Instruction:
Short Essay Exam is composed of four short essay assignments, each of either 750 or 1000 words or less. Each of the four essay assignments is composed of a randomly assigned case study of a corporation over a period of time. Within the time frame under consideration, a annual report or 10K is provided for the corporation being analyzed. Each of the four essays is consisting of a series of five related questions concerning the case. To answer the five questions, students need to write a sentence or more of analysis that appropriately applies Engineering Economic outcomes and ratios, Porter’s Competitiveness Landscape and Fuchs’ Alignment principles, and aspects of either Behavioral Economics, Real Options, Financial Leverage and Capital Structure, or Hedging and Financial Derivative theories. Students are expected to obtain and cite additional corporate annual reports, 10K’s or 3rd party analysis to cover gaps between the period under consideration and the provided annual report/10K.
Question 1
According to the 2006 IBM Annual Report, in October 20, 2006, IBM acquired 100 percent of the outstanding common shares of Internet Security Systems, Inc. (ISS) for cash consideration of $1,368 million. From EOY FY 2005 carried forward through EOY FY2015 and using 750 or less words total across five numbered questions (15 points per question), answer each question with a short comment and at least (minimum of) one or more sentences of supporting text, column of data, or figures extracted from one or more IBM 10K preceded by the question number that your answer corresponds to: (1) what part of the IBM strategy was the acquisition ISS part of? What assets, capabilities and extent of those capabilities did ISS add to the Global Technology Services segment of IBM? (2) What was the nature, amount and capital structure of the ISS acquisition? (3) According to the IBM 2009 Annual Report, what change in IBM revenue, net income, liquidity, leverage, turnover, profitability, and market value is most emblematic of IBM’s strategy goals for acquiring ISS? (4) Using Trigeorgis terminology, what real option type did IBM most closely display with the acquisition? What IBM oral or written statements support the type classification? Applying critical thinking, was the option strategy economically appropriate for IBM? Why or Why not? (5) The overall weighted-average useful life of the intangible assets purchased with the acquisition ISS, excluding Goodwill, was 5.6 years. In 2011, what actions by IBM supports the 2006 estimate of useful life of the ISS security intangible assets? You should conduct your own literature review and obtain additional annual reports as well as 3rd party assessments before responding. Do cite source of 3rd party assessments. Do NOT include the text of the question in your response, just the question number. Do NOT include in your response a Competitiveness Landscape or a Corporate Alignment Diagram. Students interested in obtaining the latest or past annual reports or 10K’s for any currently publicly traded U.S. registered company can typically find the reports/10K by searching on “(company name) Investor Relations”. 10K’s for defunct but formerly publicly traded U.S. registered companies may be found by searching the U.S. Security and Exchange Commission filings database at https://www.sec.gov/edgar.shtml.
Question 2
According to Blockbuster Inc 2004 10K, Blockbuster “successfully launched BLOCKBUSTER ONLINE”. This was six years after Netflix started the online movie rental business and two years after Netflix had gone public. In 1000 words or less, describe the competitive landscape and corporate alignment strengths, weaknesses, opportunities, and threats to Blockbuster during the six year lapse from 1998 to 2004 from a Porter’s Competitiveness Diagram and/or Fuchs Alignment Diagram perspective. Within the 1998 to EOY 2004 context and distributing your 1000 words across five numbered questions (15 points per question), answer each questions with a short comment and at least (minimum of) one or more sentences of text, column of data, or figures extracted from one or more Blockbuster 10K preceded by the question number that your answer corresponds to: (1) in FY 2004 what is the competitive landscape within which Blockbuster competes and who were the competitors, new entrants, transformative new entrants with emergent technologies, suppliers, and buyers? What are the current risks to landscape balance? What technological threat to landscape disruption does Blockbuster foresee emerging within the next ten years? (2) From BOY2002 to EOY2004, what change in Blockbuster revenue, net income, liquidity, leverage, turnover, profitability, and/or market value measures are most descriptive Blockbuster’s performance? How does Blockbuster’s performance over that time frame compare with change in the market, the market size and its’ dynamics? How has Netflix performed in this time frame? (3) Using Lovallo & Sibony bias types and during the BOY2000 to EOY2002 timeframe, what cognitive and/or behavioral biases did Blockbuster corporate management display during that time? What speak acts, written statements, selection of terminology, data manipulation, or absence of discussion in the 10K’s or elsewhere are evidence of continuation of these biases? (4) Using Lovallo & Sibony bias types and during the BOY2003-EOY2004 timeframe, what cognitive and/or behavioral biases did Blockbuster corporate management display during that time? What speak acts, written statements, selection of terminology, data manipulation, or absence of discussion in the 10K’s or elsewhere are evidence of continuation or change in biases from the prior two years? (5) In FY 2004, were any corporate Behavioral Strategies or other strategies deployed to counter-balance cognitive bias or its negative impacts on the corporate business? If so, when and how were they effective or ineffective? You should conduct your own literature review and obtain additional annual reports and 3rd party assessments. You may ADD 3rd party assessments beyond the 10K as part of your response. Do cite source of 3rd party assessments. Do NOT include the text of the question in your response, just the question number. Do NOT include in a Competitiveness Landscape or a Corporate Alignment Diagram in your response. Students interested in obtaining the latest or past annual reports or 10K’s for any currently publicly traded U.S. registered company can typically find the reports/10K by searching on “(company name) Investor Relations”. 10K’s for defunct but formerly publicly traded U.S. registered companies may be found by searching the U.S. Security and Exchange Commission filings database at https://www.sec.gov/edgar.shtml.
