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- 2020
- Working Paper
Determinants of Early-Stage Startup Performance: Survey Results
To explore determinants of new venture performance, the CEOs of 470 early-stage startups were surveyed regarding a broad range of factors related to their venture’s customer value proposition, product management, marketing, technology and operations, financial...
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Keywords:
Startups;
Survey Research;
Performance Analysis;
Entrepreneurship;
Performance;
Analysis;
Business Startups;
Failure;
Surveys
Eisenmann, Thomas R. "Determinants of Early-Stage Startup Performance: Survey Results." Harvard Business School Working Paper, No. 21-057, October 2020.
- September 2020
- Case
Summit Partners: Independent Vetcare
By: Victoria Ivashina and Terrence Shu
This case follows Summit Partners, a leading growth equity firm, as it evaluates an investment opportunity in IVC, a veterinary care group in the U.K. market. The case allows students to articulate and evaluate the investment thesis of this transaction. Additionally,...
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Keywords:
Growth Equity;
Investment Evaluation;
Private equity;
Investment;
Decision Making;
valuation
Ivashina, Victoria, and Terrence Shu. "Summit Partners: Independent Vetcare." Harvard Business School Case 221-024, September 2020.
- August 2020
- Technical Note
Discounted Cash Flows (DCF) Valuation Methods and Their Application in Private Equity
Ivashina, Victoria. "Discounted Cash Flows (DCF) Valuation Methods and Their Application in Private Equity." Harvard Business School Technical Note 221-012, August 2020.
- May 2020
- Case
Valuing Peloton
Peloton Interactive, a well-known venture-capital-backed unicorn in the connected fitness space, recently had gone public with a market capitalization of over $8.0 billion. However, in the weeks following its public debut, Peloton’s stock price had fallen by over 25%....
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Keywords:
Business Model;
Public equity;
Initial Public Offering;
Disruptive Innovation;
Business Strategy;
valuation;
Entertainment And Recreation Industry;
United States
Mayfield, E. Scott. "Valuing Peloton." Harvard Business School Case 220-060, May 2020.
- March 2020 (Revised May 2020)
- Case
CIAM: Home-Grown Shareholder Activism in France
By: Charles C.Y. Wang, Tonia Labruyere and Vincent Dessain
The case discusses the strategy of CIAM, a French activist investment firm, involved in a case of a buy-out of minority shareholders in the telecommunications sector. Altice NV, an international telecommunications company based in the Netherlands that owned more than...
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Keywords:
Corporate Governance;
Private equity;
Strategy;
valuation;
Investment Activism;
Financial Services Industry;
France
Wang, Charles C.Y., Tonia Labruyere, and Vincent Dessain. "CIAM: Home-Grown Shareholder Activism in France." Harvard Business School Case 120-072, March 2020. (Revised May 2020.)
- January 2020
- Article
How Do Venture Capitalists Make Decisions?
By: Paul A. Gompers, William Gornall, Steven N. Kaplan and Ilya A. Strebulaev
We survey 885 institutional venture capitalists (VCs) at 681 firms to learn how they make decisions across eight areas: deal sourcing, investment selection, valuation, deal structure, post-investment value-added, exits, internal firm organization, and relationships...
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Gompers, Paul A., William Gornall, Steven N. Kaplan, and Ilya A. Strebulaev. "How Do Venture Capitalists Make Decisions?" Journal of Financial Economics 135, no. 1 (January 2020): 169–190.
- December 2019
- Case
WeWork Files for an IPO
By: Lynn S. Paine and Will Hurwitz
For the board of The We Company—better known as WeWork—August 14, 2019, promised to be a pivotal day. It was then that WeWork’s IPO prospectus, known as an S-1 filing, would be made public, giving potential investors, the media, and the general public a window into the...
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Keywords:
Capital Structure;
Corporate Accountability;
Corporate Governance;
Going Public;
Leadership;
Management;
Private equity;
valuation;
Venture Capital;
Real Estate Industry;
Technology Industry;
United States
Paine, Lynn S., and Will Hurwitz. "WeWork Files for an IPO." Harvard Business School Case 320-063, December 2019.
- November 2019
- Teaching Note
Actera Group: Investing in Mars Cinema Group (A) and (B)
By: Victoria Ivashina and Jeffrey Boyar
In summer of 2010, Murat Çavuşoğlu (HBS MBA 1994) led private equity firm Actera Group’s investment in Mars Cinema Group (Mars), the leading movie exhibitor in Turkey. Immediately after acquiring Mars and merging it with the second larger player in the market, AFM,...
