This case, based on general business experience, casts students in the role of analyzing the financial effects of a possible outsourcing decision. Lee and Marcia Mills, owners of LeMar Outdoor Play Products, Ltd. (LOPP), a Canadian company that designs, manufactures, and installs outdoor play equipment, are faced with a decision pertaining to whether LOPP should outsource the company's back-office information technology enabled services (IT-ES) functions. Lee engages with an outside advisory firm specializing in matching companies with suitable outsourcing partners in India, and eventually a contract is presented. From just a financial perspective, students must ascertain whether Lee and Marcia should accept the outsourcing offer. Excerpt UVA-C-2440 Jun. 18, 2020 LeMar Outdoor Play Products, Ltd.: An Outsourcing Decision to India Even though their ages were beginning to show, Lee and Marcia Mills were young at heart. For the past 15 years, they had tirelessly worked to build their business, LeMar Outdoor Play Products, Ltd. (LOPP), into a western Canadian industry leader. Of late, their reputation for novel, safe, and well-built products had produced inquiries from potential new customers in the US East Coast and several family-oriented resorts in Latin America. The company designed, built, and installed all types of outdoor play equipment suitable for school-age children. Marcia was the whimsical, creative force behind the company's unique product designs. She was also in charge of the company's marketing, sales, and promotion activities, which were web-based, brochure-based, and via targeted direct mail. Lee, on the other hand, was the primary business manager—overseeing the production operations, product transport and installation, as well as back-office information technology-enabled services (IT-ES) such as accounting, website expansion/maintenance, and personnel payroll/benefits. Late one Sunday afternoon, during a rare moment while relaxing on one of their perpetual self-pushing swing sets, they had agreed on two things that set a number of wheels in motion. First, they agreed that they were both too busy—they were, as the saying goes, “burning the candle at both ends” at an unsustainable level. Second, they wanted to grow the business, taking on the new clients that were calling from more distant locations. Perhaps they would become the world's leader of outdoor play systems, or be presented with a buyout option too good to refuse from an established company already in the recreational equipment industry. Maybe a company like Nike or North Face might want to expand their product offerings and would be interested in acquiring LOPP's. The first of their shared realizations presented an immediate, follow-on task for Lee that he looked forward to addressing. He needed to find a business affiliate that could take on the company's back-office operations (e.g., accounting, employee benefits, and payroll administration) and promotional com
本案例以一般商业经验为基础，要求学生分析可能的外包决策的财务影响。LeMar户外游戏产品有限公司(LOPP)是一家设计、制造和安装户外游戏设备的加拿大公司，其所有者Lee和Marcia Mills面临着LOPP是否应该将公司的后台信息技术支持服务(IT-ES)功能外包的决定。Lee与一家外部咨询公司合作，该公司专门为公司在印度寻找合适的外包合作伙伴，最终签订了合同。仅仅从经济角度来看，学生们必须确定李和玛西亚是否应该接受外包服务。LeMar Outdoor Play Products, Ltd.:外包给印度的决定尽管他们的年龄开始显现，但李和玛西娅·米尔斯(Marcia Mills)内心依然年轻。在过去的15年里，他们孜孜不倦地将自己的企业LeMar Outdoor Play Products, Ltd. (LOPP)打造成了加拿大西部的行业领导者。最近，他们以新颖、安全、制作精良的产品而闻名，美国东海岸和拉丁美洲几个以家庭为导向的度假胜地的潜在新客户纷纷向他们咨询。公司设计、制造、安装各类适合学龄儿童的户外游乐设备。马西娅是公司独特产品设计背后的异想天开的创意力量。她还负责公司的市场营销、销售和促销活动，这些活动是基于网络的、以小册子为基础的，以及通过定向直接邮件进行的。另一方面，李是主要的业务经理，负责监督生产操作、产品运输和安装，以及后台信息技术服务(IT-ES)，如会计、网站扩展/维护和人员工资/福利。一个周日下午的晚些时候，他们难得地在他们永恒的自推式秋千上放松，在两件事上达成了一致，这两件事让许多轮子开始运转。首先，他们一致认为他们都太忙了——正如俗话所说，他们“两头烧蜡烛”，达到了不可持续的水平。其次，他们想扩大业务，接受那些从更远的地方打来电话的新客户。也许他们会成为世界户外游戏系统的领导者，或者被一家已经在娱乐设备行业成立的公司收购，这太好了，让人无法拒绝。也许像耐克(Nike)或诺斯菲斯(North Face)这样的公司想要扩大他们的产品供应，并有兴趣收购LOPP的产品。他们共同的第一个认识给李提出了一个直接的、后续的任务，他期待着解决这个任务。他需要找到一家能够承担公司后台操作(例如，会计、员工福利和工资管理)和促销沟通(包括纸质和网络)的业务关联公司，这样他就可以专注于业务的生产和安装方面。关于与促销相关的活动，玛西娅仍将创建和设计促销材料和策略，而希望的外包公司将打印所有相关的纸质小册子并执行所有的网络活动。第二天早上，李开始了他的研究. . . .
