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Supplement to case UV7348. This case considers the association between a financial crisis and regime change. The setting for this case is 1861, when Virginians debate the question of secession from the United States, and when northwestern Virginians contemplated secession from Virginia. The proximate financial crisis was the panic of 1857.

This case considers the association between a financial crisis and regime change. The setting for this case is 1861, when Virginians debate the question of secession from the United States, and when northwestern Virginians contemplated secession from Virginia. The proximate financial crisis was the panic of 1857.

Supplement to case UV7343. The panic of 1857 stands out in financial history for its severity, for the coordination of banks through the New York Clearing House (NYCH), for the establishment of a legal doctrine about illiquidity during a panic, and for its aggravation of regional tensions. Profiled in this case are the events of the panic, the range of potential causes, and the civic reaction.

The panic of 1857 stands out in financial history for its severity, for the coordination of banks through the New York Clearing House (NYCH), for the establishment of a legal doctrine about illiquidity during a panic, and for its aggravation of regional tensions. Profiled in this case are the events of the panic, the range of potential causes, and the civic reaction.

These cases are part of a module of teaching materials that study the major financial events of the first decade of the 2000s and the dramatic shift in civic attitudes that accompanied them. Cases on the so-called panic of 2001 address the start of the shift in 2001-02 (the complementary materials address the events of 2008 and beyond.) The substance of the A and B cases is the civic reaction to the dot-com crash of 2000 and the wave of corporate fraud cases exposed from 2000 to 2002. The B case provides a short summary of the final draft of Sarbanes-Oxley, the voting results in Congress, and the voting results in the congressional elections in November, 2002. This case is intended to be distributed toward the end of the class discussion and can be used to stimulate further reflection on the episode.

These cases are part of a module of teaching materials that study the major financial events of the first decade of the 2000s and the dramatic shift in civic attitudes that accompanied them. Cases on the so-called panic of 2001 address the start of the shift in 2001-02 (the complementary materials address the events of 2008 and beyond.) The substance of the A and B cases is the civic reaction to the dot-com crash of 2000 and the wave of corporate fraud cases exposed from 2000 to 2002. The A case reviews the dot-com crash, the collapse of Enron, other cases of corporate fraud, and the actions of the President, Congress, and other entities up to July 15, 2002. At that date, Senator Paul Sarbanes and Representative Michael Oxley agreed to meet in a conference to hash out the final draft of the bill to be named "The Sarbanes-Oxley Act of 2002." The dominant issue for the legislators (and for the students) is how tough to make the bill. The task for the student is to compare and contrast the respective bills and make a recommendation for a compromise. More broadly, the case affords the opportunity to reflect on the dynamics of financial crises and why it seems to be that frauds emerge during times of financial instability.

In 1837, President Martin Van Buren confronted a dilemma over the appropriate federal response to the recent panic of 1837 that seemed to undercut the policies and power of Andrew Jackson's "Democracy." Now, Van Buren must decide how best to harness the civic reaction in stabilizing the financial system and returning the American economy to growth. Van Buren's dilemma occurs in the midst of a dramatic regime shift in American politics. The rise of Whig politicians in reaction to the populist policies of Andrew Jackson marked 1837 as an historic pivot-point. It is useful to consider how the panic of 1837 contributed to that pivot and how the subsequent civic reaction to the panic developed. The A case recounts the policies of President Andrew Jackson and his "war" on the Second Bank of the United States, a quasi-central bank. It also describes the "market revolution" occurring in the U.S. economy and the political factions that had emerged. Finally, it summarizes the causes and story of the panic of 1837. The B case presents draft legislation for an Independent Treasury and President Van Buren's message with which he aimed to open a special session of the U.S. Congress and enact the Independent Treasury proposal. The C case describes the failures to enact the proposal in 1837, 1838, and 1839-ultimately the proposal was enacted in 1840. The case also describes other civic reactions: a new Bankruptcy Act and state-level "free banking" laws. Finally, the case describes the economic aftermath: another panic in 1839 and a long depression that ensued.

In 1837, President Martin Van Buren confronted a dilemma over the appropriate federal response to the recent panic of 1837 that seemed to undercut the policies and power of Andrew Jackson's "Democracy." Now, Van Buren must decide how best to harness the civic reaction in stabilizing the financial system and returning the American economy to growth. Van Buren's dilemma occurs in the midst of a dramatic regime shift in American politics. The rise of Whig politicians in reaction to the populist policies of Andrew Jackson marked 1837 as an historic pivot-point. It is useful to consider how the panic of 1837 contributed to that pivot and how the subsequent civic reaction to the panic developed. The C case describes the failures to enact the proposal in 1837, 1838, and 1839-ultimately the proposal was enacted in 1840. The case also describes other civic reactions: a new Bankruptcy Act and state-level "free banking" laws. Finally, the case describes the economic aftermath: another panic in 1839 and a long depression that ensued.

In 1837, President Martin Van Buren confronted a dilemma over the appropriate federal response to the recent panic of 1837 that seemed to undercut the policies and power of Andrew Jackson's "Democracy." Now, Van Buren must decide how best to harness the civic reaction in stabilizing the financial system and returning the American economy to growth. Van Buren's dilemma occurs in the midst of a dramatic regime shift in American politics. The rise of Whig politicians in reaction to the populist policies of Andrew Jackson marked 1837 as an historic pivot-point. It is useful to consider how the panic of 1837 contributed to that pivot and how the subsequent civic reaction to the panic developed. The B case presents draft legislation for an Independent Treasury and President Van Buren's message with which he aimed to open a special session of the U.S. Congress and enact the Independent Treasury proposal.

