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This note introduces an "LBO model," the main performance assessment and valuation technique used in private equity industry.

A case analysis is an effective tool for teaching, learning, and most importantly, practising the art and science of management. The case method immerses students in real-life situations, allowing them to develop their business skills by analyzing realistic situations, applying business theories and tools, and making substantiated recommendations. However, working with cases is a pedagogical approach unfamiliar to most new business students and often inadequately understood by advanced students. The Student Guide to the Case Method introduces students to the case method and, in discrete notes, walks them through the tasks that are typically involved in case assignments: analyzing a case, discussing cases in class, writing case reports and giving presentations (individually and in groups), and writing case exams. A final note introduces students to the most common business tools used for case analysis. This guide is best used as a complete package to orient students to the case method, but each note also stands on its own and can be used to supplement other course materials.

Life insurance is an asset owned by the majority of American adults (61%). Note that this 61% penetration rate is essentially at parity with home ownership (64%), and higher than that of 401(k) retirement account ownership (53%). Life settlements, or life insurance settlements, allow individuals to sell their life insurance policy in a secondary market. A life insurance policy is a tradable asset, for many individuals possibly the most valuable one in their portfolio after real estate and perhaps a retirement account. The fact that the policy is tradable, however, is hardly known to the general public. When surrendering a policy to the insurance carrier, the policyholder often incurs a substantial discount on its economic value. At the same time, the insurer keeps the difference between the policy's economic value and its surrender value. By selling a policy in the secondary market, in contrast, it is common to achieve a price markedly above the surrender value. Hence, life settlements allow policyholders to capture a much larger, if not full, share of their contracts' economic value. In this Industry Note, we lay out the basic structure of the market, the important players, and the basic economics. We also go into the potential ways to maximize returns in this market for both investors and policy holders.

This note identifies the key issues that must be addressed in the creation of a viable venture, and provides an overview of the processes and techniques available to resolve the issues discussed.

Master limited partnerships (MLPs) are limited partnerships that trade on public exchanges in the form of units, similar to common stock. MLPs have several advantages relative to traditional C corporations (C-corps) that have resulted in their frequent use to finance energy-infrastructure assets. The general partners (GPs) retain control of the assets placed in the MLP, can drop down assets to the MLP, often at advantageous prices, and receive incentive distribution rights (IDRs). IDRs increase the GPs' share of the distributions over time, which in turn affects the MLPs' cost of capital. MLPs do not pay taxes at the entity level, which increases the amount of cash that can be paid to GPs and unitholders. MLPs trade on the basis of their yield and the stability and growth of their distributions. This technical note provides a brief history of MLPs, a description of their key features and terms, and several approaches to valuing them.

Discusses several aspect of the formal control structure of nonprofit organizations, distinguishing among the responsibility center structure, the program structure, the information structure, and a variety of administrative factors and behavioral considerations including the importance of addressing cooperation and conflict in a bureaucracy.

First discusses full cost accounting, its uses, and the managerial choices involved in setting up a full-cost accounting system. Then discusses differential cost accounting, addressing the nature of costs and the subject of cost-volume-profit (CVP) analysis. Then examines a variety of special considerations that can complicate CVP analysis. Finally, discusses when differential costs, rather than full costs, should be used in an analysis, and identifies some of the complications involved in using them.

Outsourcing is a strategy used by many municipalities in an effort to provide high quality public services at a low cost. The underlying theory is that by having an external vendor provide a service, the city or town can take advantage of the vendor's experience and economies of scale. The result will be comparable or better quality services than could be provided by the municipality itself, at a reduced cost to the taxpayers, while still allowing the vendor to earn a profit. Unfortunately, theory and reality sometimes diverge. This note discusses why this can happen and what can be done about it.

Case analysis is an effective tool for teaching, learning, and most importantly, practising the art and science of management. The case method immerses students in real-life situations, allowing them to develop their business skills by analyzing realistic situations, applying business theories and tools, and making substantiated recommendations for a course of action. However, working with cases is a pedagogical approach that is unfamiliar to most new business students and often inadequately understood by advanced students.<br><br>The Case Guide Series introduces students to the case method and, in discrete notes, walks them through the tasks that are typically involved in case assignments: analyzing a case, discussing cases in class, writing case reports and giving presentations (individually and in groups), and writing case exams. A final note introduces students to the most common business tools used for case analysis. This field-tested series is best used as a complete package to orient students to the case method, but each note also stands on its own and can be used to supplement other course materials.<br><br>Understanding the Case Method: Note 1 of the Case Guide Series describes the case method and its purpose, and outlines the basic process of reading and analyzing a case.

