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Hedged Cost of Funds and Interest Rate Arbitrage
Lipson, Marc L.Technical Note DARDEN-F-1565-EFinanceThis technical note provides an overview of interest rate parity and the hedged cost of international borrowings. The note describes the essential steps to hedge international borrowings with forward contracts and describes in detail the link between forward rates and interest rates and what drives that relationship.Starting at €8.20
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Regina Broadband's Earnings Conference Call (B)
Powell, Elizabeth A.; Demers, Elizabeth A.Case DARDEN-C-2368-EAccounting and ControlWithin 30 minutes of releasing its Q4 and year-end earnings, Regina Broadband’s stock was down by over 25%. The company’s CEO and CFO realized they needed to quickly reframe and sharpen the message they would be giving to Regina’s shareholders and investors during that afternoon’s conference call, scheduled to take place in 15 minutes.Starting at €5.74
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Nordgold: All-In Sustaining Costs
Lipson, Marc L.Case DARDEN-C-2412-EAccounting and ControlUnderstanding the economics of gold mining had always been a challenge. Gold mines were long-lived assets that required substantial capital investments both to identify and gain access to mineral ore for future processing and to sustain output over the life of a mine. A typical investor might have looked at annual operating margins alone, ignoring these capital outlays, and set unrealistic return expectations. When firms fell short of these expec...Starting at €8.20
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"My Summer Internship" by Antar Al-Qawwee
Powell, Elizabeth A.; Al-Qawwee, AntarCase DARDEN-BC-0215-EKnowledge and CommunicationAntar Al-Qawwee describes in vivid detail his first days on the job at his summer internship in Sales and Trading and reflects on the lessons he learned through careful observation. Among the lessons he identifies are (1) Speak up early and often; (2) Be flexible and adjust your style; (3) Fate favors the prepared; and (4) Be yourself. As important as these explicit lessons are, equally important are the skills of presence of mind, mindful self-a...Starting at €8.20
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Terri Dean at Verizon Business (B)
Powell, Elizabeth A.; Yemen, GerryCase DARDEN-BC-0224-EKnowledge and CommunicationA senior vice president of global communications for Verizon Business reads an e-mail from an employee responding to a recent communication effort. The employee, new to Verizon, is trying to connect the dots between the products and solutions he offers customers and how his role fits into the company’s key strategic goals. This one-page B case epilogue reveals that she does indeed respond and becomes an important mentor for the new employee.Starting at €5.74
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Leadership Presence and the Courage to Speak
Powell, Elizabeth A.Technical Note DARDEN-BC-0242-EKnowledge and CommunicationThis note applies the concept of "leadership presence" as established by Belle Linda Halpern and Kathy Lubar to the concerns of business leaders.Starting at €8.20
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Philip Morris USA: Life After the Master Settlement Agreement (A)
Moore, Marian Chapman; Wicks, Andrew C.; Powell, Elizabeth A.; Correll, BrookeCase DARDEN-S-0157-EStrategyWhen Philip Morris USA (PMUSA) president and CEO Michael Symanczyk took office in 1997, he began to re-envision how to take his company forward in the midst of public outrage over the negative health consequences related to smoking, especially among youth. The case reviews the social and economic history of tobacco and smoking in the United States and provides context surrounding the crisis related to the Master Settlement Agreement (MSA) between...Starting at €8.20
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Crocs, Inc.
Lipson, Marc L.; Gupta, GauravCase DARDEN-F-1589-EFinanceThis case forces students to examine the drivers of value, particularly growth and margins. It is also effective at drawing attention to the relationship between terminal value assumptions and value creation-assumptions that generate a large sensitivity of terminal value to growth rate are assumptions that imply that a great deal of value can still be created from investments after the planning horizon. The narrative features an analyst who is tr...Starting at €8.20
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Portfolio Selection and the Capital Asset Pricing Model
Lipson, Marc L.Technical Note DARDEN-F-1604-EFinanceIn the context of determining an optimal portfolio to recommend to two hypothetical investors, this structured analysis leads students through a series of steps examining return data for three stocks. The analysis first explores the effects of portfolio formation on returns and volatility. With the addition of a market index and a bond portfolio, students easily recognize how portfolios from these to investment vehicles may be optimal. The analys...Starting at €8.20
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Medfield Pharmaceuticals
Lipson, Marc L.; Mead, Jenny; Harris, Jared D.Case DARDEN-F-1636-EFinanceSusan Johnson, founder and CEO of Medfield Pharmaceuticals, is faced with conflicting recommendations for extending the patent life of the company’s flagship product, Fleximat, scheduled to go off patent in two years. With only three other products in Medfield’s lineup of medications, one of which has only just received U.S. Food and Drug Administration approval, strategic management of the company’s product pipeline is of paramount importance. B...Starting at €8.20