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From a single boutique in Damascus, Syria, in 1955, the Chalhoub Group had grown by 2019 to operate more than 650 luxury retail stores in 14 countries throughout the Middle East and North Africa. By blending its knowledge of luxury and its unique Middle East expertise, the Group had built a powerhouse of brands, enjoyed a reputation for excellent service with all its partners, and offered a differentiated retail experience to its customers in the region. However, the company needed to adapt its business model to a changing Middle East. Increased globalization, economic uncertainty, technological disruption, market innovations, changes in customer expectations, and a whole new set of competitors were transforming the luxury retail industry. In recent years, the Group had focused more on the customer experience, modernized its digital presence and data gathering, and invested heavily in innovation. Had it made the right changes, in the right ways, to build organizational agility and capability to drive future performance? Excerpt UVA-S-0319 Rev. Apr. 8, 2020 Chalhoub Group: Transforming the Luxury Retailer Preparing for his meeting with the company executive board, Patrick Chalhoub, the CEO of the Chalhoub Group (the Group), wondered how best to describe the fundamental shift in the Middle East in the last few years. Increased globalization, economic uncertainty, technological disruption, market innovations, changes in customer expectations, and a whole new set of competitors were transforming the luxury retail industry. While he referred to this as the "new norm," he wondered if this fully captured the challenges confronting the Group, his family-owned company in the Middle East that had been in partnership with international luxury brands for more than 60 years. Company Background Michel and Widad Chalhoub, husband and wife, opened their first store, Christofle, in Damascus, Syria, in 1955. A decade later, the economic uncertainty in the country led the Chalhoubs to relocate their business to Beirut, Lebanon. By 1975, their two sons—Patrick and Anthony—had become active in the business, and the family moved operations to Kuwait. In 1990, they moved their headquarters to Dubai following the Iraqi invasion. Patrick and Anthony Chalhoub took over as co-CEOs in 2001. . . .
{"title":"Chalhoub Group: Transforming the Luxury Retailer","authors":"S. Snell","doi":"10.2139/ssrn.3682624","DOIUrl":"https://doi.org/10.2139/ssrn.3682624","url":null,"abstract":"From a single boutique in Damascus, Syria, in 1955, the Chalhoub Group had grown by 2019 to operate more than 650 luxury retail stores in 14 countries throughout the Middle East and North Africa. By blending its knowledge of luxury and its unique Middle East expertise, the Group had built a powerhouse of brands, enjoyed a reputation for excellent service with all its partners, and offered a differentiated retail experience to its customers in the region. However, the company needed to adapt its business model to a changing Middle East. Increased globalization, economic uncertainty, technological disruption, market innovations, changes in customer expectations, and a whole new set of competitors were transforming the luxury retail industry. In recent years, the Group had focused more on the customer experience, modernized its digital presence and data gathering, and invested heavily in innovation. Had it made the right changes, in the right ways, to build organizational agility and capability to drive future performance? \u0000 \u0000Excerpt \u0000 \u0000UVA-S-0319 \u0000 \u0000Rev. Apr. 8, 2020 \u0000 \u0000Chalhoub Group: Transforming the Luxury Retailer \u0000 \u0000Preparing for his meeting with the company executive board, Patrick Chalhoub, the CEO of the Chalhoub Group (the Group), wondered how best to describe the fundamental shift in the Middle East in the last few years. Increased globalization, economic uncertainty, technological disruption, market innovations, changes in customer expectations, and a whole new set of competitors were transforming the luxury retail industry. While he referred to this as the \"new norm,\" he wondered if this fully captured the challenges confronting the Group, his family-owned company in the Middle East that had been in partnership with international luxury brands for more than 60 years. \u0000 \u0000Company Background \u0000 \u0000Michel and Widad Chalhoub, husband and wife, opened their first store, Christofle, in Damascus, Syria, in 1955. A decade later, the economic uncertainty in the country led the Chalhoubs to relocate their business to Beirut, Lebanon. By 1975, their two sons—Patrick and Anthony—had become active in the business, and the family moved operations to Kuwait. In 1990, they moved their headquarters to Dubai following the Iraqi invasion. Patrick and Anthony Chalhoub took over as co-CEOs in 2001. \u0000 \u0000. . .","PeriodicalId":390041,"journal":{"name":"Darden Case Collection","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124654039","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}
