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PPL Corp., an electric utility in Pennsylvania, needs to finance $1 billion of peaking plants as part of its new growth strategy. In February 2001, Steve May, director of finance for PPL's Global Division, is responsible for recommending a finance plan. After considering all the options, May decides that a synthetic lease is the best option, but he must decide whether to recommend a traditional or a limited recourse synthetic lease and how to structure the specific terms. The limited synthetic lease, in contrast to the traditional structure, requires a smaller corporate guarantee on the assets and has greater off-credit treatment, which is important given the company's growth strategy and limited debt capacity. However, finding investors willing to accept greater project risk will cost more and take more time. Timing is an issue for May because if he doesn't close the financing within the next two months, PPL will lose a valuable option to buy turbines for its peaking plants. Failure to exercise the option could delay the company's construction schedule, something PPL wants to avoid given the nationwide race to build new generating plants.

Describes an ill-fated effort to institute a total quality program. Using the vantage point of one of the managers selected to be a quality instructor, the case traces the rise and fall of the quality effort during its very brief existence over the course of six months. Allows students to identify many things that can undermine implementation of change: lack of corporate commitment, overly formalized programs, inflated expectations, lack of initial successes, etc. A rewritten version of an earlier case.

Presents a follow-up one year later. Shows how this online steel distributor has now reached breakeven. Focuses on the new challenges for the future.

Synthes is the recognized leader in the U.S. orthopedic implant market, with a 50% market share in the metallic plates, rods, and screws used to fix severe bone fractures. Synthes' marketplace strength lies in the strength of its sales force and in the quality and reliability of its products. A major drawback to all metallic implants, however, is that they often need to be removed after the bones have healed. To address this problem, several major competitors have recently introduced polymer-based "bioresorbable" implants. In theory, these new implants remain rigid while the fracture heals, then gradually dissolve, eliminating their need for removal. In reality, however, some of these new implants have proven problematic--causing infection, incomplete healing, or the need for a second surgery. This leaves Synthes debating whether to enter the bioresorbable market and risk a high-profile product failure or to remain an observer and allow others to test the market and eventually validate (or invalidate) the concept.

Dunlap Corporation has just adopted FAS No. 87, "Employers' Accounting for Pensions." Students are asked to perform a variety of calculations in order to determine the amounts of the pension-related items to be included in the company's income statement and balance sheet. This case requires an understanding of present value concepts. It is intended to be used as part of an initial class on pension accounting and reporting or as the basis for a second class on pensions.

Logan Airport is facing mounting delays for flights landings and takeoffs, especially in inclement weather. An additional runway and peak-period pricing are two alternatives being considered.

After taking 30% of its Conoco oil and gas subsidiary public in the largest domestic initial public offering (IPO) in U.S. history, management of E.I. du Pont de Nemours and Co. (DuPont) is considering divesting its remaining interest in Conoco. This goal is to be accomplished through a relatively uncommon transaction called a corporate "split-off," under which DuPont's shareholders will be given the option to exchange their shares in DuPont for shares in Conoco (but, in contrast to a more conventional "spin-off," they are not obligated to exchange their shares). Management's objective in restructuring is to move DuPont away from its traditional energy and chemical business toward the life sciences (agriculture, biotechnology, and pharmaceuticals).

Sarah Vickers-Willis, HBS MBA 1999, faces a critical career decision: Does she redirect the Internet start-up she helped found or join in shaping a for-profit firm with a social mission? Sarah, a young Australian business executive, has always strived to "find space" for what's important to her in her career. Her career decisions began when she decided to interrupt a successful consulting career in Australia to attend Harvard Business School and continued through her founding (with three other HBS classmates) a fast-track Internet start-up. This case traces Sarah's increasing involvement with a small for-profit firm dedicated to improving the financial education of young women and ends with a decision point: Should she stay with the company she helped found, or should she move to the entrepreneurial firm with a social mission?

Describes the political and economic development in Argentina from 1900 to 1989, with a focus on the role of Peron and populism. A rewritten version of an earlier case.

Describes the political and economic development in Argentina from 1989 to 1995, with a focus on the role of the currency board. Culminates in Argentine policy makers (Menem in particular) contemplating how to respond to the tequila crisis in the middle of 1995. Focuses on the tradeoff between a fixed exchange rate to maintain price stability and the required high interest rates that impact financial stability. A rewritten version of an earlier case.

Describes the evolution of Qwest from a small fiber-optic construction firm in 1996 to a global telecommunications giant in 2001. Focuses on Qwest's pivotal acquisition of "Baby Bell" US West, a regional Bell operating company many times Qwest's size. Discusses the rationale for the merger and its aftermath, including the cultural challenge of integrating a scrappy start-up with a bureaucratic, traditional firm.

