This case can enhance understanding of emerging markets and innovation around fuel-cell technology, as well as the strategy and management of an entrepreneurial unit inside United Technologies Corporation. The case also examines environmental issues as operating concerns and market opportunities for innovative firms. Fuel cells are a leading clean technology to replace gasoline-combustion engines for transportation, and fuel-cell power plants offer an alternative electricity source to the electrical grid (which is heavily dependent on the burning of coal). The case is intended for use with "Fuel Cell Technology and Market Opportunities" (UVA-ENT-0016).
{"title":"Utc Fuel Cells: Innovation Inside a Large Firm","authors":"Andrea L. Larson, S. Keach","doi":"10.2139/ssrn.908789","DOIUrl":"https://doi.org/10.2139/ssrn.908789","url":null,"abstract":"This case can enhance understanding of emerging markets and innovation around fuel-cell technology, as well as the strategy and management of an entrepreneurial unit inside United Technologies Corporation. The case also examines environmental issues as operating concerns and market opportunities for innovative firms. Fuel cells are a leading clean technology to replace gasoline-combustion engines for transportation, and fuel-cell power plants offer an alternative electricity source to the electrical grid (which is heavily dependent on the burning of coal). The case is intended for use with \"Fuel Cell Technology and Market Opportunities\" (UVA-ENT-0016).","PeriodicalId":124895,"journal":{"name":"EduRN: Entrepreneurship Research & Policy Education (ERPN) (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-10-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133645992","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This is a teaching material (slides) accompanying the book in Spanish Decisiones Empresariales bajo Riesgo e Incertidumbre (Managerial Decision Making under Risk and Uncertainty). In this material we present the basic ideas of the cardinal utility theory, it uses, applications and limitations.
这是西班牙语《风险和不确定性下的管理决策》(Decisiones Empresariales bajo Riesgo e Incertidumbre)一书的教材(幻灯片)。在本材料中，我们提出了基本效用理论的基本思想，它的用途，应用和局限性。
{"title":"Risk Attitudes: Cardinal Utility Theory (Actitudes Hacia El Riesgo: Teoría De La Utilidad Cardinal. Slides)","authors":"Ignacio Vélez-Pareja","doi":"10.2139/SSRN.1131562","DOIUrl":"https://doi.org/10.2139/SSRN.1131562","url":null,"abstract":"This is a teaching material (slides) accompanying the book in Spanish Decisiones Empresariales bajo Riesgo e Incertidumbre (Managerial Decision Making under Risk and Uncertainty). In this material we present the basic ideas of the cardinal utility theory, it uses, applications and limitations.","PeriodicalId":124895,"journal":{"name":"EduRN: Entrepreneurship Research & Policy Education (ERPN) (Topic)","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115241929","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Entrepreneurship is a recognized concept both for research and practice. It is possible to find university courses, research published in specialized journals, associations dedicated to entrepreneurship promotion and governmental support. In a regional economic development context, a special form of entrepreneurship could achieve other objectives. Social entrepreneurship is an emergent concept earning more popularity than ever around the planet. However the concept is not well known. The objective of the paper is to present an overview of the social entrepreneurship concept.
{"title":"Social Entrepreneurship: Toward a Better Understanding of the Concept (L'Entrepreneuriat Social, Mieux Connaitre Le Concept)","authors":"F. Brouard","doi":"10.2139/SSRN.1326958","DOIUrl":"https://doi.org/10.2139/SSRN.1326958","url":null,"abstract":"Entrepreneurship is a recognized concept both for research and practice. It is possible to find university courses, research published in specialized journals, associations dedicated to entrepreneurship promotion and governmental support. In a regional economic development context, a special form of entrepreneurship could achieve other objectives. Social entrepreneurship is an emergent concept earning more popularity than ever around the planet. However the concept is not well known. The objective of the paper is to present an overview of the social entrepreneurship concept.","PeriodicalId":124895,"journal":{"name":"EduRN: Entrepreneurship Research & Policy Education (ERPN) (Topic)","volume":"65 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124703873","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In this note we analyze the tutorial based on the McKinsey methodology for valuing companies. We have found that the McKinsey methodology has one of the most common mistakes mentioned in Tham and Velez-Pareja (2004a and b): valuing cash flows with a constant cost of capital when the leverage is not constant. We calculate the proper firm andequity values by assuming the free cash flow, FCF calculated in the tutorial, and deriving the cash flow to equity, CFE. We develop the proper calculations of firm and equity values for constant leverage as well. For both calculations we calculate the deviations from the values calculated in the tutorial.
