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Providing earnings guidance-publicly releasing managerial forecasts of a company's profits-has become a highly controversial practice, with critics ranging from Warren Buffett to a McKinsey team to the U.S. Chamber of Commerce. Yet more than a thousand U.S. corporations issue such forecasts each year. Are they making a mistake? On the contrary, argues Lev, an accounting professor at NYU Stern: Investors want more information, and they will reward companies that make it available. Conventional wisdom notwithstanding, Lev maintains that investors care a lot about what drives a company's long-term growth; however, they often need help understanding what the drivers are. Guidance, non-GAAP pro forma earnings statements, and executive conference calls with investors and analysts after the release of earnings statements are potent tools. Done right, they can bring higher stock prices, lower volatility, and reduced cost of capital, and they may also temper shareholder litigation and its consequences. Some guidance for guiders is in order: Offer guidance only if your predictions are consistently better than analysts' consensus forecasts. Don't stand out as a "guidance refusenik" in a sector where guidance is prevalent. Maintain credibility and don't duck the truth-manipulating expectations so that reported earnings will comfortably exceed them breeds mistrust. Resist legal advice to be cryptic or bland, and don't overlook the value of "soft" information; executives' narrative and tone color many investors' decisions and account for most stock price changes in the wake of financial reports. These are not easy times to be an executive dealing with financial markets. But running away from disillusioned investors only makes things worse. Far better is to figure out what they value and to shape your financial reporting and communications strategies accordingly.

This case study examines the business model of the Preservation of Affordable Housing, Inc., (POAH) and its applicability to nonprofit housing providers. POAH is one of the premier socially conscious low-income housing developers and owners in the United States. Its primary mission is to purchase large, multi-family properties and refinance them for long-term affordability. As of 2010, POAH has rescued and refinanced more than 4,900 units of affordable rental housing in eight states and the District of Columbia. Since its founding in 2001, POAH has been unique among preservation owners not only for its business model - which attends closely to the bottom line of every transaction - but also for its commitment to policy and regulatory reform affecting a range of housing affordability issues. This case invites the readers to explore many dimensions of organizational strategy for nonprofit housing companies. In the world of nonprofits POAH is unusual in many ways including its origins-as it was formed in order to complete an acquisition of a significant subsidized low-income housing portfolio its organizational structure, which combines for-profit and nonprofit companies its financial model which emphasizes returning profits to the company and increasing cash flow as opposed to developer fees and especially property management fees its ability to influence government officials to modify regulatory policies to suit the needs of nonprofit housing groups. Finally, the case explores the larger importance of POAH for the low-income housing field.

Managerial Economics: Concepts and Principles, written by Donald N. Stengel of California State University, Fresno, is an eight-chapter book published by Business Expert Press. The text addresses the core of managerial economics, which is the application of microeconomics to business decisions. Key relationships among price, quantity, cost, revenue, and profit for an individual firm are discussed, as are elements from the economics of consumer demand and production. The economics of organization, market price, quantity equilibrium, competitive behavior, and the role of market structure in market equilibrium and competition are addressed. Finally, the text considers market regulation in terms of generic problems that create the need for regulation, as well as possible remedies for those problems. Chapter 1 introduces the concept of managerial economics at a broad level. The vital relationship between economics and business management is addressed.

Managerial Economics: Concepts and Principles, written by Donald N. Stengel of the California State University, Fresno, is an eight-chapter book published by Business Expert Press. The text addresses the core of managerial economics, which is the application of microeconomics to business decisions. Key relationships between price, quantity, cost, revenue, and profit for an individual firm are discussed, as are elements from the economics of consumer demand and production. The economics of organization, market price, quantity equilibrium, competitive behavior, and the role of market structure in market equilibrium and competition are addressed. Finally, the text considers market regulation in terms of generic problems that create the need for regulation, as well as possible remedies for those problems. Chapter 2 explores the key measures and economic relationships of a business operation. Revenue, cost, and profit functions are discussed, as are the differences between economic and accounting measures of cost and profit. Breakeven analysis, the effects of price changes, the relationship between supply and demand, marginal analysis, and the principles of the shutdown rule, are also explained.

Managerial Economics: Concepts and Principles, written by Donald N. Stengel of the California State University, Fresno, is an eight-chapter book published by Business Expert Press. The text addresses the core of managerial economics, which is the application of microeconomics to business decisions. Key relationships between price, quantity, cost, revenue, and profit for an individual firm are discussed, as are elements from the economics of consumer demand and production. The economics of organization, market price, quantity equilibrium, competitive behavior, and the role of market structure in market equilibrium and competition are addressed. Finally, the text considers market regulation in terms of generic problems that create the need for regulation, as well as possible remedies for those problems. Chapter 3 explores the economic reasoning and concepts which make up the theoretical foundations of the marketing function. Consumer behavior and its implications on demand and pricing are addressed. The determinants of demand, modeling consumer demand, forecasting demand, the elasticity of demand, and price discrimination are also discussed.

