Darden Case Collection最新文献

{"title":"Optiguard, Inc.: Series A–Round Term Sheet","authors":"Susan J. Chaplinsky","doi":"10.2139/ssrn.3010600","DOIUrl":"https://doi.org/10.2139/ssrn.3010600","url":null,"abstract":"\"OptiGuard. Inc.: Series A–Round Term Sheet\" focuses on an entrepreneur in the cybersecurity industry who is attempting raise a first round of venture financing in November 2015. To date, the firm has been unsuccessful in attracting funding from venture capitalists (VCs) and has instead relied on a small seed round from local investors. With funds running short, the entrepreneur is again attempting to raise funds from VCs. During this process, it receives a bridge loan from a reputable venture capital firm to tide it over until it can complete a Series A round with the same firm. In November 2015, it receives the terms for a $5 million Series A round, and the students must evaluate the adequacy of the offer in light of other comparable financing rounds and how the terms will affect the future performance and other aspects of the firm in light of the high likelihood of future financing rounds. The case's main teaching purpose is to provide a basic understanding of the legal and financial issues encountered in early-stage investments. The case incorporates the term sheet for the proposed Series A round, and the pre–Series A capitalization of the company. The study questions pose several direct questions to the students to help them focus on the features of the term sheet that have the largest impact on the company's valuation and control.The case has been used successfully in an MBA-level entrepreneurial finance and private equity course, and a JD/MBA course in private equity. To facilitate preparation of the case, the materials include a student spreadsheet file (UVA-F-1798X) of the case exhibits, a detailed teaching note (UVA-F-1798TN), and an instructor file (UVA-F-1798TN).The companion note, \"Early-Stage Term Sheets\" (UVA-F-1730), is a useful background reading for the case. \u0000Excerpt \u0000UVA-F-1798 \u0000Rev. Sept. 5, 2017 \u0000OptiGuard, Inc.: Series A-Round Term Sheet \u0000In November 2015, Richard Mannix, CEO of OptiGuard, Inc., was in the process of seeking additional financing for his young cybersecurity company. Up to this point, Mannix had been unsuccessful in attracting venture-capital (VC) funding, and had only been able to raise $ 315,000 in seed capital from angel investors to develop the firm's first security-software applications. During the summer of 2015, with funds growing short, he began to search again for additional VC funding. In September 2015, he secured a bridge loan of $ 350,000 from Woodland Venture Partners (WVP), a Boston-based VC firm, which gave the firm some breathing room until a Series A–round financing could be completed. The bridge loan was straight debt, and repayment was contingent upon the completion of a Series A round. In November, Mannix was finally able to secure an offer from WVP for $ 5.0 million in convertible preferred stock. While Mannix welcomed the offer, he was uncertain whether the terms of the proposed agreement and the amount offered met his company's growing needs. With only $ 5.0 million coming from the Ser","PeriodicalId":390041,"journal":{"name":"Darden Case Collection","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-08-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128135118","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Hamilton's Electronics Services, Inc.: The Second Year","authors":"Luann J. Lynch, Almand R. Coleman, M. M. Frank","doi":"10.2139/ssrn.3002714","DOIUrl":"https://doi.org/10.2139/ssrn.3002714","url":null,"abstract":"The owner of Hamilton's has provided his CPA with all the company's invoices, bank statements, and a lot of other miscellaneous business-related information for the company's second year. He has asked the CPA to reconstruct, in summary form, all the company's second-year transactions and to create an income statement for its second year of operations and a balance sheet at the end of that year. \u0000Excerpt \u0000UVA-C-2396 \u0000Rev. Oct. 26, 2017 \u0000Hamilton's Electronics Services, Inc.: The Second Year \u0000David Hamilton had worked as the senior technician at a large electronics sales and service company for more than 15 years. Just over two years ago, he decided that what he really wanted was to be self-employed. After turning in his resignation, he started his own company. Hamilton announced the opening of Hamilton's Electronics Services, Inc. (Hamilton's), an electronics repair company that serviced all makes and models of electronic equipment. As he reflected on his company's first two years of operation, he thought about how busy he had been. He was grateful that he had hired Janet Lucas, a local CPA, to handle the accounting for his company after its first year of operation, and he had renewed his contract with her for its second year. Hamilton provided Lucas with all the company's invoices, bank statements, and a lot of other miscellaneous business-related information. He had asked Lucas to reconstruct, in summary form, all the company's transactions that had occurred during its second year and to provide him with an income statement for its second year of operations and a balance sheet at the end of that year. \u0000Lucas got to work immediately. She had the