{"title":"Constant Leverage Modeling: A Reply to 'a Tutorial on the Mckinsey Model for Valuation of Companies'","authors":"Ignacio Vélez-Pareja, Joseph Tham","doi":"10.2139/ssrn.906786","DOIUrl":"https://doi.org/10.2139/ssrn.906786","url":null,"abstract":"In this note we analyze the tutorial based on the McKinsey methodology for valuing companies. We have found that the McKinsey methodology has one of the most common mistakes mentioned in Tham and Velez-Pareja (2004a and b): valuing cash flows with a constant cost of capital when the leverage is not constant. We calculate the proper firm andequity values by assuming the free cash flow, FCF calculated in the tutorial, and deriving the cash flow to equity, CFE. We develop the proper calculations of firm and equity values for constant leverage as well. For both calculations we calculate the deviations from the values calculated in the tutorial.","PeriodicalId":124895,"journal":{"name":"EduRN: Entrepreneurship Research & Policy Education (ERPN) (Topic)","volume":"52 5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134588630","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
A disadvantage of multiple choice tests is that students have incentives to guess. To discourage guessing, it is common to use scoring rules that either penalize wrong answers or reward omissions. In psychometrics, penalty and reward scoring rules are considered equivalent. However, experimental evidence indicates that students behave differently under penalty or reward scoring rules. These differences have been attributed to the different framing (penalty versus reward). In this paper, we model students’ behavior in multiple choice tests as a choice among lotteries. We show that strategic equivalence among penalty and reward scoring rules holds only under risk neutrality. Therefore, risk aversion could be an alternative explanation to the previously found differences in students’ behavior when confronted with penalty and reward scoring rules. We suggest the use of a modified penalty scoring rule which is equivalent to the reward rule for whatever risk attitudes students might have. To disentangle the effect of framing and risk aversion on students’behavior we design a field experiment with three treatments, each one with a different scoring rule. Two of these scoring rules are equivalent but have different framing, while the third is not equivalent but has the same framing as one of the other two. The experimental results indicate that differences in students’ behavior are due to risk aversion and not due to different framing.
{"title":"Do Students Behave Rationally in Multiple-Choice Tests? Evidence from a Field Experiment","authors":"M. P. Espinosa, Javier Gardeazabal","doi":"10.2139/ssrn.878548","DOIUrl":"https://doi.org/10.2139/ssrn.878548","url":null,"abstract":"A disadvantage of multiple choice tests is that students have incentives to guess. To discourage guessing, it is common to use scoring rules that either penalize wrong answers or reward omissions. In psychometrics, penalty and reward scoring rules are considered equivalent. However, experimental evidence indicates that students behave differently under penalty or reward scoring rules. These differences have been attributed to the different framing (penalty versus reward). In this paper, we model students’ behavior in multiple choice tests as a choice among lotteries. We show that strategic equivalence among penalty and reward scoring rules holds only under risk neutrality. Therefore, risk aversion could be an alternative explanation to the previously found differences in students’ behavior when confronted with penalty and reward scoring rules. We suggest the use of a modified penalty scoring rule which is equivalent to the reward rule for whatever risk attitudes students might have. To disentangle the effect of framing and risk aversion on students’behavior we design a field experiment with three treatments, each one with a different scoring rule. Two of these scoring rules are equivalent but have different framing, while the third is not equivalent but has the same framing as one of the other two. The experimental results indicate that differences in students’ behavior are due to risk aversion and not due to different framing.","PeriodicalId":124895,"journal":{"name":"EduRN: Entrepreneurship Research & Policy Education (ERPN) (Topic)","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121843037","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
P. Edwards, Chin-Ju Tsai, S. Sen Gupta, Monder Ram
The role of human resource management practices in promoting the performance of firms is widely debated. Yet much of the debate has reached an impasse, with uncertain results as to which practices in fact work and why. It has, moreover, rarely gone beyond the context of large firms. This paper offers a different approach to small firms. It draws on institutional theory to outline the contexts in which small firms operate and the resources on which they draw. It then develops a formal framework (reflecting firms' economic context, strategies, and resources) that is illustrated through seven distinct types of firm and two real cases. The meaning of performance, and the relevance of ideas of high performance, is shown to vary between these types. Performance is embedded in the structure and operation of firms, and institutional analysis helps us move beyond approaches dominated by a search for a disembodied set of best practices.
