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Case study
Publication date: 20 January 2017

Francis E. Warnock

After experiencing long, multiyear surges and slides in past decades, by summer 2013, the dollar had been range-bound against the euro. In this case, by assessing potential…

Abstract

After experiencing long, multiyear surges and slides in past decades, by summer 2013, the dollar had been range-bound against the euro. In this case, by assessing potential capital flows, students consider whether global currency market trends would propel the dollar higher, or if the past few years were just a pause in a much longer dollar depreciation episode. Suitable for both core and elective MBA courses in global financial markets and international finance, this case explores factors pointing to further euro appreciation and to others favoring the dollar. Sorting through mounds of evidence is necessary before forecasting the exchange rate's likely path. Filtering that evidence requires thinking about FX markets, prospective monetary policies, and past and prospective international capital flows.

Details

Darden Business Publishing Cases, vol. no.
Type: Case Study
ISSN: 2474-7890
Published by: University of Virginia Darden School Foundation

Keywords

Case study
Publication date: 22 May 2021

Ashutosh Dash

The learning outcomes of this paper is as follows: to review the basic differences between the two evolving bonds, i.e. green vs masala bonds in the Indian capital market; to…

Abstract

Learning outcomes

The learning outcomes of this paper is as follows: to review the basic differences between the two evolving bonds, i.e. green vs masala bonds in the Indian capital market; to comprehend the factors that need to be considered in deciding the type of bond to be issued; to assess complexities, such as process, timing, risk and location in relation to the issue of the green bonds; and to understanding the rudiments of bond economics, such as pricing, all-in-cost and yield-to-maturity of bonds and make a comparison of all-in-cost of the Reg-S bond and green bond to Indian Railway Finance Corporation (IRFC).

Case overview/synopsis

In September 2017, IRFC, a public sector undertaking registered as a Non-Banking Finance Company with Reserve Bank of India under the administrative control of the Ministry of Railways, was planning to raise US$500m 10-year green bonds from investors in Asia, Europe and the Middle East. The green bond proceeds were proposed to be used for low carbon transport and in this way, contribute significantly to the green initiatives of the Indian Railways. Many companies in India had issued regular bonds without labeling them as green but had used the proceeds of the bond for climate-aligned assets. Therefore, a bigger challenge before the IRFC management was the economics of green bond for getting a nod from the Board of Governors to go ahead. Some preliminary estimates on cost of green bonds were received from few bankers but to see that the terms of green bonds are met eventually, the Director (Finance) developed his own estimate of the cost of the new bonds. The Managing Director and Director (Finance) of IRFC were trying to figure out the economic advantage of green bonds besides its social benefits.

Complexity academic level

MBA Programme Executive Training.

Supplementary materials

Teaching notes are available for educators only.

Subject code

CSS 1: Accounting and Finance.

Details

Emerald Emerging Markets Case Studies, vol. 11 no. 1
Type: Case Study
ISSN: 2045-0621

Keywords

Case study
Publication date: 1 May 2013

Khaksari Shahriar and Platikanov Stefan

The case presents a financing dilemma at a fast growing, Brazilian construction company. The growing demand for residential and commercial real estate in Brazil, coupled with the…

Abstract

Case description

The case presents a financing dilemma at a fast growing, Brazilian construction company. The growing demand for residential and commercial real estate in Brazil, coupled with the capital intensive nature of the industry generates the need for a considerable external financing. The students are invited to take the perspective of the financial manager and evaluate three financing alternatives – an issue of debentures, a seasoned equity offering, and a capital-raising ADR offering. In their evaluation and final recommendation students need to consider the implications of each of the financing alternatives on firm value, equity risk, cost of capital, financial leverage, issuance costs, and ownership structure. The case also presents a valuable opportunity to discuss the interdependence between the institutional development of an economy and the development of its capital markets.