company's balance sheet for the end of the first year (Exhibit 1). As she had discovered the previous year, the information Hamilton had provided her with contained everything she needed to complete a summary analysis of transactions, to transfer all the data into individual accounts, and to prepare an income statement and a balance sheet for the company's second year. \u0000From the information Hamilton had given her, Lucas prepared the following summary of things that had occurred during the company's second year of operations. \u0000. . .","PeriodicalId":390041,"journal":{"name":"Darden Case Collection","volume":"164 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132162826","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Southwest Airlines: Where's the Luv?","authors":"D. Nielsen, R. Goldberg, E. N. Weiss, O. Wight","doi":"10.2139/ssrn.2997757","DOIUrl":"https://doi.org/10.2139/ssrn.2997757","url":null,"abstract":"This case details the history of Southwest Airlines (LUV) and emphasizes the benefits of a focused strategy. The case demonstrates how a competent service strategy together with operations efficiency can lead to profit, and it explains the concept of an integrated approach tying together the customer value proposition with operational and human resource capabilities. At the time of the case, LUV must consider whether or not it should change some of its operational tactics. Excerpts from a talk that LUV's former CEO, Herb Kelleher, gave at the Darden School of Business is available to complement the case. Please see Elliott N. Weiss, \"Herb Kelleher and the Four Ps Toward High Performance: People, Purpose, Process, Philosophy (MEDIA),\" UVA-OM-1173M. \u0000Excerpt \u0000UVA-OM-1571 \u0000Rev. Jul. 8, 2019 \u0000Southwest Airlines: Where's the Luv? \u0000Q4 2016 \u0000Gary Kelly, the CEO of Southwest Airlines (LUV), examined his computer screen once more, hoping to see something different. It was October 26, 2016, and LUV's stock price (NYSE: LUV) had just dropped more than 8.5% in premarket trading. After more than four decades of consecutive profitability, LUV's most recent earnings call had indicated a 4%-to-5% expected drop in Q4 revenue per available passenger seat mile. But as noted by industry analysts, many other airlines had seen a Q3 and Q4 boost “due to stronger September results, following a summer in which the Zika virus and terrorism deterred some passengers from flying.” \u0000On July 20, a major information-technology failure had put the entire operation into disarray. This failure had required several days to rectify, left tens of thousands of passengers stranded, and cost the company tens of millions of dollars. Shortly after the meltdown, four of the major employee unions (pilots, flight attendants, mechanics, and ramp agents) at LUV had issued a vote of no confidence in Kelly's leadership and in that of COO Mike Van de Ven. Both the pilot and flight-attendant unions had new contracts with LUV that were finally moving to a union vote; these might now be in jeopardy. Several hundred pilots had recently picketed both the board meeting in Chicago and Dallas Love Field, one of the main domiciles of LUV, for the first time in the airline's history. LUV sought concessions from flight attendants such as a longer duty day, but with the impact of the IT meltdown fresh in their memories, flight attendants were pushing back. \u0000. . .","PeriodicalId":390041,"journal":{"name":"Darden Case Collection","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-07-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124890197","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Sarak Wholesale: Wishing for Control","authors":"Timothy M. Laseter","doi":"10.2139/ssrn.2997756","DOIUrl":"https://doi.org/10.2139/ssrn.2997756","url":null,"abstract":"The owner of a Cape Town, South Africa–based business, Sarak Wholesale Supplies, struggles to manage his cash flow and get his inventory under control (Sarak Wholesale has no formal order-cycle process). To improve the level of service Sarak Wholesale provided to its clients, he would need to formalize its ordering procedures. \u0000 \u0000Excerpt \u0000 \u0000UVA-OM-1570 \u0000 \u0000May 19, 2017 \u0000 \u0000Sarak Wholesale: Wishing for Control \u0000 \u0000Sifiso Mulder looked through his inventory of goods, which he sold through his Cape Town, South Africa–based business, Sarak Wholesale Supplies. He had built the business through hustle and salesmanship…and perhaps a creative flair for figuring out what Cape Town tourists would find interesting. He supplied hundreds of entrepreneurial retailers, from the gift shop at Robben Island, to street vendors at Cape Town Stadium, to the shopkeepers at Bay Harbor Market in Hout Bay. None of his customers could afford a big inventory investment, so he had built his business through low costs and great service. Despite the growth in revenue—or perhaps because of it—Mulder struggled to manage his cash flow. He had convinced a few of his suppliers to provide inventory on consignment, but most required payment up front. Regardless, he knew that he needed to get his inventory under control if he wanted to make money. Because money was tight, he had started cutting back on inventory…but that had led to lots of out-of-stocks, which was hurting his reputation for customer service. \u0000 \u0000Framing