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New research on business ventures from Harvard Business School faculty on issues including lifecycle, structure, founder agreements, partnership agreements and the family business.
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Do Private Equity Buyouts Get a Bad Rap?

by Michael Blanding

Elizabeth Warren calls them Wall Street "looting," but a recent study by Josh Lerner and colleagues shows private equity buyouts have both good and bad impacts. Open for comment; Comment(s) posted.

The Economic Effects of Private Equity Buyouts

by Steven J. Davis, John Haltiwanger, Kyle Handley, Ben Lipsius, Josh Lerner, and Javier Miranda

Private equity buyouts are a major financial enterprise that critics see as dominated by rent-seeking activities with little in the way of societal benefits. This study of 6,000 US buyouts between 1980 and 2013 finds that the real side effects of buyouts on target firms and their workers vary greatly by deal type and market conditions.

Goldman Sachs’ $500 Million Bet on Small Businesses

Re: Leonard A. Schlesinger

Launched during the financial crisis in 2009, the Goldman Sachs 10,000 Small Businesses Program provided free business education, support, and access to capital for small businesses, graduating 7,300 participants. Len Schlesinger discusses the program's impact. Open for comment; Comment(s) posted.

The Value Potential of New Business Models

by David J. Collis

A business model determines the opportunity’s value creation potential and suggests how the resulting value might be distributed among participants pursuing that model. Strategists need to understand the interaction of elements of the job to be done and asset configuration in order to create differing strategic prescriptions.

Solving the Riddle of How Companies Grow Over Time

by Michael Blanding

Can company growth rates persist over long periods of time? A new study of long-lasting enterprises might make CEOs rethink their strategies, says Gary Pisano. Open for comment; Comment(s) posted.

WeWork—The IPO That Shouldn’t?

by Nori Gerardo Lietz

WeWork's IPO has been one of the most debated in recent memory. But the real controversy, says Nori Gerardo Lietz, is what is contained in the company's prospectus. Open for comment; Comment(s) posted.

Improving Customer Compatibility with Operational Transparency

by Ryan W. Buell and MoonSoo Choi

Service firms seeking prospective customers usually highlight the advantages of their offerings and downplay the tradeoffs. This study suggests a different approach: Provide transparency into advantages as well as tradeoffs. The transparency helps customers make informed decisions and can lead to better outcomes for both firms and customers over the long run.

How Scale Changes a Manager's Responsibilities

by Julia Austin

As small companies grow to around 100 employees, the skills of their managers are challenged in new ways. Julia Austin describes how leaders themselves must scale. Open for comment; Comment(s) posted.

Are Paywalls Saving Newspapers?

by Kristen Senz

Newspapers with reputable brands and unique content are finding success behind paywalls. For most papers, however, the future is not so clear, says Doug J. Chung. Open for comment; Comment(s) posted.

Investors Have More Than Money to Offer Entrepreneurs

by Julia Austin

Running a startup means solving an endless list of problems, and entrepreneurs can be quickly overwhelmed. Where to turn for advice? Julia Austin says look to your investors. Open for comment; Comment(s) posted.

If Your Customers Don't Care What You Charge, What Should You Charge?

by Kristen Senz

Consumer inertia is the tendency of some customers to buy a product, even when superior options exist. Alexander J. MacKay discusses how that habit affects competitive strategy and even regulatory oversight. Open for comment; Comment(s) posted.

Political Influence and Merger Antitrust Reviews

by Mihir N. Mehta, Suraj Srinivasan, and Wanli Zhao

This paper uses a large sample of United States mergers between 1998 and 2010 to study how political connections help firms obtain favorable antitrust regulatory outcomes for mergers. Given that antitrust regulators are subject to congressional oversight, the authors predict and find evidence that outcomes systematically favor firms that are constituents of politicians serving on judiciary committees.

US Antitrust Law and Policy in Historical Perspective

by Laura Phillips Sawyer

Since the late 19th century, American antitrust law and policy has responded to multiple changes: technological advances that have transformed business structures, political imperatives that have reformed regulations and informed prosecutorial discretion, and economic theories that have reshaped the boundaries of government interventions into the economy. Today, antitrust remains a contested field.

Rehabilitating Corporate Purpose

by Malcolm S. Salter

Shareholder value maximization has become the de facto expression of the institutional purpose guiding many managers’ decision making. The author proposes an alternative, justice-based guideline for corporate purpose based on established moral and organizational principles.

Trade Secrets Protection and Antitakeover Provisions

by Aiyesha Dey and Joshua White

The study examines managers’ responses when facing an increased threat of their firm being acquired. Results add to our knowledge of the use of antitakeover provisions, showing that managers, particularly in high-innovation firms, increase certain provisions to protect long-term innovation output in the presence of elevated acquisition risk.

How Entrepreneurs Can Turn Lead Into Gold

by Michael Blanding

Innovative about creating new products, entrepreneurs often lose imagination when it comes to funding their dreams. Andy Wu reveals alternatives beyond friends and family. Open for comment; Comment(s) posted.

The Ferrari Way

by Michael Blanding

Secretive sports car maker Ferrari opens up to Stefan Thomke about how it has bucked industry trends to achieve success. Open for comment; Comment(s) posted.

In the Shadows? Informal Enterprise in Non-Democracies

by Kristin Fabbe, Allison Spencer Hartnett, and Steve L. Monroe

With the informal economy representing a third of the GDP in an average Middle East and North African country, why do chronically indebted regimes tolerate such a large and untaxed shadow economy? Among this study’s findings, higher rates of public sector employment correlate with greater permissibility of firm informality.

Seven Negotiation Lessons from Amazon's HQ Disaster in Queens

by James K. Sebenius

After a lengthy courting process, Amazon thought its plan for a New York HQ campus was in the bag. But the company failed a primary goal of negotiations, says James Sebenius. Open for comment; Comment(s) posted.

Pursuing Precision Medicine at Intermountain Healthcare

Re: Richard G. Hamermesh, Kathy E. Giusti

What happens when Intermountain Healthcare invests resources in an innovative precision medicine unit to provide life-extending, genetically targeted therapies to late-stage cancer patients? Professors Richard Hamermesh and Kathy Giusti discuss the case and its connections to their work with the Kraft Precision Medicine Accelerator. Open for comment; Comment(s) posted.