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Hedge Funds | Baker Library | Bloomberg Center | Harvard Business School
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The Problem with Hedge Funds
While investors are still learning what happened to them in the 1990s and are trying to get their money back, they find themselves facing a new set...
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  • 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
Keywords: Global Banks; Monetary Policy Transmission; Cross-border Lending; Banks And Banking; Financial Markets; Global Range
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  • 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
Keywords: Board Of Directors; Hedge Funds; Shareholder Activism; Gold; Corporate Governance; Governing And Advisory Boards; Investment funds; Investment Activism; Performance Improvement; Corporate Accountability; Mining Industry; Canada; United States
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  • 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
Keywords: Hedge Fund; Philanthropy; Populism; Finance; Philanthropy And Charitable Giving; Political Elections; Financial Services Industry; Europe; Hungary; United Kingdom; North And Central America; United States
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  • 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
Keywords: Mutual Funds; Managerial Skill; Market Efficiency; Investment funds; Management; Investment Portfolio; Decision Making
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  • 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
Keywords: Markets; Stock Shares; Value Creation; Business And Shareholder Relations
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  • 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
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  • 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
Keywords: Purpose; Corporate Purpose; Culture; Corporate Culture; Public And Private Organizations; Hedge Fund; Executive Pay; Organizational Culture; Mission And Purpose; Employees; Attitudes; Ownership; Leadership; Executive Compensation
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  • 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
Keywords: Financial Intermediation; Institutional Investors; Research Analysts; Financial Institutions; Investment; Financial Services Industry
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  • 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
Keywords: Business Model; Talent And Talent Management; Investment; Investment funds; Asset Management; Recruitment; Selection And Staffing; Marketing Channels; Emerging Markets; Partners And Partnerships; Motivation And Incentives; Financial Services Industry
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  • 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
Keywords: Growth Investing; Investment; Strategy; Forecasting And Prediction; Valuation
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  • January 2019 (Revised March 2020)
  • Case

Blackstone Alternative Asset Management in 2018
By: Emil Siriwardane, Luis M. Viceira and Shawn O'Brien
In early 2018, Blackstone announced that John McCormick would succeed Tom Hill as President and Chief Executive Officer of Blackstone Alternative Asset Management (BAAM), the largest fund-of-hedge funds in the world by a sizeable margin. As new CEO, McCormick must...  View Details
Keywords: Asset Management; Expansion; Strategy; Decision Choices And Conditions; Financial Services Industry
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  • November 2018 (Revised June 2019)
  • Case

JANA Partners: Impact through Activism?
By: Vikram S. Gandhi and Caitlin Reimers Brumme
Jana Partners, a well-known “activist” hedge fund has announced the launch of a new fund Jana Impact. The basic premise is that the fund will be able to generate superior returns by using Jana’s activist approach with companies that are underperforming on ESG metrics....  View Details
Keywords: Hedge Fund; Hedge Funds; Etf; Activist Investing; Activism; Investment Activism; Investment funds; Asset Management
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  • October 2018 (Revised April 2019)
  • Case

Stock-Based Compensation at Twitter
By: Jonas Heese, Zeya Yang and Mike Young
Olivia Nash, an analyst at leading hedge fund BlueShark Capital Management, had just finished listening to the hour-long earnings call for Twitter’s Q4 2017 results. Was Twitter doing well? That depended on which numbers she chose to believe. According to Generally...  View Details
Keywords: Twitter; Non-gaap Disclosure; Stock-based Compensation; Earnings Management; Corporate Disclosure; Compensation And Benefits; Stocks
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  • 2018
  • Working Paper

The Impact of Pensions and Insurance on Global Yield Curves
By: Robin Greenwood and Annette Vissing-Jorgensen
We document a strong effect of pension and insurance company (P&I) assets on the long end of the yield curve. Using data from 26 countries, the yield spread between 30-year and 10-year government bond yields is negatively related to the ratio of pension assets (in...  View Details
Keywords: Pension Funds; Investment funds; Insurance; Assets; Interest Rates; Bonds
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  • March 2018 (Revised March 2018)
  • Teaching Note