Managerial Economics: Concepts and Principles, written by Donald N. Stengel of the California State University, Fresno, is an eight-chapter book published by Business Expert Press. The text addresses the core of managerial economics, which is the application of microeconomics to business decisions. Key relationships between price, quantity, cost, revenue, and profit for an individual firm are discussed, as are elements from the economics of consumer demand and production. The economics of organization, market price, quantity equilibrium, competitive behavior, and the role of market structure in market equilibrium and competition are addressed. Finally, the text considers market regulation in terms of generic problems that create the need for regulation, as well as possible remedies for those problems. Chapter 4 explores the concepts and principles of microeconomics that guide management's organization and production activities to improve profitability and efficiency. Economies of scale and both short-run and long-run average cost curves are addressed at length. Economies of scope and joint products are discussed. The author compares the cost approach and the resource approach to production planning. Marginal revenues and cost, the law of diminishing marginal returns, and derived demand curves, as well as productivity and learning curves, are briefly discussed.

Managerial Economics: Concepts and Principles, written by Donald N. Stengel of the California State University, Fresno, is an eight-chapter book published by Business Expert Press. The text addresses the core of managerial economics, which is the application of microeconomics to business decisions. Key relationships between price, quantity, cost, revenue, and profit for an individual firm are discussed, as are elements from the economics of consumer demand and production. The economics of organization, market price, quantity equilibrium, competitive behavior, and the role of market structure in market equilibrium and competition are addressed. Finally, the text considers market regulation in terms of generic problems that create the need for regulation, as well as possible remedies for those problems. Chapter 5 explores applied and developed economic principles that inform a better understanding of activity inside the firm. The aspects of business expansion are addressed, including value chains, horizontal and vertical integration, and conglomerate mergers. Transaction cost economies, the Coase hypothesis, and boundaries for business expansion are also discussed. Other topics include: a comparison between cost centers and profit centers, transfer pricing, and techniques for incentivizing employee, manager, and executive performance.

Managerial Economics: Concepts and Principles, written by Donald N. Stengel of the California State University, Fresno, is an eight-chapter book published by Business Expert Press. The text addresses the core of managerial economics, which is the application of microeconomics to business decisions. Key relationships between price, quantity, cost, revenue, and profit for an individual firm are discussed, as are elements from the economics of consumer demand and production. The economics of organization, market price, quantity equilibrium, competitive behavior, and the role of market structure in market equilibrium and competition are addressed. Finally, the text considers market regulation in terms of generic problems that create the need for regulation, as well as possible remedies for those problems. Chapter 6 explores the operations of markets with a focus on the perfect competition model. The assumptions underlying that model, market behavior in both the short and long runs, and the concept of market equilibrium are discussed. Shifts in supply and demand curves, elasticity, surpluses, and deadweight loss are also addressed.

Managerial Economics: Concepts and Principles, written by Donald N. Stengel of the California State University, Fresno, is an eight-chapter book published by Business Expert Press. The text addresses the core of managerial economics, which is the application of microeconomics to business decisions. Key relationships between price, quantity, cost, revenue, and profit for an individual firm are discussed, as are elements from the economics of consumer demand and production. The economics of organization, market price, quantity equilibrium, competitive behavior, and the role of market structure in market equilibrium and competition are addressed. Finally, the text considers market regulation in terms of generic problems that create the need for regulation, as well as possible remedies for those problems. Chapter 7 further explores the operations of markets. Different market structures, including monopolies and oligopolies, are discussed at length, as are strategies for competing in such markets.

Managerial Economics: Concepts and Principles, written by Donald N. Stengel of the California State University, Fresno, is an eight-chapter book published by Business Expert Press. The text addresses the core of managerial economics, which is the application of microeconomics to business decisions. Key relationships between price, quantity, cost, revenue, and profit for an individual firm are discussed, as are elements from the economics of consumer demand and production. The economics of organization, market price, quantity equilibrium, competitive behavior, and the role of market structure in market equilibrium and competition are addressed. Finally, the text considers market regulation in terms of generic problems that create the need for regulation, as well as possible remedies for those problems. Chapter 8 further explores the operations of markets with a focus on market regulation. The author discusses instances where intervention may be considered necessary and identifies regulatory measures that can be taken.

Instructors may also obtain a Teaching Note, written by this case's author, that provides suggestions for using this case effectively in the classroom.

