Enhancing Social Capital in Latin America

Since its formation, the Latin America Research Center (LARC) has worked to enhance intellectual capital creation by working with academics as well as business leaders in the region.

Programs in this area, supported by the LARC include:

The Global Colloquium on Participant-Centered Learning (GloColl), is an HBS course for faculty at business schools in emerging economies who are trained in interactive methods of teaching and learning.

The Social Enterprise Knowledge Network (SEKN), a consortium of eleven business schools that research and develop teaching cases on social enterprise in leading Latin American business schools.

Executive Education
in Latin America

Latin America

2014

Aqua Bounty

White, Lucy and Stephen Burn-Murdoch
February 2014

Valuation of a pre-revenue biotech company at IPO using probability trees and real option techniques. Company is based in Massachusetts and lists in London on AIM. Products are genetically modified fast-growing salmon for fish farmers and disease-prevention drugs and diagnostic kits for farmed shrimp.

Morella Mendoza de Grossmann Foundation & the Joslin Vision Network-Venezuela

Chu, Michael, Maria H. Jaen, and Mercedes Briceno
February 2014

No abstract available

Residencial Los Andes

Retsinas, Nicolas P. and Lisa Strope
January 2014

Peninsula Investment Group is deciding whether or not to recapitalize an equity investment in a Residencial Los Andes, a residential project in Santiago, Chile, or take a substantial loss. The project did not meet its sales goals, and the bank pressured the investors to liquidate the construction loan. Early on, Peninsula had identified Chile as a target market; however, in investing in Residencial Los Andes, it had made several exceptions to its investment strategy. The case addresses what went wrong in the evolution of the project as well as what measures would need to be taken if Peninsula did increase its capital commitment.

2013

iMatari

Badaracco, Joseph L., and Matthew Preble
December 2013

In late 2012, recent Harvard Business School graduate Hannah Lopez is given the opportunity to lead entry into a new market for Plámo, a company that created startup companies in Europe and emerging markets based upon existing successful business models. She had only been with the company a few months, and while excited by the opportunity, she was beginning to have some doubts about the company. In the brief time she had been with the company, she had had a few experiences that made her question the company's approach to management and the sustainability of its business. Accepting the assignment could give her a unique entrepreneurial opportunity, but she wondered what level of support she could expect to receive and, if the startup did fail, what impact would that have on her career and reputation? Lopez was also starting to worry about the ethical implications of Plámo's style of entrepreneurship. She worried that by agreeing to serve as a manager of the new operations, she would be tacitly supporting elements of Plámo's strategy and practices that she was concerned about. Was she comfortable taking other companies' ideas and simply copying them? Was this true entrepreneurship?

Felipe Calderón: Leading with Light and Power (A)

Harreld, J. Bruce, and David Lane
December 2013

This sequence of cases explores how leaders get their teams focused on framing, analyzing, and ultimately acting upon complex decisions. The (A) case provides an inside look as Felipe Calderón, president of Mexico, works with his cabinet ministers to decide how to turnaround a corrupt, highly unionized, and poorly managed state-owned company that distributes electrical energy to Mexico City and the surrounding environs. While previous administrations over several decades were aware of the problem, none wanted to risk the political or economic consequences of prolonged strikes and power outages in one of the world's most populous cities. Yet, it is now clear that the company's poor financial performance and corruption are causing significant harm to Mexico. A central theme is the president's role in making sure his team has done its homework and is fully prepared to make the appropriate decision. The (B) case, to be handed out during class, provides the actual decision criteria used. The (C) case, to be handed out at the end of class, describes what the team ultimately decided and how they executed it.

Felipe Calderón: Leading with Light and Power (B)

Harreld, J. Bruce, and David Lane
December 2013

No abstract available

Felipe Calderón: Leading with Light and Power (C)

Harreld, J. Bruce, and David Lane
December 2013

No abstract available

PepsiCo Peru Foods: More than Small Potatoes

Kanter, Rosabeth M. Rajiv Lal, and Matthew Bird
November 2013

No abstract available

PepsiCo Peru Foods: More than Small Potatoes HBS Teaching Note

Kanter, Rosabeth M. and Matthew Bird
November 2013

No abstract available

Día Día Practimercados: Meeting the Daily Needs at the Base of the Pyramid (A)

Chu, Michael, Regina Garcia-Cuellar, and Rosa Amelia Gonzalez
November 2013

No abstract available

Ensina!

Kim, John J-H, Alejandra Meraz Velasco, and Christine An
August 2013

In 2011, a group of passionate social entrepreneurs in Rio de Janeiro, with the support and encouragement of several prominent philanthropists and members of government, launch Ensina!, seizing Brazil's unprecedented economic growth and national commitment to education. The new independent educational non-profit is to be part of Teach For All, a global network of organizations inspired by Teach For America. While Ensina! is quickly able to raise the initial capital, recruit graduates from top colleges, garner positive press, and demonstrate early success in increasing student performance, the organization runs into a number of operational challenges in implementing its programs in schools. After pursuing various avenues to address obstacles for Ensina!'s execution found in navigating national education policy and funding, forging partnerships with municipal and state governments, confronting widespread cultural perspectives on teaching as a profession, and managing relationships with local school administrators and staff, Ensina!'s staff and board, despite some success and demonstrated impact, decide to suspend the program in January. Following this decision, Fabio Campos, the most recent CEO of Ensina!, contemplates the possibility of relauching a restructured Ensina! to help bring about enduring, transformative reform to Brazil's public education system, which he believes to be crucial to the future success of Brazil as a nation. The case presents students the opportunity to explore conditions necessary for successful collaborations between non-profit organizations and the government, grapple with the challenges of long-term large-scale performance improvement in public education, and examine Ensina!'s goals in public education reform and different operational strategies for organizations like Ensina! to consider implementing in the future.

YPF-The Argentine Oil Nationalization of 2012

Maurer, Noel, and Gustavo A. Herrero
August 2013

No abstract available

SaferTaxi: Connecting Taxis and Passengers in South America Teaching Note

Coles, Peter, and Benjamin Edelman
August 2013

No abstract available

Grupo ABC and Nizan Guanaes's Path from Brazil to the World

Kanter, Rosabeth Moss ,Gustavo A. Herrero, and Ricardo Reisen De Pinho
July 2013

Internationally recognized Brazilian Nizan Guanaes, co-founder of Grupo ABC, a rapidly growing global advertising firm ranked 18th in 2011, had aspirations to be in the top 10 by 2015. Grupo ABC thrived by identifying national (Brazilian) challenges and incorporating them in creative messages. Guanaes steered the group toward thinking big while acting locally, tackling societal challenges and building partnerships, as he entered the world stage; serving as an informal ambassador for Brazil; playing important roles in international forums as the Clinton Global Initiative, UNESCO, and the Cannes Lions Advertising Festival. Guanaes needed to determine the best growth strategy, how to seize opportunities, and/or how to adapt to meet his ambitious goal.

Grupo ABC and Nizan Guanaes Teaching Note

Kanter, Rosabeth Moss, and Ai-Ling Jamila Malone
July 2013

No abstract available

H Partners and Six Flags Teaching Note

Greenwood, Robin, Julie Messina, and Jared Dourdeville
July 2013

No abstract available

Grupo RBS (A)

Davis, John A., and Courtney Collette
July 2013

No abstract available

Brazil's Enigma: Sustaining Long-Term Growth & Currency Wars

Alfaro, Laura, and Hilary White
July 2013

No abstract available

SaferTaxi: Connecting Taxis and Passengers in South America

Coles, Peter A., and Benjamin Edelman
June 2013

SaferTaxi, a taxi booking service in South America, must develop its mobilization strategy; that is, it must attract enough passengers and drivers to make its service worthwhile for all. Drivers hesitate to pay for SaferTaxi's smartphones and service unless these will deliver passenger bookings-and passengers have no reason to sign up unless drivers are available. Meanwhile, regulators question the permissibility of online taxi booking in light of regulatory requirements, and some existing taxi booking vendors feel threatened by SaferTaxi's efforts to enter the market. As SaferTaxi attempts to satisfy these diverse constituents, international competition looms. What should SaferTaxi's founders do next?

Kepak and the Future of the Irish Beef Industry

Bell, David E., Damien P. McLoughlin, and Mary Shelman
May 2013

No abstract available

BTG Pactual: Preserving a Partnership Culture

Healy, Paul M.
May 2013

No abstract available.

Apartheid in South Africa

Healy, Paul M.
May 2013

A short history of Apartheid in South Africa.

Start-Up Chile: April 2012

Kerr, William R
April 2013

No abstract available.

Colbún and the Future of Chile's Power

Reinhardt, Forest L., and Shon R. Hiatt
April 2013

No abstract available.

Debt and Development in Jamaica

Di Tella, Rafael, Gunnar Trumbull, and Natalie Kindred
April 2013

This case describes the economic development problems faced by the small Caribbean-island country of Jamaica over most of the past half-century. The Jamaican economy showed relatively strong growth in the 1960s but stagnated in the 1970s. By the end of that decade, Jamaica was forced to turn to the International Monetary Fund (IMF) for balance-of-payments support. Over the 1980s and early 1990s, the unpopular policy conditions associated with IMF loan programs made the Fund a lightning rod for criticism over Jamaica's lack of economic progress. Jamaicans celebrated the end of IMF borrowing in the mid-1990s, but a severe financial crisis later that decade created a new layer of economic problems. In 2010, in the context of the global economic downturn, Jamaica once again returned to the IMF for financing support. This case allows students to explore the complicated economic difficulties faced by Jamaica, which remains burdened by a self-reinforcing set of interrelated factors, including high public debt, a sluggish private sector, an inefficient public sector, poverty, and crime, among others.

Oliver Mizne: January 2009

Lerner, Josh
April 2013

No abstract available

Silver Lake and Private Equity in Brazil: Carnaval or Calamity?

Musacchio, Aldo
April 2013

No abstract available

Agriculture in Mexico

Bell, David E., Regina Garcia-Cuellar, and Cintra Scott
March 2013

No abstract available

Juan Valdez: Innovation in Caffeination

Norton, Michael I., and Jeremy Dann
March 2013

Corporate entrepreneurs attempt to revive Colombia's famous Juan Valdez brand in the age of Starbucks, with café chain and packaged coffee ventures. In the 1970s and 80s, the iconic "Juan Valdez" ingredient brand was the most recognized in the world of coffee. The success of advertising based on this character garnered the Colombian coffee industry price premiums in international markets, especially the U.S. By the 2000s, Colombia's coffee sector was being battered and its branding power diminished as café chains such as Starbucks increasingly captured profits in the value chain. In reaction, Colombia's coffee federation develops a semi-independent, for-profit branding arm-Procafecol-to rebuild the Juan Valdez brand. Procafecol launches the first Juan Valdez cafés and a packaged coffee line, putting Colombian coffee into competition with many of its traditional customers. The case examines the successes and failures of the first five years of the new strategy, encouraging discussion of what changes must be made to Procafecol's innovation program.

BANEX and the No Pago Movement (A) & (B)

Cole, Shawn
March 2013

No abstract available

Agriculture in Mexico

Bell, David E., Regina Garcia-Cuellar, and Cintra Scott
March 2013

No abstract available

Banco Ciudad (A) & (B)

Musacchio, Aldo
March 2013

No abstract available

Pemex (A) & (B)

Musacchio, Aldo
March 2013

No abstract available

Colbún and the Future of Chile's Power

Reinhardt, Forest, and Shon R. Hiatt
February 2013

This case is about Colbún, Chile's second largest electricity generator, which is facing significant uncertainty regarding the cost and availability of alternative energy sources. Problems with the contracted supply of natural gas and the volatility of oil prices, coupled with pressure from collective activists, force Colbún to revise its business strategy and its sourcing mix. The case also deals with the pros and cons of various energy sources in view of their perceived environmental impact. As the company's CEO, Bernardo Larrain Matte has to take all these different considerations into account when planning Colbun's future, especially in the light of new opportunities and challenges posed by global climate change. The case analyzes the operations of Colbún to illustrate the complexities associated with conducting business under the influence of global energy markets, political uncertainty, and environmental activism.

SANY: Going Global

Lal, Rajiv, Stefan Lippert, Nancy Hua Dai, and Di Deng
February 2013

April 17, 2012, was a special day for SANY Group and for its founder Liang Wen'gen. Headquartered in Changsha, SANY Group had transformed itself in two decades from a small welding material factory in 1989 to a leading global construction equipment manufacturer with 5 industrial parks in China; 5 R&D and manufacturing bases in America, Germany, India, Brazil, and Indonesia; and 21 sales companies worldwide. SANY Heavy Industry Co., Ltd. (SANY), SANY Group's major subsidiary, engaged in the construction equipment business and was number six on International Construction's 2012 Yellow Table, a ranking of the world's largest construction equipment manufacturers.

