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Britannia Chemicals was under pressure from investors to improve its financial performance because of the accumulation of the firm's common shares by a well-known corporate raider. Earnings had fallen to 180 pence per share at the end of 2017 from around 250 pence per share at the end of 2016. The manager of Merseyside Works, a production plant owned by Britannia Chemicals, thus believed the time was ripe to obtain funding from corporate headquarters for a modernization program for her plant-at least she had believed this until her controller presented her with several questions that had only recently surfaced. This A case presents a go/no-go project evaluation regarding improvements to a polypropylene production plant. It explores aspects related to identifying incremental cash flow implications of investment decisions and evaluating related financial criteria, including impact on earnings per share, payback, and net present value, and internal rate of return.

These fictional caselets, some of which are based on lived experience, present dilemmas and ethical issues in the financial field. The situations include an investment-banking firm executive deciding how to handle an investment tip; an executive struggling with whether to push her tech start-up client to a lucrative IPO or to follow her company's directive to push a merger instead; an employee asked to contravene accepted accounting practice; an employee at a wealth-management firm pressured to promote two underperforming funds; a financial manager whose elderly clients unwisely want to liquidate a significant portion of their savings for a risky venture; and a fintech venture manager who is conflicted about the high interest loans his company offers. These caselets outline and convey the complexities and difficult choices that individuals in the world of finance often confront.

This case describes the rise of Walt Disney, founder of the worldwide entertainment company. The case describes how Disney, as a young artist, created memorable figures such as Mickey Mouse and went on to produce Academy-award-winning films and build the world's most popular theme park. Students will learn how Walt Disney navigated life's choices to leave a lasting impact on the world.

The general purpose of this case is to explore the evolving nature of business relations across the Taiwan strait, focusing on the prominence of Taiwan's high-tech industry. After the legendary founder of Taiwan Semiconductor Manufacturing Company (TSMC) retired, the new chairman grappled with fresh challenges related to its market in China and growing competition. One of TSMC's major Chinese customers faced sanctions by the U.S. government; China invested billions of dollars in building its own powerhouse to compete in semiconductor production. A slowing of innovation in fabrication processes and rising U.S.-China geopolitical tension also added to the uncertainties facing TSMC. What had changed in the competitive landscape for TSMC, and how should it respond to the changes? Was TSMC positioned to be a truly global company? Students should understand how TSMC protects its competitive technology advantage, navigates geopolitical risks in the region, and blunts hungry competitors' efforts to gain market share.

This library case examines the rise of shareholder activism in recent years, particularly in the public eye, and analyzes its effects on corporate strategy, growth, and shareholder value. It looks at three contemporary targets of shareholder activism in particular-Bed Bath and Beyond, Occidental Petroleum Corp, and Walt Disney Co.-and presents arguments both for and against the role of activist shareholders.

In July 2020, Eastman Kodak Company (Kodak) received a US$765 million loan from the US federal government for drug component manufacturing. Kodak's chief executive officer (CEO) was confident about the company's ability to excel in the pharmaceutical industry. However, critics cited several concerns, such as workforce availability and Kodak's lack of experience in the pharma business. The CEO believed that Kodak's expertise in advanced chemicals and manufacturing could drive the firm's success in the pharma business. Would Kodak be able to establish its mark in the US pharma industry? What challenges was Kodak likely to face?

On May 29, 2020, the World Health Organization launched the COVID-19 Technologies Access Pool (C-TAP) with the aim of making pandemic-related technologies-specifically, vaccines and treatments-available to its participants. Although the initiative was positively received in many developing countries, it was not well received by pharmaceutical companies, who viewed C-TAP as a threat to the patent system and, therefore, as a threat to the companies' future research and development. Many non-governmental organizations (NGOs) supported the initiative because it was expected to help poorer countries and income groups access a vaccine. Companies, NGOs, and national governments had to decide how to engage in the process.

In October 2015, the co-founder and chief executive officer (CEO) of Tender Greens faced his most difficult decision yet: should the company continue to pay a premium price for sustainably sourced beef, or should it switch to conventionally raised beef to boost profit margins and improve the company's prospects for national growth? Tender Greens, a thriving fast-casual restaurant chain in California, was ready to expand its operation to the East Coast with backing by equity investors. As the expansion plans grew closer, the CEO began to address the foreseeable supply chain issues that his company would face with the next level of expansion. The company had faced sustainably raised beef supply shortages before, but this time the CEO had more stakeholders to satisfy. He faced a dilemma, one that required him to weigh competing stakeholder interests, the company's stated values, and significant financial implications to arrive at the best long-term outcome for the company. What would be the best way for the company to achieve scale while maintaining a commitment to food that was local, sustainable, and affordable?

Elon R. Musk, founder and chief executive officer (CEO) of Space Exploration Technologies Corp. (SpaceX), was on a mission to provide people in rural and remote areas with affordable, reliable Internet access. Starlink-a constellation of 12,000 satellites to be launched into low Earth orbit (LEO)-was to provide a seamless web of high-speed, low-latency Internet access to anyone with a coordinating ground station. If revenue from the project materialized as forecast, the income stream could help fund Musk's bigger mission: getting people to Mars. The project was not without its challenges, however. LEO satellites had failed in the past, and the market emphasis was the launch of the fifth-generation mobile network (5G) and extending that service to rural areas. Further, competition was increasing, as other companies were entering the segment. Another problem was the clutter and light pollution that the satellites created in orbit. How could Musk increase demand for Starlink's services, and how should he prioritize and tackle the challenges his project faced?

