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In December 2015, Angela Merkel, Chancellor of Germany and the de facto leader of the EU, faced the challenge of formulating an effective policy response to Europe's migration crisis. Merkel must decide whether Germany can continue to host large numbers of new refugees in 2016, keeping in mind that over a million had arrived in 2015. Merkel could continue Germany's relatively open refugee policy, but would need to decide how many more refugees to accommodate. Alternatively, Merkel could seek to significantly reduce the number of refugees, yet would need to formulate an effective set of international and domestic policy measures in order to achieve this objective. This case introduces students to the complex mix of economic and political considerations that guide policymakers seeking to regulate the cross-border movement of people. Students evaluate the labor-market, fiscal, and economy-wide consequences of different types of immigration flows, analyze how cultural prejudice and xenophobia mediate the political integration of immigrants, and study how electoral competition can give rise to right-wing and anti-immigrant movements that influence the overall direction of policymaking in democracies. This case also highlights the challenges faced by countries seeking to promote international cooperation in the domain of economic policymaking and highlights the role of national security, international law, and human rights norms in explaining policy contestation.

In June 1991, India was in the midst of a currency and balance of payments crisis the likes the country had not seen since independence in 1947. The country's foreign exchange reserves were barely enough to finance 13 days worth of imports. In the face of the crisis, India was forced to consider external help from the International Monetary Fund (IMF), which was accompanied by market-oriented conditionalities. The prospect of IMF support was a double-edged sword: on the one hand, restoration of finances and a viable path to economic recovery, but on the other, forced trade liberalization that would upend decades of centralized planning and inward-oriented growth. The IMF's adjustment plan would touch nearly every citizen, firm, and industry in the country. Liberalization, in theory, could stimulate long-term growth in the economy, yet it could also impose substantial adjustment costs in the form of firm closures and job losses. These economic reverberations would undoubtedly shake the country's political establishment, potentially jeopardizing the electoral fortunes of those in power. This case introduces students to Prime Minister P.V. Narasimha Rao's decision to liberalize the Indian economy. Students must pay attention to the domestic political actors-communist and right-wing parties, voter coalitions, and special interest groups-that played a central role in influencing Rao's policy positions. They must also evaluate the negotiation strategies of international institutions, national governments, and firms and industry groups in the context of trade liberalization. By applying political economy theories of trade and economic policymaking to the decision facing Rao, students learn about the complex linkages between domestic political factors and international economic pressures when developing countries integrate into the global economy.

One of the University of Cambridge's Colleges evaluates different asset management options for its endowment fund. The King's College, one of the constituent colleges of the University of Cambridge in the UK, had most of its endowment invested in equity index funds. Its committee was to discuss whether they should overhaul their investment strategy. The college had three options. One was to invest in a new pooled fund created by the University, in which other colleges were also investing, another was to invest through a private multi-asset investment firm also used by other colleges, Partners Capital, or remain in index funds.

This case is designed to provide an elementary introduction to options and option pricing for beginning finance students. Analysis of the case requires students to compare the prices of put and call options with various exercise prices and maturity dates on two equities (JPMorgan Chase and Facebook) that had identical closing stock prices on January 14, 2014 but very different volatilities. These common features and differences enable students to do a series of static comparisons that reveal the impact of a change in one determinant of an option's price while holding other factors constant. The business setting involves a mutual fund board considering the initiation of an option trading strategy to enhance the risk-adjusted performance of the fund and, through covered call writing, to increase earned income that can be used to support cash dividend distributions. Although the administrative situation is fictional, the data contained in the case are real. The case is best positioned at the beginning of a course module on derivatives and risk management.

