Home  |  Service Overview  |  eBookstore   |  Using Primis Database  |  Completed Order  |  Your Publisher

My Book Request Click here to start a new order

My Primis   |  eBook Options  |  Help / Feedback  |  Primis Online

Main Catalogs   Accounting Business Communication Business Law Economics Finance Insurance and Real Estate Management Information Systems Management and Organization Marketing Operations and Decision Sciences      Special Catalogs     Case Studies Text Chapters Mapped to Specific Cases How to Build a Book: Select Content Review & Arrange Personalize Request a Copy Keyword    Title, Author, Case #, Etc. ALEKS Homework Manager Discover Econ   Learning Solutions Group     Harvard Business School Cases — Finance  • To include an item in your complimentary custom book, click the item’s Add link. If there is a View link next to an item, you can view the pages by clicking on the link.  • To review the list of items you have selected so far, click on Step 2 in the progress bar above. You have successfully added all of the items to your order. Either click here to review your order or continue to add content from another title.    American Home Products Corp.   Add   View  7 pp.  Case Author(s): Mullins, David W., Jr. Publication Date: 03/18/1983 Revision Date: 01/24/1989 Product Type: Case (Library) Publisher: Harvard Business School HBS Number: 283065 Geographic Setting: New York Gross Revenue: $4.1 billion sales Event Year Start: 1981 Event Year End: 1981 Subjects: Capital structure; Debt management; Financial strategy Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (292060), 7p, by Scott P. Mason; Spreadsheet Supplement, (XLS060), 0p, by David W. Mullins Product Description: American Home Products is a company with virtually no debt. Students are asked to analyze the company's debt policy and make a recommendation to the CEO. It is likely that adding debt to the capital structure would create some value for shareholders; the CEO is firmly against borrowing.   Add     7 pp.  Teaching Note    Bidding for Antamina   Add   View  11 pp.  Case Author(s): Tufano, Peter ; Moel, Alberto Publication Date: 02/03/1997 Revision Date: 09/15/1997 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 297054 Geographic Setting: Peru Number of Employees: 51,000 Gross Revenue: $10 billion revenues Event Year Start: 1996 Event Year End: 1996 Subjects: Bids; Capital budgeting; Valuation; Privatization Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (298102), 19p, by Peter Tufano, Alberto Moel Product Description: In June 1996, executives of the multinational mining company RTZ-CRA contemplate bidding to acquire the Antamina copper and zinc mine in Peru. The Antamina project is being offered for sale by auction as part of the privatization of Peru's state mining company. RTZ-CRA has to determine what the mine is worth and decide whether and how it should bid in the upcoming auction. The bidding rules put in place by the Peruvian government dictate that each company's bid contain two components: an up-front cash amount and an amount the bidder will invest to develop the property if development is warranted after further exploration is completed.    Khosla Ventures: Biofuels Strategy   Add   View  28 pp.  Case Author(s): Lassiter, Joseph B.; Sahlman, William A.; Wagonfeld, Alison Berkley Publication Date: 09/09/2008 Revision Date: 02/19/2009 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 809004 Geographic Setting: California Number of Employees: 5 Event Year Start: 2008 Subjects: Finance; Venture capital; Entrepreneurial management; Marketing; Partnerships Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (810015), 12p, by Joseph B. Lassiter Product Description: By 2008, a number of the firm's early cleantech investments were showing promise, and the companies were starting to need significantly more money to create the massive scale required in the energy sector. As Khosla thought about the hundreds of millions of dollars required by his portfolio companies, he wondered how he should position his firm at this stage of development. Should Khosla develop a new fund that focused on later-stage investments? Should he seek investments from large industry players such as the major oil companies? Should he try raising money from the managers of the sovereign funds in countries such as Singapore, Kuwait and China? How should the firm work with its strategic partners? Khosla knew that lining up enough later stage funding would be challenging, as the cleantech industry was still unproven for investors. Nevertheless, he was determined to continue his pattern of making bold investments in this emerging field.    Communications Satellite Corp.   Add   View  19 pp.  Case Author(s): Mullins, David W., Jr. Publication Date: 03/01/1976 Revision Date: 06/11/1993 Product Type: Case (Library) Publisher: Harvard Business School HBS Number: 276195 Geographic Setting: United States Event Year Start: 1975 Event Year End: 1975 Subjects: Capital costs; Equity capital; Efficient markets; Government agencies Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (292046), 8p, by William E. Fruhan Product Description: Describes the FCC hearings which were designed to determine Comsat's cost of equity. Comsat's risks are examined, and expert testimony is given. Objective of the case is to estimate Comsat's cost of equity.    Marriott Corp.: The Cost of Capital (Abridged)   Add   View  10 pp.  Case Author(s): Ruback, Richard S. Publication Date: 03/24/1989 Revision Date: 04/01/1998 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 289047 Event Year Start: 1988 Event Year End: 1988 Subjects: Capital costs Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (298081), 18p, by Richard S. Ruback; Spreadsheet Supplement, (XLS069), 0p, by Richard S. Ruback Product Description: Gives students the opportunity to explore how a company uses the Capital Asset Pricing Model (CAPM) to compute the cost of capital for each of its divisions. The use of Weighted Average Cost of Capital (WACC) formula and the mechanics of applying it are stressed.    Nantero   Add   View  27 pp.  Case Author(s): Sahlman, William A.; Heath, Dan ; Perkins, Caroline Publication Date: 08/30/2008 Revision Date: 12/21/2009 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 809031 Geographic Setting: Massachusetts Number of Employees: <25 Event Year Start: 2005 Subjects: Negotiations; Financial strategy; Entrepreneurial finance; Entrepreneurial management; Technology; Disruptive innovation Academic Discipline: Finance Product Description: To maximize their effectiveness, color cases should be printed in color. This case describes a decision confronting the founder of Nantero, a company developing a new semiconductor technology. The company needs to raise additional venture capital. Potential investors have competing visions for the company, and its business model. Some investors want the company to license its technology to semiconductor companies. Others want the company to become a “lableless” semiconductor company producing and selling its own products. The question for the team at Nantero is, what model makes sense and which investor offers the most attractive terms?    Richardson-Vicks — 1985 (B)   Add   View  9 pp.  Case Author(s): Rock, Kevin F. Publication Date: 03/21/1988 Product Type: Case (Library) Publisher: Harvard Business School HBS Number: 288049 Gross Revenue: $1 billion sales Event Year Start: 1985 Event Year End: 1985 Subjects: Financial management; Advertising; R&D; Health Academic Discipline: Finance Product Description: Considers takeover defenses erected by Richardson-Vicks. The objective is to determine whether these defenses can by breached by a determined suitor, like Unilever.    Exchange Rate Policy at the Monetary Authority of Singapore   Add   View  25 pp.  Case Author(s): Desai, Mihir A.; Desai, Mihir A.; Veblen, Mark F. Publication Date: 01/06/2004 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 204037 Geographic Setting: Singapore Number of Employees: 10,000 Event Year Start: 2002 Event Year End: 2002 Subjects: Currency; Exchange rates; Macroeconomics; Inflation; Government agencies; Monetary policy Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (206029), 21p, by Mihir A. Desai, Kathleen Luchs Product Description: The Monetary Authority of Singapore (MAS) is responsible for the country's monetary policy, and its decisions are intended to support the country's overall strategy for sustainable economic growth with price stability. MAS has been very successful in managing exchange rates using a managed float system, which allows more flexibility than a fixed exchange rate but less volatility than freely floating exchange rates. Following the Asian financial crisis, Dr. Khor Hoe Ee and his colleagues must decide whether to continue to manage exchange rates through the managed float or whether alternative monetary policies would be more effective in supporting Singapore's economic goals.    Bio-Tech, Inc.   Add   View  15 pp.  Case Author(s): Thompson, Lawrence E.; Mullins, David W., Jr. Publication Date: 05/01/1975 Revision Date: 09/10/1987 Product Type: Case (Gen Exp) Publisher: Harvard Business School HBS Number: 275124 Geographic Setting: United States Gross Revenue: $200 million sales Event Year Start: 1975 Event Year End: 1975 Subjects: Divestiture; Financing; Securities analysis; Long term planning; Facilities planning Academic Discipline: Finance Product Description: Financial vice president is expected to prepare a financing plan for Bio-Tech matching the most recent long-range plans of three operating groups. The latter, however, must be adjusted to take account of recommendations to be made on plant investment of one product group and possible sale of a major division.    Protege Partners: The Capacity Challenge   Add   View  23 pp.  Case Author(s): Cohen, Randolph B.; Cohen, Randolph B.; Delacey, Brian J. Publication Date: 04/12/2005 Revision Date: 01/31/2006 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 205100 Geographic Setting: New York Number of Employees: 17 Gross Revenue: $1 billion assets Event Year Start: 2005 Event Year End: 2005 Subjects: Entrepreneurial management; Organizational design; Business models; Capacity planning; Capacity analysis Academic Discipline: Finance Product Description: In February 2005, Jeffrey Tarrant (HBS '85) and Ted Seides (HBS '99) considered their strategy for Protege Partners, founded in July 2002 as a fund of hedge funds (FOHF) specializing in small hedge funds. Protege's assets under management had grown to $1.1 billion, and Protege's development almost exactly mirrored the founders' expectations from 2001. Although the founders saw benefits to growth, they remained committed to the integrity of managing a small fund and wanted to continue generating superior performance for their clients. Should they close the Protege FOHF to new investors and focus on managing the existing assets as they originally intended? Could they continue to increase assets under management without taking on more top-level professionals? Should they hire additional analytical staff to help them grow Protege? Should they leverage Protege's special relationships with seeded managers to create a multistrategy hedge fund? Perhaps most important, how would their valued clients react to change?    OuterLink Corp. (B)   Add   View  2 pp.  Case Author(s): Lerner, Josh ; Lerner, Josh ; Chia, Brenda Publication Date: 04/30/2007 Product Type: Supplement (Field) Publisher: Harvard Business School HBS Number: 807158 Subjects: Investments; Entrepreneurial finance; Venture capital; Private equity Academic Discipline: Finance Product Description: Supplements the (A) case. An abstract is not available for this product.    Nike, Inc.: Entering the Millennium   Add   View  15 pp.  Case Author(s): Fruhan, William E., Jr. Publication Date: 03/31/1999 Revision Date: 03/16/2001 Product Type: Case (Library) Publisher: Harvard Business School HBS Number: 299084 Number of Employees: 23,000 Gross Revenue: $9.5 billion revenues Event Year Start: 1998 Event Year End: 1998 Subjects: Profitability; Valuation; Competitive advantage; Corporate strategy; Business growth Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (210023), 16p, by William E. Fruhan Product Description: Traces the evolution of Nike from 1987 through 1998. Through a series of eight assignment questions, it examines how the company has created and sustained a competitive advantage, and how that competitive advantage is reflected in growth, profitability, and share price performance.    Nghe An Tate & Lyle Sugar Co. (Vietnam)   Add   View  21 pp.  Case Author(s): Esty, Benjamin C.; Ferman, Carrie ; Lysy, Frank J. Publication Date: 04/17/2002 Revision Date: 05/27/2003 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 202054 Geographic Setting: Vietnam Number of Employees: 700 Gross Revenue: $90 million U.S. revenues Event Year Start: 1998 Event Year End: 1998 Subjects: International finance; Valuation; Emerging markets; Business government relations; Economic development; Project finance Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (202067), 25p, by Carrie Ferman; Spreadsheet Supplement, (202742), 0p, by Carrie Ferman; Spreadsheet Supplement, (202743), 0p, by Carrie Ferman Product Description: In September 1998, Paul Cooper, Tate & Lyle's finance director for international investments, asked the International Finance Corp. (IFC) to consider lending up to $45 million to finance a $90 million sugar mill in northern Vietnam. Ewen Cobban, an IFC agricultural specialist, was in charge of reviewing the proposal and making a loan recommendation to senior management. Cobban's main concerns were whether the plant was commercially viable and whether it had support from the government. He also feared that world sugar prices were falling and that sugar was a protected commodity. Before he could recommend approval, he had to determine whether they were temporary or permanent problems. Cobban also knew he would have to assess the project's developmental impact. The IFC only supported projects that contributed to sustainable development, and one of the key determinants of sustainability was the degree to which the project was “fair” to all parties involved. Thus, Cobban would need to assess not only the private returns, but also the social returns as measured by the project's economic rate of return (ERR). To do so, he would have to co    Kerr-McGee   Add   View  18 pp.  Case Author(s): Greenwood, Robin ; Perold, Andre F. Publication Date: 11/26/2006 Revision Date: 02/23/2007 Product Type: Case (Library) Publisher: Harvard Business School HBS Number: 207020 Geographic Setting: North America Number of Employees: 4,000 Gross Revenue: $5 billion revenues Event Year Start: 2004 Event Year End: 2005 Subjects: Cash flow; Capital budgeting; Financial management; Investment management; Energy; Activists; Corporate governance; Corporate strategy Academic Discipline: Finance Product Description: Activist investors Carl Icahn and Barry Rosenstein acquire a stake in Oklahoma-based company Kerr-McGee. They demand two board seats and ask the company to make several operational and financial changes, including the repurchase of equity and divestiture of their chemicals business. The case protagonist, Luke Corbett, CEO, opposes these changes,    International Carbon Finance and EcoSecurites   Add   View  17 pp.  Case Author(s): Perold, Andre F.; Reinhardt, Forest ; Hyman, Mikell Publication Date: 06/17/2008 Revision Date: 10/24/2008 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 208151 Geographic Setting: New York; China Event Year Start: 2007 Subjects: Cash flow; Finance; Decision trees; Valuation; Risk analysis Academic Discipline: Finance Product Description: To maximize their effectiveness, color cases should be printed in color. In late 2007, EcoSecurities had to decide whether to undertake a new Clean Development Mechanism (CDM) project in China. EcoSecurities was an aggregator of carbon credits and also invested directly in projects that produced carbon credits. Governments and firms required to cut their greenhouse gas emissions under the Kyoto Protocol could use carbon credits to fulfill part of their compliance obligations. As demand for UN-issued carbon credits rose, the UN approval process had become increasingly burdensome. The Ventilation Air Methane Project was an opportunity to break into a new sector with large potential, and the economics and risks of the project needed to be assessed.    Gift and Estate Taxes   Add   View  17 pp.  Case Author(s): Reiling, Henry B. Publication Date: 09/08/1982 Revision Date: 07/31/2007 Product Type: Note Publisher: Harvard Business School HBS Number: 283024 Subjects: Taxation; Legal aspects of business Academic Discipline: Finance Product Description: Identifies and discusses the major features of the federal gift and estate tax, plus major nontax implications.    Estate Freeze   Add   View  3 pp.  Case Author(s): Reiling, Henry B.; Breiter, Christina Reiling Publication Date: 10/19/1992 Revision Date: 08/08/2005 Product Type: Note Publisher: Harvard Business School HBS Number: 293063 Subjects: Recapitalization; Taxation; Family-owned businesses Academic Discipline: Finance Product Description: The so called estate freeze is a classic estate planning and recapitalization practice. It seeks to reconcile the multiple human and business considerations associated with transferring operating control and the future increases in the value of a family dominated business from the retiring generation to the next generation of family management. The note describes the various objectives that need to be reconciled, the concept and mechanics of the practice, several areas of abuse that developed, the Treasury's overreaction to those abuses, and the current posture of the law and practice.    Calculating Free Cash Flows   Add   View  5 pp.  Case Author(s): Greenwood, Robin ; Scharfstein, David S. Publication Date: 10/20/2005 Revision Date: 02/19/2010 Product Type: Note Publisher: Harvard Business School HBS Number: 206028 Subjects: Financial statements; Cash flow Academic Discipline: Finance Product Description: Outlines the mechanics of calculating free cash flows from historical and proforma financial statements. Focuses on the mechanical process of transforming numbers from financial forecasts into cash flows.    Compass Box Whisky Company   Add   View  11 pp.  Case Author(s): Autrey, Romana L.; Shanthikumar, Devin Publication Date: 09/13/2007 Revision Date: 02/02/2010 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 108032 Geographic Setting: United Kingdom Number of Employees: 4 Gross Revenue: $1.1 million revenues Event Year Start: 2000 Event Year End: 2007 Subjects: Financial statements; GAAP; Financial accounting; Inventory; Prices; Cost of goods sold Academic Discipline: Finance Product Description: Compass Box Whisky Company is facing a changing supply situation and is evaluating switching to a business model with high inventory and long lead times. The company must consider what the change will mean for operations, risk, and measuring profitability.    Blue Ocean or Stormy Waters? Buying Nix Check Cashing   Add   View  28 pp.  Case Author(s): Tufano, Peter ; Ryan, Andrea Publication Date: 07/09/2009 Revision Date: 07/31/2009 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 210012 Number of Employees: 669 Gross Revenue: $123,000,000 Event Year Start: 2007 Subjects: Financial statements; Consumer credit; Financial planning; Change management; Strategic planning Academic Discipline: Finance Supplementary Materials: Spreadsheet Supplement, (210701), 0p, by Peter Tufano, Andrea Ryan Product Description: Kinecta Federal Credit Union has the opportunity to purchase Nix Check Cashing as part of their “blue ocean” strategy to reach the financially underserved and increase credit union membership and deposits. But they face financial as well as reputational risk. Check cashing, payday lending and other alternative financial services are maligned in mainstream financial circles. This case asks students to evaluate both organizations, their respective industries, and the proposed $45 million deal and determine whether or not it makes sense for Kinecta to purchase Nix.    Bardhaman (A): Shrachi and the West Bengal Housing Board   Add   View  21 pp.  Case Author(s): Macomber, John D.; Balsari, Viraal Publication Date: 02/10/2010 Revision Date: 05/18/2010 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 210062 Geographic Setting: India Number of Employees: 200 Gross Revenue: 50,000,000 Event Year Start: 2007 Subjects: Real estate investments; Entrepreneurship; Private equity Academic Discipline: Finance Product Description: To maximize their effectiveness, color cases should be printed in color. A real estate developer decides whether to enter into a public private partnership with the government of West Bengal to develop a township on farmland. The decisions include whether to expand operations from the company's base in Kolkata to Bardhaman, 100 km away; whether to subdivide and sell raw land lots or follow the developer's vision and build a planned township; whether to enter into a public private partnership with the government of West Bengal, led by the Left Front and the Communist Party of India as equity partners; or whether to also accept a private equity firm into the project, what to build, and in what sequence.    Atlantic Corp.   Add   View  15 pp.  Case Author(s): Tufano, Peter Publication Date: 07/18/1985 Revision Date: 07/02/1990 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 286004 Geographic Setting: United States Gross Revenue: $6.5 billion 1983 sales Event Year Start: 1984 Event Year End: 1984 Subjects: Negotiations; Financial management; Acquisitions; Securities analysis; Valuation Academic Discipline: Finance Product Description: Two forest products manufacturers negotiate the sale of a group of assets. ACRS would allow the buyer to rapidly depreciate the stepped up basis to justify a high valuation. The seller recently paid greenmail, and this transaction may be linked to its desire to avoid paying off a second investor.    Overview of Project Finance and Infrastructure Finance — 2006 Update   Add   View  35 pp.  Case Author(s): Esty, Benjamin C.; Esty, Benjamin C.; Sesia, Aldo , Jr. Publication Date: 04/12/2007 Revision Date: 10/01/2007 Product Type: Note Publisher: Harvard Business School HBS Number: 207107 Event Year Start: 2002 Event Year End: 2006 Subjects: Contracts; Industry analysis; International finance; Infrastructure; Agreements; Project management; Project finance Academic Discipline: Finance Product Description: Provides an introduction to the fields of project finance and infrastructure finance, and gives a statistical overview of project-financed investments over the years from 2002 to 2006. Examples of project-financed investments include the $4 billion Chad-Cameroon pipeline, $6 billion Iridium global satellite telecommunications system, $900 million A2 Toll Road in Poland, $1.4 billion Mozal aluminum smelter in Mozambique, and $20 billion Sakhalin II gas field in Russia. Globally, firms financed $328 billion of capital expenditures using project finance in 2006, up from $217 billion in 2001. The use of project finance has grown at a compound rate of 13% over the past 10 years. Focuses primarily on private sector investment in industrial and infrastructure projects, and contains four sections. The first section defines project finance and contrasts it with other well-known financing mechanisms. The second section describes the evolution of project finance from its beginnings in the natural resources industry in the 1970s, to the U.S. power industry in the 1980s, to a much wider range of industry applications and geographic locations in the 1990s, to infrastructure finance in the 2000s. The third section provides a statistical overview of project-financed investment over the last five years (2002 to 2006), and looks at industry, project, and participant specific data. In addition, provides recent data on infrastructure investments and public-private partnerships.    Note on International Tax Regimes   Add   View  8 pp.  Case Author(s): Desai, Mihir A.; Desai, Mihir A.; Luchs, Kathleen ; Veblen, Mark F. Publication Date: 08/16/2005 Product Type: Note Publisher: Harvard Business School HBS Number: 206014 Subjects: Financial strategy; International finance; Taxation; International business Academic Discipline: Finance Product Description: Provides a framework for understanding different types of international tax regimes. Examines how alternative tax regimes tax the foreign income of their citizens (including corporate citizens); how tax regimes define foreign and domestic income; and how foreign tax credits and deductions are used in worldwide tax regimes to mitigate double taxation. Discusses in detail the current U.S. system of worldwide taxation and the managerial incentives created by the U.S. tax system.    Facilitating knowledge transfer during SOX-mandated audit partner rotation   Add   View  10 pp.  Case Author(s): Sanders, Christina Butler; Steward, Michelle D.; Bridges, Sheri Publication Date: 11/15/2009 Product Type: Case Publisher: Business Horizons/Indiana Univ. HBS Number: BH359 Subjects: Financial statements; Corporate governance; Knowledge management; Knowledge transfer; Sarbanes-Oxley Act Academic Discipline: Finance Product Description: Audit teams are responsible for the discovery of the true financial state of a business. The ramifications of the quality of these efforts ripple throughout our economy. Requirements of Section 203 of the Sarbanes-Oxley Act of 2002 (SOX)-which mandates rotation of the audit team member who bears primary responsibility for the audit-began to take effect as recently as 2007-2008. The potential for knowledge loss within the audit team via this mandated rotation comes with great costs and risks for all stakeholders, as audit team members possess perhaps the most intimate knowledge of businesses. To aid in the prevention of knowledge loss and the facilitation of knowledge transfer from the outgoing to the incoming partner, we suggest four primary knowledge transfer approaches which may be used together in the post-SOX environment. These approaches are: (1) adequate planning of member rotation far in advance of the deadline for each partner; (2) consideration of strategic fit among the incoming partner, the client, the industry, and the team; (3) improved documentation of the outgoing partner's knowledge to be shared with the incoming partner; and (4) increased interaction among the rotating partners-outgoing and incoming-and the client to assist in the sharing of critical, yet difficult to transfer, tacit knowledge.    Equator Principles: An Industry Approach to Managing Environmental and Social Risks   Add   View  21 pp.  Case Author(s): Esty, Benjamin C.; Esty, Benjamin C.; Sesia, Aldo , Jr.; Knoop, Carin-Isabel Publication Date: 06/16/2005 Revision Date: 01/30/2007 Product Type: Case (Library) Publisher: Harvard Business School HBS Number: 205114 Event Year Start: 2003 Event Year End: 2003 Subjects: Negotiations; International finance; Project finance; Risk management; Standardization; Government regulations Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (205115), 22p, by Benjamin C. Esty, Aldo Sesia Product Description: In June 2003, 10 leading international banks adopted new voluntary guidelines, called the Equator Principles, to promote sustainable development in project finance. In recent years, nongovernmental organizations (NGOs) had raised issues about the lenders' responsibilities in projects that could harm the environment and/or society. Although many banks had environmental policies in place, a uniform industry standard did not exist. The principles, borrowed from and with the active support of the World Bank's International Finance Corp. (IFC), established guidelines to ensure that banks financed only projects that were “socially responsible and reflected sound environmental management practices.” Some NGOs applauded the banks' efforts, others criticized the principles for reasons related to their scope, implementation procedures, and enforcement mechanisms. The Equator banks had to decide what to do next. They could try to recruit more banks (and export credit agencies), develop implementation procedures, or respond to the criticism directly.    Business Valuation and the Cost of Capital   Add   View  11 pp.  Case Author(s): Luehrman, Timothy A. Publication Date: 11/20/2009 Product Type: Note Publisher: Harvard Business School HBS Number: 210037 Subjects: Finance; Capital costs; Valuation Academic Discipline: Finance Product Description: This note is an introduction to the cost of capital as used in discounted cash flow valuation analyses. The note covers basic financial economic principles and practical problems encountered in calculating the cost of capital, especially WACC. It concludes with cautionary advice about computing and applying WACC. The note is suitable for undergraduates, MBAs and executives studying basic cases on business valuation and capital budgeting.    BlackRock Money Market Management in September 2008 (B)   Add   View  10 pp.  Case Author(s): Froot, Kenneth A.; Lane, David Publication Date: 06/18/2009 Revision Date: 05/04/2010 Product Type: Supplement (Field) Publisher: Harvard Business School HBS Number: 209139 Geographic Setting: New York Gross Revenue: $4 billion Event Year Start: 2008 Subjects: Crisis management; Financial management; Business & government; Mutual funds; Money markets; Financial crisis Academic Discipline: Finance Product Description: This case highlights the issues surrounding money market mutual funds in the financial crisis of 2008.    BlackRock Money Market Management in September 2008 (A)   Add   View  13 pp.  