Finance

Case Solution for New York Life Insurance Company: Adjusting the Investment Portfolio to Market Conditions
Complete Case details are given below :
Case Name :      New York Life Insurance Company: Adjusting the Investment Portfolio to Market Conditions
Authors :           Mary Michel, Janet L. Rovenpor
Source :             North American Case Research Association (NACRA)
Case ID :            NA0213
Discipline :        Finance
Case Length :    38 pages
Solution sample availability : YES
Plagiarism : NO (100% Original work)
Description for case is given below :
In January 2007, Gary Wendlandt was concerned about the US economy. As Chief Investment Officer of the New York Life Insurance Company (NYLIC), he was responsible for managing a $147 billion investment portfolio. The US housing market was weakening at a time when financial institutions had significant assets tied up in mortgage-backed securities and collateralized debt obligations. Credit risk spreads were narrowing despite a general easing of underwriting standards. Wendlandt outlined his concerns in a memo to Ted Mathas, NYLIC’s Chief Operating Officer. The question before Wendlandt and his investment management team was how to implement a “quality tilt” strategy. This would require placing more of NYLIC’s new cash flows into safer fixed income products. NYLIC had a responsibility to its policyholders. It was management’s duty to protect the longevity and financial strength of the firm, so that it could continue to pay policyholder claims, distribute payments from annuities, and issue dividends. Wendlandt faced a classic risk/return tradeoff – i.e., lower current interest income to avoid the higher potential risk of capital losses. How should he adjust NYLIC’s investment portfolio?

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Case Solution for Project Finance for Autopistas del Centro
Complete Case details are given below :
Case Name :      Project Finance for Autopistas del Centro
Authors :           Francisco J. Lopez Lubian
Source :             North American Case Research Association (NACRA)
Case ID :            NA0266
Discipline :        Finance
Case Length :    14 pages
Solution sample availability : YES
Plagiarism : NO (100% Original work)
Description for case is given below :
In late spring 2009, Osvaldo Martínez, Finance Manager at Autopistas del Centro, a private company operating a toll road bypass in Madrid, was analysing with growing concern the financial impact of reduced traffic on its toll road. In 2008, overall freeway traffic in Spain fell by 12%, and the trend did not suggest any improvement in 2009. Mr. Martínez believed the situation to be basically unsustainable. The company’s lenders wanted to renegotiate costs and deadlines, due to the increase in risk of the project. Due to the drop in revenues and operating earnings, the project would need an additional two million euros and the current shareholders refused to agree to all the refinancing of the project coming out of their pockets. Operational and financial improvements would be needed in order for the project to be viable and offer at least a minimal return. The case describes the progress of a project finance operation from its beginnings in 2004, and the situation of the project in 2009 in the face of a crisis and consequent failure to meet the initially expected cash flows. The case offers an excellent opportunity to discuss what to do when a Project Finance fails, analysing the alternative ways of ensuring the project’s viability and profitability.

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Case Solution for Daktronics (E): Dividend Policy in 2010
Complete Case details are given below :
Case Name :      Daktronics (E): Dividend Policy in 2010
Authors :           Thomas J. Cook
Source :             North American Case Research Association (NACRA)
Case ID :            NA0240
Discipline :        Finance
Case Length :    26 pages
Solution sample availability : YES
Plagiarism : NO (100% Original work)
Description for case is given below :
In early March 2010, Bill Ritterath, Chief Financial Officer of Daktronics, Inc., was meeting in his office with Jim Morgan, CEO, and Alered (Al) Kurtenbach, Chairman of the Board, about increasing dividend payments to shareholders. Daktronics was the world’s leading supplier of electronic scoreboards, large electronic display systems, and digital messaging solutions for use in sports, transportation and communications. The company had been going through a difficult period the past three years with the downturn in the national economy and the sudden reversal in the company’s operating and financial performance. Sales were projected by security analysts to fall from a high of approximately $581 million in 2009 to an estimated value of $424 million for fiscal year 2010 ending in May [1]. Stock price had also fallen from a high of $38.66 per share on December 1, 2006 to $7.72 per share on March 3, 2010. But with the economy showing some signs of recovering from the recession, Dr. Kurtenbach thought it was time to review Daktronics’ current dividend policy: “We can afford to return some additional cash to shareholders given our confidence that the company is turning around and business is improving.” Cash balances were growing rapidly and the outlook for future cash flows was positive. In making the decision, Dr. Kurtenbach wanted it to be based on an assessment of the company’s current cash position and future cash flow projections: “I don’t want this dividend to reward short- term holders at the expense of our long-term shareholders” Dr. Kurtenbach asked Mr. Ritterath to make a recommendation at the next Board meeting (in four weeks) on a new dividend distribution, including both the amount and form of the distribution.

