Author Profile
Conroy, Robert M.
Hilton: Tru to Its Brand?
Conroy, Robert M. Yemen, Gerry
F-1852 | Published October 29, 2018 | 16 pages Case
Collection: Darden School of Business
Tripp McLaughlin was senior director of brand management at Hilton Worldwide in McLean, Virginia, when the company decided to explore growth through the launch of a new midscale brand in 2015. McLaugh... Read More
The Jacobs Division 2010 (RUSSIAN)
Conroy, Robert M. Vandell, Robert Harrington, Diana
F-2002 | Published November 08, 2017 | 11 pages Case
Collection: Darden School of Business
This is a Russian translation of the April 12, 2013 version of UVA-F-0243. This case examines the capital budgeting framework used in a large specialty chemical company. It presents the reader with is... Read More
Hedging Vignettes
F-1750 | Published February 23, 2016 | 8 pages Case
Collection: Darden School of Business
These vignettes consider three companies facing a hedging decision, The Coca-Cola Company, Starbucks, and American Airlines. Each one has exposure to price risk. Students are tasked with making a reco... Read More
TARP Warrants: How Much to Bid?
F-1642 | Published January 26, 2016 | 7 pages Case
Collection: Darden School of Business
In 2009, Tim Laramy, a portfolio manager, was trying to decide what amount, if any, to bid for TARP warrants soon to be up for auction by the U.S. Treasury. This case discusses the 2008 Wall Street ba... Read More
Selling Facebook
Conroy, Robert M. Freeman, R. Edward Kelly, Dorothy C.
F-1737 | Published August 07, 2015 | 17 pages Case
Collection: Darden School of Business
This public-sourced case was co-developed with CFA Institute for its university partners, candidates, and members as an exercise in ethical decision making. The case works well for CFA partner univers... Read More
Hyundai Gas Price Guarantee Program: What To Choose?
F-1734 | Published May 26, 2015 | 9 pages Case
Collection: Darden School of Business
On July 1, 2009, Fred Blake decided to buy a 2009 Hyundai Azera, and the dealer had accepted his offer of $24,567. Then, at the same time Blake made his offer, Hyundai announced a new promotion that o... Read More
Norfolk Southern Corporation—Century Bonds
F-1733 | Published May 22, 2015 | 10 pages Case
Collection: Darden School of Business
Norfolk Southern Corporation (NSC), a railway operator, was issuing a $250 million bond with a coupon of 6% and a maturity in 2105. The bonds were added to an existing $300 million 6% debt issue due 2... Read More
The IPO Issue Process
Chaplinsky, Susan Conroy, Robert M.
F-1700 | Published September 18, 2013 | 13 pages Technical Note
Collection: Darden School of Business
This note covers the institutional process for companies making an initial public offering (IPO) of equity. It focuses on the basic institutional requirements of an underwritten security offering and ... Read More
Single-Stock Futures
F-1640 | Published December 28, 2011 | 8 pages Case
Collection: Darden School of Business
Jack Goodwin had recently read an article on using futures contracts on individual stocks for hedging purposes. He held about 500 shares of Abbott Laboratories in his trading portfolio. While he was c... Read More
Whole Foods Market: Where to Next?
F-1643 | Published December 28, 2011 Case
Collection: Darden School of Business
Charles Fogler was reviewing some analysts' reports on Whole Foods Market, Inc., that had been released earlier that day. It was September 21, 2010, and Whole Foods had closed at a price of $38.17. Tw... Read More
Johnson Family Farm - Hedging Decision
F-1641 | Published December 28, 2011 | 5 pages Case
Collection: Darden School of Business
Frank Johnson was contemplating his alternatives for the upcoming year. On the following day, January 12, the U.S. Department of Agriculture (USDA) World Agricultural Supply and Demand Estimates repor... Read More
Alpha Natural Resources
F-1631 | Published November 30, 2011 | 24 pages Case
Collection: Darden School of Business
It was June 2010, and Kevin Crutchfield, CEO of Alpha Natural Resources, and his team of senior executives were facing several critical issues for the coal business. These issues were top of mind as h... Read More
Target Corporation Rewards Program, June 2010
F-1632 | Published November 15, 2011 | 14 pages Case
Collection: Darden School of Business
It was May 2010, and the results were in. For Doug Scovanner, CFO of Target Corporation, there was good news, and there was bad news. The recent trials of a new REDcard Rewards Program in Kansas City,... Read More
943-945 Warren Road
Conroy, Robert M. Harris, Robert S.
F-1638 | Published May 11, 2011 | 6 pages Case
Collection: Darden School of Business
This case, intended for MBA and executive education audiences, investigates whether an LLC should invest in a real estate deal. The materials provide a straightforward opportunity for applying discoun... Read More
Baker Packaging, Inc.