In 1837, President Martin Van Buren confronted a dilemma over the appropriate federal response to the recent panic of 1837 that seemed to undercut the policies and power of Andrew Jackson's "Democracy." Now, Van Buren must decide how best to harness the civic reaction in stabilizing the financial system and returning the American economy to growth. Van Buren's dilemma occurs in the midst of a dramatic regime shift in American politics. The rise of Whig politicians in reaction to the populist policies of Andrew Jackson marked 1837 as an historic pivot-point. It is useful to consider how the panic of 1837 contributed to that pivot and how the subsequent civic reaction to the panic developed. The A case recounts the policies of President Andrew Jackson and his "war" on the Second Bank of the United States, a quasi-central bank. It also describes the "market revolution" occurring in the U.S. economy and the political factions that had emerged. Finally, it summarizes the causes and story of the panic of 1837. The B case presents draft legislation for an Independent Treasury and President Van Buren's message with which he aimed to open a special session of the U.S. Congress and enact the Independent Treasury proposal. The C case describes the failures to enact the proposal in 1837, 1838, and 1839-ultimately the proposal was enacted in 1840. The case also describes other civic reactions: a new Bankruptcy Act and state-level "free banking" laws. Finally, the case describes the economic aftermath: another panic in 1839 and a long depression that ensued.

The set of four cases composing the Fur Industry Merger Exercise affords the opportunity for a merger negotiation among students. Three potential buyers (Adams, Jindo, and Lessard) compete for two potential sellers (Adams and Gallery of Furs). The cases give detailed financial forecasts for the target firms that are unique to each party. The forecasts form the basis for valuation of the target companies. The merger opportunities are prompted by major competitive changes in the worldwide fur-garment industry and by adverse changes in demand in U.S. fur retailing. The exercise affords insights into the challenges of cross-border acquisitions. Gallery of Furs is the second largest retailer of fur coats and garments in the United States. Its recent poor financial performance has made it the target of an uninvited raid. In response, the company desires to sell its Fur Retailing Division on the most advantageous terms. The "Gallery of Furs" case may be used on a stand-alone basis to illustrate aspects of valuation in a merger setting.

Student spreadsheet for case UV2288.

The set of four cases composing the Fur Industry Merger Exercise affords the opportunity for a merger negotiation among students. Three potential buyers (Adams, Jindo, and Lessard) compete for two potential sellers (Adams and Gallery of Furs). The cases give detailed financial forecasts for the target firms that are unique to each party. The forecasts form the basis for valuation of the target companies. The merger opportunities are prompted by major competitive changes in the worldwide fur-garment industry and by adverse changes in demand in U.S. fur retailing. The exercise affords insights into the challenges of cross-border acquisitions. Groupe Lessard is a Canadian producer of fur garments and is considering obtaining U.S. retail channels of distribution. The "Groupe Lessard" case may be used on a stand-alone basis to illustrate aspects of valuation in a merger setting.

This case was designed as an introduction to a finance course or a module on capital markets. Alternatively, it could be used as a basic introduction to methods of valuing a firm. A detailed teaching note provides instructors with a teaching plan for either scenario. Set in August 2015, students are asked to evaluate Warren Buffett's decision to acquire the aerospace-parts supplier Precision Castparts Corporation (PCP), which would be the largest-ever deal for Berkshire Hathaway, Buffett's holding company.

Student spreadsheet for case UV7227.

The managing director of this specialty foundry must decide whether to approve a major investment to automate part of her plant's production process. The case presents information sufficient to build cash-flow forecasts of production costs incremental to this investment. Discounted cash flow (DCF) analysis reveals that this investment project is attractive but that the benefits hinge on important assumptions about the plant's business volume, the manager's ability to lay off workers over the objections of a labor union, and the hurdle rate. This case provides an update for the case Fonderia de Torino.

"The chief executive of a small yarn-production company in India must resolve an unexpected cash shortage. The task for the student is to evaluate the causes of this shortage (using a completed "base-case" forecast given in the case) and assess the usefulness of various possible remedies suggested by managers. The company is unable to liquidate a seasonal working-capital loan for the requisite 30 days each year, a difficulty arising from two classic causes: secular growth of the company and declining profitability. Possible remedies include reducing inventory through more efficient transportation and warehousing, reducing credit terms to customers, switching from seasonal to level production, improving profitability, decreasing dividends, and reducing sales growth."

In early 2006, the anticipated expansion of package delivery services in China provided a great opportunity for the two package delivery giants FedEx and UPS. It was unclear which of these firms would make the most of this opportunity. FedEx had an early foothold, but UPS had a longer tradition of success. Adding to this debate is the observation that the FedEx stock price had been rising steadily and on that basis, FedEx had outperformed UPS.

Spreadsheet supplement for case UV1194.

This case series considers the capital-investment decisions to be made by executives of a large chemicals firm in January 2008. The A case (UVA-F-1543) presents a go/no-go project evaluation regarding improvements to a polypropylene production plant. The B case reviews the same project but from one level higher, where the executives face an either/or investment decision between two mutually exclusive projects.