the Problem \u0000 \u0000Mulder wasn't quite sure how to begin tackling the stock-out problem that had plagued Sarak Wholesale during the previous tourist season. He decided early on that his first goal should be to determine a reorder point for every stock-keeping unit (SKU) stocked by Sarak Wholesale to avoid missing sales revenue due to stock-outs without incurring needless costs. Mulder wasn't quite sure what would be an appropriate service level. He also wasn't convinced that the service level should be the same across all product categories. As an initial target, however, Mulder felt that Sarak Wholesale should have all standard gift items with the South African flag in stock and available for sale at least 90% of the time. He was less sure about the specialty with only the items that had the name of a particular destination like Robben Island or Table Mountain National Park printed on them. He thought such specialty items could have lower service levels because they were relevant to fewer customers. \u0000 \u0000Mulder also wondered about deciding the right service level by product category. He worried about the competition in caps and coffee mugs, which mostly carried logos of the tourist attraction but could also be labeled with clever slogan, such as “I Love Hip-Hop” on his kiddie baseball caps. On the other hand, he knew his custom knives (sold on consignment) were not readily available to his customers from other wholesalers. After running his initial analysis, he decided that he","PeriodicalId":390041,"journal":{"name":"Darden Case Collection","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-07-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122477355","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Larry Puglia and the T. Rowe Price Blue Chip Growth Fund","authors":"Kenneth M. Eades, Dorothy C. Kelly","doi":"10.2139/ssrn.2997712","DOIUrl":"https://doi.org/10.2139/ssrn.2997712","url":null,"abstract":"Set in late 2016, this case recounts the remarkable performance record of Blue Chip Growth Fund (BCGF), a mutual fund managed by Larry Puglia at T. Rowe Price, Inc. The case describes the investment style of Puglia, whose record with BCGF had on average outperformed the S&P 500 since the inception of the fund in 1993. The tasks for the student are to assess the performance of the fund, consider the sources of its success, and decide on the sustainability of Puglia's performance. Consistent with the introductory nature of the case, the analysis requires no numerical calculations. The instructor should not be deceived, however: the absorption of capital-market background and the implications of financial concepts in the case will fully occupy the novice. This case updates and replaces \"Bill Miller and Value Trust\" (UVA-F-1481) and \"Peter Lynch and the Fidelity Magellan Fund\" (UVA-F-0777). The case is intended for use in the opening stages of a finance course. It provides a nontechnical introduction to the U.S. equity markets and lays the foundation for some basic concepts in finance. \u0000Excerpt \u0000UVA-F-1772 \u0000Jun. 12, 2017 \u0000Larry Puglia and the T. Rowe Price Blue Chip Growth Fund \u0000By late 2016, Larry J. Puglia had been managing the $ 33 billion T. Rowe Price Blue Chip Growth Fund (Blue Chip Growth Fund) for more than 23 years. One of the fund's original managers, Puglia had been the sole manager of the open-ended mutual fund since 1997 and had generated superior returns on average for his investors over the life of the fund. \u0000Since inception in mid-1993 through September 30, 2016, the fund had returned an average annual total return of 10.12%, outperforming the 9.12% return of the fund's benchmark, the Standard & Poor's 500 Index (S&P 500). For most fund managers, beating the S&P 500 in any single year was an accomplishment, yet Puglia had served his investors well by performing better than competitor funds both in bull markets, such as that of the late 1990s, as well as the bear markets, such as that of the first decade of the 2000s. Exhibit 1 presents a summary of the Blue Chip Growth Fund. Exhibits 2 and 3 show the fund's performance and annual return versus its benchmark and other funds in the large-cap growth category. \u0000While Puglia, working out of T. Rowe Price's Baltimore, Maryland, headquarters, rarely had the best overall performance in any given year, and other managers had beaten his results over short-term periods, his overall long-term performance relative to the index was truly impressive. He ranked 20th out of 558 U.S. stock mutual funds with a single portfolio manager, and Morningstar had awarded the Blue Chip Growth Fund its coveted five-star rating for the fund's five-year performance, placing it in the top 10% of 1,285 mutual funds investing in large-capitalization growth stocks. Puglia had also been nominated by Morningstar as one of five finalists for Domestic Fund Manager of the Year in 2013. The fund had been recognized as an IBD","PeriodicalId":390041,"journal":{"name":"Darden Case Collection","volume":"77 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-07-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134328577","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Set in Stone","authors":"Y. Grushka-Cockayne, Pascale Crama, Elizabeth Tang, Arup Banerjee","doi":"10.2139/ssrn.2980785","DOIUrl":"https://doi.org/10.2139/ssrn.2980785","url":null,"abstract":"In 