Pemex (A): In a Free Fall?

Maurer, Noel, and Aldo Musacchio
February 2013

No abstract available

Pemex (B): The Rebound

Maurer, Noel, Aldo Musacchio, and Regina Garcia-Cuellar
February 2013

No abstract available

Marketing Communications

Teixeira, Thales S.
February 2013

This note identifies the main issues involved in the effective management of the marketing communications process. It first defines the purpose of communication. Then it classifies the tools available to communicate with consumers. In the sequel, it elaborates on how consumers respond to communication attempts. Finally, it lays out a framework for marketers to manage the entire communications process.

Pioneers in Colombia

Retsinas, Nicolas P., and Lisa Strope
February 2013

In 2011, Equity International made a $75 million equity investment in Bogota-based real estate company Terranum Development and became the first institutional real estate investor in Colombia.

INNOVA-MEX's Bid for ENKONTROL

Kerr, William R., and Ramana Nanda
January 2013

No abstract available

DeRemate.com: Building a Latin American Internet Auction Site

Collis, David J.
January 2013

No abstract available

ABB: In China, for China

Trumbull, Gunnar, Elena Corsi, and Elisa Farri
January 2013

ABB, a power and automation Swiss engineering company had to decide if they wanted to be even more integrated into the Chinese economy, ABB's biggest market, or if they should instead increase their presence in other emerging markets such as India and Brazil.

ABB: In China, for China

Trumbull, J. Gunnar
January 2013

No abstract available

DeRemate.com: Building a Latin American Internet Auction Site

Collis, David J.
January 2013

No abstract available

INNOVA-MEX's Bid for ENKONTROL

Kerr, William R., and Ramana Nanda
January 2013

No abstract available

Brazil's Enigma: Sustaining Long-Term Growth

Alfaro, Laura, and Hilary White
January 2013

Over the past decade, Brazil's future as a leading world economic power appeared certain. An expanding middle class and commodity boom had fueled economic growth, with GDP growth hitting a peak of 7.5% in 2010. However, the high cost of conducting business in Brazil, known as "Custo Brasil," was hurting domestic manufacturing, while incoming foreign investments threatened to overwhelm Brazilian markets. Under President Dilma Rousseff, economic growth stagnated, and the Rousseff administration struggled to find the best balance between reducing inflation, maintaining a flexible exchange rate, and improving the competitiveness of Brazilian exports.

Nippon Steel Corporation (B): Significance of the Usiminas Project

McFarlan, F. Warren, and Akiko Kanno
January 2013

No abstract available

2012

GlaxoSmithKline in Brazil: Public-Private Vaccine Partnerships

Daemmrich, Arthur A.
October 2012

No abstract available

Mexico City Water Shortage

Macomber, John D., Regina Garcia-Cuellar, Griffin H. James, and Frederik Nellemann
September 2012

In this case, a property company, a water privatizer, and municipal engineers explore the causes of and solutions to a severe water shortage in Mexico City, a great global capital. The protagonist is a real estate investor doing due diligence on the magnitude of the crisis, the impact on the firm's operations, and the likelihood of resolution. Due diligence includes interviews with city water officials and global-scale water privatizers. This case is an excellent introduction to city scale infrastructure issues on a global level. A related case, "Water Shortage and Property Investing in Mexico City," HBS No. 210-085, contains more real estate finance and less water infrastructure finance material than this case does.

Vale: Global Expansion in the Challenging World of Mining (B)

Musacchio, Aldo, Tarun Khanna, and Ricardo Reisen de Pinho
September 2012

Supplements the (A) case

Doing Business in Brazil

Aldo Musacchio, Gustavo A. Herrero, Ricardo Reisen de Pinho, Cintra Scott
September 2012

This case deals with a decision that must be made by a U.S. private equity firm of whether to enter Brazil, one of the most attractive rising countries in the world, pondering the risks and opportunities that characterize it.

Doing Business in Argentina

Abdelal, Rawi, Amy C. Edmondson, Felix Oberholzer-Gee, Gustavo A. Herrero, and Regina Garcia-Cuellar
September 2012

An imaginary oil company is invited to participate in a potentially lucrative investment in a large oil field just as the Argentine government is taking actions that seem to jeopardize private property rights within its borders. This case highlights the risks and opportunities of the proposed investment in the context of a country with plentiful natural resources that has experienced both booms and busts.

Start-Up Chile: April 2012

Applegate Lynda M., William R. Kerr, Josh Lerner, Dina D. Pomeranz, Gustavo A. Herrero, and Cintra Scott
August 2012

Start-Up Chile is a unique program to encourage entrepreneurs to bring their new ventures to Chile. Policymakers must evaluate its effectiveness in achieving economic and social goals.

GlaxoSmithKline in Brazil: Public-Private Vaccine Partnerships

Daemmrich, Arthur A., and Ian McKown Cornell
August 2012

Three years into a major public-private partnership (PPP) between GlaxoSmithKline (GSK) and Fiocuz, Brazil's principal health institute, the company assesses technology transfer and joint research under the agreement. GSK was selling its Synflorix vaccine (against pediatric pneumonia) at fixed prices even as it transferred technology and know-how to Brazil for eventual domestic production. At the same time, GSK was co-sponsoring research into a new vaccine for Dengue fever with the Brazilian government. GSK's management must consider whether the PPP provides strategic advantage to its consumer healthcare businesses in Brazil and to access other emerging markets as well as the risks posed by the aggressive product obsolescence built into the technology transfer agreement.

Itau Unibanco (A): The Merger Process

Villalonga, Belen, John A. Davis, and Ricardo Reisen de Pinho
August 2012

No abstract available

Itau Unibanco (B): The Merger Outcome

Villalonga, Belen, John A. Davis, and Ricardo Reisen de Pinho
August 2012

No abstract available

Heavy Metal (A): Baosteel Enters Brazil

Abrami, Regina M., and Iacob Koch-Weser
May 2012

What is Baosteel, a top Chinese steelmaker, doing in Brazil? The company is responding to the Chinese government's "go global" policy and to the possible rise in iron ore input costs. But steel mills are complex, capital-intensive projects, and Brazil is an emerging market that poses manifold risks to foreign investors. Vale do Rio Doce, Baosteel's prospective partner, is an iron miner with little experience in steelmaking. Baosteel must evaluate whether it is choosing the right country, partner, and site for its first overseas greenfield investment.

Heavier Metal (B): Baosteel Struggles in Brazil

Abrami, Regina M., and Iacob Koch-Weser
May 2012

This case begins with Baosteel's decision to build a steel mill in Brazil with Vale do Rio Doce, the world's leading iron mining company. Regulatory obstacles and unexpected costs have placed the project in jeopardy. Outside Brazil, however, Baosteel has been growing rapidly, and market trends favor an overseas plant. Baosteel must decide whether or not to continue its efforts to build a steel plant in Brazil.

The Comeback (C): Baosteel Stays in Brazil

Abrami, Regina M., and Iacob Koch-Weser
May 2012

The case begins with Baosteel's renewed effort at building a steel mill in Brazil with Vale do Rio Doce. But again, the company runs into problems with obtaining regulatory approvals. This is compounded by the global financial crisis that seriously impacts the global steel industry. How will Baosteel react to this adverse situation?

Parmalat Uruguay (A) & (B)

Marshall, Paul W., and James M. Sharpe
May 2012

No abstract available

Start-up Chile: April 2012

Applegate, Lynda M., William R. Kerr, Josh Lerner, Dina D. Pomeranz, Gustavo A. Herrero, Cintra Scott
May 2012

Start-Up Chile is a unique program to encourage entrepreneurs to bring their new ventures to Chile. Policymakers must evaluate its effectiveness in achieving economic and social goals.

A Note on Water

Eccles, Robert G., Amy C. Edmondson, George Serafeim, and Sarah E. Farrell
April 2012

This note provides background on the complex issues regarding the supply and consumption of water and how this natural resource is at increasing risk, resulting in significant economic, political, and environmental issues.

The 2010 Chilean Mining Rescue (A)

Edmondson, Amy C., Faaiza Rashid, and Herman B. "Dutch" Leonard
March 2012

On August 5, 2010, 700,000 tons of some of the hardest rock in the world caved in Chile's century-old San José mine. The collapse buried 33 miners at a depth almost twice the height of the Empire State Building-over 600 meters (2,000 feet) below ground. Never had a recovery been attempted at such depths, let alone in the face of challenges like those posed by the San José mine: unstable terrain, rock so hard it defied ordinary drill bits, severely limited time, and the potentially immobilizing fear that plagued the buried miners. Could the trapped miners and rescue workers mobilize before air and resources were depleted? The case describes the ensuing efforts that draw the resources of countless people and multiple organizations in Chile and around the world.

China Development Bank

Jin, Li , Matthew Preble, and Aldo Sesia
March 2012

In May 2011, Chairman Chen Yuan of the China Development Bank (CDB) was thinking back on CDB's financing of a major project between Petroleo Brasileiro SA (Petrobras), Brazil's state-owned oil and gas producer, and China Petroleum & Chemical Corporation (Sinopec), one of China's largest oil companies. Signed two years earlier, the deal was an oil-for-loan agreement in which Petrobras committed to a 10-year oil supply to Sinopec in exchange for a $10 billion loan from CDB. The case study describes the deal and its importance to both countries. The case also discusses CDB's evolution from a policy bank to more of a commercial enterprise.

Brasil Foods

Bell, David E., and Natalie Kindred
March 2012

In mid-2011, the management of Brasil Foods, a leading Brazilian branded foods producer and protein exporter, is evaluating strategies for international and domestic growth. The team has just received approval from Brazil's antitrust authorities to complete the merger of Perdigao and Sadia, the two massive food producers that had combined to form Brasil Foods in 2009. Now, the team is free to focus on their ambitious plan to double revenues by 2015. Domestically, the plan calls for Brasil Foods to maintain its allowed retail market share and expand its presence in the fast-growing food service sector. Internationally, the plan sets out a vision of Brasil Foods evolving from an exporter to a true multinational. The team believes their operational expertise and scale combined with Brazil's booming economy and vast agricultural resources form the ideal platform for achieving their vision. Yet, amid a wealth of possibilities, they face tough choices, such as which emerging markets to pursue first. They also face serious personnel issues, including integrating employees from Perdigao and Sadia-longtime industry rivals-and developing an international team that understands foreign markets.

Cosméticos de España, S.A. (A), (B), (C), (D), & (E)

Hawkins, David F.
March 2012

No abstract available

Colbun-Powering Chile

Reinhardt, Forest L., Michael W. Toffel, Noel Maurer, and Frederik Nellemann
March 2012

No abstract available

The 2010 Chilean Mining Rescue (B)

Edmondson, Amy C., Faaiza Rashid, and Herman B. "Dutch" Leonard
March 2012

No abstract available

Sykué Bioenergya

Hiatt, Shon R., and Ian Cornell
March 2012

No abstract available

Marine Harvest: Leading Salmon Aquaculture

Bell, David E., and Ryan Johnson
February 2012

Marine Harvest has the leading position in salmon aquaculture. Aquaculture is very much a growth business, many believing it could play a major role in solving the world's growing need for protein. The CEO is considering three alternatives for taking advantage of his firm's dominant position. Expand production in Chile, produce value-added salmon products, or backward-integrate into the salmon feed business.

Banco Ciudad (A): Who Is the Owner?

Musacchio, Aldo, Gustavo A. Herrero, and Cintra Scott
February 2012

The state-run Banco de la Ciudad de Buenos Aires (Banco Ciudad) was losing money in 2007. Early in 2008, Federico Sturzenegger, a renowned academic in Argentina, was appointed executive chairman by the city government and charged with turning the bank around. But just four months later, Sturzenegger was already facing the 45th day of a labor conflict sparked by union representatives on account of having fired six employees. The showdown raised several questions. First and foremost: Who owned Banco Ciudad? The city government? The citizens? Its employees? How could this bank use its strengths and overcome its weaknesses to best serve its constituents and the public? This case follows Sturzenegger´s eventful first few years in office to examine how a state-owned enterprise maneuvered in a challenging environment to hit its targets of greater efficiency and profitability.

Banco Ciudad (B): Transformation at Work?

Musacchio, Aldo, Gustavo A. Herrero, and Cintra Scott
February 2012

Returning to Banco Ciudad two years after executive chairman Federico Sturzenegger´s decision to "think outside of the box" to turn the institution around, this case tracks profitability and other metrics of success for the state-owned bank. The case ends with Sturzenegger asking: where can he take the bank next?

