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The world's banks play a critical role in the pace of decarbonizing our planet. But despite acknowledging this and expressing support for the Paris Agreement - even setting their own targets for reaching net-zero emissions by 2050, in some cases - many are moving too slowly. The authors share research indicating that the majority of banks lag behind the pace of change necessary to hit 2050 targets. They make a plea for bank leaders globally to shift the mix of their loan portfolios and other financing activities away from heavy emitters and towards more sustainable actors across industries.

Amid the Covid-19 Pandemic in 2020, Betsy Harbison formed the search fund Forest Park Capital with the intention of purchasing a small business. The case conveys the details of Betsy's final decision at the terminus of her search, between a software company specializing in vacation-trip planning, and a landscaping business. Betsy must weigh the pros and cons of each company in order to determine which is the best acquisition.

Spreadsheet supplement for case 223012.

Although Tuplastibog is a fictitious name, it is based on a real company that was created in 2014 by Juan Carlos Ordoñez, using financing from his family's business Agropecuaria de Occidente. Tuplastibog is losing money and faces going into liquidation unless urgent corrective measures are taken. Juan Carlos needs to convince his father (Agropecuaria de Occidente's controlling shareholder) to support his business, but first he needs to ensure that his projections are correct and that the accounting measures he plans to implement make sense and will help his company stay afloat in coming years. To help students develop the case, an Excel spreadsheet is attached (Student_Excel.xlsx) A teacher version is also attached (Teacher_Excel.xlsx) to help understand the impact of the adjustments and financial statement projections.

Spreadsheet supplement for case AN0147.

ARK Investment Management LLC (ARK)’s Next Generation Internet ETF (exchange traded fund) accumulated over 5 per cent of the outstanding shares of DraftKings Inc. (DraftKings), which held 24 per cent of the emerging US online sports betting market. Following the legalization of sports betting in May 2018, DraftKings faced escalating competition as competitors spent heavily on advertising and promotions to attract customers. This spending led to increasing quarterly operating losses, and DraftKings’ stock fell about 75 per cent below its fifty-two-week high. ARK needed to re-evaluate its investment to understand whether the stock market’s recent revaluation was a warning sign regarding DraftKings’ ability to weather the competition or just a new opportunity to buy more of an undervalued stock.

Spreadsheet to accompany product W27949.

The state of Uttar Pradesh was India’s leading producer state of mentha. The state’s small and medium-sized enterprises and trade entities were involved in the processing, distillation, crystal manufacture, and export of mentha. After 2017, there had been a deep decline in mentha oil futures trading, which wiped out liquidity and led to several market participants withdrawing from the Multi Commodity Exchange of India Limited (MCX). The MCX had long been a market leader in commodities, supporting futures trading in precious metals and bullion, energy, and a few agricultural commodities—notably, mentha oil. The senior vice-president and head of business development and marketing at the MCX was exploring ways to promote liquidity and raise the volume and turnover of mentha oil futures trading. Having contributed to a brainstorming session with the product development team based on the findings of a 2020–21 stakeholder study of the mentha market, he now had to integrate his domain knowledge and trading expertise with the insights gleaned from the stakeholder’s report to devise a strategy for resurrecting the slumping mentha oil futures.

Spreadsheet to accompany product W27116.

In early March 2020, CoinOrb needed additional capital to build the minimum viable product for their cryptocurrency futures trading platform. Rather than raise additional equity, the company founders created an initial coin offering (ICO), a token sale that blockchain start-ups use to raise funds. CoinOrb planned to launch their ICO shortly after launching their platform in late 2020, but they first needed to prepare their white paper. How would the CoinOrb founders market their offering to investors? What terms would the ICO have? And what value would they assign to the tokens?

On March 26, 2020, Singapore Airlines was reeling from the impact of the COVID-19 pandemic. To raise badly needed capital, it announced that its shareholders would be offered S$5.3 billion worth of rights shares and S$3.5 billion of rights mandatory convertible bonds, both of which would be reflected as equity on its balance sheet. Should shareholders take advantage of this offer or not? To make this decision, investors had to analyze the airline’s reasons for choosing this form of equity financing, the impact of this capital-raising exercise, Singapore Airline’s valuation, and the role of sovereign wealth funds in equity financing. Investors would have to decide the appropriate response to the rights issuances.

Instructor Spreadsheet to accompany product W25409.

Roy He, founder and majority shareholder of his family construction material production company, was preparing to pass down the family business through its first generational handover to his children. His decision would establish his familial legacy and set a precedent for both future generational takeovers and the future of family unity and identity. To assist, He had brought in Hefeng Family Office to develop his succession plan by establishing a family ownership structure, governance system, family trust, and family agreement. However, he remained dubious: was now the time for him to step back and pass on his legacy to the next generation? He remained reluctant to give up control of the company, and the succession process would require passing on the majority of his shares to his successor. How should he establish a family governance structure that would protect the next generation's interest and benefits while also allowing flexibility for future generations' decisions? The structures were now in place, but was the family truly ready for him to pass the baton?

The summer of 2022 marked a crucial period for Heritage Holding co-founders, Alex de Pfyffer and Ross Porter. The pair successfully acquired a large telecom business in 2016 through the search fund model, and several follow-on acquisitions between 2016 and 2022. In 2018, Heritage holding officially adopted the independent sponsor model, and adhered to the framework until the summer of 2022. The case explores a moment when Alex and Ross face a decision: advance Heritage Holding further as an independent sponsor, or convert the company to a private equity model.

In late 2019, LVMH Moët Hennessy – Louis Vuitton SE (LVMH) , a luxury goods empire, made an aggressive bid to acquire Tiffany & Co. (Tiffany), in an attempt to expand LVMH’s product portfolio and customer base. This move was consistent with the specialty of LVMH's chief executive officer—making hostile acquisition offers. The chief executive officer of Tiffany needed to consider whether the acquisition was in the best interest of Tiffany's existing shareholders and whether the terms of the current offer maximized the value of Tiffany.

Instructor Spreadsheet to accompany product W24483.

Spreadsheet to accompany product W24482.