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  • 2023
  • Working Paper

Learning by Investing: Entrepreneurial Spillovers from Venture Capital
By: Josh Lerner, Jinlin Li and Tong Liu
This paper studies how investing in venture capital (VC) affects the entrepreneurial outcomes of individual limited partners (LPs). Using comprehensive administrative data on entrepreneurial activities and VC fundraising and investments in China, we first document that...  View Details
Keywords: Partners and Partnerships; Entrepreneurship; Venture Capital; Investment; China
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  • August 2023
  • Article

Anti-Corruption, Government Subsidies, and Innovation: Evidence from China
By: Lily Fang, Josh Lerner, Chaopeng Wu and Qi Zhang
We leverage an exogenous shock—the crackdown on corrupt Chinese officials beginning in 2012—and examine how the allocation of research subsidies and innovative outcomes were affected. We argue that the staggered removal of provincial heads on corruption charges during...  View Details
Keywords: Government Subsidies; Research and Development; Innovation and Invention; Crime and Corruption; Government and Politics; China
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  • July 2023
  • Article

Takahashi-Alexander Revisited: Modeling Private Equity Portfolio Outcomes Using Historical Simulations
By: Dawson Beutler, Alex Billias, Sam Holt, Josh Lerner and TzuHwan Seet
In 2001, Dean Takahashi and Seth Alexander of the Yale University Investments Office developed a deterministic model for estimating future cash flows and valuations for the Yale endowment’s private equity portfolio. Their model, which is simple and intuitive, is still...  View Details
Keywords: Forecasting and Prediction; Investment Portfolio; Analytics and Data Science
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  • February 2023 (Revised May 2023)
  • Case

CalPERS Private Equity 2.0
By: Josh Lerner, John D. Dionne and Alys Ferragamo
Yup Kim, the Head of Investments, Private Equity at the California Public Employees’ Retirement System (CalPERS), reflected on the pension fund’s private equity strategy. In July of 2022, the fund was in the midst of a multi-year turnaround strategy with the goal to...  View Details
Keywords: Private Equity; Investment Portfolio; Retirement; Leadership; Strategy; Public Sector
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  • September 2022
  • Teaching Note

Yinglan Tan: Scaling a Venture Capital Firm in Southeast Asia
By: Josh Lerner
Teaching Note for HBS Case No. 823-025.  View Details
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  • 2022
  • Working Paper

Racial Diversity in Private Capital Fundraising
By: Johan Cassel, Josh Lerner and Emmanuel Yimfor
Black- and Hispanic-owned funds control a very modest share of assets in the private capital industry. We find that the sensitivity of follow-on fundraising to fund performance is greater for minority-owned groups, particularly for underperforming groups. We...  View Details
Keywords: Buyouts; Capital Formation; Minorities; Venture Capital; Minority-owned Businesses; Race; Diversity; Investment Funds; Financial Services Industry
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  • 2023
  • Working Paper

What Do Impact Investors Do Differently?
By: Shawn Cole, Leslie Jeng, Josh Lerner, Natalia Rigol and Benjamin N. Roth
In recent years, impact investors – private investors who seek to generate simultaneously financial and social returns – have attracted intense interest and controversy. We analyze a novel, comprehensive data set of impact and traditional investors to assess how the...  View Details
Keywords: ESG; Socially Responsible Investing; Investment Decisions; Public Goods; Impact Investment; Investment; Private Equity; Venture Capital
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  • August 2022
  • Teaching Note

In-Q-Tel: Innovation On A Mission
By: Josh Lerner and Joshua Lev Krieger
Teaching Note for HBS Case No. 823-031.  View Details
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  • August 2022
  • Case

In-Q-Tel: Innovation On A Mission
By: Joshua Lev Krieger and Josh Lerner
In 2022, the leaders of In-Q-Tel (IQT) considered what was next for the unique mission-driven organization. Since 1999, IQT had one mission: to be the most sophisticated source of strategic technical knowledge and capabilities to the U.S. government and its allies. IQT...  View Details
Keywords: Mission and Purpose; National Security; Technological Innovation; Research; Geopolitical Units; Risk Management; Recruitment; Growth and Development Strategy; Venture Capital; Knowledge Management; Information Industry; Banking Industry
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  • July 2022
  • Case

