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Playing the Field: Competing Bids for Anadarko Petroleum Corp

by Benjamin C. Esty E. Scott Mayfield Daniel W. Green

Anadarko Petroleum CEO Al Walker must make a recommendation to his board of directors regarding the merits of two competing merger proposals. Weeks earlier, on April 11, 2019, Anadarko had agreed to be acquired by Chevron Corporation in a cash and stock deal that Chevron valued at $65 per Anadarko share. Now, following speculation that Occidental was working with Warren Buffett, Anadarko had received a competing bid from Occidental Petroleum that Occidental valued at $76 per Anadarko share. Walker now needed to decide which offer was superior. If the Anadarko bid was determined to be superior, Anadarko would be required to pay a $1 billion break-up fee to Chevron.

Divesting Harvard's Endowment

by Daniel Green Luis M. Viceira Holly Fetter

By early 2020 Harvard University was facing growing pressure from students, faculty, and alumni to divest its $40 billion endowment of financial stakes in fossil fuel producers. It's previous policy of avoiding the issue was quickly becoming outdated-$21 trillion of institutionally managed money now gave some consideration to sustainability. This case considers the two important questions surrounding a potential divestment: 1) Should the University alter its endowment's portfolio to meet broader social objectives, and 2) If so, how should it integrate climate objectives, or ESG considerations more generally, into its investment strategy and portfolio construction? In the case the University is being advised on these questions by Nicole Abramson, an investment management professional specializing in ESG products. To formulate her recommendation, Abramson considers the views of Harvard's stakeholders and the sustainability best practices of institutional investors and asset managers around the world.

Airbnb During the Covid Pandemic: Stakeholder Capitalism Faces a Critical Test

by Benjamin C. Esty Allison M. Ciechanover

As the covid pandemic spread in early 2020, global travel ground to a halt. For Airbnb, the San Francisco-based platform for renting accommodations, the impact was both swift and severe as revenues plummeted more than 70% over the prior year. Responding to the sudden downturn was a challenge for CEO Brian Chesky and his leadership team because the firm had a adopted a stakeholder model with five key constituents: guests (renters), hosts (landlords), employees, communities and shareholders. While all five groups could benefit in the long-term if the firm succeeded, it was less clear how they should balance the potentially conflicting demands in the short-term particularly given the mounting losses. For example, in the face of travel restrictions, Airbnb could support guests by requiring hosts to refund deposits or could support hosts by allowing them to keep deposits. Similarly, should Airbnb use existing cash to maintain employment levels or downsize to protect capital providers? In the highly uncertain environment that existed in April 2020, Chesky and his team had to make many critical decisions with little precedent and limited information to guide them. As one of the first Silicon Valley "unicorns" to adopt a stakeholder business model, the world would be watching to see what they did, how they did it, and why.

Apax Partners and Duck Creek Technologies

by Josh Lerner Terrence Shu Alys Ferragamo

This case follows Jason Wright and Umang Kajaria at Apax Partners as they consider an investment in Duck Creek Technologies, a technology provider for property & casualty insurance companies. The deal required a complex carve-out from Accenture, Duck Creek's parent organization, and several operational improvements to rejuvenate the company. The case provides the opportunity to evaluate the deal's investment thesis, structure, and risks, along with calculating Duck Creek's valuation.

Modern Endowment Management: Paula Volent and the Bowdoin Endowment

by Luis M. Viceira Emily R. McComb Dean Xu

This case examines modern endowment investment management through the lens of a leadership transition between Chief Investment Officers (CIOs). In March 2021, Paula Volent is about to step down as the CIO of the endowment of Bowdoin College after twenty-one years, and is preparing to meet with her successor, Niels Bryant, to plan for the transition. Under Volent's leadership, the endowment has grown from about $433 million to almost $1.8 billion while providing the college a consistent annual payout of between 4% and 5% of the value of the endowment to fund its operations. While returns have been exceptional under Volent's leadership (as compared for example to most other college and university endowments), she is acutely aware of the challenges ahead driven by capital markets conditions, including the persistently low level of real and nominal interest rates relative to history, high equity valuations, and the flow of assets into alternative asset classes. At the same time, colleges such as Bowdoin have become increasingly reliant on endowments in order to be able to offer admission the best students, regardless of their financial situation, as well as compensation and research budgets to attract the best faculty in a highly competitive environment. Without the support of a growing endowment, this cost inflation would require significant tuition increases and quite possibly cuts to financial aid. The case offers students ample opportunities to examine the link between the financial needs of an investor ("liabilities") and its assets, and to analyze how this translates into effective investment risk management, liquidity management, return targets and the tradeoff between risk and return, and portfolio structuring decisions. The case also provides opportunities to examine performance evaluation as well as strategies for manager selection in actively managed portfolio.

