個案總覽

In May 2022, a young analyst intended to examine the financials of Yes Bank, one of India's leading private banks. It had gotten into financial trouble and had experienced irregularities in recent years. Crucial clients of the analyst's financial advisory firm were interested in Yes Bank's investment potential because the share price was cheap. The clients therefore wanted to know if the bank showed signs of progress and stability, as it could make an ideal investment. The analyst believed the bank would be financially stable only if it was no longer experiencing financial distress. Therefore, the analyst used the CAMELS framework and probability of financial distress model to examine the financials and advise their clients on the bank's financial position.

Spreadsheet Supplement for Case W29015

Presentation for product 8B20N031.

Student spreadsheet for Ivey product no. W24460.

Lumière Project, a Hong Kong-based company, uses blockchain technology and smart contracts to offer finance solutions to the filmmaking industry. Founded by Patrice Poujol, Lumière relies on Elemis, its ERP platform prototype using blockchain technology, to help finance media projects and increase capital flow transparency and control for movie investors, cast, and crews. With the initial success of its B2B business and from the end of 2020, Lumière has designed and started developing NFT and Lumiverse solutions in the hope of opening the gates to the wider B2C arena for film financing, production, and distribution. But developing B2C business is considered as a bold move for Poujol and his team. To make the expansion into B2C a success, they need to raise additional capital and cope with a range of technical, regulatory, and market risks and challenges. This case describes B2B and B2C use cases of blockchain technologies and smart contracts in the filmmaking industry. By illustrating how Lumière works, this case shows how blockchain technologies and smart contracts improve transparency and accountability in the film payment process, bringing digital transformation in to the filmmaking industry. It provides a good opportunity for students to assess the benefits and challenges of using blockchain and smart technologies. Students will also learn not only how NFTs can create business value but also how to cope with the challenges associated with the use of NFTs, such as legal and regulatory concerns, the valuation difficulties and the efforts to attract the interest of the target audience. Moreover, this case provides an opportunity for students to learn different ways that start-ups can raise capital to run businesses. Besides traditional funding options, Lumière provides an opportunity to consider tokenization-related alternatives. Students can compare pros and cons of each funding option based on a real-world case. After studying this case, students will

Spreadsheet Supplement for Case W24460

In July 2022, Celsius Network (Celsius), a cryptocurrency (crypto) network, filed for bankruptcy. Celsius was a "crypto bank" but often acted as a hedge fund. It was taking deposits in cryptos such as Bitcoin (BTC) and Ether (ETH), promising a sizeable yield to the depositors and then lending these out to institutional investors, or more aggressively to decentralized finance (DeFi) protocols which were promising an even higher yield (but with a higher risk, of course). The case examines the DeFi ecosystem, its key players, and discusses key building blocks such as stablecoins and their role in it. The case can be taught in a course on financial institutions, capital markets, or fintech.

In 2022, Wang Jun was the chairperson of Ant Fortune, a comprehensive wealth management platform under Ant Group. China's economic growth since 1978 led to a significant increase in the number of people having sufficient money to invest. Ant Fortune aimed to provide inclusive wealth management services to such consumers. Since 2013, Ant Fortune capitalised on China's high internet penetration rate and the popularity of Alipay, and started helping consumers invest in its money market fund Yu'e Bao. The improvement in technology meant that investment barriers were lowered, and users could be easily reached online. Algorithms could help users allocate funds and rebalance their portfolios automatically. Ant Fortune built an open platform to connect users with mutual fund providers. It endeavoured to be user-centric and provided educational tools to help investors make investment decisions. Wang's goal was to make Ant Fortune the most trusted wealth-management platform that promoted investment education to benefit society and the most trustworthy partner for wealth management firms.

