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- March 2012 (Revised September 2012)
- Case
INRIX
By: Lynda M. Applegate and Ryan Johnson
Since its founding in 2004, INRIX, a leading global provider of traffic information and driver services, had received four rounds of financing from leading venture capital (VC) firms and by 2012 had been cash flow positive for the past six quarters. Its founder, Bryan... View Details
- February 2012 (Revised September 2013)
- Case
Edward Lundberg and the Rockville Building: Energy Efficiency Finance in Commercial Real Estate
By: John D. Macomber and Frederik Nellemann
A commercial landlord analyzes options for funding and accomplishing energy efficiency retrofit. The situation is complicated by lease terms and uncertain effectiveness of the intervention. Students must grapple with obstacles including changing energy prices,... View Details
- January – March 2012
- Article
Bond Risk, Bond Return Volatility, and the Term Structure of Interest Rates
By: Luis M. Viceira
This paper explores time variation in bond risk, as measured by the covariation of bond returns with stock returns and with consumption growth, and in the volatility of bond returns. A robust stylized fact in empirical finance is that the spread between the yield on... View Details
- November 2011
- Case
Pacific Grove Spice Company
By: William E. Fruhan and Craig Stephenson
Pacific Grove Spice Company is a profitable, rapidly growing manufacturer, marketer, and distributor of quality spices and seasonings. The company's business model requires significant investment in accounts receivable, inventory, and fixed assets to support sales.... View Details
- November 2011 (Revised December 2013)
- Case
The Long and Short of Apollo Group and the University of Phoenix (A)
By: Luis M. Viceira, Joel Heilprin, Andrew S. Holmes and Damian M. Zajac
A hedge fund is deciding whether to liquidate its position in Apollo Group, a for-profit education firm, in light of significant political and macro-economic uncertainty facing the industry. As part of the investment analysis a complete discounted cash flow analysis... View Details
- October 2011 (Revised March 2012)
- Case
AQR's DELTA Strategy
By: Daniel Bergstresser, Lauren Cohen, Randolph B. Cohen and Christopher Malloy
In the summer of 2008, AQR Capital Management was considering the launch of a new hedge fund strategy. The proposed DELTA portfolio would offer investors exposure to a basket of nine major hedge fund strategies. The DELTA strategy would be innovative in two ways.... View Details
- September 2011 (Revised September 2011)
- Case
Penn Warranty Corporation
By: Richard S. Ruback and Royce Yudkoff
Penn Warranty Corporation sold warranty contracts to the used car market. During the recession in 2008/2009 Penn's sales declined by 26% Instead of growing by 11% as forecasted. Also, disruptions in financial and insurance markets created a cash shortfall. In the... View Details
- September 2011
- Teaching Note
Tengion: Bringing Regenerative Medicine to Life (TN)
By: Elie Ofek and Natalie Kindred
Teaching Note for 510031. View Details
- August 2011 (Revised November 2017)
- Case
Adaptive Engineering, LLC
By: Richard S. Ruback and Royce Yudkoff
The owner and CEO of Adaptive Engineering was facing an important decision: should he focus on rebuilding its core professional services business which had generated significant revenue and cash flow over the past several years, or should he focus on developing and... View Details
- 2011
- Working Paper
Tax Policy and the Efficiency of U.S. Direct Investment Abroad
By: Mihir A. Desai, C. Fritz Foley and James R. Hines Jr.
Deferral of U.S. taxes on foreign source income is commonly characterized as a subsidy to foreign investment, as reflected in its inclusion among "tax expenditures" and occasional calls for its repeal. This paper analyzes the extent to which tax deferral and other... View Details
- May 2011
- Article
Consequences and Institutional Determinants of Unregulated Corporate Financial Statements: Evidence from Embedded Value Reporting
By: George Serafeim
I analyze Embedded Value (EV) reporting by firms with life insurance operations to assess the impact of unregulated financial reporting on transparency and to examine the institutional characteristics that promote unregulated reporting. Under EV accounting the present... View Details
- April 2011 (Revised June 2011)
- Case
Internet Securities, Inc.: Path to Sustainability
By: Lynda M. Applegate, William R. Kerr and Ryan Johnson
Founded in 1994 when the Internet was still a "toy for techies," the case is set in 1998 when Internet IPOs were red-hot. Internet Securities provides hard-to-find financial, business, economic, and political information on emerging markets. Information from over 600... View Details
- 2011
- Working Paper
Embracing Paradox
By: Michael Tushman, Wendy K. Smith and Andy Binns
Trying to resolve the paradox between innovation and the core business only weakens the CEO and dooms the company. Exceptional leaders embrace tensions associated with exploiting prior strategies even as they explore into the future. View Details
- March 2011
- Case
Insight Communications
By: Rajiv Lal and Natalie Kindred
After undertaking a multi-year, metrics-driven operational and cultural overhaul, in April 2010 Insight Communications was planning the next phase of its development. Insight was a New York-based provider of cable, landline phone, and high-speed Internet service to... View Details
- March 2011 (Revised November 2011)
- Case
Harmonic Hearing Co.
By: Howard H. Stevenson and Craig H. Stephenson
Harmonic is a small, privately held manufacturer of hearing aids. Harriet Burns and Marc Davis, two employees at Harmonic, have an opportunity to purchase the company from the founder. As well-informed insiders who understand the industry, Burns and Davis believe the... View Details
Keywords: Debts; Quantitative Analysis; Financing; Entrepreneurial Finance; Development Stage Enterprises; Small ＆ Medium-sized Enterprises; Small Business; Business Growth and Maturation; Cash Flow; Mathematical Methods; Entrepreneurship; Financing and Loans; Borrowing and Debt; Equity; Manufacturing Industry
- March 2011 (Revised November 2011)
- Teaching Note
Harmonic Hearing Co. (Brief Case)
By: Howard H. Stevenson and Craig Stephenson
Teaching Note for 4271. View Details
- March 2011 (Revised November 2011)
- Supplement
Harmonic Hearing Co., Spreadsheet Supplement (Brief Case)
By: Howard H. Stevenson and Craig Stephenson
- March 2011
- Case
Valuation of AirThread Connections
By: Erik Stafford and Joel L. Heilprin
This case can be used as a capstone valuation exercise for first-year MBA students in an introductory finance course. A senior associate in the business development group at American Cable Communications, one of the largest cable companies in the U.S., must prepare a... View Details
- March 2011
- Teaching Note
Valuation of AirThread Connections (Brief Case)
By: Erik Stafford and Joel L. Heilprin
Teaching note for case #4263. View Details
- March 2011
- Supplement
Valuation of AirThread Connections, Faculty Spreadsheet Supplement (Brief Case)
By: Erik Stafford and Joel L. Heilprin