Case Author(s): Froot, Kenneth A.; Lane, David Publication Date: 06/23/2009 Revision Date: 05/04/2010 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 209101 Geographic Setting: New York Gross Revenue: $4 billion Event Year Start: 2008 Subjects: Crisis management; Financial management; Business & government; Mutual funds; Money markets; Financial crisis Academic Discipline: Finance Supplementary Materials: Supplement, (209139), 10p, by Kenneth A. Froot, David Lane Product Description: This case highlights the issues around money market mutual funds in the financial crisis of 2008.    Apex Investment Partners (B): May 1995   Add   View  7 pp.  Case Author(s): Lerner, Josh ; Das, Sanjiv Publication Date: 10/27/1995 Revision Date: 11/20/1997 Product Type: Supplement (Field) Publisher: Harvard Business School HBS Number: 296029 Subjects: Negotiations; Financing; Valuation; Entrepreneurial finance; Venture capital Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (298160), 17p, by Josh Lerner Product Description: Examines the warrant pricing.    Understanding Economic Value Added   Add   View  23 pp.  Case Author(s): Ferri, Fabrizio ; Ferri, Fabrizio ; Ferris, William P.; Treadwell, Steve ; Desai, Mihir A.; Desai, Mihir A. Publication Date: 11/15/2005 Revision Date: 07/11/2006 Product Type: Note Publisher: Harvard Business School HBS Number: 206016 Subjects: Financial statements; EVA; Performance measurement; Employee compensation Academic Discipline: Finance Product Description: Explores the concept of economic value added (EVA) and its practical applications as a management control system for performance measurement and incentive compensation. Explains how EVA is measured and explores some of the adjustments to financial statements that are required to measure EVA. Provides a fully worked example of a firm's measurement of its EVA, both before and after adjustments to its financial statements. Describes several types of EVA bonus schemes and discusses both the benefits and limitations of EVA.    Understanding Corporate-Value-at-Risk Through a Comprehensive and Simple Example   Add   View  16 pp.  Case Author(s): Bertoneche, Marc L.; Maurer, Frantz Publication Date: 04/19/2006 Product Type: Note Publisher: Harvard Business School HBS Number: 206046 Subjects: Risk assessment; Risk management Academic Discipline: Finance Product Description: Using a comprehensive and simple example of a firm exposed to foreign exchange risk, interest rate risk, and commodity price risk, shows how to use corporate-value-at-risk to measure and manage a firm's global exposure to risk.    U.S. Taxation of Foreign-Source Corporate Income   Add   View  10 pp.  Case Author(s): Reiling, Henry B. Publication Date: 11/30/2006 Product Type: Note Publisher: Harvard Business School HBS Number: 207085 Subjects: Accounting procedures; Tax accounting; Taxation; Foreign investment Academic Discipline: Finance Product Description: Identifies several of the problems and policy choices associated with taxing foreign-source income. Examples are given of the practical after-tax effects of the major alternatives. Foreign tax credit and “tax haven” based business activities receive special attention. Provides an understanding of the basic problems and principles associated with U.S. taxation of foreign-source corporate income. A rewritten version of an earlier note.    The Christmas Eve Closing   Add   View  27 pp.  Case Author(s): Tufano, Peter; Ryan, Andrea Publication Date: 10/28/2008 Revision Date: 08/25/2010 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 209043 Geographic Setting: Massachusetts Event Year Start: 2002 Subjects: Finance; Mortgages; Personal finance Academic Discipline: Finance Product Description: In 2002, two homeowners in Massachusetts are deciding whether to refinance their home less than two years after taking out an initial mortgage and a subsequent home equity line of credit.    Tax Impropriety: Judicial Sanctions and Professional Repercussions   Add   View  6 pp.  Case Author(s): Reiling, Henry B.; Reiling, Henry B.; Bruno, Frank P.; Conneely, Catherine M.; Wall, Kevin F. Publication Date: 10/06/2005 Product Type: Note Publisher: Harvard Business School HBS Number: 206036 Subjects: Taxation; Federal government; Politics; Compliance management; Legal aspects of business; Fraud Academic Discipline: Finance Product Description: Examines the case histories of high-profile individuals who failed to meet their tax obligations, the judicial sanctions carried out against them, and the repercussions on their professional and personal lives. A rewritten version of an earlier note.    Note on Alternative Methods for Estimating Terminal Value   Add   View  8 pp.  Case Author(s): Fruhan, William E., Jr. Publication Date: 06/08/1998 Product Type: Note Publisher: Harvard Business School HBS Number: 298166 Subjects: Present value; Cash flow; Forecasting; Valuation Academic Discipline: Finance Product Description: Reviews basic techniques for estimating terminal value in the valuation of businesses. Among the techniques discussed are perpetuities, growing perpetuities, use of multiples, and liquidation value. A rewritten version of an earlier note.    MW Petroleum Corp. (B)   Add   View  17 pp.  Case Author(s): Luehrman, Timothy A.; Tufano, Peter ; Wall, Barbara D. Publication Date: 02/27/1995 Revision Date: 04/08/1996 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 295045 Geographic Setting: United States Gross Revenue: $300 million revenues Event Year Start: 1991 Event Year End: 1991 Subjects: Simulations; Derivatives; Option pricing; Real options; Acquisitions; Valuation; Project evaluation; Pricing Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (298041), 17p, by Peter Tufano Product Description: Amoco Corp. is negotiating to sell a wholly-owned subsidiary, MW Petroleum, to Apache Corp. MW owns large reserves of oil and gas comprising many properties at different stages of engineering, development, and production. The proposed acquisition is a large one for Apache and poses several important financing and valuation problems. This case focuses on evaluation and execution of a creative financing structure that allows the buyer and seller to reallocate oil price risk.    Institutions, Politics, and Non-Market Strategy   Add   View  10 pp.  Case Author(s): de Figueiredo, Rui J.P., Jr. Publication Date: 02/01/2010 Product Type: Case Publisher: California Management Review HBS Number: CMR450 Subjects: Economic analysis; Economic policy; Economic theory Academic Discipline: Finance Product Description: Oliver Williamson is best known for his work developing the theory of transaction costs and their implications for the organization of economic transactions. His contributions, however, have broader implications for all forms of social organization. A primary example of these broader applications are the insights Williamson's work offers into the organization of political activity. His analysis also provides important insights for scholars and managers interested in understanding the non-market strategy of firms.    Gome: Going Public   Add   View  17 pp.  Case Author(s): Jin, Li; Liao, Li Publication Date: 08/20/2007 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 208001 Geographic Setting: China Number of Employees: 37,000 Gross Revenue: 18 billion RMB revenues Event Year Start: 2004 Event Year End: 2004 Subjects: Financial analysis; Capital budgeting; Capital markets; Financial instruments; International finance; Mergers & acquisitions; Valuation Academic Discipline: Finance Product Description: Gome, China's largest electronics retailer, is plotting the best course to go public. Unlike many high-growth businesses in China, Gome has only moderate financing needs. Its charismatic and ambitious chairman Wong Kwongyu has built an expansive retail network in China and successfully used trade credits by suppliers and banks to make Gome a highly cash generative business. The decision to go public has three inseparable components: why, where, and how. Does Gome really face substantial funding shortages for its operations? If so, are there any alternatives other than going public? If not, what are the other potential motivations to go public? Given these considerations, financial and otherwise, which stock market is the best one to list Gome's shares on? And between an IPO and a backdoor listing, which option suits Gome the best in terms of timing, costs, feasibility, and risks? Assuming Gome chooses to go public via a backdoor listing, what is the process and how are transactions structured? Lastly, for Wong and his top managers, how will each listing choice affect Gome's future development in the context of the pending market deregulation and expected industry consolidation?    Elkay Plumbing Products Division   Add   View  19 pp.  Case Author(s): Kaplan, Robert S. Publication Date: 09/25/2009 Revision Date: 02/17/2010 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 110007 Number of Employees: 3,800 Gross Revenue: $600 Million Event Year Start: 2009 Subjects: Management accounting; Activity-based costing; Cost systems; Customer profitability Academic Discipline: Finance Product Description: The vice president of sales learns that the most profitable 1% of the division's customers generate 100% of profits, and that two of the division's largest customers lose 50% of profits. The division has just finished a project to install a time-driven activity-based cost system that traces costs directly to the processes used to produce, sell and deliver a wide variety of stainless steel sinks to a diverse customer base. Given the division's high variety of products and customers (which includes wholesalers, retailers, contractors, and distributors), the VP of sales wanted a much more accurate cost system so that he could conduct difficult but fact-based negotiations with customers. The case describes the design and implementation of the new cost and profit measurement system. It documents acceptance and decisions made by managers after seeing the enormous dispersion of profits among their products and customers.    Cinco de Mayo   Add   View  21 pp.  Case Author(s): Segel, Arthur I; Segel, Arthur I; Retsinas, Nicolas P.; Retsinas, Nicolas P.; Margain, David ; Caldera, Andres Publication Date: 03/21/2006 Revision Date: 04/05/2007 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 206115 Geographic Setting: Mexico Event Year Start: 2004 Event Year End: 2004 Subjects: Real estate investments; Emerging markets; Urban development; Entrepreneurial finance; Entrepreneurs; Risk assessment Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (207013), 5p, by Arthur I Segel, Nicolas P. Retsinas Product Description: In 2004, Adrian Pandal is seeking financing for a residential conversion of a building in Mexico City's historic center district. He must convince potential lenders that the project is viable and that it makes sense to bet on the future potential of an area that, until recently, has not attracted substantial real estate investment.    Butler Lumber Co.   Add   View  4 pp.  Case Author(s): Piper, Thomas R. Publication Date: 10/31/1991 Revision Date: 01/04/2002 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 292013 Geographic Setting: United States Number of Employees: 11 Gross Revenue: $3 million revenues Event Year Start: 1991 Event Year End: 1991 Subjects: Financial analysis; Forecasting; Financial planning; Loan evaluation Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (292014), 9p, by Thomas R. Piper; Spreadsheet Supplement, (292741), 0p, by Thomas R. Piper Product Description: The Butler Lumber Co. is faced with a need for increased bank financing due to its rapid sales growth and low profitability. Students must determine the reasons for the rising bank borrowing, estimate the amount of borrowing needed, and assess the attractiveness of the loan to the bank. A rewritten version of an earlier case. Allows students to practice ratio analysis, financial forecasting, and evaluating financing alternatives.    Allston: Brand vs. Architecture   Add   View  11 pp.  Case Author(s): Segel, Arthur I; Perold, Andre F.; Gordon, Christopher Publication Date: 11/08/2007 Revision Date: 03/10/2009 Product Type: Case (Library) Publisher: Harvard Business School HBS Number: 208079 Geographic Setting: Massachusetts Event Year Start: 2005 Event Year End: 2005 Subjects: Urban development; Design Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (209040), 6p, by Christopher Gordon, Ben Creo Product Description: To maximize their effectiveness, color cases should be printed in color. Harvard President Lawrence Summers had presided over the final interviews of world renowned architects being considered for the science complex planned for Harvard's expanded campus in Allston. The selection process had absorbed nine months in 2005 and amplified the long standing debate about Harvard architecture. How will the proposed new complex be received be faculty, students, alumni, neighbors, and the public?    All American Pipeline   Add   View  15 pp.  Case Author(s): Luehrman, Timothy A.; Teichner, William A. Publication Date: 09/13/1991 Product Type: Case (Library) Publisher: Harvard Business School HBS Number: 292040 Geographic Setting: United States Gross Revenue: $10 billion revenues Event Year Start: 1984 Event Year End: 1984 Subjects: Present value; Capital investments; Valuation; Supply & demand; Diversification Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (295063), 13p, by Timothy A. Luehrman Product Description: Goodyear is nearing its first major capital commitments for the largest investment project in its history, the All American Pipeline. The pipeline will transport heavy crude oil from California to Texas. It is the centerpiece of a major program by Goodyear to diversify away from its core tire business. Goodyear estimates construction cost at just under $1 billion, while outside observers believe the cost could be twice as high. Students are asked to evaluate the project by analyzing data on the supply and demand for heavy crude oil and the economics of transporting it, and by computing and discounting the cash flows the pipeline can be expected to generate.    Note on IPO Share Allocation   Add   View  6 pp.  Case Author(s): Leslie, Mark; Marks, Michael; Magat Raffaelli, Claire Publication Date: 02/17/2010 Product Type: Note Publisher: Stanford University HBS Number: E377 Subjects: IPO Academic Discipline: Finance Product Description: An initial public offering (IPO) is the first sale of stock or shares by a company to the public. IPOs are often issued by smaller, younger companies seeking capital to expand, although they can also be done by large privately owned companies looking to become publicly traded. When a company lists its shares on a public exchange it will almost always issue additional new shares at the same time. The money paid by investors for the newly issued shares goes directly to the company (versus later trades of shares on the exchange, in which money passes between investors). Therefore, the IPO provides the company with access to a wide pool of stock market investors who can provide significant capital for future growth. Instead of the company repaying this capital, the new shareholders will have a right to future profits distributed by the company and the right to a capital distribution in the case of dissolution. Once the company is listed, it can continue to issue shares, which again provide it with capital for expansion without incurring debt. This ability to regularly raise large amounts of capital from the general market is a key incentive for many companies seeking to list. Additional reasons for going public include providing liquidity for venture investors, management, and employees, who are typically holders of stock options. In addition, through an IPO, the company gains worldwide prestige with customers, suppliers, and within its local and business communities.    Miracle Life Inc.   Add   View  7 pp.  Case Author(s): Cohen, Lauren H.; Malloy, Christopher Publication Date: 11/27/2009 Revision Date: 05/25/2010 Product Type: Case (Gen Exp) Publisher: Harvard Business School HBS Number: 210039 Subjects: Finance Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (210069), 9p, by Lauren H. Cohen, Christopher Malloy Product Description: Miracle Life is a firm with a unique setup and organizational structure. Specifically, it is a network marketing firm (also known as multi-level marketing (MLM) firm), which utilizes a large distributor base, and depends on this individual distributor base to sell its products, giving explicit incentives for these individual distributors to both sell its products and sign up other distributors. The case gives students the opportunity to take the basic framework of Discounted Cash Flow (DCF) Analysis, and apply it to two unique perspectives of an identical problem. The students will then use this DCF approach to rationalize observed stock prices, connecting the two, and further reconciling how a company's future plan for growth, and the plausibility of this plan, has implications jointly for DCF and stock prices.    Lyondell Chemical Company   Add   View  29 pp.  Case Author(s): Gilson, Stuart C.; Abbott, Sarah L. Publication Date: 12/21/2009 Revision Date: 02/11/2010 Product Type: Case (Library) Publisher: Harvard Business School HBS Number: 210001 Geographic Setting: United States; Netherlands Number of Employees: 15,000 Gross Revenue: $45 billion Event Year Start: 2009 Subjects: Crisis management; Capital structure; Debt management; Business failures; Liquidation; Restructuring; International finance; Bankruptcy reorganization Academic Discipline: Finance Product Description: Hit with an industry recession and the global financial crisis of 2008, in January 2009 LyondellBasell Industries AF S.C.A., one of the world's largest internationally diversified chemical companies and headquartered in The Netherlands, placed its U.S. operations and a German subsidiary under U.S. Chapter 11 bankruptcy protection. To successfully reorganize as a going concern, the company sought to raise over $8 billion in a super-priority “Debtor-in-Possession (DIP)” loan from a group of thirteen financial institutions, including commercial banks, investment banks, hedge funds, and private equity funds. Representing one of the largest DIP loans in history, this financing was considered critical to the company's survival. One unique and controversial feature of the financing was a $3.25 billion 'Roll-Up” facility, under which a number of Lyondell's pre-bankruptcy lenders were allowed to significantly elevate the priority of debts they were already owed (so that they ranked ahead of all other pre-bankruptcy debts owed by the company), provided the lenders advanced new loans to the company to help finance its restructuring. With a costly liquidation as the alternative, various creditor groups objected to the DIP financing package, putting Lyondell's reorganization, and survival as a going concern, at significant risk.    Jones Electrical Distribution   Add   View  6 pp.  Case Author(s): Piper, Thomas R.; DeVolder, Jeffrey Publication Date: 04/06/2010 Product Type: Case Publisher: Harvard Business School Publishing HBS Number: 4179 Geographic Setting: United States Event Year Start: 2007 Subjects: Financial analysis; Cash flow; Forecasting; Financing; Bank loans Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (4180), 9p, by Thomas R. Piper, Jeffrey DeVolder; Spreadsheet Supplement, (4181), 0p, by Thomas R. Piper, Jeffrey DeVolder; Spreadsheet Supplement, (4182), 0p, by Thomas R. Piper, Jeffrey DeVolder Product Description: Subjects include: Financial Analysis, Forecasting, financing, bank loans, loan evaluation, ration analysis, cash flow, and electrical supply industry. Jones Electrical Distribution is faced with a need for increased bank financing due to its rapid sales growth. Students must determine the reasons for the rising bank borrowing, estimate the amount of borrowing needed and assess the attractiveness of the loan to the bank. Allows students to practice ration analysis, financial forecasting and evaluating financing alternatives.    Dollarama Inc.   Add   View  13 pp.  Case Author(s): Perold, Andre F. Publication Date: 02/04/2010 Revision Date: 04/02/2010 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 210041 Geographic Setting: Canada Number of Employees: 12,500 Gross Revenue: C$1.2 billion Event Year Start: 2009 Subjects: Financial analysis; Valuation; Pricing strategy; Purchasing Academic Discipline: Finance Product Description: To maximize their effectiveness, color cases should be printed in color. Dollarama is the leading operator of dollar stores in Canada. The firm performed extraordinarily well after a leveraged buyout in 2004, and recently executed a highly successful IPO. The company sources its goods primarily from Asia. It has strong brand recognition and competitive advantages in operations, purchasing, and merchandising. In the face of margin pressures, Dollarama recently took the risky decision to move from the single one dollar price point to multiple price points. The additional price points offer some flexibility, but customers' appetite for purchasing products priced above $1 has yet to be fully determined. Dollarama is on a fast growth track but remains chiefly concerned about its vulnerability to supply disruptions and to increases in merchandise costs from higher input prices. The firm appears quite overvalued based on a multiples analysis, but considerably undervalued based on a discounted cash flow analysis.    A Tale of Two Hedge Funds: Magnetar and Peloton   Add   View  23 pp.  Case Author(s): Stowell, David P.; Carlson, Stephen Publication Date: 06/01/2009 Product Type: Case Publisher: Kellogg School of Management, Northwestern Univ. HBS Number: KEL402 Subjects: Finance; Investments; Global business Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (KEL462), 6p, by David P. Stowell Product Description: Hedge fund Magnetar Capital had returned 25 percent in 2007 with a strategy that posed significantly lower risk to investors than the S&P 500. Magnetar had made more than $1 billion in profit by noticing that the equity tranche of CDOs and CDO-derivative instruments were relatively mispriced. It took advantage of this anomaly by purchasing CDO equity and buying credit default swap (CDS) protection on tranches that were considered less risky. Now it was the job of Alec Litowitz, chairman and chief investment officer, to provide guidance to his team as they planned next year's strategy, evaluate and prioritize their ideas, and generate new ideas of his own. An ocean away, Ron Beller was contemplating some very different issues. Beller's firm, Peloton Partners LLP, had been one of the top-performing hedge funds in 2007, returning in excess of 80 percent. In late January 2008 Beller accepted two prestigious awards at a black-tie EuroHedge ceremony. A month later, his firm was bankrupt. Beller shorted the U.S. housing market before the subprime crisis hit, and was paid handsomely for his bet. After the crisis began, however, he believed that prices for highly rated mortgage securities were being unfairly punished, so he decided to go long AAA-rated securities backed by Alt-A mortgage loans (between prime and subprime), levered 9x. The trade moved against Peloton in a big way on February 14, 2008, causing $17 billion in losses and closure of the firm.    Waltz on the Danube   Add   View  23 pp.  Case Author(s): Segel, Arthur I; Dessain, Vincent; Loizillon, Anais Publication Date: 08/20/2003 Revision Date: 03/10/2004 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 804021 Geographic Setting: Hungary Event Year Start: 2003 Event Year End: 2003 Subjects: Equity capital; Project management; Project finance; Joint ventures Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (804159), 8p, by Arthur I Segel; Spreadsheet Supplement, (804703), 0p, by Arthur I Segel, Anais Loizillon Product Description: Describes the intricate parts of an early real estate deal from the standpoint of the developer including feasibility analysis, market choice, acquisition of land, project development, design and construction issues, investment returns, and equity financing issues. Thirty-two-year-old Dr. Philipp von Wilmowsky is director of Hungarian operations for ECE Projektmanagement, a German real estate development conglomerate. He has been working for two years on the development of a 30,300 square-meter (m2), 75 million Eurodollar shopping project located in the city of Gyor, Hungary. Allows students to analyze the viability and attractiveness of the project and perform calculations on project returns (including co-investor returns), cost analysis, sensitivity analysis, composition of leasing revenues, and loan structuring.    Saginaw Parts Co. and the General Motors Corp. Credit Default Swap   Add   View  2 pp.  Case Author(s): Fruhan, William E., Jr. Publication Date: 02/12/2010 Product Type: Case (Gen Exp) Publisher: Harvard Business School HBS Number: 210056 Geographic Setting: United States Gross Revenue: $300 million Event Year Start: 2008 Subjects: Bankruptcy Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (210057), 15p, by William E. Fruhan Product Description: This two-page case demonstrates how to unbundle the cost of credit extensions from product prices by observing the price of a credit default swap. It also explores how credit default swaps work, and how trade creditors are treated under U.S. bankruptcy law. Finally it provides a quick overview of the bankruptcy of General Motors Corp.    Nissan Motor Co.   Add   View  22 pp.  Case Author(s): Piper, Thomas R.; Piper, Thomas R.; Cott, Jeremy Publication Date: 06/02/2000 Revision Date: 01/08/2003 Product Type: Case (Library) Publisher: Harvard Business School HBS Number: 200067 Geographic Setting: Japan Number of Employees: 131,000 Gross Revenue: Y6.6 trillion revenues Event Year Start: 1999 Event Year End: 1999 Subjects: Restructuring; Valuation; Corporate governance; Organizational culture; Competition Academic Discipline: Finance Product Description: Senior executives of Nissan and Renault are considering a major investment in Nissan by Renault. An important consideration is whether a major restructuring of Nissan's operations will be possible, given the value placed on lifetime employment and the impact on communities. Also of concern is the likely decrease in commitment to restructure once the equity investment has been made.    CityCenter (D): Financial Crisis, Grand Opening, and a New Paradigm   Add   View  8 pp.  Case Author(s): Macomber, John D.; James, Griffin H. Publication Date: 02/26/2010 Revision Date: 05/01/2010 Product Type: Case (Library) Publisher: Harvard Business School HBS Number: 210067 Geographic Setting: United States; Nevada Number of Employees: 50,000 Gross Revenue: $7.2 Billion Event Year Start: 2009 Event Year End: 2010 Subjects: Negotiations; Finance; Private equity Academic Discipline: Finance Supplementary Materials: Case, (209052), 25p, by A. Eugene Kohn, John D. Macomber, Ben Creo; Case, (209094), 21p, by A. Eugene Kohn, John D. Macomber, Ben Creo; Supplement, (210066), 4p, by John D. Macomber Product Description: “CityCenter (D)” follows the (A), (B), and (C) cases with subsequent chronological events through CityCenter's grand opening in December 2009 and financial results through March 2010. The case includes a simple valuation exercise intended to explore CEO Jim Murren's options as he seeks to avoid an MGM MIRAGE bankruptcy. The (D) case presents Murren with the choice of selling the Borgata casino in New Jersey or receiving an ownership stake in CityCenter itself. Students will draw on EBITDA comparables and projections to complete a simple valuation analysis to take a position on which asset to sell. “CityCenter (D)” can serve as an in-class exercise or homework assignment to follow discussion of the (C) case.    CityCenter (C): Turmoil and Choices   Add   View  4 pp.  Case Author(s): Macomber, John D. Publication Date: 02/26/2010 Revision Date: 05/01/2010 Product Type: Case (Library) Publisher: Harvard Business School HBS Number: 210066 Geographic Setting: United States; Nevada Number of Employees: 50,000 Gross Revenue: $7.2 Billion Event Year Start: 2009 Event Year End: 210 Subjects: Finance; Private equity Academic Discipline: Finance Supplementary Materials: Case, (209052), 25p, by A. Eugene Kohn, John D. Macomber, Ben Creo; Case, (209094), 21p, by A. Eugene Kohn, John D. Macomber, Ben Creo Product Description: “CityCenter (C)” follows the (A) and (B) cases chronologically. The (C) case explores the decisions facing MGM MIRAGE following a lawsuit by partner Dubai World and suspension of Dubai World's cash contributions to the project in early 2009. Issues include the discussion of activity by secured lenders and other involved financial actors, like Carl Icahn and James Packer, as well as MGM MIRAGE major stockholder Kirk Kerkorian. The firm considers various options and remedies with respect to the claim by Dubai World. “CityCenter (C)” can serve as an in-class handout to advance class discussion of the (A) and (B) cases to encompass events as they unfolded.    Ameritrade Holding Corp.   Add   View  18 pp.  Case Author(s): Meulbroek, Lisa Publication Date: 04/06/2000 Revision Date: 07/13/2000 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 200057 Geographic Setting: Nebraska Number of Employees: 2,379 Gross Revenue: $315 million revenues Event Year Start: 1999 Event Year End: 1999 Subjects: Portfolio management; Executive committees; Insider trading; Risk management; Incentives; Stock options; Internet; Hedging Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (202071), 9p, by Lisa Meulbroek Product Description: Some of the senior managers at Ameritrade, an Internet brokerage firm, are selling their holdings in the firm. Why are the managers selling, how will it affect shareholders, and what should the CEO do about it? The CEO is concerned that the market will interpret managerial sales as a signal that the managers believe the firm to be overvalued. He also wonders whether the sales might interfere with the firm's plan to raise funds in the capital markets. Finally, he thinks that, at a minimum, such sales undermine a carefully thought-out compensation plan that pays managers with stock options to align managers' incentive with those of the shareholders.    