INNOVA-MEX's Bid for ENKONTROL

Nanda, Ramana, William R. Kerr, and Carin-Isabel Knoop
February 2012

In their second year, two Mexican HBS MBAs joined forces to start a search fund based in Mexico City. They had raised money to acquire an existing private company in Mexico with an initial enterprise value between $5 million and $15 million. Just seven months after raising the fund, they were about to close a deal on a target company, but the seller wants to renegotiate.

Aluar: Aluminio Argentino S.A. (A) and (B)

Hawkins, David F., Annelena Lobb, and Aldo Sesia
February 2012

Argentine government claims inflation rate is 8 percent but others claim it is double that rate. Analysts' attempts to adjust the company's financial statements for inflation.

2011

Natura Cosméticos, S.A.

Eccles, Robert G., George Serafeim, and James Heffernan
December 2011

Rodolfo Guttilla, director of corporate affairs for Natura Cosméticos S.A. (Natura), prepared for a meeting with key stakeholders to discuss the future of integrated reporting at Natura. A cosmetics company with a strong brand, robust growth in international and domestic markets, and premium price and margins, Natura was consistently rated as one of the preferred places to work in Brazil. Its focus on social and environmental responsibility was a source of innovation; strong employee motivation contributed to the company's superior productivity and market share gain in Brazil's cosmetics, fragrances, and toiletries (CF&T) industry. By 2009, Natura's direct sales business model generated income for over 1 million people in Brazil and Latin America. Natura was the first organization in Brazil to produce an integrated report. Senior leadership was convinced that Natura's success over the years had been aided by its corporate responsibility and strategy to continuously seek improvements in both financial and nonfinancial (e.g., environmental, social, and governance) performance. As he prepared for the meeting, Guttilla considered the future of integrated reporting for Natura. What should the future of integrated reporting be like at Natura? How could the organization increase society's participation in the collaborative effort to develop new solutions to today's most challenging problems? How could the report provide a clearer representation of the organization's strategy and its ability to create and sustain value over the long-term? And finally, how could web-based technologies be used to promote the organization's integrated reporting and sustainable development objectives?

Silver Lake and Private Equity in Brazil: Carnaval or Calamity?

Musacchio, Aldo, and Stephen J. Goldstein
December 2011

This case describes the recent boom in Brazil and recent developments in the private equity industry in that country. At the center of the case is Dave Roux, partner of the technology-focused, private equity firm Silver Lake, who is examining whether to open an office in Brazil. His decision will depend on the state of the Brazilian economy, of the private equity industry, and, ultimately, on the value proposition of Silver Lake. Is the current boom in Brazil a sign of a structural change or is it a bubble? Is it too late for a private equity firm to go to Brazil? Is the Brazilian market too saturated? How do private equity firms add value in Brazil? What's the right entry strategy for a private equity firm in Brazil? Should Silver Lake open an office in Brazil?

Sykué Bioenergya

Hiatt, Shon R.
December 2011

No abstract available

Clearwater Seafoods

Reinhardt, Forest L., Michael W. Toffel., and Frederik Peter Nellemann
November 2011

Clearwater was trying to market value-added products in a traditionally commodities based industry while facing supply uncertainties and regulatory, environmental, and foreign exchange challenges. Clearwater harvested shellfish from the Canadian Atlantic fishery and sold this in markets around the world. They prided themselves on their sustainable fishing practices, which were not the norm for the industry. Seafood buyers traditionally bought on price. Clearwater's innovations and technology investments enabled it to produce a higher quality, value-added product, but it faced the challenge of convincing buyers to pay a premium price. Their products originated from a wild resource under government regulations which limited the size of the catch by both the industry and Clearwater. In recent years, Clearwater operated in an environment with a rising Canadian currency. This reduced profitability because Clearwater's costs were in Canadian currency while its sales were largely in other currencies. The case also discusses the challenges of maintaining a sustainable fishery and uses the collapse of the cod fishing industry as an example. Clearwater was founded in 1976, it went public in 2002, and was still managed by its two founding partners in 2006.

Salud Digna: Successfully Competing with For-Profit Organizations

Grossman, Allen S.
October 2011

Hugo Moreno, CEO of Salud Digna, was considering his growth options for the next three years. Would becoming a for-profit with access to greater capital be the best strategy or would this cause the organization to lose its social mission? Salud Digna provided diagnostic medical tests to the poor, had experienced rapid growth and was financially self-sufficient. Moreno was determined that the organization be as well managed as any company in Mexico

Amil and the Health Care System in Brazil

Herzlinger, Regina E., and Ricardo Reisen de Pinho
September 2011

Dr. Edson Bueno created Amil, Brazil's largest health insurer. Unlike many others, it is vertically integrated. Dr. Bueno has two opportunities for growth. Which, if any, should he pursue?

Aguas Argentinas: Settling a Dispute

Wells, Louis T., Jr.
September 2011

The French-owned Aguas Argentinas faces a demand from the Argentine government that it renegotiate its concession to operate the Buenos Aires water and sewage services. The company must decide whether to continue with efforts to settle on a new contract or to exercise its rights to go to international arbitration. Either way, it must decide on its strategy going forward.

BANEX and the ,,No Pago" Movement (A)

Cole, Shawn, and Baily Blair Kempner
August 2011

This case examines Grassroots Capital's decision of whether or not to continue investing in a Bolivian microfinance bank that is suffering financial distress.

BANEX and the ,,No Pago" Movement (B)

Cole, Shawn, and Baily Blair Kempner
August 2011

This case examines Grassroots Capital's decision of whether or not to continue investing in a Bolivian microfinance bank that is suffering financial distress.

Ultimate Fighting Championship: License to Operate

Serafeim, George , and Kyle Welch
August 2011

The case describes the challenges that Ultimate Fighting Championship (UFC) faced as a result of regulatory opposition and loss of the license to operate. The genesis of the business idea, the subsequent growth, and the fall of the UFC are described. The case concludes with Lorenzo Fertitta deciding whether to invest in the company.

Mibanco: Meeting the Mainstreaming of Microfinance

Chu, Michael, Gustavo A. Herrero, and Jean Steege Hazell
August 2011

Facing an increasingly competitive microfinance market in Peru, Mibanco must continually optimize its product offerings, marketing operations, and human resource management to stay on top. This multimedia courseware provides visual orientation to enable viewers to more fully understand the nature of microentrepreneurs and the microfinance market in Peru, as well how Mibanco attracts and retains clients, balances efficiency and risk management in its loan portfolio, and works to build an organization capable of sustaining rapid growth. The courseware includes five video segments: Introduction, Competition, Marketing, Operations and Human Resources, with a total run time of 52 minutes.

Mibanco: Meeting the Mainstreaming of Microfinance

Chu, Michael
August 2011

Mibanco, Peru's leading microfinance bank, faces intense competition as the banking industry rushes into low income segments. Companion video clips bring into the classroom the contemporary reality of a world-class microfinance institution, where the unpaved streets and cluttered markets of the loan officer coexist with the sophistication of technical financial analysis and premier professional management. Rafael Llosa, the General Manager of Mibanco, must find the way to maintain the financial performance of one of Peru's most profitable banks and meet the strategic growth goals set by his board while facing the most aggressive competitive scenario in the 25-year history of microfinance in Peru. Courseware No. 9-309-701, "Microfinance: An Operating Perspective," contains five chapters filmed at Mibanco: Introduction, Competition, Marketing, Operations and Human Relations.

Patagonia Sur: For-Profit Land Conservation in Chile

Segel, Arthur I.
August 2011

Warren Adams founded Patagonia Sur in 2007 as one of the world's first for-profit land conservation businesses. His goal was to purchase over 100,000 acres of land in southern Chile and to run a variety of sustainable businesses to generate annual returns for investors. Patagonia Sur planned to derive various streams of revenue from the land-including eco-tourism, sustainable land development, carbon credits, water rights and eco-brokerage-thereby giving a financial return to investors on top of achieving a positive environmental impact. By 2011, Warren had raised over $20 million from high net worth individuals and Patagonia Sur had over 60,000 acres in Patagonia under management. However, institutional investors seriously questioned whether Patagonia Sur could ever do more than break even on an annual basis. Further, they worried that in fact the risk of the investment went up significantly as the company spent both its capital and management time on so many different revenue streams. In addition, some investors felt that for-profit conservation was morally wrong. Warren needed to convince both individual and institutional investors that his vision would succeed in both generating returns and preserving the natural beauty of Patagonia.

Volkswagen do Brasil: Driving Strategy with the Balanced Scorecard

Kaplan, Robert S.
July 2011

A new management team at VW do Brazil develops and deploys a strategy map and Balanced Scorecard to accomplish a turnaround and cultural change after eight consecutive years of financial losses and market share declines. The team uses the strategy map to align financial and project resources to the strategy, and to motivate its more than 20,000 employees by communicating the strategy in multiple ways and installing reward and recognition programs. It also establishes new programs to align the extensive networks of suppliers and dealers to the strategy. But after a sharp decline in sales triggered by the global financial crisis of 2008, the executive team faces a dilemma: should cut back production levels and funding for strategic initiatives until sales recover, or should it continue to invest for the future?

Globant

Khaire, Mukti, Gustavo A. Herrero, and Cintra Scott
June 2011

The case deals with an IT company born in Argentina in 2003 to provide software services to established companies in the developed world. After reaching sales of $57 million in 2010, the company ponders its next steps to achieve $500 million in revenues by 2015.

Aluar: Aluminio Argentino S.A. (A)

Hawkins, David F., Hernan Etiennot, Gustavo A. Herrero, and Cintra Scott
June 2011

Argentine government claims inflation rate is 8 percent but others claim it is double that rate. Analysts' attempts to adjust the company's financial statements for inflation.

Aluar: Aluminio Argentino S.A. (B)

Hawkins, David F., Hernan Etiennot, Gustavo A. Herrero, Hugo Pentenero
March 2011

Analyst restates Aluar's financial statements to account for inflation. Students are asked to critique the method used.

The Dutch Flower Cluster

Porter, Michael E., Jorge Ramirez-Vallejo, and Fred van Eenennaam
June 2011

Describes the Dutch flower cluster, or the group of interconnected growers, suppliers, service providers, and flower-related institutions located in The Netherlands. Examines the role of the FloraHolland auction in the value chain. Also describes the flower clusters in China, Colombia, Ecuador, and Kenya, the four other major international competitors.

The Dutch Flower Cluster (Teaching Note)

Porter, Michael E. and Jorge Ramirez-Vallejo
June 2011

No abstract available

Bling Nation

Sahlman, William A., and Liz Kind
May 2011

Bling Nation, a Palo Alto, California startup, was founded in 2007 as a mobile payment service provider that bypassed industry participants such as Visa and MasterCard. Bling Nation partnered with local community banks and merchants in small towns. The banks provided their consumers with Bling Nation "tags"-microchip stickers that could be placed on any mobile phone device. The tags allowed users to make payments directly from their checking accounts and functioned similarly to a debit card. While Bling Nation had already raised $33 million, and its founders were confident of the market potential for mobile payments, they recognized the challenges they faced in scaling their current business model.

Inequality in Brazil

Musacchio, Aldo
May 2011

This case examines the evolution of inequality in Brazil in the last few years and generates two debates. First, the case discusses inequality and whether it is a problem or not for capitalist societies, in this case Brazil. Second, the case discusses some of the policies the Brazilian government has used to attack poverty and inequality.

Cosmeticos de Espana, S.A. (E)

Hawkins, David F.
April 2011

Spanish parent company must decide on the Euro/BsF exchange rate to translate its Venezuelan subsidiary's financial statements into euros.

Sherritt Goes to Cuba (A): Political Risk in Unchartered Territory

Musacchio, Aldo, and Jonathan Schlefer
April 2011

Ian Delaney, CEO of Sherritt, primarily a mining company, visited Cuba in the early 1990s to negotiate a deal to export nickel for its Canadian refineries. The case describes the difficulties of doing business in Cuba and the challenges Delaney overcame to turn Sherritt into a large diversified holding company that operates in mining, oil, utilities, telecomm, hotels, and others. Delaney did this while managing a relationship with an authoritarian regime with an anti-capitalist discourse.

Sherritt Goes to Cuba (B): Dealing with Political Risk Under Raul Castro

Musacchio, Aldo, and Jonathan Schlefer
April 2011

Supplements the (A) case.

Sherritt Goes to Cuba (C): Cuba Country Data

Musacchio, Aldo, and Jonathan Schlefer
April 2011

Supplements the (A) case.

Primedic-Providing Primary Care in Mexico

Hamermesh, Richard G., Regina Garcia Cuellar, and Lauren Margulies
April 2011

Primedic is a Mexican start-up that aims to deliver affordable primary and preventative healthcare to those at the base of the economic pyramid. The company is about to exhaust its first round of venture capital funding, and the business model has yet to gain traction. How should the business model be changed, and should the venture capitalists continue to fund the company?

Brazil: Leading the BRICs?

