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In this note, we cover how bond prices change as yields change. Students are shown that the price of a bond is a function of its promised payments and the prevailing required rate of return by investors: the bond's yield. Since the promised payments are generally fixed, changes in the price of a bond relate to changes in its yield. The note introduces the most common measures of interest-rate risk (the sensitivity of bond prices to changes in yield), the Macauley duration and modified duration, and it guides students through calculating their value for two bonds issued by Amazon.com. At the Darden School of Business, this technical note is taught in the first-year "Valuation in Financial Markets" class; it would also be suitable in a module covering bond pricing and interest rates within the first-year core finance course of an MBA program, or to introduce the pricing of bonds in an investment course.

Indigenous people “continue to have shorter life spans, poorer health, higher unemployment, lower educational levels, and generally far poorer socio-economic conditions than the Canadian average.” To address these issues and build economic self-sufficiency, First Nations communities must be able to exercise their rights to the land they have occupied for millenniums. In British Columbia, most First Nations have never extinguished their Aboriginal title rights, so according to the Canadian Constitution and multiple Supreme Court of Canada rulings, First Nations hold the legal rights to most of the public land in British Columbia (BC), although they must fight in court to prove this for each and every parcel. Although title was never legally extinguished for private land either, private land is not addressed in this note.<br><br>As of 2021, real estate comprises the largest portion of Canada’s gross domestic product, and property values have reached historic highs. This presents an opportunity for First Nations to use their land to generate wealth and address the socio-economic issues that are keeping their communities from meeting the same standards as the rest of Canada. First Nations in Vancouver and beyond have been buying large parcels of land from the federal and provincial governments for residential development, offering long-term leases and rental properties on the developed land. To be clear, this is land in the First Nations’ own territories—which they could pursue rights to and might very well win—but proving this would likely involve very long court cases lasting many years and costing many millions of dollars. During this time, a great deal of money would be spent but none generated. So instead, out of pragmatism, some First Nations have chosen to buy land fee simple and develop it. The note specifically does not ask students to comment on the conduct of Indigenous Peoples.

Indigenous people "continue to have shorter life spans, poorer health, higher unemployment, lower educational levels, and generally far poorer socio-economic conditions than the Canadian average." To address these issues and build economic self-sufficiency, First Nations communities must be able to exercise their rights to the land they have occupied for millenniums. In British Columbia, most First Nations have never extinguished their Aboriginal title rights, so according to the Canadian Constitution and multiple Supreme Court of Canada rulings, First Nations hold the legal rights to most of the public land in British Columbia (BC), although they must fight in court to prove this for each and every parcel. Although title was never legally extinguished for private land either, private land is not addressed in this note. As of 2021, real estate comprises the largest portion of Canada's gross domestic product, and property values have reached historic highs. This presents an opportunity for First Nations to use their land to generate wealth and address the socio-economic issues that are keeping their communities from meeting the same standards as the rest of Canada. First Nations in Vancouver and beyond have been buying large parcels of land from the federal and provincial governments for residential development, offering long-term leases and rental properties on the developed land. To be clear, this is land in the First Nations' own territories-which they could pursue rights to and might very well win-but proving this would likely involve very long court cases lasting many years and costing many millions of dollars. During this time, a great deal of money would be spent but none generated. So instead, out of pragmatism, some First Nations have chosen to buy land fee simple and develop it. The note specifically does not ask students to comment on the conduct of Indigenous Peoples.

This technical note introduces the concept of equity cash flow or equity residual cash flow. The note provides an explicit comparison between free cash flow and equity residual cash flow in the context of an acquisition of a fictional veterinary practice. At the Darden School of Business, this note is used in the elective course "Valuation in Financial Markets" and as an introduction to valuation based on equity cash flow.

This technical note provides a framework on innovation as a process ("how"), rather than just an outcome ("what"). It explains that innovation is a set of activities, incentives, and metrics that, when structured and implemented effectively, maximize the potential for novel ideas to be transformed into valuable solutions. By framing innovation as a process, decision-makers and leaders within organizations can actively manage this process to create new products, services, and business models. This note introduces insights from the operations management and new product development perspective as well as provides actionable levers to identify and manipulate the activities, incentives, and metrics that support the creation of new solutions.

This note is about tokenization and tokenized assets. Tokenization refers to the process of creating a representation of a particular asset on a blockchain via digital tokens. Tokenized assets typically derive their value from the value of the underlying asset. This note explores the benefits and risks of tokenization, as well as use cases. Moreover, it explores Security Token Offerings, considerations for tokenized asset issuers, and the Howey Test. It concludes with a consideration of how possible future trends may affect tokenization.

Industry and Background Notes for case CB0297

This chapter provides a road map for how instructors can teach most effectively using the case method. It describes the history of the case method and the reasons to use it. It provides an overview of what instructors can do before, during and after teaching to maximize student learning, as well as a brief for students on how to prepare and participate to maximize their learning.