Details

The CASE Journal, vol. 9 no. 2
Type: Case Study
ISSN: 1544-9106

Keywords

Case study
Publication date: 14 December 2021

Florencia Roca

This case can be used to help students achieve the following objectives: To project financial statements and assemble different pieces of financial information to create a…

Abstract

Learning outcomes

This case can be used to help students achieve the following objectives: To project financial statements and assemble different pieces of financial information to create a valuation model (objective #1, create), To calculate a value for Arcor shares, supporting the estimated value with the chosen assumptions and methodologies (objective #2, evaluate), To draw connections between four different approaches to valuation (DCF, EVA, RV and VI), contrasting them and weighting their advantages and limitations (objective #3, analyze), To examine the relationship between forecasted financial statements and valuation (objective #3, analyze), To discuss the calculation of the Weighted Average Cost of Capital in a new situation as is an emerging economy, with the corresponding country-risk adjustment (objective #4, apply), To discuss the sources of value creation in a family-owned private company in a developing economy (objective #4, apply), To understand the dilemma that the head of a company was facing, identifying the three possible financing alternatives discussed in the text as follows: corporate bonds, earnings reinvestment and an IPO (objective #5, understand). To recall basic facts, as the main character’s opinion on the direction of the local economy or the fact that Arcor already complies with the information requirements of a public company (objective #7, remember).

Case overview/synopsis

This case is based on the valuation of the world’s largest candy maker, Arcor S.A.I.C., originally a Latin American company, which remains a private family business. The key problem presented by the case is the use of different valuation approaches to price Arcor shares, in view of a possible Initial Public Offer. The case illustrates the application of four main valuation approaches as follows: Discounted Cash Flow (DCF), Economic Value Added (EVA), Relative Valuation (RV) and Value Investing (VI). Additionally, it includes a fundamental analysis of eight years of historical financial information and the preparation of forecasted financial statements. Set in a developing economy, the Arcor case introduces the complexities of calculating the cost of capital with the inclusion of country risk, as well as the financial analysis distortions caused by an environment of high inflation.

Complexity academic level

The Arcor case is appropriate to be used in graduate courses of Corporate Finance, Valuation or Private Equity.

Supplementary materials

Teaching notes are available for educators only.

Subject code

CSS 1: Accounting and Finance.

Details

Emerald Emerging Markets Case Studies, vol. 11 no. 4
Type: Case Study
ISSN: 2045-0621

Keywords

Case study
Publication date: 16 April 2015

Gopalakrishnan Narayanamurthy, Pradeep Kumar Hota, Surya Prakash Pati and Manoranjan Dhal

Human Resource Management (HRM), Industrial Relations, Labor Law (Indian business context), Organizational Behavior, Trade Union and Employer-Employee Relationship.

Abstract

Subject area

Human Resource Management (HRM), Industrial Relations, Labor Law (Indian business context), Organizational Behavior, Trade Union and Employer-Employee Relationship.

Study level/applicability

Academic students (MBA and BBA), management trainees, HR managers and top management of organizations interested in understanding the importance HRM practices.

Case overview

This case describes an Industrial Relations situation in an automobile company in India. It begins with the mention of Maruti Suzuki India Limited's (MSIL) brush with an unprecedented labor violence that rocked its Manesar facility on July 18, 2012, eventually leading to the lock out of the same on July 21, 2012. Further, it describes the background of the company, employer-employee relationship, a series of strikes experienced by the company, incidents that led to the violence, incidents that happened on the day of violence and finally actions taken after the violence by the company, the government and the union. With such details, the case raises questions on the prolonged people management issues afflicting MSIL. It endeavors to educate the discussants on the specifics of an industrial relations system and the role of each actor toward maintaining industrial peace.

Expected learning outcomes

Understanding the role of actors of industrial relations toward effective HRM in the organization. Analyzing the compliance of the actors under the existing labor laws as applicable to the organization. Comprehending the attitude of employees, employers and industry toward each other and also toward the job. To understand the nuances of people management function and its contribution toward the violence that eventually resulted in lockout. To comprehend various organizational behavior concepts that shall help synergize the employees' objectives and employer's goal. To analyze the complete incident with relevant organizational and industrial relations (IR) theories.

Supplementary materials

Teaching notes are available for educators only. Please contact your library to gain login details or email support@emeraldinsight.com to request teaching notes.

Details

Emerald Emerging Markets Case Studies, vol. 5 no. 2
Type: Case Study
ISSN: 2045-0621

Keywords

Case study
Publication date: 20 June 2018

Nikunj Kumar Jain, Subhashis Sinha and N.S. Iyer

Human Resources Management (HRM), Industrial Relations and Strategic Management.

