Darden Case: Finance (Topic)最新文献

{"title":"Choosing Among Different Valuation Approaches","authors":"R. Bruner","doi":"10.1108/CASE.DARDEN.2016.000068","DOIUrl":"https://doi.org/10.1108/CASE.DARDEN.2016.000068","url":null,"abstract":"This note discusses the relative strengths and weaknesses of three primary methods of valuing a firm: (1) accounting approaches (e.g., book value); (2) multiples of earnings (e.g., p/e); and (3) discounted cash flow and related models.","PeriodicalId":302905,"journal":{"name":"Darden Case: Finance (Topic)","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132396654","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}

{"title":"Securenet, Inc.: Series a Round","authors":"Susan J. Chaplinsky, April W. Triantis","doi":"10.1108/CASE.DARDEN.2016.000274","DOIUrl":"https://doi.org/10.1108/CASE.DARDEN.2016.000274","url":null,"abstract":"This case is designed for use in JD/MBA programs or in contexts where mutual understanding of legal and financial issues is required. The case focuses on an entrepreneur in the security-software industry who is attempting to raise a first round of financing in October 2000. The firm was unsuccessful in attracting funding from venture capitalists, and has relied on a small seed round and bridge loan from angel investors. The angels have now proposed investing $1.4 million in Series A convertible preferred stock. The entrepreneur must decide whether to accept the angel investors' proposal or revisit the issue of seeking venture capital. The case incorporates the stockholder agreement for the proposed Series A round, the capitalization of the company after the seed round, and five years of cash-flow projections for the firm. The case can be used in a law-school setting as a contract-drafting exercise and as an introduction to valuation. In a business-school setting, the case can help students understand the complex contract terms associated with a plain-vanilla form of venture capital. Valuation can be taught at an introductory level, or it can be made more complex if students are asked to incorporate what-if contract conditions into their analysis.","PeriodicalId":302905,"journal":{"name":"Darden Case: Finance (Topic)","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132870231","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}

{"title":"Value Line Publishing, October 2002","authors":"Michael J. Schill, R. Bruner","doi":"10.1108/CASE.DARDEN.2016.000340","DOIUrl":"https://doi.org/10.1108/CASE.DARDEN.2016.000340","url":null,"abstract":"This case follows the performance-review and financial-statement-forecasting decisions of a Value Line analyst for the retail-building-supply industry in October 2002. The case contrasts the strong operating performance of Home Depot with the strong stock-market performance of Lowe's. Students examine a financial-ratio analysis for Home Depot that acts as a template for generating a comparable ratio analysis for Lowe's. The student ratio analysis is designed to build intuition with respect to interpreting individual ratios as well as ratio interrelationships (e.g., the DuPont framework). The historical-performance comparison suggests that investors are skeptical of the ability of Home Depot to maintain its performance trajectory, yet they project sustained improvements for Lowe's. Students are invited to scrutinize the analyst's five-year income-statement and asset-side balance-sheet forecast for Home Depot. The case expressly focuses on the asset side of the balance sheet as a preview for other cases using free-cash-flow forecasting. The Home Depot forecast exercise exposes students to the mechanics of financial-statement modeling and sensitivity analysis, which they can use in building their own forecast for Lowe's. Finally, the strong-growth assumptions for Home Depot relative to the modest-growth forecast for the industry suggest that the company can be expected to capture massive and perhaps unreasonable market share in the near term. The exercise provides a striking example of the importance of comparing bottom-up business forecasting with top-down industry forecasts. The case may be used to develop any of the following teaching objectives: (1) exploring financial-statement and financial-ratio analysis; (2) reviewing the basics of financial forecasting as a platform for cash-flow forecasting, and building consideration of internal consistency of forecasting with respect to industry, peer, and own-firm comparisons; (3) investigating forecast-sensitivity analysis and value drivers; and (4) preparing students for thoughtful cash-flow forecasting in the context of capital budgeting and acquisition valuation.","PeriodicalId":302905,"journal":{"name":"Darden Case: Finance (Topic)","volume":"94 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124745629","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}