Daemmrich, Arthur A., and Aldo Musacchio
March 2011

Brazil's new president, Dilma Rousseff, had announced plans to sustain GDP growth above 5% annually and continue the country's leadership role among emerging economies. Between 2003 and 2010, Brazil benefited from strong economic growth and stable policies under the Lula administration. Brazil also increasingly led the BRICs (the fast-growing countries Brazil, Russia, India, and China) in multilateral negotiations, notably in the World Trade Organization's Doha Round. Yet Brazil's actions to enforce a compulsory license of a patented therapy for HIV/AIDS and its victory in a longstanding WTO dispute with the United States over cotton subsidies had created tensions with major trading partners. Entering office in January 2011, Rousseff had the opportunity to outline a new agenda for international trade. Specifically, she had to decide whether to seek completion of the Doha Round, which was in a stalement due to disputes over global intellectual property rules and agricultural subsidies and tariffs, or instead to pursue regional trade agreements in South and Central America. Rousseff also pledged active government involvement in the economy, described in the case as "Brazilian capitalism," but it was unclear whether fiscal expansion coupled to conservative monetary policies would reduce bottlenecks to growth and further temper Brazil's high inequality.

Assembling Smartphones: Takt Time =/= Cycle Time?

Shih, Willy, and Ethan S. Bernstein
March 2011

The case was prepared to be used as part of a process review in the first year Technology and Operations Management course at HBS. It offers students an opportunity to discuss the context of a manufacturing process choice, and then examine actual production numbers that resulted from a series of choices. While there isn't a traditional case issue, the discussion should focus on the gap between theoretical process designs and the reality of practical implementations, with the impact of operator variability in pace and the complex intertwining with work scope. The case only meant for one discussion pasture to review the Hayes-Wheelwright product-process matrix and the impact of variability on line performance. While comparative numbers for the process choices are provided, the hope would be to develop students' intuition around why the numbers change so much.

China Construction America (B): The Baha Mar Resort Deal

Abrami, Regina M., Malcolm Riddell, and Weiqi Zhang
March 2011

Why is a Chinese state-owned construction company building the largest mega-resort and casino in the Caribbean? This case examines the intricate dealmaking by which CSCEC, China's leading global engineering and construction contractor, emerged as a key market player. Having beat out Harrah's and other contenders for a stake in the Baha Mar Project, CSCEC now also has an equity stake in the Bahamas' gaming and resort industry. The case explores the growing role of project financing by way of China's Export-Import Bank and its implications for business dealmaking and the competitiveness of China's increasingly globalizing businesses.

Volkswagen do Brasil: Driving Strategy with the Balanced Scorecard

Kaplan, Robert S., and Ricardo Reisen de Pinho
March 2011

A new management team at VW do Brazil develops and deploys a strategy map and Balanced Scorecard to accomplish a turnaround and cultural change after eight consecutive years of financial losses and market share declines. The team uses the strategy map to align financial and project resources to the strategy and to motivate its more than 20,000 employees by communicating the strategy in multiple ways and installing reward and recognition programs. It also establishes new programs to align the extensive networks of suppliers and dealers to the strategy. But after a sharp decline in sales triggered by the global financial crisis of 2008, the executive team faces a dilemma: should it cut back production levels and funding for strategic initiatives until sales recover, or should it continue to invest for the future?

Los Grobo: Farming's Future?

Bell, David E., and Cintra Scott
February 2011

This case describes the international expansion plans of the second largest grain producer in Latin America, Los Grobo. Based in Argentina with US$550 million in annual sales, Los Grobo also operated in Brazil, Uruguay, and Paraguay-usually with local partners. Los Grobo had an unusual business model: it did not own land nor farm machinery. Instead, it created a network of partnered producers and suppliers. In other words, it outsourced as much as possible. CEO Gustavo Grobocopatel believed that Los Grobo's network model was the best way to work within "farming's new paradigm," in which knowledge and technological advancements were farmers' most important tools.

Colombia: Organizing for Competitiveness

Ramirez-Vallejo, Jorge, and Michael E. Porter,
January 2011

The case is designed to explore the process of building competitiveness, particularly in an unstable environment, with a focus on organizations for competitiveness.

CHS Inc.: Cooperative Leadership in a Global Food Economy

Goldberg, Ray A., and Matthew Preble
January 2011

CHS-the largest farm cooperative in the U.S.-was planning its 2020 vision statement and the role the cooperative should play in the food system.

2010

VeeV on the Rocks?

Marquis, Christopher, Joshua D. Margolis, and Bobbi Thomason
December 2010

Three pressing challenges (equity split, extent of commitment to social responsibility, and product discoloration) confront VeeV, the world's first alcoholic beverage infused with acai berries. Brothers Courtney and Carter Reum founded VeeV in 2007 and the firm has experienced rapid growth since then. The case documents the backgrounds of the young founders, details the launch and early phase of the company, and presents three challenges the founders must address: how to split the equity of the new company, how far to go in their efforts to be a "green" and socially responsible brand; and an unexpected potential product quality issue.

Farmland Investing: A Technical Note

Goldberg, Ray A., Arthur I Segel, Gustavo A. Herrero, and Andrew Terris
December 2010

This note seeks to provide an overview of farmland investing, the investment thesis behind investing in agriculture, how and why investors would choose farmland, and the general risks and return characteristics of this asset class. In recent years, a growing number of individual and institutional investors have allocated a portion of their capital into agricultural farmland. Private investors, public companies, and sovereign wealth funds are now all currently purchasing and selling large amounts of farmland for profit.

Global Expansion at Sanford C. Bernstein

Hill, Linda A., and Dana M. Teppert
December 2010

Sanford C. Bernstein, a premier sell-side research firm, is expanding globally and has recently opened an office in Hong Kong. Global Director of Research Robert van Brugge must consider how best to organize the firm's research department to enhance cross-sector and cross-geography collaboration among the senior research analysts in order to adapt to the challenging realities of global expansion in the financial services industry.

Chile's Copper Surplus: The Road Not Taken (A)

Alfaro, Laura, Dante Roscini, and Renee Kim
December 2010

In 2008, Andres Velasco, Chile's Finance Minister, was under mounting criticisms over his fiscal policy. As the world's largest copper producer, Chile was benefiting from the rise in copper prices, which had more than tripled since 2003. Copper revenues translated into greater income for the government as Chile's biggest copper producer, Codelco, was a state-owned enterprise. Velasco had chosen to save the bulk of the copper revenues into two stabilization funds; by the end of August 2008, the collective amount represented more than 20% of Chile's GDP. Several critics wanted the funds to be used to improve the poor public education system, income gap, and other impending social issues. After all, Chile had one of the most unequal distributions of wealth in the world. Productivity was stagnant and economic growth had slowed down significantly since the 1990s. What should Velasco do amid growing public discontent? Was it really in Chile's best interest to keep saving the copper wealth?

Chile's Copper Surplus: The Road Not Taken (B)

Alfaro, Laura, Dante Roscini, and Renee Kim
December 2010

In 2009, Chile's Finance Minister Andres Velasco's fortunes had been reversed. His fiscal policy that had come under attack just a year ago had been used to finance a $4 billion fiscal stimulus package amid the global economic downturn. Velasco was now Chile's most popular minister. However, the future of Chile's fiscal policy was questionable with the election of a new president, Sebastian Pinera, the first conservative leader to lead Chile in two decades.

Cresud S.A., Farmer or Real Estate Developer?

Goldberg, Ray A., Arthur I Segel, Gustavo A. Herrero, and Andrew Terris
December 2010

Alejandro EIsztain, CEO of Cresud S.A., is faced with the difficult choice of whether to sell, develop, or continue to hold the 151,000 hectares of remaining undeveloped farmland at the company's Los Pozos farm in Argentina. Developing the land will further expose Cresud to a variety of risks related to owning and operating farmland, but the potential financial rewards are potentially significant. As competition has increased and farmland values have skyrocketed in the last eight years, Cresud's overall corporate strategy has been to increasingly focus on development opportunities outside of the country-in areas such as Brazil, Paraguay, and Bolivia. Alejandro's looming decision on Los Pozos is, in many ways, reflective of choices facing his company in general.

Salud Digna: Dignified Health for Everyone

Grossman, Allen, and Regina Garcia-Cuellar
November 2010

Hugo Moreno, CEO of Salud Digna, was considering his growth options for the next three years. Would becoming a for-profit with access to greater capital be the best strategy or would this cause the organization to lose its social mission? Salud Digna provided diagnostic medical tests to the poor, had experienced rapid growth, and was financially self-sufficient. Moreno was determined that the organization be as well managed as any company in Mexico.

Cosmeticos de Espana, S.A. (A)

Hawkins, David F.
November 2010

Management must decide which exchange rate to use to consolidate the company's Venezuelan subsidiary.

Cosmeticos de Espana, S.A. (B)

Hawkins, David F.
November 2010

Second case in the Cosmeticos de Espana case series. What should management's accounting response be to a devaluation of the Bolivar?

Cosmeticos de Espana, S.A. (C)

Hawkins, David F.
November 2010

The third case in the Cosmeticos de Espana case series. What should management's accounting response be to a further devaluation of the Bolivar?

Cosmeticos de Espana, S.A. (D)

Hawkins, David F.
November 2010

The fourth case in the Cosmeticos de Espana case series. What should management's accounting response b to the imposition of foreign currency controls?

Cosan: Thinking Outside the Barrel

Reinhardt, Forest, Noel Maurer, and Ricardo Reisen de Pinho
October 2010

The Cosan case introduces students and executive education participants to political economy and business strategy in the biofuels industry. Cosan, based in Brazil, is the largest grower and processor of sugarcane in the world and the largest sugar and ethanol producer in Brazil; it is also the world's largest exporter of ethanol for vehicle fuels. Rubens Ometto, Cosan's CEO, has staked out a leading position in the Brazilian ethanol and sugar industries by virtue of his efficiencies in agricultural production and in downstream logistics. He now needs to consider whether, and how aggressively, to expand abroad, either with production facilities or by exporting Brazilian output. He also needs to decide the appropriate vertical structure for the firm: whether he should be involved more extensively in agriculture, processing, distribution, or retail. The answers to these questions depend on his views of the future of the industry and on the governmental institutions that will affect the distribution of value along the value chain.

Emerging Nokia?

Alcacer, Juan, Tarun Khanna, Mary Furey, Rakeen Mabud
September 2010

By late 2009, Nokia was grappling with the decision of whether to recover its leading position in the high-profit developed markets, where they were losing market share to the likes of Apple and Samsung, or defend its market leadership in the low-margin, high-volume emerging markets. This case poses the following questions: Should Nokia stay the course, operating in both the developed and emerging markets, or should they forego one for the other? And what would this imply for the types of handsets and services they would need to offer?

The Guggenheims and Chilean Nitrates

Jones, Geoffrey G., Felipe Tamega Fernandes
September 2010

The case describes the growth of Guggenheim Brothers as one of the largest mining companies in the world in the early twentieth century. Global expansion led the firm to Chile, first in copper and later in natural nitrates. Chile's economic growth was driven by the profits from mining, especially its world monopoly of nitrates. The Guggenheims invested in Chilean nitrates after synthetics were developed by German chemists. Their strategies to modernize the industry collapsed with the outbreak of the Great Depression, during which Chile experienced the greatest fall of incomes of any country. The case serves as a vehicle to explore the devastating economic and political impact of the Great Depression on the countries of the South, such as Chile, which had specialized in primary commodities, and on mining and financial capitalists such as the Guggenheims.

Vale: Global Expansion in the Challenging World of Mining

Khanna, Tarun, Aldo Musacchio, and Ricardo Reisen de Pinho
July 2010

In 2009 the management of Vale, a Brazilian diversified mining company and the largest iron ore producer in the world, was under pressure from at least two fronts. First, the emergence of China as the most important consumer of iron ore in the last few years had changed the pricing system for iron ore from long-term contracts based on negotiated "benchmark prices" to contracts based on spot prices, usually forcing mining companies to pay for shipping. Second, for Brazil's charismatic president, Lula, a former union leader, Vale's layoffs during the global financial crisis and its perceived move away from Brazil (as Vale increased its exports to China and purchased Chinese vessels to ship iron ore to Asia) were reasons to start an open campaign to pressure Vale and Roger Agnelli to invest in integrated steel mills in Brazil. In October of 2009, the CEO of Vale, Agnelli was going to meet with Lula and had to decide what to do to attenuate these political pressures. What could Agnelli do to deal with political pressures at home? Was the purchase of large vessels to ship iron ore to Asia a good decision at a time when the shipping industry had spare capacity?