UBS and Auction Rate Securities (C)   Add   View  2 pp.  Case Author(s): Bergstresser, Daniel B.; Cole, Shawn; Shenai, Siddharth Publication Date: 03/05/2009 Revision Date: 04/29/2010 Product Type: Supplement (Library) Publisher: Harvard Business School HBS Number: 209135 Subjects: Finance Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (209122), 19p, by Shawn Cole, Daniel B. Bergstresser, Siddharth Shenai Product Description: Supplement to 209119 and 209131    UBS and Auction Rate Securities (B)   Add   View  4 pp.  Case Author(s): Bergstresser, Daniel B.; Cole, Shawn; Shenai, Siddharth Publication Date: 03/05/2009 Revision Date: 04/29/2010 Product Type: Supplement (Library) Publisher: Harvard Business School HBS Number: 209131 Subjects: Finance Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (209122), 19p, by Shawn Cole, Daniel B. Bergstresser, Siddharth Shenai; Supplement, (209135), 2p, by Daniel B. Bergstresser, Shawn Cole, Siddharth Shenai Product Description: Supplement to 209119    Tremblant Capital Group   Add   View  19 pp.  Case Author(s): Greenwood, Robin Publication Date: 04/23/2010 Revision Date: 04/28/2010 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 210071 Geographic Setting: United States Event Year Start: 2008 Subjects: Stocks; Investment management; Investments; Securities analysis; Competitive advantage; Behavioral finance Academic Discipline: Finance Product Description: Brett Barakett, CEO and founder of Tremblant Capital Group, a New York-based hedge fund, must decide what to do with his fund's position in Green Mountain Coffee Roasters, which has dropped in value by more than 40 percent in recent months. Tremblant is a hedge fund that specializes in forecasting consumer behavioral change, and capitalizes on the disconnect between stock prices and consumer behavior. In the case of Green Mountain Coffee, many other sophisticated investors have taken short positions in the stock, leading Barakett to question whether his fund had the right trade thesis.    Toward Golden Pond (B)   Add   View  5 pp.  Case Author(s): Retsinas, Nicolas P.; Ginsburgh, Justin; Donovan, G.A.; Dai, Nancy Publication Date: 01/04/2010 Revision Date: 04/19/2010 Product Type: Supplement (Field) Publisher: Harvard Business School HBS Number: 210046 Geographic Setting: China Event Year Start: 2008 Subjects: Real estate investments Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (210083), 10p, by Nicolas P. Retsinas, Griffin H. James Product Description: Supplements the A case. Provides an additional dilemma for the Rong-D companies with regard to building luxury senior housing in China.    Toward Golden Pond (A)   Add   View  13 pp.  Case Author(s): Retsinas, Nicolas P.; Donovan, G.A.; Dai, Nancy Hua; Ginsburgh, Justin Publication Date: 01/04/2010 Revision Date: 08/23/2010 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 210045 Geographic Setting: China Event Year Start: 2008 Subjects: Real estate investments Academic Discipline: Finance Supplementary Materials: Supplement, (210046), 5p, by Nicolas P. Retsinas, Justin Ginsburgh, G.A. Donovan, Nancy Hua Dai; Case Teaching Note, (210083), 10p, by Nicolas P. Retsinas, Griffin H. James Product Description: The Rong-D companies must decide whether to build a luxury senior housing development in Chengdu, China. Demographics are very encouraging for this new product type, but there are numerous cultural, market, financial and political risks that they must assess before moving forward.    The Big Easy, Not So Easy   Add   View  24 pp.  Case Author(s): Retsinas, Nicolas P.; Segel, Arthur I; Creo, Ben Publication Date: 02/13/2008 Revision Date: 03/03/2009 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 208068 Gross Revenue: $130 million Event Year Start: 2007 Subjects: Emerging markets; Risk mitigation Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (208084), 8p, by Nicolas P. Retsinas, Ben Creo; Supplement, (208125), 5p, by Nicolas P. Retsinas, Ben Creo Product Description: Enterprise Community Partners must determine whether to rebuild the Lafitte housing projects in hurricane-ravaged New Orleans, and if so, how to mitigate the risks. Set in January 2007, more than a year after Hurricane Katrina made landfall, the case examines how Enterprise has a number of environmental, contractual, reputational, and legal risks to overcome in making the project a success. Given these risks, Enterprise is unsure whether to rebuild in New Orleans at all, and whether to renovate the site or redevelop it into a mixed-income community.    Water Shortage and Property Investing In Mexico City   Add   View  30 pp.  Case Author(s): Macomber, John D.; Garcia-Cuellar, Regina; James, Griffin H. Publication Date: 05/27/2010 Revision Date: 06/01/2010 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 210085 Geographic Setting: Mexico Number of Employees: 10 Gross Revenue: 50,000 Event Year Start: 2009 Subjects: Finance; Real estate investments; Infrastructure Academic Discipline: Finance Product Description: To maximize their effectiveness, color cases should be printed in color. A commercial property company evaluates water risks including the government's ability to remedy, the company's operating exposure and mitigation, and whether to relocate because of water risk. A real estate fund manager assesses investment prospects in Mexico City in the context of a major water supply and distribution crisis facing one of the world's largest cities. Can the investment manager understand the water problems so she can make a decision whether to invest in Mexico City? What will she learn about how water is sourced and distributed in Mexico City? And how might the potential public-private partnerships being discussed affect her investment prospects? The fund's investors are seeking real estate exposure in major world cities, particularly Mexico City. How can they assess and mitigate this exposure? How can they extend this thinking to other cities and countries?    Note: Fair Value Accounting for Investments in Debt Securities   Add   View  6 pp.  Case Author(s): Fruhan, William E., Jr. Publication Date: 03/23/2009 Revision Date: 07/23/2010 Product Type: Note Publisher: Harvard Business School HBS Number: 209134 Event Year Start: 2009 Subjects: Accounting Academic Discipline: Finance Product Description: The note describes how fair value accounting applies to debt securities that are classified by financial institutions as (1) “trading” securities, (2) “available for sale” securities, or (3) “hold to maturity” securities. It explains the hierarchy for inputs used in valuing Level 1, Level 2 and Level 3 financial assets. Finally, it notes the percentage of assets held by four types of financial institutions that are (a) accounted for at “fair value,” (b) the hierarchical categorization of the assets, and (c) the percentage of assets held by each institution category where changes in the fair market value affect that institution's reported income.    FrontPoint Partners   Add   View  12 pp.  Case Author(s): Light, Jay O. Publication Date: 07/07/2003 Revision Date: 06/07/2010 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 204020 Geographic Setting: Connecticut Gross Revenue: $4.2 billion revenues Event Year Start: 2003 Event Year End: 2003 Subjects: Asset management; Investment management; Marketing strategy; Target markets Academic Discipline: Finance Product Description: A hedge fund platform, a new and unique kind of asset management firm, contemplates various client markets for its services.    Financial Management of Family and Closely Held Firms: Overview of the Course, Course Overview   Add   View  23 pp.  Case Author(s): Villalonga, Belen Publication Date: 03/09/2009 Revision Date: 06/02/2010 Product Type: Course Overview Publisher: Harvard Business School HBS Number: 209137 Subjects: Finance; Financial management; Valuation; Entrepreneurial finance; Entrepreneurial management; Corporate governance; Business growth; Family-owned businesses Academic Discipline: Finance Product Description: Most companies around the world are controlled by their founding families, including more than half of all public corporations in the U.S. and Europe, and more than two thirds of these in Asia. These companies are the subject of the Financial Management of Family and Closely Held Firms course, an elective MBA course at Harvard Business School. The course introduces students to the unique finance, governance, and management issues faced by family firms, and to the ways in which these issues can be addressed. The course provides students with a framework for analyzing how family ownership, control, and management affect value, and whether and how more value can be created for the various stakeholders in family firms. The course is designed for students who may be involved with these companies in a variety of roles, including those of founders, shareholders, or managers of their own family's firm, as well as those of non-family managers and employees, investors or business partners (e.g., private equity investors), and advisors of various kinds (e.g., Investment bankers, board members, or consultants).    Chrysler’s Sale to Fiat   Add   View  25 pp.  Case Author(s): Foley, C. Fritz; Goldberg, Lena G.; Meyer, Linnea Publication Date: 03/24/2010 Revision Date: 05/27/2010 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 210022 Number of Employees: 54,000 Gross Revenue: $56 billion Event Year Start: 2009 Subjects: Restructuring; Mergers & acquisitions Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (211013), 17p, by C. Fritz Foley, Lena G. Goldberg Product Description: This case provides students with an opportunity to analyze the restructuring of Chrysler in the midst of the financial crisis of 2008-2009. It describes how debtors can use section 363 of the U.S. Bankruptcy Code to sell assets quickly. It allows for discussion of who benefits and who loses in such restructurings, and it also raises a variety of policy issues concerning 363 sales and the appropriate role of government entities in restructurings.    Be Our Guest, Inc.   Add   View  13 pp.  Case Author(s): Crane, Dwight B.; Joseph, Penny Publication Date: 04/05/1999 Revision Date: 03/02/2001 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 299001 Geographic Setting: Massachusetts Number of Employees: 40 Gross Revenue: $2,650,000 revenues Event Year Start: 1994 Event Year End: 1997 Subjects: Financial analysis; Financial planning; Financing; Small & medium-sized enterprises Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (201038), 11p, by Dwight B. Crane; Spreadsheet Supplement, (201701), 0p, by Richard S. Ruback, Penny Joseph Product Description: Be Our Guest is a rapidly growing equipment rental company with substantial seasonality in its revenues and profits. In the spring of 1998, the senior management team is reviewing its financial plans in preparation for a meeting with the company's bank. The case provides an opportunity to forecast financial needs and consider the appropriate structure and amount of bank borrowing.    A Note on Real Estate Research   Add   View  21 pp.  Case Author(s): Segel, Arthur I; James, Griffin H.; Cullen, Ann Publication Date: 05/07/2010 Product Type: Note Publisher: Harvard Business School HBS Number: 210086 Subjects: Real estate investments Academic Discipline: Finance Product Description: This note provides a comprehensive research guide for real estate students, professionals, and executives. It includes lists of real estate industry trade organizations, publicly available research resources, books, and journals relevant to a wide range of financial and operational careers in real estate.    Urbi and the City Licensee Managers   Add   View  27 pp.  Case Author(s): Macomber, John D.; Garcia-Cuellar, Regina Publication Date: 04/03/2009 Revision Date: 05/17/2010 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 209144 Number of Employees: 5000 Gross Revenue: 25 Billion Event Year Start: 2008 Subjects: Operations; Information & technology Academic Discipline: Finance Product Description: To maximize their effectiveness, color cases should be printed in color. A leading low income housing builder in Mexico decides which prospective new local partner best extends its advantages in managing twin production lines of homes and clients. URBI has built substantial competitive advantage in the technology and culture that matches the outputs of these two production systems. The company has also built extensive expertise in accessing the many mortgage and funding sources in Mexico. To grow, the company is interested in entering other Mexican geographies but faces a choice of doing this with its own staff and buying land for cash, or partnering with local entrepreneurs and local land owners. In evaluating the choices, students must think more deeply about what makes the two production lines work and how to balance the two lines. The discussion can end with comparisons of the Mexican political and government circumstances that encourage this method of producing workforce housing as compared with the U.S., China, India, and other markets.    Interest Rate Derivatives   Add   View  11 pp.  Case Author(s): Tufano, Peter; Headley, Jonathan S. Publication Date: 03/02/1994 Revision Date: 06/28/1995 Product Type: Note Publisher: Harvard Business School HBS Number: 294095 Subjects: Capital markets; Bonds; Derivatives; Interest rates Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (296063), 3p, by Peter Tufano Product Description: Introduces and explains the six major interest rate derivative products: swaps, forward rate agreements, Eurodollar futures, bond options, caps/floors/collars, and swap options.    Sealed Air Corp.’s Leveraged Recapitalization (A)   Add   View  21 pp.  Case Author(s): Wruck, Karen H.; Barry, Brian Publication Date: 05/10/1994 Revision Date: 12/05/1997 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 294122 Geographic Setting: New Jersey Number of Employees: 2,000 Gross Revenue: $385 million sales Event Year Start: 1989 Event Year End: 1989 Subjects: Crisis management; Control systems; Capital structure; Debt management; Dividends; Recapitalization; Change management; Employee stock ownership plans Academic Discipline: Finance Supplementary Materials: Supplement, (294123), 8p, by Karen H. Wruck, Brian Barry; Case Teaching Note, (295143), 12p, by Karen H. Wruck; Spreadsheet Supplement, (XLS082), 0p, by Karen H. Wruck, Brian Barry Product Description: Less than a year after Sealed Air embarked on a program to improve manufacturing efficiency and product quality, the company borrowed almost 90% of the market value of its common stock and paid it out as a special dividend to shareholders. Management purposefully and successfully used the leveraged recapitalization as a watershed event, creating a crisis that disrupted the status quo and promoted internal change, which included establishing a new objective, changing compensation systems, and reorganizing manufacturing and capital budgeting processes.    RJR Nabisco   Add   View  12 pp.  Case Author(s): Ruback, Richard S. Publication Date: 05/15/1989 Revision Date: 08/29/2006 Product Type: Case (Library) Publisher: Harvard Business School HBS Number: 289056 Event Year Start: 1988 Event Year End: 1989 Subjects: Leveraged buyouts; Valuation Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (289057), 37p, by Richard S. Ruback; Spreadsheet Supplement, (XLS071), 0p, by Richard S. Ruback Product Description: Gives students the opportunity to explore issues facing the board of directors in a leveraged buyout. RJR Nabisco is valued under different operating strategies and the source of gains in leveraged buyouts is stressed.    Play Time Toy Co.   Add   View  6 pp.  Case Author(s): Piper, Thomas R. Publication Date: 10/31/1991 Revision Date: 11/01/1993 Product Type: Case (Gen Exp) Publisher: Harvard Business School HBS Number: 292003 Geographic Setting: United States Gross Revenue: $9 million revenues Event Year Start: 1991 Event Year End: 1991 Subjects: Inventory management; Financing; Risk management; Production planning; Production scheduling Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (292055), 9p, by Thomas R. Piper; Spreadsheet Supplement, (XLS075), 0p, by Thomas R. Piper Product Description: The president of a toy company is considering the adoption of level production in a business characterized by highly seasonal sales. The issues include balancing the cost savings and the inventory risk, estimating the seasonal financing need, and determining the appropriate approach to the bank. A rewritten version of an earlier case.    Pioneer Petroleum Corp.   Add   View  5 pp.  Case Author(s): Ruback, Richard S. Publication Date: 07/23/1991 Revision Date: 01/07/2004 Product Type: Case (Library) Publisher: Harvard Business School HBS Number: 292011 Geographic Setting: United States; Alaska Gross Revenue: $15.6 billion revenues Event Year Start: 1991 Event Year End: 1991 Subjects: Capital budgeting; Capital costs Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (292080), 5p, by Thomas R. Piper; Spreadsheet Supplement, (XLS076), 0p, by Richard S. Ruback Product Description: Pioneer is an integrated oil company. Its operations include exploration and development, production, transportation, and marketing. The case focuses on Pioneer's cost of capital calculations and its choice between a single company-wide cost of capital or divisional costs of capital. Provides students the opportunity to learn how to calculate a company-wide weighted average cost of capital. An appropriate measure of the cost of equity capital is presented so that students are able to challenge their understanding of key concepts by critiquing the company's measure and suggesting their own.    Pinkerton (A)   Add   View  6 pp.  Case Author(s): Mason, Scott P.; Berger, Adam S. Publication Date: 05/08/1991 Revision Date: 05/24/2001 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 291051 Geographic Setting: California Number of Employees: 50,000 Gross Revenue: $600 million revenue Event Year Start: 1987 Event Year End: 1987 Subjects: Financial planning; Acquisitions; Valuation Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (292141), 18p, by Michael E. Edleson; Spreadsheet Supplement, (XLS074), 0p, by Scott P. Mason, Adam S. Berger Product Description: A California based security guard firm considers the acquisition of another security guard company. The value of the target firm and the financing of the acquisition are the key issues.    Philip Morris Companies and Kraft, Inc.   Add   View  21 pp.  Case Author(s): Ruback, Richard S. Publication Date: 03/29/1989 Revision Date: 10/20/1994 Product Type: Case (Library) Publisher: Harvard Business School HBS Number: 289045 Subjects: Cash flow; Restructuring; Acquisitions Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (289046), 15p, by Richard S. Ruback; Spreadsheet Supplement, (XLS068), 0p, by Richard S. Ruback Product Description: Gives students the opportunity to explore the effect of substantial free cash flow on corporate acquisition and operating strategies. Students are also given the opportunity to extract information from the common stock prices of the participating firms. A variety of valuation techniques are employed to assess the plausibility of a restructuring plan.    Petrolera Zuata, Petrozuata C.A.   Add   View  22 pp.  Case Author(s): Esty, Benjamin C.; Millett, Mathew Mateo Publication Date: 09/23/1998 Revision Date: 03/07/2002 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 299012 Geographic Setting: Venezuela Number of Employees: 150,000 Gross Revenue: $77 billion revenues Event Year Start: 1996 Event Year End: 1997 Subjects: Capital markets; International finance; Valuation; Developing countries; Project finance; Risk assessment Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (299013), 38p, by Mathew Mateo Millett; Spreadsheet Supplement, (XLS097), 0p, by Benjamin C. Esty, Mathew Mateo Millett Product Description: Petrozuata is a proposed $2.5 billion oil-field development project in Venezuela. The case is set in 1997 as the project sponsors, Conoco and PDVSA (Venezuela's national oil company), are planning to meet with various development agencies and rating agencies regarding the proposed financial structure. The sponsors hope to raise a portion of the $1.5 billion debt in the capital markets, which will require an investment-grade rating. The key questions are whether the project will achieve an investment-grade rating and, if not, how to finance the project. Describes what turned out to be an extremely well-crafted financial transaction, one that was named “Deal of the Year” in 1997 by virtually every journal covering project finance.    Passive Activity Losses   Add   View  6 pp.  Case Author(s): Reiling, Henry B.; Pollard, Mark R.; Wall, Kevin F. Publication Date: 12/01/1998 Revision Date: 07/31/2010 Product Type: Note Publisher: Harvard Business School HBS Number: 299039 Subjects: Losses; Tax accounting; Taxation Academic Discipline: Finance Product Description: Discusses the historical context, purpose, primary mechanical features, and effects of the passive activity loss rules.    Note on Option Valuation   Add   View  15 pp.  Case Author(s): Chacko, George; Hecht, Peter; Dessain, Vincent; Sjoman, Anders Publication Date: 04/01/2005 Revision Date: 02/07/2006 Product Type: Note Publisher: Harvard Business School HBS Number: 205106 Subjects: Capital markets; Financial instruments; Derivatives; Options; Valuation Academic Discipline: Finance Product Description: For every option, a fair price has to be established. But how do you actually price an option? Assuming a basic knowledge of options, this note covers two pricing methods: the binominal tree and the Black-Scholes/Merton formula.    Note on Forward Contracts and Swaps   Add   View  12 pp.  Case Author(s): Chacko, George; Hecht, Peter; Dessain, Vincent; Sjoman, Anders Publication Date: 05/16/2005 Revision Date: 01/05/2006 Product Type: Note Publisher: Harvard Business School HBS Number: 205118 Subjects: Contracts; Analysis; Financial instruments; Derivatives; Options Academic Discipline: Finance Product Description: Introduces forward contracts and derives graphically through basic arbitrage principles the spot-forward parity. Introduces swap contracts as simply a portfolio of forward contracts. Also covers briefly the mathematics behind swaps as an extension of spot-forward parity calculations.    Note on Bond Valuation and Returns   Add   View  17 pp.  Case Author(s): Chacko, George; Hecht, Peter; Dessain, Vincent; Stachowiak, Monika Publication Date: 08/27/2004 Revision Date: 09/27/2004 Product Type: Note Publisher: Harvard Business School HBS Number: 205008 Geographic Setting: Europe Subjects: Capital markets; Financial instruments; Bonds; Financing; Valuation Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (205010), 6p, by George Chacko, Peter Hecht, Vincent Dessain, Monika Stachowiak Product Description: All securities can be evaluated based on certain common characteristics: value, rate of return, risk, maturity, and so forth. This case examines how bonds are valued and how their rates of return are computed. It begins with basic definitions and features of fixed-income instruments and proceeds to basic bond mathematics. An overview of the U.S. Treasury market is provided, as well as some national markets for other important domestic government bonds.    Netscape’s Initial Public Offering   Add   View  12 pp.  Case Author(s): Kester, W. Carl; Backstrand, Kendall Publication Date: 04/17/1996 Revision Date: 05/16/1997 Product Type: Case (Library) Publisher: Harvard Business School HBS Number: 296088 Geographic Setting: North America Gross Revenue: $20 million revenues Event Year Start: 1995 Event Year End: 1995 Subjects: Stock offerings; Valuation; Venture capital; Development stage enterprises; Underwriting Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (298020), 8p, by W. Carl Kester; Spreadsheet Supplement, (XLS089), 0p, by W. Carl Kester, Kendall Backstrand Product Description: In August 1995, Netscape's board of directors was confronted with a decision about what price to offer the company's shares in its initial public offering (IPO). Preliminary demand for shares was high, but the company had not generated any positive earnings at the time of the offering.    Nestle and Alcon — the Value of a Listing   Add   View  19 pp.  Case Author(s): Desai, Mihir A.; Dessain, Vincent; Sjoman, Anders Publication Date: 12/08/2004 Revision Date: 04/26/2006 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 205056 Geographic Setting: Switzerland Number of Employees: 250,000 Gross Revenue: $48.2 billion revenues Event Year Start: 2001 Event Year End: 2001 Subjects: Stock offerings; Divestiture; International finance; Valuation; Foreign subsidiaries; Corporate governance; Conglomerates Academic Discipline: Finance Supplementary Materials: Spreadsheet Supplement, (205715), 0p, by Mihir A. Desai, Anders Sjoman; Case Teaching Note, (206135), 24p, by Mihir A. Desai, Kathleen Luchs Product Description: In response to a perceived undervaluation by the capital markets, Nestle is considering divesting a part of its ophthalmology subsidiary, Alcon, and must decide on a listing location. In the process, students are challenged to wrestle with the valuation of a conglomerate, the tradeoffs involved in listing in the United States versus Europe, and the incentive and tax consequences of that listing decision.    MW Petroleum Corp. (A)   Add   View  18 pp.  Case Author(s): Luehrman, Timothy A.; Tufano, Peter; Wall, Barbara D. Publication Date: 11/07/1994 Revision Date: 11/21/1994 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 295029 Geographic Setting: United States Gross Revenue: $300 million revenues Event Year Start: 1991 Event Year End: 1991 Subjects: Simulations; Derivatives; Option pricing; Real options; Acquisitions; Valuation; Project evaluation; Pricing Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (295133), 27p, by Timothy A. Luehrman; Spreadsheet Supplement, (XLS083), 0p, by Timothy A. Luehrman, Peter Tufano, Barbara D. Wall Product Description: Amoco Corp. is negotiating to sell a wholly-owned subsidiary, MW Petroleum, to Apache Corp. MW owns large reserves of oil and gas comprising many properties at different stages of engineering, development, and production. The proposed acquisition is a large one for Apache and poses several important financing and valuation problems. This case focuses primarily on valuation.    MSDI-Alcala de Henares, Spain   Add   View  6 pp.  Case Author(s): Luehrman, Timothy A.; Student, James J. Publication Date: 01/06/1989 Revision Date: 09/07/1995 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 289029 Geographic Setting: Spain Event Year Start: 1987 Event Year End: 1987 Subjects: International finance; Exchange rates; Securities analysis; Valuation; Project evaluation Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (290046), 10p, by Timothy A. Luehrman; Spreadsheet Supplement, (XLS068), 0p, by Richard S. Ruback Product Description: Merck & Co., Inc. is evaluating a proposed cost-saving investment by its Spanish subsidiary. The case introduces techniques of discounted cash flow valuation analysis in a multicurrency setting. Can be used to teach basic international parity conditions as they relate to the value of operating cash flows.    Momentive Performance Materials, Inc.   Add   View  9 pp.  Case Author(s): Ivashina, Victoria; Scharfstein, David S. Publication Date: 06/02/2010 Revision Date: 08/26/2010 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 210081 Number of Employees: 4,520 Gross Revenue: $2.5 billion Event Year Start: 2009 Subjects: Private equity; Financial crisis Academic Discipline: Finance Product Description: After getting close to violating its loan covenants in 2009, Momentive took a variety of actions over several months to restructure its debt. In particular, in May of 2009 Momentive had exchanged a fraction of its outstanding notes. In November of 2009, it proposed an amendment that sought to extend the maturity on the loan used to finance the Momentive buyout and allow issuance of senior secured notes. The case is set up from the perspective of a hedge fund that holds a fraction of Momentive's syndicated loan. The case serves as a vehicle for discussing contractual differences between public and private debt, and challenges in its restructuring.    Marriott Corp.: The Cost of Capital   Add   View  11 pp.  Case Author(s): Ruback, Richard S. Publication Date: 02/10/1998 Revision Date: 03/18/1998 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 298101 Event Year Start: 1988 Event Year End: 1988 Subjects: Cash flow; Capital costs; Capital structure; Valuation Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (289048), 20p, by Richard S. Ruback; Spreadsheet Supplement, (XLS096), 0p, by Richard S. Ruback Product Description: Presents recommendations for hurdle rates of Marriott's divisions to select by discounting appropriate cash flows by the appropriate hurdle rate for each division.    John M. Case Co.   Add   View  14 pp.  Case Author(s): Hayes, Samuel L. Publication Date: 07/24/1990 Revision Date: 03/20/2000 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 291008 Geographic Setting: United States Gross Revenue: $15 million sales Event Year Start: 1985 Event Year End: 1985 Subjects: Debt management; Financing; Leveraged buyouts; Small & medium-sized enterprises Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (291070), 8p, by Samuel L. Hayes; Spreadsheet Supplement, (XLS072), 0p, by Samuel L. Hayes Product Description: The owner of a small, privately held company decides to sell out, and a group of the company's top managers structures a leveraged buyout. A rewritten version of an earlier case.    