2013, the new general manager at Dominion Granite and Marble (DGM), a successful Virginia granite-fabrication company, was convinced DGM would benefit from substantially speeding up its sales process. Getting quotes in the hands of potential customers quickly was the first step. In particular, a new website with online quotation capabilities would go a long way toward capitalizing on the traffic DGM's website already experienced and give the company a competitive edge. The only question was how quickly the website could be developed and at what price. \u0000 \u0000Excerpt \u0000 \u0000UVA-QA-0814 \u0000 \u0000Feb. 11, 2014 \u0000 \u0000SET IN STONE \u0000 \u0000It was a new dawn for Dominion Granite and Marble (DGM). The Virginia granite-fabrication company had a vibrant new owner, an established client base, and a devoted group of employees. And with the addition of 27-year-old Elizabeth Tang, it had a new general manager excited about the company's challenges. These challenges merged her engineering background with the MBA education she was two months shy of completing at the Darden School of Business at the University of Virginia. \u0000 \u0000Given all she had learned about the fabrication industry since she took over on January 1, 2013, Tang was convinced DGM would benefit from substantially speeding up its sales process. Getting quotes in the hands of potential customers quickly was the first step. In particular, a new website with online quotation capabilities would go a long way toward capitalizing on the traffic DGM's website already experienced. Such website capabilities would also offer the company a competitive edge. The only question was how quickly the website could be developed and at what price. \u0000 \u0000Meanwhile, on the opposite coast, Arup Banerjee was also excited about his career trajectory. Like Tang, he was two months away from his MBA graduation from the Haas School of Business at the University of California. The build-up toward finishing his degree and being able to devote 100% of his time to growing his website-design firm was great. DGM was the perfect client. This project would allow his firm, CD SEO, to demonstrate capabilities associated with linking a firm's customer relationship management (CRM) and back-office systems to its website. This capability would open the door to working with other service providers. \u0000 \u0000. . .","PeriodicalId":390041,"journal":{"name":"Darden Case Collection","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133764196","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A Glum Primer: How to Account for Risk with Uncertain Npvs","authors":"P. E. Pfeifer, S. Bodily, Manel Baucells","doi":"10.2139/ssrn.2975189","DOIUrl":"https://doi.org/10.2139/ssrn.2975189","url":null,"abstract":"This note describes a method for adjusting uncertain future cash flows into a present certain equivalent. The use of net present value (NPV) to adjust a stream of future known cash flows into a single-value equivalent adjusted for the time value of money is common practice. The use of simulation to produce a risk profile of NPV values is also now common. While the expected net present value (ENPV) is often used to convert a risk profile of uncertain NPVs into a single-value equivalent, this approach ignores risk and the decision maker's attitude toward risk. Simply put, a 50% probability of receiving an NPV of $1 million is not as attractive as a 100% chance of receiving an NPV of $500,000. The general logarithmic utility model (GLUM) constructs a single certain equivalent from a risk profile (i.e., a “risk-adjusted NPV”) which goes beyond ENPV to incorporate risk aversion into the decision-making criterion. The simplicity and many attractive properties of the GLUM prompt us to suggest it as more attractive than other ways to adjust an NPV risk profile for risk. \u0000Excerpt \u0000UVA-QA-0849 \u0000Rev. Nov. 26, 2018 \u0000A GLUM Primer: How to Account for Risk with Uncertain NPVs \u0000We use net present value (NPV) to convert a stream of future known cash flows into a single-value equivalent. The NPV tool uses a discount rate to correctly account for the time value of money. We often next use expected net present value (ENPV) to convert a risk profile of uncertain NPVs into a single-value equivalent. Although ENPV accounts for all possible NPVs and their relative likelihoods, it ignores risk and the decision-maker's attitude toward risk. Simply put, a 50% probability of receiving $ 1,000,000 is not as attractive as a 100% chance of receiving $ 500,000. This makes ENPV an incomplete decision-making criterion. \u0000The purpose of this note is to describe the general logarithmic utility model (GLUM), which constructs a single-value equivalent from a risk profile. The resulting single-value equivalent is called a “present certain equivalent,” or “risk-adjusted NPV,” which goes beyond ENPV to incorporate risk aversion into the decision-making criterion. The simplicity and many attractive properties of the GLUM prompt us to suggest it as more attractive than other ways to adjust an NPV risk profile for risk. \u0000How to Use the GLUM \u0000. . .","PeriodicalId":390041,"journal":{"name":"Darden Case Collection","volume":"94 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115889993","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Real Options (Abridged)","authors":"S. Bodily","doi":"10.2139/ssrn.2975165","DOIUrl":"https://doi.org/10.2139/ssrn.2975165","url":null,"abstract":"This note is an abridged version of QA-0639, \"Real Options.