The financially savvy (fictional) protagonist in this case is an independent artist, intrigued with the possibility of becoming a seller on the Etsy, Inc., marketplace. As such, she is seeking to learn about the company—that is, its culture, recent history, and incentive compensation philosophy and practices for top executives. The case provides pertinent, publicly sourced information for exploring and discussing such issues.This case is suitable for an undergraduate, graduate, or non-degree executive education course where the focal topic is, in general, performance management, and more specifically, the use and design of executive incentive compensation plans. A valuable secondary objective is to introduce students to some of the company information disclosed in a publicly available corporate proxy statement. That document, filed with the SEC as Form DEF 14A, is filed in preparation for a public company's annual shareholder meeting. Excerpt UVA-C-2430 Dec. 6, 2019 Executive Incentive Pay Disclosures at Etsy, Inc. Betsy Jordaniske had been an artist for as long as she could recall. In fact, in fourth grade, she had won the first art contest she had ever entered. What was unique and unusual about her winning piece, and what was still true 20 years later, was that her paintings were three-dimensional, incorporating real materials from nature such as dried grasses, pebbles, twigs, grains, and even a little dirt once in a while. Such materials interplayed with the acrylics, the chalk, and the colored pencils she used in a truly captivating way. Her paintings were unique to say the least, and they often prompted observers to move closer, look longer, and reflexively smile just a little bit. For years, Jordaniske had been frustrated by not having enough time to devote to her art—she lived for that endeavor, and she worked as a bookkeeper to live. On the surface, her occupation and vocation seemed quite incongruous, but it was the symmetry of bookkeeping that had a certain appeal to her, just as the unlimited possibilities of a blank canvass never failed to kick-start the flow of artistic ideas in her head and heart. Formal schooling in accounting or art had not been a path Jordaniske had been able to take. Out of family necessity, she had gone to work right out of high school in her uncle's retail shop, doing the books in the back office, working the cash register out front, and helping customers when the shop got busy. It was in the evenings and on weekends, when the weather was nice, that she set up her portable, bare-bones studio in various natural, out-of-the-way settings around her Texas hometown. She let her surroundings speak to her—waiting to sense the urge to paint a certain scene, in a certain way. Inevitably, ideas easily and readily flowed. If she did not have all the material she needed while on site, she would simply add it later, with no loss of artistic wholeness, as the image she wanted was already finished in her
{"title":"Executive Incentive Pay Disclosures at Etsy, Inc.","authors":"Mark E. Haskins, Luann J. Lynch","doi":"10.2139/ssrn.3682573","DOIUrl":"https://doi.org/10.2139/ssrn.3682573","url":null,"abstract":"The financially savvy (fictional) protagonist in this case is an independent artist, intrigued with the possibility of becoming a seller on the Etsy, Inc., marketplace. As such, she is seeking to learn about the company—that is, its culture, recent history, and incentive compensation philosophy and practices for top executives. The case provides pertinent, publicly sourced information for exploring and discussing such issues.This case is suitable for an undergraduate, graduate, or non-degree executive education course where the focal topic is, in general, performance management, and more specifically, the use and design of executive incentive compensation plans. A valuable secondary objective is to introduce students to some of the company information disclosed in a publicly available corporate proxy statement. That document, filed with the SEC as Form DEF 14A, is filed in preparation for a public company's annual shareholder meeting. \u0000 \u0000Excerpt \u0000 \u0000UVA-C-2430 \u0000 \u0000Dec. 6, 2019 \u0000 \u0000Executive Incentive Pay Disclosures at Etsy, Inc. \u0000 \u0000Betsy Jordaniske had been an artist for as long as she could recall. In fact, in fourth grade, she had won the first art contest she had ever entered. What was unique and unusual about her winning piece, and what was still true 20 years later, was that her paintings were three-dimensional, incorporating real materials from nature such as dried grasses, pebbles, twigs, grains, and even a little dirt once in a while. Such materials interplayed with the acrylics, the chalk, and the colored pencils she used in a truly captivating way. Her paintings were unique to say the least, and they often prompted observers to move closer, look longer, and reflexively smile just a little bit. \u0000 \u0000For years, Jordaniske had been frustrated by not having enough time to devote to her art—she lived for that endeavor, and she worked as a bookkeeper to live. On the surface, her occupation and vocation seemed quite incongruous, but it was the symmetry of bookkeeping that had a certain appeal to her, just as the unlimited possibilities of a blank canvass never failed to kick-start the flow of artistic ideas in her head and heart. \u0000 \u0000Formal schooling in accounting or art had not been a path Jordaniske had been able to take. Out of family necessity, she had gone to work right out of high school in her uncle's retail shop, doing the books in the back office, working the cash register out front, and helping customers when the shop got busy. It was in the evenings and on weekends, when the weather was nice, that she set up her portable, bare-bones studio in various natural, out-of-the-way settings around her Texas hometown. She let her surroundings speak to her—waiting to sense the urge to paint a certain scene, in a certain way. Inevitably, ideas easily and readily flowed. If she did not have all the material she needed while on site, she would simply add it later, with no loss of artistic wholeness, as the image she wanted was already finished in her","PeriodicalId":390041,"journal":{"name":"Darden Case Collection","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129139367","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 : 2020-06-01DOI: 10.1142/s0218927520500030
