Beginning less than a decade ago, the U.S. shale revolution began transforming the nation''s energy outlook. Technological advances in horizontal drilling and "fracking" facilitated access to substantial new reserves of natural gas and light oil, imbedded in shale formations thousands of feet beneath the earth''s surface. With gas reserves up by more than 47%, natural gas prices fell from $12 to $3 per thousand cubic feet. .....more

In the spring of 2013, Barack Obama faced a difficult budgetary challenge-reducing fiscal deficits over ten years without dampening the weak economic recovery but soon enough to avoid another breach of the debt ceiling, with potential default. Finally, in April, he released his budget-calling for spending cuts and tax hikes adding to $1.8 trillion (over ten years). However, in the preceding two weeks, both the House Republicans and the Senate Democrats .....more

In 2012, CarMax was the leading retailer of second hand cars in the United States and a fast-growing competitor in the used car auction market. After their founding in 1993 by Circuit City''s management, CarMax had grown rapidly. They had been profitable since 2000 and independent from their parent company since 2002. While Circuit City went bankrupt in 2009 under pressure from Best Buy and challenging economic conditions, CarMax flourished .....more

In the midst of the financial crisis, Barclays (the world''s 4th largest bank by assets) is forced by UK regulators to raise more capital. Should it take up the UK government''s offer to invest, or take funding from investors from the Middle East? Students may price the two deals to determine which is more expensive, and must decide whether avoiding the constraints of government ownership is worth the extra cost.

Considers the decision faced by state pension fund manager Rod Calhoun as he decides whether to invest $200 million in Bain Capital''s eleventh global buyout fund: Bain Capital Fund XI. For the fund, Bain was offering its limited partners a choice between three different fee structures: first, a "conventional" fee structure of a 1.5% management fee with 20% carried interest and a 7% preferred rate of return; second, a 1% management .....more

This case contains four vignettes that provide an introduction to the issues covered in the course, Private Equity Finance.

The case examines, first, the competitive interaction between Netflix and Blockbuster in the DVD rental market; and, later, Netflix''s subsequent growth (and strategic challenges) in video streaming. The case is set in September 2011, after Netflix announced the unbundling of its DVD rental and streaming pricing, and after the deal with Starz fell through.

To maximize their effectiveness, color cases should be printed in color. Oil giant, Chevron, faced numerous challenges on environmental, social and governance (ESG) grounds in the first decade of the 21st century, including some major lawsuits and actions by NGOs. The case describes those challenges and raises questions about what is the optimal response on the part of the company in order to ensure future growth and profitability, and how those challenges .....more

To maximize their effectiveness, color cases should be printed in color. Tesco, the world's third largest retailer, is facing problems with its launch of a new retail chain in the U.S.A.

Oracle''s proposed acquisition of Sun was on a fast track until the EC''s antitrust concerns about open-source MySQL ignited a transatlantic war of words delaying the deal. Sun''s performance suffered and its customers were approached by competitors while regulatory objections were debated and tensions rose between U.S. and EC regulators.