Students will need to know basic capital budgeting techniques to value UrsaNav and its divisions. Students must determine which cash flows are relevant and determine an…
Abstract
Theoretical basis
Students will need to know basic capital budgeting techniques to value UrsaNav and its divisions. Students must determine which cash flows are relevant and determine an appropriate return on investment. Some of the issues that need to be addressed include: how to handle taxes in a discounted cash flow analysis when valuing an S Corp. where incentives depend on current (known) tax provisions and future (unknown) tax provisions; how to use comparable multiples to develop a cost of capital for a DCF valuation; and how to value a firm using comparable transactions.
Research methodology
Case information was obtained through interviews with the owner, Charles Schue. In addition, the authors researched industry and comparable company data, along with current events relating to government consulting.
Case overview/synopsis
UrsaNav is a US-based, international provider of advanced engineering and information management consulting services in the naval navigation industry. After about a decade of operating and growing, the firm had become successfully diversified; however, it had also grown too large to manage effectively. Thus, the company was spun-off into three separate segments: Tagence, Geodesicx and UrsaNav. These segments went “back to the basics,” and focused more on serving customers, with each having a more defined company focus. Is this a move that creates or destroys value? How could it create value for the firms’ founders?
Complexity academic level
This case is intended for an advanced undergraduate or an MBA corporate finance class or an entrepreneurship elective. Students interested in analyzing whether or not decision makers within a company would want to spin-off divisions, or merge with another company, or divest a company would find this case appealing. Other students who just want to analyze whether the company has grown too much would be good candidates to do this case.
Details
Keywords
Susan V. White and Karen Hallows
This case was researched using publicly available sources, including Mercury Systems financial filings and press releases, news stories about the seasoned equity offering…
Abstract
Research methodology
This case was researched using publicly available sources, including Mercury Systems financial filings and press releases, news stories about the seasoned equity offering, financial information from Bloomberg and industry information from IBISWorld Industry Reports and articles related to seasoned/secondary equity offerings, intangible asset valuation and the use of revolving lines of credit. Quotes are taken from Mercury financial reports and press releases and express the (optimistic) opinions of company executives.
Case overview/synopsis
Mercury Systems, a technology company in the aerospace and defense industry, announced a six million share seasoned stock offering in June 2019. This resulted in a 6% stock price decrease. A stock price decrease is a typical event when a firm announces the issuance of new common shares, but with Mercury Systems, there were concerns about how much money the firm needed to fund its strategy of growth through acquisitions. If internally generated funds were not sufficient, should the firm issue debt or have another seasoned equity issue? Students will look at the objectives and success of the most recent seasoned equity issue, determine future funds needs and how the firm should finance these needs.
Complexity academic level
This case is appropriate for undergraduate and graduate students in corporate finance electives. Typically, topics such as seasoned equity offerings are not covered in introductory courses, so this is recommended for finance electives. Even in advanced finance courses, sometimes there is insufficient time to cover seasoned equity offerings.
Details
Keywords
Students need to know basic capital budgeting techniques to value INFINITI and its competitors. Issues include how to: handle taxes in a discounted cash flow analysis when valuing…
Abstract
Theoretical basis
Students need to know basic capital budgeting techniques to value INFINITI and its competitors. Issues include how to: handle taxes in a discounted cash flow analysis when valuing an S Corp. where incentives depend on current (known) and future (unknown) tax provisions; value a firm using comparable multiples analysis and transactions data; assess the costs and benefits of acquiring a firm versus being acquired; and analyze an industry and perform a ratio and financial statement analysis.
Research methodology
The case information was obtained through interviews with co-founder Mark Schwaiger. In addition, the authors researched industry and comparable company data, along with current events relating to the professional employer organization (PEO). Financial data was obtained from the owners and competitor data was obtained from Thomson One and Bloomberg.
Case overview/synopsis
INFINITI HR was a PEO providing comprehensive human resources to their clients. Co-founders Scott Smrkovski and Mark Schwaiger were at a crossroads at the end of 2015 trying to determine the best course of action to take with their company to grow and prosper. One option was for INFINITI to be acquired by a larger company and the second option was for INFINITI acquire a smaller company. In this case, students have the opportunity to do a financial analysis and evaluation of INFINITI and its competitors to determine which option is the best.
Complexity academic level
This case is intended for an advanced undergraduate or an MBA corporate finance class.
Details
Keywords
Karen Hallows, Paige Porter Wolf and Michelle A. Marks
The purpose of this paper is to offer an approach to global business education that offers a transformative experience for students and results in greater confidence and expertise.
Abstract
Purpose
The purpose of this paper is to offer an approach to global business education that offers a transformative experience for students and results in greater confidence and expertise.
Design/methodology/approach
A model of global business competence is described, as well as an approach to global business education involving a short‐term study abroad experience. Transformational learning practices were embedded in the course design. Surveys were collected at two different times in the short‐term study abroad course to demonstrate changes in students' confidence and expertise. The first survey was conducted after completing reading assignments and classroom‐based instruction (Time 1) and the second was collected upon returning from the study abroad experience (Time 2).
Findings
Results indicated a significant change in students' perceptions of their global business competence from Time 1 to Time 2, indicating the benefits of the short‐term study abroad experience beyond classroom instruction and readings.