{"title":"Investure, Llc, and Smith College","authors":"dorothy J Kelley, Susan J. Chaplinsky, Robert S. Harris","doi":"10.1108/CASE.DARDEN.2016.000169","DOIUrl":"https://doi.org/10.1108/CASE.DARDEN.2016.000169","url":null,"abstract":"Alice Handy, an investment professional with three decades of experience as head of the University of Virginia Investment Management Company, has opened a new asset management firm targeted at midsized endowments and nonprofit institutions in January 2004. Her business, Investure, LLC, offered outsourced investment services to institutions with $150 million to $1 billion in assets and access to top-performing managers at lower cost than a fund of funds (FoF). Smith College, a prestigious liberal arts college with a nearly $1 billion endowment, is interested in increasing its current allocation to private equity. Handy and her partner are preparing to meet with Smith\u0019s trustees in an attempt to win Smith College as Investure\u0019s first client. The case presents three different approaches to private equity investing: direct investment through a traditional limited partnership, investment through a fund of funds, or investment through Investure\u0019s outsourced model. The class discussion presents an opportunity to evaluate the advantages and shortcomings of each approach, introduce key terminology, and to discuss the current trends in the private equity market. Students are given the cash inflows and outflows for a representative investment in a venture capital fund of the type Handy hopes to invest in on behalf of Smith College. The main analytical task requires students to evaluate the expected gross and net returns generated by the representative investment under each of the different approaches and fee structures. This case was written for an opening or early class in courses focusing on entrepreneurial finance, venture capital, or private equity. It can also be used in specialized courses for fund trustees interested in alternative assets. Objectives \" To provide an overview of private equity investing and the advantages and disadvantages of private-equity investing. \" To introduce students to the structure of private equity partnerships and key terms (e.g., general partner, limited partner, committed capital, carried interest, fees.) \" To explore the different approaches to investing in private equity and evaluate the benefits and shortcomings of each. \" To consider the portfolio implications of private equity investments. \" To examine issues of fit for an endowment.","PeriodicalId":302905,"journal":{"name":"Darden Case: Finance (Topic)","volume":"167 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122625613","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}

{"title":"Astral Records Ltd., North America: Some Financial Concerns","authors":"R. Bruner, R. M. Conroy, Kenneth M. Eades","doi":"10.1108/CASE.DARDEN.2016.000028","DOIUrl":"https://doi.org/10.1108/CASE.DARDEN.2016.000028","url":null,"abstract":"A new CEO from outside the firm takes over following the sudden death of the former CEO. Included in the new CEO's in-box are pressing decisions concerning (1) the firm's financing needs, (2) capital equipment, and (3) a general assessment of the firm's financial performance. The task for the student is to analyze these issues and recommend action.","PeriodicalId":302905,"journal":{"name":"Darden Case: Finance (Topic)","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121530413","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}

{"title":"Brown-Forman Distillers Corporation","authors":"R. Bruner","doi":"10.1108/CASE.DARDEN.2016.000052","DOIUrl":"https://doi.org/10.1108/CASE.DARDEN.2016.000052","url":null,"abstract":"Brown-Forman Distillers Corporation (BFD) president faces important acquisition decision as Southern Comfort Corporation approaches him to buy their company. BFD's president must evaluate the feasibility of the asking price and the effects of the acquisition on BFD's share price.","PeriodicalId":302905,"journal":{"name":"Darden Case: Finance (Topic)","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115542664","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}

{"title":"Alfin Fragrances, Inc","authors":"R. Bruner, Casey Opitz","doi":"10.1108/CASE.DARDEN.2016.000016","DOIUrl":"https://doi.org/10.1108/CASE.DARDEN.2016.000016","url":null,"abstract":"Students act as outside analysts attempting to determine how Alfin will finance its expected growth based on sales of antiwrinkle cream.","PeriodicalId":302905,"journal":{"name":"Darden Case: Finance (Topic)","volume":"165 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126933817","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}

{"title":"United Telecommunications, Inc","authors":"R. Bruner","doi":"10.2139/ssrn.1583718","DOIUrl":"https://doi.org/10.2139/ssrn.1583718","url":null,"abstract":"In late 1990, this company faced a large external financing requirement and needed to reassess its traditional approaches to financing. The tasks for the student are to recommend financing tactics to be employed for the next two years and to make a general assessment of the firm's historical financing policy. Student and instructor Lotus worksheet files are available on computer diskettes for use with this case and teaching note.","PeriodicalId":302905,"journal":{"name":"Darden Case: Finance (Topic)","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126766583","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}

{"title":"Eastern Airlines Bankruptcy (C): The Ritchie Group","authors":"R. Bruner, Michael Del Guidice, L. Elson","doi":"10.2139/ssrn.1583722","DOIUrl":"https://doi.org/10.2139/ssrn.1583722","url":null,"abstract":"The C case represents the Ritchie Group, a potential new investor; the A, B, and D cases represent the other players.","PeriodicalId":302905,"journal":{"name":"Darden Case: Finance (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114330650","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}

{"title":"The Transformation of Alliedsignal","authors":"R. Bruner, Katarina Paddack","doi":"10.2139/ssrn.1583725","DOIUrl":"https://doi.org/10.2139/ssrn.1583725","url":null,"abstract":"This case serves as a foundation for student discussion about the impact of corporate leadership on the financial- turnaround efforts of large companies. At the date of the case, CEO Lawrence Bossidy has just completed three years at the helm of his firm, and can look back on a record of dramatic change. The tasks for the student are to assess Bossidy's change program and to examine the financial record to determine the magnitude of the improvements. Analysis of the case reveals a broad-ranging corporate- change program and the creation of significant shareholder value since Bossidy assumed leadership of the firm. The case also affords the opportunity to discuss the challenges of creating value by means of a conglomerate strategy.","PeriodicalId":302905,"journal":{"name":"Darden Case: Finance (Topic)","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128187665","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}