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Case Solution for An Investment Analysis of Honduran Teak Plantations
Complete Case details are given below :
Case Name :      An Investment Analysis of Honduran Teak Plantations
Authors :           Lisa F Majure, Kathryn S Savage, Matthew J Haertzen, Alex Finkral
Source :             North American Case Research Association (NACRA)
Case ID :            NA0282
Discipline :        Finance
Case Length :    24 pages
Solution sample availability : YES
Plagiarism : NO (100% Original work)
Description for case is given below :
Matthew Haertzen, a timber portfolio manager for Cogent Partners, the fund manager for Cambium Global Timberland (a UK listed timber investment fund), was tasked with the analysis of a managed teak plantation in Honduras for potential cumulative investment in the amount of $21-25 million. Matt was evaluating an opportunity from Beyond Forestry, a Honduran Company that employed a unique accelerated teak growth model. This accelerated growth model allowed for harvesting of teak wood in as few as 7-12 years, as compared to 20-30 years for traditional commercial plantations. The demand for teak was growing and the supply was dwindling due to significant restrictions regarding the harvest of native teak forests, which traditionally have a very long growth cycle of 70-80 years. The current supply/demand conditions led to a shortage of teak and created an opportunity for investment in companies who could grow teak in an ongoing, sustainable basis with manageable harvest rotations. Mr. Haertzen needed to perform a capital budgeting analysis, including deriving an appropriate risk-adjusted cost of capital, to use in his investment analysis. He obtained data from Beyond Forestry in Honduras including growth rates of managed teak plantations, teak pricing, and operational expenses necessary to estimate cash flows associated with the managed teak plantations. Of equal importance was an assessment of the many risks associated with the teak plantation investment, given the political and economic environment in a developing market such as Honduras.

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Case Solution for Goldman Sachs and the Big Short: Time to Go Long?
Complete Case details are given below :
Case Name :      Goldman Sachs and the Big Short: Time to Go Long?
Authors :           Randall D. Harris
Source :             North American Case Research Association (NACRA)
Case ID :            NA0284
Discipline :        Finance
Case Length :    30 pages
Solution sample availability : YES
Plagiarism : NO (100% Original work)
Description for case is given below :
On August 21, 2007, David Viniar, Chief Financial Officer of Goldman Sachs, received an e-mail from a trader in Goldman’s Mortgage Department. In the e-mail, addressed also to Goldman Co-Presidents Gary Cohn and Jon Winkelreid, Joshua Birnbaum outlined a proposal for the firm to move from a net short position in subprime mortgage securities and derivatives to a net long position. Birnbaum claimed that the net long position would not only be profitable but also reduce Mortgage Department and firm-wide risk. This proposal came at a critical time for the subprime mortgage markets in the U.S. and around the world. Subprime mortgage originators such as New Century had filed for bankruptcy. Two Bear Sterns hedge funds that traded subprime mortgages had collapsed. The turmoil had also spread to global markets. Goldman Sachs, unique among New York investment banks, had anticipated the downturn in the subprime mortgage markets and had positioned itself to profit from the meltdown. Now, at a critical juncture, traders on the front lines of the subprime mortgage markets wanted to reverse Goldman’s net short position and go net long. David Viniar knew that the decision to go long could not be taken lightly and would have major implications for the firm, the firm’s overall levels of risk and possibly the firm’s survival. Goldman’s board of directors and key board members had been monitoring the firm’s subprime exposure and would likely want to be consulted regarding such a consequential decision.