This case study examines the open innovation journey at Fujitsu, a global information and communication technology company. The case ends with the location decision between Tokyo, Japan, downtown San Francisco or Sunnyvale, California, regarding establishing a small unit for the purpose of institutionalizing Fujitsu's open innovation journey. Mohi Ahmed, together with Mikito Kiname and Tango Matsumoto, embarked on the journey to strengthen Fujitsu's marketing and innovation platform in North America, and to transform the company's innovation culture by making the Japanese giant more open and leaner in its approach to innovation. In the past, Fujitsu struggled with opening up its innovation process in Silicon Valley: partnering with other organizations to integrate outside technology in its products and services; spinning out unexploited technology had proved challenging. With input from thinkers and practitioners inside and outside of Fujitsu, Ahmed identified the maker movement as a potential avenue to begin Fujitsu's open innovation journey because of the significance of Monozukuri (art and science of making) in the company's origin. He engaged with Mark Hatch, CEO of TechShop Inc., a fast-growing chain of member-based maker spaces, in a conversation about how companies could focus on "doing well by doing good," and they jointly initiated four projects on which they could collaborate. Ahmed planned to leverage these projects to transform Fujitsu's innovation culture by illustrating that the company could successfully engage in exploration with new external partners, and could move quickly into experimentation to accelerate learning and innovation.

This case is set in 2015 as a team at Match Education, a high performing charter middle school in Boston, explores new staffing and technology approaches in their quest to obtain what they term "jaw dropping" results. The team hopes to test and model for other schools solutions to specific educational problems. In 2013, the team began to think about the redesign to create a school model in which students spend significantly more time reading, more individualized attention is provided to students and families, the challenge of finding outstanding teachers is addressed, and to do so in a cost-effective manner. In their redesigned school, Match Next, students receive all of their instruction from inexperienced newly minted college graduates called tutors, who are supervised by one master teacher, called a Director of Curriculum of Instruction (DCI). In addition, the Match Next team infuses technology into instruction (e.g. students watch instructional videos and complete online activities) and operations (e.g. schools keeps track of student assessment results and select activities and problem sets from online databases). After the first year as a full-day program, results on the state test were very strong in math but below expectations in ELA (English Language Arts). The case explores questions related to designing the school model, interpreting early results, and assessing the team's ability to disseminate their model to other schools.

The sole owner and chief executive officer of Delisle Industries received Delisle's 2010 financial statements from the company's auditors and compared the results with previous years. While she was very happy with Delisle's rapid growth, she had a number of serious concerns about its future. In particular, she was concerned about operating problems that had arisen as a result of rapid expansion as well as Delisle's dependence on one vendor, Eagle Wholesale Club, to distribute Delisle's product. She also had concerns about the establishment of a new production facility, wondered what could be done about the company's poor cash management and overreliance on debt financing, and was seeking opportunities to finance future growth.

On May 8, 2012, the president of Hefei Xingtai Financial Holding Group (Xingtai) received a message from a senior officer of the Hefei Municipal Government, the company's authorizing body, asking that Xingtai provide financial support to PanTeng Company (PanTeng), a solar power manufacturing company. In order to survive, PanTeng needed Xingtai to provide a guarantee for a ¥100 million business loan from a commercial bank. PanTeng had already been turned down by Xingtai Financing Guaranty, one of Xingtai's subsidiaries, because of the potentially high level of guarantee risk. If Xingtai provided a guarantee, it could be liable to reimburse the loan due to PanTeng's high-risk operation, lose its risk management expertise, and face further violations. However, denying the senior officer's request would hamper Xingtai's important relationship with the local government. Should Xingtai take a chance and approve the loan, or should it deny the guarantee?

Steve Easterbrook became CEO in March 2015 after it became clear that his predecessor's turnaround strategy was not working. Financially, McDonald's is struggling, with declining sales growth, a 15 percent decrease in net income, and stock prices below their 2012 price point, while the overall market is on the rise. The company is not benefiting from the economic recovery, as consumer preferences (and especially millennials) are shifting toward healthier options for dining out. Meanwhile, competition is fierce, with several direct competitors (e.g., Wendy's), higher-end burger joints (e.g., In-and-Out Burger), and fast casual chains (e.g., Panera) all outperforming the burger giant. Internally, the company is struggling with defining its strategic identity. Menu diversification has increased operational complexity which has slowed service times. Efforts to attract new customers by adding higher-end items have shifted McDonald's price points upward, while customer perceptions of quality (and willingness to pay) are at an all-time low. McDonald's size makes it an easy target for labor activists and health advocates, further compounding its public perception issues. By trying to be all things to all people, McDonald's finds itself in a classic "stuck-in-the-middle" strategic dilemma. Easterbrook must find a way to be a strategic leader who is willing to make tough decisions and transform McDonald's into a "modern, progressive burger company."