Ming-Jer Chen, Y. P. Chan, Mary Summers Whittle
This case is about Wingtech, a China-based mobile phone and intelligent devices manufacturer. Early in 2019, Wingtech CEO Xuezheng Zhang faced one of the biggest challenges of his career. Founded only 13 years earlier, Wingtech was one of the world’s top producers of high-tech consumer products. But Wingtech didn’t produce its products’ key component: microchips. Instead, the vast majority of chips were imported from American and European manufacturers. Facing growing hostility from an increasingly anti-China U.S., and the very real possibility of crippling disruptions to the microchip supply chain, Wingtech had just completed the purchase of highly regarded Netherlands-based chip manufacturer Nexperia for USD3.6 billion. Now Zhang faced a daunting set of highly consequential new questions. To what extent should he try to integrate the two geographically and culturally distinct companies? How could he convince Nexperia’s highly competent leader, who had been unenthusiastic about the deal, to stay? Zhang had seen great success as an entrepreneur. How should he lead as the CEO of a global high-tech firm?
{"title":"Wingtech Acquires Nexperia: Will the New Company Fly?","authors":"Ming-Jer Chen, Y. P. Chan, Mary Summers Whittle","doi":"10.1142/s0218927520500030","DOIUrl":"https://doi.org/10.1142/s0218927520500030","url":null,"abstract":"This case is about Wingtech, a China-based mobile phone and intelligent devices manufacturer. Early in 2019, Wingtech CEO Xuezheng Zhang faced one of the biggest challenges of his career. Founded only 13 years earlier, Wingtech was one of the world’s top producers of high-tech consumer products. But Wingtech didn’t produce its products’ key component: microchips. Instead, the vast majority of chips were imported from American and European manufacturers. Facing growing hostility from an increasingly anti-China U.S., and the very real possibility of crippling disruptions to the microchip supply chain, Wingtech had just completed the purchase of highly regarded Netherlands-based chip manufacturer Nexperia for USD3.6 billion. Now Zhang faced a daunting set of highly consequential new questions. To what extent should he try to integrate the two geographically and culturally distinct companies? How could he convince Nexperia’s highly competent leader, who had been unenthusiastic about the deal, to stay? Zhang had seen great success as an entrepreneur. How should he lead as the CEO of a global high-tech firm?","PeriodicalId":390041,"journal":{"name":"Darden Case Collection","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116849203","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 : 2020-03-16DOI: 10.1002/9781119561132.ch4
Andrea L. Larson, Wendy Warren
This note explains "The Natural Step" framework, an educational and implementational tool used by corporations to incorporate environmental programs and sustainability principles into strategy and operations. The note provides a short history of The Natural Step organization and a description of the process by which the framework was developed. The four systemic conditions of The Natural Step are presented as principles to guide decision making. Hundreds of companies are now using The Natural Step; the note provides short descriptions of a handful of these companies. Excerpt UVA-ENT-0039 Rev. Oct. 13, 2009 THE NATURAL STEP Introduction The list of environmental concerns challenging industry and society is sobering in their far-reaching character: · exponential population growth . . .
本说明解释了“自然步骤”框架，这是一种教育和实施工具，用于企业将环境计划和可持续性原则纳入战略和运营。该说明提供了自然步骤组织的简短历史，并描述了开发框架的过程。自然步骤的四个系统条件作为指导决策的原则。数百家公司正在使用“自然步骤”;报告对其中几家公司进行了简要介绍。节选uva - nt -0039 2009年10月13日版本THE NATURAL STEP引言挑战工业和社会的环境问题清单在其深远的性质上是发人深省的:·人口呈指数增长……
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G. Matherne, R. Goldberg, Peggy Bermel, Brennan Fox, K. Minogue, Ryan Oberleitner, Charlie Punches, C. Rose
Mark Seidman at the Federal Trade Commission is evaluating a proposed merger between two health care entities and competing market leaders in southwest Virginia. The rural region is characterized by poverty, unemployment, and poor population health indicators relative to the rest of the state. The merger would form a virtual monopoly, normally prohibited by federal consumer protection laws, but the two companies assert that it would allow them to remain profitable and to continue to offer health care services in the region.In the B case, Marissa Levine, the Virginia Commissioner of Health, considers reports for and against the merger as she decides whether to issue a waiver to allow it. The optional C case describes the consequences of these decisions. The case set includes excerpts from public filings, which provide rich insight into the reasoning behind each entity's opinion.This case set explores the differences in and conflicts among the interests of for-profit health care systems, of rural, low-income residents, and of federal, state, and local governments. It allows students to engage in an in-depth discussion of the sometimes emotional issue of rural healthcare. It is suitable for students in a classes spanning health care management, nonprofit management, public policy, governance, ethics, and the social sector. Excerpt UVA-S-0314 Sept. 6, 2019 When Competition Isn't Enough: Rural Health in Southwest Virginia (A) We are proud…we don't want handouts…but we want to be able to take care of ourselves. —Gilda Mountcastle, 54, Lee County Should a Monopoly Be Acceptable in Health Care? . . .
