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An investment proposal reached the offices of Brookfield Renewable Partners (BRP) that outlined an opportunity for BRP to invest $300 million in Entropy Inc., a carbon capture and storage (CCS) company based in Calgary, Alberta. A subsidiary of Brookfield Asset Management, BRP specialized in clean power investments and invested with clear environmental, social, and governance (ESG) criteria and company culture principles. As the investment team reviewed the materials, two key questions were at the top of mind. First, did Entropy's business model align with BRP's ESG investment criteria? Second, would the investment generate sufficient financial returns, and how would changes to Canada's carbon pricing regulation impact the viability of CCS?

A year had passed since implementing digitalization of the direct lending process at Small Industries Development Bank of India (SIDBI), and the committee gathered on January 2, 2023, to reflect on its success and identify any issues. During the meeting, the team discovered that some businesses faced issues with loan sanctioning due to the need for relaxation of certain policies. Because the system-driven processes were based on standard procedures, the committee faced a dilemma in how to handle these relaxations. Although the system was automated, there were still certain areas that required manual interventions. As a result, the team deliberated whether SIDBI should move toward hyperautomation.

On July 15, 2022, the senior marketing manager of Prabhu Murthy Industries Limited participated in a high-priority meeting attended by all of the company's executives to discuss a pressing issue. The company's unstable financial position and disappointing results had tarnished its reputation among investors. The company had to quickly raise funds by promoting itself as a favourable investment option for the public and investors, and the senior marketing manager was entrusted with developing an advertisement that would fulfill this purpose. As he contemplated the challenging week ahead, the senior marketing manager grappled with determining the most effective course of action to achieve the company's objective. How would he convey the right advertising concept to effectively inspire confidence in investors and stakeholders? His contemplation would also underscore the importance of ethical communication in the financial services industry.

This case presents a challenge facing Trilliam Asset Management around wheter to continue advancing ESG issues with Facebook or divest. The case provides a window into corporate goverance and hard choices that must be made with incomplete information.

Part A of this case introduces students to a US AID/India initiative accelerating the pandemic response while building equitable health systems in India. A modular approach with public and privater partners is degined to accomplish together what they can't do separately. This is an excellent case for exploring financial system innovation and social impact in India, a leading global setting.

Part B of this case provides initial results from to a US AID/India initiative accelerating the pandemic response while building equitable health systems in India. Innovative financial approaches are outlined and emergent challenges are identified. This case is excellent for raising issues around the sustainability of financial innovations designed to have a social impact.

Secretariat, if anyone remembers, won the triple crown at the Belmont Race Track on Long Island, located at the nexus of La Guardia, JFK Airports, the Long Island Railroad and multiple major highways. Belmont Race Track is now being rebuilt along with an adjacent UBS hockey arena for the New York Islanders which can be transmogrified into a spectacular concert venue with great acoustics and amazing design for the likes of Harry Styles and Bruce Springsteen who have already played there to packed audiences. Adjacent to the new arena is the new Belmont Park Village filled with luxury brands such as Prada, Zegna, Polo and the like. Do people who watch and bet on horses, attend hockey games and rock concerts, shop the luxury brands? Is this the way entertainment and retail will have to work together now in the age of ZOOM and e-commerce shopping?

Spreadsheet supplement to case 224068.

Arconic Inc. was an international aluminum parts manufacturing and lightweight composite engineering conglomerate. In early 2019, it was set to be sold to Apollo Global Management Inc., a premier private equity firm; however, the deal fell apart due to a dispute over the valuation of pension obligations. The board of Arconic Inc. still demanded structural changes to maximize shareholder value, and in February 2020, the company engaged Bulge Bracket Bank (Bulge Bracket) to explore other options. The managing director of Bulge Bracket saw that there was a case to be made for spinning off Arconic Inc.’s Global Rolled Products division as a new company, to be called Arconic Corporation. He assigned a promising second-year analyst the task of conducting a comparable companies analysis to determine a fair valuation for Arconic Corporation. By drawing up a list of other companies in the materials industry and conducting a qualitative and quantitative analysis on them to identify comparable companies, the analyst was able to determine a reasonable implied valuation range ahead of the stock market listing of the spun-off company on April 1, 2020.