Research limitations/implications
Further clarification regarding the specific short‐term study abroad experiences that had the most impact on student outcomes would further our knowledge of how to design and structure these experiences to maximally enhance global business expertise and effectiveness for business students. In addition, future research may explore longer‐term student outcomes as a result of the short‐term study abroad experience.
Practical implications
Business school faculty and administrators may identify practices described in this study that they could incorporate to enhance their global business education courses or study abroad experiences.
Originality/value
This paper builds on transformational learning and global business literature to provide a practical approach to graduate business education. A framework for defining global business competence and pedagogical design principles that promote transformational learning is offered and may be of interest to business school faculty and administrators.
Details
Keywords
Alexander E. Ellinger and Karen Chapman
After 40 years, IJPDLM received its first impact factor from Web of Science in 2010. This anniversary editorial provides a retrospective bibliometric assessment of IJPDLM over its…
Abstract
Purpose
After 40 years, IJPDLM received its first impact factor from Web of Science in 2010. This anniversary editorial provides a retrospective bibliometric assessment of IJPDLM over its initial five years as a Web of Science journal (2011-2015). First, IJPDLM’s citation metrics are compared to those for the Web of Science journal subject category of Management. Next, IJPDLM’s most cited articles, best papers and special issues together with the international diversity of the journal’s author base from 2011 to 2015 are reviewed. The analysis also presents the journals that cite IJPDLM most frequently, as well as the journals most frequently cited in IJPDLM. Finally, IJPDLM is compared to peer journals in the logistics and SCM field on various scholarly metrics including impact factor, five-year impact factor, h5-index, number of citations received and self-citation rate. The paper aims to discuss these issues.
Design/methodology/approach
Retrospective bibliometric analysis of IJPDLM from 2011 to 2015.
Findings
Boosted by the journal’s admission to Web of Science in 2010, IJPDLM has made steady progress toward fulfilling the mission of providing its constituents with timeliness, inclusiveness and impact.
Practical implications
The comparison of IJPDLM’s scholarly metrics with those of peer journals and journals in the Web of Science Management category will be of interest and value to logistics and SCM researchers.
Originality/value
The retrospective overview and celebration of IJPDLM’s progress over the last five years and future directions will be of interest to the journal’s stakeholders and prospective authors.
Details
Keywords
Timothy T. Perry, Leslie Anne Perry and Karen Hosack‐Curlin
This study sought to determine if differences exist among various age groups regarding students’ use of the Internet. Surveys were administered to 548 students from three regional…
Abstract
This study sought to determine if differences exist among various age groups regarding students’ use of the Internet. Surveys were administered to 548 students from three regional universities in the southeastern USA. Survey responses were then analyzed to determine how many students regularly use the Internet, how many hours per week regular users spend on the Internet, and what computers they use. Information was also tabulated for use of e‐mail, use of the Internet to obtain university information, and for the number of students who had home pages. Finally, survey responses were analyzed to determine which students: consider the Internet to be a fad; project their future use of the Internet to be less, the same, or more than now; and project they will use the Internet in their chosen careers.
Details
Keywords
Anete M. Camille Strand and Tonya L. Henderson
Tonya and Anete are new players at sc’MOI, but this theme emerges at the tail end of sc’MOI so they are best to explicate it. This chapter describes the theoretical contributions…
Abstract
Tonya and Anete are new players at sc’MOI, but this theme emerges at the tail end of sc’MOI so they are best to explicate it. This chapter describes the theoretical contributions of quantum storytelling theory (QST) and practice. Building on the application of complexity theory in the hard sciences as well as social contexts and theory on multimodal constituency, this chapter considers the areas of overlap and difference between quantum storytelling and its theoretical fellows, with special attention given to sociomateriality, storytelling, feminism, fractal, and complexity theory.
Details
Keywords
To examine the recent popularity of the tiny house movement with a critical eye toward the growing commodification of sustainability in a market that continues to shelter economic…
Abstract
Purpose
To examine the recent popularity of the tiny house movement with a critical eye toward the growing commodification of sustainability in a market that continues to shelter economic and class privilege, despite that the movement itself emerges from a desire to consume less and contribute to community more.
Methodology/approach
Written from the position of a tiny house builder and dweller, this study reads a range of recently published accounts of the tiny house movement, informed by contemporary work in environmental sociology. Investigates current rhetoric surrounding the movement with special attention to issues of mobility, consumption, and the movement’s romanticism, with particular attention to the movement’s invocations of Henry David Thoreau.
Findings
Tiny house living can cultivate correctives to possible oversights or entitlements in environmental thought, challenge representations of the movement itself, and encourage those inside the “tiny” house movement to openly discuss the difficulties and capabilities endemic to tiny living.
Social implications
Tiny houses, while still bound to forms of privilege, hold potential to be what some social science researchers have seen as best practice. Practices that link the practicality of realism with the zeal of romanticism can contribute to what has been found to be a positive correlation between conscious consumption and political activism.
Originality/value
This critique offers a gentle corrective to unmitigated praise of the current tiny house phenomenon in order to highlight the movement’s potential for addressing more pressing social justice and environmental issues.