DOCSLIB.ORG

Hege Christoffersen Og David G

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Hege Christoffersen Og David G &DQG0HUF$SSOLHG(FRQRPLFVDQG)LQDQFH 'HSDUWPHQWRI(FRQRPLFV 0DVWHU7KHVLV ,QYHVWLJDWLRQ RIDQHZWHFKEXEEOH $XWKRUV 'DWH +HJH&KULVWRIIHUVHQ 'DYLG*XOEUDQGVHQ $XJXVW 6XSHUYLVRU 6FRSH (ULN+DOOHU3HGHUVHQ SDJHV LQFOXGLQJWDEOHVDQGILJXUHV Image is gathered from Fortune Magazine (2011) Illustrating the founder and CEO of Facebook, a company that is considered to be among the biggest celebrities in the technology sector. ³:HGRQ WJHWIRROHGDJDLn Don't get fooled again 1RQR´ The Who (1971) I | Page (;(&87,9(6800$5< Stock prices for technology companies reached astronomical levels in 1999/2000, resulting from market speculation. The high priced companies were characterized by low and even no earnings to speak of. This thesis investigates the listed companies represented in four technology heavy indices in the U.S. based on a variety of ratios with a goal to determine overvaluation. Compared to the overall stock market, these are priced at a higher level, though not as high as for the dot- com the period. The corresponding earnings may be explained by sounder business models for these companies in the current situation. Venture capitalists are eager to invest in technology due to the high growth and profitability opportunities. Venture capitalists` interests in technology are increasing, especially within the software sector and particularly for Internet related companies where social networking companies receive the highest investments. Based on IPOs being their most successful and profitable exit strategy, we find it plausible to assume that this increased interest will have a large impact on the public stock market. Due to the financial crisis, a lot of private equity companies failed to exit their investments, leaving the record high investment deals in 2005-2007 still queued to be disinvested. This pipeline shadow of IPOs is also likely to have an influence on the public market when the IPO window widens due to increased liquidity in the market. Due to the high valuation of companies soon to be listed, the thesis further investigates some of these companies within the Internet related company industry. LinkedIn went public recently, trading at a price earnings ratio of 1346 after the initial price surged from $45 to $94. 5, a 109 percent increase. This means that the transferred value of $388 million from LinkedIn´s existing shareholders to the new investors were made due to mispricing of the stock done by the company`s underwriters. The subsequent companies have either filed, or have said that they will II | Page file for an IPO within a short time frame; Groupon, Twitter, Zynga and Facebook. To be able to compare the companies under investigation, a price to sales ratio were computed, showing that all these companies had an over-valued market capitalization compared to the industry average. This may be a result of accepted overvaluation of these social networking companies due to a lack of benchmark companies, as this is a new type of industry. The valuations and venture capitalist investments in later stage of development, point towards a hot market for social networking and gaming companies within the sector of technology. The subsequent high demand for such companies when entering the public market, may lead to a bubble. The high demand may in turn be explained by media attention towards these companies, the celebrity stock effect, an under-pricing of the stock done by the underwriters, herd behavior and an increase of non-professional investors entering the market. III | Page $&.12:/('*0(17 This thesis has been done for the purpose to elaborate on a currently relevant topic in line with requirements from the cand.merc. Applied Economics and Finance program at Copenhagen Business School. The thesis has been written solely by the authors based on knowledge, and research done in a time frame of late December 2010 to August 2011. We want to give a special thank you to people who contributed with their professional knowledge who has been helpful in this process. First of all, our thanks goes to our supervisor Erik Haller Pedersen from the Danish National Bank, Erik Sonne from the CBS library and Tor Olav Gabrielsen and Morten Pettersen from Bergen Capital Management. The writing of this thesis has enabled us to get useful insight on highly relevant topics within the field of economics and finance, and it has been very interesting to apply theoretical aspects on to real life situations. IV | Page 7DEOHRI&RQWHQWV EXECUTIVE SUMMARY ......................................................................................................................... II ACKNOWLEDGMENT ............................................................................................................................. IV CHAPTER 1 - INTRODUCTION ................................................................................................................ 1 Problem Statement and Research Questions ............................................................................................. 2 Outline of the thesis .................................................................................................................................. 2 Scope and Delimitation ............................................................................................................................. 4 Methodology ............................................................................................................................................. 4 Methodology and Limitation Critics ..................................................................................................... 