联邦贸易委员会的马克·塞德曼正在评估两家医疗保健实体和弗吉尼亚州西南部竞争市场领导者之间的拟议合并。与该州其他地区相比，农村地区的特点是贫困、失业和人口健康指标较差。合并将形成实质上的垄断，这通常是联邦消费者保护法所禁止的，但两家公司声称，合并将使它们保持盈利，并继续在该地区提供医疗保健服务。在B案例中，弗吉尼亚州卫生专员玛丽莎·莱文(Marissa Levine)在决定是否发布豁免令以允许合并时，考虑了支持和反对合并的报告。可选的C用例描述了这些决策的后果。案例集包括公开文件的摘录，提供了对每个实体意见背后原因的丰富见解。本案例集探讨了营利性医疗保健系统、农村、低收入居民以及联邦、州和地方政府之间利益的差异和冲突。它使学生能够深入讨论农村医疗保健有时会引起情绪波动的问题。本课程适用于医疗保健管理、非营利组织管理、公共政策、治理、伦理和社会部门等课程的学生。当竞争不够时:弗吉尼亚州西南部的农村卫生(A)我们感到自豪……我们不想要施舍……但我们希望能够照顾好自己。-Gilda Mountcastle, 54, Lee County在医疗保健领域垄断应该被接受吗?……
{"title":"When Competition Isn't Enough: Rural Health in Southwest Virginia (A)","authors":"G. Matherne, R. Goldberg, Peggy Bermel, Brennan Fox, K. Minogue, Ryan Oberleitner, Charlie Punches, C. Rose","doi":"10.2139/ssrn.3453530","DOIUrl":"https://doi.org/10.2139/ssrn.3453530","url":null,"abstract":"Mark Seidman at the Federal Trade Commission is evaluating a proposed merger between two health care entities and competing market leaders in southwest Virginia. The rural region is characterized by poverty, unemployment, and poor population health indicators relative to the rest of the state. The merger would form a virtual monopoly, normally prohibited by federal consumer protection laws, but the two companies assert that it would allow them to remain profitable and to continue to offer health care services in the region.In the B case, Marissa Levine, the Virginia Commissioner of Health, considers reports for and against the merger as she decides whether to issue a waiver to allow it. The optional C case describes the consequences of these decisions. The case set includes excerpts from public filings, which provide rich insight into the reasoning behind each entity's opinion.This case set explores the differences in and conflicts among the interests of for-profit health care systems, of rural, low-income residents, and of federal, state, and local governments. It allows students to engage in an in-depth discussion of the sometimes emotional issue of rural healthcare. It is suitable for students in a classes spanning health care management, nonprofit management, public policy, governance, ethics, and the social sector. \u0000Excerpt \u0000UVA-S-0314 \u0000Sept. 6, 2019 \u0000When Competition Isn't Enough: Rural Health in Southwest Virginia (A) \u0000We are proud…we don't want handouts…but we want to be able to take care of ourselves. \u0000—Gilda Mountcastle, 54, Lee County \u0000Should a Monopoly Be Acceptable in Health Care? \u0000. . .","PeriodicalId":390041,"journal":{"name":"Darden Case Collection","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127757585","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}
Central to a firm's long-term success, is allocating capital so that it generates economic value. The two most common decision rules based on economic value are to (i) accept proposals that have a positive net present value (NPV) when discounted at the appropriate hurdle rate or (ii) to accept proposals whose internal rate of return (IRR) exceeds the appropriate hurdle rate. Key to both rules, in economic terms, the hurdle rate reflects the appropriate opportunity cost of devoting capital to the given proposal rather than an equally risky alternative. The weighted average cost of capital (WACC) is the most commonly used hurdle rate, and this note explains why it is useful as a hurdle rate, discusses how it is calculated, and explores some issues related to its use. A one-page summary of implementation best practices is also provided. The concepts in this note are applied to the firm Morgan Industries, a setting that has been integrated across all the Financial Analytics Toolkit series of technical notes. Excerpt UVA-F-1850 Jul. 16, 2019 Financial Analytics Toolkit: Weighted Average Cost of Capital A proper allocation of resources is central to a firm's long-term success. An important objective in this regard is to allocate capital so that it generates economic value. The two most common decision rules based on economic value are to (i) accept proposals that have a positive net present value (NPV) when discounted at the appropriate hurdle rate or (ii) accept proposals whose internal rate of return (IRR) exceeds the appropriate hurdle rate. The hurdle rate is key to both rules. In economic terms, the hurdle rate reflects the appropriate opportunity cost of devoting capital to the given proposal rather than an equally risky alternative. The weighted average cost of capital (WACC) is the most commonly used hurdle rate, and this note justifies its use as a hurdle rate, discusses how it is calculated, and explores issues related to its implementation. Basic Definition and Justification . . .
