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Provides an overview of the going public process.
Describes a model for thinking about the hiring and selection process.
On August 1, 2007, 61-year-old Jan-Olaf Willums' plane was flying along the Greenland coastline on his way back to Norway after intense discussions with several prominent U.S. venture capital investors, among them Kleiner Perkins and Rockport Capital Partners, about investing in a plan to accelerate his company's entry into the North American market. A successful engineer, entrepreneur, and sustainable development champion, Willums was CEO of Think Global AS (TH!NK), a privately held Norwegian maker of electric vehicles (EVs). Having already raised $85 million in venture backing, TH!NK was just a few months away from the broad European launch of its line of EVs, the first commercially available, highway-safe cars in the world that produced zero greenhouse emissions.
Identifies concepts and tools of finance that are useful to general managers and critical to entrepreneurs: cash, risk, and value.
Uses a numerical example to demonstrate that when you discount the cash flows to capital from a project at the weighted average cost of capital, you get same net present value result as you obtain when discounting the cash flows to equity at the cost of equity. Also demonstrates why it is far easier to do a net present value calculation using the weighted average cost of capital (assuming a fixed debt ratio and market value weights) than it is to do the same calculation using the cost of equity.
Covers the historical development, current business, management philosophies, corporate strategy, and the nature and role of the corporate headquarters in managing the highly diversified operations. Based on Textron, Inc. (A).
Describes a young man's first job with a large corporation, where he is given a great deal of responsibility but little authority or supervision. The action takes place in the 1960s.
The Caspian region may become one of the world's next major energy producers. Azerbaijan, Kazakhstan, Turkmenistan, and Uzbekistan-all former Soviet republics--hold vast and largely undeveloped reserves of oil and gas, but the region's export infrastructure is nearly nonexistent. The Note provides background on Azerbaijan and Kazakhstan-the region's major oil producers-including economic and oil sector data. Also in A, it discusses major options to the surrounding region; B. Covering the advantages and weaknesses of each of the options.
In 2011 Britt Harris, the Chief Investment Officer for the $107.4 billion Teachers Retirement System of Texas (TRS), was considering whether to pursue strategic partnerships with a group of large private equity firms. After spending four years aggressively moving the fifth largest pension fund in the United States into alternative asset classes, Harris felt that TRS shouldn't just participate in private equity funds as a typical limited partner. Rather, under his proposal TRS would offer carefully vetted firms multi-billion dollar investments through a customized fund structure that had fewer allocation mandates than traditional fund structures, and guarantees to reinvest 50% of any investment gains back into the investment vehicle. In exchange, Harris hoped to receive a highly customized compensation structure and gain greater access to investment professionals within the participating firms.
Describes Texas Pacific Group's purchase and operation of J. Crew, the catalog and specialty clothing retailer. Highlights the issues involved in financing such a transaction, and then focuses on the operational challenges of turning around the business, and of TPG's intensive involvement in the running of the business. Details the improvements in the business, and then the retrenchment, leaving the business facing a significant debt payment coming due. TPG must decide whether to sell the business and get out "whole," or whether it can develop and execute a more successful strategy going forward.
Describes a method of competitive analysis used by the Boston Consulting Group to coordinate a portfolio of products at the corporate level. Construction and interpretation of product portfolio charts is an important aspect of the technique.
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."
This note provides background in all the modalities of telemedicine. It accompanies the cases "Medtronic: Patient Management Initiative" (A) and (B), HBS Nos. 302-005 and 309-064.
Outlines the components of Texas Instruments' low-cost digital watch. Focus is on getting the assembly line running smoothly and efficiently in order to meet production cost and delivery requirements.
When tasks are highly complex, demand a diversity of skills, or require a commitment from the involved parties, teams are usually the most effective way to approach them. But a group of people working together does not automatically equally a team, and groups are often inefficient and ineffective. Provides detailed information on team development, team management, and team process. Also suggests specific interventions that any team member can make to improve decision making and participation, as well as ways to influence dynamics and resolve conflicts.
Texas Instruments implements a Cost of Quality (COQ) system as part of a company-wide "Total Quality Thrust." After several years of operation, group management questions whether or not the COQ system should be updated to make it more useful in identifying areas for quality improvement. The case documents the current system and asks students to analyze the role it played in the quality control process and areas in which it could be improved.
Every real-estate transaction is affected by the tax consequences that result from its form and substance. Structuring a transaction without a thorough understanding of its tax considerations is likely to reduce the transaction's potential value. The failure to utilize the available tax benefits eliminates one of the major reasons for making a real-estate investment.
Leadership can never occur in isolation from followers. Leaders must be talent managers. Talent managers know how to identify, build, and engage talent to get results now. Talent managers identify what skills are required, draw talent to their organizations, develop people, engage them, and ensure that employees turn in their best efforts. Talent managers generate intense personal, professional, and organizational loyalty. How to optimize talent today? This chapter shows you the way. This chapter is excerpted from "The Leadership Code: Five Rules to Lead By."
The finance director of the Texas High-Speed Rail Corp. (THSRC) is considering modifications to the financing program designed to support the development, construction, and operations of THSRC's planned high-speed rail system. The current plan achieves many objectives, including raising $6.5 billion from private sources, but a few problems remain to be addressed. These include temporary overfunding, unutilized tax losses, and certain important contingencies. Designed to highlight the shortcomings of simple valuation tools in a static analysis when applied to a dynamic project. The class discussion should isolate specific analytical issues, which may then be addressed in subsequent class sessions.
Presents an overview of strategic alliance. Discusses the academic literature and its implications for the structure of strategic alliances. Also details the types of strategic alliances utilized by small, growing firms.
Execution is the ability to turn what we know into what we do. As a leader, your ability to execute will enable you to turn strategic aspirations into actions, desires into results, and desired futures into present reality. Leaders who execute connect the present to the future, focus on linking the short term to the long term, manage their time, engage others, and ensure accountability and consequences for delivering on time. These leaders accept responsibility for what needs to happen, do what needs to be done, and develop a convincing track record of delivering results. In short, they follow the five fundamental execution disciplines outlined in this chapter. This chapter is excerpted from "The Leadership Code: Five Rules to Lead By."
Employees, officers, and directors of Texas Gulf Sulphur acquired or tipped off others to acquire common stock or options before and concurrent with the announcement of a major discovery of ore. The question is whether any of these acquisitions violated either federal securities law, state fiduciary law, or ethical standards.
Reviews some basic issues to be considered in selecting a new location for a retail store.
The company as part of a commitment to Total Quality Management has installed a computer system that accumulates 30,000 observations on its processes every 2-4 hours. Operating people have found the monthly summaries of financial performance not too useful in this environment. Recently a department manager has created a daily income statement for his operators. Case explores role for financial summary information in an environment where extensive, timely data on product processes and products already exist.