Case analysis is an effective tool for teaching, learning, and most importantly, practising the art and science of management. The case method immerses students in real-life situations, allowing them to develop their business skills by analyzing realistic situations, applying business theories and tools, and making substantiated recommendations for a course of action. However, working with cases is a pedagogical approach that is unfamiliar to most new business students and often inadequately understood by advanced students.<br><br>The Case Guide Series introduces students to the case method and, in discrete notes, walks them through the tasks that are typically involved in case assignments: analyzing a case, discussing cases in class, writing case reports and giving presentations (individually and in groups), and writing case exams. A final note introduces students to the most common business tools used for case analysis. This field-tested series is best used as a complete package to orient students to the case method, but each note also stands on its own and can be used to supplement other course materials.<br><br>Performing a Case Analysis: All case assignments require students to analyze a case by performing one or more of four basic steps: identifying the issues, analyzing the issues, developing and evaluating alternative solutions, and recommending a course of action. Note 2 of the Case Guide Series takes students through the four steps of a full case analysis and introduces variations for partial case analysis and directed cases. This note provides content that is core to, and can be used for, any process involving case analysis: discussing a case in class; writing a report or making a presentation, individually or in groups; and writing a case exam.

Case analysis is an effective tool for teaching, learning, and most importantly, practising the art and science of management. The case method immerses students in real-life situations, allowing them to develop their business skills by analyzing realistic situations, applying business theories and tools, and making substantiated recommendations for a course of action. However, working with cases is a pedagogical approach that is unfamiliar to most new business students and often inadequately understood by advanced students.<br><br>The Case Guide Series introduces students to the case method and, in discrete notes, walks them through the tasks that are typically involved in case assignments: analyzing a case, discussing cases in class, writing case reports and giving presentations (individually and in groups), and writing case exams. A final note introduces students to the most common business tools used for case analysis. This field-tested series is best used as a complete package to orient students to the case method, but each note also stands on its own and can be used to supplement other course materials.<br><br>Preparing to Discuss a Case: Discussion of cases can be used either to apply and supplement lecture material or as the main pedagogical tool. To benefit from discussion and to provide meaningful input, students need to take time to adequately prepare. Note 3 of the Case Guide Series provides students with an approach for preparing for class and participating effectively and with diplomacy in class discussions.

Case analysis is an effective tool for teaching, learning, and most importantly, practising the art and science of management. The case method immerses students in real-life situations, allowing them to develop their business skills by analyzing realistic situations, applying business theories and tools, and making substantiated recommendations for a course of action. However, working with cases is a pedagogical approach that is unfamiliar to most new business students and often inadequately understood by advanced students.<br><br>The Case Guide Series introduces students to the case method and, in discrete notes, walks them through the tasks that are typically involved in case assignments: analyzing a case, discussing cases in class, writing case reports and giving presentations (individually and in groups), and writing case exams. A final note introduces students to the most common business tools used for case analysis. This field-tested series is best used as a complete package to orient students to the case method, but each note also stands on its own and can be used to supplement other course materials.<br><br>Preparing a Written Case Report: When students are asked to prepare a written case report, either individually or as part of a small team, the emphasis is on organizing their analysis and findings in a written report that effectively communicates those findings to the reader. Note 4 of the Case Guide Series orients students to the qualities of effective and useful reports in academia and in business, and provides students with a time-tested format and approach to writing a case report.