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- October 2019 (Revised December 2019)
- Case
BC Partners: Acuris
By: Victoria Ivashina and Terrence Shu
This case follows Nikos Stathopoulos, Managing Partner of BC Partners, as he and his team evaluate the potential sale of one of BC Partners’ portfolio companies, Acuris. Acuris was a global financial intelligence, news, and data company that had been acquired by BC...
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Keywords:
Fund Management;
Fund Raising;
Leveraged Buyout;
Buyout;
Portfolio Management;
Operations Improvement;
Exit;
Exit Strategy;
Valuation Ratios;
Finance;
Private equity;
Leveraged Buyouts;
Operations;
Performance Improvement;
Acquisition;
valuation
Ivashina, Victoria, and Terrence Shu. "BC Partners: Acuris." Harvard Business School Case 220-041, October 2019. (Revised December 2019.)
- October 2019
- Case
Kaspi.kz IPO
By: Victoria Ivashina and Esel Çekin
This case follows Kaspi.kz, a private equity (Baring Vostok) co-owned retail bank in Central Asia that evolved into a fintech, payments and e-commerce company. It provides insights into private equity financing, portfolio company management, and initial public offering...
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Keywords:
Finance;
Private equity;
Initial Public Offering;
Organizational Change And Adaptation;
Central Asia
Ivashina, Victoria, and Esel Çekin. "Kaspi.kz IPO." Harvard Business School Case 220-007, October 2019.
- October 2019 (Revised January 2020)
- Case
Dulcie Madden (A)—Growth or Exit?
By: Shikhar Ghosh, Christopher Payton and Shweta Bagai
This is part of a three-case series that follows Dulcie Madden's journey as a founder over five years. Case (A) is about managing growth and cash flow; Case (B) is about the exit decision and conditions on a sale; Case (C) shows Madden dealing with adversity and the...
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Keywords:
Entrepreneurial Management;
Family;
Family Conflicts;
Founders' Agreements;
Growth And Development;
Cash Flow;
Hardware;
Vc;
Scaling;
Start-up;
Female Ceo;
Risk Assessment;
Entrepreneurship;
Growth Management;
equity;
Cash Flow;
Success;
Failure;
Acquisition;
Business Model;
Technology;
valuation;
Family And Family Relationships;
Apparel And Accessories Industry;
Technology Industry;
United States
Ghosh, Shikhar, Christopher Payton, and Shweta Bagai. "Dulcie Madden (A)—Growth or Exit?" Harvard Business School Case 820-052, October 2019. (Revised January 2020.)
- October 2019 (Revised January 2020)
- Supplement
Dulcie Madden (B)—A Difficult Choice
By: Shikhar Ghosh and Shweta Bagai
This is part of a three-case series that follows Dulcie Madden's journey as a founder over five years. Case (A) is about managing growth and cash flow; Case (B) is about the exit decision and conditions on a sale; Case (C) shows Madden dealing with adversity and the...
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Keywords:
Entrepreneurial Management;
Family;
Family Conflicts;
Founders' Agreements;
Growth And Development;
Cash Flow;
Hardware;
Vc;
Scaling;
Start-up;
Female Ceo;
Risk Assessment;
Entrepreneurship;
Growth Management;
Cash Flow;
equity;
Success;
Failure;
Acquisition;
Business Model;
Technology;
valuation;
Family And Family Relationships
Ghosh, Shikhar, and Shweta Bagai. "Dulcie Madden (B)—A Difficult Choice." Harvard Business School Supplement 820-053, October 2019. (Revised January 2020.)
- June 2019
- Technical Note
Valuing Employee Equity at Early Stage Ventures
By: Shikhar Ghosh, Christopher Stanton and Sanchali Pal
The note introduces a framework to consider factors that influence the value of employee equity at early stage ventures. Valuing equity is complex, and it important to account for expected dilution, assess exit potential, and acknowledge the high rate of failure in...
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Ghosh, Shikhar, Christopher Stanton, and Sanchali Pal. "Valuing Employee Equity at Early Stage Ventures." Harvard Business School Technical Note 819-167, June 2019.
- September 2018
- Case
Clayton, Dubilier & Rice at 40
By: Josh Lerner, Abhijit Tagade and Terrence Shu
In 2018, private equity firm Clayton, Dubilier & Rice celebrated its 40th anniversary and its 20th year under the leadership of CEO Don Gogel. In those decades, CD&R showed solid portfolio performance and generated strong returns for its investors - accomplishments...
