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The F.B. Heron Foundation: 100 Percent for Mission - And Beyond
Ewald, Charles; Krauel Patel, Heidi; Foroughi, JaclynCase SGSB-SI140-EInnovation and ChangeIn late March 2017, Clara Miller, director and president of the F.B. Heron Foundation (“Heron”), a philanthropic institution focused on helping people help themselves out of poverty, sat down to put the finishing touches on her President’s Letter. In previous years, the letter included Miller’s lucid thoughts regarding major changes within the organization and advocated for movement toward a “philanthropic world”—a world in which “all sectors—pu...Starting at €8.20
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Forestry and Timberland: Impact Investment Analysis
Foroughi, Jaclyn; McNichols, MaureenCase SGSB-SI156-EInnovation and ChangeMuch like the famous philosophical thought experiment, impact investing raises questions about perception, observation, and reality. What is our sense that an investment results in social, environmental, and financial return? What changes can we observe taking place? What is the state of the situation as it exists (perhaps by measurement)? This case study applies this framework to our analysis of the social, environmental, and financial impact of...Starting at €8.20
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Nuveen and the Seychelles Blue Bond: Analayzing a Public Fixed Income Impact Investment
Foroughi, Jaclyn; McNichols, MaureenCase SGSB-SI163-EInnovation and ChangeIn 2016, Stephen M. Liberatore, CFA, lead portfolio manager for and head of Nuveen’s impact fixed income strategies, received a phone call from the World Bank. The call was not unusual; in fact, Nuveen had collaborated with the World Bank in the past as lead investor on a new type of Green Bond for the World Bank’s private sector arm, the International Finance Corporation (IFC). While Green Bonds had been in existence for nearly a decade, the IFC...Starting at €8.20
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MiracleFeet (B): Data for Impact
Foroughi, Jaclyn; McNichols, MaureenCase SGSB-SM135B-EStrategyIn January 2021, Chesca Colloredo-Mansfeld (MBA ’92), cofounder and executive director of MiracleFeet, a nonprofit dedicated to eradicating untreated clubfoot for good, found herself at yet another crossroad. In just over a decade, the organization, which partnered with local clinics to provide low-cost, nonsurgical solutions to one of the world’s leading causes of disability, had treated just over 50,000 children in 29 countries, nailing nearly ...Starting at €5.74
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REDF Impact Investing Fund (RIIF): Alternative Risk Ratings
Foroughi, Jaclyn; McNichols, MaureenCase SGSB-SI157-EInnovation and ChangeIn February 2022, nearly three years after the launch of the REDF Impact Investing Fund (RIIF), a 501(c)(3) debt fund providing financing and capacity building to grow social enterprises employing individuals overcoming barriers to work, CEO Carrie McKellogg was both humbled and hopeful. Much had been learned in her time at the helm of RIIF, both within the portfolio and in relation to the employment social enterprise (ESE) sector as a whole. Spe...Starting at €8.20
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Los Angeles Cleantech Incubator (LACI): Launching a Cleantech Debt Fund
Foroughi, Jaclyn; McNichols, MaureenCase SGSB-SI161-EInnovation and ChangeAfter completing a successful two-year pilot, the Los Angeles Cleantech Incubator (LACI) was ready to launch its inaugural Debt Fund. The goal was to capitalize companies solving the greatest challenges related to climate change across three priority spaces in cleantech: transportation, clean energy, and sustainable cities. Spearheading the effort was Alex Mitchell, senior Vice President of Unlocking Innovation through the empowerment of start-up...Starting at €8.20
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Illumen Capital: Bias Reduction to Unlock Impact and Returns
Foroughi, Jaclyn; McNichols, MaureenCase SGSB-SI162-EInnovation and ChangeBuilding on Nobel Prize-winning research, nearly a decade of experience investing in impact funds, and a lifetime of social and economic justice advocacy, Daryn Dodson’s Illumen Capital, an impact investment fund-of-funds, was at a critical juncture. Prior to founding Illumen in 2017, Dodson struggled with finding a way to transfer the success he had experienced in building awareness across teams at institutional asset allocators on topics of div...Starting at €8.20
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Valeant Pharmaceuticals: Aggressive Accounting Games
McNichols, Maureen; Foroughi, JaclynCase SGSB-A229-EAccounting and ControlIn February 2008, as world markets slid deeper into economic decline, J. Michael Pearson joined Valeant Pharmaceuticals, a specialty pharmaceuticals company, then based in a quiet suburb of southern California. By August 2015, the stock price peaked, valuing the company at nearly $90 billion, up from $2 billion in 2008. In that time, Valeant had made over 100 acquisitions with total revenues growing from roughly $750 million in 2008 to over $10...Starting at €8.20
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Revenue Recognition at Groupon and Uber Technologies
Gipper, Brandon; Foroughi, JaclynCase SGSB-A236-EAccounting and ControlGroupon, a daily deals platform and Uber Technologies, a ride-hailing and delivery platform, faced a common issue related to a new revenue recognition standard (and later amendments) adopted by most public companies in 2018. The amendments were designed to help companies determine whether the nature of their obligation to customers was to provide the specified goods or services to the customer directly (acting as “principal” and reporting revenue...Starting at €8.20