Publications
Publications
Show Results For
-
All HBS Web
(3,859)
- Faculty Publications (214)
Page 1 of
214
Results
→
- March 2021
- Case
Yale Investments Office: November 2020
By: Josh Lerner, Jo Tango and Alys Ferragamo
David Swensen and the Investments Office staff must decide whether to continue to allocate the bulk of the university's endowment to illiquid investments—hedge funds, private equity, venture capital, real estate, natural resources—given the impact of the COVID-19...
View Details
Keywords:
University Endowment;
Asset Allocation;
Real Estate;
Equities;
Fixed Income;
Covid-19;
Asset Management;
Private Equity;
Venture Capital;
Natural Resources;
Resource Allocation;
Investment;
Investment Portfolio;
Health Pandemics;
Financial Crisis;
Financial Services Industry;
Real Estate Industry;
Energy Industry;
Connecticut
- 2021
- Article
The Sustainable Corporate Governance Initiative in Europe
By: Mark Roe, Holger Spamann, Jesse M. Fried and Charles C.Y. Wang
In July 2020, the European Commission published the “Study on directors’ duties and sustainable corporate governance” by EY. The Report purports to find evidence of debilitating short-termism in EU corporate governance and recommends many changes to support sustainable...
View Details
- December 2020
- Article
Monetary Policy and Global Banking
By: Falk Bräuning and Victoria Ivashina
Global banks use their global balance sheets to respond to local monetary policy. However, sources and uses of funds are often denominated in different currencies. This leads to a foreign exchange (FX) exposure that banks need to hedge. If cross-currency flows are...
View Details
- October 2020 (Revised November 2020)
- Case
Digging for Gold: Paulson & Co.'s Activism in the Gold Sector
By: Suraj Srinivasan and Jonah S. Goldberg
The case describes the efforts of hedge fund Paulson & Co to influence corporate governance and improve performance in the gold industry. In an innovative move, the hedge fund led the creation of the Shareholder Gold Council, a consortium of large investors in gold...
View Details
- 2020
- Working Paper
Private Equity and COVID-19
By: Paul A. Gompers, Steven N. Kaplan and Vladimir Mukharlyamov
We survey more than 200 private equity (PE) managers from firms with $1.9 trillion of assets under management (AUM) about their portfolio performance, decisionmaking and activities during the Covid-19 pandemic. Given that PE managers have significant incentives to...
View Details
- August 2020 (Revised November 2020)
- Case
George Soros: The Stateless Statesman
By: Geoffrey Jones and Wendy Ying
This case traces the business career and philanthropic activities of George Soros. The Hungarian-born Soros made a fortune as a hedge fund investor after establishing Quantum Fund on the tax haven island of Curaçao in the Netherlands Antilles in 1973 where he was...
View Details
- July 2020
- Case
Mortgage Backed Securities and the Covid-19 Pandemic
By: Emil N. Siriwardane, Luis M. Viceira and Dean Xu
In April 2020, global financial markets were still reeling as the COVID-19 pandemic spread rapidly across the world. Global equity markets had initially fallen by 30% in response to the pandemic, and high-yield credit markets had dropped by nearly 20%. In contrast,...
View Details
- 2020
- Working Paper
Best Ideas
By: Miguel Antón, Randolph B. Cohen and Christopher Polk
We find that the stocks in which active mutual fund or hedge fund managers display the most conviction towards ex-ante, their “Best ideas,” outperform the market, as well as the other stocks in those managers’ portfolios, by approximately 2.8 to 4.5 percent per year,...
View Details
- June 2020
- Teaching Note
Generation Investment Management
By: Vikram S. Gandhi and Sarah Mehta
This teaching note provides guidance for teaching the case “Generation Investment Management” (820-033), which looks at the challenges facing a sustainable investment firm.
View Details
Keywords:
Sustainable Investing;
Socially Responsible Investing;
Long-term Investing;
Esg;
Climate Change;
Environmental Sustainability;
Finance;
Equity;
Governance;
Private Equity;
Public Equity;
Financial Markets;
Investment;
Investment Return;
Investment Activism;
Investment Funds;
Investment Portfolio;
Institutional Investing;
Corporate Social Responsibility and Impact;
Financial Services Industry;
United Kingdom;
England;
London
- 2020
- Working Paper
Financial Distancing: How Venture Capital Follows the Economy Down and Curtails Innovation
By: Sabrina T. Howell, Josh Lerner, Ramana Nanda and Richard Townsend
Although late-stage venture capital (VC) activity did not change dramatically in the first two months after the COVID-19 pandemic reached the U.S., early-stage VC activity declined by 38%. The particular sensitivity of early-stage VC investment to market...
View Details
- March 2020 (Revised May 2020)
- Case
Generation Investment Management
By: Vikram S. Gandhi and Sarah Mehta
By January 2020, sustainable investment firm Generation Investment Management (Generation), founded in London in 2004, had grown from a shared vision among seven founders to a 90-person firm managing $27 billion in public and private equity. Throughout its history,...