In the Spotlight: The Market for Iron Ore

Musacchio, Aldo, Tarun Khanna, and Jenna Bernhardson
July 2010

This note discusses the structure and functioning of the market for iron ore. This market has traditionally functioned using a benchmark pricing mechanism, in which large steel mills in Japan (now in China) negotiate the benchmark price with the largest of the big three iron ore producers (Vale do Rio Doce). Yet this market is changing rapidly-with the rise of China as the main consumer of iron ore, the rules seem to be changing. The note examines the increasing importance of the spot market for iron ore and the advantages and disadvantages of abandoning the benchmark price system for both consumers and miners.

Colombia: Strong Fundamentals, Global Risk

Musacchio, Aldo, Richard H. K. Vietor, Jonathan Schlefer, and Carolina Camacho
July 2010

By mid-2009 Colombian President Alvaro Uribe had ended decades of virtual civil war and strengthened the business climate, but he faced tough economic challenges. Though he had instituted prominent market reforms and brought inflation down sharply, Colombia seemed stuck in a middle ground, industrially behind Brazil or Chile but ahead of poorer Latin American countries. Traditional exports-coal, coffee, oil-still comprised more than half the total, while manufactured exports comprised only a fifth. Public investment in transport and other infrastructure-a perpetual obstacle to growth in mountainous Colombia-remained too low. A major ambition of Uribe or his possible like-minded successor was to secure U.S. Congressional approval of a free trade agreement signed in 2006. But would it really help Colombia diversify its economy? Colombia already had access to the U.S. market but still had a relatively closed economy compared with neighbors such as Mexico or Chile.

Mexico: Crisis and Competitiveness

Musacchio, Aldo, Richard H.K. Vietor, and Regina Garcia-Cuellar
July 2010

In 2010, the bicentennial anniversary of Mexico's revolution against Spain, President Felipe Calderon hoped he could orchestrate several crucial reforms that Mexico needed. Mexico had not grown much over the course of the last decade, losing competitiveness to China and other Asian countries. Several of its institutions, including labor, education, healthcare, energy, and antitrust seemed uncompetitive. But with a weaker peso and greater governmental attention to infrastructure, Calderon hoped that Mexico's higher-tech exports could recapture U.S. market share and make headway in Europe and Latin America.

Mirae Asset: Korea's Mutual Fund Pioneer

Khaire, Mukti, Michael Shih-Ta Chen, and G.A. Donovan
June 2010

Park Hyeon-Joo, the founder and chairman of Korea's earliest and largest mutual fund company, plans to expand internationally. After first offering emerging market funds to its Korean customers, the company then began selling local-currency funds in India and Brazil. Now Hyeon-Joo has to decide his next steps. Should he build on his emerging market expertise and focus his business expansion in developing countries? If so, where should he concentrate his efforts-India, Brazil, China, or other countries? Or should he instead focus on expanding into developed markets through operations in New York and London?

Water Shortage and Property Investing in Mexico City

Macomber, John D., Regina Garcia-Cuellar, and Griffin H. James
June 2010

A commercial property company evaluates water risks including the government's ability to remedy, the company's operating exposure and mitigation, and whether to relocate because of water risk. A real estate fund manager assesses investment prospects in Mexico City in the context of a major water supply and distribution crisis facing one of the world's largest cities. Can the investment manager understand the water problems so she can make a decision whether to invest in Mexico City? What will she learn about how water is sourced and distributed in Mexico City? And how might the potential public-private partnerships being discussed affect her investment prospects? The fund's investors are seeking real estate exposure in major world cities, particularly Mexico City. How can they assess and mitigate this exposure? How can they extend this thinking to other cities and countries?

Nestlé's Milk Districts: Case Supplement

Goldberg, Ray A., and Kerry Herman
May 2010

Nestlé, as the largest milk company in the world, has a history of economic development, nutrition, health, and food safety in all the major countries of the world. Each milk model is tailor-made to the needs of each country's political, social, and economic priorities. Supplements the case "Nestlé's Milk District Model: Economic Development for a Value-Added Food Chain and Improved Nutrition."

Amyris Biotechnologies: Commercializing Biofuel

Pisano, Gary P., and Alison Berkley Wagonfeld
May 2010

In 2009, Amyris Biotechnologies was building a plant in Brazil that used synthetic biology to convert sugarcane into both renewable fuels and renewable chemicals. The Amyris' marketing team was investigating the commercial interest for both types of products, while the research and development team and the operations group were building processes that could accommodate both as well. CEO John Melo hoped to have commercial product available in 2011; however, he realized that pursuing both chemicals and fuels added even more complexity to a business that was already executing multiple development steps in parallel. The case looks at the various strategic and operational decisions facing Melo as he planned the company's optimal commercialization strategy.

Codevasf

Bell, David E., Marcos Fava Neves, Luciano Thome e Castro, and Natalie Kindred
May 2010

With many countries facing scarcity of freshwater and farmable land, Brazil decided to leverage its wealth of both resources to attract global agribusiness players to the historically poor São Francisco Valley (SFV) in the country's northeast. To do so, Brazil instituted its first public-private partnership (PPP) in irrigation at Pontal, a partially built irrigation project in the SFV. In exchange for partial reimbursement from the Brazilian government and free use of 30,000 hectares land for 25 years, the private-sector partner would finish constructing the irrigation infrastructure and establish agricultural operations on the project; the partner was also required to integrate some local smallholders into the production chain. In December 2009, Codevasf was almost ready to start accepting bids for Pontal. For Clementino de Souza Coelho, director of infrastructure for Codevasf, the stakes were high: if successful at Pontal, PPPs could be replicated throughout the SFV, transforming the historically poor region into an agribusiness hub, as well as being a model for the rest of the world.

SIPEF: Biological Assets at Fair Value under IAS 41

Riedl, Edward J., and Kristin Meyer
March 2010

We investigate financing constraints in a large cross-country data set covering most of the European economy. Firm-level investment sensitivity to cash flow is used to identify financing constraints. We find that the sensitivities are significantly positive, on average, controlling for country and industry fixed effects, as well as firm-level controls. Most importantly, the cash flow sensitivity of investment is lower in countries with better-developed financial markets. This suggests that financial development may mitigate financial constraints. This effect is weaker in conglomerate subsidiaries, which are likely to have access to internal capital markets and depend less on the outside financial environment, and possibly for firms in industries with highly liquid assets as well. This result sheds light on the link between financial and economic development.

ViniBrasil: New Latitude Wines

Bell, David E., Marcos Fava Neves, Luciano Thome e Castro, and Mary Shelman
February 2010

ViniBrasil is a small wine venture in Brazil started by a top Portuguese wine company, Dao Sul. ViniBrasil grows its grapes in a novel environment (close to the equator) using innovative management practices such as controlled irrigation and year-round harvesting. ViniBrasil "Rio Sol" wines, which have received several awards, are sold mainly in Brazil where per capita wine consumption is low and there is strong competition from inexpensive imports. Dao Sul must decide how to expand the Brazilian market and also if there is international potential for the new Brazilian wines.

2009

VF Brands: Global Supply Chain Strategy

Pisano, Gary P., and Pamela Adams
December 2009

This case examines VF Brands global supply chain strategy. Historically, VF has used a combination of in-house manufacturing and traditional arms-length sourcing arrangements. At the time of the case, the company is considering a third approach to supplier relations that involves much closer cooperation and partnerships. The goal of this "third way" approach is to create a sourcing relationship that combines some of the virtues of vertical integration with the flexibility of sourcing. Such arrangements are increasingly discussed in the operations literature and in practice. This case provides students an opportunity to do an in-depth analysis of such an arrangement and develop an understanding of the trade-offs involved.

Stolt-Nielsen Transportation Group

Paine, Lynn S., and Lara Adamsons
December 2009

Richard Wingfield considers whether to continue a cooperative agreement with industry peers in the deep-sea parcel tanker shipping industry. What are the economic and strategic implications of ending the agreement? What are the legal implications of continuing? Where is the line between cooperation and conspiracy, and what should a company do if the legality of a long-standing business practice comes into question?

Stolt-Nielsen Transportation Group (B)

Paine, Lynn S., and Lara Adamsons
December 2009

Supplements the (A) case

Stolt-Nielsen Transportation Group (C)

Paine, Lynn S., and Lara Adamsons
December 2009

Supplements the (A) case

Stolt-Nielsen Transportation Group (D)

Paine, Lynn S., and Lara Adamsons
December 2009

Supplements the (A) case

Stolt-Nielsen Transportation Group (Supplement)

Paine, Lynn S., and Lara Adamsons
December 2009

Supplements the (A) case

Noble Group

Foley, C. Fritz, Michael Shih-Ta Chen, Matthew Johnson, and Linnea Meyer
November 2009

What role does trade finance play in facilitating global supply chain management? Richard S. Elman, founder and CEO of Noble Group Ltd., a global commodities trading company based in Hong Kong, must raise capital to support the firm's working capital and investment needs. In evaluating by which means Elman should raise capital, students must consider issues relating to the payment terms and financing arrangements used in world trade, as well as the risk management and operating decisions of a trade intermediary.

Colombia: Organizing for Competitiveness

Porter, Michael E., and Jorge Ramirez-Vallejo
October 2009

The case is designed to explore the process of building competitiveness, particularly in an unstable environment, with a focus on organizations for competitiveness

Root Capital

Rangan, V. Kasturi, and Katharine Lee
October 2009

Founded in 1999, Root Capital had loaned $150 million to nearly 250 small and growing businesses, mainly in Latin America. In 2009, as the organization launched a five-year, $55 million capital campaign, it had to determine a strategic path going forward in keeping with its goal of achieving financial sustainability by 2013

Endeavor: Creating a Global Movement for High-Impact Entrepreneurship

Sahlman, William A.
October 2009

This case describes a critical inflection point in the growth of an international development "mentor capitalist" nonprofit, Endeavor. As Endeavor aims to scale its high-impact entrepreneurship model globally, founder Linda Rottenberg must determine what success looks like for the organization and which growth option will most effectively take Endeavor in that direction. The case begins with a panel of business leaders selecting a new class of Jordanian entrepreneurs to join the ranks of Endeavor's prestigious portfolio. Their decision forces them to wrestle with the following questions: "What is high impact entrepreneurship, and how will it contribute to the economic development of a country like Jordan?"

Transworld Auto Parts (A)

Narayanan, V.G., and Lisa Brem
October 2009

Transworld Auto Parts had to implement its new strategy flawlessly to survive the auto industry upheaval. The new CEO asked her leadership team to craft strategy maps and balanced scorecards to help each division implement its strategies.

Transworld Auto Parts (B)

Narayanan, V.G., and Lisa Brem
October 2009

Supplements the (A) case

Western Union: Our World, Our Family®

Marquis, Christopher
October 2009

In 2006, Western Union spun-off from its former parent, First Data Corporation, and began the process of defining itself as a stand-alone organization. Part of that effort was the creation of a strategic corporate social responsibility program called Our World, Our Family. The case tracks Western Union's earlier CSR initiatives and how they resulted in the creation Our World, Our Family. Key elements of the case focus on understanding the Western Union business model focused on financial remittances, and how its corporate citizenship efforts bring value to the company by satisfying the diverse needs of Western Union's stakeholders.

Procter & Gamble in the 21st Century (A): Becoming Truly Global

Kanter, Rosabeth Moss, and Matthew Bird
October 2009

Since the 1980s, Procter & Gamble had leveraged its purpose, values, and principles (PVP) to create a global company. When P&G faced difficult times in 2000, the new CEO, A.G. Lafley, leveraged the PVP to drive P&G's turnaround, integrate global operations, and guide decision making in all facets of the business. But the Gillette acquisition posed a new challenge.

Procter & Gamble in the 21st Century (C): Integrating Gillette

Kanter, Rosabeth Moss, and Matthew Bird
October 2009

P&G had used its purpose, values, and principles (PVP) to prepare for the physical integration of Gillette prior to the change of control. The execution of these plans posed numerous challenges in global business units as well as in individual country organizations. While managers sought to maintain business momentum during the transition, corporate leaders were intent on continuing to use Gillette as a catalyst of change.

CEMEX (A): Building the Global Framework (1985-2004)

Kanter, Rosabeth Moss, Pamela Yatsko, and Ryan Raffaelli
October 2009

CEMEX grew through acquisitions from a Latin American to a global company under the leadership of a CEO who believed in the importance of a "one enterprise" culture and benchmarking against world standards. As the CEO ponders an acquisition that would double the company's size and take it to new geographies, he wonders if the right capabilities are in place for what should be changed to manage the integration process effectively.

CEMEX (B): Cementing Relationships (2004-2007)

Kanter, Rosabeth Moss, Pamela Yatsko, and Ryan Raffaelli
October 2009

Supplements the (A) case

CEMEX's Foundations for Sustainability

Kanter, Rosabeth Moss , Pamela Yatsko, and Ryan Raffaelli
October 2009

No abstract available

VeeV on the Rocks?

