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In 2006, Norway's Ministry of Finance announced it would exclude Wal-Mart Stores Inc. from its government pension fund, citing the company's "serious/systematic violations of human rights and labor rights." Norway's fund, one of the largest sovereign pension funds, owned more than 6 million Wal-Mart shares at the time, as well as 8 million shares of Wal-Mart de Mexico, all of which it divested. This case teaches students about the complex issues raised by socially responsible investing, such as the merits of taking an activist approach, the responsibility of corporations for actions of its suppliers, and the difficulties of obtaining cost-efficient information.

In 2006, Norway's Ministry of Finance announced it would exclude Wal-Mart Stores Inc. from its government pension fund, citing the company's "serious/systematic violations of human rights and labor rights." Norway's fund, one of the largest sovereign pension funds, owned more than 6 million Wal-Mart shares at the time, as well as 8 million shares of Wal-Mart de Mexico, all of which it divested. This case teaches students about the complex issues raised by socially responsible investing, such as the merits of taking an activist approach, the responsibility of corporations for actions of its suppliers, and the difficulties of obtaining cost-efficient information.

Rose Adams, the CFO of Haley-Midland, Inc., dispensed with pleasantries and started right in on her questions for Jim Sweeney, the senior vice president of human resources, and Nancy Walters, Haley-Midland's vice president and treasurer, about the brewing crisis with the company's 401(k) plan.

This case, intended for MBA and executive education audiences, investigates whether an LLC should invest in a real estate deal. The materials provide a straightforward opportunity for applying discounted-cash-flow methods from the perspective of equity investors in the LLC. The investors know the terms of interest and principal payments on planned debt financing and have made forecasts of rental rates, occupancy, depreciation, future sale price, various expenses, and other items related to the property. The case can be used as an introduction to estimation and analysis of cash flows to the suppliers of equity. The setting provides opportunities for discussion of tax issues and risks.

This case describes how significant debt was built up in Pakistan among the private- and public-sector energy and power-generation companies, which were some of the country’s largest organizations. An unexpected slowdown in recovery of payments created debt that affected corporate business operations and the Pakistani economy as a whole. The case discusses the energy and power sectors, along with the reasons for the circular debt. The Pakistani government was heavily involved in regulating the energy and power sectors; to respond to high oil prices, a subsidy was provided in 2008 to keep the price of diesel low. The government, however, had not created an effective plan to recover these funds, and when large public-sector enterprises such as Pakistan International Airlines did not pay their bills, no action was taken. The focus of this case is on resolving the very large amounts of debt that had accumulated in various energy companies. A secondary analysis can explore the impact of regulation on the operations of oil companies.

This note provides an overview of private equity in Europe as of mid-2010.

This note provides an overview of private equity in emerging markets as of late 2009.

The purpose of this note is to describe the manner in which publicly traded corporations and local governments in the United States account for their pension plans.

This case examines in detail the causes and role played by structured finance in the past four global financial crises, particularly the 2007-2010 crises. It also describes and analyzes how securitization and structured products work and the value they add to finance, and how structured products are constructed, their value and how they are used in finance. Finally, the case explores the impact of the proposed changes to banking regulations in Basel II and III to reduce the risk associated with securitization and its use.

Spreadsheet for case 210040.

The BlackRock Solutions case examines the different functions and economics of a global asset manager's value chain, with particular emphasis on the "money management" and the "investment systems platform" businesses. Students analyze why BlackRock decided to unbundle its Aladdin investment platform and if the firm should consider expanding the platform in the future. Students also explore the resulting "dual-mission" challenges of servicing both internal and external Aladdin clients during a period of rapid growth within BlackRock and significant change in the global financial landscape.

This case examines Grassroots Capital's decision of whether or not to continue investing in a Bolivian microfinance bank that is suffering financial distress.

This case examines Grassroots Capital's decision of whether or not to continue investing in a Bolivian microfinance bank that is suffering financial distress.

This is a (B) case for AQR's Momentum Funds. It follows the first year of performance of the funds after launching, and gives students a critical inflection point for analyzing the nascent stages of a new product launch and the potential path dependence of the product depending on initial returns. It allows students to wrestle with the way forward given these conditions, and how (if at all) it changes their views, pitch, and perspective on the strategy, and traditional long-short strategies more generally.

A junior investment analyst at Maple Toronto Fund (the Fund), a deep-value shop whose main strategy was to invest in deeply-undervalued businesses, was screening hundreds of small cap stocks and stumbled upon HQ Sustainable Maritime Industries Inc. (HQS), an aquaculture and aquatic product processing company that operated in two product segments in China. A quick look at HQS's financials suggested to the junior investment analyst that he had found the holy-grail of value investing: a net-net stock. The junior investment analyst knew he had to present an in-depth due diligence to estimate a stock's intrinsic value and determine whether the stock was truly undervalued. He wondered how to tackle the valuation; in addition to developing a deep understanding of the industry and the company's business model and numbers, he considered the value-investing-based valuation approach. The junior investment analyst knew that demonstration of thorough analysis and accurate valuation of HQS might convince senior management of the Fund to acquire a substantial stake in HQS; if this investment was profitable, it could boost his career and prospects of advancement within the Fund. The junior investment analyst had one week to put his presentation together.

Student spreadsheet for case UV1189.

The case examines the issues faced by a hotel management and development company as it tries to increase the return to its shareholders. The firm's major shareholders have commented that they believe the firm is currently under-valued, so management is considering several means of unlocking extra value. Due to difficult economic conditions resulting from the Global Economic Crisis, there are both many opportunities as well as many risks to the alternatives they are considering. The case provides both the opportunity to use several different valuation methods to determine if the company is, in fact, undervalued, as well as a discussion of several alternatives for unlocking value ranging from starting an active acquisition strategy, to re-organizing its corporate structure with either an updated capital structure or converting to a real estate income trust.

Newspaper headlines and editorials revealed the intense attention the euro zone had received in the last few months. The current crisis occurred shortly after Greece announced that its 2009 budget deficit was 13% of GDP-twice as high as previously predicted. For some, this was the beginning of the end for the euro zone. Could it lead to the demise of the euro altogether? Others insisted that expelling Greece might be necessary. In tune with headlines at the time, the exchange markets did not display much confidence in the euro. By summer 2010, the euro had lost at least 10% of its value against the dollar since the beginning of 2010. Financial markets were nervous. What should EU leaders do help stave off a major crisis?

Talismark, which helped its customers manage their waste, was considering re-engineering its business fundamentals to dramatically increase profitability by changing its sales and information processes. Implementing the changes would be expensive and would interrupt its new customer acquisition efforts, and it would be 18 months until the company could begin to acquire new business. The case explores the rationale and consequences of re-engineering a business.

The newly appointed manager of commercial accounts considers a loan request from the owner of a recreational motorsport dealership in the amount of a $60,000 long-term loan for renovations and the addition of a tattoo parlor. The owner has also requested a $450,000 working capital loan for operations and to help manage seasonal fluctuations in sales. This is a comprehensive case in which students assess qualitative issues affecting the recreational motorsport industry during a weak economic climate. Students learn the basics of commercial lending and the risks involved in lending to a company that has no bank loan history and that is seeking credit for sustainability.