Clarkson Lumber Co.   Add   View  6 pp.  Case Author(s): Piper, Thomas R. Publication Date: 09/19/1996 Revision Date: 10/29/1996 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 297028 Geographic Setting: United States Number of Employees: 11 Gross Revenue: $3 million revenues Event Year Start: 1991 Event Year End: 1991 Subjects: Financial analysis; Forecasting; Financial planning; Loan evaluation Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (297076), 10p, by Thomas R. Piper; Spreadsheet Supplement, (XLS090), 0p, by Thomas R. Piper Product Description: The owner of a rapidly growing retail lumber company is considering the financial implications of continued rapid growth. The magnitude of the company's future financing requirements must be assessed in the context of the company's access to bank finance and/or equity finance. A rewritten version of an earlier case.    Bankruptcy and Restructuring at Marvel Entertainment Group   Add   View  19 pp.  Case Author(s): Esty, Benjamin C.; Auerbach, Jason S. Publication Date: 09/16/1997 Revision Date: 08/13/2007 Product Type: Case (Library) Publisher: Harvard Business School HBS Number: 298059 Geographic Setting: United States Number of Employees: 1,600 Gross Revenue: $800 million revenues Event Year Start: 1997 Event Year End: 1997 Subjects: Bankruptcy; Liquidation; Restructuring; Valuation; Corporate governance Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (298028), 22p, by Benjamin C. Esty; Spreadsheet Supplement, (XLS094), 0p, by Benjamin C. Esty, Jason S. Auerbach Product Description: Marvel Entertainment Group is the leading comic book publisher in the United States, with superheros like Spider-Man, the Incredible Hulk, the X-Men, and Captain America. It is also one of the leading manufacturers of sports and entertainment trading cards under the Fleer and Sky Box brand names. In the mid-1990s, it experienced sharp declines in both businesses, causing it to file for bankruptcy in December 1996. This case is set in late January 1997, shortly after Marvel filed its reorganization plan with the bankruptcy court and approximately one month before creditors will have to vote on the plan at the confirmation hearing. Two of the most prominent corporate raiders of the 1980s are pitted against each other for control of the company. On one side is Ronald Perelman, who controls Marvel through his MacAndrews & Forbes holding company. On the other side is Carl Icahn, who controls 25% of Marvel's public debt. Icahn and the other bondholders must decide whether to accept Perelman's plan, to reject it in favor of their own plan, or to sell their bonds before the confirmation hearing. Perelman must decide whether to change the plan in response to the debtholders' threats or to wait and see what happens at the hearing. A rew    Avon Products   Add   View  9 pp.  Case Author(s): Tiemann, Jonathan Publication Date: 03/14/1989 Revision Date: 08/05/1994 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 289049 Geographic Setting: New York Gross Revenue: $2.5 billion sales Event Year Start: 1988 Event Year End: 1988 Subjects: Dividends; Valuation; Diversification Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (290004), 10p, by Jonathan Tiemann; Case Teaching Note, (292059), 10p, by Scott P. Mason; Spreadsheet Supplement, (XLS070), 0p, by Jonathan Tiemann Product Description: Avon Products announced both a change in its business focus and a reduction of its dividend in June 1988. To offset the likely stock price effect of the dividend reduction, Avon announced at the same time an unusual exchange offer, under which it would take up to 25% of its common stock in exchange for an unusual preferred stock. The case traces the history of Avon from 1979-88. Requires students to evaluate Avon's efforts at diversification in the early 1980s, and to relate that effort to the company's dividend history. Also requires students to evaluate an unusual security. Suitable for first-year students or for a second-year capital markets course.    Arundel Partners: The Sequel Project   Add   View  19 pp.  Case Author(s): Luehrman, Timothy A.; Teichner, William A. Publication Date: 06/12/1992 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 292140 Geographic Setting: California Gross Revenue: $2.1 billion revenues Event Year Start: 1992 Event Year End: 1992 Subjects: Decision trees; Managing uncertainty; Capital budgeting; Option pricing; Real options; Securities analysis Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (295118), 14p, by Timothy A. Luehrman; Spreadsheet Supplement, (XLS078), 0p, by Timothy A. Luehrman, William A. Teichner Product Description: A group of investors is considering buying the sequel rights for a portfolio of feature films. They need to determine how much to offer to pay and how to structure a contract with one or more major U.S. film studios. The case contains cash flow estimates for all major films released in the United States during 1989. These data are used to generate estimates of the value of sequel rights prior to the first film's release. Designed to introduce students to real options and techniques for valuing them. It clearly illustrates the power of option pricing techniques for certain types of capital budgeting problems. Also illustrates the practical limitations of such techniques.    Apex Investment Partners (A): April 1995   Add   View  27 pp.  Case Author(s): Lerner, Josh Publication Date: 10/27/1995 Revision Date: 11/17/1997 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 296028 Geographic Setting: Illinois; Washington Number of Employees: 4 Event Year Start: 1995 Event Year End: 1995 Subjects: Negotiations; Financing; Valuation; Entrepreneurial finance; Venture capital Academic Discipline: Finance Supplementary Materials: Supplement, (296029), 7p, by Josh Lerner, Sanjiv Das; Case Teaching Note, (298160), 17p, by Josh Lerner; Spreadsheet Supplement, (XLS087), 0p, by Josh Lerner Product Description: The partners of Apex Investment Partners are seeking to provide financing for Accessine Technologies, a small firm specializing in providing “One Person, One Number” telecommunication services. The negotiation of the terms-and-conditions of the deal, as well as its pricing, prove challenging.    Acquisition of Consolidated Rail Corp. (B)   Add   View  17 pp.  Case Author(s): Esty, Benjamin C.; Millett, Mathew Mateo Publication Date: 04/13/1998 Revision Date: 05/20/2001 Product Type: Case (Library) Publisher: Harvard Business School HBS Number: 298095 Geographic Setting: United States Number of Employees: 77,500 Gross Revenue: $19 billion revenues Event Year Start: 1996 Event Year End: 1997 Subjects: Auctions; Competitive bidding; Acquisitions; Mergers; Valuation; Management controls; Deregulation; Game theory Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (298087), 39p, by Mathew Mateo Millett; Spreadsheet Supplement, (XLS095), 0p, by Benjamin C. Esty, Mathew Mateo Millett Product Description: Eight days after CSX announced it was going to buy Consolidated Rail (Conrail) for $88.65 per share, Norfolk Southern made a hostile $100 per share bid for Conrail. Over the next several months, the potential acquirers upped their bids while exchanging criticism in the popular press, prompting analysts to call this one of the nastiest takeover battles of the 1990s. The case is set in January 1997, just before Conrail shareholders are scheduled to vote on the proposed deal with CSX. It analyzes the trend toward consolidation in the U.S. railroad industry, the bidding war for Conrail, and the various provisions in Pennsylvania's anti-takeover laws, which restrict the market for corporate control. It also explores the strategic and financial implications of a bidding war and challenges the assumption that failure to acquire is a zero net present value endeavor. Finally, it examines the nature of and economic basis for regulating the market for corporate control.    Acquisition of Consolidated Rail Corp. (A)   Add   View  17 pp.  Case Author(s): Esty, Benjamin C.; Millett, Mathew Mateo Publication Date: 04/13/1998 Revision Date: 07/20/2005 Product Type: Case (Library) Publisher: Harvard Business School HBS Number: 298006 Geographic Setting: United States Number of Employees: 77,500 Gross Revenue: $19 billion revenues Event Year Start: 1996 Event Year End: 1997 Subjects: Auctions; Competitive bidding; Acquisitions; Mergers; Valuation; Management controls; Deregulation; Game theory Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (298087), 39p, by Mathew Mateo Millett; Spreadsheet Supplement, (XLS093), 0p, by Benjamin C. Esty, Mathew Mateo Millett Product Description: On October 15, 1996, Virginia-based CSX and Pennsylvania-based Consolidated Rail (Conrail), the first and third largest railroads in the eastern United States, announced their intent to merge in a friendly deal worth $8.3 billion. This deal was part of an industry-wide trend toward consolidation and promised to change the competitive dynamics of the Eastern rail market. Students, as shareholders, must decide whether to tender shares into the front-end of a two-tiered acquisition offer. To make this decision, they must value Conrail as an acquisition target and understand the structure of CSX's offer.    Understanding Securities Markets in the United States and Japan   Add   View  15 pp.  Case Author(s): Applegate, Lynda M. Publication Date: 03/06/2002 Product Type: Note Publisher: Harvard Business School HBS Number: 802093 Geographic Setting: Japan Subjects: Entrepreneurial management; Competition; Information & technology Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (802231), 45p, by Lynda M. Applegate Product Description: Provides a basic understanding of how securities markets work.    UAL Corp.   Add   View  24 pp.  Case Author(s): Gilson, Stuart C.; Cott, Jeremy Publication Date: 03/24/1995 Revision Date: 04/19/1995 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 295130 Geographic Setting: Illinois Number of Employees: 83,000 Gross Revenue: $15 billion revenues Event Year Start: 1993 Event Year End: 1994 Subjects: Labor negotiations; Restructuring; Recapitalization; Valuation; Employee stock ownership plans; Corporate strategy Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (298126), 21p, by Stuart C. Gilson Product Description: In the largest attempted employee-buyout in history, a large U.S. commercial airline seeks substantial wage concessions from its employees in return for 53% stake in the airline's commmon stock and guaranteed seats on the board of directors. Management must convince employees, shareholders, Wall Street analysts, and the media that the buyout makes sense from value, operating, and strategic perspectives.    NetFlix.com, Inc.   Add   View  11 pp.  Case Author(s): Mayfield, E. Scott Publication Date: 09/20/2000 Revision Date: 10/17/2006 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 201037 Geographic Setting: California Number of Employees: 270 Gross Revenue: $5 million revenues Event Year Start: 2000 Event Year End: 2000 Subjects: Cash flow; Forecasting; Financial planning; IPO; Internet Academic Discipline: Finance Supplementary Materials: Spreadsheet Supplement, (201705), 0p, by E. Scott Mayfield; Case Teaching Note, (202058), 17p, by E. Scott Mayfield; Spreadsheet Supplement, (XLS041), 0p, by E. Scott Mayfield Product Description: The CEO of a successful Internet start-up must decide whether to delay the company's initial public offering following a significant decline in the NASDAQ market during the spring of 2000. The company's CFO is asked to reevaluate the company's projected cash flow needs in light of the new requirement that in order to go public, Internet companies must show positive cash flows within a 12-month horizon. While examining ways to extend the company's working capital, the CFO considers various changes to the company's existing business model, including changes in the company's contractual relationships with both its suppliers and its customers.

Nephila: Innovation in Catastrophe Risk Insurance   Add   View  27 pp.  Case Author(s): Froot, Kenneth A.; Heinrich, Michael Publication Date: 06/21/2006 Revision Date: 04/03/2007 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 206130 Geographic Setting: Bermuda Number of Employees: 18 Event Year Start: 2006 Event Year End: 2006 Subjects: Managing uncertainty; Capital markets; Investment management; Investments; Innovation; Risk management; Corporate strategy Academic Discipline: Finance Product Description: At the cross-section of capital markets and the catastrophe insurance space stands the hedge fund Nephila. Nephila must decide how best to take advantage of the newly presented market opportunities post hurricanes Katrina, Wilma, and Rita. Nephila has a plethora of options as it brings capital markets understanding to the insurance space. Nephila can easily trade in and out of insurance products and is not subject to regulatory restrictions. Yet, Nephila only capitalizes 1% of the entire catastrophe reinsurance market. What is the best way to grow?    Monmouth, Inc.   Add   View  10 pp.  Case Author(s): Piper, Thomas R.; Abelli, Heide Publication Date: 07/31/2010 Product Type: Case Publisher: Harvard Business School Publishing HBS Number: 4226 Geographic Setting: United States Subjects: Competitive bidding; Forecasting; Stock offerings; Mergers & acquisitions; Valuation; Margins Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (4227), 10p, by Thomas R. Piper, Heide Abelli; Spreadsheet Supplement, (4228), 0p, by Thomas R. Piper, Heide Abelli; Spreadsheet Supplement, (4229), 0p, by Thomas R. Piper, Heide Abelli Product Description: The management of Monmouth Inc. is considering whether to acquire the Robertson Tool Company and the value and form that the acquisition should take. Value can be assessed using a variety of approaches including a DCF with WACC analysis, impact on EPS and market multiples. The case also requires the student to consider how the offer should be designed and implemented. Subjects Include: Acquisition, DCF Analysis, Market Multiples Analysis, Revenue Forecasting, Margin Improvement, Valuation, EPS Analysis, Stock Offer, Weighted Average Cost of Capital, and Bidding Contest.    Hospital Corp. of America (A)   Add   View  15 pp.  Case Author(s): Kester, W. Carl Publication Date: 01/21/1983 Revision Date: 02/10/1988 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 283053 Geographic Setting: United States Gross Revenue: $2.5 billion sales Event Year Start: 1982 Event Year End: 1982 Subjects: Financial ratios; Capital structure; Debt management Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (289010), 11p, by W. Carl Kester; Spreadsheet Supplement, (XLS059), 0p, by W. Carl Kester Product Description: HCAs ratio of debt to total capital is approaching 70%, jeopardizing its single-A bond rating. Students must determine an appropriate target debt ratio for HCA in light of its growth objectives, its acquisition strategy and its changing regulatory environment.    Honest Tea   Add   View  29 pp.  Case Author(s): Gompers, Paul A. Publication Date: 03/08/2001 Revision Date: 10/17/2001 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 201076 Geographic Setting: Maryland Number of Employees: 10 Gross Revenue: $2 million revenues Event Year Start: 2000 Event Year End: 2000 Subjects: Entrepreneurial finance; Angel financing; Venture capital Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (202069), 11p, by Paul A. Gompers; Spreadsheet Supplement, (XLS043), 0p, by Paul A. Gompers Product Description: This case examines the decisions of Seth Goldman and Barry Nalebuff, founders of Honest Tea. Honest Tea is a start-up in the ready-to-drink tea market. Goldman and Nalebuff must craft an expansion and financing strategy.    Harris Seafoods, Inc.   Add   View  13 pp.  Case Author(s): Fruhan, William E., Jr.; Sahlman, William A. Publication Date: 02/01/1981 Revision Date: 06/15/1993 Product Type: Case (Gen Exp) Publisher: Harvard Business School HBS Number: 281054 Geographic Setting: Texas Gross Revenue: $33 million sales Event Year Start: 1980 Event Year End: 1980 Subjects: Capital costs; Financing; Securities analysis Academic Discipline: Finance Supplementary Materials: Spreadsheet Supplement, (XLS057), 0p, by William E. Fruhan, William A. Sahlman Product Description: Presents data relevant to a major capital expenditure — the construction of a shrimp plant. Designed to test student's ability to identify relevant cash flows, to estimate the cost of capital, and to decide whether or not to invest.    Cartwright Lumber Co.   Add   View  4 pp.  Case Author(s): Piper, Thomas R. Publication Date: 02/12/2004 Revision Date: 03/29/2004 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 204126 Geographic Setting: United States Number of Employees: 11 Gross Revenue: $3.6 million revenues Event Year Start: 2004 Event Year End: 2004 Subjects: Financial analysis; Forecasting; Financial planning; Loan evaluation Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (204128), 9p, by Rw Merry, Robert W. Merry; Spreadsheet Supplement, (XLS048), 0p, by Thomas R. Piper Product Description: The Cartwright Lumber Co. faces a need for increased bank financing due to its rapid sales growth and low profitability. A rewritten version of an earlier case.    B.F. Goodrich-Rabobank Interest Rate Swap   Add   View  9 pp.  Case Author(s): Light, Jay O. Publication Date: 03/26/1984 Revision Date: 08/22/1996 Product Type: Case (Library) Publisher: Harvard Business School HBS Number: 284080 Geographic Setting: United States; Europe Event Year Start: 1983 Event Year End: 1983 Subjects: Capital markets; Debt management; Financing; Interest rates Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (295161), 8p, by Andre F. Perold, Wai Lee; Spreadsheet Supplement, (XLS063), 0p, by Jay O. Light Product Description: A U.S. manufacturing organization and a Eurobank swap fixed and floating rate obligations to reduce their financing costs.    Yale University Investments Office: August 2006   Add   View  25 pp.  Case Author(s): Lerner, Josh Publication Date: 01/03/2007 Revision Date: 05/08/2007 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 807073 Geographic Setting: Connecticut Number of Employees: 20 Event Year Start: 2006 Event Year End: 2006 Subjects: Assets; Asset allocation; Financial management; Asset management; Financial strategy; Leveraged buyouts; Venture capital Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (809015), 11p, by Josh Lerner, Ann Leamon; Spreadsheet Supplement, (XLS100), 0p, by Josh Lerner Product Description: The Yale Investments Office must decide whether to continue to allocate the bulk of the university's endowment to illiquid investments — hedge funds, private equity, real estate, and so forth. Considers the risks and benefits of a different asset allocation strategy. Highlights the choice between different subclasses, e.g., between venture capital and leveraged buyout funds.    Whirlpool Europe   Add   View  7 pp.  Case Author(s): Ruback, Richard S.; Balachandran, Sudhakar; Sesia, Aldo , Jr. Publication Date: 11/01/2001 Revision Date: 12/15/2003 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 202017 Geographic Setting: Italy Event Year Start: 1999 Event Year End: 1999 Subjects: Present value; Cash flow; Forecasting; Capital budgeting; Investments; ERP Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (202124), 16p, by Richard S. Ruback; Spreadsheet Supplement, (202711), 0p, by Richard S. Ruback; Spreadsheet Supplement, (XLS046), 0p, by Richard S. Ruback, Sudhakar Balachandran, Aldo Sesia Product Description: This case presents a capital budgeting problem. Whirlpool Europe is evaluating an investment in an enterprise resource planning (ERP) system that would reorganize the information flow throughout the company. Students derive the cash flows from working capital, sales, and other improvements along with the cost of the investment.    Southport Minerals, Inc.   Add   View  14 pp.  Case Author(s): Fruhan, William E., Jr. Publication Date: 11/01/1973 Revision Date: 04/29/1983 Product Type: Case (Library) Publisher: Harvard Business School HBS Number: 274110 Geographic Setting: Indonesia Gross Revenue: $120 million assets Event Year Start: 1969 Event Year End: 1969 Subjects: Return on investment; Financing; Investment management; Risk management Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (292027), 9p, by William E. Fruhan; Spreadsheet Supplement, (XLS052), 0p, by William E. Fruhan Product Description: Examines how the attractiveness of an investment project can be enhanced by making financing and operating decisions which either manage investment returns or reduce project risks.    Sierra Capital Partners   Add   View  11 pp.  Case Author(s): Ellis, Jim; Sweeney, Lisa; Coates, Bethany Publication Date: 07/21/2010 Product Type: Case Publisher: Stanford University HBS Number: E358 Geographic Setting: North America Subjects: Venture capital Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (E358TN), 6p, by Jim Ellis, Lisa Sweeney, Bethany Coates    Seagate Technology Buyout   Add   View  19 pp.  Case Author(s): Andrade, Gregor; Pulvino, Todd; Gilson, Stuart C. Publication Date: 04/16/2001 Revision Date: 03/12/2002 Product Type: Case (Library) Publisher: Harvard Business School HBS Number: 201063 Geographic Setting: Silicon Valley Gross Revenue: $6.8 billion revenues Event Year Start: 2000 Event Year End: 2000 Subjects: Present value; Computers; Capital structure; Financial strategy; Mergers & acquisitions; Leveraged buyouts; Valuation; Applications Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (204160), 22p, by Stuart C. Gilson; Spreadsheet Supplement, (XLS042), 0p, by Gregor Andrade, Todd Pulvino, Stuart C. Gilson Product Description: In March 2000, a group of private investors and senior managers were negotiating a deal to acquire the disk drive operations of Seagate Technology. The motivating factor for the buyout was the apparently anomalous market value of Seagate's equity: Seagate's equity value was just a fraction of the value of its minority stake in Veritas Software Corp., a software maker. The investor group had to decide how much to offer for the operating assets, as well as how to finance the transaction. Further complicating the analysis was the fact that, unlike in traditional buyout settings, the target company was in a highly cyclical, volatile, and capital — intensive industry.    Satelite Distribuidora de Petroleo   Add   View  17 pp.  Case Author(s): Applegate, Lynda M.; Minardi, Andrea M.A.F. Publication Date: 08/14/2007 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 808062 Geographic Setting: Brazil Gross Revenue: $220 million revenues Event Year Start: 2002 Event Year End: 2002 Subjects: Valuation; Emerging markets; Entrepreneurship; Entrepreneurial finance; Venture capital; Private equity Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (809125), 7p, by Lynda M. Applegate, Andrea M.A.F. Minardi Product Description: Marcelo Alecrim, the owner of SAT, a gas distribution company in Brazil, envisioned many growth opportunities but lacked financial resources to pursue them. He was approaching an American private equity fund to raise money. Describes Alecrim's challenge in creating SAT and the way he leveraged his vision and a sound business model.    Primus, 2007   Add   View  20 pp.  Case Author(s): Bergstresser, Daniel B. Publication Date: 02/06/2008 Revision Date: 03/23/2009 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 208099 Number of Employees: 50 Gross Revenue: $100 million Event Year Start: 2007 Subjects: Derivatives Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (209126), 24p, by Daniel B. Bergstresser Product Description: Primus is a credit derivative product company. How will they weather the credit crisis of 2007?    Offshoring at Global Information Systems, Inc.   Add   View  19 pp.  Case Author(s): Fruhan, William E., Jr. Publication Date: 04/23/2004 Revision Date: 07/11/2005 Product Type: Case (Library) Publisher: Harvard Business School HBS Number: 204144 Geographic Setting: United States Number of Employees: 300,000 Gross Revenue: $87 billion revenues Event Year Start: 2004 Event Year End: 2004 Subjects: Computers; International operations; Operations; Career changes; Information & technology; Outsourcing Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (204145), 11p, by William E. Fruhan; Spreadsheet Supplement, (XLS049), 0p, by William E. Fruhan Product Description: This case explores the topic of offshoring high-tech jobs several perspectives. The issues presented include determining the stock price consequences of offshoring, examining the economic consequences of the offshore job to both the transferring and receiving countries, considering the competitive consequences of not offshoring, and thinking through the challenge of investing in a career that is vulnerable to future offshoring.    MCI Communications Corp. — 1983   Add   View  14 pp.  Case Author(s): Greenwald, Bruce C.; White, Wilda L. Publication Date: 03/15/1984 Revision Date: 06/01/1998 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 284057 Geographic Setting: District of Columbia Gross Revenue: $1 billion revenues Event Year Start: 1968 Event Year End: 1983 Subjects: Managing uncertainty; Bonds; Debt management; Financing; Antitrust laws Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (292077), 14p, by Richard S. Ruback; Case Teaching Note, (386110), 12p, by Bruce C. Greenwald; Spreadsheet Supplement, (XLS061), 0p, by Bruce C. Greenwald, Wilda L. White Product Description: MCI Communications Corp. is faced with a large need for external financing to support rapid growth and substantial uncertainty due to the AT&T antitrust settlement. The case illustrates the value of convertible debt as a financing instrument in these circumstances.    Massey-Ferguson Ltd. — 1980   Add   View  17 pp.  Case Author(s): Baldwin, Carliss Y.; Mason, Scott P.; Hughes, Jennifer H. Publication Date: 02/12/1982 Revision Date: 06/15/1990 Product Type: Case (Library) Publisher: Harvard Business School HBS Number: 282043 Geographic Setting: Canada Gross Revenue: $3 billion sales Event Year Start: 1980 Event Year End: 1981 Subjects: Bankruptcy; Financial planning; Financial strategy; Short term financing; Recapitalization; Machinery Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (292064), 10p, by Scott P. Mason; Spreadsheet Supplement, (XLS058), 0p, by Carliss Y. Baldwin, Scott P. Mason, Jennifer H. Hughes Product Description: Massey Ferguson began fiscal year 1981 in default on $2.5 billion of outstanding debt. The company's future depends on the ability of lenders, the governments of Canada and Ontario, and management, to agree on a refinancing plan. The case reviews Massey's performance and position in the industry and raises questions about the company's ability to compete in the long run. Provides information on the firm's claimants in order to focus students on the issues of a refinancing.    Long-Term Capital Management, L.P. (C)   Add   View  13 pp.  Case Author(s): Perold, Andre F. Publication Date: 11/05/1999 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 200009 Geographic Setting: Connecticut Event Year Start: 1997 Event Year End: 1998 Subjects: Capital markets; Efficient markets; Investment management; Arbitrage; Risk management Academic Discipline: Finance Supplementary Materials: Supplement, (200010), 3p, by Andre F. Perold; Spreadsheet Supplement, (XLS035), 0p, by Andre F. Perold Product Description: 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 long — term financing structure designed to allow it to withstand short-term market fluctuations. In many of its trades, the firm was in effect a seller of liquidity. LTCM generally sought to hedge the risk — exposure components of its positions that were not expected to add incremental value to portfolio performance and to increase the value-added component of its risk exposures by borrowing to increase the size of its positions. The fund's positions were diversified across many markets. This case is set in late August 1998. LTCM's fund was down nearly 40% since the beginning of 1998, with most of this loss having occurred in recent weeks. LTCM was evaluating the fund's liquidity and considering alternative courses of action. Possible choices included attempting a rapid reduction of many of the fund's positions and trying to raise additional capital.    Long-Term Capital Management, L.P. (A)   Add   View  23 pp.  Case Author(s): Perold, Andre F. Publication Date: 11/05/1999 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 200007 Geographic Setting: Connecticut Event Year Start: 1997 Event Year End: 1998 Subjects: Capital markets; Efficient markets; Investment management; Arbitrage; Risk management Academic Discipline: Finance Supplementary Materials: Supplement, (200008), 1p, by Andre F. Perold; Spreadsheet Supplement, (XLS034), 0p, by Andre F. Perold Product Description: 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 long — term financing structure designed to allow it to withstand short-term market fluctuations. In many of its trades, the firm was in effect a seller of liquidity. LTCM generally sought to hedge the risk — exposure components of its positions that were not expected to add incremental value to portfolio performance and to increase the value-added component of its risk exposures by borrowing to increase the size of its positions. The fund's positions were diversified across many markets. This case is set in September 1997, when, after three and a half years of high investment returns, LTCM's fund capital had grown to $6.7 billion. Because of the limitations imposed by available market liquidity, LTCM was considering whether it was a prudent and opportune moment to return capital to investors.    Kennecott Copper Corp.   Add   View  21 pp.  