Margolis, Joshua D, Christopher Marquis, and Laura Winig
August 2009

Three pressing challenges (equity split, extent of commitment to social responsibility, and product discoloration) confront VeeV, the world's first alcoholic beverage infused with acai berries. Brothers Courtney and Carter Reum founded VeeV in 2007 and the firm has experienced rapid growth since then. The case documents the backgrounds of the young founders, details the launch and early phase of the company, and presents three challenges the founders must address: how to split the equity of the new company, how far to go in their efforts to be a "green" and socially responsible brand, and an unexpected potential product quality issue.

Colbun-Powering Chile

Reinhardt, Forest, Gustavo Herrero, and Sanjay Patnaik
July 2009

This case is about Colbun, Chile's second largest electricity generator, which is facing significant uncertainty regarding the cost and availability of alternative energy sources. Problems with the contracted supply of natural gas and the volatility of oil prices, coupled with regulatory changes made by the government, force Colbun to revise its business strategy and its sourcing mix. New legislation will replace historically regulated electricity prices for certain customers with free market prices and therefore change the conditions under which the company must operate. The case also deals with the pros and cons of various energy sources in view of their perceived environmental impact. As the company's CEO, Bernardo Larrain Matte has to take all these different considerations into account when planning Colbun's future, especially in the light of new opportunities and challenges posed by global climate change. The case analyzes the Chilean electricity sector and the operations of Colbun to illustrate the complexities associated with conducting business under the influence of global energy markets, government regulations, and environmental activism.

Concha y Toro

Deshpandé, Rohit, Gustavo A. Herrero
April 2009

Chile's largest wine producer faces a price versus value positioning problem. Its highest quality wines are not priced competitively at retail because "Made in Chile" connotes great value and low price.

Equity International: The Second Act

Retsinas, Nicolas P., Ben Creo, and Ricardo Reisen de Pinho
April 2009

Thomas McDonald, senior vice president of Equity International (EI), is weighing an investment in the Brazilian homebuilder Gafisa. Was this the right country? The right company? The right co-investor? The right time? McDonald would be investing alongside a Brazilian private equity firm, GP Investments, and must decide how to structure the investment. Especially, he must decide how to align his interests with those of GP. GP has recruited EI due to its prior experience with the Mexican homebuilder Gafisa. McDonald must also consider: Is that experience transferable to this investment?

URBI and the City Licensee Managers

Macomber, John D., Regina Garcia-Cuellar
April 2009

A leading low income housing builder in Mexico decides which prospective new local partner best extends its advantages in managing twin production lines of homes and clients. URBI has built substantial competitive advantage in the technology and culture that matches the outputs of these two production systems. The company has also built extensive expertise in accessing the many mortgage and funding sources in Mexico. To grow, the company is interested in entering other Mexican geographies but faces a choice of doing this with its own staff and buying land for cash, or partnering with local entrepreneurs and local land owners. In evaluating the choices, students must think more deeply about what makes the two production lines work and how to balance the two lines. The discussion can end with comparisons of the Mexican political and government circumstances that encourage this method of producing workforce housing as compared with the U.S., China, India, and other markets.

Banco Hipotecario S.A.

Bergstresser, Daniel B., Arthur I Segel , and Alexandra de Royere
March 2009

In 2003, the chairwoman and controlling shareholder of Argentina's leading residential mortgage lender are considering how to bring the bank's restructuring to a successful conclusion as the country's economy continues to suffer from the impact of the 2001-2002 currency crisis and default. As the bank's competitors, many of whom were also creditors, begin to close ranks, Banco Hipotecario's management and shareholders need to come up with a plan that will satisfy creditors and keep the bank's business model intact.

WL Ross and Plascar

Foley, C. Fritz, and Linnea Meyer
March 2009

How can distressed investors take advantage of the procedures governing an international bankruptcy? Wilbur L. Ross, chairman and CEO of the private equity firm WL Ross & Co., LLC, has the opportunity to bid for debt and equity claims on Plascar Industria e Comercio Ltda., the Brazilian subsidiary of the bankrupt global auto components company Collins & Aikman Corp. In evaluating this opportunity, students must analyze Ross's strategy to reshape a global industry with significant overcapacity, consider the opportunities created by the legal procedures that govern cross-border insolvencies, study a debt overhang problem, and consider how restructuring alternatives can address this problem.

Grupo Bimbo: Growth and Social Responsibility

Rangan, V. Kasturi, and Regina Garcia-Cuellar
February 2009

Bimbo, headquartered in Mexico with 2008 sales of $7 billion, was one of the largest bakery companies in the world. Even as it had grown spectacularly in the last several decades, the company had earned a stellar reputation for its corporate social responsibility (CSR). As the company set its sights on international expansion, its third generation CFO, Daniel Servitje, wondered how to keep its growth and CSR objectives neatly aligned.

JBS Swift & Co.

Bell, David E., and Catherine Ross
January 2009

Brazilian meat packer JBS surprised many in the U.S. beef industry when it acquired Swift & Co.-a company more than five times its size-in 2007, then moved to acquire the U.S.'s fourth and fifth largest beef producers in 2008. The new JBS Swift slashed costs and restructured, turning around a quarterly loss of $99 million to a gain of $140 million within 6 months. JBS aimed to position itself to supply beef markets around the world, but it faced a perfect storm of rising feed and fuel prices, a global credit crisis, and industry analysts skeptical about the company's debt load.

Note on Medical Travel

Herzlinger, Regina E., and Sara Green
January 2009

Background notes for MedVal and Fortis case studies.

Cola Wars: Going Global

Cespedes, Frank V
January 2009

This case is meant to be used in conjunction with the extant "Cola Wars" case studies. It outlines the global positions of Pepsi and Coca-Cola as of 2008 in the soft drink market, and then provides an overview of their competitive situations in three markets: Mexico, China, and India. The case raises the issue of whether any or all of these markets are a) structurally attractive for soft drink firms, and b) if so, how can Pepsi best "catch-up" with Coca-Cola in a given market.

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2008

Polanco: A Fashionable Opportunity

Segel, Arthur I, and Ben Creo
October 2008

Roberto Charvel is a young MBA graduate making his first personal real estate investment in his native Mexico City. Charvel is planning to purchase and renovate a nine-unit apartment building. Is the market good? Should he sell or lease the units? How should he handle other issues like the architectural designs, the construction process, and the legal process? How should he balance all the competing demands on his time? This case serves as an introduction to the multifamily property type.

Chocolates El Rey

Deshpandé, Rohit, Gustavo Herrero, and Regina Garcia-Cuellar
October 2008

In late November 2006, Jorge Redmond, CEO of Chocolates El Rey, called a meeting with senior management to discuss the company's growth strategy. A relatively small firm with sales of around $14 million, El Rey produced top quality chocolate made with single origin Venezuelan cocoa beans. The firm sold its chocolates in four different segments-food services, industry, retail, and beverages-and exported 17% of its production, mostly to the United States, Europe, and Japan. El Rey needed to grow, but Redmond wondered how to achieve growth and how to market the "El Rey" brand to its different target segments and international markets. With only 0.5% of the cocoa's world production, was it worth the effort to try and establish a country-of-origin image for Venezuelan chocolate? If so, how could El Rey go about it?

Power Across Latin America: Endesa de Chile

Ghemawat, Pankaj, and Patricio Del Sol
September 2008

Endesa, a privatized Chilean electricity generator, has made significant investments in the privatization of Argentina's electricity sector and is now contemplating an even larger privatization opportunity in Peru. In deciding how much to bid in Peru, Endesa must account for the political context in which privatization is being undertaken, as well as a host of other uncertainties.

Arauco (B): 'Papel' in Brazil

Casadesus-Masanell, Ramon, Jorge Tarzijan, and Jordan Mitchell
August 2008

This is Part B to the "Arauco: Forward Integration or Horizontal Expansion?" case. This short case looks at the company in late 2007 after it has decided to invest in a Brazilian joint venture involving forests, saw mills, and a paper mill. The case acts as an epilogue and allows students to revisit the concept of forward integration into paper in the Brazilian context.

Vignettes on Governance of Private Equity Firms

Hardymon, G. Felda, Ann Leamon, and Eugenia Adofo
July 2008

In a series of vignettes, Nigella Hardy-Smyth of an international development agency that invests partners in emerging markets private equity firms must decide how to handle various situations that arise. As a member of the Limited Partner Advisory Board of each of the five firms, she must contend with a fund manager with an indistinct mandate, a manager who wants to exceed the concentration limit in an investment, tension between a star investor and her other partners, a founding partner who wants to fire the rest of his senior team, and a limited partner seeking preferential treatment that might benefit his fund to the detriment of the other limited partners. The process of discussing these helps the class explore the nuanced role of a limited partner in a private equity firm.

Southern Company's Investment in CEMIG

Ghemawat, Pankaj, Raymond Hill, and L.G. Thomas
July 2008

In the spring of 1997, Southern Company had the opportunity to acquire a significant portion of the electric utility in the Brazilian state of Minas Gerais. The shares in the utility, CEMIG, were being sold by the state government as part of a comprehensive privatization of Brazil's electric sector. Brazil's privatization was, in turn, part of a worldwide movement toward deregulation and privatization of the electric sector. Like many of its rivals in the utility sector, Southern had committed itself to a strategy of growth by taking advantage of the significant opportunities for cross-border investment that were being created by this trend. The privatization of CEMIG was a particularly appealing opportunity for Southern. Not only was CEMIG one of the largest utilities in Latin America, but this investment would provide a base in the Brazilian market, which was expected to have the largest potential for further growth on the continent. Brazil was in the process of reforming its system of regulating electric utilities and of introducing competition into Brazil's wholesale generating market. These changes would further enhance the potential profitability of investing in CEMIG. In addition to the attractiveness of the investment, Southern had been able to secure non-recourse financing for half of the required amount. Keeping in mind Brazil's volatile economic history, this financing would substantially limit Southern's downside risk. The state government had set a price of $1.1 billion for the block of shares. Was the investment in CEMIG worth that price?

The Offshoring of America

Vietor, Richard H.K., Jan W. Rivkin, and Juliana Seminerio
July 2008

The movement from jobs in the United States to developing countries, in a process known as offshoring, has become quite a controversial topic. Managers not only need to decide which activities, if any, to move offshore, but where to move them. This case describes the nature of offshoring and its effect on developing countries.

Banco Compartamos: Life after the IPO

Michael Chu, and Regina Garcia Cuellar
May 2008

After an international IPO yielding extraordinary returns to original investors, Banco Compartamos, Mexico's leading microfinance institution, contemplates its future strategic and competing priorities: maintaining growth, defending industry, leadership, preserving social mission and meeting the expectations of a demanding capital market. Additionally, Compartamos' Co-CEOs must decide how to face the highly polarized reactions in the microfinance industry to its IPO. In the process, the case examines the history of Compartamos, from its NGO origins to its license as a full service bank; describes the competitive context of low-income sector of financing in Mexico; and reviews the decisions leading to the IPO in the Mexican Stock Exchange.

Avaya (C): Implementing Demand Generation in Brazil

Godes, David
April 2008

Supplements the (A) case.

Partners in Health: The PACT Project

Bohmer, Richard M.J., and Josh Friedman
March 2008

Partners in Health (PIH) is a Boston-based, not-for-profit that provides health care to people in some of the poorest regions of the world, including Haiti, Malawi, Rwanda, and Peru. In 1998, PIH established a program (PACT) in Boston to bring care to AIDS and TB patients who were not well served by existing care delivery systems. Describes PIH's programs in the developing world and the way in which lessons learned in these countries informed the design and management of PACT. Examines the balance between customized and standardized approaches to care and challenges students to examine their preconceived notions of the social role of a health care delivery organization. Dr. Heidi Behforouz, PACT's director, must decide whether a service design honed in developing countries can be rolled out more broadly in one the world's richest nations.

Microfinance International Corporation: No, Not Another Microfinance Case

Isenberg, Daniel
March 2008

CEO and founder Atsumasa Tochisako (52) sat in his Washington D.C. headquarters, looking with pride at the copy of a press release that would announce the latest in a broadening line of financial services that Washington D.C.-based Microfinance International Corporation (MFIC) had been providing for two years to a growing number of "unbanked" Hispanic nationals in the United States and their home countries.

Club Atlético Boca Juniors

Elberse, Anita, Alberto Ballve, and Gustavo Herrero
March 2008

Club Atlético Boca Juniors is the most popular soccer club in Argentina and one of the most decorated clubs in the world. Throughout its storied history, the club has recruited and developed dozens of star players. In his eleven years at Boca Juniors, president Mauricio Macri has significantly increased the club's net worth and annual revenues. However, he faces a constant challenge to remain competitive on and off the field. In November 2006, Macri is approached by Spanish and Italian soccer powerhouses, seeking to purchase the players Fernando Gago and Rodrigo Palacio. Should Macri enter negotiations with the clubs interested in buying the star players? If so, how should they approach the talks? Allows for an in-depth examination of Boca Junior's business model and how it differs from that of the richer soccer clubs in Western Europe. Also enables an assessment of successful talent and brand management strategies in the context of a sports franchise with a worldwide reach.

