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This case presents a 20-year history of the evolution of corporate governance and corporate reporting in South Africa starting in 1992 with a focus on the three King codes of corporate governance (King I in 1994, King II in 2000, and King III in 2009). From a reporting perspective these reforms culminated in the "apply to explain why not" mandate for integrated reporting by all companies listed on the Johannesburg Stock Exchange.

The case presents the unique business model of Inkaterra, a leading eco-tourism organization in Peru, and the different strategies the company can pursue to grow. Through the experience of Inkaterra the case studies two general issues. First, it discusses the potential barriers that exist for the development of the tourism sector. Second, it presents the debate of whether governments may want to use tourism as an engine of growth, and if so, what is the best strategy to preserve the environment.

How should Eli Lilly further develop and market a new indication of its highly successful erectile-dysfunction (ED) drug, Cialis, without confusing Cialis's hard-won brand equity with physicians and patients? With the final stages of clinical trials for the new indication, benign prostatic hyperplasia (BPH), soon to be carried out, the team had to make a decision soon. On its face, the market opportunity for a BPH indication, and its synergies with an ED drug, seemed enormous: both ED and BPH were age-related conditions, and data showed that half of men with ED had BPH symptoms. Moreover, the BPH indication would be taken in the same frequency and dosing as the once-a-day version of Cialis. However, market research had revealed significant challenges in introducing the BPH indication under the Cialis name. For example, although ED and BPH often co-existed, men perceived them quite differently. Some physicians also reacted negatively to the BPH indication. Impending competition from low-price ED generics, given that Viagra would soon be going off patent, underscored the importance of the BPH opportunity.

In late 2005 As Shawn Warren the head of biscuits at Kraft for Asia Pacific, surveys the China market for Oreos he knew he had to make changes, and fast. The company's flagship brand was falling far short of expectations in the world's most populous country. This meant that the turnaround had to be quick to avoid the complete disaster of pulling the product from the shelves altogether. Oreos were first launched in China in 1996, yet sales had been flat since then while the rest of China had been setting record growth in the biscuit industry. The Oreo case illustrates the dilemma faced by a successful multinational brand when entering an emerging market, namely China. It covers the complexity of dealing not only with differing consumer tastes, but also the challenges of local competition and distribution systems. The case provides a rich historical account of Oreo's entry into China and the problems facing Kraft and its management as it strives to reach its full potential in a large and fast-growing emerging market.

Flibe Energy is a startup in the nuclear power space seeking to find a safe way to enable nuclear energy using a technology previously dismissed by the US government since it could not be used for making material for nuclear weapons. The founders believe they have found a way to create safe, clean energy using a proven but forgotten technology. The challenges are steep, however, as proof of the technology will require hundreds of millions of dollars in funding.

Uber, which began operations in 2010, provided a service that allowed customers to call for a limousine using their mobile device. A car would arrive within minutes, and the fee for the trip (including gratuity) would be charged to the customer's credit card. The service was more expensive than a taxi, but cheaper and more responsive than a conventional limousine service. Uber did not own limousines, but contracted with existing, licensed, limousine owners and drivers. By mid-2012, it had service in 16 cities, mostly in the United States. Taxi and limousine operation are heavily regulated at the city and/or state level. Uber's business model did not fit into the conventional regulatory framework for either taxis or limousines, and the company faced intense opposition by taxi drivers and regulators in some cities. The case focuses on Uber's regulatory challenges in Washington, D.C. In July 2012, the Washington D.C. City Council was preparing to vote on a measure that would legitimize Uber's existing operations, but prevent it from offering a planned lower-priced service. The case explores how the company dealt with regulators as part of its corporate strategy.

Following the revelation of a US$2 billion loss on trading at JP Morgan's chief investment office (CIO) in London, the company's board of directors is tasked with recommending changes to its risk management practices and corporate governance structure. The case provides background on JP Morgan's well-respected risk management infrastructure and discusses how the CEO focused on its historic strength in risk management to argue against the need for the United States to implement the strict regulations contained in the Dodd-Frank Act and the associated Volcker Amendment. The role of regulation is significant. As a result of trying to meet the tighter requirements of these U.S. standards as well as the new Basel III accord, the CIO took on significant derivative positions that were not well understood and, rather than decreasing the firm's risk exposure, actually increased it. Of further interest is the concurrent change in JP Morgan's method of calculating risk, which allowed for a significant reduction in risk measurement and thus an improvement in the firm's level of risk-weighted assets.

The intraoperative radiotherapy (IORT) business at Carl Zeiss Meditec had struggled with growth since the time of the (A) case. Though the unit had grown revenues in excess of 50% and had exceeded its EBIT target, it faced several key strategic choices. Should it continue to specialize in the breast cancer segment, or should it focus more on surgery with radiotherapy as one technical solution. Should it continue its focus on more mature markets, or should it be making focused investments in emerging markets? The (A) case poses IORT as a disruptive technology, and the (B) case offers the instructor an opportunity to gauge the progress the protagonist has made in applying that framework.

Three years had passed since Blackstone's investment in Intelenet Global Services, their third largest investment in India. Great progress had been made, but now a new challenge loomed. Globank, a large global bank, was Intelenet's largest customer. Intelenet's contract with Globank was set to expire in the next seven months, and all of Intelenet's assets and people working on the account, would move to Globank. Amit Dixit, managing director at the Blackstone Group, estimated that in the next four years this would result in Intelenet losing $160 million of revenue and $48 million of EBITDA. Blackstone could either channel large amounts of capital and human resources towards renewing the contract, or focus on growing third-party business at Intelenet. Dixit had to firm up his strategy quickly in order to begin negotiations with Globank.