Awakening the Blockchain: An Overview of DeFi

by Marco Di Maggio Nicolas Andreoulis Wenyao Sha

Industry and Background Note

Crown Cork & Seal/CarnaudMetalbox

by William E. Fruhan William Dewitt

A U.S. packaging firm acquires a French packaging firm with the objective of creating the largest global packaging firm in the world.

Facebook-Can Ethics Scale in the Digital Age?

by Carin-Isabel Knoop George A. Riedel

Since its founding in 2004, Facebook has built a phenomenally successful business at global scale to become the fifth most valuable public company in the world. The revelation of Cambridge Analytica events in March 2018, where 78 million users' information was leaked in a 2016 US election cycle, exposed a breach of trust/privacy amongst its user community. In the past, growth at any costs appeared to be the de facto strategy. Now many voices such as regulators, advertisers, ethicists, shareholders and users argued for a more responsible approach to addressing their concerns. Mark Zuckerberg (CEO/Chair/Founder) and Sheryl Sandberg (COO) mapped out their six-point plan to address this existential threat. Could they continue to grow and rectify the breach of trust/privacy? Did other stakeholders have some greater responsibility too? In addition to issues of privacy and trust, there is a growing chorus of concern about "content moderation" - not for the easy topics like spam or copyright material -but for the hard things around political points of view, hate speech, polarizing perspectives, etc. How will Facebook strike the balance between free speech and corrosive content across billions of users and dozens of languages? Are they the arbiters of truth/censorship in the digital world?

Nayana Mawilmada: Transforming Urban Development in Sri Lanka

by Joshua D. Margolis Mahima Rao-Kachroo

In February 2018, Nayana Mawilmada (Nayana), investment head for the Sri Lankan government's ambitious $40 billion Megapolis project, must weigh an attractive job offer to move from the public sector to the private sector. A massive government project aimed at improving the lives of 5.8 million people living in and around Colombo, the Megapolis was stalled for many years until Nayana took on a leadership role. The case documents what he has learned to do to move things forward across a complex web of stakeholders (vying government agencies, politicians, funding institutions, academic experts, the press, users, and the general public). Just as the project gains official approval and is set to move to actual implementation, Nayana faces a career choice. Alongside that choice, students must determine whether Nayana has been successful or not.

Wendell Weeks at Corning Inc. (B): Valor Glass and the COVID-19 Pandemic

by Aldo Sesia Ryan L. Raffaelli

The (B) case offers a detailed account of Wendell Weeks's innovation strategy at Corning, and how his approach played a critical role in the COVID-19 pandemic. It illustrates the company's philosophy of making long-term investments in promising new technologies and products well before others believed their time was ripe.

Gilead: Hepatitis-C Access Strategy (A)

by V. Kasturi Rangan David E. Bloom Vikram Rangan

Gilead had come up with an innovative drug for Hepatitis C, which affected 180 million people worldwide. The drug was priced at $1,000 a pill for the US market. Gilead had to decide how to price and market the pill in developing countries that bore the brunt of the disease. The company had earned accolades for its work in HIV/AIDS, where its innovative medicines now accounted for 60% of all patients on Anti-Retroviral (ARV) medicines. Much of this was accomplished through generic licensing, which brought a $10,000/year treatment regimen down to $100! Should the company replicate that strategy for Hepatitis C? If so, how would its US Healthcare customers, who were paying $84,000 per patient, react? On the other hand, Gilead had to balance the interests of its shareholders, who paid $11 billion for an acquisition that led to the new Hepatitis C drug.

Mavi: Fashioning a Path to Brand Growth

by Jill Avery Gamze Yucaoglu

This case examines the strategic choices and business model with regards to branding at Mavi, a leading Turkish apparel retailer. The case is presented from the perspective of the company CEO and its global brand director who is also part owner. In 2015, Mavi had sales of $419 million, up 20% from the previous year. Growth rates like these were becoming routine at Mavi. But, the path to growth was getting more challenging, and Turkven, Mavi's private equity partner, was planning its options after seven years of investment. There were four growth levers Mavi could pull, but each involved selecting one growth path while neglecting another. Should the company invest in growth domestically or internationally? Should they change the price positioning of the brand to move upmarket or down market? Which value proposition offered the most future promise: functional differentiation, lifestyle differentiation, or celebrity endorsement? Should the company continue to serve both men and women of all ages, or were there specific consumer targets that offered the most promise? Managers realized that these choices would not only determine the company's short-term growth trajectory, but also shape the longer-term value of the Mavi brand.