{"title":"Financial Analytics Toolkit: Weighted Average Cost of Capital","authors":"M. Lipson","doi":"10.2139/ssrn.3423171","DOIUrl":"https://doi.org/10.2139/ssrn.3423171","url":null,"abstract":"Central to a firm's long-term success, is allocating capital so that it generates economic value. The two most common decision rules based on economic value are to (i) accept proposals that have a positive net present value (NPV) when discounted at the appropriate hurdle rate or (ii) to accept proposals whose internal rate of return (IRR) exceeds the appropriate hurdle rate. Key to both rules, in economic terms, the hurdle rate reflects the appropriate opportunity cost of devoting capital to the given proposal rather than an equally risky alternative. The weighted average cost of capital (WACC) is the most commonly used hurdle rate, and this note explains why it is useful as a hurdle rate, discusses how it is calculated, and explores some issues related to its use. A one-page summary of implementation best practices is also provided. The concepts in this note are applied to the firm Morgan Industries, a setting that has been integrated across all the Financial Analytics Toolkit series of technical notes. \u0000Excerpt \u0000UVA-F-1850 \u0000Jul. 16, 2019 \u0000Financial Analytics Toolkit: Weighted Average Cost of Capital \u0000A proper allocation of resources is central to a firm's long-term success. An important objective in this regard is to allocate capital so that it generates economic value. The two most common decision rules based on economic value are to (i) accept proposals that have a positive net present value (NPV) when discounted at the appropriate hurdle rate or (ii) accept proposals whose internal rate of return (IRR) exceeds the appropriate hurdle rate. \u0000The hurdle rate is key to both rules. In economic terms, the hurdle rate reflects the appropriate opportunity cost of devoting capital to the given proposal rather than an equally risky alternative. The weighted average cost of capital (WACC) is the most commonly used hurdle rate, and this note justifies its use as a hurdle rate, discusses how it is calculated, and explores issues related to its implementation. \u0000Basic Definition and Justification \u0000. . .","PeriodicalId":390041,"journal":{"name":"Darden Case Collection","volume":"78 5","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120966338","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 technical note helps explain what leadership really is, explores some of the factors that influence leader effectiveness, and introduces the basics of how people can begin to develop as leaders. It is an introduction to a very big topic area, but provides simple definitions and explanations of complicated concepts. Excerpt UVA-OB-1292 Rev. Jul. 24, 2019 Defining Leadership and Effectiveness We hear the word “leadership” all over the place in business schools and in the broader business community. When recruiters are asked what skills they want MBA students to have, “leadership skills” are typically right at the top of their lists. Similarly, when executives come back to business school for executive MBAs or when companies send rising stars to various development programs, improving leadership skills is regularly noted as a goal. This might lead to the conclusion that leadership is a pretty important skill for one's career—and indeed, it is. But here's the problem: How do you define this thing that people say is so important? What is leadership? Who is a leader? What does it mean to be an effective leader? If you ask a dozen people, you will likely hear a dozen different answers. How is there so little consensus around this topic about which mountains of books have been written and about which society cares so deeply? One reason is that leadership is often confused with other things that sound similar. This note aims to clear up some of that confusion and present a useful working definition of what leadership is, how to evaluate it, and the behaviors that are important. Importantly, this note is not an exhaustive list of what we know about leadership—that would be too tall an order for any readily digestible piece of reading. Instead, consider this a primer about what leadership is, how it gets done, and how to know whether it's good. Art versus Science Consider Figure 1. If I asked you to place “leadership” somewhere on this spectrum between art and science, where would you put it? . . .