7 Literature Review based on relevant theory on bubble theory: ................................................................ 8 CHAPTER 2 - BACKGROUND ................................................................................................................ 11 The Stock Market .................................................................................................................................... 11 The Markets ........................................................................................................................................ 11 The Information Technology Market in General .................................................................................... 13 Solidity ................................................................................................................................................ 15 Stock Index Calculations ........................................................................................................................ 16 6WDQGDUG 3RRU¶V ................................................................................................................................... 17 6WDQGDUG 3RRU¶V&RPSRVLWH index ............................................................................................ 17 Global Industry Classification Standard (GICS®) ................................................................................... 18 American Stock Exchange ...................................................................................................................... 19 Inter@ctive Week Internet Index ........................................................................................................ 19 Nasdaq QNET ..................................................................................................................................... 20 Nasdaq Computer Index...................................................................................................................... 20 Short Conclusion ................................................................................................................................. 21 Nasdaq .................................................................................................................................................... 21 Creation of a bubble ................................................................................................................................ 22 Stealth Phase ....................................................................................................................................... 24 Awareness Phase ................................................................................................................................. 24 Mania Phase ........................................................................................................................................ 25 Blow off Phase .................................................................................................................................... 25 CHAPTER 3 - THEORY ............................................................................................................................ 26 Market Efficiency ................................................................................................................................... 26 V | Page Behavioral Finance ................................................................................................................................. 27 Herd Behavior ..................................................................................................................................... 29 Initial Public Offering ............................................................................................................................. 30 Motives for going public ....................................................................................................................
Load more

Recommended publications
  • Online Pet Supply Retailing
    9-809-117 APRIL 9, 2009 TOM NICHOLAS DAVID CHEN Online Pet Supply Retailing The pet industry is a great eulogy for the entire dot-com industry . Blind is the operating word. Lots of blindly, highly funded management teams and a blind anticipation that customers would use the internet. — Frank Creer, venture capitalist, May 20011 In a world of disruptive internet technologies, how do you know if your business model is crazy or brilliant, and what do you do as management to maximize your chances of success? — Josh Newman, Mar. 2009 From 1995 to 1999, the U.S. experienced a period of tremendous growth in its information technology (IT) sector. The IT industry, although it accounted for less than 10% of the U.S. economy’s total output, contributed disproportionately to economic growth.2 Consequently, as venture capital money flowed freely, many companies developed an institutional mentality of rapid expansion, with market share taking on crucial importance in their quest to dominate the competitive landscape. The mantra was “get big, fast” and the goal was to be first to IPO, so that cash could be inexpensively raised to fund more rapid expansion (and investors could reap huge returns). Hundreds of new entrants crowded the market, spending vast sums for the purposes of customer acquisition and revenue growth. One market that was particularly contentious was online pet supply retailing. Pet supply retailing had an estimated worth of $31 billion in 1997, and in the late 1990s, several startups and brick-and- mortar-based companies launched online retail stores, hoping to become the premiere (and perhaps the only) online pet supplies retailer.