Saham Group: It's in the Genes

by Gamze Yucaoglu Christina R. Wing

The case opens in August 2020 as Moulay Mhamed Elalamy (Mhamed), CEO of the Saham Group (the Group), a pan-African investment company that operates a variety of businesses out of Morocco, contemplates the Group's identity, its investment strategy, and how to navigate the existing businesses through volatility. Since Mhamed's father Moulay Hafid Elalamy (Moulay Hafid) had laid the foundations of the Group in 1995, its insurance arm became the largest insurance company in Morocco and expanded into the rest of Africa, and the Group diversified to include call centers, real estate, and agriculture. In 2013, Moulay Hafid Elalmy left his executive duties to take on the role of Minister of Industry, Trade, and New Technologies. The case talks about Mhamed's entering the family business at the age of 23 and his rise through the ranks to eventually assume the CEO position. In 2018, Mhamed decided to sell the insurance businesses, the Group's crown jewel, and the Group became a private equity house. Since then, Mhamed and his sister Anissa Elalamy were focused on making sure that business continued to prosper. While the Group was settling into its new identity as a family office focused on private equity, the COVID-19 pandemic highlighted the difference between the father and son's risk appetite and management styles: Mhamed was focused on value preservation and risk-reward analysis, while Moulay Hafid's saw opportunities everywhere. This raised questions for the future and the family contemplated its risk tolerance and allocation, governance, and succession. The case introduces the different family members and executives and their points of view and asks: What difficult conversations did the Elalamys need to have to ensure shareholder value and continued success in the upcoming generations?

Australia: Commodities, Competitiveness, Climate and China

by Laura Alfaro Richard H.K. Vietor

For the past few decades, Australia has dealt with the benefits and costs of repeated mining booms-inflation, a housing bubble, a current account deficit and growing dependence on China. Between 1996 and 2007, however, Australia had most of these issues under control and grew at impressive rates, becoming one of the richest of developed countries. Yet competitiveness in its non-mining sectors declined. Since the financial crisis, additional challenges associated with climate change, minerals taxes, migration, fiscal deficits and currency fluctuations have complicated the issues facing both Labor and Liberal administrations, with a very thin majority. Meanwhile, Australia's non-mineral competitiveness continues to recede.

Danaher Corporation (Abridged)

by Bharat N. Anand David J. Collis Sophie Hood

Between 1985 and 2007, Danaher has been one of the best-performing industrial conglomerates in the U.S. This case examines the corporate strategy of this diversified, global corporation. It describes the firm's portfolio strategy and the Danaher Business System-a systematic and wide-ranging set of organizational processes the firm has developed to drive growth and create value. In 2008, the firm confronts various challenges in sustaining its impressive historical performance. First, can it continue to balance organic and acquisition-led growth? Second, what will be the impact of increased competition from private equity players? Third, for how long can its strategy of "continuous improvement" continue?

Yale Investments Office: November 2020

by Josh Lerner Jo Tango Alys Ferragamo

David Swensen and the Investments Office staff must decide whether to continue to allocate the bulk of the university's endowment to illiquid investments-hedge funds, private equity, venture capital, real estate, natural resources-given the impact of the COVID-19 public health crisis on the financial markets. The case explores the risks and benefits of a different asset allocation strategy and considers how to create financial models to prepare for unexpected events. It highlights the issues around allocations across different subclasses, e.g., between venture capital, hedge funds, and real assets.

DigiPlex: Ante-Up or Cash Out

by Josh Lerner James Mason

In November 2020, the co-founders of DigiPlex study the future growth trajectory of their Nordic data center venture. A critical question was on the agenda: was now finally the right time to sell DigiPlex? Originally a $2.75 million investment in one small data center made in the wake of the dot-com bubble, the Norwegian-based firm had seen tremendous growth in the last two decades. DigiPlex was now worth over a billion dollars and comprised seven data centers across Scandinavia, offering high-speed connectivity powered by sustainable hydro-electric energy.

Workshop Exercise: Branding New Ventures

by Christina Wallace


Amazon HQ2

by James K. Sebenius Ben Cook

Amazon's failed bid for a second headquarters location ("HQ2") in Long Island City, New York offers many lessons for negotiators looking to avoid similar high-profile defeats in strategically important deals. The company's project - which promised to bring billions of dollars in net new tax revenue and thousands of jobs to the city - initially enjoyed widespread support on the ground, alongside vocal advocacy from political elites at the state and local level. But after the proposal was announced, a relatively small cohort of passionate opponents organized to pressure a key set of lawmakers into opposing the deal, ultimately leading the company to withdraw its offer. Amazon's HQ2 derailment at the hands of these well-organized activists, and its failure to mobilize its broad base of support in useful ways, mark a striking example of the potential pitfalls dealmakers face when negotiating large-scale projects in the public eye.