{"title":"Defining Leadership and Effectiveness","authors":"S. Martin","doi":"10.2139/ssrn.3409482","DOIUrl":"https://doi.org/10.2139/ssrn.3409482","url":null,"abstract":"This technical note helps explain what leadership really is, explores some of the factors that influence leader effectiveness, and introduces the basics of how people can begin to develop as leaders. It is an introduction to a very big topic area, but provides simple definitions and explanations of complicated concepts. \u0000Excerpt \u0000UVA-OB-1292 \u0000Rev. Jul. 24, 2019 \u0000Defining Leadership and Effectiveness \u0000We hear the word “leadership” all over the place in business schools and in the broader business community. When recruiters are asked what skills they want MBA students to have, “leadership skills” are typically right at the top of their lists. Similarly, when executives come back to business school for executive MBAs or when companies send rising stars to various development programs, improving leadership skills is regularly noted as a goal. This might lead to the conclusion that leadership is a pretty important skill for one's career—and indeed, it is. But here's the problem: How do you define this thing that people say is so important? What is leadership? Who is a leader? What does it mean to be an effective leader? If you ask a dozen people, you will likely hear a dozen different answers. How is there so little consensus around this topic about which mountains of books have been written and about which society cares so deeply? One reason is that leadership is often confused with other things that sound similar. This note aims to clear up some of that confusion and present a useful working definition of what leadership is, how to evaluate it, and the behaviors that are important. Importantly, this note is not an exhaustive list of what we know about leadership—that would be too tall an order for any readily digestible piece of reading. Instead, consider this a primer about what leadership is, how it gets done, and how to know whether it's good. \u0000Art versus Science \u0000Consider Figure 1. If I asked you to place “leadership” somewhere on this spectrum between art and science, where would you put it? \u0000. . .","PeriodicalId":390041,"journal":{"name":"Darden Case Collection","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130745965","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}
Kobe Bryant and Tim Duncan are widely regarded as two of the greatest basketball players in NBA history. Both led their teams to championships, and both were named MVP and All-Star multiple times. But Bryant, the "Black Mamba," and Duncan, the "Big Fundamental," had very different styles of play and ways of interacting with their teammates, coaches, and fans. This case offers an overview of these two champions' careers and brings up questions about leadership and how we measure effectiveness. Excerpt UVA-OB-1288 May 17, 2019 Heart of a Champion Kobe Bryant Kobe Bryant was the 13th pick in the 1996 National Basketball Association (NBA) draft. The son of a former professional basketball player, he was drafted straight out of high school by the Charlotte Hornets but immediately traded to the Los Angeles Lakers, with whom he spent his entire career. He was widely regarded as one of the greatest players in history. In almost every year of his career, Bryant's jersey was in the top 10 sold around the country, and in many of those years it was the number-one selling jersey. His high-flying, accurate shooting offensive style made him a regular on sport shows' highlight reels and led to countless “Did you see that?” moments. His style of play seemed perfectly suited for the Lakers and Los Angeles, where glitz and flash were woven into the culture. Los Angeles was the second-largest media market behind New York, and players greatly desired to play there in order to have the viewership, potential sponsors, and entertainment deals the city could offer. On top of that, the nightlife and beaches made the city a destination for free agents (players whose contracts had expired and who were looking for a new team to join), allowing it to attract new talent when it needed to. Bryant took advantage of these resources. He appeared on numerous talk shows, sponsored countless products, and kept people coming to the games. As a result, he was one of the most highly paid players in the league, even in his final several seasons when his performance was in decline (for Bryant's salary, see Exhibit 1). And while the money it spent on Bryant's salary in his last few years made it difficult for the Lakers organization to pay for other talented players to join the team, it was hard to argue that he didn't have a huge fanbase. . . .
