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The case highlights the infighting within a Thai family who own and operate a fresh-food market stall business in Bangkok. The case explores the depths to which the Thammawattana dynasty sank in order to keep control of a profitable cash-in-hand business that had made the matriarch, Suwapee Thammawattana, a billionaire by the time of her death at age 65.

Student spreadsheet supplement for case IN1177.

Student spreadsheet supplement for case IN1178.

Starting in 1997, Mohammad Alabbar, Chairman of Emaar, has been largely associated with Dubai's most renowned real estate projects: the world's tallest building, largest mall and biggest fountain show. Emaar's pioneering success attracted a large number of private sector entrepreneurs as well as the Government of Dubai to follow in its footsteps. Consequently, land at prime locations in Dubai was not as readily available as it used to be. Emaar tried to venture outside of Dubai, but later faced challenges in choosing the right partners and maintaining control over management. Being 'stuck' between an overcrowded competitive landscape in Dubai and challenging conditions abroad, Alabbar wondered how he could maintain his company's growth while staying prepared for any upcoming financial downturn.

In the past twenty-five years, the world had seen an exponential growth in the number of companies reporting environmental, social and governance (ESG) data. Investor interest in ESG data also grew rapidly. A growing belief that increasing levels of social inequality and natural environment degradation were pressing problems that the capitalist system was failing to resolve had led many stakeholders to advocate for changes in measurement and corporate reporting as a potentially powerful "lever" that could move the discussion from "Reimagining" to "Reshaping" Capitalism. Some suggested that increased transparency could change corporate behavior, increase corporate accountability and lead to better outcomes for employees, customers, the environment and local communities. Others suggested that ESG data were value relevant from an investor standpoint and that firms "doing good would do well." According to this view, investors that used ESG data would be able to make better investment decisions and widespread disclosure of such data would improve market efficiency. However, some commentators doubted the sincerity of company ESG disclosures and suggested that firms that did good were less competitive, and therefore earned lower returns for their shareholders. As the business community entered the second half of the second decade of the twenty first century, whether the widespread adoption of ESG metrics would happen -- and whether, if it did, it would lead to systematic change -- was very much an open question.

This case comprises two parts. In "Kraft Foods Inc. and Cadbury PLC - Part A - A Nutritious Association?", an investor wonders whether the acquisition of Cadbury is based on sound business sense and whether it will be beneficial to him as a Kraft Foods shareholder. He also puzzles over the value of the mixed payment offered to Cadbury's shareholders. Details are provided about Kraft Foods's activities and businesses, followed by a description of Cadbury. Each company's historical financial statements are appended. Kraft Foods's rationale for the acquisition is provided, together with the structure of the original and final offers. "Kraft Foods Inc. and Cadbury PLC - Part B - A Sweet Divorce?", which focuses on the subsequent "demerger" of the Snacks division less than two years later, can be analyzed in its own right as a second step. Alternatively, the instructor can use it as a conclusion to highlight points related to strategy and disclosure or to the ex-post measurement of synergy effects.

This case comprises two parts. In "Kraft Foods Inc. and Cadbury PLC - Part A - A Nutritious Association?", an investor wonders whether the acquisition of Cadbury is based on sound business sense and whether it will be beneficial to him as a Kraft Foods shareholder. He also puzzles over the value of the mixed payment offered to Cadbury's shareholders. Details are provided about Kraft Foods's activities and businesses, followed by a description of Cadbury. Each company's historical financial statements are appended. Kraft Foods's rationale for the acquisition is provided, together with the structure of the original and final offers. "Kraft Foods Inc. and Cadbury PLC - Part B - A Sweet Divorce?", which focuses on the subsequent "demerger" of the Snacks division less than two years later, can be analyzed in its own right as a second step. Alternatively, the instructor can use it as a conclusion to highlight points related to strategy and disclosure or to the ex-post measurement of synergy effects.

Michael Milken, an investment banker who dominated the junk bond market in the 1980s, was sentenced to jail in 1990 after pleading guilty to a number of securities and tax related felonies. In the preceding decade, Milken had helped usher in a new wave of leveraged buy outs (LBOs) and greatly changed the structure of corporate America. By the late 1980s though, Milken and junk bonds became more heavily scrutinized, and Milken was eventually implicated in a number of felonious acts. Even after his admission of guilt, however, observers remained divided on what Milken's true impact had been. Was he simply a misunderstood financial innovator who democratized access to capital? Or was he driven purely by greed and by nefarious personal financial motives?

The case describes the strategy of a large Indian Public Sector Bank (PSB) to enhance financial inclusion and financial literacy of less privileged people located in poorly accessible parts of India. While pursuing the developmental objective 'imposed' by the Central Bank/government, being a listed entity, the PSB had to be mindful of the financial viability of the strategy so as to protect the interest of its minority shareholders. The issues covered are endemic to most developing countries where public enterprises often become instrumentality of the state.