In October 2018, Christie's auction house sold an artwork called Portrait of Edmond Belamy produced by an artificial intelligence (AI) model built to generate new works after being trained on upward of thousands of paintings. Three years later, Jason Allen submitted an art piece to the "digital art/digitally manipulated photography" division of an art competition associated with the 2022 Colorado State Fair. The submission relied heavily on a generative AI program called Midjourney. Instead of collecting works of art or fine-tuning an AI model, Midjourney and other modern text-to-image generators simply accepted a text description (or prompt) of an image and produced an image reflective of that description. These examples point toward the capabilities of AI image generators but also raise several questions: How do these image generators even work? And how did the system used to create Portrait of Edmond Belamy evolve into text-to-image AI art generators like Midjourney? Given the rise of these tools, what are some of the artistic, societal, and legal implications of AI art generators? Regardless of one's perspective on the previous questions, it is hard to argue that art-generating AI models will not find their way into our lives to some degree. By understanding more about the technology of image generating tools and the different perspectives on them, managers can be better prepared to navigate these tools' uses and effects-including risks. This preparation will prove helpful as innovative ideas and technological advancements are introduced to more industries, sparking more conversations between decision-makers with a range of perspectives. While AI art and the questions it raises are interesting, the money is in the tools. That means instead of programs like AI art generators designed to process certain inputs and produce certain outputs, business managers across industries will look toward tools for which generative AI art has laid a foundation, and they'll

Corporate ownership structure shapes corporate governance in profound ways, impacting decision-making speed, risk management, strategic alignment, and firm performance. The effectiveness of governance mechanisms varies with ownership structures, from sole proprietorships to shareholders in public firms, as each structure entails unique challenges in balancing control, oversight, and incentive alignment. This note explores governance strategies across various ownership structures—grounded in theoretical insights from agency, stewardship, and stakeholder theory—offering recommendations to create stability, promote strategic alignment, and foster trust.

A balance sheet is a key financial statement that provides a snapshot of a company’s financial position at a specific point in time. This note offers a concise overview of the basics of the balance sheet.

Lebanon is a country with many contradictions; and yet, it has a special place in the heart of the many admirers. The famous Lebanese-American poet Khalil Gibran conveyed this contradiction in his poetic works. He unambiguously declared that the way you view Lebanon is a matter of perspective; you choose what to see. His words still hold true today, without a doubt. Lebanon is a country that has an exceptional beauty of nature and the unmatchable hospitality of its people. But this is just one side of the coin. The other side reveals a reality that has been haunting the country for the past 50 years, a reality that has been extremely difficult to escape, involving wars, crises, and instability.

This technical note provides an overview of accounting for revenues. It discusses the five-step process to revenue recognition outlined in Accounting Standards Codification (ASC) 606 and applies those steps to both a simple example of the sale by a bakery and a more complex example of the sale by a software company of a bundle of services.

This technical note provides an overview of accounting for property, plant, and equipment and depreciation expense. It discusses determining what costs related to the asset should be capitalized and what should be expensed, determining what amount should be recorded on the income statement each period as depreciation expense (including alternative depreciation methods), determining if and when a change in the value of an asset should be recorded, and determining when to dispose of a fixed asset and how to reflect that in the financial statements.

This note presents an open-economy macroeconomic model with three panes: IS/LM, international capital flows, and the exchange rate and net exports. It also includes extensions: full employment and the evolution of prices, fixed exchange rates, and FX intervention. This note is appropriate for use in a first-year MBA course that deals with international economics.

This note presents frameworks and indicators for identifying fragile economies. It includes an assessment of Morgan Stanley's Fragile Five call in 2012 as well as current fragilities data for a range of economies. This note is appropriate for use in a first-year MBA course or an advanced undergraduate- or master's-level course that deals with international economics or finance.

A key negotiating concept, the Zone of Possible Agreement (ZOPA), allows a buyer and seller to reach a mutually acceptable price. This technical note provides an overview of ZOPA for both individual-level negotiations and company-level pricing decisions, highlighting its importance to marketing. Challenges in applying ZOPA are discussed, as well as its role in value creation and exchange. Students are encouraged to consider the real-world impacts of ZOPA-based pricing on business and brand management. This note is suitable for use in graduate and under graduate courses on marketing, negotiation, brand management, and product pricing.

Today, both organizations and employees are increasingly focused on passion. An analysis of 200 million U.S. job postings found that the use of the word "passion" increased nearly tenfold from 2007 to 2019, while a recent survey of thousands of college-educated workers found that 72% of their listed career goals were related to passion-more than both salary and job security. Similarly, more than 90% of surveyed Columbia Business School MBA students listed "pursuing their passion" as an important goal for their future jobs. The belief that passion is a key attribute for employees to pursue and for organizations to nurture has become deeply enmeshed in contemporary society, with the pursuit of passion increasingly being seen as the morally right thing to do.