ProntoWash: Washing the World's Cars to a Tango Beat

Martínez-Jerez, F. Asís, and Katherine Miller
February 2008

ProntoWash management considers whether franchising and the Balanced Scorecard could be combined to help customer-facing employees provide consistent service across the world and capture relevant management information. In 2007, ProntoWash, an international car-wash company based in Argentina, was planning for rapid growth through a combination of owned and franchised operations. CEO Sergio Kompel needed to find a performance management system that would help the firm maintain a unified focus and operational consistency in new and existing points of sale around the world. One measure that Kompel and his team were considering was the Balanced Scorecard, a tool traditionally used by top management. The challenge for ProntoWash was to design a Balanced Scorecard that would be accessible throughout the organization, from the executives in the central office, to the franchises, to the workers at the front line.One measure that Kompel and his team were considering was the Balanced Scorecard, a tool traditionally used by top management. The challenge for ProntoWash was to design a Balanced Scorecard that would be accessible throughout the organization, from the executives in the central office, to the franchises, to the workers at the front line.

Corporate Responsibility & Community Engagement at the Tintaya Copper Mine (A)

Rangan, V. Kasturi, Brooke Barton, and Ezequiel Reficco
January 2008

Located in the highlands of Peru, the Tintaya copper mine has long been a source of intense conflict between local community members and mine operators. The mine, which was owned and managed first by the Peruvian state and later by BHP Billiton, stands on 2,300 hectares of land expropriated from local subsistence farmers. In 2000, to contest this loss of land, mining-related environmental degradation, and allegations of human rights abuses, a coalition of five indigenous communities forged an alliance with a group of domestic and international NGOs to build their case against the BHP Billiton and pursue it directly with the company's Australian headquarters. The outcome of these efforts was the inception of a unique corporate-community negotiation process known as the Tintaya Dialogue Table. In December 2004, after three years of negotiation, BHP Billiton and the five communities signed an agreement compensating families for lost land and livelihoods and establishing a local environmental monitoring team and community development fund. However, just as the company resolves one conflict, another group of local stakeholders emerges with new demands--ones that the company may not be able to meet. The conflict with this new group culminates in a violent takeover of the mine in May 2005, whereupon BHP Billiton staff are forced to shut down operations, abandon the mine site, and devise a new strategy for winning back local support.

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2007

Colgate Max Fresh: Global Brand Roll-Out

Quelch, John A, and Jacquie Labatt-Randle
November 2007

In February 2005, Nigel Burton, in his third year as president of global oral care at Colgate-Palmolive Company (CP), had every reason to feel optimistic. Worldwide market shares were strong and Colgate Max Fresh (CMF), a new toothpaste that had helped drive Colgate to a record value share in the important U.S. market, was in the global pipeline for 2005. Burton had on his desk the proposed marketing launch plans for CMF in China and Mexico. Each plan sought to maximize the business potential in the local market. Burton had to assess the plans from a global perspective.

Chile: The Conundrum of Inequality

Scott, Bruce R, and Jessica Leight
October 2007

Following the violent overthrow of the Allende regime, Chile embarked on economic reforms that emphasized free markets as recommended by the "Chicago Boys". In due course these reforms led to sustained economic growth. However, these reforms were legislated by a parliament under the domination of a military dictatorship, and were followed by economic instability, the need to renationalize some firms and by rising inequality. In 2005, business leaders speak out on the necessity of reducing the inequalities, and of their complicity in what has happened.

Bunge: Food, Fuel and World Markets

Khanna, Tarun, Santiago Mingo, and Jonathan West
October 2007

In 2007, Bunge, an agribusiness company, had over $26 billion in worldwide sales and was considered, along with Cargill and Archer Daniels Midland (ADM), one of three very integrated worldwide agribusiness companies. Headquartered in White Plains, NY, the company has traditionally possessed a strong presence in Brazil. Describes Bunge's tradeoff between efficiency of global operations and local responsiveness in an uncertain business environment. New world developments were effecting Bunge directly: high oil prices, a growing demand in emerging economies like China and India, and the possibility of agribusiness companies competing successfully in the production of biofuels. Bunge had traditionally followed an organizational model that was integrated but decentralized, trying to strike a balance between the efficiency of a global entity and the speed of local businesses. What would be the best strategy for Bunge to respond to the external changes imposed by high energy prices and increasing demand from emerging economies? How aggressively should Bunge invest in the rising biofuels markets?

Tetra Pak Argentina

Khanna, Tarun, Krishna G. Palepu, and Gustavo Herrero
September 2007

Deals with the hands-on management of a difficult situation facing the subsidiary of a multinational corporation (Tetra Pak) in a developing country (Argentina). The situation arises from a major economic, social, and institutional breakdown that jeopardizes the subsidiary's existence. Argentina defaulted on it sovereign debt and devalued the peso by over 200%, but it differentiated the treatment of the FX rate to be applied to various transactions, depending on the jurisdiction of creditors and debtors. Local dollar-denominated credits and liabilities were converted on a 1:1.40 ratio, while obligations held with foreign entities continued to be enforceable at the new rate of 1:3. The crisis led to the impoverishment of a large portion of the Argentine population, and to an institutional breakdown where the rule of law was shattered in the country, thus posing challenges not just related to the current situation, but also to the future of the operation. The crisis bore consequences for Tetra Pak Argentina on both ends of its value chain, involving suppliers and customers. Tetra Pak focuses growth on developing nations where it feels there is room for a valuable business, and it attains leading market positions. Shows how the foreign firm must cope with difficult domestic situations, where the levers of control are beyond its reach. The existence of value after the crisis turns out to be a relevant consideration.

Ernesto Tornquist: Making a Fortune on the Pampas

Jones, Geoffrey G., and Andrea M Lluch
September 2007

Examines the career of Ernesto Tornquist, a cosmopolitan financier considered to be the most significant entrepreneur in Argentina at the end of the 19th century. Tornquist created a diversified business group, linked to the political elite, which integrated Argentina into the trading and financial networks of the first global economy. Provides an opportunity to understand why Argentina was such a successful economy at this time, and to debate whether its very success laid the basis for the country's subsequent poor economic performance.

Satelite Distribuidora de Petroleo

Applegate, Lynda M., and Andrea M.A.F. Minardi
September 2007

Marcelo Alecrim, the owner of SAT, a gas distribution company in Brazil, envisioned many growth opportunities but lacked financial resources to pursue them. He was approaching an American private equity fund to raise money. Describes Alecrim's challenge in creating SAT and the way he leveraged his vision and a sound business model.

Codelco Copper Mines

Upton, David M., Virginia A. Fuller, and Bradley R. Staats
September 2007

Codelco was a Chilean copper-mining company, widely considered to be one of the most professionally managed firms in South America in spite of the fact that it was 100% government-owned. A $10.5 billion company in 2005, Codelco faced the challenge of incorporating information technology into its production processes, which had historically been very manual in nature. CEO Juan Villarzu's initial turnaround attempts introduced a customer-centric corporate culture to his ranks, but he was still challenged by how to create an outsourcing strategy given his location and the traditionally low IT-to-total-spending ratio in the mining industry. Villarzu envisioned moving to a robust IT architecture, enhancing the solutions that were available, identifying further needs in the company and deciding how to fix them, and working together with Codelco's business processes to assess, plan, and build new IT projects.

Endesa Chile: Raising the Ralco Dam (A)

McGinn, Kathleen L., Paula J Lashober, and Dina Pradel
August 2007

Endesa Chile, the largest electricity generation company in Chile, is building a major power plant on the Biobio River in Southern Chile. A historic conflict involving the indigenous people of the Biobio River, the Chilean government, and international conservation groups results. The conflict threatens the completion of the project and the longstanding culture and community of the Penhuenche, the indigenous people of the Upper Biobio.

Endesa Chile: Raising the Ralco Dam (B)

McGinn, Kathleen L., Paula J Lashober, and Dina Pradel
August 2007

Supplements the (A) case.

Banca Regional Andino: Facing the Globalization of Microfinance

Chu, Michael, and Jean Steege Hazell
July 2007

Three leading Latin American microfinance banks join forces to face the new challenges of globalization, competition, and politics while common shareholder ACCÍON investments considers its options. From an initial project to share costs in the revamping of their IT systems, the Banca Regional Andino develops into the possibility of a common operating platform across three separate institutions, BancoSol of Bolivia, Mibanco of Peru, and Banco Solidario of Ecuador. The Banca Regional is a response to forces that the banks perceive as potentially threatening to their long history of success. In the process, presents the evolution of the national microfinance markets of Bolivia, Ecuador, and Peru within the context of global microfinance.

SAP: Industry Transformation

Hagiu, Andrei, Pai-Ling Yin, Daniela Beyersdorfer, and Vincent Dessain
June 2007

SAP seeks growth in the small- and medium-sized enterprise market. To do so, it has created a platform strategy with SAP Netweaver. What are the advantages and challenges for an incumbent entering a new market? What are the benefits and challenges of implementing a platform strategy?

Microfinance in Bolivia: A Meeting with the President of the Republic

Chu, Michael
April 2007

Herbert Muller, chair of leading microfinance bank BancoSol, has met with Evo Morales one year after the populist leader's inauguration as president of Bolivia and proceeds to write an email to his fellow board directors. The bank is world famous for pioneering microfinance while delivering superior financial performance. Evo Morales is an Amerindian who supporters see as a response to the white oligarchy that has long dominated Bolivia and as a champion of the downtrodden, in the poorest country in South America. In the first year of his administration, he has nationalized the oil and gas industry, created a constituent assembly to rewrite the constitution, and launched agrarian reform. The meeting between Muller and Morales takes place at the Bolivian banking association where the government officials, while committing not to mandate the reduction of interest rates in microcredit, express their expectation that rates will drop as quickly as possible. A week earlier, senior cabinet officials had met with the president of the banking association and expressed their wish that interest rates for loans in the banking system would decline to single digits.

Edelnor (A)

Siegel, Jordan I.
April 2007

Fernando del Sol, president of F. S. Inversiones in Chile, had just bought himself a headache as a New Year's present. On December 31, 2001, he purchased a Chilean electricity generation and transmission company called Edelnor that was in danger of becoming insolvent within months. del Sol had six months to restructure the company before it would become completely insolvent, and his headache was compounded by the fact that the process for company reorganization in Chile typically dragged on in the courts, often for two or more years. Any debtor, no matter how small, could hold up the process at any point by issuing written complaints to the court. del Sol needed to figure out whether the company was worth saving, whether it had a business strategy that could succeed if the company's debt was restructured, and whether he could find some means of saving the company in time.

Edelnor (B)

Siegel, Jordan I.
April 2007

Supplements the (A) case.

Parmalat Uruguay (A)

Marshall, Paul, and Gustavo Herrero
April 2007

Three young MBAs create a partnership to acquire the assets of Parmalat in Uruguay. Focuses on their analysis prior to submitting a bid and their plan for improving the operations once their bid is accepted. In addition to improving operations, they must negotiate with creditors to reduce the debt burden on the company.

Parmalat Uruguay (B)

Paul Marshall, and Gustavo Herrero
April 2007

Supplements the (A) case.

Farmacias Similares: Private and Public Health Care for the Base of the Pyramid in Mexico

Chu, Michael, and Regina Garcia-Cuellar
March 2007

Farmacias Similares, serving Mexico's low-income sector, grew to $600 million sales and 3,400 drugstores while deep reforms to help the poor swept the public health system. Adjacent to each store, for $2 per visit, medical clinics provided access to doctors for 2.3 million people a month. Narrates the growth of the chain, examines the reasons for its success, and projects a pro forma of the company's financial returns. Places Farmacias Similares in the context of Mexico's public health system and the pharmaceutical industry.

Bolivia and Evo Morales

Di Tella, Rafael, Laura Alfaro, and Ezequiel Reficco
March 2007

Amanco: Developing the Sustainability Scorecard

Kaplan, Robert S., and Ricardo Reisen de Pinho
April 2007

Describes the challenges of using the Balanced Scorecard to implement a triple-bottom-line strategy for delivering excellent economic, environmental, and social performance. The owners and senior executive team of Amanco, a producer of plastic pipe and complete water treatment systems, want strong financial returns but are also deeply committed to improving the environment and making a difference in people's lives. Robert Salas, CEO, wants a management system that communicates and motivates Amanco's three high-level goals. Initially, he creates a simple scorecard of measures, but he soon migrates to developing a strategy map and Balanced Scorecard that places economic, environmental, and social objectives as the highest-level objectives. He faces the challenges of cascading the corporate Balanced Scorecard to operating units throughout Latin America and how to develop better measures of social and environmental impact. Salas must also address whether he can sustain Amanco's balanced strategy while entering the Brazilian market, where he faces an entrenched and much larger competitor.