View Details
Keywords:
Sustainable Investing;
Climate Change;
Environmental Sustainability;
Finance;
Equity;
Governance;
Private Equity;
Public Equity;
Financial Markets;
Investment;
Investment Return;
Investment Activism;
Investment Funds;
Investment Portfolio;
Institutional Investing;
Corporate Social Responsibility and Impact;
Financial Services Industry;
United Kingdom;
England;
London
- Article
Association of the Meaningful Use Electronic Health Record Incentive Program with Health Information Technology Venture Capital Funding
By: Samuel Lite, William J. Gordon and Ariel Dora Stern
IMPORTANCE
Although the Health Information Technology for Economic and Clinical Health (HITECH) Act has accelerated electronic health record (EHR) adoption since its passage, clinician satisfaction with EHRs remains low, and the association of HITECH with health... View Details
Although the Health Information Technology for Economic and Clinical Health (HITECH) Act has accelerated electronic health record (EHR) adoption since its passage, clinician satisfaction with EHRs remains low, and the association of HITECH with health... View Details
- November 2019
- Case
Apple, Einhorn, and iPrefs (Abridged)
By: Carliss Y. Baldwin and W. Carl Kester
In March 2013, Apple Computer has a very large cash balance, and is under pressure to return cash to shareholders. Hedge fund manager David Einhorn thinks Apple can "unlock value" by issuing perpetual preferred stock, dubbed iPrefs. Henry Blodget, CEO of Business...
View Details
- November 2019
- Supplement
United Technologies Corp.: Are the Parts Worth More Than the Whole?
By: Benjamin C. Esty and Daniel Fisher
After spending more than 50 years creating a diversified industrial conglomerate that Fortune Magazine described as “arguably the most profitable conglomerate in America” in 2014, UTC’s CEO Greg Hayes was under pressure from activist investors (Dan Loeb and Bill...
View Details
Keywords:
Corporate Strategy;
Business Conglomerates;
Financial Management;
Corporate Governance;
Organizational Structure;
Diversification;
Valuation;
Investment Activism;
Financial Strategy;
Investment Funds;
Value Creation;
Aerospace Industry;
Electronics Industry;
Industrial Products Industry;
United States
- September 2019 (Revised January 2021)
- Case
pymetrics: Foundation
By: John R. Wells and Benjamin Weinstock
In 2013, CEO Frida Polli was contemplating the next steps for her start-up business, pymetrics. After receiving her PhD in neuropsychology and MBA from HBS, she was determined to put her scientific and academic knowledge to work to build a business solving real world...
View Details
Keywords:
Braintech;
Psychology;
Hiring;
Games;
Entrepreneur;
Start-up;
Start-up Growth;
Strategic Change;
Strategy Formulation;
Recruiting;
Corporate Culture;
Hiring Of Employees;
Start-ups;
Startup;
Startups;
Recruitment;
Selection and Staffing;
Business Startups;
Strategy;
Competition;
Organizational Culture
- 2020
- Working Paper
Corporate Purpose in Public and Private Firms
By: Claudine Gartenberg and George Serafeim
Analyzing data from approximately 1.5 million employees across 1,108 established public and private U.S. companies, we find that employee beliefs about their firm’s purpose is weaker in public companies. This difference is most pronounced within the salaried middle and...
View Details
- 2019
- Working Paper
The Value of Intermediation in the Stock Market
By: Marco Di Maggio, Mark Egan and Francesco Franzoni
Brokers continue to play a critical role in intermediating institutional stock market transactions. More than half of all institutional investor order flow is still executed by high-touch (non-electronic) brokers. Despite the continued importance of brokers, we have...
View Details
- April 2019 (Revised July 2019)
- Case
Aperture Investors
By: Krishna G. Palepu, George Serafeim and David Lane
Aperture Investors is a startup investment firm that seeks to disrupt the asset management industry through competitive differentiation by charging investors primarily when its portfolio managers outperform the marketplace. Headed by Wall Street veteran Peter Kraus and...
View Details
- March 2019 (Revised May 2019)
- Case
Growth Investing at Totem Point
By: Suraj Srinivasan, Charles C.Y. Wang and Jonah Goldberg
The case describes the investment of hedge fund, Totem Point Management in Analog Semiconductors (ADI) as a way to discuss forecasting and valuation in growth companies. In June 2016, hedge fund Totem Point invested in ADI at around $55 a share. In general, Totem Point...
View Details
- January 2019 (Revised February 2020)
- Case
Should a Pension Fund Try to Change the World? Inside GPIF's Embrace of ESG
In the fall of 2018, Hiro Mizuno, the Chief Investment Officer (CIO) of GPIF, the Japanese Government Pension Fund, was reflecting on his efforts to integrate Environmental, Social and Governance (ESG) issues into every aspect of GPIF’s portfolio. His efforts ranged...
View Details