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Women's Tennis Association Comes to China - But Who (B)
W. Glenn Rowe; Sharda PrashadCase IVEY-9B10M027-EStrategyIn 2007, the Women's Tennis Association (WTA) was facing a saturated market for women's tennis and identified Asia as a growth area. Subsequently, it committed to opening a regional office in Beijing but was unsure how to approach staffing the local office. The dilemma revolved around the intricacies of determining the appropriate mix of local employees and expatriates. The goal of the staffing plan was to achieve a quick, efficient and lasting p...Starting at €5.74
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Singapore Airlines Limited: Dividends
Emir Hrnjić; David ReebCase IVEY-9B18N018-EFinance, StrategyA new analyst has been asked to forecast the upcoming dividends for Singapore Airlines Limited. However, unlike most dividend-paying firms, which typically maintain stable, transparent, and simple dividend policies, Singapore Airlines maintained an opaque, complex, and irregular pattern of dividends. Further, the company did not respond to requests for information about expected dividends or the company's dividend policy. The analyst decided to g...Starting at €8.20
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Consultancy Development Organization
W. Glenn Rowe; Unnat KohliCase IVEY-9B08M034-EStrategyThe director of Consultancy Development Organization (CDO), a not-for-profit organization that helps develop the consultancy profession in India, needs to respond to CDO's poor morale and specifically to the recent incident with the deputy director of projects. The director's encounter with the deputy director was the latest in a series of frustrating experiences that he has faced since joining CDO the previous year. The director needs to decide ...Starting at €8.20
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Singapore Airlines: A Rights Issue during the COVID-19 Crisis
Emir HrnjićCase IVEY-W24460-EFinanceIn early 2020, Singapore Airlines Limited (Singapore Airlines) faced severe liquidity issues as the global pandemic halted its flights and uncertainty loomed. Erstwhile massive cash reserves were quickly running out, and the airline’s executives pondered how to save the company from insolvency. Singapore Airlines’ majority shareholder, Temasek Holdings Limited, agreed to subscribe to a massive capital-raising exercise of up to S$15 billion via a ...Starting at €8.20
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Yama Ribbons & Bows Co., Ltd.: Where to Next
Zhiduan Xu; W. Glenn RoweCase IVEY-9B14M077-EEntrepreneurship, StrategyIn March, 2014, the founder and chairman of the board of Yama Ribbons & Bows Co., Ltd., the world's largest polyester ribbon manufacturer based in Xiamen, China, was reflecting on the awards, accolades, victories and revenue growth that he had achieved over the past 16 years. In spite of the problems that beset the Chinese ribbons industry — intense competition, rising labour and production costs and strict international regulation of imports — t...Starting at €8.20
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Women's Tennis Association in Asia - But Where (A)
W. Glenn Rowe; Sharda PrashadCase IVEY-9B10M026-EStrategyIn 2007, the Women's Tennis Association (WTA) was facing a saturated market for women's tennis and identified the emerging middle-class in Asia as a growth area. The chief operating officer (COO) of the WTA was faced with a dilemma: He had to decide the new location of the Asian regional office of the WTA and present his recommendation at both the next board meeting and the WTA Global Advisory Council. The COO's presentation had to include the ra...Starting at €8.20
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OCBC Versus Elliott Management: Acquisition of Wing Hang Bank
Emir HrnjićCase IVEY-9B15N010-EFinance, StrategyA Singapore-based financial services company, the second largest lender in Southeast Asia, offered to acquire a Hong Kong bank, the eighth largest lender in the country, for a premium price per share. Three months later, a multi-billion hedge fund firm based in the United States had accumulated close to 8 per cent of the Hong Kong bank’s shares. According to Hong Kong’s securities law, the Singapore-based financial institution would have to acqui...Starting at €8.20
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Suntech Power: Competition and Financing in China's Solar Industry
Emir HrnjićCase IVEY-9B15N019-EFinance, StrategyIn 2011, Suntech Power, the world’s largest solar panel manufacturer, found itself in a highly problematic position. Recent developments in the Chinese solar power industry had negatively impacted the company’s operations. As the industry had matured, the demand for Suntech Power’s products had become highly volatile. Changing policy regulations, the ambiguous financial structure of the firm and a shift in consumers’ perceptions of the product we...Starting at €8.20
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Alibaba's Bonds Dilemma: Location, Timing, and Pricing
Emir HrnjićCase IVEY-9B17N001-EFinance, StrategyIn 2014, Alibaba—the Chinese e-commerce giant who, in September 2014, completed the largest initial public offering (IPO) in New York Stock Exchange (NYSE) history—was preparing itself for an additional round of capital fundraising. This time, Alibaba focused its efforts on a new, large bond issue. Its chief executive officer would lead Alibaba’s finance team in meetings with investors in Hong Kong, Singapore, and London to gather information abo...Starting at €8.20
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Emirates Airline: A Billion-dollar Sukuk-Bond Issue
Emir Hrnjić; Harun Kapetanović; David ReebCase IVEY-9B14N002-EFinance, StrategyEmirates Airline (EA) needs to fund the purchase of 30 new A380 aircraft. On March 11, 2013, EA announced plans to issue US$1 billion of Islamic bonds (sukuk) and $750 million of regular bonds. These bonds arguably share similar risks and seniority even though the sukuk bonds sold with a lower implied yield. This difference in pricing for securities with similar default risks seems at odds with conventional finance thinking. Against this backdrop...Starting at €8.20