Brazil Under Lula: Off the Yellow BRIC Road

Musacchio, Aldo
March 2007

Covers President Lula's challenges to reduce "Brazil cost" and grow like other BRIC countries (Brazil, Russia, India, and China). Experts agreed that for Brazil to grow like other BRIC countries, the Brazilian government would have to reduce the cost of doing business in the country ("Brazil cost"). At the same time, President Lula's challenge is to develop programs that accelerate growth without undermining the progress achieved in reducing inequality and poverty. Can the Brazilian government reverse inequality and grow at the same time? What development strategy should Lula follow in his second term? Does Brazil belong in BRIC? What do these countries have in common?

Monsanto: Realizing Biotech Value in Brazil

Bell, David E., and Mary Shelman
February 2007

In 2003, Monsanto's patented "Roundup Ready" technology was used illegally on 70-80% of the soybean area in southern Brazil. Under pressure from U.S. soybean growers, who were paying to license the technology, the firm implemented an innovative delivery-based collection system in Brazil. Growers paid a post-harvest "indemnity" fee for those soybeans grown with illegal seed. Although there were initial concerns by farmers and grain companies--who collected the fee on Monsanto's behalf--the system worked smoothly, with over 97% of the farmers "self-declaring" their Roundup soybeans the first year. Jerry Steiner, executive vice-president of commercial acceptance, must decide if the situation in Brazil is stable enough to support a significant increase in breeding and biotech spending to develop products specifically designed for the Brazilian market. In addition, outlines situations in Argentina and India, and asks if the world's leading biotechnology firm should develop similar delivery-based systems.

Embrapa

Bell, David E., and Mary Shelman
January 2007

Brazil's national agricultural research corporation, Embrapa, has developed an integrated crop and livestock production system that will allow farmers and ranchers to intensify production and improve profitability. Broad adoption of the technology would provide the country with greater agricultural production, a major source of exports, without the need to convert additional areas of the Cerrado or Amazon to farmland. However, producers have been slow to adopt it due to the initial costs of the system and the fact that many of the benefits are beyond the farm gate. Embrapa's director of technology transfer must develop a plan to encourage adoption.

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2006

Cinco de Mayo

Retsinas, Nicolas, Arthur I. Segel, David Margain, and Andres Caldera Radonski
December 2006

In 2004, Adrian Pandal is seeking financing for a residential conversion of a building in Mexico City's historic center district. He must convince potential lenders that the project is viable and that it makes sense to bet on the future potential of an area that, until recently, has not attracted substantial real estate investment.

Empemex

Applegate, Lynda M., and Regina Garcia-Cuellar
November 2006

Studies an entrepreneurial venture in Mexico City. The protagonists, two MBAs from HBS, started a pawn shop chain funded from their private equity office after finishing business school. This is timed at a point where the protagonists have to decide how to grow the pawn shop chain in order to compete with other Mexican and U.S. pawn shop chains that are growing aggressively in the country. Central is the decision of how to finance growth. Different growth alternatives are explored, each entailing different funding needs and exit strategies. The setting in Mexico illustrates the differences in entrepreneurship in Latin America or other developing regions compared to the United States. The difference lies in the difficulty of finding institutional funding. As a result, most of the funding has to come from "angel investors".

Natura: Global Beauty Made in Brazil

Jones, Geoffrey G., and Ricardo Reisen de Pinho
October 2006

Explores the globalization strategies of Natura, Brazil's largest cosmetics company. Founded in 1969, Natura grew using a direct selling model. Led by its three founders, the firm made distinctive use of Brazil's diversity and became characterized by high ethical and environmental standards. Natura began to seek international markets in 1982, but experienced many setbacks until surviving the economic crisis in Argentina in 2001. The company opened operations in France and Mexico in 2005, and the three founders are now exploring opportunities in Moscow. To pursue further globalization, Natura must now decide whether to continue to rely primarily on the direct sales model or to experiment with other models--and whether to make acquisitions or become part of a larger group.

Creditor Activism in Sovereign Debt: 'Vulture' Tactics or Market Backbone

Alfaro, Laura, and Ingrid Vogel
October 2006

The role of distressed debt funds, also known as "vulture funds," in sovereign debt restructuring was a hotly debated topic, especially after the success of Elliot Associates in converting an $11 million investment in Peruvian bonds worth $21 million into a $58 million cash payout from the country, representing the full face value of the bonds plus past-due interest. Highlights the problems associated with debt restructuring coordination. On the one hand, many observers derided firms such as Elliot and Dart as "vultures" or "rouge creditors" who sought to profit on sovereign debt restructurings at the expense of countries suffering economic hardship and of the majority of bondholders whose cooperation allowed the restructurings to take place. Critics believed that these holdout creditors created "collective action problems" and presented a major obstacle to successful sovereign debt restructurings. On the other hand, other observers argued that activist investors actually improved the market overall by demonstrating the enforceability of contracts. In fact, they argued that creditors faced too many hurdles in collecting against countries after receiving favorable judgments in support of claims.

Patrimonio Hoy

Chu, Michael, Arthur I. Segel, and Gustavo Herrero
October 2006

Patrimonio Hoy is a program targeting the housing needs of the low-income population by CEMEX, a major Mexican company and a leading global cement producer. Originally conceived as a project to understand the customers in the self-construction segment better, a major component of Mexican home-building concentrated in low-income neighborhoods, Patrimonio Hoy has generated recognition and good will for the company. Its innovative approach reduces significantly the cost and time needed by the poor to improve their housing. Begun in 1998, the program has reached break-even in 2004, with strong prospects of growth in the future. The president of CEMEX North America wonders whether the program should be turned into a major line of business for the company. Provides a good understanding of financing mechanisms available to home builders in Mexico and represents an interesting application of microfinance and product design to open a new market segment based on the needs of low-income customers.

Patrimonio Hoy: A Financial Perspective

Chu, Michael,, Arthur I. Segel, and Gustavo Herrero
October 2006

Patrimonio Hoy, a program targeting the housing needs of low-income families launched by CEMEX, a major Mexican corporation and a leading global cement company, has gone from a market research project to a highly visible initiative in 22 cities and has earned public recognition. The president of Cemex North America must decide whether it is corporate social responsibility or a new business line. In the process, it allows analysis of the Patrimonio Hoy program versus the traditional alternatives from the perspectives of both the end-user and of the corporation.

DentalCorp

Hamermesh, Richard G., and Ricardo Reisen de Pinho
September 2006

DentalCorp is the fifth largest provider of dental insurance in Brazil and has tripled its sales in the past two years. Whether to expand to Chile or to continue expansion in Brazil is the major strategic choice facing the company at the end of 2004.

The Barber of Buenos Aires: Argentina's Debt Renegotiation

Maurer, Noel, and Aldo Musacchio
July 2006

Tells the story of Argentina's aggressive strategy for renegotiating its sovereign debt from 2003 to 2005. Most creditors accepted the offer to swap their debt for new securities worth 35 cents on the dollar, with no recognition of all past-due interest. Many holdouts, however, remain outside the deal. Some experts believe that Argentina's stance will have negative consequences for the country's private sector and gives a worrisome signal about public policies; others maintain that circumstances beyond the government's control had placed the country in an unsustainable situation, and the successful renegotiation opens up new opportunities. The case presents the story of Argentina's debt saga from the point of view of the country's creditors (foreign and domestic), its government, and private Argentine companies that had to do business in the post-renegotiation environment. Also, discusses the larger issue of how the international financial community should handle sovereign debt workouts.

Ancora: A Private University Providing Health Care for the Poor

Chu, Michael, Mladen Koljatic, and Monica Silva
June 2006

Project Ancora signals the entry of the private sector in primary health care for the poor in Chile. On a commercial basis, it seeks to deliver a more effective, efficient, and user-friendly primary health care model than the prevailing public health system, while operating under the same revenue structure (per capita payments from the Ministry of Health). A highly visible landmark initiative of the Medical School of the Catholic University, success would prove that quality health care is possible for the poor at no additional cost, serving as a national model. Failure, on the other hand, would have high institutional costs. Dr. Joaquin Montero, the head of Ancora and its intellectual father, must address the controversial project in the context of a presidential election. Reviews the current Chilean health care model for the poor and the political realities surrounding it. As the seed money for Ancora comes from one single individual, it also illustrates an example of thoughtful philanthropy.

AIDS in Brazil

Deshpandé, Rohit, and Ricardo Reisen de Pinho
May 2006

Abbott Labs has reached an impasse with the Brazilian government in negotiations over the pricing of a new anti-AIDS drug, Kaletra. The Brazilian government threatens compulsory licensing unless Abbott drastically reduces the price of Kaletra.

MercadoLibre.com.

Martínez-Jerez, F. Asís , Joshua Bellin, and James Dillon
April 2006

MercadoLibre.com, eBay's Latin-American partner, needed to decide how far it was going to follow eBay's practice of offering "free listing days" and discounted special-feature days. Was this type of promotion prudent, given MercadoLibre.com's customer base, revenue expectations, and position in the Latin American market?

Magazine Luiza: Building a Retail Model of "Courting the Poor"

Frei, Frances X., and Ricardo Reisen de Pinho
March 2006

Describes the innovative retail model of the Brazilian firm Magazine Luiza. Magazine Luiza enables low-income consumer credit by applying a flexible and nuanced evaluation system. Additionally, its dedication to customer service, employee motivation, and progressive use of technology have driven its success and expansion.

Banco Real: Banking on Sustainability

Kanter, Rosabeth M, and Ricardo Reisen de Pinho
March 2006

ABN AMRO REAL made corporate social responsibility central to its brand, adding to customer focus and reflecting its values. Leaders developed the Bank of Value theme and implemented it through activities such as microfinance in poor communities, environmentally oriented lending products, socio-environmental screening of customers and suppliers, employee diversity, and reduction of waste and recycling. Now the fourth largest private bank in Brazil, its top leaders are assessing the first four years and wondering what to do next, as competitors adopt similar practices, reducing its competitive advantage, and as it wants to ensure its impact on social change in a country with daunting social problems.

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2005

Los Grobo

McAfee, Andrew, and Alexandra de Royere
December 2005

Los Grobo, a grain farming company based in Argentina, must decide whether to expand internationally to neighboring Paraguay and Uruguay. Los Grobo has built an IT-facilitated network with hundreds of participants who work together to produce corn and soybeans. Los Grobo controls this network while owning very few elements of it.

Arcor: Global Strategy and Local Turbulence

Ghemawat, Pankaj, Michael G. Rukstad, and Jennifer L. Illes
December 2005

Argentine confectionery manufacturer, Arcor Group, seeks to implement an international strategy but in 2003, recovering from the Argentine financial crisis, thwarts globalization plans. Already Latin America's leading candy producer and an exporter to over 100 countries, Arcor analyzes how it can become truly global with production facilities and distribution networks in various regions, such as North America, Europe, and Asia. First, however, Arcor must stabilize its operations at home, where a devalued peso, economic uncertainty, and political instability still linger from the devastating financial crisis.

The Octopus and the Generals: The United Fruit Co. in Guatemala

Jones, Geoffrey G., and Marcelo Bucheli
December 2005

Examines the overthrow of President Jacobo Arbenz of Guatemala in 1954 in a U.S.-backed coup in support of the United Fruit Co. Over the previous half century, United Fruit had built a large vertically integrated tropical fruit business that owned large banana plantations in the "banana republics" of Central America, including Guatemala. Examines the impact and role of United Fruit in the Guatemalan economy, one of the poorest in the world, and the reasons for growing hostility toward the company, culminating in Arbenz's agrarian reform policies aimed at redistributing some of the land held by United Fruit. The United States, which regarded Arbenz as pro-communist, supported United Fruit in the context of the Cold War.

Aguas Argentinas: Settling a Dispute

Wells, Louis T., and Alexandra de Royere
October 2005

The French-owned Aguas Argentinas faces a demand from the Argentine government that it renegotiate its concession to operate the Buenos Aires water and sewage services. The company must decide whether to continue with efforts to settle on a new contract or to exercise its rights to go to international arbitration. Either way, it must decide on its strategy going forward.

Grupo Martica

McAfee, Andrew
October 2005

Grupo Martica commissions a computer security expert to conduct an audit of its systems, network, and processes. This audit reveals that Martica is quite vulnerable, and the company's de facto CIO must decide what steps to take to improve security. He wonders how complex, tightly coupled systems like computers can ever be made secure and robust.

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