Publications

November 2007 (Revised October 2009)
Case

Ligand Pharmaceuticals Incorporated

In an activist role, the hedge fund Third Point LLC has three board seats and an ownership stake of 9.5% in Ligand Pharmaceuticals, Inc., a specialty pharmaceutical company. Third Point believed that Ligand had a strong drug portfolio and pipeline but that it was... View Details

Keywords: Mergers and Acquisitions; Private Equity; Investment Activism; Investment Funds; Governing and Advisory Boards; Bids and Bidding; Ownership Stake; Pharmaceutical Industry; United States

Find at Harvard

January 2001 (Revised May 2001)
Case

Return Logic, Inc. (A)

By: Richard G. Hamermesh and Michele Lutz

Follows three graduating HBS students as they build a business-to-business Internet venture and highlights the challenges they confront in structuring financing terms with venture capitalists. Requires students to carefully read a six-page term sheet to identify which... View Details

Keywords: Venture Capital; Investment Funds; Private Equity; Internet and the Web; Negotiation Deal; Entrepreneurship

Keywords: New Venture Competition; Securities, Commodities, and Other Financial Investments; Securities, Commodities, and Other Financial Investments; Securities, Commodities, and Other Financial Investments; Securities, Commodities, and Other Financial Investments

17 Apr 2014
News

York Street Partners, Busbud Take Top Honors in Alumni New Venture Competition

firm is pioneering interventions in Sri Lanka that will help transform the nation. In the past two years, York Street Partners has arranged the largest private equity investment in a non-banking financial... View Details

24 Feb 2014
News

A Capital Idea for Small Business

Emeritus André Perold, who taught an investment management class and with whom Callaghan did research. Callaghan's subsequent career included portfolio management at Equitable Capital and hedge fund Odyssey Partners; small capitalization... View Details

Keywords: Robert S. Benchley; crowd-funding; online communities; Securities, Commodities, and Other Financial Investments; Securities, Commodities, and Other Financial Investments; Securities, Commodities, and Other Financial Investments

01 Apr 2001
News

Tatsuyuki Saeki: Putting Stock in New Options at Nasdaq Japan

providing new opportunities for Japanese investors and wider access to equity capital for emerging Japanese companies. In short, Saeki is challenging the old-boy network and forcing Japan’s button-down business culture to change. “My real... View Details

Keywords: Alejandro Reyes; Securities, Commodities, and Other Financial Investments; Securities, Commodities, and Other Financial Investments

01 Jun 2008
News

America the Difficult

has been 12.1 percent. Second, this remarkable return differential doesn’t reflect a more general differential in investment returns. During this same period, the equity markets in the United States... View Details

Keywords: Mihir A. Desai; foreign investors; Finance

01 Mar 2010
News

Alumni Books

The Masters of Private Equity and Venture Capital: Management Lessons from the Pioneers of Private Investing by Robert A. Finkel (MBA ’89) with David Greising (McGraw-Hill) Ten View Details

Keywords: Colleges, Universities, and Professional Schools; Educational Services; Finance; Management, Scientific, and Technical Consulting Services; Professional Services

16 Jul 2020
News

Accounting for Real Change

environmental record. Cohen, who serves as chairman of the Portland Trust and the Impact-Weighted Accounts Project at HBS, is a philanthropist, venture capitalist, private equity investor, and social innovator. He is also the author of... View Details

January 2001 (Revised May 2001)
Case

Return Logic, Inc. (B)

By: Richard G. Hamermesh and Michele Lutz

Highlights how multiple rounds of financing work in practice and illustrates how terms agreed to in early-stage financing deals have an impact in later financing rounds. Also illustrates ethical issues that entrepreneurs confront as they build "dot-com" ventures. View Details

Keywords: Venture Capital; Investment Funds; Private Equity; Internet and the Web; Negotiation Deal; Entrepreneurship; Ethics

01 Jun 2005
News

Contrarian and Proud of It

Rogers: Stellar stock picker. Courtesy T. Rowe Price Brian Rogers (MBA ’82) has made a career out of being a contrarian. As manager of the $18.9 billion T. Rowe Price Equity Income Fund, the firm’s largest offering, Rogers has produced... View Details

Keywords: Securities, Commodities, and Other Financial Investments; Securities, Commodities, and Other Financial Investments

April 1975 (Revised November 1984)
Case

Enzone Petroleum Corp.

By: Thomas R. Piper

A large integrated oil company is debating whether to switch from a single hurdle rate to multiple hurdle rates for project analysis purposes. Raises questions on: 1) determination of the cost of equity; 2) the usefulness of multiple hurdle rates to adjust for project... View Details

Keywords: Risk and Uncertainty; Cost; Investment Return; Equity; Capital Budgeting; Energy Industry