In late 2014 SoulCycle management was preparing for its IPO. Founded in 2006 in Manhattan, the high-end cycling studio was planning to expand to 47 studios by mid-2015, with locations in eight metropolitan markets. With a celebrity following and studios operating at or near capacity, SoulCycle management expected to open 10 to 15 studios per year going forward. But competition was heating up in the niche cycling segment and cautionary tales in the broader fitness segment-like that of Bally Fitness and DavidBartonGym-were well known. In this case, students consider how to place a value on SoulCycle-and whether mainstream fitness companies, athletic apparel manufacturers, or providers of high-end spa and leisure services would provide the best comparable by which to estimate SoulCycle's growth and revenue trajectory.

In late 2014 SoulCycle management was preparing for its IPO. Founded in 2006 in Manhattan, the high-end cycling studio was planning to expand to 47 studios by mid-2015, with locations in eight metropolitan markets. With a celebrity following and studios operating at or near capacity, SoulCycle management expected to open 10 to 15 studios per year going forward. But competition was heating up in the niche cycling segment and cautionary tales in the broader fitness segment-like that of Bally Fitness and DavidBartonGym-were well known. In this case, students consider how to place a value on SoulCycle-and whether mainstream fitness companies, athletic apparel manufacturers, or providers of high-end spa and leisure services would provide the best comparable by which to estimate SoulCycle's growth and revenue trajectory.

The case puts students in the shoes of a private banker who wants to price a structured note for European high net worth clients with low levels of risk tolerance. The principal-protected equity-linked note (PP-ELN) provides investors with fixed income-like principal protection together with upside exposure to the S&P 500 Index. The students are asked how the bank should allocate the client's money to buy call options and invest in zero-coupon bonds to deliver this PP-ELN and still earn a fee. By adjusting the amount of principal protection or capping the upside potential, the students can calculate whether there is an opportunity for increased upside participation. This financial engineering case can be used to teach put-call parity, option strategies, and Black-Scholes pricing.

This case puts the students in the shoes of Jeff Thomas, a high-yield credit research analyst for a hedge fund. Thomas' portfolio manager has asked him to come up with a potential trade idea for AMR Corporation (the parent company of American Airlines) using a credit default swap (CDS). Thomas wanted to gauge whether the CDS spread prevailing in the market was too high or too low relative to AMR's credit outlook. He was going to use both structural and reduced form CDS pricing models and compare them against the prevailing CDS spreads in the market. More importantly, Thomas needed to come up with a trade recommendation.

In 2013, TAV Airports Holding prepared a bid for the concession to build and operate the third Istanbul airport. This process involved input from various parts of the firm with operating and financial expertise. Burcu GeriÅŸ, the CFO of TAV Airports Holding, and her team created a model to evaluate the opportunity and formulate a bid.

Hailey Song walked out of the 88th floor boardroom and paused before making her way towards the elevator. For the first time in three months as Head of Real Estate at New Asia Wealth Fun she had a clear view of the burgeoning city. The chaos of her daily commute to the office and the noise of 24-hour construction sites that kept her awake at night had made her question her decision to leave Boston. Looking out over the newly constructed highways, airports, and industrial zones she could finally appreciate the order in the city's ten-year urban development plan. She only wished the same could be said of the real estate fund.

This technical note provides an overview of capital structure policy. Through a series of hypothetical situations and real-world examples, students will gain an understanding of the benefits and costs of debt and equity financing. This note explores the value and cost of capital implications of capital structure policy with the intent to explain why businesses such as Hilton Worldwide and Computer Sciences differ so dramatically in their capital structure policy

Electrolux's valuation team was trying to finish its valuation of GE Appliances in August 2014. The GE Appliance valuation team was working out of Electrolux's corporate headquarters in Stockholm, Sweden. Its task was to complete both a valuation and suggested final offer for GE's appliance unit. The team's challenge was in separating the value of GE's appliance unit from its value to Electrolux, for the two were quite different. GE knew this, and would be building that differential into its asking price. At the same time, GE's new industrial strategy, to move away from consumer products and financial services, left no place for appliances in its corporate future.

The case examines the financial and operational causes of business failure associated with Setco Automotive Ltd. an auto-clutch manufacturing company located in India and then proceeds to identify the key turn around factors which eventually led to Setco becoming the largest producer of clutches for medium and heavy vehicles in India. The case allows the participants to understand and evaluate the financial impact of turn around factors on the company's profitability and survivability and in also determining the optimal capital structure for a struggling company.

In 2013-14, the Indian government issued Inflation Indexed Bonds for institutional investors and Inflation Indexed National Savings Securities for retail investors. The immediate trigger for the issue of inflation indexed securities was the coincidence of an increase in trade deficit, an increase in gold imports and a period of high inflation, leading policy makers to conclude that households were increasing their gold holdings as a hedge against inflation. It was expected that investors would use the Inflation Indexed Bonds to hedge against inflation and reduce their demand for gold. However, response to the inflation indexed securities was poor and the issue was not considered a success. The government must now decide whether this was a case of wrong policy or wrong execution.

This note discusses inflation linked securities.