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Emerging Markets Case Studies Collection
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Accounting and Finance
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| 0 | High rise in Ho Chi Minh City Author(s):Sundar Venkatesh Title – High rise in Ho Chi Minh City. Subject area – The case covers capital budgeting practice in a real estate company in Vietnam. Study level/applicability – The case is ideally suited for participants in MBA, Executive MBA, and Masters in Finance programmes. It can be taught near the Read more Title – High rise in Ho Chi Minh City. Subject area – The case covers capital budgeting practice in a real estate company in Vietnam. Study level/applicability – The case is ideally suited for participants in MBA, Executive MBA, and Masters in Finance programmes. It can be taught near the end of a course on corporate finance/financial management. It can also be taught as an advanced topic in financial management courses. Case overview – A real estate company in Vietnam has prepared a capital budget for, what it claims is, a 600 billion VND project. The weighted average cost of capital used by the company is 10.64 percent. An analyst in a consulting company is asked to thoroughly review the capital budget of what appears to be a project that is too good to be true. Lending rates in Vietnam at this time were around 15 percent. Expected learning outcomes – Participants will learn how to correctly apply the principles of computing: net after tax cash flows from a project; and weighted average cost of capital, particularly in the context of real estate companies. Supplementary materials – Teaching notes are available for educators only. Please contact your library to gain login details or email support@emeraldinsight.com to request teaching notes. Close Abstract |  |
| 1 | Ommune IT Solutions: make or break Author(s):Monica Singhania, Syed Ashraf Husain Title – Ommune IT Solutions: make or break. Subject area – Accounting and finance, entrepreneurship and business strategy. Study level/applicability – The case is suitable for the following courses: post graduate programs in entrepreneurship; executive training programs for middle and senior level employees; and MBA/post graduate programs in management in Read more Title – Ommune IT Solutions: make or break. Subject area – Accounting and finance, entrepreneurship and business strategy. Study level/applicability – The case is suitable for the following courses: post graduate programs in entrepreneurship; executive training programs for middle and senior level employees; and MBA/post graduate programs in management in strategic management. Case overview – The case deals with an entrepreneurship venture whose initial business model appeared to be faltering with the founder wondering about the future of the company. After Ommune Solutions’ (founded 2010) initial business plan failed, the company started offering IT outsourcing services to Indian customers. However, the company was spending more that it was earning and the CEO generated additional revenues through independent consulting. By 2012 a customer relationship management (CRM) tool was also ready for release. The company was another IT start up yet to find a firm footing. The CEO wondered whether he should continue to build the company and, if so, in which direction? Expected learning outcomes – These include: the use of SWOT analysis as a tool to aid strategic decision making along with Porter's five competitive forces model and the BCG matrix; using cost benefit analysis for evaluating business decisions; understanding the complexities involved in a strategic planning process; and identifying unnecessary cost and increasing revenue generation for expansion and maximizing profitability. Social implications – The case provides insight on challenges faced by a venture at an early stage in the business environment and the venture is analyzed in depth. It gives students a perspective on decision making and adapting to scenarios where initial business plans appear not to have succeeded. Supplementary materials – Teaching notes are available for educators only. Please contact your library to gain login details or email support@emeraldinsight.com to request teaching notes. Close Abstract | |
| 2 | Väätsa Agro AS financial distress Author(s):Laivi Laidroo Title – Väätsa Agro AS financial distress. Subject area – Corporate finance, financial management. Study level/applicability – The case is suitable for Master's level corporate finance or financial management courses. Sufficient prior theoretical knowledge of corporate finance concepts is required. Case overview – Väätsa Agro AS is an Estonian dairy Read more Title – Väätsa Agro AS financial distress. Subject area – Corporate finance, financial management. Study level/applicability – The case is suitable for Master's level corporate finance or financial management courses. Sufficient prior theoretical knowledge of corporate finance concepts is required. Case overview – Väätsa Agro AS is an Estonian dairy farming company. Although the company had operated successfully in the past, its ownership changed significantly in 2006 leading to changes in the company's capital structure. Starting from 2008 milk prices on global markets decreased and this trend had also affected the company's profits. As a result of these developments the company's financial situation had deteriorated since 2008 and towards the end of 2009 the company had problems in meeting its obligations. On 1 September 2009 its owners hired a consultancy firm represented by Karl Kukk to tackle the company's problems. Expected learning outcomes – The case should help students to: understand the risks of LBOs; understand the importance of an appropriate capital structure of a firm; evaluate a company's financial situation and compare it with competitors; understand the alternatives facing firms in financial distress; and choose the best course of action for a distressed firm considering the pros and cons of each alternative for each stakeholder group. Supplementary materials – Teaching notes are available; please consult your librarian for access. Close Abstract | |