Conroy, Robert M. Harris, Robert S. Ranjan, Rahul
F-1624 | Published July 15, 2010 | 12 pages Case
Collection: Darden School of Business
Students consider which capital budgeting approach to take when evaluating a packaging manufacturer's joint venture proposal. Suitable for MBA and undergraduate students, the case presents a scenario ... Read More
Netflix, Inc., 2007
Pfeifer, Phillip E. Conroy, Robert M.
F-1592 | Published December 21, 2009 | 15 pages Case
Collection: Darden School of Business
The protagonist in this case is an analyst attempting to value Netflix, Inc., and check whether her recent buy recommendation at a price of $20.00 per share was still valid. Recent bad news had caused... Read More
Valuation of Netflix, Inc.
Pfeifer, Phillip E. Conroy, Robert M.
F-1610 | Published December 21, 2009 Case
Collection: Darden School of Business
Intended for MBAs, this case concerns the valuation of Netflix, Inc., which was the largest U.S. online movie rental subscription service in early 2009. After reviewing Netflix's historical financial ... Read More
Using the Equity Residual Approach to Valuation: An Example (Abridged)
Harris, Robert S. Conroy, Robert M.
F-1609 | Published November 20, 2009 | 5 pages Technical Note
Collection: Darden School of Business
This note provides an example of the equity residual valuation method to a company. The note can be used to accompany cases on private equity acquisitions or other levered transactions. It provides a ... Read More
Hedging with Forwards and Futures
F-1428 | Published October 21, 2007 | 16 pages Technical Note
Collection: Darden School of Business
This technical note expands on the previous note, "Forwards and Futures" (UVA-F-1427), which introduced the basics of forward and futures contracts. It begins with examples where the hedging was one-f... Read More
Cypress Semiconductor: 1.25% Convertible Notes
F-1532 | Published October 14, 2007 | 8 pages Case
Collection: Darden School of Business
The treasury department staff at Cypress Semiconductor Corporation (Cypress) had just received the final draft of the proposal for the pending $600 million convertible bond issue. This would be the la... Read More
University of Virginia Investment Management Company (UVIMCO)—2007
F-1570 | Published October 07, 2007 | 26 pages Case
Collection: Darden School of Business
This case involves the decision to move investment funds to a new fund manager. The new fund has high percentage of its assets in nontraditional assets such as hedge funds and private equity. The lear... Read More
Forwards and Futures
F-1427 | Published October 03, 2007 | 13 pages Technical Note
Collection: Darden School of Business
This technical note introduces the basics of forward and futures contracts. It covers the very simplest contract on financial assets with no income and expands the discussion to cover contracts on fin... Read More
The Pricing of Warrants
F-1430 | Published October 03, 2007 | 4 pages Technical Note
Collection: Darden School of Business
This technical note covers the pricing of warrants. The note derives the basic formula for the pricing of warrants and offers a simple example to demonstrate the underlying concepts. Read More
Risk Management for Derivatives
F-1432 | Published October 03, 2007 | 18 pages Technical Note
Collection: Darden School of Business
This technical note addresses the basics of risk measure for options. It introduces the different risk measures for options: Delta, Gamma, Vega, Rho, and Theta. Although the note focuses primarily on ... Read More
Options on Stock Indexes, Currencies, and Futures
F-1433 | Published October 03, 2007 | 17 pages Technical Note
Collection: Darden School of Business
Options on stock indexes, currencies, and futures all have something in common. In each of those cases, the holder of the option does not get the same things that the holder of the underlying asset ge... Read More
Interest Rate Derivatives
F-1431 | Published August 09, 2007 | 27 pages Technical Note
Collection: Darden School of Business
This technical note covers the basics of interest rate derivatives. Specifically, it covers options on bonds, delayed payments, caps, floors, and swaptions. The appropriate option pricing model is pre... Read More
Trading Strategies with Options
F-1429 | Published August 09, 2007 | 9 pages Technical Note
Collection: Darden School of Business
This technical note provides a brief introduction to option trading strategies. It covers pay-off diagrams and specifically introduces bull spreads, butterfly spreads, and calendar spreads. It also in... Read More
Corporate Governance in Three Economies: Germany, Japan, and the United States
F-1426 | Published June 04, 2007 | 10 pages Technical Note
Collection: Darden School of Business
This case examines the structure of corporate governance in three economies: Germany, Japan, and the United States. It presents the structure and background on the composition of corporate boards of d... Read More
Interest Rates, Market Pricing, and Compounding
Harris, Robert S. Conroy, Robert M.
F-1517 | Published February 05, 2007 | 6 pages Technical Note
Collection: Darden School of Business
Using examples from financial markets, this note examines links among market prices, stated interest rates, and compounding assumptions. The note emphasizes how interest rates are expressions of marke... Read More
Valuing Assets in Financial Markets
Harris, Robert S. Conroy, Robert M.