Case Author(s): Fruhan, William E., Jr. Publication Date: 03/01/1978 Revision Date: 06/20/1983 Product Type: Case (Library) Publisher: Harvard Business School HBS Number: 278143 Geographic Setting: New York Gross Revenue: $1 billion revenues Event Year Start: 1977 Event Year End: 1977 Subjects: Acquisitions; Tender offers Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (298104), 12p, by William E. Fruhan; Spreadsheet Supplement, (XLS054), 0p, by William E. Fruhan Product Description: Involves a $550 million cash tender offer by Kennecott Copper Corp. for all of the outstanding common shares of the Carborundum Corp.    Iridium LLC   Add   View  20 pp.  Case Author(s): Esty, Benjamin C.; Qureshi, Fuaad A.; Olsen, William Publication Date: 03/08/2000 Revision Date: 04/11/2003 Product Type: Case (Library) Publisher: Harvard Business School HBS Number: 200039 Geographic Setting: United States Number of Employees: 1,000 Gross Revenue: $5 billion revenues Event Year Start: 1990 Event Year End: 1999 Subjects: Capital investments; Capital structure; Bankruptcy; Valuation; Project finance Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (200050), 34p, by Benjamin C. Esty; Spreadsheet Supplement, (XLS036), 0p, by Benjamin C. Esty, William Olsen, Fuaad A. Qureshi Product Description: This case involves part of a module on financing large projects in the elective curriculum course entitled “Large-Scale Investment.” It is set in August 1999, just after Iridium, a global communications firm, declared bankruptcy. Although the case describes Iridium's creation, development, and commercial launch, it concentrates primarily on the firm's financial strategy and execution as it raised more than $5 billion of capital. It describes the specific securities Iridium issued, the sequence in which it issued them, and the firm's financial performance prior to bankruptcy. Using analyst forecasts, students can value the firm prior to its bankruptcy, but will recognize how difficult it is to value technology start-ups given the uncertainty in demand.    Investment Policy at the Hewlett Foundation (2005)   Add   View  31 pp.  Case Author(s): Viceira, Luis M. Publication Date: 06/20/2005 Revision Date: 01/26/2006 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 205126 Event Year Start: 2004 Event Year End: 2005 Subjects: Asset allocation; Asset management; Investment management; Investments; Real estate investments; Risk management; Philanthropies; Diversification Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (206114), 25p, by Luis M. Viceira; Spreadsheet Supplement, (XLS051), 0p, by Luis M. Viceira Product Description: In early January 2005, Laurance Hoagland Jr., VP and CIO of the William and Flora Hewlett Foundation (HF), and his investment team met to finish their recommendations to the HF Investment Committee for a new asset allocation policy for the foundation's investment portfolio. If the proposal was approved, HF would adopt a new asset allocation policy that included a substantial reduction in the overall exposure of the investment portfolio to domestic public equities and a significant increase in the allocation to absolute return strategies and TIPS. Hoagland and this team also needed to decide on a complementary recommendation to the HF Investment Committee to pledge approximately 5% of the total value of the portfolio to Sirius V, the latest fund at Sirius Investments, which specialized in global distressed real estate investments.    Hampton Machine Tool Co.   Add   View  6 pp.  Case Author(s): Mullins, David W., Jr. Publication Date: 04/01/1980 Revision Date: 12/03/1991 Product Type: Case (Gen Exp) Publisher: Harvard Business School HBS Number: 280103 Geographic Setting: Missouri Gross Revenue: $20 million sales Event Year Start: 1980 Event Year End: 1980 Subjects: Pro forma financial statements; Commercial credit; Budgeting; Loan evaluation Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (292052), 6p, by Thomas R. Piper; Spreadsheet Supplement, (XLS056), 0p, by David W. Mullins Product Description: A bank lending officer must decide whether to extend and increase a loan to a small machine tool company. Case provides sufficient data for preparation of cash budgets and pro forma financial statements in order to analyze the lending officer's problem. Other issues that can be addressed include the impact of stock repurchase, dividends, advanced payments by customers, as well as general sensitivity analysis.    Founders Fund   Add   View  11 pp.  Case Author(s): Coates, Bethany; Glynn, John Publication Date: 08/04/2008 Product Type: Case Publisher: Stanford University HBS Number: E309 Geographic Setting: North America Subjects: Venture capital Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (E309TN), 5p, by Bethany Coates, John Glynn Product Description: For Sean Parker, a managing partner at Founders Fund (FF), a San Francisco-based venture capital (VC) firm, November 2007 was a critical moment in the process of raising the firm's second fund. As he prepared to describe FF's nontraditional strategy to a potential limited partner (LP) in San Francisco's Financial District, he decided to focus on what distinguished Founders Fund from the sea of VC firms in Silicon Valley, how it was innovating within a mature industry, and why it would be the most successful fund in history. Since its inception in 2005, Founders Fund had attracted substantial publicity. Though most had been positive, Parker nevertheless wanted to address a few of the critiques that had surfaced within the industry press. He hoped to be persuasive-FF wanted to close the $150-million round before the end of the month.    Ford Motor Co.’s Value Enhancement Plan (A)   Add   View  17 pp.  Case Author(s): Perold, Andre F. Publication Date: 01/22/2001 Revision Date: 03/28/2002 Product Type: Case (Library) Publisher: Harvard Business School HBS Number: 201079 Geographic Setting: Michigan Number of Employees: 335,000 Gross Revenue: $162 billion revenues Event Year Start: 2000 Event Year End: 2000 Subjects: Cash flow; Capital structure; Stocks; Dividends; Financial strategy; Taxation; Stockholders Academic Discipline: Finance Supplementary Materials: Supplement, (202103), 7p, by Andre F. Perold, Joshua Musher; Case Teaching Note, (204116), 13p, by Andre F. Perold, Peter Tufano; Spreadsheet Supplement, (XLS044), 0p, by Andre F. Perold Product Description: In April 2000, Ford Motor Co. announced a shareholder Value Enhancement Plan (VEP) to significantly recapitalize the firm's ownership structure. Ford had accumulated $23 billion in cash reserves and under the VEP would return as much as $10 billion of this cash to shareholders. In exchange for each share currently held, the plan would give stockholders one new share plus the choice of receiving $20 in either cash or additional new Ford common shares. Shareholders electing to receive cash would be taxed on these distributions at capital gain rates. Among other things, the plan provided a means for the Ford family to obtain liquidity without having to dilute their 40% voting interest (even though they own only 5% of the shares outstanding). Students must wrestle with the following questions: Why was Ford proposing this transaction instead of a traditional share repurchase or a cash dividend? How did the interests of the Ford family factor into this decision, and what did the transaction imply about the future involvement of the family in the company? Why was Ford distributing such a significant amount of cash at this particular point in time? Did the distribution signal a cha    Financing the Mozal Project   Add   View  20 pp.  Case Author(s): Esty, Benjamin C.; Qureshi, Fuaad A. Publication Date: 11/22/1999 Revision Date: 04/15/2003 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 200005 Number of Employees: 900 Gross Revenue: $500 million revenues Event Year Start: 1997 Event Year End: 1997 Subjects: Capital investments; Developing countries; Political risk; Emerging markets; Project finance Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (200025), 34p, by Benjamin C. Esty; Spreadsheet Supplement, (XLS033), 0p, by Benjamin C. Esty, Fuaad A. Qureshi Product Description: It is June 1997, and a team from the International Finance Corp. (IFC) is recommending that the board approve a $120 million investment in a $1.4 billion aluminum smelter in Mozambique, known as the Mozal project. Four factors make the investment controversial: it would be the IFC's largest investment in the world, total investment is almost the size of Mozambique's gross domestic project (GDP), Mozambique had only recently emerged from 20 years of civil war, and several key contractual issues were still undecided. Because commercial bankers have refused to finance the deal unless the IFC is involved, the sponsors have requested IFC participation. Whether the IFC's board will agree that it is the right time and the right place to make such a large investment remains to be seen.    E.I. du Pont de Nemours & Co.: Titanium Dioxide   Add   View  7 pp.  Case Author(s): Kester, W. Carl; Glauber, Robert R.; Mullins, David W., Jr.; Dick, Stacy S. Publication Date: 02/24/1984 Revision Date: 02/28/1986 Product Type: Case (Library) Publisher: Harvard Business School HBS Number: 284066 Geographic Setting: United States Gross Revenue: $4 billion assets Event Year Start: 1972 Event Year End: 1972 Subjects: Present value; Return on investment; Capital budgeting; Financial management; Strategic planning Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (289005), 9p, by W. Carl Kester; Spreadsheet Supplement, (XLS062), 0p, by W. Carl Kester, Robert R. Glauber, David W. Mullins, Stacy S. Dick Product Description: Disequilibrium in the $350 million TiO2 market has prompted Du Pont's Pigments Department to develop two strategies for competing in this market in the future. The growth strategy has a smaller internal rate of return than the alternative strategy due to large capital outlays in early years and positive cash flows arising only in later years. However, it is the more valuable project on a net present value basis for all discount rates less than 21%. Students are faced with the task of converting strategic plans and objectives into free cash flow projections and determining a breakeven discount rate between these mutually exclusive projects. A decision about which strategy to pursue must then be made. Rewritten version of an earlier case by the same author.    Diageo plc   Add   View  16 pp.  Case Author(s): Chacko, George; Tufano, Peter; Musher, Joshua Publication Date: 01/29/2001 Revision Date: 08/06/2003 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 201033 Geographic Setting: United Kingdom Number of Employees: 72,000 Gross Revenue: $12 billion revenues Event Year Start: 2000 Event Year End: 2000 Subjects: Models; Capital structure; Debt management; Financial strategy Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (201117), 7p, by George Chacko; Spreadsheet Supplement, (XLS040), 0p, by George Chacko, Peter Tufano, Joshua Musher Product Description: A major U.K.-based multinational is reevaluating its leverage policy as it restructures its business. The treasury team models the tradeoffs between the benefits and costs of debt financing, using Monte Carlo simulation to estimate the savings from the interest tax shields and expected financial distress costs under several sets of leverage policies. The group treasurer (CFO) must decide whether and how the simulation results should be incorporated into a recommendation to the board of directors and, more generally, what recommendation to make regarding the firm's leverage policy.    Dell’s Working Capital   Add   View  6 pp.  Case Author(s): Ruback, Richard S.; Sesia, Aldo , Jr. Publication Date: 08/16/2000 Revision Date: 12/15/2003 Product Type: Case (Library) Publisher: Harvard Business School HBS Number: 201029 Geographic Setting: Texas Event Year Start: 1997 Event Year End: 1997 Subjects: Capital; Financial management Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (201017), 15p, by Richard S. Ruback, Aldo Sesia; Spreadsheet Supplement, (XLS039), 0p, by Richard S. Ruback, Aldo Sesia Product Description: Dell Computer Corp. manufactures, sells, and services personal computers. The company markets its computers directly to its customers and builds computers after receiving a customer order. This build-to-order model enables Dell to have much smaller investment in working capital than its competitors. It also enables Dell to more fully enjoy the benefits of reduction in component prices and to introduce new products more quickly. Dell has grown quickly and has been able to finance that growth internally by its efficient use of working capital and its profitability. This case highlights the importance of working capital management in a rapidly growing firm.    Debt Policy at UST, Inc.   Add   View  14 pp.  Case Author(s): Mitchell, Mark Publication Date: 05/10/2000 Revision Date: 05/03/2001 Product Type: Case (Library) Publisher: Harvard Business School HBS Number: 200069 Geographic Setting: Connecticut Number of Employees: 4,765 Gross Revenue: $1.4 billion revenues Event Year Start: 1999 Event Year End: 1999 Subjects: Capital structure; Debt management; Long term financing; Taxation Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (201002), 11p, by Mark Mitchell; Spreadsheet Supplement, (XLS037), 0p, by Mark Mitchell Product Description: UST, Inc. is a very profitable smokeless tobacco firm with low debt compared to other firms in the tobacco industry. The setting for the case is UST's recent decision to substantially alter its debt policy by borrowing $1 billion to finance its stock repurchase program.    Cooper Industries, Inc.   Add   View  9 pp.  Case Author(s): Piper, Thomas R. Publication Date: 12/01/1973 Revision Date: 11/10/1993 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 274116 Geographic Setting: United States Gross Revenue: $250 million sales Event Year Start: 1972 Event Year End: 1972 Subjects: Acquisitions; Valuation; Conglomerates Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (292051), 9p, by Thomas R. Piper; Spreadsheet Supplement, (XLS053), 0p, by Thomas R. Piper Product Description: The executive president of a major industrial company must decide 1) whether to acquire a small hand tool company and, if so, 2) the value and form that the acquisition package should take.    Vereinigung Hamburger Schiffsmakler und Schiffsagenten e.V. (VHSS): Valuing Ships   Add   View  18 pp.  Case Author(s): Esty, Benjamin C.; Sheen, Albert Publication Date: 06/23/2010 Revision Date: 08/25/2010 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 210058 Geographic Setting: Germany Event Year Start: 2009 Subjects: Capital investments; Efficient markets; International finance; Valuation; Global business; Financial crisis Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (211009), 46p, by Benjamin C. Esty, Albert Sheen; Spreadsheet Supplement, (211701), 0p, by Benjamin C. Esty, Albert Sheen Product Description: After booming for more than five years, the global shipping (maritime) industry experienced a dramatic crash in late 2008 as the global financial system froze and the global economy slid into recession. Ship charter rates (revenue) fell by as much as 90% causing prices of used ships to fall by as much as 80%. As ship prices (values?) fell, ship owners began to default on loans and new purchase contracts while banks holding loans secured by ships faced the possibility of increasing defaults (violations of loan-to-value covenants), foreclosures, and write-offs. In the midst of this crisis, VHSS, the German Shipbroker's Association, introduced a proposal to value ships using discounted cash flow analysis (to determine a long-term asset value, LTAV) rather than market prices from comparable transactions. Thomas Rehder, the Chairman of VHSS, argued this approach was necessary because market prices did not reflect fundamental values in the current environment. After announcing the alternative valuation methodology in September 2009, he must convince industry participants — ship owners, appraisers, and bankers — to adopt the new valuation methodology and bank regulators and auditing firms to approve its use.    Tribune Company, 2007   Add   View  24 pp.  Case Author(s): Luehrman, Timothy A.; Gordon, Eric Seth Publication Date: 05/12/2008 Product Type: Case (Library) Publisher: Harvard Business School HBS Number: 208148 Gross Revenue: 5.4 Billion Event Year Start: 2007 Subjects: Restructuring; Leveraged buyouts; Valuation; Employee stock ownership plans; Private equity Academic Discipline: Finance Supplementary Materials: Spreadsheet Supplement, (208723), 0p, by Timothy A. Luehrman Product Description: This case describes the proposed acquisition of Tribune Company by Sam Zell in 2007. Tribune Company is one of the largest newspapers and broadcasting companies in the United States. Zell's proposed acquisition is unusual in several respects. It is two-tiered, employs an ESOP as the acquisition vehicle, involves a high degree of leverage as well as significant asset sales, and Zell himself will own almost no common stock in the post-deal Tribune. The case is set in late October 2007, at which point the first stage of the acquisition has been completed, but the second stage has not. Recent deterioration in both Tribune's operating results and credit market conditions make it unclear whether the transaction can be closed as scheduled in 2007, or indeed at all.    Schroder Ventures: Launch of the Euro Fund   Add   View  26 pp.  Case Author(s): Lerner, Josh; Bingham, Kate; Ferguson, Nick Publication Date: 10/09/1996 Revision Date: 03/09/1998 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 297026 Geographic Setting: Europe Subjects: Financial strategy; Leveraged buyouts; Venture capital Academic Discipline: Finance Product Description: Schroder Ventures is considering launching a pan-European fund in response to investor demand. This will lead to changes in the interactions between the parent organization and the national affiliates. A related question is the extent to which the private equity model can be transplanted across national boundaries.    Note on the Banking Industry   Add   View  16 pp.  Case Author(s): Rose, Clayton; Waggoner, Scott Publication Date: 07/26/2010 Product Type: Note Publisher: Harvard Business School HBS Number: 311011 Academic Discipline: Finance Product Description: This Note provides an overview of the structure and function of the Banking industry, with a primary focus on the U.S. It was designed to support the HBS MBA course “Managing the Financial Firm.”    Dubai: Debt, Development, and Crisis (C)   Add   View  4 pp.  Case Author(s): Musacchio, Aldo; Goodman, Andrew; Qureshi, Claire Publication Date: 06/30/2010 Product Type: Supplement (Library) Publisher: Harvard Business School HBS Number: 710071 Geographic Setting: United Arab Emirates Event Year Start: 2009 Subjects: Accounting; Finance; Global business Academic Discipline: Finance Product Description: On November 25, 2009, the city state of Dubai stunned markets by announcing that Dubai World, its flagship state holding company, would seek a six month “standstill” on at least $4 billion U.S. dollars of its $26 billion in debt obligations. This case describes Dubai's development strategy in detail and narrates how, as part of that strategy, a series of state-owned holding companies accumulated billions of dollars in debt. The A case ends as Sheikh Ahmed bin Saeed, chairman of Dubai's Fiscal Committee, has to decide what to do about the financial troubles of Dubai World and other state-owned holding companies. The case presents Sheikh Ahmed bin Saeed having to decide among three options: The Dubai government can guarantee the debt, they can renegotiate the debt, or walk away (i.e., default). The B case describes the decision and the reactions to this decision around the world and presents a new decision on the part of bond holders of Dubai's state-owned holding companies. The C case briefly analyzes the advantages and disadvantages of Dubai's bankruptcy procedures, both for investors and for the holding companies of Dubai.    Dubai: Debt, Development, and Crisis (B)   Add   View  4 pp.  Case Author(s): Musacchio, Aldo; Goodman, Andrew; Qureshi, Claire Publication Date: 06/30/2010 Revision Date: 07/28/2010 Product Type: Supplement (Library) Publisher: Harvard Business School HBS Number: 710070 Geographic Setting: United Arab Emirates Event Year Start: 2009 Subjects: Accounting; Finance; Global business Academic Discipline: Finance Supplementary Materials: Supplement, (710071), 4p, by Aldo Musacchio, Andrew Goodman, Claire Qureshi Product Description: On November 25, 2009, the city state of Dubai stunned markets by announcing that Dubai World, its flagship state holding company, would seek a six month “standstill” on at least $4 billion U.S. dollars of its $26 billion in debt obligations. This case describes Dubai's development strategy in detail and narrates how, as part of that strategy, a series of state-owned holding companies accumulated billions of dollars in debt. The A case ends as Sheikh Ahmed bin Saeed, chairman of Dubai's Fiscal Committee, has to decide what to do about the financial troubles of Dubai World and other state-owned holding companies. The case presents Sheikh Ahmed bin Saeed having to decide among three options: The Dubai government can guarantee the debt, they can renegotiate the debt, or walk away (i.e., default). The B case describes the decision and the reactions to this decision around the world and presents a new decision on the part of bond holders of Dubai's state-owned holding companies. The C case briefly analyzes the advantages and disadvantages of Dubai's bankruptcy procedures, both for investors and for the holding companies of Dubai.    Dubai: Debt, Development, and Crisis (A)   Add   View  29 pp.  Case Author(s): Musacchio, Aldo; Goodman, Andrew; Qureshi, Claire Publication Date: 06/30/2010 Revision Date: 07/26/2010 Product Type: Case (Library) Publisher: Harvard Business School HBS Number: 710069 Geographic Setting: United Arab Emirates Event Year Start: 2009 Subjects: Accounting; Finance; Global business Academic Discipline: Finance Supplementary Materials: Supplement, (710070), 4p, by Aldo Musacchio, Andrew Goodman, Claire Qureshi; Supplement, (710071), 4p, by Aldo Musacchio, Andrew Goodman, Claire Qureshi Product Description: On November 25, 2009, the city state of Dubai stunned markets by announcing that Dubai World, its flagship state holding company, would seek a six-month “standstill” on at least $4 billion U.S. dollars of its $26 billion in debt obligations. This case describes Dubai's development strategy in detail and narrates how, as part of that strategy, a series of state-owned holding companies accumulated billions of dollars in debt. The (A) case ends as Sheikh Ahmed bin Saeed, chairman of Dubai's Fiscal Committee, has to decide what to do about the financial troubles of Dubai World and other state-owned holding companies. The case presents Sheikh Ahmed bin Saeed having to decide among three options: the Dubai government can guarantee the debt, they can renegotiate the debt, or they can walk away (i.e., default). The B case describes the decision and the reactions to this decision around the world and presents a new decision on the part of bond holders of Dubai's state-owned holding companies. The C case briefly analyzes the advantages and disadvantages of Dubai's bankruptcy procedures, both for investors and for the holding companies of Dubai.    DermaCare: Zapping Zits Directly   Add   View  21 pp.  Case Author(s): Hamermesh, Richard G.; Barley, Lauren Publication Date: 09/21/2007 Revision Date: 10/17/2007 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 808064 Geographic Setting: California Number of Employees: 10 Event Year Start: 2005 Event Year End: 2005 Subjects: Entrepreneurship; Angel financing; Venture capital; Entrepreneurial management Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (808122), 6p, by Richard G. Hamermesh Product Description: DermaCare has developed an innovative new product for the treatment of acne that they hope to sell to consumers via direct-response television. The unconventional nature of the product and its distribution has led the company to seek angel financing. The Silicon Valley Band of Angels has agreed to finance the company and has submitted a proposed term sheet. Recently, however, a venture capital (VC) group has submitted a competing term sheet. The company must decide whether to accept financing from the Angels or the VC group.    Barclays Global Investors and Exchange Traded Funds   Add   View  31 pp.  Case Author(s): Viceira, Luis M.; Wagonfield, Alison Berkley Publication Date: 11/08/2007 Product Type: Background Note HBS Number: 208033 Geographic Setting: United States Industry Setting: Venture capital Number of Employees: 5,000 Gross Revenue: $3.4 billion Event Year Start: 2007 Event Year End: 2007 Subjects: Asset management; Capital markets; Financial planning; Mutual funds; Reinvestment; Stocks Academic Discipline: Finance Product Description: Provides an overview of the Exchange Traded Funds (EFT) industry and highlights the leadership role that Barclays Global Investors (BGI) has played in this developing asset class. BGI launched its first ETFs under the iShares brand name in 2000, and by mid-2007 BGI was the global leader in the $600 billion ETF market. BGI's success had started attracting the interest of other large asset management firms, and Lee Kranefuss, CEO of BGI's iShares business was thinking about how BGI should compete in the increasingly crowded market. Should BGI expand into Europe and Asia more aggressively? Should BGI, already a large manager of 401(k) assets for corporations, pursue the 401(k) market with its iShares products? Would BGI need to cut its fees as other competitors such as Vanguard started marketing its “low-cost” ETF products? Learning objective: To help students evaluate the pros and cons of various international expansion models for a venture capital firm.    Who Killed Bhavani Manjula? A Story of Microfinance in Andhra Pradesh (A)   Add   View  14 pp.  Case Author(s): Rangan, V. Kasturi; Lee, Katharine Publication Date: 12/05/2007 Revision Date: 07/13/2010 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 508021 Geographic Setting: India Event Year Start: 2006 Event Year End: 2006 Subjects: Economic development; Microfinance Academic Discipline: Finance Supplementary Materials: Supplement, (510027), 9p, by V. Kasturi Rangan, Katharine Lee    Textile Corp. Building   Add   View  11 pp.  Case Author(s): Poorvu, William J. Publication Date: 06/22/1987 Revision Date: 07/21/2004 Product Type: Case (Gen Exp) Publisher: Harvard Business School HBS Number: 387189 Geographic Setting: Massachusetts Event Year Start: 1987 Event Year End: 1987 Subjects: Acquisitions; Project management Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (391228), 6p, by Katherine Sweetman Product Description: Describes the potential acquisition of a downtown office building in Boston through a sealed bid auction. The prospective buyer analyzes in detail all elements of the income and expense statements, calculates the effect of all improvements, and imputes a purchase price on the property.    Roche’s Acquisition of Genentech   Add   View  31 pp.  Case Author(s): Baldwin, Carliss Y.; Becker, Bo; Dessain, Vincent Publication Date: 02/26/2010 Revision Date: 07/12/2010 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 210040 Geographic Setting: Switzerland Number of Employees: 78,000 Gross Revenue: $43 billion Event Year Start: 2008 Event Year End: 2009 Subjects: Mergers & acquisitions; Tender offers; Corporate governance; Corporate strategy Academic Discipline: Finance Supplementary Materials: Industry and Background Note, (803200), 10p, by Carliss Y. Baldwin, Constance E. Bagley, James Quinn Product Description: Franz Humer, CEO of the Roche Group, must decide whether to mount a hostile tender offer for the publicly-owned shares of Roche's biotechnology subsidiary, Genentech. The case provides opportunities to analyze Roche's strategy with respect to Genentech, the pros and cons of merging the two companies with different cultures, the value of Genentech, and the tactics of a hostile tender offer.    Note on Value Drivers   Add   View  13 pp.  Case Author(s): Esty, Benjamin C. Publication Date: 04/07/1997 Product Type: Note Publisher: Harvard Business School HBS Number: 297082 Subjects: Profitability analysis; Financial strategy; Securities analysis; Valuation; Resource management Academic Discipline: Finance Product Description: Presents a framework for analyzing strategic decisions. Takes as given the practice of value-based management whereby managers use value as a primary criterion when making financial, strategic, or investment decisions. Through a simple valuation model, it shows how equity value is related to three value drivers profitability, advantage horizon, and reinvestment. Also presents a numerical example to illustrate the model as well as empirical evidence to support the relation between value creation and the value drivers.    Martin Smith: January 2002   Add   View  9 pp.  Case Author(s): Lerner, Josh Publication Date: 11/26/1997 Revision Date: 01/27/2003 Product Type: Case (Library) Publisher: Harvard Business School HBS Number: 298076 Geographic Setting: Massachusetts Event Year Start: 1998 Event Year End: 1998 Subjects: Financial analysis; Leveraged buyouts; Venture capital; Career planning Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (202035), 9p, by Josh Lerner, G. Felda Hardymon, Ann Leamon; Case Teaching Note, (204095), 12p, by Josh Lerner, G. Felda Hardymon, Ann Leamon Product Description: An MBA student must choose between offers from three private equity organizations. Each organization has distinct strengths and weaknesses, and different implications for the student's career development. The case presents compensation and employment data about the private equity industry. Teaching Note: Introduces the private equity industry and the key offerings between groups.    