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May 2013

Ivey Business School
Where the world looks for business cases

IN THIS ISSUE:
Dr. Robert Kennedy appointed Dean of Ivey Business School
Featured case in Accounting & Finance
Customize your coursepack with content from Ivey, Darden & more partner collections
Connect with us at these conferences
Dr. Robert Kennedy appointed Dean of Ivey Business School

Professor Kennedy comes to Ivey following a 10-year career at the University of Michigan’s Ross School of Business where he has served in multiple roles that include Executive Director of the William Davidson Institute, Director of the Ross School Global Initiative, and the Tom Lantos Professor of Business Administration.

 

At Ross, Professor Kennedy published more than 50 cases and notes used in the school’s international business curriculum. Prior to his tenure at Michigan, Kennedy was a member of faculty at the Harvard Business School from 1995 through 2003. During that time, he published more than 60 case studies and notes on business issues in emerging markets.

Featured case in Accounting & Finance

Franklin Templeton India: The Cash Holding Dilemma
by Nupur Pavan Bang, Dhruva Raj Chatterji, Vikram Kuriyan

 

Franklin Resources Inc. is one of the largest and most respected global fund houses with a presence in India. The case highlights the structure, investment process and philosophy of its fund management team in India.

 

The case presents the specific issue of fund managers holding large amounts of cash during market downturns. There is one school of thought that attributes lower volatility and better risk-adjusted returns with high cash holdings. The other school of thought believes this approach goes against the philosophy of investment management. It believes people give money to fund managers to invest, not to hold in the form of cash. A fund should always be fully invested or nearly fully invested.

 

The chief investment officer at Franklin Templeton India is of the second school of thought and is faced with the challenge of convincing a team of young analysts and managers of its soundness. He presents a set of data to this team and asks them to analyze performance during periods of market downturns in order to arrive at a conclusion.

 

Learning Objectives:

This case will give the students a strong overview of the Indian mutual fund industry, viewed through the lens of Franklin Templeton India and its chief investment officer. It will familiarize students with the specific characteristics of fund houses, such as their investment philosophy and beliefs, and their rules of thumb with respect to asset allocation, for example, cash holdings and timing the market. Students should realize portfolio management goes beyond number crunching. It involves risk analysis, promoters’ analysis and studying the business models of companies. The case also aims to acquaint students with performance measurement techniques commonly used in the industry.

 

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Connect with us at these conferences

We always enjoy meeting our customers face to face and look forward to meeting more of you at the following conferences:

 

Administrative Sciences Assoc of Canada (ASAC)
June 8-11, 2013
Calgary, Alberta
Publisher's Representative: Rebecca Todd

 

Academy of International Business (AIB)
July 3-6, 2013
Istanbul, Turkey
Publisher's Representative: Ashley Woytaz

 

Academy of Management (AOM)
August 9-12, 2013
Orlando, Florida
Publisher's Representative: Lee Simpson

 

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About the authors

Nupur Pavan Bang is a Senior Researcher at the Centre for Investment, ISB. As an Associate Professor with IBS, Hyderabad, she taught many finance courses. Dr. Bang earned her Ph.D. in the area of Derivatives from Icfai University, Dehradun. She writes regularly for the leading business publications.

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Professor Vikram Kuriyan is Director of the Centre for Investment and a member of the faculty at the ISB. His interests are at the intersection of the theory  and practice of asset management. Professor Kuriyan earned his Ph.D. at Harvard University  He is a Chartered Financial Analyst and has appeared on television shows, including  CNN. He has lectured at Cornell University, Washington University, the University  of Lausanne, and National University of Singapore.

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Dhruva Raj Chatterji works with Morningstar as a Senior Investment Consultant for India. Previously he was head of research for iFAST Financial and has been widely interviewed and quoted by both international and domestic media.

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