| 3 | KK Metals: CNC process costing Author(s):Monica Singhania, Gagan Gandhi Title – KK Metals: CNC process costing. Subject area – The application of activity based costing (ABC); calculating the cost of a CNC Process using ABC; designing a pricing strategy. Study level/applicability – The case can be used in the following courses: MBA program with specialisation in finance (to teach Read more Title – KK Metals: CNC process costing. Subject area – The application of activity based costing (ABC); calculating the cost of a CNC Process using ABC; designing a pricing strategy. Study level/applicability – The case can be used in the following courses: MBA program with specialisation in finance (to teach students the application of costing in services sector); MBA program in general management (to highlight the concept of activity based costing and its application); and under an elective course on management control systems in MBA programs (to highlight the strategy to determine price effectively). Case overview – The case highlights the application of activity based costing in arriving at cost and finally leading to development of price to be charged by KK Metals. The company wishes to compute the activity based cost of CNC process and develop the selling price for 194 precision turning services scientifically as opposed to the present strategy of being a price taker, largely on the basis of what essentially is prevalent in the local market within which KK Metals operates. The case gives an insight to numerous control variables that the management can consider while pricing its services. Expected learning outcomes – The case can be used to understand management concepts such as ABC, pricing and the role of efficiency in business processes. It can be used to: teach complexities involved in identifying activity driver(s) in case of ABC as far as application to service sector is concerned; help understand the use of costing as an effective tool in pricing strategy of the company; and help students realize the significance of inputs used for calculating per hour cost. Supplementary materials – Teaching notes are available. Consult your librarian for access. Close Abstract | |
| 4 | Financial closure of Bengaluru International Airport Limited Author(s):Thillai Rajan, Josephine Gemson Title – Financial closure of Bengaluru International Airport Limited. Subject area – Infrastructure finance. Study level/applicability – II MBA/Executive MBA (Project Finance, Infrastructure Finance). Case overview – It is generally believed that the economy of India is on the threshold of achieving significant growth in the coming years. The availability Read more Title – Financial closure of Bengaluru International Airport Limited. Subject area – Infrastructure finance. Study level/applicability – II MBA/Executive MBA (Project Finance, Infrastructure Finance). Case overview – It is generally believed that the economy of India is on the threshold of achieving significant growth in the coming years. The availability of adequate infrastructure facility will play a key role in realizing this growth potential. To accelerate the process of creating infrastructure capacity, the Government of India has opened up many infrastructure sectors for private sector investment. Creation of international standard airport facilities is an important component of such new infrastructure creation.This case study presents the initial development and financing closure of Bengaluru International Airport Limited (BIAL), the first major private sector airport in India. In retrospect, it is generally felt that BIAL was an important milestone in the privatization of airports in India. The blueprint for the greenfield PPP airport in Hyderabad was closely modelled on the BIAL project. The experience gained in the development of BIAL also played a major role in subsequent brownfield PPP airport expansion projects in Mumbai and Delhi. Expected learning outcomes – The goal of this case study is to illustrate the complexities that exist in the process of infrastructure development and financing. This following are the expected learning outcomes: The importance of using an appropriate project structure. The prevalence of early returns to project sponsors as compared to lenders.The process of achieving financial closure. Analyzing project risks and returns.
Supplementary materials – Teaching notes. Close Abstract | |
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| 0 | Auditor industry specialization in a MENA region country: lessons learnt from PricewaterhouseCoopers – Egypt Author(s):Ahmed M. Abdel-Meguid Abstract | Title – Auditor industry specialization in a MENA region country: lessons learnt from PricewaterhouseCoopers – Egypt. Subject area – Auditing, accounting, finance, control. Study level/applicability – Upper level undergraduate, MBA, MS accounting. Case overview – This case takes an internal approach by exploring how PricewaterhouseCoopers – Egypt develops and applies industry specialization in an emerging market such as Egypt. The case focuses on three aspects of specialization. First, the strategic drivers behind specialization. Second, the internal processes of building industry-specific knowledge. Finally, the costs and benefits of specialization. Expected learning outcomes – Industry specialization is a strategy: Specialization is a strategy primarily used by Big 4 auditing firms, such as PwC-Egypt as a means of differentiating it self from the market. Industry specialization is a culture: For specialization to be fully effective a learning culture should be in place in which firm personnel are committed to continually seek new in-depth knowledge about clients and their industries. •Human resources are the most valuable asset of auditing firms: •Auditing is a service that involves extensive professional judgment. Thus, knowledge and expertise of its personnel is what differentiates one auditing firm's staff from another. Supplementary materials – Teaching notes. Close |
