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Darden University of Virginia (USA)
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Global Asset Allocation: Investing in a Time of Debt, Supply Shocks, and Quantitative Tightening
Warnock, Francis E.; Wurster, LizCase DARDEN-GEM-0215-EEconomicsIn early 2023, pension fund manager Lynda Chen was troubled. She knew how important portfolio returns were for the pension’s finances. The fund’s assets ensure the pension’s health, as portfolio returns prefund the cost of the benefits the pension pays out to members. Built into Chen’s pension calculations was a 6.5% expected return, which, relative to other pension funds, was conservative. But in this world of massive debt levels, a series of ad...Starting at €8.20
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Susser Petroleum Partners, LP: IPO of a Master Limited Partnership
Chaplinsky, Susan; Simkins, Betty J.; Butler, John C.; Titman, SheridanCase DARDEN-F-2006-EFinanceThis case explores Susser Holdings Corporation (SHC), a Texas-based company with two businesses: operating large-footprint convenience stores that sold fuel, food, and other merchandise; and fuel distribution—both to its own stores and to such companies as Conoco, Chevron, Citgo, Exxon, Mobil, Phillips 66, Texaco, and Valero. In 2012, Sam Susser, SHC’s president and CEO, was under pressure to create value for SHC’s shareholders and an exit for We...Starting at €8.20
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Fed Listens Meets an Inflation Surge
Warnock, Francis E.Case DARDEN-GEM-0210-EEconomicsAfter the final Federal Open Market Committee meeting of 2022, Jay Powell paused to consider the past and prospective paths for the US Federal Reserve (the Fed). Entering 2023, Powell had three not-unrelated issues on his mind. First, in 2019 the Fed launched its first-ever comprehensive public review of the monetary policy framework it employs to achieve maximum employment and price stability. During this review, Powell and the Fed considered es...Starting at €8.20
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Valuing the Early-Stage Company
Chaplinsky, Susan; Reed, BrendanTechnical Note DARDEN-F-1471-EFinanceThis note covers several frequently used methods to value early-stage companies and discusses some of the issues and difficulties encountered more generally in valuing privately held assets. The basic assumptions underlying the venture capital and the discounted cash flow methods of valuation are discussed in detail. In addition, the note attempts to provide some direction in making the appropriate tradeoffs between the guidance provided by finan...Starting at €8.20
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Assessing Private Equity Performance
Chaplinsky, Susan; Loutskina, ElenaTechnical Note DARDEN-F-1895-EFinanceAssessing the performance of private equity (PE) and venture capital (VC) investment vehicles is a challenging task. It starts with the fact that the assets are privately held and illiquid. By contrast, PE valuations are determined in a vast open market populated largely by disinterested investors acting on publicly available information. As PE and VC have grown as asset classes, investors have pushed for greater disclosure and more standardizati...Starting at €8.20
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Convertible Notes: A Form of Early-Stage Financing
Chaplinsky, Susan; Becker, Joseph M.Technical Note DARDEN-F-1925-EFinanceConvertible notes are often used to raise early-stage financing for start-up companies, frequently due to their advantages related to delayed valuation, greater speed, and lower cost of completion compared to venture capital financing. As a result, there has been a large increase in the number of early-stage companies raising capital through convertible notes over the past decade. Investors have made this form of financing more available, believi...Starting at €8.20
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Doing Business: A Managerial Perspective
Warnock, Francis E.; Begley, J. AsherTechnical Note DARDEN-GEM-0176-EEconomicsA government’s impact on the economy is not limited to taxes, spending, and monetary policy. As any manager can attest, regulations dramatically impact the way managers think about production. An effective regulatory environment will allow both new and exStarting at €8.20
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Fragilities and Growth Prospects in the Global Economy
Walsh, Kieran J.; Warnock, Francis E.Technical Note DARDEN-GEM-0177-EEconomicsThis note discusses identifying the potential future fragile and high-growth economies.Starting at €8.20
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South Africa: The Search for Balanced and Sustainable Economic Growth
Warnock, Francis E.Case DARDEN-GEM-0179-EEconomicsThis case follows Lesetja Kganyago, governor of the South African Reserve Bank (SARB), and his efforts to keep inflation between 3% and 6% and, if possible, close to the midpoint of that range (i.e., 4.5%). This policy, part of the inflation targeting (IT) regime put in place in February 2000, forced the SARB to tighten monetary policy substantially and repeatedly in 2014 and 2015, when inflation was above the target, arguably pushing the economy...Starting at €8.20
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Eurozone at 21: A Monetary Union Without Growth?
Warnock, Francis E.Case DARDEN-GEM-0178-EEconomicsThis case addresses the troubles facing the eurozone in early 2021. Was the area doomed to low (or no) growth? Had the eurozone’s high-profile financial crises in Greece, Ireland, and Cyprus given way to the type of slow rotting of society that leads to revolutions? Was the COVID-19 pandemic the final nail in the union’s coffin? Or would the pandemic, notwithstanding the enormous and devastating toll on the union’s citizens, jar the eurozone out ...Starting at €8.20