    [Show full text]
  • Accounting for Economic Reality Under the Intangibles Paradigm
    Buffalo Law Review Volume 54 Number 1 Article 3 5-1-2006 Measuring and Representing the Knowledge Economy: Accounting for Economic Reality under the Intangibles Paradigm Olufunmilayo B. Arewa Case Western Reserve University School of Law Follow this and additional works at: https://digitalcommons.law.buffalo.edu/buffalolawreview Part of the Business Organizations Law Commons Recommended Citation Olufunmilayo B. Arewa, Measuring and Representing the Knowledge Economy: Accounting for Economic Reality under the Intangibles Paradigm, 54 Buff. L. Rev. 1 (2006). Available at: https://digitalcommons.law.buffalo.edu/buffalolawreview/vol54/iss1/3 This Article is brought to you for free and open access by the Law Journals at Digital Commons @ University at Buffalo School of Law. It has been accepted for inclusion in Buffalo Law Review by an authorized editor of Digital Commons @ University at Buffalo School of Law. For more information, please contact [email protected]. BUFFALO LAW REVIEW VOLUME 54 MAY 2006 NUMBER 1 Measuring and Representing the Knowledge Economy: Accounting for Economic Reality under the Intangibles Paradigm OLUFUNMILAYO B. AREWAt INTRODUCTION In some ways the history of Enron reflects a standard story of corporate fraud, malfeasance, and failed corporate oversight and governance. Any telling of this aspect of the Enron story might focus on the misrepresentations that were made by Enron about the nature of its business and business practices. These misrepresentations were reflected in Enron's securities disclosure, including its financial statements. However, this version of the Enron saga does not always take full account of an important element of the broader business context within which Enron operated.
    [Show full text]
  • Attendee Bios
    ATTENDEE BIOS Ejim Peter Achi, Shareholder, Greenberg Traurig Ejim Achi represents private equity sponsors in connection with buyouts, mergers, acquisitions, divestitures, joint ventures, restructurings and other investments spanning a wide range of industries and sectors, with particular emphasis on technology, healthcare, industrials, consumer packaged goods, hospitality and infrastructure. Rukaiyah Adams, Chief Investment Officer, Meyer Memorial Trust Rukaiyah Adams is the chief investment officer at Meyer Memorial Trust, one of the largest charitable foundations in the Pacific Northwest. She is responsible for leading all investment activities to ensure the long-term financial strength of the organization. Throughout her tenure as chief investment officer, Adams has delivered top quartile performance; and beginning in 2017, her team hit its stride delivering an 18.6% annual return, which placed her in the top 5% of foundation and endowment CIOs. Under the leadership of Adams, Meyer increased assets managed by diverse managers by more than threefold, to 40% of all assets under management, and women managers by tenfold, to 25% of AUM, proving that hiring diverse managers is not a concessionary practice. Before joining Meyer, Adams ran the $6.5 billion capital markets fund at The Standard, a publicly traded company. At The Standard, she oversaw six trading desks that included several bond strategies, preferred equities, derivatives and other risk mitigation strategies. Adams is the chair of the prestigious Oregon Investment Council, the board that manages approximately $100 billion of public pension and other assets for the state of Oregon. During her tenure as chair, the Oregon state pension fund has been the top-performing public pension fund in the U.S.
    [Show full text]
  • Panic, Prosperity, and Progress Founded in 1807, John Wiley & Sons Is the Oldest Independent Publishing Company in the United States
    PANIC, PROSPERITY, AND PROGRESS Founded in 1807, John Wiley & Sons is the oldest independent publishing company in the United States. With offices in North America, Europe, Australia, and Asia, Wiley is globally committed to developing and marketing print and electronic products and services for our customers’ professional and personal knowledge and understanding. The Wiley Trading series features books by traders who have survived the market’s ever changing temperament and have prospered—some by reinventing systems, others by getting back to basics. Whether a novice trader, professional, or somewhere in-between, these books will provide the advice and strategies needed to prosper today and well into the future. For more on this series, visit our website at www.WileyTrading.com. PANIC, PROSPERITY, AND PROGRESS Five Centuries of History and the Markets Timothy Knight Cover Design: Wiley Cover Illustration: top: © gettyimages.com/Robin Bartholick; background: © gettyimages.com/ Keystone-France; bottom: © gettyimages.com/DEA/A. Dagli Orti Copyright © 2014 by Timothy Knight. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 646-8600, or on the Web at www.copyright.com.