Question 3
According to the Western Digital Corporation FY2017 10K, WDC “On May 12, 2016 (the “SanDisk Closing Date”), we completed the acquisition of SanDisk (the “Merger”), a global leader in NAND-flash storage solutions, pursuant to the terms of the Agreement and Plan of Merger, dated October 21, 2015.The aggregate purchase price of the Merger was $15.59 billion. In connection with the Merger, we entered into new debt facilities aggregating approximately $18.09 billion in principal to finance a portion of the purchase price related to the Merger.” Within that context starting from EOY WDC FY 2015 carried forward through EOY WDC FY2018 and distributing your 750 words across five numbered questions (15 points per question), answer each question with a short comment and at least (minimum of) one or more sentences of supporting text, column of data, or figures extracted from one or more WDC 10K preceded by the question number that your answer corresponds to: (1) in terms of the 2017 10-K what is the market and competitive landscape within which WDC competes and who were the transformative competitors, new entrants, emergent technologies, suppliers, and buyers? (2) From EOY FY 2015 to EOY FY2016, what change in WDC revenue, net income, liquidity, leverage, turnover, profitability, and market value is most descriptive of the impacts on WDC of the change in the competitive landscape? (3) How did the increased leverage help WDC compete? (4) How did the increased leverage impact WDC financial health? (5) Using selected elements of Fuchs alignment diagram theory, did WDC successfully or unsuccessfully combine and integrate the businesses and culture of SanDisk into WDC and what is the basis for your conclusion? You should conduct your own literature review and obtain additional annual reports as well as 3rd party assessments before responding. Do cite source of 3rd party assessments. Do NOT include the text of the question in your response, just the question number. Do NOT include a Competitiveness Landscape or a Corporate Alignment Diagram in your response. You should conduct your own literature review before responding. Students interested in obtaining the latest or past annual reports or 10K’s for any currently publicly traded U.S. registered company can typically find the reports/10K by searching on “(company name) Investor Relations”. 10K’s for defunct but formerly publicly traded U.S. registered companies may be found by searching the U.S. Security and Exchange Commission filings database at https://www.sec.gov/edgar.shtml.
Question 4
According to GM’s FY2017 10K “Fluctuations in market interest rates can affect GM Financial’s gross interest rate spread.” From EOY FY 2015 carried forward through EOY FY2017 and using 750 or less words total across five numbered questions (15 points per question), answer each question with a short comment and at least (minimum of) one or more sentences of supporting text, column of data, or figures extracted from one or more GM 10K preceded by the question number that your answer corresponds to: (1) at the EOY 2017 what is the market and competitive landscape within which GM and GM Financial competes and who were the transformative competitors, new entrants, emergent technologies, suppliers, and buyers? (2) From EOY FY 2015 to EOY FY2017, describe the three aspects of interest rate risk or mismatched funding that most impact change in GM Financial revenue, net income, liquidity, leverage, turnover, profitability, and/or market value? What significant hedging and derivative instruments did GM Financial use to address interest rate risk or mismatched funding during that time frame? (3) Notionally what is the impact of a 100 basis point interest rate increase or decrease on Automotive Financing – GM Financial net interest income for 2017? 2016? (4) At EOY 2017, what were the notional amounts of asset positions of GM Financial’s in Interest rate swaps designated as cash flow hedges? Interest rate caps and floors in assets not designated as hedges? (5) Did the hedging and derivatives strategies for interest rate risk or mismatched funding provide economic or financial benefit to GM Automotive? What economic or financial evidence supports your position? You should conduct your own literature review and obtain additional annual reports as well as 3rd party assessments before responding. Do cite source of 3rd party assessments. Do NOT include the text of the question in your response, just the question number. Do NOT include in your response either a Competitiveness Landscape or a Corporate Alignment Diagram. You should conduct your own literature review before responding. Students interested in obtaining the latest or past annual reports or 10K’s for any currently publicly traded U.S. registered company can typically find the reports/10K by searching on “(company name) Investor Relations”. 10K’s for defunct but formerly publicly traded U.S. registered companies may be found by searching the U.S. Security and Exchange Commission filings database at https://www.sec.gov/edgar.shtml..
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