Whole Foods Acquires Wild Oats (A)   Add   View  23 pp.  Case Author(s): Kimbrough, Michael D.; Balachandran, Sudhakar; Srinivasan, Madhav; Gordon, Rachel Publication Date: 11/12/2008 Revision Date: 08/20/2010 Product Type: Case (Library) Publisher: Harvard Business School HBS Number: 109029 Geographic Setting: Texas Number of Employees: 44900 Gross Revenue: $6592 millions Event Year Start: 2007 Subjects: Management communication; Mergers & acquisitions; Corporate governance; CEO Academic Discipline: Finance Supplementary Materials: Supplement, (109030), 3p, by Michael D. Kimbrough, Sudhakar Balachandran, Madhav Srinivasan, Rachel Gordon Product Description: Examines the implications of Whole Foods' CEO's anonymous message board postings including its potential impact on the company's proposed merger with Wild Oats.    Walt Disney Co.’s Yen Financing   Add   View  11 pp.  Case Author(s): Kester, W. Carl; Allen, William B. Publication Date: 01/09/1987 Revision Date: 09/05/1991 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 287058 Geographic Setting: United States Gross Revenue: $1.7 billion sales Event Year Start: 1985 Event Year End: 1985 Subjects: Capital markets; Bonds; International finance; Currency; Hedging Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (290009), 12p, by W. Carl Kester; Spreadsheet Supplement, (XLS066), 0p, by W. Carl Kester, William B. Allen Product Description: Walt Disney is considering hedging future yen inflows from Disney Tokyo. It is evaluating techniques using FX Forwards, swaps, and Yen term borrowings. Goldman Sachs presents a rather unusual but potentially attractive solution: Disney could issue ECU Eurobonds and swap into a Yen liability. The case explains how this alternative would work and suggests to the students ways to evaluate the hedging choices.    USX Corp.   Add   View  20 pp.  Case Author(s): Gilson, Stuart C.; Cott, Jeremy Publication Date: 02/28/1996 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 296050 Geographic Setting: Pennsylvania Number of Employees: 42,500 Gross Revenue: $20 billion revenues Event Year Start: 1990 Event Year End: 1991 Subjects: Cost allocation; Restructuring; Valuation; Corporate governance; Incentives; Diversification Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (298085), 23p, by Stuart C. Gilson; Spreadsheet Supplement, (XLS088), 0p, by Stuart C. Gilson, Jeremy Cott Product Description: A large diversified steel and energy firm is pressured by a corporate raider to spin off its steel business in order to increase its stock price. As an alternative to the spinoff, management proposes replacing the company's common stock with two new classes of “targeted” stock that would represent separate claims against each business segment's cash flows, allowing the stock market to value each business separately (and more accurately).    Toy World, Inc.   Add   View  6 pp.  Case Author(s): Kester, W. Carl Publication Date: 11/23/1994 Revision Date: 02/23/1996 Product Type: Case (Gen Exp) Publisher: Harvard Business School HBS Number: 295073 Geographic Setting: United States Gross Revenue: $10 million revenues Event Year Start: 1994 Event Year End: 1994 Subjects: Inventory management; Financing; Risk management; Production planning; Production scheduling Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (297118), 8p, by W. Carl Kester; Spreadsheet Supplement, (XLS086), 0p, by W. Carl Kester Product Description: A shift from seasonal to level production of toys will change the seasonal cycle of Toy World's working capital needs and necessitate new bank credit arrangements. A rewritten version of an earlier case.    Intel Corp. — 1992   Add   View  22 pp.  Case Author(s): Froot, Kenneth A. Publication Date: 02/11/1992 Revision Date: 03/24/1993 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 292106 Geographic Setting: United States Number of Employees: 20,000 Gross Revenue: $4 billion revenues Event Year Start: 1991 Event Year End: 1991 Subjects: Capital structure; Dividends; Financial strategy Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (294018), 16p, by Kenneth A. Froot; Spreadsheet Supplement, (XLS077), 0p, by Kenneth A. Froot Product Description: Intel Corp., the world's dominant designer and manufacturer of microprocessors (the “brains” of the personal computer), has accumulated a large amount of cash (net of debt). Furthermore, it expects to continue to accumulate cash at an unprecedented rate. Has the company grown up to the extent that it can begin disbursing cash to its shareholders? What kind of disbursement policy should it choose? Intel will continue to face competition from imitators of its processors in the future, yet it is not clear whether its cash holdings can or will be a competitive weapon in this competitive battle. The case focuses on financial policy issues and on how they then interact with a very unusual and dynamic form of product-market competition and innovation. Can be used as a one- or two-day exploration of the following issues: complementarity externalities and costs of finance, appropriability of returns on investments, the role of finance in high-tech and rapidly innovating sectors, the strategic uses of cash, analysis of capital structure and cash disbursement policies, the use of financial policy as a competitive weapon, and timing in the sale and purchase of equity-linked instruments.    Hedging Currency Risks at AIFS   Add   View  17 pp.  Case Author(s): Desai, Mihir A.; Sjoman, Anders; Dessain, Vincent Publication Date: 09/08/2004 Revision Date: 02/28/2007 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 205026 Geographic Setting: England Number of Employees: 100 Gross Revenue: $200 million Event Year Start: 2004 Event Year End: 2004 Subjects: Currency; Exchange rates; Hedging Academic Discipline: Finance Supplementary Materials: Spreadsheet Supplement, (205703), 0p, by Mihir A. Desai, Anders Sjoman; Case Teaching Note, (206025), 29p, by Mihir A. Desai, Kathleen Luchs Product Description: The American Institute for Foreign Studies (AIFS) organizes study abroad programs and cultural exchanges for American students. The firm's revenues are mainly in U.S. dollars, but most of its costs are in eurodollars and British pounds. The company's controllers review the hedging activities of AIFS. AIFS has a hedging policy, but the controllers want to review the percentage of exposure that is covered and the use of forward contracts and options. AIFS sets guaranteed prices for its exchanges and tours a year in advance, before its final sales figures are known. The controllers need to ensure that the company adequately hedges its foreign exchange exposure and achieves an appropriate balance between forward contracts and currency options. To obtain executable spreadsheets (courseware), please contact our customer service department at custserv@hbsp.harvard.edu.    Gome: Bidding for China Paradise   Add   View  26 pp.  Case Author(s): Jin, Li; Liao, Li Publication Date: 08/20/2007 Revision Date: 09/05/2007 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 208002 Geographic Setting: China Number of Employees: 37,000 Gross Revenue: 18 billion RMB revenues Event Year Start: 2006 Event Year End: 2006 Subjects: Financial analysis; Capital budgeting; Capital markets; Financial instruments; Financial planning; International finance; Valuation; IPO Academic Discipline: Finance Product Description: Gome, China's largest electronics retailer, has the opportunity to acquire China Paradise, the number three player in the Chinese electronic retailer industry. This happened in the general context of a great market development and potential consolidation of the household electronic appliance retailing sector. Gome, Suning, and China Paradise, the three largest players in the market, all experienced phenomenal growth, but Gome is slowly losing steam and risks being overtaken by the current number two, Suning. In addition, following China's entry into the WTO and the end of its five-year protection period, foreign competition, such as Best Buy, has entered the market and is bound to change the competitive landscape. Gome needs to decide what to do, and if it proceeds, it needs to move very fast. The decision will hinge on answering a few important questions. Why did China Paradise want to sell? If China Paradise failed, how could Gome guarantee that it would not follow suit? Is this the best time to snap up China Paradise? Should it focus on fixing it's per store performance measure or should it still rely on the growth of the total size of the operation in terms of the total number of stores? Does the acquisition of China Paradise put Gome in a position that it would again be very high in total number of stores but falling behind in the per store performa    Fojtasek Companies and Heritage Partners — March 1995   Add   View  25 pp.  Case Author(s): Hayes, Samuel L.; Lerner, Josh Publication Date: 01/13/1997 Revision Date: 11/19/1997 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 297046 Geographic Setting: Texas Gross Revenue: $83 million revenues Event Year Start: 1995 Event Year End: 1995 Subjects: Financial strategy; Leveraged buyouts; Entrepreneurial finance; Venture capital; Family-owned businesses Academic Discipline: Finance Supplementary Materials: Supplement, (200014), 2p, by Josh Lerner; Case Teaching Note, (298162), 10p, by Josh Lerner; Spreadsheet Supplement, (XLS091), 0p, by Samuel L. Hayes, Josh Lerner Product Description: The Fojtasek Companies, a family business, faces several financing choices to address generational succession issues. Several buyouts have expressed interest in acquiring the firm outright; an investment bank has proposed a leveraged recapitalization; and a private equity group, Heritage Partners, has proposed a hybrid transaction.    Flash Memory, Inc.   Add   View  9 pp.  Case Author(s): Fruhan, William E., Jr.; Stephenson, Craig Publication Date: 08/20/2010 Product Type: Case Publisher: Harvard Business School Publishing HBS Number: 4230 Geographic Setting: United States Event Year Start: 2010 Subjects: Cash flow; Forecasting; Capital budgeting Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (4232), 17p, by William E. Fruhan, Craig Stephenson; Spreadsheet Supplement, (4233), 0p, by William E. Fruhan, Craig Stephenson; Spreadsheet Supplement, (4234), 0p, by William E. Fruhan, Craig Stephenson Product Description: The CFO of Flash Memory, Inc. prepares the company's investing and financing plans for the next three years. Flash Memory is a small firm that specializes in the design and manufacture of solid state drives (SSDs) and memory modules for the computer and electronics industries. The company invests aggressively in research and development of new products to stay ahead of the competition. Increased working capital requirements force the CFO to consider alternatives for additional financing. In addition, he must also consider an investment opportunity in a new product line that has the potential to be extremely profitable. Students must prepare financial forecasts, calculate the weighted average cost of capital (WACC), estimate cash flows, and evaluate financing alternatives. This case is especially recommended as a final exam case for a standard MBA-level course in corporate finance. Subjects Include: Capital Budgeting, Cash Flows, Financial Forecasting, Long Term Financing, Net Present Value (NPV), and Weighted Average Cost of Capital (WACC)    Eskimo Pie Corp.   Add   View  13 pp.  Case Author(s): Ruback, Richard S.; Mihas, Dean Publication Date: 11/24/1992 Revision Date: 08/30/2001 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 293084 Geographic Setting: Virginia Number of Employees: 100 Gross Revenue: $60 million revenues Event Year Start: 1991 Event Year End: 1991 Subjects: Capital costs; Stock offerings; Financial management Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (297073), 7p, by Richard S. Ruback; Spreadsheet Supplement, (XLS079), 0p, by Richard S. Ruback, Dean Mihas Product Description: In early 1991, Reynolds Metals, the makers of aluminum products, decided to sell its holding of Eskimo Pie, a marketer of branded frozen novelties. Reynolds had an offer from Nestle to acquire Eskimo Pie. However, Reynolds decided instead to make an initial public offering of Eskimo Pie shares. The case analyzes this decision.    Dividend Policy at FPL Group, Inc. (A)   Add   View  17 pp.  Case Author(s): Esty, Benjamin C.; Schreiber, Craig F. Publication Date: 03/15/1995 Revision Date: 12/13/1995 Product Type: Case (Library) Publisher: Harvard Business School HBS Number: 295059 Geographic Setting: Florida Number of Employees: 12,400 Gross Revenue: $5.3 billion revenues Event Year Start: 1994 Event Year End: 1994 Subjects: Dividends; Financial strategy; Securities analysis; Deregulation; Electric power; Corporate strategy Academic Discipline: Finance Supplementary Materials: Supplement, (295106), 1p, by Craig F. Schreiber; Case Teaching Note, (296072), 21p, by Craig F. Schreiber; Spreadsheet Supplement, (XLS085), 0p, by Benjamin C. Esty, Craig F. Schreiber Product Description: A Wall Street analyst has just learned that FPL (the holding company for Florida's largest electric utility) may cut its dividend in several days despite a 47-year streak of consecutive dividend increases. In response to the deregulation of the electric utility industry, FPL has substantially revised its competitive strategy over the past several years. The analyst must decide whether a change in dividend policy will be a part of FPL's financial strategy in this deregulated environment.    Deutsche Bank: Finding Relative Value Trades   Add   View  7 pp.  Case Author(s): Chacko, George; Dessain, Vincent; Sjoman, Anders; Hecht, Peter Publication Date: 11/04/2004 Revision Date: 04/26/2005 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 205059 Geographic Setting: England Event Year Start: 2003 Event Year End: 2003 Subjects: Capital markets; Financial instruments; Bonds; Institutional investments Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (205042), 8p, by George Chacko, Peter Hecht, Vincent Dessain, Anders Sjoman Product Description: Deutsche Bank's Fixed Income Research Group is looking for yield curve trades to pitch to clients as well as for their proprietary trading desk. The group has data on recent bond trades and a proprietary term structure model, which they can use to develop trading ideas.    Tire City, Inc.   Add   View  3 pp.  Case Author(s): Kester, W. Carl Publication Date: 02/11/1997 Revision Date: 05/19/1998 Product Type: Case (Gen Exp) Publisher: Harvard Business School HBS Number: 297091 Geographic Setting: United States Gross Revenue: $23.5 million revenues Event Year Start: 1995 Event Year End: 1995 Subjects: Financial analysis; Pro forma financial statements; Forecasting; Financial ratios Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (204149), 9p, by W. Carl Kester; Spreadsheet Supplement, (XLS092), 0p, by W. Carl Kester Product Description: A small, rapidly growing retail distributor of automotive tires must present a set of forecasted financial statements to a bank in order to obtain a five-year loan. Expected growth rates given in the case and historical financial ratios derived from recent financial statements are used to forecast pro-forma income statements and balance sheets for the next two years.    Tiffany & Co. — 1993   Add   View  12 pp.  Case Author(s): Kester, W. Carl; Backstrand, Kendall Publication Date: 12/07/1994 Revision Date: 06/09/1995 Product Type: Case (Library) Publisher: Harvard Business School HBS Number: 295047 Gross Revenue: $500 million revenues Event Year Start: 1993 Event Year End: 1993 Subjects: Currency; Exchange rates; Risk management Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (298014), 11p, by W. Carl Kester; Spreadsheet Supplement, (XLS084), 0p, by W. Carl Kester, Kendall Backstrand Product Description: The restructuring of Tiffany's retailing agreement with Mitsukoshi Ltd. in 1993 exposed Tiffany to substantial yen/dollar exchange rate volatility that it had not previously faced. This new exposure requires Tiffany to establish risk management policies and practices. Management must determine whether to hedge, what the objective of hedging ought to be, how much exposure to cover, and what instruments to use. Teaching Objective: To introduce students to the problems of risk management in a relatively uncomplicated administrative situation.    IDFC India: Infrastructure Investment Intermediaries   Add   View  12 pp.  Case Author(s): Macomber, John D.; Balsari, Viraal Publication Date: 06/16/2010 Revision Date: 07/06/2010 Product Type: Case (Library) Publisher: Harvard Business School HBS Number: 210050 Geographic Setting: India Number of Employees: 500 Gross Revenue: $ 1 bn USD Event Year Start: 2010 Subjects: Capital markets Academic Discipline: Finance Product Description: To maximize their effectiveness, color cases should be printed in color. Indian financial intermediary matching international capital to local infrastructure decides how to balance range of services, risk adjusted return, margin pressure, and nation building. IDFC was chartered with partial ownership from the Indian government to help evaluate policy and be a model for how private finance could be attracted to public infrastructure. As the nation and company grow, the firm also grows and embarks on a strategy of rapid expansion, offering a wide new range of financial products, and participating in many aspects of the supply chain. Teaching questions include revisiting the original mission, contemplating the reduced margins and increased risks that come with entering a number of domains which already have established incumbents, and the trade-offs between maximizing shareholder return (for example through investments in full tariff power projects in rich cities) and maximizing the benefit to the nation (for example through subsidized tariff water projects in poor states).    Dynatronics, Inc.   Add   View  9 pp.  Case Author(s): Fruhan, William E., Jr. Publication Date: 05/18/1989 Revision Date: 04/27/1998 Product Type: Case (Gen Exp) Publisher: Harvard Business School HBS Number: 289063 Event Year Start: 1989 Event Year End: 1989 Subjects: Forecasting; Capital budgeting; Financing; Long term financing Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (292049), 19p, by William E. Fruhan Product Description: The student must determine the financing requirements posed by growth, change of inventory policy, and introduction of new product and then select the best method of financing them. Has been used as a four-hour exam. A revised and updated version of an earlier case by L.E. Thompson and V.L. Andrews.    Continental Carriers, Inc.   Add   View  5 pp.  Case Author(s): Kester, W. Carl Publication Date: 06/25/1991 Product Type: Case (Gen Exp) Publisher: Harvard Business School HBS Number: 291080 Geographic Setting: United States Gross Revenue: $1 billion revenues Event Year Start: 1988 Event Year End: 1988 Subjects: Financial analysis; Capital structure; Equity capital; Debt management; Acquisitions; Leveraged buyouts; Expansion Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (292050), 6p, by W. Carl Kester Product Description: A U.S. trucking company is considering using debt for the first time to acquire another company. The directors of the company are divided in their opinion of the likely impact of leverage on Continental Carriers' performance. Their differences must be reconciled and a decision reached about whether to issue new debt or equity to fund the acquisition. Students are introduced to the impact of leverage on performance variables such as profits, growth, earnings per share, and stock price. A rewritten version of an earlier case.    Consolidated Edison Co. (Abridged)   Add   View  13 pp.  Case Author(s): Piper, Thomas R. Publication Date: 04/01/1975 Revision Date: 12/11/1991 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 275116 Geographic Setting: United States Event Year Start: 1974 Event Year End: 1974 Subjects: Dividends; Financing; Valuation Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (292053), 5p, by Thomas R. Piper Product Description: Faced with large external financing needs and a low stock price, Con Ed management must decide whether to pay a cash dividend in April 1974. Based on Consolidated Edison by G.C. Lodge.    Car Wash Partners, Inc.   Add   View  26 pp.  Case Author(s): Gompers, Paul A. Publication Date: 02/01/1999 Revision Date: 06/25/2010 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 299034 Geographic Setting: Massachusetts; California Number of Employees: 1 Event Year Start: 1996 Event Year End: 1996 Subjects: Entrepreneurial finance; Venture capital Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (299058), 15p, by Paul A. Gompers Product Description: Examines the investment decision of Cabot Brown and Bill Burgin, two venture capitalists, to finance Car Wash Partners (CWP). CWP intends to purchase automatic car washes around the country. Investment strategy and deal structuring are discussed.    An Overview of Project Finance and Infrastructure Finance — 2009 Update   Add   View  39 pp.  Case Author(s): Esty, Benjamin C.; Sesia, Aldo , Jr. Publication Date: 06/21/2010 Revision Date: 06/30/2010 Product Type: Note Publisher: Harvard Business School HBS Number: 210061 Event Year Start: 2005 Event Year End: 2010 Subjects: Contracts; Industry analysis; Capital investments; International finance; Infrastructure; Agreements; Project finance Academic Discipline: Finance Product Description: Provides an introduction to the fields of project finance and infrastructure finance, and gives a statistical overview of project-financed investments over the years from 2005 to 2009. Examples of project-financed investments include the $1.4 billion Mozal aluminum smelter in Mozambique, $4 billion Chad-Cameroon pipeline, $6 billion Iridium global satellite telecommunications system, 900 million A2 Toll Road in Poland, $20 billion Sakhalin II gas field in Russia, and the $28 billion Dabhol power project. Globally, firms financed $240 billion of capital expenditures using project finance in 2009, down from $409 billion in 2008 as the financial crisis hit the Western markets. The use of project finance has grown at a compound rate of 0% over the last five years, 4% over the past 10 years, and 12% over the past 15 years. This note focuses primarily on private sector investment in industrial and infrastructure projects, and contains four sections. The first section defines project finance and contrasts it with other well-known financing mechanisms. The second section describes the evolution of project finance from its beginnings in the natural resources industry in the 1970s, to the U.S. power industry in the 1980s, to a much wider range of industry applications and geographic locations in the 1990s, and most recently to infrastructure finance in the 2000s. The third section provides a statistical overview of project-financed investment over the last five years (2005 to 2009), and    TravelCenters of America   Add   View  14 pp.  Case Author(s): Greenwood, Robin; Goldberg, Daniel; Quinn, James Publication Date: 12/17/2008 Revision Date: 07/30/2010 Product Type: Case (Library) Publisher: Harvard Business School HBS Number: 209030 Geographic Setting: United States Number of Employees: 500 Gross Revenue: $1.022 billion Event Year Start: 2006 Event Year End: 2007 Subjects: Leasing; Mergers & acquisitions; Valuation; Spinoffs Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (209049), 21p, by Robin Greenwood, Daniel Goldberg; Spreadsheet Supplement, (209712), 0p, by Robin Greenwood, James Quinn Product Description: A New York-based hedge fund must decide whether to invest in TravelCenters of America (TA), a recent spin-off from a U.S.-based real estate investment trust. The case confronts students with the question: To what extent is this spin-off opportunity attractive from a value-investing standpoint? Historically, spin-offs have been attractive investments because of supply-demand dynamics associated with their investor base. The case is an opportunity to ask whether the same dynamics will operate for TA.    NovoCure Ltd.   Add   View  31 pp.  Case Author(s): Sahlman, William A.; Greene Flaherty, Sarah Publication Date: 11/24/2009 Revision Date: 01/20/2010 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 810045 Number of Employees: 38 Gross Revenue: Pre-Commercial Event Year Start: 2008 Subjects: Entrepreneurship; Entrepreneurial finance; Innovation; Disruptive innovation; Health Academic Discipline: Finance Product Description: Venture capitalist William Doyle must raise $35 million for a portfolio company with a promising, novel cancer therapy, just as global capital markets are imploding in the fall of 2008. NovoCure, Ltd., has developed an electrical-field-based therapy, called Tumor Treating fields, for the treatment of cancerous tumors. The therapy has shown significant efficacy with no side effects after five years of testing in human patients. Doyle believes NovoCure has the potential to become an important company with a major new cancer therapy platform, but must complete pivotal (Phase III) clinical trials and receive FDA approval. Doyle's venture capital firm, WFD Ventures, has invested $25 million in three rounds to fund pilot clinical trials for glioblastoma and other non-small cell lung cancer, and the first pivotal clinical trial for glioblastoma. Additional financing is needed to proceed with the strategically important second pivotal trial. In the fall of 2008 Doyle was negotiating the final terms of an investment by two prominent hedge funds when the liquidity crisis caused the hedge funds to withdraw from the transaction. Dole must now reevaluate his options for securing the needed financing for this promising young company.    Hamilton Test Systems, Inc.   Add   View  18 pp.  Case Author(s): Sahlman, William A.; Klein, Norman Publication Date: 09/15/1994 Revision Date: 05/19/2010 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 295017 Geographic Setting: United States Gross Revenue: $34 million revenues Event Year Start: 1990 Event Year End: 1990 Subjects: Acquisitions; Leveraged buyouts; Environmental protection; Entrepreneurial finance; Venture capital Academic Discipline: Finance Product Description: The protagonists must decide whether to invest in an auto emissions testing company as the first investment in the leveraged buyout fund they recently formed. Issues of how to raise the needed equity capital and how to structure the acquisition are emphasized.    BP Amoco (B): Financing Development of the Caspian Oil Fields   Add   View  15 pp.  Case Author(s): Esty, Benjamin C.; Kane, Michael Publication Date: 01/08/2001 Revision Date: 05/04/2010 Product Type: Case (Library) Publisher: Harvard Business School HBS Number: 201067 Geographic Setting: United Kingdom Number of Employees: 100,000 Gross Revenue: $68 billion revenues Event Year Start: 1999 Event Year End: 1999 Subjects: Capital budgeting; Capital expenditures; Mergers; Project finance; Risk management Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (202089), 38p, by Benjamin C. Esty Product Description: British Petroleum and Amoco were the two largest members of the Azerbaijan International Oil Consortium (AIOC), an 11-firm consortium that was spending $10 billion to develop oil fields in the Caspian Sea. As of March 1999, AIOC had completed a $1.9 billion development project known as Early Oil. The two companies, however, had financed their shares of this project in different ways: BP used internal funds (traditional, on-balance sheet corporate finance), whereas Amoco was one of five AIOC partners that raised $400 million of project finance. Following the BP/Amoco merger in December 1998, managers in the combined firm's finance group had to reassess the Early Oil financing strategy and determine the best way to finance its share of the $8 billion Full Field Development Project. Should it use internal funds, project finance, or a mixture of the two?    BP Amoco (A): Policy Statement on the Use of Project Finance   Add   View  19 pp.  Case Author(s): Esty, Benjamin C.; Kane, Michael Publication Date: 01/09/2001 Revision Date: 05/04/2010 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 201054 Geographic Setting: United Kingdom Number of Employees: 100,000 Gross Revenue: $68 billion revenues Event Year Start: 1999 Event Year End: 1999 Subjects: Capital budgeting; Capital expenditures; Mergers; Project finance; Risk management Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (202089), 38p, by Benjamin C. Esty Product Description: Following the BP/Amoco merger in December 1998, CFO David Watson asked Bill Young to recommend when and under what circumstances the firm should use external project finance instead of internal corporate funds to finance new capital investments. As part of this assignment, Young and his team must review each firm's current policy regarding project finance and evaluate the various rationales used to justify its use. Following this review, his team created a new policy statement recommending that BP Amoco finance capital expenditures using corporate funds except in three special circumstances: mega projects, projects in politically volatile areas, and joint ventures with heterogeneous partners. Whether the general rule of using corporate funds and whether the specific exceptions to the rule are appropriate for the merged entity are subjects for class discussion.    Bardhaman (B): Shrachi and the Township Design Decision   Add   View  20 pp.  