    [Show full text]
  • 6481 Wyld Report.V1
    Grant Report October 2000 The Auction Model: How the Public Sector Can Leverage the Power of E-Commerce Through Dynamic Pricing David C. Wyld Associate Professor Department of Management Southeastern Louisiana University The PricewaterhouseCoopers Endowment for The Business of Government The PricewaterhouseCoopers Endowment for The Business of Government About The Endowment Through grants for Research and Thought Leadership Forums, The PricewaterhouseCoopers Endowment for The Business of Government stimulates research and facilitates discussion on new approaches to improving the effectiveness of government at the federal, state, local, and international levels. Founded in 1998 by PricewaterhouseCoopers, The Endowment is one of the ways that PricewaterhouseCoopers seeks to advance knowledge on how to improve public sector effec- tiveness. The PricewaterhouseCoopers Endowment focuses on the future of the operation and management of the public sector. The Auction Model: How the Public Sector Can Leverage the Power of E-Commerce Through Dynamic Pricing David C. Wyld Associate Professor Department of Management Southeastern Louisiana University October 2000 The Auction Model 1 2 The Auction Model TABLE OF CONTENTS Foreword ......................................................................................5 Executive Summary ......................................................................6 Introduction ................................................................................8 E-Government — The Final Frontier........................................8
    [Show full text]
  • United States Securities and Exchange Commission
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 or 15(d) of the SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): December 5, 2001 USA NETWORKS, INC. (Exact name of Registrant as specified in charter) Delaware 0-20570 59-2712887 (State or other jurisdiction (Commission File (IRS Employer of incorporation) Number) Identification No.) 152 West 57th Street, New York, NY 10019 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (212) 314-7300 ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS (c) Exhibits. 99.1 Investor Presentation Materials, dated December 5, 2001, for use at the UBS Warburg Media Week Conference. ITEM 9. REGULATION FD DISCLOSURE On December 5, 2001, the Registrant presented at the UBS Warburg Media Week Conference. A copy of the Registrant's investor presentation materials for such conference, appearing in Exhibit 99.1, is furnished and not filed pursuant to Regulation FD. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. USA NETWORKS, INC. By: /s/ Julius Genachowski ----------------------------- Name: Julius Genachowski Title: Senior Vice President and General Counsel Date: December 5, 2001 EXHIBIT INDEX Exhibit No. Description 99.1 Investor Presentation Materials. Exhibit 99.1 Slide 1 (logo): USA Networks, Inc. Slide 2: Important This presentation contains forward looking statements relating to possible or assumed future results of USAi. It reflects the current views of USAi with respect to future events, and is subject to risks that could cause future results to materially differ.
    [Show full text]
  • Digital Economy 2000
    Digital Economy 2000 ECONOMICS AND STATISTICS ADMINISTRATION U.S. Department of Commerce June 2000 DIGITAL ECONOMY 2000 ECONOMICS AND STATISTICS ADMINISTRATION Office of Policy Development AUTHORS Chapter II Patricia Buckley Sabrina Montes [email protected] [email protected] Chapter III David Henry Donald Dalton [email protected] [email protected] Chapter IV Gurmukh Gill Jesus Dumagan [email protected] [email protected] Susan LaPorte [email protected] Chapter V Sandra Cooke [email protected] Chapter VI Dennis Pastore [email protected] Chapter VII Lee Price [email protected] Contributing Editors Robert Shapiro Lee Price Under Secretary for Economic Affairs Chief Economist [email protected] [email protected] Jeffrey Mayer For further information, contact: Director of Policy Development Secretariat on Electronic Commerce [email protected] U. S. Department of Commerce Washington, DC 20230 (202) 482-8369 http://www.ecommerce.gov THE SECRETARY OF COMMERCE Washington, DC 20230 I am pleased to release Digital Economy 2000, the Commerce Department’s third annual report on the information-technology revolution and its impact on our economy. Understanding sweeping economic changes as they are happening is a formidable challenge. In government agencies and research institutions around the world, analysts are trying to meet this challenge. Digital Economy 2000 is an important contribution to this effort and a measure of its progress. In the twelve months since our previous digital economy report, confidence has increased among both experts and the American public that the new, proliferating forms of e-business and the extraordinary dynamism of the industries that produce information-technology products and services are harbingers of a new economic era.