F-1518 | Published February 05, 2007 | 10 pages Technical Note
Collection: Darden School of Business
This technical note provides an overview of techniques used to value assets, including multiples, arbitrage pricing, and discounted cash flow. The note emphasizes the basic nature of valuation approac... Read More
Spot and Forward Interest Rates
Harris, Robert S. Conroy, Robert M.
F-1520 | Published February 05, 2007 | 10 pages Technical Note
Collection: Darden School of Business
This note examines how spot and forward interest rates relate to bond prices and to each other. After defining spot and forward rates, the note shows how to estimate spot rates from data on either zer... Read More
Stock Options and Compensation
Harris, Robert S. Conroy, Robert M.
F-1521 | Published February 05, 2007 | 5 pages Technical Note
Collection: Darden School of Business
This note is a brief introduction to the logic and practice of using stock options to compensate executives. The Black-Scholes option-pricing model is used to estimate the value of option grants for a... Read More
The Black-Scholes Option-Pricing Model
Harris, Robert S. Conroy, Robert M.
F-1522 | Published February 05, 2007 | 10 pages Technical Note
Collection: Darden School of Business
This note discusses the Black-Scholes option-pricing model and then applies the model to call options. The underlying logic of the model is emphasized and illustrated through the use of simple example... Read More
Option Valuation and Dividend Payments
Harris, Robert S. Conroy, Robert M.
F-1523 | Published February 05, 2007 | 11 pages Technical Note
Collection: Darden School of Business
This note shows how dividend payments affect option values owing to the effects of dividend payments on share price and resulting investor behavior. In addition to discussing the underlying logic, the... Read More
Characteristics of Emerging Economies
Li, Wei Bruner, Robert F. Conroy, Robert M. Hoyer-Ellefsen, Richard Palacios, Miguel
F-1453 | Published October 06, 2004 | 26 pages Case
Collection: Darden School of Business
Today, roughly 30 countries are classified as "emerging markets" by the World Bank. Investor interest in these markets has grown substantially over time. During the first half of the 1990s, privatizat... Read More
The Jacobs Division 2010
Conroy, Robert M. Vandell, Robert Harrington, Diana
F-0243 | Published October 12, 2003 | 9 pages Case
Collection: Darden School of Business
This case examines the capital budgeting framework used in a large specialty chemical company. It presents the reader with issues related to using multiple discount rates to examine projects and how c... Read More
The Body Shop International PLC 2001: An Introduction to Financial Modeling
Bruner, Robert F. Conroy, Robert M. Shank, Susan Vaccaro, John
F-1349 | Published October 08, 2001 | 17 pages Case
Collection: Darden School of Business
In this case the student is cast into the role of adviser to Anita Roddick, the managing director of The Body Shop. The student must prepare a three-year forecast of the firm’s income statement and ba... Read More
Star River Electronics Ltd.
Bruner, Robert F. Conroy, Robert M. Eades, Kenneth M.
F-1361 | Published March 22, 2001 | 9 pages Case
Collection: Darden School of Business
In July 2015, a new CEO joins this small manufacturer of CD-ROMs and DVDs to discover that the firm is in the midst of a financial crisis, induced by rapid growth. The CEO asks an analyst for help wit... Read More
Option Contracts and Their Valuation
Harris, Robert S. Conroy, Robert M.
F-1519 | Published February 01, 2000 | 13 pages Technical Note
Collection: Darden School of Business
This note introduces options (both calls and puts) and their valuation. After covering the history of options and the basic nature of their payoffs, the note provides an intuitive discussion of the de... Read More
Using the Equity Residual Approach to Valuation: An Example
Conroy, Robert M. Harris, Robert S.
F-1267 | Published September 30, 1999 | 7 pages Technical Note
Collection: Darden School of Business
This note provides a detailed explanation of how to apply the equity residual valuation method when the debt/equity mix is changing. An example is provided that works through levering betas. The note ... Read More
Duration and Convexity
F-1238 | Published August 19, 1998 | 9 pages Technical Note
Collection: Darden School of Business
The price of a bond is a function of the promised payments and the market-required rate of return. Because the promised payments are fixed, bond prices change in response to changes in the market-requ... Read More
Mg Refining & Marketing, Inc. (A)
F-1227 | Published July 31, 1998 | 4 pages Case
Collection: Darden School of Business
This case presents the situation that resulted in the disastrous derivative losses Metallgesellschaft experienced. It presents the basic strategy that MGRM implemented and describes how MGRM decided t... Read More
Note on Valuation Of Options Using @Risk
F-1229 | Published July 28, 1998 | 2 pages Technical Note
Collection: Darden School of Business
This brief technical note explains how to set up a Monte Carlo simulation using @Risk for the purpose of valuing options. It should be used in conjunction with the Excel spreadsheet UVA-F-1229X. Read More
Shanghai Hai Xing Shipping Company
F-1224 | Published July 28, 1998 | 22 pages Case
Collection: Darden School of Business
This case illustrates the valuation issues one faces when valuing a company in an emerging market. It focuses on the decision by a Chinese company on the Hong Kong Stock Exchange to participate in an ... Read More
Global Marine Partners
Allen, Brandt R. Conroy, Robert M.