In January 2010 the California High Speed Rail Authority (CHSRA) was waiting to hear whether the Obama administration would approve its application for $4.7 billion in federal stimulus funding to begin the construction of a $50 billion, 800-mile high-speed rail corridor connecting all of the state's major regions and cities. In November 2008 California voters had already approved Proposition 1A authorizing the state to issue $9.95 billion in bonds toward construction of the system's initial segment running 465 miles from San Francisco to Los Angeles-Anaheim in Orange County. This case describes the CHSRA's planning efforts and the controversies that arose over the alignment, the demand projections, the financial plan, and the social benefit-cost analysis. HKS Case Number 1935.0

Economic game theory can be a tedious and difficult concept, but it doesn't have to be. This exercise allows students to learn about game theory via an entertaining medium - video games. After considering a pricing war between two video game giants, Microsoft and Sony, students are asked to calculate pricing strategies based off game theory predictions. Students must use a 2-by-2 simultaneous one-shot game (like the Prisoner's Dilemma framework) to determine if one or both companies will cut prices.

On July 15, 2010, the U.S. Senate obtained the 60 votes needed to pass the Dodd-Frank Wall Street Reform and Consumer Protection Act. On the same day, the SEC reached a $550 million settlement with Goldman Sachs relating to its April 16 lawsuit by dropping its fraud charges. Supporters of both sides claimed the settlement was a victory. This short case is the epilogue to "The SEC vs. Goldman Sachs" (UVA-GEM-0101).

The financial regulatory environment in the United States covers the insurance, banking, and securities industries. This note summarizes the regulation of all three as of July 31, 2010. This compact technical note is intended to provide students with a summary of U.S. financial regulatory history. It traces regulatory agencies and the most relevant congressional acts from 1863 to 2010. Its original intent was to be used as background for the "The SEC vs. Goldman Sachs" cases (UVA-GEM-0101 and UVA-GEM-0102). It could also serve as a supplement for a class on financial markets and institutions, the history of U.S. financial crises, or the general history of business regulation in the United States.

John Mwa is the newly appointed head of the Nomburan Revenue Agency (NRA), tasked by incoming President Orelio with improving revenue collections in the African nation of Nomburo. This case discusses how he goes about reaching performance targets set by the president, albeit facing constraints to do so. Unfortunately, some of the methods he employs to overcome constraints test the limits of political support and authorization. Mwa finds himself in trouble with opposition party members, procurement commissions, the president's coalition members, and even his own staff. It is a case that instructors can use to teach about the many dimensions of organizational effectiveness, the dangers of narrow performance focus in organizations, and the complexities of performing in constrained environments. It is particularly useful for instructors teaching about management in a developing country context and about revenue collection. HKS Case Number 1934.0

When courted by KKR, Harman International was experiencing robust times. After several months of due diligence performed by KKR and its financial and legal partners, KKR announced that Harman International had agreed to be acquired in a private equity transaction valued at $8 billion. But by the time the documents pertaining to the Harman International/KKR transaction were on the table, the financial markets that had ridden on the enormous momentum from prior years into the first half of 2007, almost overnight experienced a cooling-off period of unprecedented magnitude. Unfortunately, Harman International's fourth quarter results released in August 2007 were disappointing, prompting some critical questions: What was the real intrinsic value of Harman International, and which financial metrics were most meaningful in assessing that value? Should KKR follow through on the proposed transaction or pay a required $225 million termination fee? Was going private still in the best interest of Harman International, or should the CEO abandon the transaction and have his company pay the termination fee? Followed by the (B) case, UV4348.

In March 2008 the People's Committee of Ho Chi Minh City, formerly known as Saigon, approved a revised master plan designed to guide the development of the city through the year 2025. Vietnam's economy had been growing at rates of 6 to 8 percent per year for nearly two decades, and much of that growth was located in its cities, and in Ho Chi Minh City in particular. Real estate prices were at all time highs, development pressures threatened the historic French colonial core of the city and the wetlands to the west and southeast, and traffic congestion was growing rapidly as the city was registering 1300 new motorcycles and 150 new cars per day. The new master plan designated areas where growth would be encouraged and included a list of transportation and other infrastructure projects and policies designed to support the desired developments. Not all the elements of the plan seemed consistent with its goals, however, and the list of projects was so ambitious-that it was unlikely that all would be built on schedule. The obvious question was what policies and projects should receive priority. This case is designed to support a discussion of the problems of managing growth in a rapidly developing city. HKS Case Number 1909.0

Case (A) starts by reviewing several attempts made by three consecutive Argentine governments between 1973 and 1989 to fight the three-digit inflation rates that had troubled the country since the end of World War II. Next, the implementation of the currency peg under the broad umbrella called the "convertibility plan" is discussed and its rationale is explained in connection with the Central Bank's role in controlling inflation and market expectations. The case then outlines the fiscal reforms introduced in the early 1990s concerning public finance, market regulation, and social security. Finally, the outcomes of these policies are briefly summarized.

This technical note prepares students to use and analyze economic models of long-run growth. The technical note is particularly useful in introduction the Solow neoclassical growth model for discussing growth in emerging markets and developed economies.