Abstract

Subject area

Human Resources Management (HRM), Industrial Relations and Strategic Management.

Study level/applicability

Post-graduate students or executive post-graduate students, Core course in Human resources Management (HRM), Industrial Relations or Strategic Management or in elective courses in Industrial Relations and Strategic HRM.

Case overview

The Personnel manager of Asian Paints Ltd., Cuddalore (Tamil Nadu) factory, found himself in a Catch 22 situation when a Union leader of the manufacturing unit refused to work. The Union leader had been transferred from the Quality Assurance department to the Production department. The case describes the sequence of events and the backdrop in which the aforementioned situation had unfolded. Given the circumstances that prevailed in the factory, the personnel manager’s decision was likely to have significant impact on the factory’s output.

Expected learning outcomes

The student will be able to understand the industrial relations/Union issues in a company and the role of different stakeholders, namely, management, Union, workmen and the government in a conflict scenario. The student will learn the application of principles of natural justice and will be able to evaluate the Industrial Relations (IR) strategy adopted by the organizations to prevent labor unrest at the workplace. The student will understand the impact of critical management decisions on the organization’s performance in an uncertain global environment.

Supplementary materials

Teaching notes are available for educators only. Please contact your library to gain login details or email support@emeraldinsight.com to request teaching notes.

Subject code

CSS 6: Human Resource Management.

Details

Emerald Emerging Markets Case Studies, vol. 8 no. 2
Type: Case Study
ISSN: 2045-0621

Keywords

Case study
Publication date: 16 April 2020

Bei Zeng, Andreas Johannesen and Xin Fang

This study aims to provide students an opportunity to analyze the financial performance of a publicly listed real estate company and estimate its instinct value by applying…

Abstract

Purpose

This study aims to provide students an opportunity to analyze the financial performance of a publicly listed real estate company and estimate its instinct value by applying appropriate financial models and approaches.

Theoretical basis

Three major valuation models/approaches generated by financial theory and practice to estimate the intrinsic value of a security: discounting cash-flows valuation (DCF and NPV) – valuation through adjusted net asset and liquidation value (NAV) – relative valuation through price and value multiples (valuation multiple analysis and precedent transactions analysis). Wholly owned subsidiaries versus and joint venture ones.

Research methodology

Analyze financial information of all segments in a multiple-business firm, and apply suitable financial models and approaches among net asset value model (NAV), discounted cash flow (DCF) or net present value (NPV) model, valuation multiple analysis and precedent transactions analysis to estimate the intrinsic value of the whole firm.

Case overview/synopsis

This decision-based case allows students to explore the business valuation process for a public listed real estate company, Alexander & Baldwin, Inc. (NYSE: ALEX). Based on financial statements analysis and forward-looking financial expectation on ALEX, this case elevates students' understanding and practice of valuating this multiple-business firms by applying appropriate financial models and approaches among NAV, DCF or NPV, valuation multiple analysis and precedent transactions analysis and enable students to make their investment decisions of buying, holding or selling the company’s stocks.

Complexity academic level

This case is most appropriate for graduate courses such as corporate finance, investments, personal finance, real estate finance and financial markets and institutes.

Case study
Publication date: 26 August 2024

Harvinder Singh

After completion of the case study, students will be able to: 1. understand the basis for developing global supply chains for exploring international markets, 2. identify the…

Abstract

Learning outcomes

After completion of the case study, students will be able to: 1. understand the basis for developing global supply chains for exploring international markets, 2. identify the various sources of geopolitical risk while expanding globally, 3. assess the market entry or exit decisions from a principled and commercial perspective and 4. identify and weigh different options when faced with an exit situation under conditions of geopolitical risk.

