Policy

Case Solution for An Introduction to Debt Policy and Value (V. 2.0)

Complete Case details are given below :

Case Name :      An Introduction to Debt Policy and Value (V. 2.0)
Authors :           Robert F. Bruner, Sean Carr
Source :             Darden School of Business
Case ID :           UV0070
Discipline :        Finance
Case Length :    06 pages
Solution Sample availability : YES
Plagiarism : NO (100% Original work)
Description for case is given below :
This note provides an interactive illustration of the Modigliani-Miller theory of the effect of debt tax shields on the value of the levered firm. Calculate (1) the effect of hypothetical changes in capital structure on firm value, and (2) the effect of a major recapitalization on the share price of Koppers Company using a set of incomplete worksheets. After completing the worksheets, compare results among the problems.
 
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Case Solution for Hugo Chavez’s Public Policy Vision for Venezuela: Rooted in the Past, Doomed in the Future?

Complete Case details are given below :
Case Name :      Hugo Chavez’s Public Policy Vision for Venezuela: Rooted in the Past, Doomed in the Future?
Authors :           David W. Conklin, Danielle Cadieux
Source :             Ivey Publishing
Case ID :            906M59
Discipline :        General Management
Case Length :    12 pages
Solution Sample availability : YES
Plagiarism : NO (100% Original work)
Description for case is given below :
Hugo Chavez often pointed to Simon Bolivar as the model for his political philosophy, centered on Bolivar’s vision of a unified and independent Latin America. In 1998, Chavez ran in the presidential election, on a platform that opposed what he termed the “savage neoliberalism” of the 1990s. Chavez’s speeches in the presidential election campaign emphasized the importance of “national sovereignty” and “economic justice.” As president, Chavez passed a new Hydrocarbons Law to enhance the share oil revenue that would be owed to the government; he created a new government-owned bank; he introduced a radical land reform law; and he encouraged takeovers by the government and employees of privately-owned factories. Venezuela sold oil to Cuba at reduced prices in return for professionals, especially doctors who created health missions in many low-income areas. Chavez sought to foment socialist anti-American revolutions throughout Latin America. In the context of this socialist agenda, analysts expected that Venezuela’s economy would experience serious challenges in the coming years. The combination of high inflation, fiscal pressure, and slow growth would be a boiling political cauldron in which violent opposition could ferment.
 
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Case Solution for The Canadian Telecommunications: Industry Regulation and Policy

Complete Case details are given below :
Case Name :      The Canadian Telecommunications: Industry Regulation and Policy
Authors :           Adam Fremeth, Ken Mark
Source :             Ivey Publishing
Case ID :            W11013
Discipline :        General Management
Case Length :    15 pages
Solution Sample availability : YES
Plagiarism : NO (100% Original work)
Description for case is given below :
This case study is based on a high profile issue facing the Canadian Federal Government – still ongoing as of December 2010 – that had begun in 2008. Industry Canada, working from a set of policy objectives crafted over the period of three years, decided that, in the auction sale of wireless spectrum set for 2008, it would set aside 40 per cent of the spectrum for new entrants. This decision had come about because research indicated that Canadian usage of wireless services had lagged behind that of other developed countries and that this was primarily due to the high relative cost of wireless services. This was in contrast to only a decade earlier when Canada was seen as a global leader in the implementation of wireless technology. It is well understood that telecommunication adoption rates have a direct implication to the productivity of the Canadian economy. One of the new entrants was Globalive Communications Corporation (Globalive), a startup which was funded by Orascom Telecom Holding S.A.E. (Orascom), an Egyptian company. Despite the fact that Canada has well defined foreign ownership restrictions for the telecommunications sector, Globalive was allowed to bid. It won, and paid $442 million for its spectrum, began to hire hundreds of staff, and committed another $300 million to investing in wireless infrastructure.<br><br>From the time Globalive applied to participate in the spectrum auction to the period prior to its official launch, the firm met several times with Industry Canada, the Canadian Radio-television and Telecommunications Commission (CRTC), and the Prime Minister’s Office (PMO) to ensure that its ownership was structured so as to fit within the foreign ownership restrictions.
 
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Case Solution for Food and Health Policy in the Ontario Ministry of Agriculture, Food and Rural Affairs

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Case Name :      Food and Health Policy in the Ontario Ministry of Agriculture, Food and Rural Affairs
Authors :           David Sparling, Pam Laughland
Source :             Ivey Publishing
Case ID :            W11055
Discipline :        General Management
Case Length :    16 pages
Solution Sample availability : YES
Plagiarism : NO (100% Original work)
Description for case is given below :
Rapid increases in obesity and chronic disease rates are stressing healthcare systems and government budgets around the world. They are also causing people, governments and companies to look more closely at the relationship between food and health. The issue is complex and involves many stakeholders from government and non-governmental agencies, as well as businesses. Food and health can have both positive and negative impacts on the food industry. As the director of strategic policy at the Ontario Ministry of Agriculture, Food and Rural Affairs, Mike Walters has to decide whether to engage his Ministry in the issue and, if so, what approach to use. He must carefully assess the risks and rewards for the government, the ministry and for himself. As part of his strategy on food and health, he has to make an immediate decision on partnering with the Lawrence Centre for Policy and Management at the Richard Ivey School of Business on a proposed food and health policy workshop.
 
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Case Solution for Callmate Telips – Choice of Accounting Policy

Complete Case details are given below :
Case Name :      Callmate Telips – Choice of Accounting Policy
Authors :           Muntazar B. Ahmed
Source :             Ivey Publishing
Case ID :            908N28
Discipline :        Accounting
Case Length :    15 pages
Solution Sample availability : YES
Plagiarism : NO (100% Original work)
Description for case is given below :
Callmate Telips Telecom Limited (Callmate) was in the telecommunications business in which the regulatory controls were gradually being undone by the government of Pakistan as part of an economic deregulation program. Callmate was the pioneer in the pay phones and prepaid calling card industries in Pakistan and had significant opportunity to develop into a major business entity. The events in the case demonstrate that the company strategy, as well as aggressive share price management, could be dangerous if there were no checks on the directors. All the directors of Callmate were close family members and the audit committee consisted of three of the directors. The external audit firm that audited Callmate was A.F. Ferguson & Co. (Ferguson) and they were an affiliate of Price Waterhouse Coopers International. Ferguson was regarded among the top professional accounting firms in Pakistan. As Callmate was listed on the Karachi Stock Exchange, it was required to publish its financials quarterly after these had been reviewed by Ferguson. The company had received permission during early 1995 to enter into the long distance international market, which was earlier the monopoly of the state firm Pakistan Telecommunication Corporation Limited (PTCL). A disagreement arose between the auditors and the company on the accounting policy related to revenue recognition used in the financials of the half year ended December 2005. This dispute and the company trying to manage its share price led to a number of problems that became public knowledge as the company tried to malign the auditors. The case examines corporate governance by examining the role of the external auditor, the conduct of the board of directors and the regulator of public listed companies. There were a series of events that caused a profitable company to rapidly become a pariah on the stock exchange and be suspended from the exchange.
 
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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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