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  • December 2014 (Revised April 2015)
  • Case

Apple, Einhorn, and iPrefs

By: Carliss Y. Baldwin, Hanoch Feit, Edward A. Minasian and Brandon Van Buren
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
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  • November 2008 (Revised January 2012)
  • Case

Teena Lerner: Dividing the Pie at Rx Capital (Abridged)

By: Boris Groysberg, Victoria Winston and Robin Abrahams
Teena Lerner, the CEO of Rx Capital, had a problem. Her three-year-old hedge fund was highly profitable, but in 2004, one of her four equities analysts lost a lot of money for the firm. If Lerner followed her existing compensation system, designed to reward teamwork,... View Details
Keywords: Compensation and Benefits; Employee Relationship Management; Performance Evaluation; Groups and Teams; Financial Services Industry
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  • October 2007 (Revised March 2009)
  • Case

Advanced Energy: Programs for Energy Conservation

By: V. Kasturi Rangan and Brooke Barton
Describes the dilemma facing Advanced Energy (AE), a $6 million nonprofit engaged in energy conservation in North Carolina. Most of the money for its programs comes from a Public Benefits Fund (PBF) enacted by the state legislature. With renewed effort by activists in... View Details
Keywords: Energy Conservation; Public Equity; Performance Efficiency; Nonprofit Organizations; Conflict and Resolution; Energy Industry; Utilities Industry
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  • 11 Apr 2011
  • Lessons from the Classroom

Teaching a ‘Lean Startup’ Strategy

testing company, students ask themselves whether lean startup principles are applicable at all. With Aquion, they talk about the "clean-tech valley of death"—meaning that a firm is able to raise enough money to View Details
Keywords: by Carmen Nobel; Technology; Computer
  • January 2009 (Revised December 2017)
  • Case

Who Broke the Bank of England?

By: Niall Ferguson and Jonathan Schlefer
In the summer of 1992, hedge fund manager George Soros was contemplating the possibility that the European Exchange Rate Mechanism (ERM) would break down. Designed to pave the way for a full-scale European Monetary Union, the ERM was a system of fixed exchange rates... View Details
Keywords: Decision Choices and Conditions; Currency Exchange Rate; Investment; Governing Rules, Regulations, and Reforms; Financial Services Industry; European Union
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  • Research Summary

Unintended Consequences of Fundraising Tactics

Charity fundraisers use a variety of methods to increase donations, with three of the most common being matching funds, seed money, and thank you gifts. Field experiments have shown that matching funds (Eckel and Grossman, 2008) and seed money (List and Lucking-Reiley,... View Details
  • Research Summary

Investment Decisions and Decision Problems in Professional Investment Management

Jay O. Light is evaluating strategic business decisions in the money management industry as well as problems that arise in the management of very large pools of tax exempt money, particularly pension funds and endowments. From this research he is developing teaching... View Details
  • March 2009 (Revised October 2009)
  • Case

CalPERS' Emerging Equity Markets Principles

By: Robert G. Eccles and Aldo Sesia
The California Public Employees' Retirement System (CaIPERS)—the largest public pension fund in the U.S.—had adopted a new principles-based approach to investing in emerging market equities in November 2007. Previously, CalPERS internal and external money managers were... View Details
Keywords: Values and Beliefs; Investment Return; Investment Funds; Investment Portfolio; Emerging Markets; Corporate Social Responsibility and Impact; Value; Financial Services Industry; Public Administration Industry; China; California
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  • 09 Apr 2024
  • Research & Ideas

When Climate Goals, Housing Policy, and Corporate R&D Collide, Social Good Can Emerge

For almost four years, Omar Asensio and his colleagues have been studying the impact of federal energy programs on low-income neighborhoods. The intersection of technology—artificial intelligence, in particular—and public policy has long been an area of focus for... View Details
Keywords: by Glen Justice
  • January 2003 (Revised November 2005)
  • Case

Endeavor-Determining A Growth Strategy

By: William A. Sahlman and Michael J. Roberts
Describes the progress of a nonprofit organization, Endeavor, focused on nurturing entrepreneurship in emerging markets. At the time of the case, it has successfully expanded to five Latin American countries and is contemplating the next phase in its growth.... View Details
Keywords: Motivation and Incentives; Nonprofit Organizations; Development Economics; Entrepreneurship; Emerging Markets; Policy; Growth and Development Strategy
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  • November 1999
  • Case

Long-Term Capital Management, L.P. (A)

By: Andre F. Perold
Long-Term Capital Management, L.P. (LTCM) was in the business of engaging in trading strategies to exploit market pricing discrepancies. Because the firm employed strategies designed to make money over long horizons--from six months to two years or more--it adopted a... View Details
Keywords: Fluctuation; Capital; Financial Liquidity; Financing and Loans; Investment Funds; Investment Portfolio; Corporate Governance; Governing Rules, Regulations, and Reforms; Management; Risk Management; Marketing; Motivation and Incentives; Financial Services Industry
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  • February 2006 (Revised June 2007)
  • Case

Brazos Partners and Cheddar's Inc.