{"title":"The Embeddedness of Productivity and Performance: Towards a Framework Based on Small Firms","authors":"P. Edwards, Chin-Ju Tsai, S. Sen Gupta, Monder Ram","doi":"10.2139/ssrn.1306964","DOIUrl":"https://doi.org/10.2139/ssrn.1306964","url":null,"abstract":"The role of human resource management practices in promoting the performance of firms is widely debated. Yet much of the debate has reached an impasse, with uncertain results as to which practices in fact work and why. It has, moreover, rarely gone beyond the context of large firms. This paper offers a different approach to small firms. It draws on institutional theory to outline the contexts in which small firms operate and the resources on which they draw. It then develops a formal framework (reflecting firms' economic context, strategies, and resources) that is illustrated through seven distinct types of firm and two real cases. The meaning of performance, and the relevance of ideas of high performance, is shown to vary between these types. Performance is embedded in the structure and operation of firms, and institutional analysis helps us move beyond approaches dominated by a search for a disembodied set of best practices.","PeriodicalId":124895,"journal":{"name":"EduRN: Entrepreneurship Research & Policy Education (ERPN) (Topic)","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-03-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115432003","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper provides a practical introduction to the fixed income capital markets (bonds and swaps). It is intended to provide the practical, institutional aspects of the markets together with the fundamental concepts used in today’s capital markets. In line with their ubiquity throughout the markets, derivatives (swaps) are introduced early. There are two central themes running throughout the paper which are central to the modern fixed income capital markets: Mark-to-market valuation by calculating the present value (PV) of cash flows off a yield curve; Measuring risk as the change in the present value resulting from changes in the yield curve.
{"title":"A Practical Guide to Bonds and Swaps","authors":"T. Coleman","doi":"10.2139/SSRN.1554029","DOIUrl":"https://doi.org/10.2139/SSRN.1554029","url":null,"abstract":"This paper provides a practical introduction to the fixed income capital markets (bonds and swaps). It is intended to provide the practical, institutional aspects of the markets together with the fundamental concepts used in today’s capital markets. In line with their ubiquity throughout the markets, derivatives (swaps) are introduced early. There are two central themes running throughout the paper which are central to the modern fixed income capital markets: Mark-to-market valuation by calculating the present value (PV) of cash flows off a yield curve; Measuring risk as the change in the present value resulting from changes in the yield curve.","PeriodicalId":124895,"journal":{"name":"EduRN: Entrepreneurship Research & Policy Education (ERPN) (Topic)","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1998-02-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114148918","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1900-01-01DOI: 10.1108/case.darden.2016.000127
Robert S. Harris
This case features an entrepreneur who must decide whether to sell his small distribution company. The case explores several issues for class discussion: (1) valuation of a private company, (2) assessing the entrepreneur's perspective and alternatives, (3) deal structuring (including earnouts), (4) risks and their effect on value, and (5) advice from a banker's perspective. Excerpt UVA-F-1206 FRANK SPENCE In mid-1995, Frank Spence looked out of his living room window, and his mind wandered to the future. Should he sell his medical-products distribution business? What would a reasonable sales price be? Recently, he had talked with Chris Saunders, his contact at First United. Another meeting was scheduled for later in the week, and Spence hoped Saunders could give him some useful advice. Frank Spence Having just celebrated his 56th birthday, Frank Spence had a very successful entrepreneurial career. He had started several businesses in the healthcare area, amassed a considerable net worth, and enjoyed substantial cash flow from the enterprises. His most recent venture was in the medical-products distribution area. Through the years, Spence had developed excellent personal contacts with hospitals and doctors. More recently, he had learned the ins and outs of dealing with HMO's. In addition, he was on excellent terms with suppliers as a result of his prior ventures in related areas. In the late 1980s, Spence had sold off another venture and started a distribution company. He purchased products directly from suppliers and sold to hospitals and other large health organizations. Spence focused on niche products in which producers had little or no sales effort. In essence, he was picking up business that to date seemed too small to interest large suppliers. As a result, the products he sold tended to be handled by small outfits like his that covered only a limited geographic area. From a national perspective, the business was extremely fragmented. Spence had no exclusive contracts; rather he used his excellent personal contacts to good advantage. . . .
