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Urban Affordable Housing (UAH) Inc. was a real estate asset management syndication firm that sponsored affordable housing to low-income families and seniors across the USA. The case examines the firm’s management of an internal information technology (IT) change initiative. The case follows the firm’s recently hired IT manager, Anthony Bryant, as he works to change a culture while acquiring resources and acceptance for the project he was hired to oversee. Bryant deals with numerous changing priorities, inadequate sponsorship, resistance from various levels, and a dearth of resources as he struggles to get the organization to complete an overdue database conversion.

This case is based upon the firsthand experiences of the lead author over a seven-year period while working at UAH. Measures have been taken to disguise the firm’s identity, including using a pseudonym, fictitious names for firm employees, a fictitious location, and the alteration of key dates. Key elements of the case have been constructed around semi-structured interviews and the review of archival documentation. Most quotes are verbatim in an attempt to preserve their authenticity, and were drawn from the semi-structured interviews and from historical accounts of actual occurrences and conversations.

The UAH case is multi-faceted, as it can be used in a number of environments amid a business school curriculum. A primary use is likely in a course revolving around organizational change and development. It might also be featured as part of the organizational change component in a course on organizational behavior, used to illustrate and analyze organizational culture and change leadership. Furthermore, the case could be used for change-related topics in management information systems or project management courses. The authors suggest the case be assigned at the graduate level, though it could also be suitable for an advanced undergraduate class.

Critical knowledge for successfully analyzing this case includes the following concepts: the change process (Lewin, 1951); leading change (Kotter, 1996); resistance to change (Kegan and Lahey, 2001); and communicating change (Armenakis and Harris, 2002).

This case consists of conversations with six prominent venture capital investors in the United States. The topics covered include investment strategies and relationships with entrepreneurs in the United States and around the world.

Infrastructure finance.

II MBA/Executive MBA (Project Finance, Infrastructure Finance).

It is generally believed that the economy of India is on the threshold of achieving significant growth in the coming years. The availability of adequate infrastructure facility will play a key role in realizing this growth potential. To accelerate the process of creating infrastructure capacity, the Government of India has opened up many infrastructure sectors for private sector investment. Creation of international standard airport facilities is an important component of such new infrastructure creation. This case study presents the initial development and financing closure of Bengaluru International Airport Limited (BIAL), the first major private sector airport in India. In retrospect, it is generally felt that BIAL was an important milestone in the privatization of airports in India. The blueprint for the greenfield PPP airport in Hyderabad was closely modelled on the BIAL project. The experience gained in the development of BIAL also played a major role in subsequent brownfield PPP airport expansion projects in Mumbai and Delhi.

The goal of this case study is to illustrate the complexities that exist in the process of infrastructure development and financing. This following are the expected learning outcomes:

• The importance of using an appropriate project structure.

• The prevalence of early returns to project sponsors as compared to lenders.

• The process of achieving financial closure.

• Analyzing project risks and returns.

The importance of using an appropriate project structure.

The prevalence of early returns to project sponsors as compared to lenders.

The process of achieving financial closure.

Analyzing project risks and returns.

Teaching notes.

IFCI Limited-a non-banking financial corporation in India was struggling with issues of negative Capital Adequacy Ratio and high non-performing assets till 2007. The company had not done any business for a decade until 2007. July, 2007 was the time when Atul Rai joined the company as the CEO. This case revolves around the various strategic initiatives taken by Rai and his team to help the firm turnaround. The main focus of the case is on the implementation of some of the key strategic decisions. The case gives opportunity to review IFCI's strategy and make recommendations for future expansion.

This case examines issues surrounding the choice of financing arrangements for the acquisition of Radiologix in July 2006. The case follows Mark Stolper, the CFO of RadNet, as he considers how to raise the $363 million in funds necessary to finance the acquisition. When completed, the combined firms will be the largest private diagnostic-imaging provider in the United States. When Stolper joined RadNet in 2003, he confronted a company with “too much debt, and the wrong kind of debt.” His goal is to finance the acquisition in a way that further enhances the financial strength and operating flexibility of the company. Given the large size of funding required, the firm is unlikely to be able to fund the entire transaction with first-lien or bank debt. His financial advisors differ in their recommendations for how to raise the remaining funds—one suggests using second-lien debt, and the other, high-yield debt.

The purpose of the case is to familiarize students with frequently encountered types of debt financing that are used to finance mergers and acquisitions and other corporate transactions. The case provides information on the distinctions among first-lien, second-lien, and high-yield debt in relation to their price, availability, flexibility of covenants, repayment ease, and composition of likely investors. The case is designed for use in courses that cover corporate financing, M&As, and debt financing.

After studying and analysing this case, students would be able to evaluate and understand the importance and need of an infrastructure sector in a country, its inherent risks and scope of infrastructure investment and financing in India – National Infrastructure Pipeline and the important role of Non-Banking Finance Company’s (NBFC) vis-à-vis banks in infrastructure financing in India; critically analyse and recommend alternative decisions in a business problem situation using multi-criteria decision analysis, which is a tool used for business portfolio analysis; understand and evaluate the corporate portfolio management (CPM) tools used for an optimum portfolio mix to turn around companies; identify and suggest an optimum portfolio mix to turn around a finance company using CPM assessment applied to Pidun matrix; and recommend operational and strategic levers for successful turnaround implementation by using the integrated canvas on turnaround.

