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Steven Schwarzman, Chairman of the Blackstone Group, has just learned that an investment group associated with the government of China wants to buy the majority of Blackstone's leveraged IPO. As he considers how to respond to this offer, Schwarzman reviews the firm's proposed structure as a public entity and assesses how he might retain the delicate balance among stakeholders while still maintaining liquidity in the market.

Spreadsheet Supplement for case 808100.

Spreadsheet Supplement for case 808100

Spreadsheet Supplement for Product #207109

Spreadsheet Supplement for Product # 208071

Spreadsheet Supplement for Product #208073

This article presents a survey and an analysis of the academic literature on relationship lending to small and mid-sized enterprises (SMEs). It is noted herein that relationship lending depends on soft (non-quantifiable) information, while other "lending technologies" depend on hard (quantifiable) information. Based on relative benefits and costs, relationship lending may be best suited for some types of SMEs, with alternate lending technologies better matched to others. Also discussed in this article are some interesting managerial and public policy issues. On the bank management dimension, relationship lending may create a special challenge for risk managers. On the public policy dimension, evidence suggests that relationship lending may be better delivered by smaller community banks; banking industry consolidation could, however, threaten the presence of such providers. Counter-intuitively, it is possible that banking industry competition may not be the best environment for relationship lending. Finally, this article highlights potentially interesting differences in the relative importance of relationship lending and the other lending technologies across countries with different financial architectures, and examines a potentially powerful link between relationship lending and monetary policy and other monetary shocks.

Spreadsheet Supplement for case 208129

Bob Kelly, the new CEO of Mellon Financial, is considering the terms of a proposed "merger of equals" with The Bank of New York, just before the final Board meeting to approve the deal. The combination offers a great strategic fit, and the expected synergies are large. However, the proposed exchange ration values Mellon at a discount to its last closing price, even though it is the smaller and non-surviving bank. Kelly must consider the various dimensions of the deal--specifically the value of synergies, the form of consideration, and the deal's impact on the eps of both sides--and determine whether it is in the best interests of Mellon, the city of Pittsburgh, and Mellon's shareholders.

This note provides an overview of intercorporate investments, including passive investments (marketable securities), investments that result in significant influence, and investments that result in control. Then, the accounting for marketable equity and debt securities is described in detail.

Spreadsheet Supplement for case 708035

When Dominique Strauss-Kahn became the Managing Director of the International Monetary Fund in late 2007, he faced a number of significant changes. The organization had lost much of its legitimacy over the previous decade, and countries seemed increasingly reluctant to borrow from the Fund. Developing countries had increased their foreign exchange reserves, which reduced their reliance on potential IMF support packages. Furthermore, the IMF found itself unable to influence the macroeconomic policies of the United States and China in order to reduce global current account imbalances, and developing world countries complained that they were underrepresented at the Fund. As the IMF's new Managing Director, Strauss-Kahn had to decide how best to address these challenges and in what direction to steer the Fund.

A shareholder and silent partner in More Vino Ltd. reviews a request for TT$600,000 in additional funding to finance a renovation for the company. He had initially invested a major portion of the start-up capital. Since then, More Vino has grown in popularity and is now considered the most popular spot for food, drink and entertainment. The shareholder believes that More Vino is a good investment, but he is uncertain whether lending additional capital at this time is the best solution for the business.

This technical note discusses the methods and factors that investment bankers and venture capitalists take into account when placing a value on the shares of biotech companies.

Enterprise Community Partners must determine whether to rebuild the Lafitte housing projects in hurricane-ravaged New Orleans, and if so, how to mitigate the risks. Set in January 2007, more than a year after Hurricane Katrina made landfall, the case examines how Enterprise has a number of environmental, contractual, reputational, and legal risks to overcome in making the project a success. Given these risks, Enterprise is unsure whether to rebuild in New Orleans at all, and whether to renovate the site or redevelop it into a mixed-income community.

A short, supplemental case to "The Big Easy, Not So Easy" (208068). Doris Koo must respond to new challenges at Lafitte in New Orleans.

In July 1997, Thailand became the first Asian "tiger" economy to abandon its fixed exchange rate system in response to speculative attacks on its currency. Investors started to flee Asia, and the crisis rapidly spread to other countries. Central banks spent billions of dollars to try and defend their currencies, only to seek emergency bailouts from the International Monetary Fund. This case presents a chronology of events that unraveled during the Asian financial crisis from 1997 to the end of 1998.

Tad O'Malley has just started as an associate with Empire Investment Group. He must evaluate three investment opportunities facing the big leveraged buyout firm. All are global, but each pertains to different offices and each deal has different strengths and weaknesses. Which should he recommend to the partners for additional resources and what does a recommendation mean for his career?

Spreadsheet Supplement for case 208099