Case Author(s): Macomber, John D.; Balsari, Viraal Publication Date: 02/12/2010 Revision Date: 05/20/2010 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 210063 Number of Employees: 200 Gross Revenue: 50,000,000 Event Year Start: 2008 Subjects: Real estate investments; Urban development; International trade; Entrepreneurship; Private equity Academic Discipline: Finance Product Description: To maximize their effectiveness, color cases should be printed in color. A real estate developer in West Bengal chooses between two master plans for a 260 acre new township considering design, financing, and phasing. Two detailed master plans are considered, one with a radial design and an internal town square and one with a grid design and internal focus on parks and water features. The designs have different revenue potential, different cost implications, and different phasing decisions. The analysis includes soft issues and aesthetic issues including what contributes to the feel of a place and what contributes to various land uses supporting each other (retail, residential, office). The analysis also includes a detailed proforma for each plan. This case builds on “Bardhaman (A): Shrachi and the West Bengal Housing Board.”    Sarnia Corp.   Add   View  6 pp.  Case Author(s): Piper, Thomas R. Publication Date: 10/03/2001 Revision Date: 05/07/2010 Product Type: Case (Gen Exp) Publisher: Harvard Business School HBS Number: 202051 Geographic Setting: United States Gross Revenue: $88 million revenues Subjects: Profitability analysis Academic Discipline: Finance Product Description: A division manager must explain why his division failed to meet its budgeted profit performance as well as meet with members of his management team to discuss corrective action.    Vanguard Group, Inc. (A)   Add   View  23 pp.  Case Author(s): Light, Jay O.; Sailer, James E. Publication Date: 10/21/1992 Revision Date: 12/28/1993 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 293064 Geographic Setting: Pennsylvania Number of Employees: 500 Gross Revenue: $300 million revenues Event Year Start: 1992 Event Year End: 1992 Subjects: Investment management; Mutual funds Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (294064), 6p, by James E. Sailer Product Description: Deals with the general mission and strategy of a large mutual fund complex.    GO Corp.   Add   View  19 pp.  Case Author(s): Lerner, Josh; Kosnik, Thomas J.; Abuzayyad, Tarek; Yang, Paul C. Publication Date: 09/18/1996 Revision Date: 04/13/1997 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 297021 Geographic Setting: California Number of Employees: 170 Event Year Start: 1991 Event Year End: 1991 Subjects: Financial strategy; Entrepreneurial finance; Venture capital; Corporate governance; Applications Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (298153), 10p, by Josh Lerner Product Description: GO faces a crisis in March 1991 when Microsoft announces the introduction of a competing operating system for pen-based computers. GO's managers must work with its venture financers, Kleiner Perkins, to redesign its financing, alliance, and product development strategies.    Design Creates Fortune: 2000 Tower Oakes Boulevard   Add   View  28 pp.  Case Author(s): Macomber, John D.; James, Griffin H. Publication Date: 03/22/2010 Revision Date: 05/04/2010 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 210070 Geographic Setting: United States Number of Employees: 200 Gross Revenue: $160,000,000 Event Year Start: 2009 Academic Discipline: Finance Product Description: To maximize their effectiveness, color cases should be printed in color. A real estate developer assesses its ability to capture the benefits of investing in LEED Platinum, Vedic Design, and EnergyStar components in new buildings. The building at 2000 Tower Oaks Boulevard in Rockville, Maryland is said to be the healthiest building in the National Capital Region. Does this matter? Can the developer realize higher rents because of this? The developer performs a detailed cost-benefit analysis of energy-saving measures that overlap and reduce their cumulative benefit. They consider the impact of these measures in combination with Vedic design features (aka Vastu) on the overall health, productivity, and business success of building occupants. “Green leases” are discussed as the developer tries to establish a leasing strategy that reflects these benefits and associated cost savings. The case takes a deep look at many of the critical on-the-ground issues involved with innovative real estate development.    Rose Smart Growth Investment Fund   Add   View  25 pp.  Case Author(s): Segel, Arthur I; Ginsburgh, Justin Publication Date: 11/10/2009 Revision Date: 04/26/2010 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 210033 Geographic Setting: United States Number of Employees: 25 Event Year Start: 2009 Subjects: Finance; Institutional investments; Real estate investments Academic Discipline: Finance Product Description: To maximize their effectiveness, color cases should be printed in color. The Jonathan Rose Companies must decide how to design and launch an innovative new real estate fund focused on green and transit oriented properties. JRC seeks to show through the fund that smart growth and green buildings provide superior economic returns to sprawl and environmentally damaging development. In order to launch the fund, JRC must decide on several important outstanding issues. What will be the fund's investment criteria? To whom should the fund be marketed? How should the fund be structured? What should be the fund's first investment?    Pedigree vs. Grit: Predicting Mutual Fund Manager Performance   Add   View  6 pp.  Case Author(s): Eso, Peter; Hunter, Graeme; Klibanoff, Peter; Schmedders, Karl Publication Date: 12/31/2007 Revision Date: 04/01/2010 Product Type: Case Publisher: Kellogg School of Management, Northwestern Univ. HBS Number: KEL396 Geographic Setting: United States; Illinois Subjects: Finance; Statistical analysis; Regression analysis; Mutual funds; Tools & methodologies Academic Discipline: Finance Supplementary Materials: Spreadsheet Supplement, (KEL397), 0p, by Peter Eso, Graeme Hunter, Peter Klibanoff, Karl Schmedders Product Description: An asset management company must replace the manager of its two signature mutual funds, who is about to retire. Two candidates have been short-listed. The management team is divided and cannot decide which of the two candidates would make the better mutual fund manager. The retiring manager presents a linear regression model to examine success factors of mutual fund managers. This linear regression is the starting point for the subsequent analysis.    Interco   Add   View  22 pp.  Case Author(s): Mason, Scott P.; Roth, Susan L. Publication Date: 03/12/1991 Revision Date: 08/02/1995 Product Type: Case (Library) Publisher: Harvard Business School HBS Number: 291033 Event Year Start: 1988 Event Year End: 1988 Subjects: Present value; Valuation Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (292074), 16p, by Scott P. Mason; Spreadsheet Supplement, (XLS073), 0p, by Scott P. Mason, Susan L. Roth Product Description: Interco has been advised by Wasserstein Perella to reject a $70 per share offer for the company. The case deals with the various types of analysis employed by Wasserstein Perella and allows a discussion of the actions of Interco's board as well as Wasserstein Perella.    Gulf Oil Corp. — Takeover   Add   View  11 pp.  Case Author(s): Rock, Kevin F. Publication Date: 11/07/1984 Revision Date: 12/08/1988 Product Type: Case (Library) Publisher: Harvard Business School HBS Number: 285053 Geographic Setting: United States Event Year Start: 1983 Event Year End: 1984 Subjects: Bids; Financial strategy; Leveraged buyouts; Taxation Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (292071), 8p, by Richard S. Ruback; Spreadsheet Supplement, (XLS064), 0p, by Kevin F. Rock Product Description: Gulf Oil was pressured into liquidation while under attack by Boone Pickens of Mesa Petroleum Co. Gulf management was unsure whether to sell out or take the firm private. A suitor, Standard Oil of California, tries to decide how much, if anything, to bid for the privilege of owning Gulf.    Groupe Ariel S.A.: Parity Conditions and Cross-Border Valuation   Add   View  8 pp.  Case Author(s): Luehrman, Timothy A.; Quinn, James Publication Date: 04/19/2010 Product Type: Case Publisher: Harvard Business School Publishing HBS Number: 4194 Geographic Setting: France; Mexico Event Year Start: 2008 Subjects: Capital budgeting; Exchange rates; Securities analysis; Project evaluation Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (4195), 15p, by James Quinn, Timothy A. Luehrman; Spreadsheet Supplement, (4196), 0p, by Timothy A. Luehrman, James Quinn; Spreadsheet Supplement, (4198), 0p, by Timothy A. Luehrman, James Quinn Product Description: Groupe Ariel evaluates a proposal from its Mexican subsidiary to purchase and install cost-saving equipment at a manufacturing facility in Monterrey. The improvements will allow the plant to automate recycling and remanufacturing of toner and printer cartridges, an important part of Ariel's business in many markets. Ariel corporate policy requires a discounted cash flow (DCF) analysis and an estimate for the net present value (NPV) for capital expenditures in foreign markets. A major challenge for the analysis is deciding which currency to use, the Euro or the peso. The case introduces techniques of discounted cash flow valuation analysis in a multi-currency setting and can be used to teach basic international parity conditions related to the value of operating cash flows. Subjects Include: Project Evaluation, Cross-Border, Capital Budgeting, Net Present Value, Foreign Exchange, Securities Analysis, Parity Condition, DCF Valuation, and Exchange Rate.    E.I. du Pont de Nemours and Co.: The Conoco Split-off (A)   Add   View  22 pp.  Case Author(s): Gilson, Stuart C.; Fagan, Perry L. Publication Date: 12/12/2001 Revision Date: 07/25/2005 Product Type: Case (Library) Publisher: Harvard Business School HBS Number: 202005 Geographic Setting: United States Number of Employees: 98,000 Gross Revenue: $2.5 billion revenues Event Year Start: 1999 Event Year End: 1999 Subjects: Stocks; Reorganization; Recapitalization; Valuation; IPO; Stockholders; Diversification Academic Discipline: Finance Supplementary Materials: Supplement, (202006), 2p, by Perry L. Fagan; Supplement, (202007), 2p, by Perry L. Fagan Product Description: After taking 30% of its Conoco oil and gas subsidiary public in the largest domestic initial public offering (IPO) in U.S. history, management of E.I. du Pont de Nemours and Co. (DuPont) is considering divesting its remaining interest in Conoco. This goal is to be accomplished through a relatively uncommon transaction called a corporate “split-off,” under which DuPont's shareholders will be given the option to exchange their shares in DuPont for shares in Conoco (but, in contrast to a more conventional “spin-off,” they are not obligated to exchange their shares). Management's objective in restructuring is to move DuPont away from its traditional energy and chemical business toward the life sciences (agriculture, biotechnology, and pharmaceuticals).    American Chemical Corp.   Add   View  11 pp.  Case Author(s): Fruhan, William E., Jr.; Goldsberry, John P. Publication Date: 03/01/1980 Revision Date: 12/01/1995 Product Type: Case (Gen Exp) Publisher: Harvard Business School HBS Number: 280102 Geographic Setting: United States Gross Revenue: $5.5 billion sales Event Year Start: 1979 Event Year End: 1979 Subjects: Financial statements; Divestiture; Acquisitions Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (292066), 13p, by Scott P. Mason; Spreadsheet Supplement, (XLS055), 0p, by William E. Fruhan, John P. Goldsberry Product Description: A large chemical manufacturer divests a plant that is acquired by a small specialty chemicals manufacturer. The acquisition decision is viewed from the vantage point of the small specialty chemicals manufacturer.    Royal Bank of Scotland: Masters of Integration   Add   View  21 pp.  Case Author(s): Nohria, Nitin; Weber, James Publication Date: 08/15/2003 Revision Date: 06/10/2005 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 404026 Geographic Setting: Scotland Event Year Start: 1999 Event Year End: 2003 Subjects: International banking; Mergers & acquisitions; Acquisitions; Strategic planning; Implementing strategy Academic Discipline: Finance Product Description: Describes the acquisition of Nat West by Royal Bank of Scotland. Describes the strategic rationale for the acquisition and the process by which the integration of the two banks was accomplished. The acquisition is remarkable for how successful it was, given the typical high rate of failure of similar acquisitions. Teaching Purpose: To teach about the general lessons of successfully implementing mergers and acquisitions.    Land Securities Group (B)   Add   View  2 pp.  Case Author(s): Riedl, Edward J. Publication Date: 09/13/2005 Revision Date: 03/14/2006 Product Type: Supplement (Field) Publisher: Harvard Business School HBS Number: 106020 Subjects: Accounting; Financial statements; Accounting standards; Models; International finance; International business; Internet marketing Academic Discipline: Finance Product Description: Supplements the (A) case. An abstract is not available for this product.    Harvard Management Co. — 2001   Add   View  24 pp.  Case Author(s): Light, Jay O. Publication Date: 05/21/2001 Revision Date: 10/23/2001 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 201129 Geographic Setting: Massachusetts Number of Employees: 150 Event Year Start: 2001 Event Year End: 2001 Subjects: Asset allocation; Financial management; Investment management; Portfolio management Academic Discipline: Finance Supplementary Materials: Spreadsheet Supplement, (XLS045), 0p, by Jay O. Light Product Description: Harvard Management Co. uses portfolio theory to help consider the asset allocation issues for its endowment.    Cumberland Worldwide Corp. (A)   Add   View  22 pp.  Case Author(s): Moore, Ronald W. Publication Date: 06/25/1991 Revision Date: 02/24/1993 Product Type: Case (Gen Exp) Publisher: Harvard Business School HBS Number: 291081 Geographic Setting: United States Gross Revenue: $865 million revenues Event Year Start: 1989 Event Year End: 1989 Subjects: Negotiations; Financial management; Bankruptcy; Valuation Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (293116), 21p, by Ronald W. Moore Product Description: A company in financial distress must design a successful exchange offer or face Chapter 11. Covers valuation and negotiation issues related to financial distress and the decision to file under Chapter 11 of the Bankruptcy Code.    Valuing Capital Investment Projects   Add   View  5 pp.  Case Author(s): Kester, W. Carl Publication Date: 12/30/1997 Revision Date: 12/04/1998 Product Type: Case (Gen Exp) Publisher: Harvard Business School HBS Number: 298092 Subjects: Present value; Cash flow; Capital budgeting; Project evaluation Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (204152), 13p, by W. Carl Kester Product Description: A collection of problems that introduces students to the application of discounted cash flow analysis in the evaluation of capital budgeting problems.    The Sale of Citigroup’s Leveraged Loan Portfolio   Add   View  9 pp.  Case Author(s): Ivashina, Victoria ; Scharfstein, David S. Publication Date: 11/18/2008 Revision Date: 03/11/2010 Product Type: Case (Library) Publisher: Harvard Business School HBS Number: 209080 Event Year Start: 2008 Subjects: Derivatives; Bankruptcy; Restructuring; Private equity; Bankruptcy reorganization Academic Discipline: Finance Product Description: This case describes the sale of Citigroup's leveraged loan portfolio in 2008 to a group of large private equity funds. The portfolio was sold at a discount given difficulties at the portfolio companies and disruptions in credit markets. The case takes the perspective of a private equity firm evaluating the deal to determine whether buying leveraged loans is a good investment opportunity.    The Congressional Oversight Panel’s Valuation of the TARP Warrants (B)   Add   View  4 pp.  Case Author(s): Baldwin, Carliss Y. Publication Date: 01/29/2010 Revision Date: 03/03/2010 Product Type: Supplement (Field) Publisher: Harvard Business School HBS Number: 210036 Geographic Setting: District of Columbia Number of Employees: 50 Event Year Start: 2009 Subjects: Options; Option pricing; Crisis prevention; Government Academic Discipline: Finance Product Description: The Congressional Oversight Panel wants to value the warrants issued to the government in connection with the TARP investments of 2008, in order to increase the transparency of options repurchases. The case describes the methodology used to value the warrants. This case follows “The Congressional Oversight Panel's Valuation of the TARP Warrants (A)”; it describes the findings of the Panel's TARP Warrants Report and public and Congressional reactions.    The Congressional Oversight Panel’s Valuation of the TARP Warrants (A)   Add   View  14 pp.  Case Author(s): Baldwin, Carliss Y. Publication Date: 01/29/2010 Revision Date: 03/03/2010 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 210035 Geographic Setting: District of Columbia Number of Employees: 50 Event Year Start: 2009 Subjects: Options; Option pricing; Crisis prevention; Government Academic Discipline: Finance Supplementary Materials: Supplement, (210036), 4p, by Carliss Y. Baldwin Product Description: The Congressional Oversight Panel wants to value the warrants issued to the government in connection with the TARP investments of 2008, in order to increase the transparency of options repurchases. The case describes the methodology used to value the warrants. Students have the opportunity to value warrants issued by ten of the largest banks, and to evaluate whether the Black-Scholes model can be used to value these very long-lived (ten-year) options. Can be used to teach basic option valuation using Black-Scholes, but also raise dynamic hedging issues of interest to advanced students.    Shenzhen Development Bank   Add   View  26 pp.  Case Author(s): Jin, Li ; Xuan, Yuhai ; Bai, X.B. (Xiao-Bing) Publication Date: 08/21/2009 Product Type: Case (Library) Publisher: Harvard Business School HBS Number: 210020 Geographic Setting: China Number of Employees: 8500 Gross Revenue: US $2.6 billion Event Year Start: 2003 Subjects: Finance; Valuation; Private equity; Turnarounds Academic Discipline: Finance Product Description: Weijian Shan, Managing Partner of Newbridge Capital, faces a tough call in regard to his firm's investment in Shenzhen Development Bank, China's fifteenth largest commercial bank listed on the Shenzhen Stock Exchange. Due to the aggressive lobby of the existing management at the bank, the Shenzhen government didn't receive central government's support on Newbridge's investment, and had to back out of the deal with Newbridge. Weijian Shan has to make a choice between two alternatives: 1) Give up pursuing the deal given huge political risk out of his control; 2) Work out an action plan and re-negotiate the deal.    The University of Notre Dame Endowment   Add   View  20 pp.  Case Author(s): Perold, Andre F.; Buser, Paul Publication Date: 10/15/2009 Revision Date: 01/13/2010 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 210007 Geographic Setting: Indiana Number of Employees: 33 Gross Revenue: NA Event Year Start: 2009 Subjects: Asset allocation; Investment management; Performance measurement; Risk management; Private equity Academic Discipline: Finance Product Description: To maximize their effectiveness, color cases should be printed in color. The Endowment Model of Investing, which was based on creating high risk-adjusted performance through diversification, a long time-horizon, top-notch outside managers, and illiquid investments, had served Notre Dame and other large universities well over the past several decades. Scott Malpass, Notre Dame's Chief Investment Officer, was confident that this was a successful way to invest if implemented effectively, but he also saw the top university endowments experience 25% to 35% declines in portfolio value during the second half of 2008 that eviscerated the investment gains from the past several years. Notre Dame had weathered the crisis relatively well, but there were several key questions Malpass had to address. Should Notre Dame continue to make illiquid investments in the context of rising unfunded commitments relative to liquid funds? Was compensation adequate for the illiquidity of these types of investments? In relation to manager selection, how could the Notre Dame investment team continue to find the best managers to create alpha? To what extent would the performance of managers during the crisis be predictive of future performance in other portions of the economic cycle? How would the long-established industry terms of contract between clients and managers change going forward? Was there an opportunity for clients to negotiate better terms? These issu    The Investment Fund for Foundations (TIFF) in 2009   Add   View  34 pp.  Case Author(s): Viceira, Luis M.; Parry, Brendon C. Publication Date: 12/24/2009 Revision Date: 02/04/2010 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 210008 Geographic Setting: United States Number of Employees: 53 Event Year Start: 2009 Subjects: Asset allocation; Liquidity; Investment management; Institutional investments; Risk management Academic Discipline: Finance Product Description: In late June 2009, management at The Investment Fund for Foundations (TIFF) was considering expanding the footprint of the TIFF Diversified Fund (TDF), the first truly comprehensive endowment management vehicle offered under the TIFF banner. The recent large capital losses suffered by most endowments, including those of Harvard and Yale, had motivated some to question the two basic premises of the endowment investment model-that investors get rewarded for bearing illiquidity, and that a diversified blend of asset classes and strategies provides meaningful protection against capital losses under virtually all market conditions. Despite this questioning, the investment professionals at TIFF were convinced that this model remained viable as a means of generating superior long-term returns, and that TDF was a vehicle that provided TIFF's current and potential clients access to this model. But they were aware that they would need to increase their efforts to educate their clients on the benefits of this comprehensive approach to investing, and also to reflect on whether to modify the current structure of TDF, particularly regarding its liquidity provisions.    Real Property Negotiation Game: Seller, Las Vegas Pines (B)   Add   View  5 pp.  Case Author(s): Segel, Arthur I; Vogel, John H., Jr. Publication Date: 08/08/2008 Revision Date: 02/18/2009 Product Type: Supplement (Gen Exp) Publisher: Harvard Business School HBS Number: 209037 Subjects: Negotiations; Long term financing Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (210048), 11p, by Arthur I Segel, John H. Vogel, Justin Ginsburgh; Spreadsheet Supplement, (210703), 0p, by Arthur I Segel, John H. Vogel, Justin Ginsburgh Product Description: The Real Property Negotiation Game simulates the experience negotiating the sale, purchase, or financing of a property. The class competes as either a lender, buyer, or one of two groups of sellers, Raleigh, North Carolina and Las Vegas, Nevada. The seller case, Las Vegas, for the Real Property Negotiation Game. David Stephens must decide whether and at what price to sell his property.    Real Property Negotiation Game: Seller Case, Raleigh Commons (A)   Add   View  6 pp.  Case Author(s): Segel, Arthur I; Vogel, John H., Jr. Publication Date: 08/08/2008 Revision Date: 02/18/2009 Product Type: Case (Gen Exp) Publisher: Harvard Business School HBS Number: 209039 Subjects: Negotiations; Long term financing Academic Discipline: Finance Supplementary Materials: Supplement, (209036), 7p, by Arthur I Segel, John H. Vogel; Case Teaching Note, (210048), 11p, by Arthur I Segel, John H. Vogel, Justin Ginsburgh; Spreadsheet Supplement, (210703), 0p, by Arthur I Segel, John H. Vogel, Justin Ginsburgh Product Description: The Real Property Negotiation Game simulates the experience negotiating the sale, purchase, or financing of a property. The class competes as either a lender, buyer, or one of two groups of sellers, Raleigh, North Carolina and Las Vegas, Nevada. The seller case, Raleigh Commons, for the Real Property Negotiation Game. Steve Stroud must decide whether and at what price to sell his property.    Real Property Negotiation Game: Buyer (B)   Add   View  12 pp.  Case Author(s): Segel, Arthur I; Vogel, John H., Jr. Publication Date: 08/08/2008 Revision Date: 02/18/2009 Product Type: Supplement (Gen Exp) Publisher: Harvard Business School HBS Number: 209032 Subjects: Negotiations; Long term financing Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (210048), 11p, by Arthur I Segel, John H. Vogel, Justin Ginsburgh; Spreadsheet Supplement, (210703), 0p, by Arthur I Segel, John H. Vogel, Justin Ginsburgh Product Description: The Real Property Negotiation Game simulates the experience negotiating the sale, purchase, or financing of a property. The class competes as either a lender, buyer, or one of two groups of sellers, Raleigh, North Carolina and Las Vegas, Nevada. The buyer case for the Real Property Negotiation Game. Celia Hernandez must decide which of two properties to purchase.    Keller Fund’s Option Investment Strategies   Add   View  5 pp.  Case Author(s): Kester, W. Carl Publication Date: 01/19/1995 Product Type: Case (Gen Exp) Publisher: Harvard Business School HBS Number: 295096 Geographic Setting: North America Event Year Start: 1994 Event Year End: 1994 Subjects: Derivatives; Option pricing; Investment management; Risk management; Mutual funds Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (298013), 17p, by W. Carl Kester Product Description: A closed-end mutual fund's decision to study option trading provides an opportunity to study the profit profile and pricing of multiple option investment strategies (e.g., buy a call, buy a put, write a call, buy stock-write call, etc.). This case is designed to provide students with an introduction to option pricing.    Iceland (B): Redefining Aaa-Rated Sovereigns   Add   View  5 pp.  Case Author(s): Musacchio, Aldo Publication Date: 08/29/2008 Product Type: Supplement (Field) Publisher: Harvard Business School HBS Number: 709012 Geographic Setting: Iceland Event Year Start: 2008 Subjects: European Union Academic Discipline: Finance Product Description: In May of 2008, a team of sovereign debt analysts at Moody's had to decide whether to downgrade the country's sovereign long-term debt from Aaa to Aa1 or lower. Investor sentiment toward Iceland had changed radically in March, and the Moody's team was fearful that the situation could spiral out of control. The Moody's team knew that carry traders increased Iceland's vulnerability to a confidence crisis because they were quick to liquidate their holdings at the first sign of distress. The plunge in the Icelandic Krona since the beginning of 2008 also forced the Icelandic people to confront a decision: would joining the European Union (EU) protect Iceland from capricious swings in investor sentiment? What, if anything, should Iceland do to avoid a future crisis?    Groupe Eurotunnel S.A. (A)   Add   View  23 pp.  Case Author(s): Gilson, Stuart C.; Dessain, Vincent ; Abbott, Sarah L. Publication Date: 03/03/2009 Revision Date: 03/10/2010 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 209062 Geographic Setting: France; United Kingdom Number of Employees: 2400 Gross Revenue: 542 million pounds Event Year Start: 2006 Event Year End: 2007 Subjects: Crisis management; Capital structure; Business failures; Bankruptcy; Restructuring; International finance; Change management; Risk; Risk management Academic Discipline: Finance Supplementary Materials: Supplement, (209113), 5p, by Stuart C. Gilson, Vincent Dessain, Sarah L. Abbott Product Description: In the summer of 2006 the chairman and CEO of Eurotunnel Group is faced with the decision whether to file for bankruptcy protection, after having failed to gain creditor approval of an ambitious out-of-court restructuring plan. The company, which has been attempting to restructure its debt and operations for the last ten years, faces a number of daunting challenges. Eurotunnel is jointly listed in the U.K. and France, and its shareholders, who are largely based in France, face the prospect of significant dilution under any restructuring plan. The current chairman and CEO has been with the company for only a year-and-a half, following a decade of senior management turbulence in which the company has seen nine different CEOs and chairmen. Eurotunnel's capital structure is staggeringly complex, and a large fraction of its debt has come to be held by U.S.-based hedge funds that specialize in investing in distressed companies. Finally, Eurotunnel's business is extremely challenging to value, and is faced with significant competition. If the current chairman/CEO decides to file for bankruptcy, he faces the additional choice whether to file for bankruptcy in the U.K. or in France, which take    Infinity Carpets, Inc.   Add   View  14 pp.  Case Author(s): Piper, Thomas R.; Moore, Ronald W. Publication Date: 09/11/1998 Revision Date: 12/01/1998 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 299014 Geographic Setting: United States Gross Revenue: $55 million revenues Event Year Start: 1990 Event Year End: 1990 Subjects: Debt management; Bankruptcy; Restructuring; Valuation Academic Discipline: Finance Product Description: A turnaround expert must determine whether a firm in distress is worth more as a going concern than its liquidation value. If so, the finances of the firm must be restructured in a way consistent with the bargaining power of the holders of the various securities. The restructuring requires a delay in principal repayment, rate concessions, and a debt-for-equity swap.