Case analysis is an effective tool for teaching, learning, and most importantly, practising the art and science of management. The case method immerses students in real-life situations, allowing them to develop their business skills by analyzing realistic situations, applying business theories and tools, and making substantiated recommendations for a course of action. However, working with cases is a pedagogical approach that is unfamiliar to most new business students and often inadequately understood by advanced students.<br><br>The Case Guide Series introduces students to the case method and, in discrete notes, walks them through the tasks that are typically involved in case assignments: analyzing a case, discussing cases in class, writing case reports and giving presentations (individually and in groups), and writing case exams. A final note introduces students to the most common business tools used for case analysis. This field-tested series is best used as a complete package to orient students to the case method, but each note also stands on its own and can be used to supplement other course materials.<br><br>Making an Oral Case Presentation: Delivering effective presentations is a cornerstone of good business practice. However, students can find it a daunting and stressful experience to present their analysis and findings to an audience, either individually or as part of a small team. Note 5 of the Case Guide Series provides students with the resources they need to develop and deliver concise presentations that capture the main thrusts of their analysis and present them in a professional and engaging manner. Practical tips are also provided for preparing supportive audiovisual materials.

Case analysis is an effective tool for teaching, learning, and most importantly, practising the art and science of management. The case method immerses students in real-life situations, allowing them to develop their business skills by analyzing realistic situations, applying business theories and tools, and making substantiated recommendations for a course of action. However, working with cases is a pedagogical approach that is unfamiliar to most new business students and often inadequately understood by advanced students.<br><br>The Case Guide Series introduces students to the case method and, in discrete notes, walks them through the tasks that are typically involved in case assignments: analyzing a case, discussing cases in class, writing case reports and giving presentations (individually and in groups), and writing case exams. A final note introduces students to the most common business tools used for case analysis. This field-tested series is best used as a complete package to orient students to the case method, but each note also stands on its own and can be used to supplement other course materials.<br><br>Preparing for and Writing a Case Exam: The case method serves as a valuable testing or examination tool. Students are required to showcase their analytical and writing skills under the time pressure of an exam setting. Note 6 of the Case Guide Series provides students with a structure for studying and preparing for an exam and for writing the exam itself. Tips help students efficiently isolate relevant facts and data, identify the issues, quickly decide on and apply relevant analytical tools, and write the necessary analysis and recommendations. The crucial task of time management is also covered.

Case analysis is an effective tool for teaching, learning, and most importantly, practising the art and science of management. The case method immerses students in real-life situations, allowing them to develop their business skills by analyzing realistic situations, applying business theories and tools, and making substantiated recommendations for a course of action. However, working with cases is a pedagogical approach that is unfamiliar to most new business students and often inadequately understood by advanced students.<br><br>The Case Guide Series introduces students to the case method and, in discrete notes, walks them through the tasks that are typically involved in case assignments: analyzing a case, discussing cases in class, writing case reports and giving presentations (individually and in groups), and writing case exams. A final note introduces students to the most common business tools used for case analysis. This field-tested series is best used as a complete package to orient students to the case method, but each note also stands on its own and can be used to supplement other course materials.<br><br>Using Common Tools for Case Analysis: Case analysis can use any of a number of business tools and theories, but some tools are relevant to and used in many situations. Note 7 of the Case Guide Series introduces students to the most common tools used for financial analysis, assessing profitability and market potential, analyzing strategy and the competitive environment, and assessing stakeholder and performance indicators. Several quick examples demonstrate how the tools can be used.

This note provides an overview of U.S. federal legislation relating to whistleblowing, Sarbanes-Oxley, Dodd-Frank (including the Office of the Whistleblower), and the False Claims Act.

Individuals' judgement of probabilities-the likelihood of different events to occur, or the attribution of likely causes to what has occurred-is plagued by numerous biases and errors. This note focuses on Bayesian updating and the base rate neglect, and also provides a brief overview of other biases, including overconfidence, reversion to the mean, the law of small numbers, the conjunction fallacy, confirming evidence bias, hindsight bias, and the conjunction fallacy. Numerous examples illustrate the implications of the biases for managerial decisions.

When proposing new or modified economic policies, it is important to understand the distributional implications of such policies. Do they potentially affect everyone in the same way? Or can we expect different impacts for different segments of the population? The specific factors model is a canonical model that is very well suited to address distributional questions related to a range of economic policies, as it distinguishes multiple sectors in the economy that each employ a different mix of production factors (such as labor and capital). This technical note focuses on applications of the specific factors model to international trade policies; toward the end it also explores how the model might be useful in other settings. At Darden, this note is used in the second-year International Trade elective; a variant of the same model is taught in the Global Economics of Water elective. It would also be suitable in courses covering short-, medium-, and long-run analyses of economic policy.