CEO Hubert Joly has successfully tackled BBY's two main problems-declining comps and margins-and engineered a financial turnaround within his first three years on the job. Now Joly must develop and implement a strategic plan to create a sustainable competitive advantage for BBY in the highly competitive, electronic retail industry. With only 10 percent of revenues coming from online sales, BBY is still predominantly a bricks-and-mortar store with an online presence and has not yet transformed into a "bona fide, multi-channel retailer." To be successful, Joly knows that his strategy must garner the support and involvement of all of the company's main stakeholder groups: customers, employees, vendors, investors, and society. The case also provides an overview of BBY's main competitors: Circuit City (now defunct), Walmart, Target, Apple, and Amazon.com.

Joyus is an ambitious and high-potential company just transitioning out of start-up mode. After three years operating in the growing online video shopping marketplace, all the while developing new technology, business partnerships, and fundraising, Joyus is positioning itself for the next level. The company's goal is to become the dominant player in the rapidly developing video-based ecommerce marketplace. The chief executive officer and her management team need to analyze and evaluate the company's strengths and weaknesses and decide on the strategic direction of the company.

Joyus is a growing online video shopping marketplace specializing in women's health, beauty and fashion products. After three years of operations and having recently secured substantial funding, the company is poised for future growth. The co-founder and chief executive officer faces the difficult challenge of building the right management team and the appropriate organizational structure to support the company's desired growth. She needs to structure the organization from a human resources perspective, by evaluating the organizational needs and determining the right mix of skills, abilities and personalities required for success.

The case provides an example of an individual who meets harsh criticism, personal attacks, and broad resistance despite clear evidence that what he is proposing is right and could save the lives of thousands of human beings. The case recounts the story of Dr. Ignaz Philip Semmelweis, a pioneer in medical antiseptic procedures who is today known as "the savior of mothers." In 1847, Semmelweis discovered that the practice of hand disinfection in obstetrical clinics can effectively eliminate the outbreak of puerperal fever ("childbed fever"), a condition that killed up to 30 percent of mothers and babies in maternity clinics at the time of the case. The relatively short case - which is designed to be handed out during class - is divided into three parts. Part A describes the situation at Vienna General Hospital in 1846, when Semmelweis is assigned to head one of the two maternity clinics. Much of this part is dedicated to describing the natural experiment that Semmelweis encountered when learning that the two clinics had vastly different mortality rates. Part B lists the many hypotheses that Semmelweis had formulated and refuted, reports on his discovery that the contamination of women by doctors performing anatomical dissections of corpses is causing puerperal fever, and reveals his findings that it can be easily and effectively treated through hand disinfection. Part C provides an account of the resistance he faced from the medical establishment, despite the overwhelming evidence that Semmelweis had collected in support of his findings.

There are change efforts, and there are change efforts. Edna Adan Ismail, referred to in the Western press as the Muslim Mother Teresa, created a small revolution when she founded the Edna Adan Maternity Hospital in Hargeisa, Somaliland. From securing buy-in and permissions from Siad Barre's government, acquiring land and struggling to keep it, and designing and constructing a new building, to educating a health care workforce, attracting physicians, and attending to the health care needs of a poor population, the case sets the stage for an analysis of change management. As Edna Adan Ismail feels the impact of globalization and the demands of global standards of care from the developed world, she faces some complex problems. How would she continue to add and improve hospital operations, educate the local population of health care providers and patients, and meet the objectives and standards of international actors? The material in this case presents complex problems around efforts to innovate and implement change on a grand scale.

HourlyNerd, a two-sided marketplace platform for matching freelance consultants with small companies looking for help, struggles to define a growth plan for the future. The company, started as a class project in HBS' FIELD 3 course, is assessing three growth paths: shifting their target from small and medium sized businesses to enterprise customers, expanding into new verticals to become the Amazon of freelance labor, and transforming its business model from a marketplace to software-as-a-service (SaaS). Each of the three paths was risky and required financial and human resource investment. Could and should the fledgling startup change its business model? Could they fundamentally change the way companies purchased consulting services? Or, should the founders play it safe by remaining focused on executing their original business model -- a proven winner?