Vertex Pharmaceuticals and the Cystic Fibrosis Foundation: Venture Philanthropy Funding for Biotech   Add   View  27 pp.  Case Author(s): Higgins, Robert F.; Kazan, Brent Publication Date: 10/15/2007 Revision Date: 07/30/2010 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 808005 Geographic Setting: United States Subjects: Financing; Nonprofit organizations; Philanthropies Academic Discipline: Finance Product Description: In 2001, Vertex Pharmaceuticals Incorporated acquired the San Diego-based biotech company, Aurora Biosciences. The combination of Vertex's and Aurora's technologies would improve the flow of novel drug candidates into development. However, several questions related to the integration of Aurora into Vertex were still unresolved, the most pressing being Aurora's major collaboration with the Cystic Fibrosis Foundation (CFF). Were venture philanthropy and foundation deals an appropriate funding mechanism for a public company like Vertex? How could the board of Vertex and the CFF fundamentally align the objectives of a for-profit company with those of a non-profit institution? Those were the questions faced by the Vertex executives.    Richardson-Vicks — 1985 (A)   Add   View  11 pp.  Case Author(s): Rock, Kevin F. Publication Date: 03/21/1988 Revision Date: 01/15/1993 Product Type: Case (Library) Publisher: Harvard Business School HBS Number: 288048 Gross Revenue: $1 billion sales Subjects: Financial management; Advertising; R&D; Health Academic Discipline: Finance Product Description: Considers the predicament of Richardson-Vicks in 1985. After 80 years of growth and independence, the company is the object of takeover rumors. The objective is to determine why these difficulties have arisen and what, if anything, Richardson-Vicks can do about them.    Multifactor Models   Add   View  12 pp.  Case Author(s): Baker, Malcolm P. Publication Date: 01/28/2007 Product Type: Exercise Publisher: Harvard Business School HBS Number: 207056 Subjects: Finance; Capital costs; Investments; Performance appraisals; Mutual funds; Behavioral finance Academic Discipline: Finance Supplementary Materials: Spreadsheet Supplement, (207710), 0p, by Malcolm P. Baker Product Description: Students evaluate the performance of four mutual funds and compute the cost of capital for two companies using fixed benchmarks, the CAPM, and a multifactor model of returns.    Tiffany & Co.   Add   View  26 pp.  Case Hayes, Samuel L., III This premier retail jewelry company was bought from its parent, Avon, by a group of investors led by its own management in 1984. The company was highly leveraged, financially, and had to scramble to meet the cash flow and earnings requirements laid down by its lenders. Management effected a turnaround and decided to "go public" to pay down its debt and provide further growth funds. Students must assess the company's relative appeal to investors and refine a pricing recommendation for the securities underwriting syndicate. HBS Number: 9-288-022 Type: Case (Field) Publication Date: 10/7/1987 Revision Date: 7/24/1991 Geographic Setting: New York, NY Industry Setting: retail jewelry, investment banking Company Size: mid-size Gross Revenues: $200 million sales Event Year Start: 1987 Event Year End: 1987 Subjects: Retailing; Securities; Stock offerings Supplementary Materials: Teaching Note, (5-291-065), 11p, by Samuel L. Hayes III   Add     9 pp.  Teaching Note For use with 9-288-022 HBS Number: 5-291-065 Subjects: Retailing; Securities; Stock offerings    Benchmark Capital Europe: Bringing Silicon Valley Venture Capital to the Contine   Add   View  19 pp.  Case Author(s): Glynn, John; Spitzer, Joshua Publication Date: 09/07/2006 Revision Date: 11/09/2008 Product Type: Case (Field) Publisher: Stanford University HBS Number: E218 Geographic Setting: Silicon Valley; China; India; Israel Subjects: Capital markets; Equity capital; Foreign investment; Entrepreneurship; International entrepreneurial finance; Venture capital; Organizational design Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (E218TN), 7p, by John Glynn, Joshua Spitzer Product Description: The protagonist is Bruce Dunlevie, a co-founder of venture firm Benchmark Capital. In early 2007, Dunlevie and his partners are faced with whether to expand their firm into China and/or India, as many other well respected VC firms had been doing at the same time. Despite having two existing and successful satellite offices in the UK and Israel, the partners are not convinced that further expansion makes sense. Therefore, to follow logic, they are also considering whether to spin out the existing satelittes to be independent entities or keep them as part of the Benchmark franchise.    1994-95 Mexican Peso Crisis   Add   View  25 pp.  Case Author(s): Froot, Kenneth A.; McBrady, Matthew Publication Date: 01/14/1996 Revision Date: 12/09/1999 Product Type: Case (Library) Product Description: Explores the peso crisis of 1994-95 and why it occurred. Students are asked to examine Mexico's policies, the capital market's reactions, and the implications of devaluation for future capital flows and growth. Teaching Purpose: To discuss capital markets and their effects on exchange rates. HBS Number: 9-296-056 Geographic Setting: Mexico Event Year Start: 1994 Event Year End: 1995 Subjects: Capital markets; Foreign exchange rates; International finance; Mexico Academic Discipline: Finance    2006 Hurricane Risk   Add   View  9 pp.  Case Author(s): Stafford, Erik; Perold, Andre F. Publication Date: 10/23/2006 Revision Date: 03/28/2008 Product Type: Case (Gen Exp) HBS Number: 207075 Industry Setting: Insurance industry Event Year Start: 2006 Event Year End: 2006 Subjects: Insurance; Investment management; Personal finance; Risk; Risk management Academic Discipline: Finance Supplementary Materials: Teaching Note, (208140), 7p, by Erik Stafford, Andre F. Perold Product Description: In May 2006, a resident of Key West, FL had to decide whether to renew his policy to insure against hurricane damage. The policy would cost $13,000 for one year, $5,000 more than what he paid in 2005. At the same time, a wealthy California resident was contemplating an opportunity to buy a “cat note” that offered a high yield, but with a chance of losing the full investment if severe hurricanes struck the coastline of the United States.    2006 Hurricane Risk, Teaching Note   Add     7 pp.  Teaching Note Author(s): Stafford, Erik; Perold, Andre F. Publication Date: 03/10/2008 Product Type: Teaching Note HBS Number: 208140 Academic Discipline: Finance Product Description: An abstract is not available for this product. Must be used with: (207075) 2006 Hurricane Risk.    3i Group plc: May 2006   Add   View  25 pp.  Case Author(s): Hardymon, Felda; Leamon, Ann Publication Date: 09/19/2006 Revision Date: 06/14/2007 Product Type: Case (Field) HBS Number: 9-807-006 Geographic Setting: United Kingdom Industry Setting: Private equity Number of Employees: 750 Gross Revenues: 830 million Pounds Sterling Event Year Start: 2004 Event Year End: 2006 Subjects: Financial strategy; Globalization; Growth strategy; Partnerships; Private equity; Scaling Academic Discipline: Finance Product Description: Since 2004, Philip Yea, the first outsider ever to lead 3i Group, one of Europe's largest publicly listed private equity firms, has been trying to help the far flung organization become more of a streamlined partnership even as it functions around the globe. As he considers 3i's performance through the first quarter of 2006 (3i's fiscal year 2006), he must balance his satisfaction at the firm's results and progress in the recent buoyant market with the question of whether the firm's people, strategy, and goals are sufficiently aligned that it can survive and prosper in the coming market correction.    3i Group plc: May 2006, Teaching Note   Add     13 pp.  Teaching Note Author(s): Leamon, Ann; Hardymon, G. Felda; Lerner, Josh Publication Date: 07/15/2008 Product Type: Teaching Note HBS Number: 5-809-013 Academic Discipline: Finance Product Description: An abstract is not available for this product. Must be used with: (807006) 3i Group plc: May 2006.    A Note on Private Equity in Developing Countries   Add   View  19 pp.  Case Author(s): Lerner, Josh; Leamon, Ann Publication Date: 08/13/2007 Revision Date: 07/02/2009 Product Type: Note HBS Number: 208037 Subjects: Developing countries; Emerging markets; Entrepreneurial finance; Finance; Leveraged buyouts; Private equity; Venture capital Academic Discipline: Finance Product Description: Provides the background and high-level situation of private equity in emerging markets as of the end of 2006. May be used with: (801333) CDC Capital Partners.    Aberlyn Capital Management: July 1993   Add     18 pp.  Teaching Note For use with 9-294-083 HBS Number: 5-295-134 Subjects: Biotechnology; Entrepreneurial finance; Financial strategy; Leasing; Patents; Securities    ABN-AMRO Holding N.V. and Smit Transformatoren N.V. (A)   Add   View  19 pp.  Case Tufano, Peter; Poetzscher, Cameron ABN-AMRO, the largest bank in the Netherlands, must decide whether to take any action in regard to the poor performance of Smit Transformatoren, a Dutch transformer manufacturer. ABN-AMRO acted as lead underwriter for the IPO of Smit, and also released a favorable equity research report around the time of the IPO. Smit's stock price initially performed favorably, but then fell significantly in conjunction with poor earnings announcements and other bad news. HBS Number: 9-296-030 Type: Case (Library) Publication Date: 10/31/1995 Revision Date: 6/14/1996 Geographic Setting: Netherlands Industry Setting: banking Event Year Start: 1994 Event Year End: 1995 Subjects: Banking; Capital markets; Financial services; Investment banking; Netherlands; Securities; Underwriting Supplementary Materials: Teaching Note, (5-298-035), 12p, by Peter Tufano; Supplement (Library), (9-296-031), 4p, by Peter Tufano, Cameron Poetzscher; Supplement (Library), (9-298-036), 1p, by Peter Tufano, Cameron Poetzscher   Add     12 pp.  Teaching Note For use with 9-296-030 HBS Number: 5-298-035 Subjects: Banking; Capital markets; Financial services; Investment banking; Netherlands; Securities; Underwriting    ABN-AMRO Holding N.V. and Smit Transformatoren N.V. (B)   Add   View  4 pp.  Case Author(s): Tufano, Peter; Poetzscher, Cameron Publication Date: 10/31/1995 Revision Date: 12/12/1998 Product Type: Supplement (Library) Product Description: Supplements the (A) case. Must be used with: (9-296-030) ABN-AMRO Holding N.V. and Smit Transformatoren N.V. (A). HBS Number: 9-296-031 Subjects: Banking; Capital markets; Financial services; Investment banking; Netherlands; Securities; Underwriting Academic Discipline: Finance Supplementary Materials: Teaching Note, (5-298-035), 12p, by Peter Tufano   Add     12 pp.  Teaching Note For use with 9-296-031 HBS Number: 5-298-035 Subjects: Banking; Capital markets; Financial services; Investment banking; Netherlands; Securities; Underwriting    ABN-AMRO Holding N.V. and Smit Transformatoren N.V. (C)   Add   View  1 pp.  Case Author(s): Tufano, Peter; Poetzscher, Cameron Publication Date: 09/19/1997 Product Type: Supplement (Library) Product Description: Supplements the (A) case. Must be used with: (9-296-030) ABN-AMRO Holding N.V. and Smit Transformatoren N.V. (A). HBS Number: 9-298-036 Geographic Setting: Industry Setting: Subjects: Banking; Capital markets; Financial services; Investment banking; Netherlands; Securities; Underwriting Academic Discipline: Finance Supplementary Materials: Teaching Note, (5-298-035), 12p, by Peter Tufano   Add     12 pp.  Teaching Note For use with 9-298-036 HBS Number: 5-298-035 Subjects: Banking; Capital markets; Financial services; Investment banking; Netherlands; Securities; Underwriting    ABRY Fund V   Add   View  8 pp.  Case Author(s): El-Hage, Nabil N.; Ruback, Richard S.; Pierson, Leslie S. Publication Date: 07/26/2007 Product Type: Case (Field) HBS Number: 9-208-027 Geographic Setting: United States Industry Setting: Private equity Gross Revenues: $1 billion revenues Event Year Start: 2006 Event Year End: 2006 Subjects: Investment management; Investors; Private equity Academic Discipline: Finance Product Description: In January 2006, Andrew Banks and Royce Yudkoff were considering raising a 5th fund for their media-focused private equity firm, ABRY Partners. ABRY had a strong track record that the co-founders attributed to their group's deep knowledge of the media industry and relationships with media lenders, coupled with a client-service approach to working with Limited Partners. For the fund, Banks and Yudkoff had intended to raise $1 billion and continue their existing strategy, but potential Limited Partners had indicated that they would be willing to commit up to $4 billion. Banks and Yudkoff had to decide whether or not to quadruple the capital in their latest fund.    ABRY Fund V   Add   View  7 pp.  Case Author(s): El-Hage, Nabil N.; Ruback, Richard S.; Pierson, Leslie S. Publication Date: 07/26/2007 Revision Date: 03/17/2008 Product Type: Case (Field) HBS Number: 208027 Geographic Setting: United States Industry Setting: Private equity Gross Revenues: $1 billion revenues Event Year Start: 2006 Event Year End: 2006 Subjects: Investment management; Investors; Private equity Academic Discipline: Finance Product Description: In January 2006, Andrew Banks and Royce Yudkoff were considering raising a 5th fund for their media-focused private equity firm, ABRY Partners. ABRY had a strong track record that the co-founders attributed to their group's deep knowledge of the media industry and relationships with media lenders, coupled with a client-service approach to working with Limited Partners. For the fund, Banks and Yudkoff had intended to raise $1 billion and continue their existing strategy, but potential Limited Partners had indicated that they would be willing to commit up to $4 billion. Banks and Yudkoff had to decide whether or not to quadruple the capital in their latest fund.    ABRY Partners, LLC: WideOpenWest   Add   View  25 pp.  Case Author(s): Lerner, Josh; Smart, Darren Publication Date: 02/16/2006 Revision Date: 01/25/2007 Product Type: Case (Field) HBS Number: 9-806-116 Geographic Setting: Boston, MA; Denver, CO Industry Setting: Cable services Number of Employees: 100 Gross Revenues: $9 million revenues Event Year Start: 2001 Event Year End: 2001 Subjects: Decision making; Entrepreneurial finance; Financial strategy; Leveraged buyouts; Private equity; Venture capital Academic Discipline: Finance Product Description: ABRY, a Boston-based private equity group, is considering whether to terminate its investment in WideOpenWest or to try to salvage the transaction by acquiring a division of telecommunications unit Ameritech.    Accel Partners’ European Launch, Teaching Note   Add     12 pp.  Teaching Note Author(s): Lerner, Josh; Hardymon, G. Felda; Leamon, Ann Publication Date: 08/31/2004 Product Type: Teaching Note HBS Number: 5-805-038 Academic Discipline: Finance Product Description: Teaching Note to (9-803-021). Must be used with: (9-803-021) Accel Partners' European Launch.    Accounting for Business Combinations: Acquisition Method   Add   View  10 pp.  Case Author(s): Hawkins, David F.; Martinez-Jerez, F. Asis Publication Date: 02/20/2008 Product Type: Note HBS Number: 108067 Subjects: Accounting; Finance Academic Discipline: Finance Product Description: A technical note reviewing business combinations and Goodwill accounting, under the Statement of Financial Accounting Standards, No. 141R.    Accounting for Interest Rate Derivatives   Add   View  20 pp.  Case Author(s): Kimbrough, Michael D.; Jenkins, Nicole Thorne Publication Date: 01/11/2008 Revision Date: 07/22/2010 Product Type: Note Publisher: Harvard Business School HBS Number: 108061 Subjects: Financial statements; Accounting standards; Capital structure; Derivatives; Financial strategy; Hedging Academic Discipline: Finance Product Description: Explains the accounting for interest rate derivatives under Statement of Financial Accounting Standards 133.    AccuFlow, Inc.   Add   View  14 pp.  Case Light, Jay O. A small hydraulic-valve manufacturer attempts a second buyout in order to take out its current equity partners. A three-way deal must be negotiated between management, the new mezzanine lender, and the departing equity owners. HBS Number: 9-299-079 Type: Case (Field) Publication Date: 3/8/1999 Revision Date: 4/5/1999 Geographic Setting: Missouri Industry Setting: hydraulic valves Company Size: small Number of Employees: :2,000 Gross Revenues: $150 million revenues Event Year Start: 1997 Event Year End: 1997 Subjects: Entrepreneurial finance; Equity financing; Leveraged buyouts; Machinery; Negotiations    Accumulated Earnings Tax and Personal Holding Company Tax   Add   View  7 pp.  Case Author(s): Reiling, Henry B.; Pollard, Mark R. Publication Date: 01/14/1999 Revision Date: 10/06/2006 Product Type: Note HBS Number: 9-299-043 Industry Setting: Government & regulatory Subjects: Dividends; Taxation Academic Discipline: Finance Product Description: Identifies Congress's concerns and objectives in adopting the Accumulated Earnings Tax and the Personal Holding Company Tax. Also describes the provisions' mechanics and some of their practical implications.    Accumulated Earnings Tax and Personal Holding Company Tax   Add   View  7 pp.  Case Author(s): Reiling, Henry B.; Pollard, Mark R. Publication Date: 01/14/1999 Revision Date: 09/02/2009 Product Type: Note HBS Number: 299043 Industry Setting: Government & regulatory Subjects: Dividends; Taxation Academic Discipline: Finance Product Description: Identifies Congress's concerns and objectives in adopting the Accumulated Earnings Tax and the Personal Holding Company Tax. Also describes the provisions' mechanics and some of their practical implications.    Acme Investment Trust   Add   View  11 pp.  Case Lerner, Joshua Acme Investment Trust is considering investing in a private equity partnership that is seeking only 15% of the profits, instead of the standard 20%. The management fee requested, however, is higher than in its earlier fund. The pension managers must consider the financial and organizational consequences of this shift. Teaching Purpose: To explore the nature and role of performance-based compensation in the private equity organization. HBS Number: 9-296-042 Type: Case (Gen Exp) Publication Date: 11/19/1995 Revision Date: 4/26/1999 Industry Setting: venture capital Event Year Start: 1994 Event Year End: 1994 Subjects: Executive compensation; Financial strategy; Incentives; Investment management; Leveraged buyouts; Pricing strategy; Venture capital Supplementary Materials: Teaching Note, (5-298-130), 19p, by Joshua Lerner   Add     19 pp.  Teaching Note For use with 9-296-042 HBS Number: 5-298-130 Subjects: Executive compensation; Financial strategy; Incentives; Investment management; Leveraged buyouts; Pricing strategy; Venture capital    Acme Investment Trust: January 2001   Add   View  14 pp.  Case Author(s): Lerner, Joshua Publication Date: 10/23/2001 Revision Date: 02/11/2002 Product Type: Case (Library) Product Description: The managers of a large corporate pension fund must decide whether to invest in a private equity fund that is offering a guaranteed rate of return of 20% on part of its portfolio. The background behind and implications of the guarantee are explored. Teaching Purpose: To illustrate the economics of private equity funds, as well as the associated incentive issues. May be used with: (9-294-084) A Note on Private Equity Partnership Agreements. HBS Number: 9-202-055 Industry Setting: investments Event Year Start: 2001Event Year End: 2001 Subjects: Financial strategy; Investment management; Leveraged buyouts; Venture capital Academic Discipline: Finance   Add     17 pp.  Teaching Note Product Description: For use with 9-202-055. HBS Number: 5-204-172    Acova Radiateurs   Add   View  12 pp.  Case Author(s): Meulbroek, Lisa Publication Date: 06/13/1995 Revision Date: 07/30/1999 Product Type: Case (Field) HBS Number: 9-295-150 Geographic Setting: France Industry Setting: Plumbing & HVAC Number of Employees: 500 Gross Revenues: 337M FF Event Year Start: 1990 Event Year End: 1990 Subjects: Acquisitions; Capital structure; Corporate control; Divestiture; International business; International finance; Leveraged buyouts; Mergers & Acquisitions; Project evaluation; Valuation Academic Discipline: Finance Supplementary Materials: Teaching Note, (5-200-003), 21p, by Lisa Meulbroek Product Description: In March 1990, Baring Capital Investors faced a decision about whether and how much to bid for Acova Radiateurs, a subsidiary of Source Perrier. Source Perrier had decided to sell Acova, and Baring Capital Investors thought it might make a good leveraged buyout candidate. May be used with: (9-296-051) Note on European Buyouts.   Add     21 pp.  Teaching Note For use with 9-295-150 HBS Number: 5-200-003 Subjects: Acquisitions; Capital structure; Corporate control; Divestiture; Europe; France; International business; International finance; Leveraged buyouts; Mergers & acquisitions; Project evaluation; Valuation    Acquisition of Consolidated Rail Corp. (A)   Add   View  17 pp.  Case Author(s): Esty, Benjamin C.; Millett, Mathew Mateo Publication Date: 04/13/1998 Revision Date: 07/20/2005 Product Type: Case (Library) Product Description: On October 15, 1996, Virginia-based CSX and Pennsylvania-based Consolidated Rail (Conrail), the first and third largest railroads in the eastern United States, announced their intent to merge in a friendly deal worth $8.3 billion. This deal was part of an industry-wide trend toward consolidation and promised to change the competitive dynamics of the Eastern rail market. Students, as shareholders, must decide whether to tender shares into the front-end of a two-tiered acquisition offer. To make this decision, they must value Conrail as an acquisition target and understand the structure of CSX's offer. May be used with: (9-298-095) The Acquisition of Consolidated Rail Corp. (B). HBS Number: 9-298-006 Geographic Setting: United States Industry Setting: Railroad Number of Employees: 77,500 Gross Revenues: $19 billion revenues Event Year Start: 1996 Event Year End: 1997 Subjects: Acquisitions; Auctions; Competitive bidding; Corporate control; Deregulation; Game theory; Mergers; Valuation Academic Discipline: Finance Supplementary Materials: Teaching Note, (5-298-087), 39p, by Benjamin C. Esty, Mathew Mateo Millett   Add     39 pp.  Teaching Note For use with 9-298-006 HBS Number: 5-298-087 Subjects: Acquisitions; Auctions; Competitive bidding; Corporate control; Deregulation; Game theory; Mergers; Railroads; Valuation    Acquisition of Consolidated Rail Corp. (B)   Add   View  17 pp.  Case Author(s): Esty, Benjamin C.; Millett, Mathew Mateo Publication Date: 04/13/1998 Revision Date: 05/20/2001 Product Type: Case (Library) Product Description: Eight days after CSX Corp. announced it was going to buy Consolidated Rail Corp. (Conrail) for $88.65 per share, Norfolk Southern Corp. made a hostile $100 per share bid for Conrail. Over the next several months, the potential acquirers upped their bids while exchanging criticism in the popular press, prompting analysts to call this one of the nastiest takeover battles of the 1990s. The case is set in January 1997, just before Conrail shareholders are scheduled to vote on the proposed deal with CSX. The case analyzes the trend toward consolidation in the U.S. railroad industry, the bidding war for Conrail, and the various provisions in Pennsylvania's anti-takeover laws, which restrict the market for corporate control. Teaching Purpose: Provides an opportunity to value a large-scale acquisition using comparable transactions and discounted merger synergies. Also explores the strategic and financial implications of a bidding war and challenges the assumption that failure to acquire is a zero net present value endeavor. Finally, examines the nature of and economic basis for regulating the market for corporate control. May be used with: (9-298-006) The Acquisition of Consolidated Rail Corp. (A). HBS Number: 9-298-095 Geographic Setting: United States Industry Setting: railroad Number of Employees: 77,500 Gross Revenues: $19 billion revenues Event Year Start: 1996 Event Year End: 1997 Subjects: Acquisitions; Auctions; Competitive bidding; Corporate control; Deregulation; Game theory; Mergers; Railroads; Valuation Academic Discipline: Finance Supplementary Materials: Teaching Note, (5-298-087), 39p, by Benjamin C. Esty, Mathew Mateo Millett   Add     39 pp.  Teaching Note For use with 9-298-095 HBS Number: 5-298-087 Subjects: Acquisitions; Auctions; Competitive bidding; Corporate control; Deregulation; Game theory; Mergers; Railroads; Valuation    Acquisitive Reorganizations—Triangular Mergers   Add   View  3 pp.  Case Author(s): Reiling, Henry B.; Wall, Kevin F. Publication Date: 08/08/2006 Product Type: Note HBS Number: 9-207-009 Subjects: Mergers & Acquisitions; Reorganization; Taxation; Third party relationships Academic Discipline: Finance Product Description: Discusses the reasons and uses of triangular or three-party mergers to complete a business acquisition or tax-free corporate reorganization.    Acquisitive Reorganizations—Triangular Mergers   Add   View  3 pp.  Case Author(s): Reiling, Henry B.; Reiling, Henry B.; Wall, Kevin F. Publication Date: 08/08/2006 Revision Date: 10/27/2009 Product Type: Note Publisher: Harvard Business School HBS Number: 207009 Subjects: Reorganization; Mergers & acquisitions; Taxation Academic Discipline: Finance Product Description: Discusses the reasons and uses of triangular or three-party mergers to complete a business acquisition or tax-free corporate reorganization.    Actis & CDC: A New Partnership   Add   View  24 pp.  Case Author(s): Hardymon, Felda; Leamon, Ann Publication Date: 03/24/2005 Revision Date: 12/01/2005 Product Type: Case (Field) Product Description: The senior managing partner of Actis, a leading private equity investor in emerging markets, must decide whether to go into the market to raise money. Actis was spun out of CDC, a 50-year-old division of the U.K.'s Department for International Development, and is guaranteed a substantial flow of capital under the terms of the demerger agreement. Actis management has to decide whether to focus on developing relationships with its chief limited partner and honing its internal processes or to go out into the market to raise funds. HBS Number: 9-805-122 Geographic Setting: Global; United Kingdom Industry Setting: Private equity Number of Employees: 200 Event Year Start: 2004 Event Year End: 2004 Subjects: Emerging markets; Fraud; Partnerships; Private equity Academic Discipline: Finance Supplementary Materials: Teaching Note, (5-806-019), 7p, by Felda Hardymon, Ann Leamon    Actis & CDC: A New Partnership, Teaching Note   Add     7 pp.  Teaching Note Author(s): Hardymon, Felda; Leamon, Ann Publication Date: 10/06/2005 Product Type: Teaching Note HBS Number: 5-806-019 Academic Discipline: Finance Product Description: An abstract is not available for this product. Must be used with: (9-805-122) Actis & CDC: A New Partnership.    Acumen Fund and Mytry De-Fluoridation Filter Technologies   Add   View  17 pp.  Case Author(s): Meehan, William F., III; Zaidman, Yasmina Publication Date: 03/29/2005 Product Type: Case (Field) Publisher: Stanford University HBS Number: SM139 Geographic Setting: India Subjects: Investment management; Investments; Developing countries; International management; Philanthropies; Management skills Academic Discipline: Finance Product Description: Acumen Fund is an international venture philanthropy fund that has recently refined its strategy for providing management support to its investments. The chief investment officer is reviewing the performance of a portfolio organization and, against the backdrop of Acumen Fund's evolution and renewed focus on management support, is trying to determine how much additional support to provide to an organization that has faced significant challenges. Describes the organization — a small start-up water filter manufacturer and distributor in rural India — and its goals, performance, and management challenges. Describes Acumen Fund's approach to investment and management of philanthropic investments in developing countries.    Adecco SA’s Acquisition of Olsten Corp.   Add   View  18 pp.  Case Author(s): Kedia, Simi; Tufano, Peter Publication Date: 03/15/2001 Revision Date: 07/01/2004 Product Type: Case (Field) Product Description: In the summer of 1999, Adecco SA, one of the world's leading staffing companies, was in the midst of attempting to acquire the staffing operations of Olsten Corp., a U.S. firm. This case analyzes the economics of the staffing industry, basic valuation, cross-border issues including tax arbitrage, valuation of minority interest, and the importance of financial health in merger negotiations. Teaching Purpose: Industry analysis, basic valuation skills, and issues arising in cross-border mergers. May be used with: (9-202-116) Note on Minority Interest. HBS Number: 9-201-068 Geographic Setting: Lausanne, Switzerland Industry Setting: staffing Number of Employees: 28,000 Gross Revenues: CHF 15.3 billion revenues Event Year Start: 1999 Event Year End: 1999 Subjects: Business services; Financial accounting; International business; Mergers; Switzerland Academic Discipline: Finance Supplementary Materials: Teaching Note, (2-202-003), 9p, by Simi Kedia   Add     9 pp.  Teaching Note Author(s): Kedia, Simi Publication Date: 04/01/2002 Revision Date: 01/29/2004 Product Type: Teaching Note Product Description: Teaching Note for (9-201-068). Must be used with: (9-201-068) Adecco SA's Acquisition of Olsten Corp. HBS Number: 5-202-003 Subjects: Business services; Financial accounting; International business; Mergers; Switzerland Academic Discipline: Finance    Adelphia Communications Corp.’s Bankruptcy   Add   View  37 pp.  Case Author(s): Gilson, Stuart C.; Villalonga, Belen Publication Date: 10/19/2007 Revision Date: 03/17/2008 Product Type: Case (Library) HBS Number: 208071 Geographic Setting: Pennsylvania Industry Setting: Cable television industry Number of Employees: 14,000 Gross Revenues: $4.1 billion revenues Event Year Start: 2005 Event Year End: 2005 Subjects: Bankruptcy; Conflicts of interest; Family-owned businesses; Fraud; Restructuring; Stockholders Academic Discipline: Finance Supplementary Materials: Supplement (Spreadsheet), (208718), 0p, by Belen Villalonga Product Description: In 2002, a massive accounting fraud and corporate looting scandal involving the founding Rigas family made Adelphia the 11th largest bankruptcy case in history, and the third — after WorldCom and Enron — among those triggered by fraud. Set in 2005, when Adelphia is contemplating several options to emerge from bankruptcy, including a $17.6 billion cash-and-stock offer from Time Warner and Comcast, a $17.1 billion cash-only offer from Cablevision, and a $15 billion cash-only offer from KKR and Providence. The fact that both Comcast and Cablevision are themselves family-controlled and with a large wedge between the family's ownership and control rights further complicates the decision.    Adelphia Communications Corp.’s Bankruptcy, Teaching Note   Add     22 pp.  Teaching Note Author(s): Gilson, Stuart C.; Villalonga, Belen Publication Date: 03/23/2009 Revision Date: 05/13/2009 Product Type: Teaching Note HBS Number: 5-209-020 Academic Discipline: Finance Supp