{"title":"Frank Spence","authors":"Robert S. Harris","doi":"10.1108/case.darden.2016.000127","DOIUrl":"https://doi.org/10.1108/case.darden.2016.000127","url":null,"abstract":"This case features an entrepreneur who must decide whether to sell his small distribution company. The case explores several issues for class discussion: (1) valuation of a private company, (2) assessing the entrepreneur's perspective and alternatives, (3) deal structuring (including earnouts), (4) risks and their effect on value, and (5) advice from a banker's perspective. Excerpt UVA-F-1206 FRANK SPENCE In mid-1995, Frank Spence looked out of his living room window, and his mind wandered to the future. Should he sell his medical-products distribution business? What would a reasonable sales price be? Recently, he had talked with Chris Saunders, his contact at First United. Another meeting was scheduled for later in the week, and Spence hoped Saunders could give him some useful advice. Frank Spence Having just celebrated his 56th birthday, Frank Spence had a very successful entrepreneurial career. He had started several businesses in the healthcare area, amassed a considerable net worth, and enjoyed substantial cash flow from the enterprises. His most recent venture was in the medical-products distribution area. Through the years, Spence had developed excellent personal contacts with hospitals and doctors. More recently, he had learned the ins and outs of dealing with HMO's. In addition, he was on excellent terms with suppliers as a result of his prior ventures in related areas. In the late 1980s, Spence had sold off another venture and started a distribution company. He purchased products directly from suppliers and sold to hospitals and other large health organizations. Spence focused on niche products in which producers had little or no sales effort. In essence, he was picking up business that to date seemed too small to interest large suppliers. As a result, the products he sold tended to be handled by small outfits like his that covered only a limited geographic area. From a national perspective, the business was extremely fragmented. Spence had no exclusive contracts; rather he used his excellent personal contacts to good advantage. . . .","PeriodicalId":124895,"journal":{"name":"EduRN: Entrepreneurship Research & Policy Education (ERPN) (Topic)","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127602906","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1900-01-01DOI: 10.1108/case.darden.2016.000344
Andrea L. Larson
This case describes the process that entrepreneur Paul Farrow went through to establish his kayak company between 1992 and 1996. After being laid off from a more traditional corporate position, Farrow came across an idea that suited his business skills, experience, and values. The case chronicles the steps he took to be the first in the industry to design and produce an inexpensive, high-performance recreational kayak from recycled plastic materials. Key to Walden Paddlers' $1-million sales in 1995 was the company's ability to forge close alliances with key suppliers and customers while keeping fixed costs down by managing a virtual corporation. Excerpt UVA-ENT-0027 WALDEN PADDLERS In late 1995, Paul Farrow, at age 45, could look back with satisfaction and pleasure at the path his company, Walden Paddlers, had traversed in the three years since he first wrote his business plan. The company had produced its first kayak, made from recycled plastic milk bottles, in April 1993. Since then, Walden Paddlers had sold over 5,000 boats. Three models had been successfully designed and built, and then had been sold through leading national retailers to consumers who were looking for good value. Although competition was growing, the market yet to be reached was significant. With over $ 1 million in sales and a comfortable cash flow, Farrow, along with his partner Dale Vetter, was ready to take the company in a new direction. But the precise course was not entirely clear. For the past few months, Farrow had considered alternative products, possible new markets, capital requirements, the implications for growth, and whether the company could continue as a two-person virtual corporation through the next stage. One option was to stay the course, focusing on the low end of the kayak market and producing a limited number of models. A second path was to expand aggressively into more kayak segments, moving up from recreational boats all the way to white-water and sea-going kayaks. A third option was to diversify into other recreational products for outdoor use made of recycled plastics. Farrow and Vetter had also looked at recycled products targeted at automotive and footwear markets. Each direction had its pluses and minuses, and Farrow needed to make some commitments soon. Looking back over the past three years, he commented, “I hate to think what I might be doing if I hadn't started the business. I'd probably be overweight, working in an office somewhere, constantly bored or at least anguished.” He now faced some tough decisions and if these questions caused anguish, at least it was the right kind of anguish. His business was already successful, but what should come next? . . .
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This case concerns a company's advertising and redesign decisions for a DSL service. These decisions affect the switching of customers among various classifications, including those who currently use the service. The focus of the case will be on modeling the dynamics of the system and related optimal decision-making. How to structure spreadsheets using influence diagrams can be part of the discussion. The case provides an opportunity to discuss decisions using different time horizons. Excerpt UVA-QA-0617 INTERNET RAPIDE CEO Daryn McGliesh looked at the map of Canada. Her company, New Amsterdam Cable and Media, had just finished its second year of offering Digital Subscriber Line (DSL) service in the northeastern United States, and it had formed a subsidiary, Internet Rapide, to offer the same service in Quebec, Canada. The first two years of U.S. service had been successful, and initial market research showed that customer behavior in Quebec would be similar to the behavior of New Amsterdam's current customers. Internet Rapide was among the first to offer DSL in Quebec. Based on current cable-customer demographics, New Amsterdam's market researchers believed that the potential customer base was one million customers, who would fall into one of three classifications: · Type A had never purchased Internet Rapide's DSL service · Type B currently used Internet Rapide's DSL service · Type C had formerly used Internet Rapide's DSL service . . .
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