Case overview/synopsis

The Japanese fast fashion brand Uniqlo opened 45 stores in Russia as a part of its international retail expansion strategy. The brand provided affordable fashion for everyone. However, the Russia–Ukraine armed conflict had put the company in a dilemma. The Japanese Government and the public joined the broader global community in condemning Russia’s armed intervention in Ukraine. These countries also imposed economic sanctions on Russia, resulting in many multinational companies winding up their operations in Russia. Uniqlo faced a market exit dilemma. Russia had the largest number of Uniqlo stores in Europe. The company CEO also highlighted the necessity of meeting the clothing needs of the Russian people. However, people in Japan and elsewhere considered Russia as an aggressor nation. Any economic link with the Russian market would be ethically wrong, and consumers in Japan, the USA and the European Union might see this as support for Russia’s war efforts. The company had to choose between continuing operations in Russia or exiting the Russian market.

Complexity academic level

This case study can be used in basic marketing management and international business courses to discuss the market attractiveness and risk aspects for market entry or exit decisions. It can also be used in advanced courses such as strategic management, global strategy and global political economy, highlighting the impact of geopolitical conflicts on business operations.

Supplementary materials

Teaching notes are available for educators only.

Subject code

CSS 11: Strategy.

Details

Emerald Emerging Markets Case Studies, vol. 14 no. 3
Type: Case Study
ISSN: 2045-0621

Keywords

Abstract

Subject area

Industrial Marketing.

Study level/applicability

MBA students and participants of MDPs.

Case overview

It involves marketing of air compressors in particular and industrial equipment in general. It tries to analyse strategies on the framework of market leader strategies to facilitate growth in a challenging business environment in view of the strengths and weaknesses of the firm. It aims to identify the organizational and business model changes that may be required to be implemented in transforming a firm from a marketer of capital goods to a marketer of projects.

Expected learning outcomes

To help students/participants evaluate and select marketing strategies for a market leader under challenging business environments as well as identify important organizational and business model changes involved in transition of any firm from selling products to selling projects.

Supplementary materials

Teaching notes are available for educators only. Please contact your library to gain login details or email support@emeraldinsight.com to request teaching notes.

Subject code

CSS 8: Marketing.

Details

Emerald Emerging Markets Case Studies, vol. 7 no. 2
Type: Case Study
ISSN: 2045-0621

Keywords

Case study
Publication date: 19 June 2024

Serwaa Karikari and Haiyan Hu

The case portrays an actual organization, real people and an authentic marketing situation. Both primary and secondary data were used to develop the case. Interviews with the…

Abstract

Research methodology

The case portrays an actual organization, real people and an authentic marketing situation. Both primary and secondary data were used to develop the case. Interviews with the company’s founders were a major source of primary data. Email exchanges with the company’s leadership were used to verify and elucidate details within the case and instructor’s manual. Other primary data included direct observations of how maize was milled, sold in the marketplaces and cooked into various staple foods. Secondary data about the company were obtained from the company’s website, social media (Facebook, Twitter, Instagram) and articles in the press. Information on the company’s operating environment was derived from published government reports. The authors also drew on secondary data about the statistics, practices and issues involved in maize production and the agro-processing industry in Ghana.

Case overview/synopsis

This case features Sahel Grains Ltd, an agro-processing company based in Ghana, West Africa, striving to grow its maiden product, Faast Mmori. This ready-to-cook corn dough provides a more hygienic and convenient way of preparing local meals, compared to the traditional method, which involves taking maize grain to the local mill facilities and paying to have it milled before cooking. Alternatively, consumers purchase corn dough from the markets to make traditional meals. Since the company launched the product in Kumasi in 2018, sales have grown with the augmented street sales promotion and expanded distribution in premium supermarkets such as Shoprite and Citydia. However, starting in November 2020, the sales seemed to plateau with dwindling new customers, and the monthly dough sales in Kumasi dropped for the first time in December 2020. Although the sales regained positive growth, they then started to lose momentum.

In this scenario, Kofi, the CEO and co-founder, is considering marketing strategies to catalyze growth. Students assume the role of Kofi and are asked to recommend growth strategies to move the company forward. In doing so, they must scan the market environment and analyze the product’s market positioning. More importantly, they are challenged to develop strategies for managing growth.

Complexity academic level

This case is intended for undergraduate students in an introductory course in marketing, management, entrepreneurship and business in general. It introduces students to key marketing concepts, such as market environment scanning, positioning, product life cycle and market growth strategy.

Details

The CASE Journal, vol. ahead-of-print no. ahead-of-print
Type: Case Study
ISSN: 1544-9106

Keywords

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