OpenInvest
By: Boris Vallee and Caitlin Reimers Brumme
Founded by a team of hedge fund and NGO alumni, OpenInvest launched its platform in 2015 to enable retail investors to tailor their portfolio to their personal values in an automated way, for instance by screening out weapon manufacturers stocks or overweighting LGBTQ...  View Details
Keywords: Socially Responsible Investing; Investing For Impact; Robo-advisors; Investment; Values And Beliefs; Customization And Personalization; Technology; Financial Services Industry
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  • March 2018
  • Case

Sachem Head's Activism at Autodesk
By: Suraj Srinivasan and Quinn Pitcher
In 2015, activist hedge fund Sachem Head Capital, led by founder Scott Ferguson, launched an activist campaign at computer aided design (CAD) software maker Autodesk. The activist campaign, waged mainly in private, was over Autodesk's lackluster financial performance,...  View Details
Keywords: Shareholder Activism; Investing; Activist Investing; Corporate Governance; Technology; Ceo Turnover; Hedge Fund Activism; Benchmarking; Corporate Governance; Technology; Investment Activism; Performance Improvement; Management Succession; United States
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  • February 2018 (Revised August 2018)
  • Case

OpenInvest
By: Shawn Cole, Boris Vallée and Nicole Tempest Keller
Founded by a team of hedge fund and NGO alumni, OpenInvest launched its platform in 2015 to enable retail investors to tailor their portfolios to their personal values in an automated way, for instance by screening out weapons manufacturers stocks or overweighting...  View Details
Keywords: Fintech; Impact Investing; Investment Portfolio; Customization And Personalization; Technological Innovation; Social Issues; Growth And Development Strategy; Business Model; Financial Services Industry
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  • January 2018 (Revised December 2018)
  • Case

Capital Allocation at HCA
By: W. Carl Kester and Emily R. McComb
In early 2017, HCA Holdings, an investor-owned hospital management company, faced a strategically important capital allocation decision. After the exit of its private equity sponsors in 2016, HCA had to determine how best to allocate its substantial annual free cash...  View Details
Keywords: Capital Allocation; Cash Distribution Policy; Dividends; Share Repurchases; Growth Strategy And Execution; Growth Investing; Capital Expenditures; Debt Management; Debt Reduction; Debt Policy; Hospital Management; Investor-owned Hospital Chains; Capital Budgeting; Capital Structure; Cash Flow; Corporate Finance; Decision Choices And Conditions; Health Industry; United States
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  • January 2018
  • Case

Trian Partners' Proxy Contest at Procter & Gamble
By: Suraj Srinivasan and Quinn Pitcher
In July 2017, activist hedge fund Trian Partners announced that it was launching a proxy fight at U.S. consumer goods giant Procter & Gamble. P&G would be the largest company ever subjected to a proxy fight, as Trian sought to have its CEO, Nelson Peltz, elected to the...  View Details
Keywords: Investment; Corporate Governance; Institutional Investing; Investment Activism; Business And Shareholder Relations; United States
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  • January 2018
  • Case

Blue Harbour's Activism at Babcock & Wilcox
By: Suraj Srinivasan and Quinn Pitcher
The case describes Blue Harbour Group's investment in Babcock & Wilcox and its transformation into BWX Technologies. In 2004, activist hedge fund Blue Harbour Group invested in Babcock & Wilcox, an energy and construction company. Blue Harbour developed an investment...  View Details
Keywords: Corporate Governance; Investment Activism; Leading Change; Energy Industry; Construction Industry; United States
Related

Are you looking for?

Hedge Funds | Baker Library | Bloomberg Center | Harvard Business School
× Please sign in You need to log in to use the bookmarking feature. Sign In Harvard Business School Sign in to Baker Library Baker Library |...
The Problem with Hedge Funds
While investors are still learning what happened to them in the 1990s and are trying to get their money back, they find themselves facing a new set...
→ Search All HBS Web