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Keywords:
Finance;
Private Equity;
Succession;
Buyout;
Leveraged Buyout;
Turnaround;
Operations;
Private equity;
Management Succession;
Business Model;
Leveraged Buyouts;
Trends;
Organizational Change And Adaptation
Lerner, Josh, Abhijit Tagade, and Terrence Shu. "Clayton, Dubilier & Rice at 40." Harvard Business School Case 819-055, September 2018.
- June 2018
- Background Note
Valuation Techniques in Private Equity: LBO Model
By: Victoria Ivashina, Alexey Tuzikov and Abhijit Tagade
This note introduces an "LBO model," the main performance assessment and valuation technique used in the private equity industry.
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Ivashina, Victoria, Alexey Tuzikov, and Abhijit Tagade. "Valuation Techniques in Private Equity: LBO Model." Harvard Business School Background Note 218-106, June 2018.
- March 2018
- Supplement
Hatch Startup Equity Valuation Exercise (Student Version)
By: Christopher Stanton and Shikhar Ghosh
- March 2018
- Supplement
Hatch Startup Equity Valuation exercise for Instructor Use
By: Christopher Stanton and Shikhar Ghosh
- 2021
- Working Paper
Expected Stock Returns Worldwide: A Log-Linear Present-Value Approach
By: Akash Chattopadhyay, Matthew R. Lyle and Charles C.Y. Wang
This study provides the first large-scale study of the performance of expected-return proxies (ERPs) internationally. Analyst-forecast-based ICCs are sparsely populated and not robustly associated with future returns. Earnings-model-forecast-based ICCs are...
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Keywords:
Expected Returns;
Discount Rates;
Fundamental Valuation;
Present Value;
Information Quality;
International Equity Markets;
Implied Cost Of Capital;
Investment Return;
equity;
Markets;
Global Range
Chattopadhyay, Akash, Matthew R. Lyle, and Charles C.Y. Wang. "Expected Stock Returns Worldwide: A Log-Linear Present-Value Approach." Harvard Business School Working Paper, No. 18-079, February 2018. (Revised January 2021. Conditionally Accepted. The Accounting Review.)
- February 2018 (Revised August 2018)
- Case
Blue Haven Initiative: The PEGAfrica Investment
By: Vikram S. Gandhi, Caitlin Reimers Brumme and Amram Migdal
This case examines Blue Haven Initiative (BHI), an impact investing fund and family office, and one of its investments, PEGAfrica (PEG). BHI founder Liesel Pritzker Simmons’ motivations for using her family wealth to start a family office focused on impact investing,...
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Keywords:
Impact Investing;
Family Office;
Development;
International Development;
International Development Investing;
Development Fund;
Sustainability;
Solar Energy;
Solar;
Pay As You Go;
Payg;
Microfinance;
Mfi;
Social Venture;
Business Ventures;
Acquisition;
Business Growth And Maturation;
Business Startups;
Economics;
Development Economics;
Energy;
Energy Conservation;
Energy Sources;
Renewable Energy;
Social Entrepreneurship;
Finance;
Assets;
Asset Pricing;
Capital;
Capital Budgeting;
Capital Structure;
Venture Capital;
Cash;
Cash Flow;
Currency;
Currency Exchange Rate;
equity;
Private equity;
Financial Instruments;
Debt Securities;
Stock Shares;
Financing And Loans;
Microfinance;
International Finance;
Investment;
Investment Return;
Investment Activism;
Investment Funds;
Investment Portfolio;
Price;
Geography;
Geographic Location;
Emerging Markets;
Ownership;
Ownership Stake;
Private Ownership;
Social Enterprise;
Value;
valuation;
Value Creation;
Energy Industry;
Financial Services Industry;
Green Technology Industry;
Africa;
United States
Gandhi, Vikram S., Caitlin Reimers Brumme, and Amram Migdal. "Blue Haven Initiative: The PEGAfrica Investment." Harvard Business School Case 318-003, February 2018. (Revised August 2018.)
- January 2018
- Case
Environmental Technology Fund Partners and E-Leather
By: Vikram S. Gandhi and Aldo Sesia
It is 2014 and Environmental Technologies Fund (ETF) Partners, a UK-based venture capital firm, has an opportunity to invest in a privately held UK company that manufactured engineered composition leather extracted from waste leather using an environmentally friendly...
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Keywords:
Sustainability;
Venture Capital;
Investment Strategy;
Investment;
Strategy;
Ownership;
valuation;
Energy Conservation;
equity;
Technological Innovation;
Environmental Sustainability;
Performance Efficiency;
Manufacturing Industry;
Financial Services Industry;
United Kingdom
Gandhi, Vikram S., and Aldo Sesia. "Environmental Technology Fund Partners and E-Leather." Harvard Business School Case 318-001, January 2018.