On 10 May 2020, in New Delhi, India, J. Ray took charge as a full-time director of an Indian Non-Banking Finance Company – Infrastructure Finance Company (NBFC-IFC). The NBFC-IFC of the Indian Government extended long-term financial assistance to infrastructure projects in India. During the financial year (FY) 2017–2018 till FY 2019–2020, the company suffered substantial losses to the tune of US$13.7bn, with profitability experiencing a notable decline – return on assets at a negligible 0.11% and return on equity of only 0.68%.

The NBFC-IFC had a declining yield on advances at 7.05%, net interest margins (NIMs) of 2.08% against a high cost of borrowing at 7.66%, a declining loan book (by 4.35%) of US$336.27bn and a fast-deteriorating asset quality with highest ever non-performing assets (NPAs) at 19.70% of its loan book. Such financial parameters, compared with that of the industry average of banks and finance companies, meant that the NBFC-IFC Ray had taken over was fast bleeding and was on the brink of being declared a sick company. In comparison, private and other government players had profitable and much healthier financials, and Ray felt that there was a need for improvement. To make things worse, Ray got to know that the Indian Government was in the final stages of setting up a new development finance institution focused on long-term infrastructure financing in India. Ray realized the question was not only of the NBFC-IFC remaining relevant but also of its existence in the fast-evolving sector. Ray wondered what could his his integrated canvas be for a turnaround strategy that could include effective management of an optimal portfolio mix.

With a healthy capital-to-risk (weighted) assets ratio of 30.85% and a satisfactorily improved net worth of US$103.1bn, in the given Reserve Bank of India regulatory provisions for the NBFC-IFC including restrictive exposure norms and NBFC-IFC’s operational mandate prescribed by the Indian Government, Ray had to shift the product and sectorial investment of the NBFC-IFC to reduce the NPAs, increase loan book size and improve the yield of advances and its NIM to effectively turn around the company’s profitability. Ray realized that he needed his team to evaluate and select a product and sector strategy for this change.

The present case of financing investment in infrastructure is interesting for implementation in developing economies because a lack of infrastructure is a common problem and there is a necessity of achieving a more developed infrastructure system to support accelerated economic growth in these countries. This case can be used in elective courses on corporate finance strategy and corporate portfolio management for infrastructure finance companies. This case can be taught in elective courses in post-graduate and MBA programs. This case can also be included in management development programs (MDP), executive MBA programs and executive-level courses that have subjects such as corporate finance strategy, corporate portfolio management and strategy management that focus on turnaround strategies including portfolio management for banks and finance companies.

Teaching notes are available for educators only.

CSS 11: Strategy.

The Hotel Perennial case puts students in the shoes of Dan Jameson, founder and CEO of a boutique real estate private equity firm called EL Investments (ELI), as he wrestles with the decision of whether or not to acquire the distressed Hotel Perennial, a 194-room hotel on the north side of Chicago, Illinois. When making the investment decision, Jameson (and students) must consider various factors: What is ELI's implicit investment strategy, and what are the firm's core competencies? What are Jameson's goals for growing ELI, and how might the acquisition of the Hotel Perennial fit with those goals? What opportunities and challenges might ELI face if it decides to acquire the hotel? How much would a buyer likely have to pay for the Hotel Perennial to achieve an attractive return? In addition to containing a hotel valuation and modeling exercise, the Hotel Perennial case also exposes students to several real estate industry concepts and terminologies, including those regarding the hotel sector, equity sourcing, and distressed investing. The case material assumes that students have taken an introductory real estate finance course or have relevant work experience.

-Show students how an investment decision can go beyond simply “crunching numbers” and projecting an internal rate of return to include considering an individual's or firm's strategic objectives and core competencies. Students should think through how to

Business Management, Global Marketing Strategy, Strategic Management, International Business, International Management.

The case is suitable for undergraduate and post-graduate business and management students. The case is based on secondary data collection and all the facts are real.

The expected learning outcomes include the selection of a foreign market; the determinants of the foreign mode of entry strategy; the process of integrating an internationalization strategy; how to choose the most appropriate partner; and the monitoring of international markets. The case provides a space to think about practice and help learners, therefore, to connect theory and practice.

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

John Caldwell, president of Kio-Tek (KT), presents his company's business plan to a group of 30 venture capitalists at the November 2001 annual meeting of the Portland Venture Group. John's presentation is included in the case as an exhibit. The case begins with a brief overview of the meeting and John's presentation. The body of the case describes the question and answer period immediately following John's presentation.

Included in the case is a set of exhibits that John has handed out to the audience as supplemental information. These exhibits provide additional information on marketing, management, and financial issues facing the company and John refers to them throughout the question and answer period. The VC's ask John a variety of questions in an effort to determine whether KT is an attractive investment opportunity