    [Show full text]
  • Dotcom Deathwatch
    Dotcom Deathwatch By Alex Burns Student Number: U34039238 E-mail: [email protected] Course: Strategic Foresight (Australian Foresight Institute) Subject: 611 – Implementing Foresight In Organizations Lecturer: Dr. Richard Slaughter Word Count: 6662 Have you forgotten the other side of rotten? Picking electronic cotton, digging digital ditches - Lookout, lookout for the Crash . Crash . Crash! Public Enemy, “Crash”, There’s A Poison Goin On . (1999) I think the business is programming people’s lives. I direct reality. Josh Harris, founder Pseudo.com and WeLiveInPublic.com (Kaitt and Weiss, 2001: 300) Foresight Myopia The dramatic rise-and-fall of the dotcom ‘New Economy’, which began in August 1995 with Netscape Communications’ breathless Initial Public Offering (IPO) (Cassidy, 2002: 6) and ended on 14 April 2000 with the NASDAQ tech crash (Cassidy, 2002: 290-291), is a case-study of why corporations failed to implement capabilities for pragmatic and social foresight. Yet this potential case-study is becoming increasingly difficult to uncover amidst business magazines that have rewritten their histories and unapologetic CEO hagiographies. Despite the efforts of digital continuity/preservation sites like Archive.org, key dotcom information remains hidden in the data-deluge or has disappeared altogether. Complex social dynamics have been reduced to ‘flatland’ popular montages: the spectacular “burn-rates” of Boo.com and DrKoop.com (Cassidy, 2002: 299), the fateful 60 Minutes interview with Razorfish founders Jeff Dachis and Craig Kanarick (Simon, 2000), ‘Open Source’ renegades, the AOL Time- Warner merger (Cassidy, 2002: 259), and indulgent parties by Industry Standard Magazine and on-line broadcast channel Pseudo.com (Cassidy, 2002: 301).
    [Show full text]
  • 13 Sources of Financing: Debt and Equity
    SCARMC13_0132294389 1/4/07 11:56 PM Page 462 Team B TeamB_04:Desktop Folder:Parveen: Section IV Putting the Business Plan to Work: Sources of Funds 13 Sources of Financing: Debt and Equity If you don’t know who the fool is in a deal, it’s you. —Michael Wolff On completion of this chapter, you will be able to: 1 Explain the differences among the three types of capital small businesses require: fixed, working, and growth. 2 Describe the differences between equity capital and debt capital and the advantages and disadvantages of each. 3 Discuss the various sources of equity capital available to entrepreneurs. 4 Describe the process of “going public,” as well as its advantages and disadvantages and the various simplified registrations and exemptions from registration available to small businesses wanting to sell securities to investors. 5 Describe the various sources of debt capital and the advantages and disadvantages of each. 6 Identify the various federal loan programs aimed at small businesses. 7 Describe the various loan programs available from the Small Business Administration. 8 Discuss valuable methods of financing growth and expansion internally. 462 SCARMC13_0132294389 12/22/06 7:29 PM Page 463 Team B 108:PEQY054:pesca5:sca5ch13: CHAPTER 13 • SOURCES OF FINANCING: DEBT AND EQUITY 463 Raising the money to launch a new business venture has always been a challenge for entre- preneurs. Capital markets rise and fall with the stock market, overall economic conditions, and investors’ fortunes. These swells and troughs in the availability of capital make the search for financing look like a wild roller coaster ride.
    [Show full text]
  • Chapter 13 •Sources of Financing: Debt and Equity 463
    Section IV Putting the Business Plan to Work:Sources of Funds 13 Sources of Financing: Debt and Equity If you don’t know who the fool is in a deal, it’s you.—Michael Wolff On completion of this chapter, you will be able to: 1 Explain the differences among the three types of capital small businesses require: fixed, working, and growth. 2 Describe the differences between equity capital and debt capital and the advantages and disadvantages of each. 3 Discuss the various sources of equity capital available to entrepreneurs, including personal savings, friends and relatives, “angels,” partners, corporations, venture capital, public stock offerings, and simplified registrations and exemptions. 4 Describe the process of “going public,” as well as its advantages and disadvantages and the various simplified registrations and exemptions from registration available to small businesses wanting to sell securities to investors. 5 Describe the various sources of debt capital and the advantages and disadvantages of each: banks, asset-based lenders, vendors (trade credit), equipment suppliers, commercial finance companies, savings 462 and loan associations, stock brokers, insurance companies, credit unions, bonds, private placements, small business investment companies (SBICs), and small business lending companies (SBLCs). 6 Identify the various federal loan programs aimed at small businesses. 7 Describe the various loan programs available from the Small Business Administration. 8 Discuss valuable methods of financing growth and expansion internally. OVR462 CHAPTER 13 •SOURCES OF FINANCING: DEBT AND EQUITY 463 Raising the money to launch a new business venture has always been a challenge for entre- preneurs. Capital markets rise and fall with the stock market, overall economic conditions, and investors’ fortunes.