In July 2019, Graphic Packaging CEO Michael Doss was proposing a $600 million investment in a new machine to produce coated recycled board (CRB), a type of paper packaging used for consumer products (cups, cereal boxes, beverage boxes, etc.) that utilized recycled paper as an input. Graphic Packaging was an integrated producer of paperboard packaging for consumer products and the market leader in CRB. What made this decision difficult was that for the past 30 years, plastic packaging had been replacing paper packaging because of cost and ease of manufacturing. Yet a growing interest in environmental sustainability among paperboard manufacturers, consumer goods companies (immediate customers), and consumers (end users) was creating the possibility of a transition from plastics back to paper-based products. If these trends actually materialized, there would be greater demand for CRB mills that could use recycled inputs and create recyclable products. Was this the right time for a capacity neutral investment (GPK planned to shut older plants when the new one came online) particularly when the sustainability trends were still unclear. By closing older, less efficient mills in favor of a newer, larger, and more efficient machine, GPK could save $100 million per year in costs. In short, this decision had a clear economic benefit as long as sustainability trends continued, competitors did not add new or more efficient capacity, and GPK actually removed existing capacity once the new machine was operational.

Analyzes the company's decision on Project Cowboy following the events described in the B Case.

Analyzes the company's decision on Project Cowboy following the events described in the A Case.

Spreadsheet supplement to case 223009

Increasing recognition of the economic and social inequities experienced by Black Americans is spurring new investments in Black businesses and entrepreneurs. Making such investments in both the U.S. and in Africa can help increase diversity in entrepreneurship and create economic opportunities for communities of color, to the benefit of local economies. The authors explain why the period known as the golden age of Black business still offers lessons for leaders to help such businesses prosper.

This case discusses how BOCHK utilizes and apply sustainable finance concepts to develop a new service - green mortgage which is the first ever green mortgage scheme offered in local market. The introduction of the scheme was considered as a substantial leap forward in the development of green finance in Hong Kong. The concepts was relatively new in Hong Kong in 2021. Being the first to navigate the uncharted water was not always an easy task, especially in a highly regulated industry and in a highly competitive market. Despite great deal of uncertainty involved in new product development, BOCHK did not diverge from its mission to promote ESG in Hong Kong. To transform a relatively fresh but abstract concept into a feasible product offer, BOCKH conducted extensive research on similar products across different countries, and held thorough communications with partnering property developers and relevant councils. The scheme was finally launched in Hong Kong in phases in September 2021 and received positive feedbacks from various stakeholders. Through the case, students will grapple with the following practical questions: 1) how should BOCHK roll out its green mortgage scheme and extend the scheme coverage? 2) How could management keep promoting this initiative? 3) Could this idea be expanded to other regions, Southeast Asia?

A financial consultancy analyst received an assignment to assess the long-term performance of Reliance Industries Ltd., a multinational conglomerate based in India. The assignment had resulted from a share price rise for Reliance Industries. On April 27, 2022, the company's share price reached its peak of ₹2,776. Consequently, a few of the financial consultancy's clients had requested information regarding the long-term performance of Reliance Industries. The analyst was therefore tasked with calculating the economic value added in order to evaluate the company's performance.

<p align="justify">Bhagwati Steel Centre, a family-owned trading firm located in Ghaziabad, India, was facing a short-term decline in revenue from its core business, trading iron and steel components, during the COVID-19 pandemic. The company’s four partners felt that this was the right time to diversify and expand their business to establish more sources of revenue and income; they were considering diversifying and expanding their business using a business integration strategy and had to choose between two options: backward or forward integration. However, the partners had several financial factors to consider before making the final choice. What factors would influence and determine the better option for the company’s cash flow? What effect would a potential boom or bust in the market have on the two proposed expansion strategies and on cash flow? What financial techniques were available to evaluate the two proposals and which should be the preferred technique? Finally, should the company opt for backward or forward integration?</p>

Spreadsheet to accompany product W29384.

Spreadsheet Supplement for Case UV0083

Spreadsheet Supplement for Case UV0083

In November 2021, Ford Motor Company offered a $2.5 billion green bond to finance investments in electrification. Issuance of green bonds significantly increased into the 2020s, and to date, the Ford Motor Company green bond was the largest such bond offered by a non-financial corporate institution. How would investors assess the attractiveness of the bond?