Yinglan Tan: Scaling a Venture Capital Firm in Southeast Asia
By: Josh Lerner and Richard Zhu
Yinglan Tan considered the future of his young Singapore-based venture capital firm. On the one hand, the intuition that was behind the initial creation of Insignia in 2017 had been proven correct. The venture capital market in Southeast Asia had grown rapidly, driven...  View Details
Keywords: E-commerce; Scalability; Globalized Markets and Industries; Venture Capital; International Finance; Growth and Development; Expansion
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  • June 2022
  • Article

The Use and Misuse of Patent Data: Issues for Finance and Beyond
By: Josh Lerner and Amit Seru
Patents and citations are powerful tools for understanding innovation increasingly used in financial economics (and management research more broadly). Biases may result, however, from the interactions between the truncation of patents and citations and the changing...  View Details
Keywords: Patents; Analytics and Data Science; Corporate Finance; Research
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  • April 2022
  • Teaching Note

Shanghai Pudong Science and Technology Investment Co., Ltd.: December 2014
By: Josh Lerner
Teaching Note for HBS Case No. 822-111.  View Details
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  • March 2022
  • Teaching Note

Hollie Haynes: An Unanticipated Crossroads
By: Josh Lerner
Keywords: Private Equity
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  • March 2022
  • Case

Shanghai Pudong Science and Technology Investment Co., Ltd.: December 2014
By: Josh Lerner, Luyang Zhang, Xinlai Tong and Yue Kong
In early December 2014, the senior team of Pudong Science and Technology Investment (hereafter, Pudong S&T) gathered in the offices of their chairman, Dr. Xudong Zhu. Before completing its cross-border acquisition of Montage Technology, Pudong S&T—wholly owned by the...  View Details
Keywords: Mergers and Acquisitions; Ownership Stake; Risk Management; Ownership Type; China
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  • February 2022
  • Teaching Note

Altoona State Investment Board & Bain Capital Fund XI
By: Josh Lerner
Teaching Note for HBS Case No. 218-022.  View Details
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  • 2022
  • Book

The Role of Innovation and Entrepreneurship in Economic Growth
By: Michael J. Andrews, Aaron Chatterji, Josh Lerner and Scott Stern
We live in an era in which innovation and entrepreneurship seem ubiquitous, particularly in regions like Silicon Valley, Boston, and the Research Triangle Park. But many metrics of economic growth, such as productivity growth and business dynamism, have been at best...  View Details
Keywords: Productivity Growth; Production Technologies; Innovation and Invention; Entrepreneurship; Economic Growth; Competition; Organizational Design; Economic Slowdown and Stagnation
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  • January 2022 (Revised July 2022)
  • Case

Hollie Haynes: An Unanticipated Crossroads
By: Josh Lerner, John D. Dionne and Abdul Al-Asaad
Keywords: Private Equity
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  • January 2022
  • Article

Investing Outside the Box: Evidence from Alternative Vehicles in Private Equity
By: Josh Lerner, Jason Mao, Antoinette Schoar and Nan R. Zhang
This paper uses previously unexplored custodial data to examine the use of alternative investment vehicles in private equity (PE) over four decades. We document a steep increase in the capital directed to alternative vehicles, with these vehicles approaching a 40%...  View Details
Keywords: Alternative Investment Vehicles; Investment Funds; Private Equity; Venture Capital; Performance
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  • October 2021
  • Teaching Note

Apax Partners and Duck Creek Technologies
By: Josh Lerner
Teaching Note for HBS Case No. 221-075.  View Details
Keywords: Private Equity
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  • September 2021
  • Teaching Note

The Canada Pension Plan Investment Board (CPP Investments): April 2021
By: Josh Lerner
Teaching Note for HBS Case No. 821-125.  View Details
Keywords: Pension Funds; Investment Strategy; Capital Markets
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