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An investment adviser for National Securities Inc. had just met with a potential new client. His task was to help the client develop an investment policy statement and to provide advice regarding an initial asset allocation consistent with the investment policy statement. This case allows students to assess an individual's investment objectives and constraints and to determine how these factors impact on the appropriate investment mix. This is the first in a series of three cases that focus on a variety of investment decisions. (See also 98N030 and 98N031.)

An investment adviser for National Securities Inc. was meeting with a new client. Since the client had not been an active investor in equities, she had many questions for the advisor, particularly related to the notion of market efficiency. In addition, she wanted to understand the importance of different investment styles, such as growth versus value. This case is the second in a series of three cases that focus on a variety of investment decisions. (See also 98N029 and 98N031.)

An investment adviser for National Securities Inc. was meeting again with a new client. He was recommending a number of stocks for consideration as part of her investment portfolio. The client wanted to understand what the expected return and risk implications were related to investing in some of the recommended stocks. This case allows students to examine return and risk measures for both individual securities as well as portfolios. Sharpe and Treynor performance measures are also examined. This case is the third in a series of three cases that focus on a variety of investment decisions. (See also 98N029 and 98N030.)

Canada's largest privately owned department store, The T. Eaton Company Limited, founded in 1869, had recently emerged from bankruptcy protection and was now planning to raise $175 million through an initial public offering (IPO). Investment bankers must determine the appropriate share price and consider the appropriateness of the timing for the issue. The case describes North American retail industry trends and the bankruptcy protection process, and provides a detailed discussion of the IPO process and valuation considerations. Detailed comparables are provided for such firms as Federated, Nordstrom's and Dillard. The case provides an opportunity to apply a number of valuation techniques including discounted cash flow, price-to-earnings multiples and enterprise value-to-EBITDA multiples.

An investment adviser for National Securities Inc. had just met with a potential new client. His task was to help the client develop an investment policy statement and to provide advice regarding an initial asset allocation consistent with the investment policy statement. This case allows students to assess an individual's investment objectives and constraints and to determine how these factors impact on the appropriate investment mix. This is the first in a series of three cases that focus on a variety of investment decisions. (See also 9A98N030 and 9A98N031.)

An investment adviser for National Securities Inc. was meeting with a new client. Since the client had not been an active investor in equities, she had many questions for the advisor, particularly related to the notion of market efficiency. In addition, she wanted to understand the importance of different investment styles, such as growth versus value. This case is the second in a series of three cases that focus on a variety of investment decisions. (See also 9A98N029 and 9A98N031.)

An investment adviser for National Securities Inc. was meeting again with a new client. He was recommending a number of stocks for consideration as part of her investment portfolio. The client wanted to understand what the expected return and risk implications were related to investing in some of the recommended stocks. This case allows students to examine return and risk measures for both individual securities as well as portfolios. Sharpe and Treynor performance measures are also examined. This case is the third in a series of three cases that focus on a variety of investment decisions. (See also 9A98N029 and 9A98N030.)

ZEFER, a young Internet professional service firm, is considering its expansion options. Organic growth versus growth by acquisition is a central theme. The firm's financing strategy will be determined by its business strategy.

Lisa Frankenberg, co-founder of the Prague Post, is faced with several business and professional decisions. The English-language paper she founded is under pressure from competition and a Czech Republic recession. She must decide how to return the paper to profitability. Similarly, Frankenberg must decide whether to come back to the United States to start a consulting job.

The CEO of a semiconductor equipment manufacturer is assessing the financial forecasts and financing plan prepared by the chief financial officer. Continued rapid growth will create substantial financing pressures, especially if profitability fails to recover and/or if a major, unexpected economic downturn occurs.

The vice president of finance was reviewing the corporation's financial situation in preparation for the forthcoming board of directors' meeting. Key items on the board's agenda included Torstar's dividend policy and share repurchase strategy, along with Torstar's ability to acquire strategic investments and to maintain capital expenditure requirements. The case focuses on the optimal utilization of excess cash flow.

The CEO of Wilson Industries, a U.S. firm, is concerned about the performance of a joint venture between Wilson Industries and a Japanese firm, Morota Manufacturing. He wants the joint venture president to make some changes to improve financial performance. However, the president is unsure of what action to take because the Japanese partner, Morota, is satisfied with the performance and is considering expansion plans.

Corporate restructuring has been the focus of much debate in the past few years. This article addresses the debate about the effectiveness of corporate restructuring by examining 52 studies presented within 25 research articles on restructuring and its impact on economic performance. The authors distinguish three forms of restructuring: financial, portfolio, and organizational. Based on the research reviewed here, financial restructuring has the highest positive impact on performance, followed by portfolio restructuring. Organizational restructuring has little consistent impact on performance.

In September 1994, Sino Land, the best-known second-tier property developer in Hong Kong, was studying the possibility of a spinoff of its hotels and hospitality division into a separately listed firm. Under the proposed de-merger, the new holding vehicle, Sino Hotels (Holdings), would inherit equity interests in a number of hotels and restaurants. It was also scheduled to list on the Hong Kong Stock Exchange after elevation of Sino Land to a blue-chip Hang Seng Index constituent stock on February 28, 1998. The case looks at the rationale and the timing of the spinoff and investigates whether the event resulted in an increase in Sino Land's stock market value and improvements in its business.

On July 6, 1998, the Indonesian government announced that Cementos de Mexico (Cemex) was the preferred bidder for the largest government-owned cement company in Indonesia PT Semen Gresik. The first round of bidding had pitted Cemex against Holderbank of Switzerland and Heidelberger of Germany, two of the largest cement manufacturing firms in the world, and a mere seven weeks had passed since the resignation of President Suharto, a turning point for Indonesia's political and economic future. Cemex was informed on August 20 that their first round bid would have to be restructured, the primary change being a maximum of 14% of ownership passing from the government to Cemex. Then, as preferred bidders, Cemex would wait for the other round bidders to submit second bids. If their second bids were superior to Cemex's first bid, Cemex would have the right to match them if it wished. The vice president for finance of Cemex, Hector Midina, and his acquisition staff and consultants, now had only a few weeks to finalize their position

A large restaurant chain undergoes a leveraged buyout and subsequent recapitalization. Financial and operating problems at the company force it to consider various restructuring options, including a "prepackaged" Chapter 11 exchange offer to its public bondholders. A rewritten version of two earlier cases.

Distinguishes and explains the basic rules associated with two types of contributions to capital: (1) transfers of property by a government to a company to entice it to take some action such as relocate a plant, and (2) transfers of property to a corporation by existing shareholders without adequate documentation such as the issuance of stock certificates.

Following a major financial crisis, the South Korean government attempted to revive the Korea Stock Exchange to spur equity investment in Korean companies. This case describes the reforms undertaken so far and the challenges that lay ahead.

Discusses the historical context, purpose, primary mechanical features, and effects of the passive activity loss rules.