Level 3's unique compensation plan rewarded managers for the firm's performance only if the firm's stock price movement exceeded that of the market. This design was intended to maximize shareholder value by tying manager's performance more closely to that of the firm, rather than tying it to the level of the overall market. The past year had been a difficult one for the telecommunications sector, and Level 3, like many other firms, was concerned about both retaining employees and adequately compensating them. Moreover, Level 3 needed to hire a substantial number of employees over the coming year, and the firm's compensation plan would play a significant role in attracting good employees. With the annual compensation committee meeting approaching, the CEO must reevaluate whether the plan was successful and whether any changes were warranted. Possible changes included changing its benchmark index from the S&P 500 to another (perhaps more specialized) index and adjusting the size of the indexed option grant and its cash/option mix to produce the right incentives in light of falling stock prices.

As the leading plant technology company in the global food system, how can Monsanto share this technology with small-sale producers and not-for-profit researchers and institutions?

Singapore Airlines has built a storied reputation for excellence in customer service, attention to detail and a progressive stance in designing strategy. It has established a well-orchestrated system that nurtures significant sources of competitive advantage that are used to support a strategy of differentiation. At the time of the case some of that luster might be fading with the advent of copycat competitors and intensifying pressures to compete on the basis of cost. The increasing incidence of alliances in the aviation industry is also raising new questions for Singapore Airlines. The case focuses on the multi-pronged efforts at SIA to build competitive advantage. It closes with a set of issues revolving around an impending alliance with Virgin Atlantic Airways.

Future Shop is a large retail store chain that specializes in audio, video, computer equipment and software, and appliances. A student group has conducted a research study of Future Shop customers' perception of the strengths and weaknesses of the chain and submitted their findings.

Global Sources Ltd. is Asia's leading publisher of business-to-business (B2B) trade-related magazines. In the latter half of the 1990s, the Internet became a powerful force for change in the business world, leading to an explosion of Internet-related activities by both traditional bricks and mortar companies, as well as countless upstart dot.coms. The chairman and CEO of Global Sources had foreseen the opportunities afforded by the Internet early on and had made it an integral part of the company's strategy. Currently, the level of activity in the B2B portal space has evolved so quickly that a noticeable degree of confusion among suppliers, buyers, and investors about the merits and drawbacks of these portals has arisen. Moreover, the sustainability of these ventures has been brought into question, which is causing a dramatic reversal of fortunes for many companies. The result is that there are strong signs that the industry will experience a significant consolidation. This has left Global Sources chairman with the key challenge of generating greater visibility among users and potential users of the companies services, as well as greater interest from the investment community to remain viable. The company must be able to educate and convey its value proposition to its users, as well as determine whether it should continue to remain an independent player, purchase a competitor, or enter into a strategic alliance.

A start-up intellect exchange initially offered a public expertise exchange, connecting experts with clients. Now management wonders whether a new, more focused strategy will succeed.

Optical Recording Corp. (ORC) secured the rights to a technology known as digital optical audio recording. During the time it took to negotiate the final transfer of the technology ownership, it was rumored that some major electronics manufacturers were developing compact disc (CD) players that recorded digital optical audio signals. A patent lawyer advised ORC that the compact disc players and compact discs recently released by these companies might be infringing the claims of ORC's newly acquired patents. Based on this information, the company proceeded to successfully negotiate licensing agreements with the two largest CD manufacturers. The third largest manufacturer, WEA Manufacturing, a subsidiary of Time Warner, Inc., maintained a position of noninfringement and invalid patents. With the U.S. patent expiration date looming, ORC decided to sue Time Warner for patent infringement. When the defense counsel presented testimony that questioned the integrity of the licensing agreement, ORC's president realized that the entire licensing program was in jeopardy and must decide whether he should accept a settlement or proceed with the lawsuit.

Describes the challenges facing Van Bolton, the head of a large airline, as he works with the head of the company's pilots' union to negotiate issues relating to the acquisition of a smaller airline. Bolton must find ways to surmount a history of adversarial relationships between the company and the union.

The case describes the challenges Ben Fiorentino, the second-generation head of a family-run equipment business, must deal with as he decides whether and how to sell the business. The business is encountering classic problems that confront family-owned firms: The third generation consists of a large number of members, but only some of them are interested in running the business. Also, Ben foresees tough times in the future due to increasing competition. He must decide how to respond to an overture to buy the business, especially how to marshal support within the family and in the professional management ranks.