Spreadsheet to accompany product W32370.

Yassir Benjelloun-Touimi, CEO of ARTEX, aspired to marry the world of art and finance. Hoping to promote transparent, fractionalized ownership of renowned artwork, the founder had spent years contemplating the birth of an art stock market. This exchange would allow investors to trade art shares, much like the real-time trading of conventional stocks. Accompanied by an educational platform and partnerships with art institutions, ARTEX would help "democratize" art and unlock a new, stable asset class for all. Was the world ready-and could Benjelloun-Touimi convince a sufficient mass of art lovers and more importantly, regular investors-into buying fractions of artwork that would be valued at market-trade prices?

Spreadsheet supplement for case W32370

Arconic Inc. was an international aluminum parts manufacturing and lightweight composite engineering conglomerate. In early 2019, it was set to be sold to Apollo Global Management Inc., a premier private equity firm; however, the deal fell apart due to a dispute over the valuation of pension obligations. The board of Arconic Inc. still demanded structural changes to maximize shareholder value, and in February 2020, the company engaged Bulge Bracket Bank (Bulge Bracket) to explore other options. The managing director of Bulge Bracket saw that there was a case to be made for spinning off Arconic Inc.'s Global Rolled Products division as a new company, to be called Arconic Corporation. He assigned a promising second-year analyst the task of conducting a comparable companies analysis to determine a fair valuation for Arconic Corporation. By drawing up a list of other companies in the materials industry and conducting a qualitative and quantitative analysis on them to identify comparable companies, the analyst was able to determine a reasonable implied valuation range ahead of the stock market listing of the spun-off company on April 1, 2020.

Serena Khan, a fictional analyst at an investment management firm, was tasked with evaluating a potential investment in Robinhood Markets, Inc. in March 2023. Known for its sleek interface and zero-commission trades, Robinhood aimed to "democratize finance" by making investment products widely accessible. The company saw a surge in users during the COVID-19 pandemic but came under fire for its role in the meme-stock craze and its revenue model based on payment for order flow. Robinhood had struggled since its 2021 IPO as the number of active users declined and shares fell over 80% from their highs. This case encourages students to explore key themes relevant to a broad range of fintech companies and provides an opportunity to discuss the role of wholesale market makers in trade execution, the economics of PFOF, and the gamification of investing.

Adam Shapiro and Graham Duncan launched East Rock Capital, LLC in 2006 with a seed investment from Stuart Miller, executive chairman of Lennar Corporation. East Rock managed long-term assets for high-net-worth families, primarily working with external managers who had proven themselves at larger firms and had recently launched firms of their own. This approach allowed the organization to build a network of small and mid-size investment firms that it viewed as a source of investing edge. Shapiro considered how East Rock should approach growth going forward.

In December 2021, Murat Ozyegin, Chairman of Fiba Holding, along with Omer Mert and Ä°hsan Elgin, engaged in discussions about the future of United Payment, a fintech company in which Finberg, a subsidiary of Fibabanka, held a 20% stake. Finberg, established in 2018 as Turkey's first fintech-focused corporate venture capital firm, had invested significantly in United Payment, contributing to its substantial growth in transaction volume from $352 million in 2019 to almost $865 million in 2020. With an offer from OYAK, Turkey's largest pension fund, to invest in United Payment, the leadership team deliberated on whether to accept the proposal or wait for further growth opportunities, considering the company's plans for international expansion and the competitive landscape in the fintech sector. The decision involved weighing the potential benefits of OYAK's investment against the risks of stiff competition and its implications on United Payment's competitive advantage and profitability.

Supplement to 217050.

Student spreadsheet for Ivey product no. W34499.

Instructor spreadsheet for Ivey product no. W24500.