{"title":"Heart of a Champion","authors":"S. Martin","doi":"10.2139/ssrn.3393823","DOIUrl":"https://doi.org/10.2139/ssrn.3393823","url":null,"abstract":"Kobe Bryant and Tim Duncan are widely regarded as two of the greatest basketball players in NBA history. Both led their teams to championships, and both were named MVP and All-Star multiple times. But Bryant, the \"Black Mamba,\" and Duncan, the \"Big Fundamental,\" had very different styles of play and ways of interacting with their teammates, coaches, and fans. This case offers an overview of these two champions' careers and brings up questions about leadership and how we measure effectiveness. \u0000Excerpt \u0000UVA-OB-1288 \u0000May 17, 2019 \u0000Heart of a Champion \u0000Kobe Bryant \u0000Kobe Bryant was the 13th pick in the 1996 National Basketball Association (NBA) draft. The son of a former professional basketball player, he was drafted straight out of high school by the Charlotte Hornets but immediately traded to the Los Angeles Lakers, with whom he spent his entire career. He was widely regarded as one of the greatest players in history. \u0000In almost every year of his career, Bryant's jersey was in the top 10 sold around the country, and in many of those years it was the number-one selling jersey. His high-flying, accurate shooting offensive style made him a regular on sport shows' highlight reels and led to countless “Did you see that?” moments. His style of play seemed perfectly suited for the Lakers and Los Angeles, where glitz and flash were woven into the culture. Los Angeles was the second-largest media market behind New York, and players greatly desired to play there in order to have the viewership, potential sponsors, and entertainment deals the city could offer. On top of that, the nightlife and beaches made the city a destination for free agents (players whose contracts had expired and who were looking for a new team to join), allowing it to attract new talent when it needed to. Bryant took advantage of these resources. He appeared on numerous talk shows, sponsored countless products, and kept people coming to the games. As a result, he was one of the most highly paid players in the league, even in his final several seasons when his performance was in decline (for Bryant's salary, see Exhibit 1). And while the money it spent on Bryant's salary in his last few years made it difficult for the Lakers organization to pay for other talented players to join the team, it was hard to argue that he didn't have a huge fanbase. \u0000. . .","PeriodicalId":390041,"journal":{"name":"Darden Case Collection","volume":"66 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121297173","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}
An MBA graduate prepares for a possible interview with Caterpillar Inc. by reading about the company's longtime presence in China manufacturing heavy equipment and its continued optimism about the heavy equipment market in that country. He also learns that the company financed part of its operations and growth in China by issuing bonds in Hong Kong and wonders whether the company would return to that bond market in Hong Kong. Excerpt UVA-C-2418 May 9, 2019 Caterpillar Inc. Taps the Chinese Bond Market It was spring 2019, and Mark Denoso eagerly anticipated the possibility of interviewing for a position in the office of the CFO at Caterpillar Inc. (Caterpillar). He had invested much time and energy getting his master's of business administration (MBA) from a top US business school and was eager to put his degree to work. Caterpillar would be the ideal place. Denoso fondly recalled his many hours spent in the open fields next to the house where he grew up, using his toy excavators, bulldozers, front loaders, and other equipment in the small construction sites he had created in and around the dirt and rocks in those fields. He had always dreamed of working construction, and, after obtaining his undergraduate degree in civil engineering, had landed the job as project engineer at a large construction firm; however after two years in that role, he was impatient to see his career progress, so he had returned to school to obtain his MBA. Now he was looking for a job opportunity that would combine his love of construction and his newly acquired business skills. In preparation for a possible interview, Denoso had read extensively about Caterpillar. He was intrigued with the company's longtime presence in China manufacturing heavy equipment and its continued optimism about the heavy equipment market in that country. He had also learned that the company had financed part of its operations and growth in China by issuing bonds in Hong Kong. He wondered whether the company would return to the bond market in Hong Kong again. . . .
{"title":"Caterpillar Inc. Taps the Chinese Bond Market","authors":"Luann J. Lynch, Mark E. Haskins","doi":"10.2139/ssrn.3393818","DOIUrl":"https://doi.org/10.2139/ssrn.3393818","url":null,"abstract":"An MBA graduate prepares for a possible interview with Caterpillar Inc. by reading about the company's longtime presence in China manufacturing heavy equipment and its continued optimism about the heavy equipment market in that country. He also learns that the company financed part of its operations and growth in China by issuing bonds in Hong Kong and wonders whether the company would return to that bond market in Hong Kong. Excerpt UVA-C-2418 May 9, 2019 Caterpillar Inc. Taps the Chinese Bond Market It was spring 2019, and Mark Denoso eagerly anticipated the possibility of interviewing for a position in the office of the CFO at Caterpillar Inc. (Caterpillar). He had invested much time and energy getting his master's of business administration (MBA) from a top US business school and was eager to put his degree to work. Caterpillar would be the ideal place. Denoso fondly recalled his many hours spent in the open fields next to the house where he grew up, using his toy excavators, bulldozers, front loaders, and other equipment in the small construction sites he had created in and around the dirt and rocks in those fields. He had always dreamed of working construction, and, after obtaining his undergraduate degree in civil engineering, had landed the job as project engineer at a large construction firm; however after two years in that role, he was impatient to see his career progress, so he had returned to school to obtain his MBA. Now he was looking for a job opportunity that would combine his love of construction and his newly acquired business skills. In preparation for a possible interview, Denoso had read extensively about Caterpillar. He was intrigued with the company's longtime presence in China manufacturing heavy equipment and its continued optimism about the heavy equipment market in that country. He had also learned that the company had financed part of its operations and growth in China by issuing bonds in Hong Kong. He wondered whether the company would return to the bond market in Hong Kong again. . . .","PeriodicalId":390041,"journal":{"name":"Darden Case Collection","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121573905","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}
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