    [Show full text]
  • Spinning and Underpricing: a Legal and Economic Analysis of the Preferential Allocation of Shares in Initial Public Offerings Sean J
    Brooklyn Law Review Volume 69 Issue 2 EDWARD V. SPARER PUBLIC INTEREST LAW PROGRAM SYMPOSIUM: THE NEW Article 7 ECONOMY AND THE UNRAVELING SOCIAL SAFETY NET 1-1-2004 Spinning and Underpricing: A Legal and Economic Analysis of the Preferential Allocation of Shares in Initial Public Offerings Sean J. Griffith Follow this and additional works at: https://brooklynworks.brooklaw.edu/blr Recommended Citation Sean J. Griffith, Spinning and Underpricing: A Legal and Economic Analysis of the Preferential Allocation of Shares in Initial Public Offerings, 69 Brook. L. Rev. 583 (2004). Available at: https://brooklynworks.brooklaw.edu/blr/vol69/iss2/7 This Article is brought to you for free and open access by the Law Journals at BrooklynWorks. It has been accepted for inclusion in Brooklyn Law Review by an authorized editor of BrooklynWorks. ARTICLE Spinning and Underpricing A LEGAL AND ECONOMIC ANALYSIS OF THE PREFERENTIAL ALLOCATION OF SHARES IN INITIAL PUBLIC OFFERINGS' Sean J. Griffith' Abstract This Article investigates the preferential allocation, or "spinning," of shares in initial public offerings. It begins by examining the offering process and the incentives of underwriters, issuers, and investors. Through this examination of the participants and the process, it locates the harm of spinning in the underpricing of initial public offerings. The Article then seeks to identify precisely which participants in the offering process are harmed by the practice and finally evaluates the most appropriate means of addressing this harm. © 2004 Sean J. Griffith. All Rights Reserved. Associate Professor of Law, University of Connecticut School of Law. B.A., Sarah Lawrence College; J.D., Harvard Law School.
    [Show full text]
  • PDF of This Issue
    MIT's The Weather Olde and Largest Today: Partly cloudy, 40°F (4°C) Tonight: Cloudy, snow, 26°F (-3°C) ew paper Tomorrow: now, rain, 40°F (4°C) Details, Page 2 Students Take Over New Donn Planning By Dana Levine the founder s group will graduate EDITOR IN CHIEF this year, and will never have a Planning for immons Hall chance to live in immons. entered a new pha e thi week, with McCant likened the tudents the official dissolution of the moving into immons to 'people Founder's Group on Friday and yes- who buy a house that i n't fini hed terday's first meeting of a tudent- yet .,. Deci ions about how they led Simmons Steering Committee. want to et up their governing body, Founder's Group member Jef- interact with [the Dormitory Coun- frey C. Roberts '02 said that cil], the house fellow program ... although "the Founder' Group ha all those decisions are going to be done a pretty good job in laying made by students." down the philosophy for the com- The Founder's Group was a munity ( immons)," the steering committee of faculty members, tu- committee will be a "government dent , and admini trator who pro- that's more representative of the vided input into the de ign of the people who are going to live there." dorm and helped to formulate initial , The steering committee, formed house policy. by student members of the Founder' Group, will allow future Committee bas many tasks residents of Simmons Hall to set up Membership in the steering com- JENNIFER KRISHNAN-THE TECH mittee will be open to all students, a house government, select graduate This Baker House room was designed as a triple, but it currently holds five beds and other furniture.
    [Show full text]