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Ivey Publishing | Where the world looks for business cases

July 2012


IN THIS ISSUE:
Are You Ready?
Order all of your course materials from Ivey Publishing
New Cases in Accounting & Finance
It's Nice to Meet You!
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Order all of your course materials from Ivey Publishing

One of our 18 distribution partners, Harvard Business Publishing (HBP), has decided to limit the number and types of cases they distribute from the Ivey case collection. They will no longer carry any non-US, single country cases such as a Canadian company doing business in Canada or a French business operating solely in France. Ivey Publishing continues to register a record number of high quality cases (a new case per day) from around the world and will also continue to distribute the entire Harvard collection in North America. 

 

The most current and complete collection for both Ivey and Harvard can always be found on www.iveycases.com. There are no changes anticipated from our other 17 worldwide distribution partners.

New Cases in Accounting & Finance

The newest cases from the Ivey case collection are available for review. View New Cases for more details on cases registered in your discipline.

 

Proposed Merger of Perdigão and Sadia

In April 2009, Perdigão was contemplating the acquisition of Sadia and a merger of the two companies. The intended share-swap transaction between two of Brazil's biggest food companies would allow Perdigão to dramatically grow its domestic and international market share, and become one of the world's largest players in the food production industry, while driving up profit margins by benefiting from synergies. However, Sadia had a huge short and long debt that it was unlikely to be able to service. Students must determine whether Perdigão should acquire Sadia, the basis of the proposed share exchange, and assess whether the resulting debt burden of the combined companies is manageable.

 

This case would be appropriate for an advanced MBA course in financial management, mergers and acquisitions or international finance. It could also be taught in a strategy course although the finance aspects are quite challenging.

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Lehman Brothers' Fall

This case unfolds the financial undertakings of Lehman Brothers Inc., which was once the fourth largest investment bank in the world. On September 15, 2008, less than a year after the bank presented its largest profit ever, the world saw it descending. In terms of size of assets, Lehman is considered the largest bankruptcy in history, with assets summing up to US$639 billion and liabilities of US$613 billion. The case can be used in the following courses:

  • Financial accounting course to illustrate the accounting practices adopted by a seemingly not so ethical management.
  • Course (or a workshop) on forensic accounting or fraud accounting to show the ploys used by firms to reduce liabilities on the balance sheet and overstate revenues to deceive the investors.
  • Financial reporting systems course to illustrate the need and importance of having a integrated reporting system; and further stressing on the need to comply with regulations and norms set by the regulating authorities in reporting of the financial results in thoughts, words and deeds (actions).
  • Financial management course to illustrate the concept of financial leverage and how it can be temporarily reduced to attract investors and get positive and favorable words from the mouth of analysts.

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Predicting a Firm's Financial Distress: The Merrill Lynch Co. Statement of Cash Flows

During the night of September 14, 2008, a few hours before Lehman Brothers folded, Merrill Lynch declared defeat: it was acquired by Bank of America (BofA). Unsure of its ability to continue as a stand-alone entity, Merrill Lynch deliberately ended 90 years of independence. Before its buyout by BofA, Merrill Lynch was the world's largest and most widely recognized stockbroker. It dominated retail stockbroking with its army of 16,000 brokers around the world. At the start of 2008, Merrill Lynch, Goldman Sachs, Morgan Stanley, Lehman Brothers and Bear Stearns were the five largest stand-alone investment banks, with a combined total history of 549 years: within the span of six months, they would all be gone.

 

The numerous bankruptcies and the financial difficulties experienced by American banks and several financial institutions in 2008, a phenomenon that had been overlooked in the analysts’ forecasts, point to shortcomings in existing financial analysis techniques. A key question is the following: What is the informative value of the statement of cash flows in predicting the financial distress of a company?

 

This case is intended for MBA or undergraduate students (future managers, investors or auditors) to make sense of cash flows statements and to look at companies’ performance beyond statement of earnings. More precisely, the aim of this case is to enhance the informative value of cash flows by doing a thorough analysis of the statements of cash flows disclosed in the three years preceding the 2008 financial crisis by Merrill Lynch & Co.

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It's Nice to Meet You!

We have enjoyed meeting so many of our loyal and new customers over the years and it was wonderful to see so many again during the ASAC and AIB conferences recently. Be sure to stop by the Ivey Publishing booth at any of the following conferences to learn more about our products and services or to just say hello!

 

Academy of Management – Boston, MA - August 3-7

American Marketing Association – Chicago, IL – August 17-19

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