Sirona Hygiene Private Limited (Sirona Hygiene) started operations in 2015 with its launch of PeeBuddy-a portable urination device for women. For Sirona Hygiene, the first four years had been extremely satisfying, as the company was able to launch five unique products and 15 differentiated products across its three brands-PeeBuddy, Sirona, and BodyGuard. Each brand had its own unique value proposition and operated in a different product space. The company's founder was looking for additional funding as he moved toward achieving his mission of tripling the company's growth by 2022. When it came to investor mindsets, most investors were traditional in their thinking and sought to invest in single brands. As such, the company's founder was considering consolidating all of the brands under the corporate brand-Sirona Hygiene. Brand articulation, strategy formulation, and fundraising were all interlinked, and to steer the firm to its next journey, a sequential path was imperative. The question was clear, but there were no straight answers.

The chief executive officer of Ruaha Farm (T) Ltd (Ruaha Farm), in Iringa, Tanzania, established his honey business, in 2012. The company's business model relied on the engagement and empowerment of neighbouring communities of low-income beekeepers, creating mutually beneficial relationships with local beekeeping communities in the Iringa region. The business model was unique, asset-light, and scalable. In contrast with an integrated business model in beekeeping, where a company typically owned all assets (land, beehives, processing machinery, and routes to market), Ruaha Farm not only commercialized the honey from its own farms but also reached out to all beekeepers in the region to support them in the production and collection of their honey. By 2019, amid the challenges of managing the company's relationship with the beekeeper communities, the chief executive officer had to consider how to increase Ruaha Farm's annual production volume from 10 to 100 tons in five years.

nam.R, a data-driven start-up based in Paris, embarked on an ambitious plan to contribute to address global warming using open data. From its launch in 2017, using open-data sources augmented by sophisticated data analytics, nam.R has constructed a "digital twin" of every single building in France by early 2020. It requires vast quantities of data to be extracted, aggregated, cleaned and reorganized in diverse formats from different providers. This unique asset potentially has wide-ranging applications, including the identification of energy-saving opportunities. The next challenge for nam.R is to sell the data to companies and public authorities, staying true to its sustainability and energy-efficiency goals.

This case explores the corporate finance issues arising from the privatization of Li & Fung Limited (Li & Fung, prior stock code: 494.HK) in May 2020. A public announcement was made earlier in March of the same year, while its closing stock price surged by 88.0%, from HKD0.50 to HKD0.94, the following trading day. Such price movement reflected the market expectation of successful execution of the privatization proposal. The case seeks to highlight the considerations of Li & Fung in deciding on privatization, from a corporate finance perspective. Through the case, students will grapple with the practical questions of how controlling shareholders of a listed company should balance their own interests and the interests of disinterested shareholders in the market in formulating a privatization deal. There are always some signals that indicate a listed company may have a plan for privatization. Shareholders need to be alert to certain signals that may possibly indicate a good opportunity for speculation. Li & Fung is a good example for students interested in investment.

Alyssa Harris was the CEO of TechTeen, a Washington, DC, nonprofit. Like many organizations during summer 2020, TechTeen issued a statement supporting the Black Lives Matter movement. A valuable board member expressed concern, threatening to resign over the statement, which escalated discussions among staff and volunteers. The case considers how Harris should manage and respond to these issues. Harris must consider each of her stakeholders, how they might be affected, what to communicate, and how to communicate. This case enables discussion of values in addition to managing public opinion. The teaching note for this case guides the instructor to: (1) map the issues, stakeholders, and potential actions relevant to the case; and (2) critically assess the multiple aspects of the case that apply in business settings.

This case details the various challenges that Whitney Wolfe Herd faced in starting and scaling Bumble. The case explores critical decisions that Wolfe Herd had to make, including which investors to raise money from, how to pitch her 'women message first' dating app to the group of male engineers who could build it, and how to make leadership and reporting line changes as the company scaled.

This case details the challenges Jenell Ross faced at Bob Ross Auto Group, the car dealership in Dayton, Ohio, started by her father, Bob Ross. The case explores critical activities that she had to undertake after her father's unexpected passing, including managing her grieving family, estate taxes, and succession.

In 2021, Ron DeShay, former American Idol producer, is launching his new business venture: World of Dreams Entertainment Group. World of Dreams rethought the existing TV production model, giving audiences more power to directly influence the creation of shows through a digital platform, and building an immersive experience around the TV production business.

AptDeco, a used furniture marketplace, was growing rapidly in the tri-state area. The co-founders were confident that the business model, financial position, and unit economics positioned AptDeco for scaling in the massive $120 billion furniture market, despite its complexity and high costs. The co-founders were looking at different options to scale: working to convert sellers into buyers and vice versa, finding superusers that would fuel the supply for their platform, expand to new markets, rebrand with a sustainability focus. What is the best way for them to scale?

China's peer-to-peer (P2P) lending industry had over 3,000 platforms at its height in 2015. China Risk Finance (CRF) was one of the country's P2P success stories. With over 1 million borrowers using CRF's platform, it raised $60 million in its 2016 IPO on the New York Stock Exchange. Yet the pace of P2P's rise spooked financial regulators, sparking a crackdown on the industry that would lead to its demise in China. This B case tracks CRF's tumultuous attempts to salvage its business in the face of sudden and sweeping changes to the rules governing its industry as well as the lengths to which the Chinese government went to ensure the stability of its financial system, even at the expense of its development.