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Case Solution for Technology Plus, Inc. – Moving Onward
Complete Case details are given below :
Case Name :      Technology Plus, Inc. – Moving Onward
Authors :           Susan V. White, Karen Hallows
Source :             North American Case Research Association (NACRA)
Case ID :            NA0292
Discipline :        Finance
Case Length :    21 pages
Solution sample availability : YES
Plagiarism : NO (100% Original work)
Description for case is given below :
Technology Plus was a Virginia IT firm, servicing information technology systems for businesses and government. The firm had grown through acquisition, expanding its technology solution capabilities, areas of expertise, vendor relationships and client bases. In early 2010, the firm was at a crossroads – how far and how fast to expand, how to incorporate prior acquisitions into current operations, and how to obtain financing for continued high growth, whether organic (financed through current earnings), or through additional acquisitions. Decisions about the future of the firm were complicated because the three owners were unable to agree. CEO Ethan Brennan wanted to continue to grow the firm, but was hampered by the inability of his partners to agree on future financing. Founder Gary Hesse was unwilling to put his personal assets at greater risk and vetoed any risky expansions that might require additional collateral. Ethan found his position frustrating enough to consider bankruptcy, selling his portion of the firm, or selling the entire firm.

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Case Solution for Boston Beer Co. (B)
Complete Case details are given below :
Case Name :      Boston Beer Co. (B)
Authors :           Jennifer E. Bethel, Michael Winton
Source:              Babson College
Case ID:             BAB027
Discipline :        Finance
Case Length :    04 pages
Solution sample availability : YES
Plagiarism : NO (100% Original work)
Description for case is given below :
Supplements the (A) case.

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Case Solution for Boston Beer Co. (A)
Complete Case details are given below :
Case Name :      Boston Beer Co. (A)
Authors :           Jennifer E. Bethel, Michael Winton
Source:              Babson College
Case ID:             BAB026
Discipline :        Finance
Case Length :    13 pages
Solution sample availability : YES
Plagiarism : NO (100% Original work)
Description for case is given below :
Requires students to value Boston Beer’s IPO. Set in Boston in 1995, Jim Koch, the founder of Boston Beer, must determine the appropriate price for his firm’s stock in its IPO.

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Case Solution for Atlanta Park Medical Center vs. Hamlin Asset Management
Complete Case details are given below :
Case Name :      Atlanta Park Medical Center vs. Hamlin Asset Management
Authors :           Steven Feinstein, Natalie Taylor
Source:              Babson College
Case ID:             BAB002
Discipline :        Finance
Case Length :    22 pages
Solution sample availability : YES
Plagiarism : NO (100% Original work)
Description for case is given below :
This case chronicles the mismanagement of funds by an investment management firm for a medical center’s endowment and details the subsequent lawsuit. It explores fiduciary responsibility, securities litigation, mortgage-backed securities, and endowment portfolio management while providing background on the bond crisis of 1994. To examine portfolio management, nonprofit management, finance, and law.

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Case Solution for SolidWorks
Complete Case details are given below :
Case Name :      SolidWorks
Authors :           Dan D’Heilly, William D. Bygrave
Source:              Babson College
Case ID:             BAB068
Discipline :        Finance
Case Length :    07 pages
Solution sample availability : YES
Plagiarism : NO (100% Original work)
Description for case is given below :
SolidWorks raised $3.8 million of first-round venture capital and has made excellent progress with that money. It has developed a product that is getting rave reviews. It has established channels of distribution and begun shipping product. SolidWorks estimates that it needs $4.5 million in the second round of financing to take it to profitability. Jon Hirschtick and his team must decide whether to take $4.5 million or as much as $10 million in this round of financing.

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