F-1243 | Published March 31, 1998 | 8 pages Case
Collection: Darden School of Business
Not often when one makes a decision are the results so quickly realized! Back in July 1998, when the exchange rate was JPY145 (Japanese yen) to the U.S. dollar, Charles Bobbin, treasurer of Global Mar... Read More
Valuation of "Plain-Vanilla" Interest-Rate Swaps
Conroy, Robert M. Eades, Kenneth M.
F-1121 | Published July 27, 1997 | 16 pages Technical Note
Collection: Darden School of Business
This note takes students step by step through the valuation of an interest rate swap. It assumes students have a strong grounding in the concepts of forward rates and spot rates. Read More
Consolidated Electric Power Asia
Conroy, Robert M. Sherman, Ann
F-1123 | Published September 17, 1996 | 29 pages Case
Collection: Darden School of Business
The case is set in Asia. It focuses on the valuation of a company which builds, operates, and then transfers power plants. The valuation problem is to value the projects in place and the estimate how... Read More
G&P Greetings, Inc.
F-1122 | Published September 09, 1996 | 10 pages Case
Collection: Darden School of Business
This case deals with the hedging decision of a firm. In the context of the case, the students are asked to choose among a number of alternatives to alter the fixed-rate interest payments on an outsta... Read More
Astral Records Ltd., North America: Some Financial Concerns
Bruner, Robert F. Eades, Kenneth M. Conroy, Robert M.
F-1065 | Published August 22, 1994 | 9 pages Case
Collection: Darden School of Business
A new CEO from outside the firm takes over following the sudden death of the former CEO. Included in the new CEO's inbox are pressing decisions concerning (1) the firm's financing needs, (2) capital e... Read More
Mapec Oil Corporation
F-0966 | Published October 01, 1991 Case
Collection: Darden School of Business
Mapec Oil has been given the alternative of paying a lump sum today or four payments over three years. The payments are in Japanese yen. The student must decide which is better in terms of US dollars.... Read More
Superior Industries International
F-0955 | Published April 05, 1991 | 13 pages Case
Collection: Darden School of Business
An analyst is about to make a presentation on the potential of Superior Industries International as an acquisition target. The issue for students is whether the synergies are enough to justify a 20% p... Read More
Derivation Of The Black-Scholes Option-Pricing Model
F-0945 | Published March 29, 1991 | 5 pages Technical Note
Collection: Darden School of Business
This note derives the Black-Scholes option-pricing model. It covers the basic assumptions necessary to derive the equation. In addition, it presents the arbitrage conditions used by Black and Scholes ... Read More
Managing Foreign Exchange Risks
Conroy, Robert M. Grayson, Leslie E. Reed, William P. Wilson, Brendt
F-0601 | Published March 28, 1991 | 22 pages Technical Note
Collection: Darden School of Business
This technical note discusses the three types of foreign exchange risk: transaction exposure, translation exposure, and economic exposure. It addresses the nature of those risks and presents some meth... Read More
Capital Structure And Firm Value
F-0942 | Published March 29, 1990 | 15 pages Technical Note
Collection: Darden School of Business
This note explores the interaction between the use of debt and firm value and provides a brief perspective on the use of debt. It also introduces the notions of financial and operating leverage. In ad... Read More
Binomial Option Pricing
F-0943 | Published March 29, 1990 | 12 pages Technical Note
Collection: Darden School of Business
This note is designed to introduce the binomial option-pricing model. It covers the basic concepts using a one-period model and then provides an example of a two-period model. The note focuses on a co... Read More
Exercise in Modeling Financial Statements
F-0900 | Published March 29, 1989 | 14 pages Exercise
Collection: Darden School of Business
This note demonstrates the use of Lotus models for financial forecasting. It uses a step-by-step approach with examples of how to tie the different elements together. An exercise is included that req... Read More
Financial Forecasting
F-0899 | Published March 29, 1989 | 6 pages Technical Note
Collection: Darden School of Business
This note presents simple techniques for forecasting income statements and balance sheets. It focuses on a percentage-sale approach, but also introduces the use of financial ratios for the same purpos... Read More
Colt Industries
F-0901 | Published March 29, 1989 | 9 pages Case
Collection: Darden School of Business
The focus of this case is an announcement by Colt Industries of its intent to recapitalize the firm. The management proposes to issue $1.5 billion in new debt and pay an $85 cash dividend. The stock p... Read More