BE(A)WARE: A Booklet on Modus Operandi of Financial Fraudster

by Reserve Bank Of India

There has been a sizable surge in usage of digital modes of payment during the recent years. This has not only led to improved customer convenience, but also contributed to achievement of national objective of financial inclusion to a great extent. As the ease of doing financial transactions improved, the number of frauds in retail financial transactions have gone up. Fraudsters have been using innovative methods to defraud the hard-earned money of common and gullible people, especially new entrants who are not entirely familiar with the techno-financial eco-system. In compiling this booklet, the sole objective has been to pack between its covers maximum possible extent of practical information of real value, especially for those who are inexperienced in financial transactions. It is not just a collection of incidents, gathered at random from various sources, but a meticulously compiled document from the variety of complaints received at offices of Banking Ombudsman. This booklet is an attempt at creating awareness among public about the modus operandi of the fraudsters, while also providing some inputs about precautions to adopt while carrying out financial transactions. This booklet emphasizes the need to keep one's personal information safe, beware of unknown calls/emails, practicing due diligence while performing financial transactions and changing the secure credentials/ passwords from time to time. Hence the title BE(A)WARE – Be Aware and Beware! This booklet is part of the public awareness building initiative by this Office and is being uploaded on EKP for the benefit of all RBI Offices.

Hindi Lokbharati Vyakaran Aur Bhasha Adhyayan class 9 - Maharashtra Board: हिंदी लोकभारती व्याकरण और भाषा अध्ययन कक्षा नौवीं - महाराष्ट्र बोर्ड

by Shri. Navneet

कक्षा नौवीं की हिंदी लोकभारती (द्वितीय भाषा) के पाठ्यक्रम, पाठ्यपुस्तक तथा कृतिपत्रिका के नवीन प्रारूप पर आधारित 'नवनीत हिंदी (LL) व्याकरण और भाषा अध्ययन' पुस्तक प्रकाशित किया गया है। व्याकरण भाषा की आधारशिला है। किसी भी भाषा का समुचित अध्ययन करने के लिए उसके व्याकरण का ज्ञान होना आवश्यक है। इसलिए भाषा विषय में अधिकतम अंक प्राप्त करने के लिए कृतिपत्रिका में पूछे जा सकने वाले व्याकरण संबंधी प्रश्नों की भलीभाँति तैयारी करना आवश्यक है। इस पुस्तक में कक्षा नौवीं के पाठ्यक्रम तथा कृतिपत्रिका के नवीन प्रारूप के अनुसार व्याकरण के सभी अंगों और उनके नियमों का सरल और रोचक शैली में स्पष्टीकरण देते हुए समावेश किया गया है तथा विविध कृति-स्वाध्याय दिए गए हैं। इसके साथ ही अलग विभाग में शब्द संपदा के सभी घटकों का विस्तार से समावेश किया गया है और उनके बारे में परीक्षा की दृष्टि से अत्यंत उपयोगी सामग्री दी गई है।

2nd PUC English Medium Indian History

by Department of Pre-Univercity Education

It is an educational textbook book for 2nd puc english medium students by Department of Pre-Univercity Education

Ahriman: The Spirit Of Destruction (The Ahriman Legacy #Book 1)

by Puja Guha

When the CIA intercepts intelligence on a terrorist attack in Kuwait, Petra Shirazi, a former field agent, comes face to face with the Ahriman, one of Iran's deadliest assassins. It was the year when global economies continued to plummet despite analysts' predictions of a turnaround. It was the year when the Kuwaiti National Assembly consisted of the largest Islamic contingent in more than two decades. It was the month when the price of oil plunged to twenty dollars a barrel. It was the month when the Emir of Kuwait dissolved the National Assembly for the thirteenth time in fifteen years. It was the day when the head of the Islamic majority of the Assembly hired an assassin and the CIA intercepted intelligence about a new wave of terrorist attacks. It was the day that would change the face of the Middle East forever. It was May 15, 2021.

The Mahabharata Quest: A Secret Revealed (The Mini Sequel To The Alexander Secret) (The Mahabharata Series #2.5)

by Christopher C Doyle

The Quest Continues The call disconnected. Vijay put his phone down and sat thinking. His mind spun. Who was this mysterious caller? He clearly had an urgent need to meet. So why wait for six months? His explanation didn’t make sense. What preparation did he have to do? And what was he going to reveal to Vijay when they did meet? There were too many questions that were unanswered. Six months from today this puzzle would unravel. He would have to wait. Who is the mysterious caller who contacted Vijay after his return from Kazakhstan, promising to reveal a secret six months later? What happens at Starbucks, Gurgaon when Vijay finally meets the mysterious caller? What is the secret that leads Vijay to a new mystery that will unfold in 2016?

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