| 1 | Synergy between ISA and manual auditing practises at Jain Chowdhary & Company, India Author(s):Meghna Rishi, Anjana Singh Abstract | Title – Synergy between ISA and manual auditing practises at Jain Chowdhary & Company, India Subject area – Finance, accountancy, auditing. Study level/applicability – Supports information systems audit (ISA), auditing practises and controls, corporate governance and internal controls and financial management modules, business administration and MBA programmes. Case overview – The case study focuses on the implementation of ISA and information technology in the highly responsible task of executing financial audits The case emphasises on the fact that the advantages of ISA can only be reaped when they are amalgamated with an auditor's scrutiny, sharp eye, extensive knowledge of auditing systems and accounting principles and a rich experience of the auditing function. The suggested synergy also facilitates a reduction of around 60 per cent, in the cost of executing the audits and the man-hours required to complete the audit, as in the case of Jain Chowdhary & Company. Expected learning outcomes – The case helps students to comprehend the relevance of audit trail. It emphasises on the importance of identifying the source of information and tracking raw data backward. It familiarises the students with the complexities involved in a real audit and emphasises on the role of logic, intelligence, diligence, patience and farsightedness while performing the auditing function. It is important for them to understand how White collar crimes take place in real business economy. This case, hence exposes students to these nuances and can make a student, from a non-commerce background, understand the key elements of efficient auditing. (Elaborate teaching objectives are appended in the teaching note.) Supplementary materials – Teaching note. Close |
| 2 | Reporting and evaluation in a data communication firm Author(s):Teerachai Arunruangsirilert Abstract | Subject area – It is related to managerial accounting including style of management, evaluation method, risk management, responsibility accounting and reporting. Student level/applicability – It is suitable for both Bachelor's degree and Master's degree students to apply their comprehensive knowledge of managerial accounting on the case with relevance for the courses including managerial accounting, cost accounting, cost analysis and managerial accounting seminars. Case overview – Information given by the case informs about the decentralized management structure and style of a data communication company, Data Communication Company Limited. The delegation of authorization is used as the main control of the company to monitor the performance of each department. The case study describes the company's specific methods as well as the monitoring procedures and the reports. In addition, it also addresses the management's concerns regarding risks as it relates to the current market situation. Expected learning outcomes – To study managerial accounting courses by using this case, it certainly enhances effectiveness and efficiency of accounting curriculum. This case specifically provides a realistic perspective, comprehensive information and solution capability relevant to real world challenges, which can be applied to managerial accounting. Supplementary materials – Teaching note. Close |
| 3 | A “Big Bath” in China: accounting and corporate governance Author(s):Mingchuan Ren Abstract | Subject area – Accounting, corporate governance, business ethics. Study level/applicability – MBA and EMBA. Case overview – China has largely changed its accounting practice in line with international norms. But its corporate governance structure continued to be administratively driven. Many Chinese-listed companies, especially big ones, are transformed from state-owned enterprises, with the government as their largest shareholder. It is no exception to Company C. Then what is the common pattern of accounting behaviour in China? An insight could be drawn by analysing this case. Expected learning outcomes – Highlight two issues in point, namely accounting issue and governance issue. Chinese companies are now allowed to choose their accounting policies, while their top decisions are subject to government policies. Identify Company C's creative accounting by discussing China's accounting reform. In this regard, China has been relatively robust in terms of dropping its own practice and adopting western one. Discuss the corporate governance issues unveiled. What are company's performance criteria? Are they clearly established and enforced? And what about government's decision to change CEO twice in less than one year? What are the impacts on CEO's behaviour? Supplementary materials – Teaching note. Close |
| 4 | Fraud at the Central Bank of Tanzania (A) Author(s):Mussa J. Assad Abstract | Subject area – The subject areas for this case are auditing, fraud and investigations. It is also relevant for teaching aspects of corporate governance. Student level/applicability – This case consolidates techniques and methodologies of special investigations and demonstrates weaknesses in governance and internal controls. It is appropriate for final year undergraduate students and graduate students who have attended classes on basics of accounting and financial reporting. Case overview – The case is about institutional governance and the effects of ineptness at different levels of an organization that resulted in TAS. 133 billion being “improperly” paid out to 22 firms in the financial year 2005/2006.The case is structured to focus at the dilemma of the Director of Finance as an individual who featured in the latter stages of an extensive fraud where old unclaimable debts were revived and were being claimed and paid to fictitious assignees involving a number of Central Bank officials. However, the case seeks to interrogate issues related to financial records and controls in which the position of Director of Finance had more relevance. Expected learning outcomes – Working on this case should result in enabling students to acquire expertise necessary for forensic accounting. It should also enable students to learn to gain an understanding of the practice of investigative and forensic accounting as well as an understanding of the interrelationships of the parties involved in forensic investigations. Supplementary materials – Teaching note. Close |
| 5 | The UAE Islamic Bank Author(s):Hela Miniaoui Abstract | Subject area – Islamic financial instruments, financial analysis, financial decision making. Study level/applicability – Undergraduate Finance and Business. Case overview – This case highlights the financial decision making by the UAE Islamic Bank, regarding an investment with Towers company. It focuses on considering the appropriate Islamic mode of financing and computing the relevant financial ratios to make the right decision. Expected learning outcomes – This case can be used to teach Islamic financial instruments, financial analysis and financial decision making. Supplementary materials – A teaching note is available on request. Close |
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