Would the advent of global payment models and ACOs create sufficient demand for a telemedicine offering covering the care continuum, from hospitals to the home? This was the decision facing Royal Philips Electronics (Philips), the Netherlands-based producer of lighting, consumer electronics, and health care products, in 2012. Philips already offered several remote monitoring systems for hospitals, including the eICU, which it obtained through the 1998 acquisition of Visicu. In the eICU model, patients in hospital ICUs were monitored using bedside devices, which transmitted patient data to a remote station from which clinicians monitored and directed care as needed. The model aimed to improve care quality by enabling early interventions and reducing adverse events, and to cut costs by allowing clinicians to care for a larger number of patients. Building on this and other offerings in its portfolio, including numerous home care devices, Philips could extend this model to create an integrated remote monitoring offering managed through a centralized clinician-staffed station. In doing so, it could gain a deep and early foothold with ACOs and position itself as a leader in telemedicine-enabled care. However, U.S. telemedicine adoption to date was slow, in part due to insufficient cost-effectiveness evidence, and ACOs-the likely target customer-remained underdeveloped. Philips would also contend with a complex selling process and numerous operational challenges. Was it too early to invest? And, if not, who were the ideal ACO beta sites?

mHS is a social enterprise for the provision of affordable housing in India. After India's microfinance industry collapses, mHS needs to reposition itself for continued operations and long-term growth.

Women's Professional Soccer (WPS), which began play in March 2009, rose from the ashes of the Women's United Soccer Association (WUSA), a league that played its third and final season in 2003. After WUSA failed under the mounting pressure of flagging attendance, failure to attract sponsors, and high operating losses, its dedicated supporters immediately regrouped to learn from their past mistakes and try again. This case chronicles the experience of WPS's founding team.

This case is a critical introduction, for business students, to the significance of cash flow statements. First students evaluate the cash flow statements of four "mystery" companies and recommend one for an acquisition. After making a recommendation in class, students are given more information, namely risk assessments and audit opinions, and reevaluate their recommendations. Finally, students learn the surprising identities of the "mystery" companies. Note that students should not view Cases (B) and (C) prior to completing the homework. Cases (B) and (C) are found in the case teaching note that is available only to registered business educators.

Annalisa McGann, chair of London's prestigious Clarence Hall University, together with the university's board must make a decision about whether to return a large monetary donation from the Natour Charitable Foundation, which was founded and run by a recent graduate who was also the son of the leader of a corrupt, authoritarian regime in an oil-rich region. Almost two-thirds of the money had already been invested in an innovative leukemia drug that could significantly increase patients' chances of survival; the remainder had been earmarked for an endowment fund for low-income students. Each course of action-keeping the money, giving back the entire sum, or returning the unspent money-had complex consequences, particularly in the current environment in which all British universities were suffering financially and there was nationwide student unrest over rising university costs. The British press, by uncovering the connection between Natour and Clarence Hall, had forced the administration's hand, and McGann and the board needed to make a quick decision after considering a number of complicating factors.

In mid-April 2010, Clark McCullough, a partner at Ardent Capital, reviewed the final investment memorandum concerning a possible $110 million investment in AtHomeCare, Inc., a private company providing home health care services. Over the course of the previous year, Ardent Capital had completed preliminary due diligence, and in the fall of 2009, it had signed a letter of intent (LOI) and had been granted an exclusivity agreement to consider a potential purchase of the company. Although the company fit well within Ardent's current areas of investment focus, the deal had been conceived as a rollup strategy, in which AtHomeCare would serve as an investment platform, and other health care services companies would be acquired to build a larger entity. A large portion of the due diligence had focused on finding a suitable acquisition target, but to date no target had been locked in. With the LOI agreement set to expire later in the month, the firm's investment committee would now have to decide whether to proceed with the purchase of AtHomeCare on a stand-alone basis with only the prospects of yet-to-be-determined acquisitions or delay the purchase until an add-on acquisition surfaced.

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In 2008 the Supreme Court of India revoked the 2G spectrum licences issued to many local and international companies because of major violations in the granting procedure by the Telecom Ministry. One of the worst affected companies was Norway's Telenor communications company, which was involved with a local company in a joint venture, Uninor, which had all of its licences cancelled. The case provides students an opportunity to assess and understand the implications of the political as well as legal risks involved in entering uncertain markets, such as India's, and to devise appropriate coping strategies to establish and successfully operate in such markets. The case drives home the significance of political and legal business environmental factors that have an impact on the successful conduct of business. Multinational companies tend to be vulnerable to political risks, and the case suggests to students how to handle such situations.

CAPRO Group is a small electrical engineering services firm operating out of New Delhi, India. In December 2011, with falling revenues due to macroeconomic conditions and increasing competition, the firm's owner and founder appoints his son to look into restructuring the business. The electrical distribution control panel manufacturing and installation industry is highly fragmented, with only a few big firms and many small firms. Most firms specialize in one niche of the industry, whether it be manufacturing of equipment or panels, installation, or consultancy services. Different niches require different inputs in terms of labour, finances, and technical knowledge. Given the labour problems in India, combined with the country's spiraling interest rates and slowing economic growth, the owner's son must decide on a plan to bring his company out of its current slump.