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The case has been developed as an illustrative case study using primary data. The data and images used for developing the case have been collected from the Alipurduar Division of Indian Railways with suitable permissions. The specific newspaper studies used in developing the case content have been referenced as footnotes on the relevant pages of the case study document.

Train operations in Alipurduar Division of Northeast Frontier Railway zone of Indian Railways are difficult. The division provides the vital rail link between the northeast states and the rest of India. Railway lines in the Alipurduar Division pass through several forests with a significant elephant population. As an outcome of train–elephant conflicts, train operations on one of the railway lines operate under severe speed restrictions. Moreover, the region is known for heavy rainfall and thunderstorms for almost six months every year. For the Divisional Railway Manager (DRM), the protagonist of the case, this implied repeated congestion, traffic disruptions, inadvertent delays and lack of time for critical maintenance of the tracks. A solution was planned several years ago for creating an alternative path to de-congest the traffic; however, it ran into a roadblock due to land acquisition issues.With all these limitations, could a solution be found and implemented? How could it be executed?The case illustrates how a simple yet innovative solution was proposed by the DRM in 2015 and implemented in 2016.With this case, students will be able to understand the innovation process that is embedded within long-term infrastructure projects. The case will help students understand how innovation can take place even in the later stages of project implementation, and how simple and creative solutions can have a long-term impact.

The case can be used in graduate and executive education courses in General Management and in Public Policy Management. It can also be used in Doctoral-Level Programmes such as those taught to scholars pursuing Fellow Programme in Management. Since the case brings out elements of problem framing and critical thinking, the case can be used for courses in strategic management. Many professionals, particularly those working in large organizations dealing with large infrastructure projects, will identify with the DRM and the challenges faced by him.

The theoretical basis for the case is information asymmetry and signaling theory, with buybacks providing a mechanism for reducing information asymmetry between management and investors. The controversy surrounding buybacks has led to political and regulatory scrutiny, which, consistent with evidence from academic research, may affect corporate behavior.

The compact case is based on secondary, public information about stock buybacks. All sources used are cited in-text, with full citations included in the references section at the end of the teaching note.

Stock buybacks, a means of providing returns to shareholders, have recently received increased scrutiny by politicians, media and shareholder activists. Proponents have argued that buybacks result in efficient allocation of capital by returning funds to shareholders, whereas opponents have criticized buybacks for enriching executives, providing tax advantages to shareholders and contributing to income inequality. Corporations did not curtail their use of buybacks after the Inflation Reduction Act of 2022 imposed an excise tax. The case frames the buyback debate in current events and focuses on the buyback activity of Apple. The case provides students the opportunity to analyze alternative ways that companies can provide returns to shareholders, evaluate impacts of buybacks on corporate stakeholders and appraise the reasons for, and implications of, current controversy regarding buybacks.

This compact case is appropriate for upper-level undergraduate or graduate courses in financial accounting, tax and finance. This case provides an opportunity to analyze and evaluate stock buyback decisions in the context of the current controversy related to buybacks.