Complete Case details are given below :
Case Name : California Pizza Kitchen
Authors : Michael J. Schill, Elizabeth Shumadine
Source : Darden School of Business
Case ID : UV1203
Discipline : Finance
Case Length : 17 pages
Solution Sample availability : YES
Plagiarism : NO (100% Original work)
Description for case is given below :
This case examines the question of financial leverage at California Pizza Kitchen (CPK) in July 2007. With a highly profitable business and an aversion to debt, CPK management is considering a debt-financed stock buyback program. The case is intended to provide an introduction to the Modigliani and Miller capital structure irrelevance propositions and the concept of debt tax shields. With the background of a pizza company, the case provides an engaging context to discuss the “pizza graphs” that are commonly used in corporate finance curriculum to illustrate the wealth effects of capital structure decisions.
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