entrepreneurship; Policy; United States;

Citation:
Akcigit, Ufuk, Sina T. Ates, Josh Lerner, Richard Townsend, and Yulia Zhestkova. "Fencing Off Silicon Valley: Cross-Border Venture Capital and Technology Spillovers." Harvard Business School Working Paper, No. 21-043, September 2020. View Details

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Case | HBS Case Collection | August 2020

NextView Ventures

Jo Tango and Nori Gerardo Lietz

Citation:
Tango, Jo, and Nori Gerardo Lietz. "NextView Ventures." Harvard Business School Case 821-031, August 2020. View Details

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Yale University Investments Office: February 2015

Abstract

Citation:

About the Authors

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