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• Case | HBS Case Collection | 2013

  King Abdullah Economic City in 2009: Population Drivers and Cash Flow

  John D. Macomber

  CEO of high profile new economic city in Saudi Arabia must decide how to allocate limited investment funds across projects under duress. Issues include understanding core economic drivers, planning infrastructure investment and return, attracting multinationals, energy policy, sustainability, urban planning, government incentives and regulations. Students must allocate limited funds, or accept outside investors at distress terms, with respect to city center, retail, resort, residential, education, utilities, commercial sale or leased land, worker housing, and a potential seaport.

  Keywords: Urban Development; Infrastructure; Real Estate Industry; Saudi Arabia;

  Citation:

  Macomber, John D. "King Abdullah Economic City in 2009: Population Drivers and Cash Flow." Harvard Business School Case 213-095, February 2013.

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• Case | HBS Case Collection | 2013

  First Solar: CFRA's Accounting Quality Concerns

  Suraj Srinivasan and Ian McKown Cornell

  The case relates to accounting quality analysis conducted by the leading research firm Center for Financial Research and Analysis (CFRA) on companies in the solar industry with a focus on First Solar Inc. In 2009, CFRA was concerned that First Solar, like much of the solar industry, was facing deterioration in business prospects and exposed to risks arising from revenue recognition, high inventory levels, lack of customer and geographic diversification, aggressive warranty policies, excessive production capacity growth, and supply chain risks. The case places students in the shoes of CFRA analysts who need to assess First Solar's accounting quality and business prospects after the company releases its second quarter financial numbers in 2009. The case provides students with background information on the solar power industry, First Solar, data from CFRA research, and First Solar's quarterly reports and the earnings conference call to analyze and draw conclusions about First Solar's accounting practices and strength as a company. Students have to decide whether CFRA should flag First Solar as a concern and add it to CFRA's "Biggest Concerns" list. Order: http://hbr.org/search/113044-PDF-ENG

  Keywords: accounting; accounting quality; earnings management; Financial Accounting; financial statement analysis; financial statements; accounting fraud; accounting red flags; accounting scandal; valuation;

  Citation:

  Srinivasan, Suraj, and Ian McKown Cornell. "First Solar: CFRA's Accounting Quality Concerns." Harvard Business School Case 113-044, January 2013.

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• Case | HBS Case Collection | 2013

  Hudson Yards—The Other Side of the Tracks?

  Christopher M. Gordon, A. Eugene Kohn, John D. Macomber and Lisa Strope

  Stephan Ross, CEO of Related Companies, is considering an opportunity to invest $1 billion for the air rights over the Hudson Rail Yards in New York City. The investment would allow Related to build a platform over the operating rail tracks and develop this blighted edge of New York City into one of the top tier places to live, work and shop in the world.

  Keywords: real estate; Property; Growth and Development Strategy; Urban Development; Real Estate Industry; New York (city, NY);

  Citation:

  Gordon, Christopher M., A. Eugene Kohn, John D. Macomber, and Lisa Strope. "Hudson Yards—The Other Side of the Tracks?" Harvard Business School Case 213-040, January 2013.

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