\" \u0000Excerpt \u0000UVA-QA-0799 \u0000Rev. Apr. 9, 2014 \u0000Real Options (Abridged) \u0000All business decisions are real options, in that they confer the right but not the obligation to take some initiative in the future. \u0000—Judy Lewent, CFO, Merck \u0000Although you may not go as far as Judy Lewent, who claims that “all business decisions are real options,” you will likely agree that options are critically important in decision making. Understanding how to create them and to value them are vital skills for business, personal, and policy decisions. Decision analysis is an ideal approach to provide insight into options. \u0000. . .","PeriodicalId":390041,"journal":{"name":"Darden Case Collection","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133818039","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"R&D Project Selection at Northbanctec Inc","authors":"Anton Ovchinnikov","doi":"10.2139/ssrn.2975132","DOIUrl":"https://doi.org/10.2139/ssrn.2975132","url":null,"abstract":"Suitable as an assignment or as an exam case, this short case is effective in illustrating the use of linear and integer programming in an assignment problem, wrapped around R&D project selection in a global IT firm. A twist in the case requires the use of binary variables to implement certain logical conditions on which projects can be undertaken by which project teams. The case is suitable for graduate or advanced undergraduate courses or modules on optimization, decision models, management science and the like, both for class discussion and as a part of assignment or exam. A spreadsheet is available to enhance student learning. \u0000Excerpt \u0000UVA-QA-0762 \u0000Rev. Jun. 14, 2011 \u0000R&D Project selection at NorthBancTec Inc. \u0000NorthBancTec Inc. was a high-end boutique IT firm. Headquartered in Washington, D.C., NorthBancTec had three teams: in Georgetown (United States), in Dubai (United Arab Emirates), and in Novosibirsk (Russia). \u0000Because of its small size, NorthBancTec had to be very selective in choosing R&D projects. Table 1 lists the possibilities it had identified for the upcoming year. \u0000Table 1. Possible projects, their type, and their projected net benefit. \u0000. . .","PeriodicalId":390041,"journal":{"name":"Darden Case Collection","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116765302","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Night-Lights and Nearsightedness (a)","authors":"P. E. Pfeifer, K. Zadnik","doi":"10.2139/ssrn.2975184","DOIUrl":"https://doi.org/10.2139/ssrn.2975184","url":null,"abstract":"Researchers at the University of Pennsylvania were interested in whether exposure to light early in life might affect eye growth and lead to an increased risk of myopia (nearsightedness). Eyes grew rapidly after birth, but myopia usually did not develop until later in life and arose from excessive postnatal eye growth. They knew that the duration of daily light had been shown to increase eye growth in chicks and wondered whether the same might be true for humans. The results startled researchers and might explain the increase in myopia rates over the last two centuries. The B case gives the results of a follow-on study conducted by the Ohio State University. \u0000 \u0000Excerpt \u0000 \u0000UVA-QA-0842 \u0000 \u0000Rev. Nov. 5, 2015 \u0000 \u0000Night-Lights and Nearsightedness (A) \u0000 \u0000Researchers at the University of Pennsylvania were interested in whether exposure to light early in life might affect eye growth and lead to an increased risk of myopia (nearsightedness). Eyes grew rapidly after birth, but myopia usually did not develop until later in life and arose from excessive postnatal eye growth. They knew that the duration of daily light had been shown to increase eye growth in chicks and wondered whether the same might be true for humans. \u0000 \u0000In early 1998, the researchers asked parents of 479 children—from 2 to 16 years of age—who were outpatients in the university's ophthalmology clinic about their child's exposure to light before two years of age. The key question was: “Under which lighting conditions did your child sleep at night before the age of two?” The multiple-choice answers were: “room light,” “night-light,” and “darkness.” Because the children were all outpatients of the clinic, their current eyesight had already been evaluated, recorded, and summarized as either myopic or not myopic. \u0000 \u0000The results startled the researchers. About half the children (232) slept with a night-light, and 34% of this group became myopic. The smallest group was composed of the 75 children who slept in room light; subsequently, 55% became myopic. The overall myopia rate for the group was a shade under 29%. The researchers wrote in the journal Nature, “The prevalence of myopia…during childhood was strongly associated with ambient light exposure during sleep at night in the first two years after birth.” \u0000 \u0000. . .","PeriodicalId":390041,"journal":{"name":"Darden Case Collection","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129517308","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}