Case | HBS Case Collection | October 2011 (Revised December 2011)

Vignette: Alternative Liquidity Options

by Felda Hardymon, Josh Lerner and Ann Leamon


The growth of companies that facilitate the sales of unregistered stock, such as that granted to employees of successful but long-private companies, has raised a number of questions among regulators, investors, and company founders. This brief vignette sketches out some of the benefits and drawbacks of alternative methods of liquidity.

Keywords: Financial Liquidity; Private Equity; Stocks; Business Growth and Maturation; Sales;


Hardymon, Felda, Josh Lerner, and Ann Leamon. "Vignette: Alternative Liquidity Options." Harvard Business School Case 812-070, October 2011. (Revised December 2011.)