Saudi Aramco launched an internal venture capital arm in 2011, which promptly became the world's largest investor in energy related startups. In choosing to proceed, the company's New Business Development unit (NPD) wrestled with a number of challenges. How should the fund be structured, as a fully independent, venture capital partnership or as a business unit? How should it be governed, and how should the investment committee function? Could mechanisms be developed that ensured the expertise of Saudi Aramco's famously conservative engineering resources could be harnessed in the investment process and its business units enlisted to work with portfolio companies? How could the fund be structured to reflect Saudi Aramco's role in modernizing the economy of Saudi Arabia? The case provides a vehicle for discussing the basics of corporate venture capital and the challenges large corporations face in participating in the world of startups. It also describes how certain industries, like energy, are poorly suited to the investment profile of traditional venture capitalists. The product development cycle is too long and the capital required to develop and test products too great for ordinary, general partnerships to sustain. The case also introduces interesting themes in the role of parastatals in contributing to national economic competitiveness.

Sky Germany is the leading pay TV provider in Germany and Austria. In 2010, the company was losing money and facing a lot of operational challenges such as a slow subscriber growth, a high customer churn rate, high fixed costs and frequent product stock-outs. In 2010 Sebastian Hauptmann joined Sky as VP of Logistics to help turn the company around. He had to act swiftly to address short-term problems while developing and implementing the strategy for long-term operational success. He put in place a multi-year strategic turnaround program led by supply chain team, a culture of continuous improvements (CI), and a world-class team. By 2014 all important KPI's had improved significantly, and the company was on the path to turnaround, largely driven by the wide-ranging improvements in supply chain management. In 2016, for the first time in its history, Sky Deutschland reported positive operating results. With his continued success, Sebastian successively increased his responsibilities to become first SVP of Supply Chain, Procurement & CI and then EVP of Operations in 2016. The German Pay TV market remains a large opportunity for Sky Deutschland and rapid technology changes in TV and media present new challenges to the Sky group across Europe.

In 2011, Coca-Cola India recognised the opportunity to access the rural and remote markets of India in a more effective manner by launching the 'eKOCool', a solar power operated cooler. This innovation had the potential to expand the hitherto underserved and hard to penetrate Indian rural market, and even bring home the first time consumers who had never tasted the company's beverages. It also facilitated an integration of the company's business development goals with its social responsibility initiatives - in particular, contributing towards the global 5by20 initiative of enabling economic empowerment of five million women entrepreneurs by 2020. To make this innovative product affordable, the technical team worked through the supply chain and brought down the costs to US$779, more than a third of the original cost. However, the company's top management acknowledged that for long-term sustainable impact and the scalability of the innovation, it was imperative that the cost be brought down further. How could this best be done, and how could the golden triangle of business, government and civil society come together to develop similar initiatives that would develop value for communities?

The case is set in January 2014 and reveals the data analytics initiatives at DBS Group Audit. Group Audit was used to assess the riskiness of the bank's branches based on seven attributes derived from the auditors' collective wisdom. The results could sometimes be misleading and inaccurate. To revamp this process, a machine-learning predictive modelling technique was introduced, and successfully correlated more than 130 risk-related attributes. In February 2014, DBS Group Audit and A*STAR's Institute for Infocomm Research (I2R) reached an agreement to set up a joint lab, leveraging the research institute's capabilities in developing innovative products and services. The outputs of data analytics are displayed in three forms. First, the heat map reveals the risk level of all branches in Singapore from a birds-eye perspective. Second, complaint analysis helps to identify customer needs more accurately, reducing the level of complaint. Third, cash discrepancy and headcount issues are reflected on the outcome page as a sudden jump in the graph. With these techniques, the auditors were expected to save man-hours and process the auditing work more effectively and efficiently by being responsive to changing risk profiles on a timely basis. The application of data analytics on risk profiling practices at DBS Group Audit is an anchor point for the bank's vision of being predictive in risks. The bank is motivated to bring this data analytics initiative to other areas as well.