By: G. Felda Hardymon, Josh Lerner and Ann Leamon
Randall Fojtasek, a partner at Brazos Private Equity Partners, must decide whether to invest more money in Cheddar's restaurant chain, which the firm invested in 10 months earlier. The incremental investment would fund a real estate subsidiary that would own the... View Details
Keywords: Negotiation Deal; Price; Partners and Partnerships; Management; Investment; Leadership; Business Subsidiaries; Stocks
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  • February 2024
  • Case

Vespucci Partners: The New World of Venture Capital in Hungary

By: Paul A. Gompers, Tonia Labruyere and Emilie Billaud
Julia Sohajda was the young, female founding partner of the Hungarian VC firm Vespucci Partners, which focused on investing at seed stage into Hungarian deep tech startups and prepare them for a launch in the U.S market. Vespucci's first fund had largely been comprised... View Details
Keywords: Venture Capital; Business Startups; Investment Funds; Financing and Loans; Entrepreneurship; Financial Services Industry; Hungary; United States
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  • 27 Jan 2015
  • First Look

First Look: January 27

proceeds were used to repay CPP receipts without jeopardizing loan growth. Banks that received CPP funds prior to the passage of the American Recovery and Reinvestment Act (ARRA), and banks with greater reliance on non-traditional banking... View Details
Keywords: Sean Silverthorne
  • Research Summary

Implications of Limits of Arbitrage (with James Choi)

In this project we investigate the relationship between limits to arbitrage facing mutual fund managers and asset pricing anomalies. We measure changes in the limits to arbitrage by computing the average of slopes on current and past returns in quarterly... View Details
  • November 1999
  • Case

Long-Term Capital Management, L.P. (C)

By: Andre F. Perold
Long-Term Capital Management, L.P. (LTCM) was in the business of engaging in trading strategies to exploit market pricing discrepancies. Because the firm employed strategies designed to make money over long horizons--from six months to two years or more--it adopted a... View Details
Keywords: Fluctuation; Capital; Financial Liquidity; Financing and Loans; Investment Funds; Investment Portfolio; Corporate Governance; Governing Rules, Regulations, and Reforms; Management; Risk Management; Markets; Motivation and Incentives; Financial Services Industry
Related
  • February 2004 (Revised September 2006)
  • Case

Apax Partners and Xerium S.A.

By: Josh Lerner, G. Felda Hardymon and Ann Leamon
In 2002, Apax Partners had to decide whether to accept a less-than-perfect offer for one of its portfolio companies or to refinance it. This company, a maker of paper industry consumables with a global presence, had been purchased in 1999 and performed extremely well... View Details
Keywords: Leveraged Buyouts; Globalized Markets and Industries; Business Exit or Shutdown; Borrowing and Debt; Investment; Cash Flow; Pulp and Paper Industry
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  • 16 Feb 2023
  • HBS Case

ESG Activists Met the Moment at ExxonMobil, But Did They Succeed?

The impact-investment hedge fund Engine No. 1 made a big splash in May 2021 when it managed to get three nominees elected to the ExxonMobil board of directors. It was an open effort to prod the oil giant toward renewable energy and test whether activist investing could... View Details
Keywords: by Lane Lambert; Financial Services
  • June 2011 (Revised June 2012)
  • Case

Sephora Direct: Investing in Social Media, Video, and Mobile

By: Elie Ofek and Alison Berkley Wagonfeld
Julie Bornstein, senior vice president of Sephora Direct, is seeking to double her budget for social media and other digital marketing initiatives for 2011. A number of digital efforts implemented in the past two years seem to be bearing fruit and there is a desire to... View Details
Keywords: History; Leadership; Marketing Strategy; Marketing; Emerging Markets; Investment Return; Investment Funds; Budgets and Budgeting
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  • 09 Jan 2006
  • Research & Ideas

Rebuilding Commercial Real Estate

Students of recent United States real estate history can't help but notice unsettling parallels between the red-hot commercial market of the late 1980s and today. Then, as now, money gushed into the market, driving office and retail... View Details
Keywords: by Roger Thompson; Construction; Real Estate