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Can Singapore urban design, policy continuity, and system of laws be exported outside of Singapore to accelerate the effective development of new urban agglomerations? Nina Yang, CEO of Sustainable Urban Development at Ascendas-Singbridge, a large real estate company based in Singapore, was considering whether to build residential or commercial space in one of its sustainable urban development projects, Sino-Singapore Guangzhou Knowledge City. Could such a long-gestation urban development project be commercially viable? What were the partnership issues working with the Guangzhou government? Could Singapore livability concepts, planning expertise, safety for capital, and comfort for multinational corporations be successfully exported outside of Singapore into large urban agglomerations on a repeated basis?

Zorbas Bakeries Case presents a decision situation. The case setting is Nicosia (Cyprus, EU), December 2014. Zorbas Bakeries, a large family-owned Cypriot company, was considering a bold new initiative - opening a new concept store abroad, in New York. Moreover, it wasn't just about opening one shop, but the shop that would be used as the pattern for all future international franchise stores. Such a project would be most unorthodox for a local family-owned company and would involve multiple risks. The managing director of the company Demetris Zorbas took up the responsibility for this project in early 2014. He had to finalize the plan before the decision by the management team at the end of 2014. "Are we fully ready to go to New York? Will we be able to compete in this difficult market? What are the projected financials for the new 'test case' store? Will this project add value?" The case requires students to do first a standard NPV analysis, and then presents an opportunity to introduce students, in a relatively easy way, to the rather complex but increasingly important concept of 'real options' in finance, an extension of the traditional DCF analysis. Students who are aware of the limitations of the standard NPV model, and can identify and understand real options, become ultimately more sophisticated users of the traditional DCF analysis and are ultimately able to make better investment decisions. The case also emphasizes that a financial analysis is an important determinant of the future strategy, although clearly not the only determinant. It is crucial for students to understand the strong link between finance and strategy.

Spreadsheet for case NA0585.

In 2016, Chinese football club Guangzhou Evergrande Taobao Football Club (Evergrande), which had recently been crowned the most valuable football club in China by Forbes magazine, with a valuation of US$282 million, simultaneously had a market capitalization in China of over US$3.3 billion. The team had yet to earn a profit, so these valuations raised questions regarding how this team in particular was valued and how sports franchises were valued in general. Many sports teams tended to lose money as they built their talent base, and investors often valued such assets in a way that was similar to the valuation of technology stocks. A football fan who was interested in investing in the Evergrande club was concerned about the high price for its shares. He wondered whether the club was really worth this much money and whether its stock price could continue to rise in future. To answer these questions, he needed to understand how the team was valued.

This short case provides income statements and balance sheets for a recent year for seven Indian firms from seven industries. These firms belong to the following industries: Airline; Banking; Information Technology Services; Liquor Producer; Oil Exploration and Development; Pharmaceutical, and Retail The task before students is to evaluate the financial statements given in the exhibits and identify the appropriate industry for each firm.

Spreadsheet Supplement for Case A00277

In 2016, Chinese football club Guangzhou Evergrande Taobao Football Club (Evergrande), which had recently been crowned the most valuable football club in China by Forbes magazine, with a valuation of US$282 million, simultaneously had a market capitalization in China of over US$3.3 billion. The team had yet to earn a profit, so these valuations raised questions regarding how this team in particular was valued and how sports franchises were valued in general. Many sports teams tended to lose money as they built their talent base, and investors often valued such assets in a way that was similar to the valuation of technology stocks. A football fan who was interested in investing in the Evergrande club was concerned about the high price for its shares. He wondered whether the club was really worth this much money and whether its stock price could continue to rise in future. To answer these questions, he needed to understand how the team was valued.

This case follows the 2017 acquisition valuation of Mary Washington Pediatrics in Northern Virginia by two pediatricians, Natalia Juarez and Kirsten Atwood. The case provides a simple context for discussing approaches for enterprise valuation, including discounted cash flow (DCF) and transaction multiples methods. Students are encouraged to critique a financial forecast for the practice using the current performance of the target company and other comparables. The case has been used in a course specific to medical professionals but could be used by any group seeking an introduction to valuation mechanics.

Student spreadsheet for case UV7708.

Spreadsheet supplement to case 219098.

This case is intended to take students through the cycle of a direct investment, during which a number of decisions has to be made by the financial investor as the shareholder of the investee company. In a situation where the financial investor is a minority shareholder, it is of the investor's best interest to be sensitive to the alignment of shareholders, especially with the controlling/strategic shareholder. When faced with a decision as to whether to maximize value for itself, or share value with the controlling/strategic shareholder, the financial investor should look harder to find creative solutions which can add value to both the minority and the controlling shareholder. Often times, additional investment means additional risk, and the then-current reward/risk balance should be carefully considered, including the then-current fundamentals of the investee company, and the competitive environment of the industry.

Spreadsheets for #ST74T.

Forced by the investor preference for passive instruments like exchange-traded funds (ETFs) driven by ETFs' fee and performance advantages, regulatory pressures, and the rise of robo-advisors, the renowned active manager Fidelity embraced ETFs by introducing smart beta ETFs. As the new chairman, Abigail Johnson had to consider the challenges ahead including incompatibility with Fidelity's investment philosophy and fierce industry competition. The case is based on several concepts including ETFs, mutual funds, index funds, factor asset pricing models, financial innovation, active vs. passive investment management, and efficient market hypothesis, aiming to help students understand ETFs, especially smart beta ETFs, as well as Fidelity and other ETF providers. The case can be used to facilitate teaching in the area of Finance & Investments.

Fairfax Financial Holdings Limited (Fairfax), the Canadian insurance and investment company, made an offer in 2016 for a majority stake in the Catholic Syrian Bank Limited (CSB), a regional private bank in India. Despite its initial enthusiasm for the deal, the CSB rejected the offer because of low valuation. At the behest of the Reserve Bank of India, the CSB made a counter-offer to Fairfax for a majority stake at a substantially higher valuation. Should Fairfax take the offer?

Spreadsheet for product 8b19N005.

Spreadsheet for product 9B19N005.