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The Case Folio
ISSN: 0972-5350

Sept '16
Previous Issues

Case Folio - The IUP Journal of Management Case Studies, a quarterly refereed publication, focuses on thought-provoking case studies covering different aspects of management. Case Folio is a useful reference for all executives, managers, practitioners, faculty members, and students. The journal is in publication since January 2002.

Focus Areas
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  • A quarterly refereed journal focusing on thought-provoking case studies covering different aspects of management.
  • Selected teaching cases that faculty members and trainers around the world will love to take into their classrooms.
  • A useful reference for all executives, managers, practitioners, faculty members and students who want to upgrade their knowledge and skills
 
Regular Features
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  • Book Review
  • Case Shelf
Contents
(June 2016)

The Vulture Funds and the Argentine Sovereign Debt Default

-- Vighneswara Swamy

Vulture funds in the sovereign debt market create confusion and uncertainty in the global financial system because of their predatory behavior and litigation tactics. With Argentina failing to make a payment on some of its outstanding sovereign debts on July 30, 2014, for the second time since 2001, it became a serial defaulter and attracted global attention. Though Argentina had been involved in seven defaults from 1827 to 2001, these had been mostly self-inflicted. The 2014 default, on the other hand, seemed to be due to a sudden shift in the international sovereign debt regime in favor of the ‘holdouts’ governed by US laws. Considered the ‘sovereign debt trial of the century’, Argentina continued to fight the legal battle against the vulture funds in the US courts to uphold its sovereign debt restructurings. The key dimension of its sovereign debt default resolution mess was the role played by the vulture funds led by NML Capital founded by a Cayman Islands-based offshore unit of Paul Singer’s Elliott Management Corporation. The dispute limited Argentina’s access to foreign credit markets because of the blurred sovereign rating. Throughout the last three decades, the IMF’s Sovereign Debt Restructuring Mechanism had been attempting to evolve a framework for sovereign debt default resolution. In the absence of well accepted and adjudicated dispute resolution mechanisms like the bankruptcy laws for companies and individuals, the indebted countries faced a serious risk on many fronts. Argentina faced just such a situation.

“Apple in China (2015)

-- Syeda Maseeha Qumer, Debapratim Purkayastha and Koti Vinodbabu

The case is about the US-based technology giant Apple Inc.’s (Apple) journey in China. Apple officially opened its first store in China in 2008, though prior to that Apple products were sold at premium prices in the Chinese gray market. Apple expanded rapidly in the Chinese market through flagship stores and distribution points in China. China was a fast-growing market for Apple due to a growing middle class who were eager to own Apple’s high-end products and expansion of Long Term Evolution (LTE) network in the country. In the first fiscal quarter ended December 2014, Apple was propelled to number one position in the Chinese smartphone market for the first time based on units shipped. In the second quarter ended March 28, 2015, Apple’s revenue in Greater China surpassed Europe making it the company’s second biggest market after the US. However, Apple faced some challenges in the country including labor and environment-related issues, strong local competition, strict government regulations and the price-sensitive Chinese consumers. Chinese local competitors were cutting into Apple’s market share in China by offering phones with high-end features at budgeted prices. Moreover, owing to the economic crisis in China, Apple stock price was plummeting. Investors were worried about Apple’s growth in China. Analysts questioned whether the Chinese spending classes, pinched by the economic instability, would be able to afford Apple products. The devaluation of the Yuan was also a major concern. The task before Apple’s CEO Tim Cook was cut out as the company had a lot of exposure to China, and the company had pinned a lot of its growth to that market.

From King of Good Times to Bad Times: A Case of Collective Failure of Kingfisher Airlines and Indian Banks

-- Neha Gupta

Kingfisher Airlines (KFA) was launched in May 2005, and the target customers of the airlines were high income individuals with yearly salary of 7,00,000 and above. The airlines’ objective was to provide “experience”. It had everything going for it and people loved the brand. The airlines had great visibility and was able to provide travelers what it promised. However, at present the “experience” has turned out to be horrendous for Vijay Mallya (the promoter) as well as the consortium of 17 banks, with outstanding debt and accrued interest amounting to around 100 bn. The case study evaluates the factors which may have led to the downfall of KFA, ranging from brand cannibalization due to running a low-cost carrier ‘Kingfisher Red’ to higher operating cost. It further appraises the loan disbursal process adopted by Indian banks to KFA, the loopholes in the same and available remedies to the banks. The study reveals that KFA’s downfall is a case of joint failure of KFA, United Breweries Ltd., and the consortium of 17 banks which granted loans to the airlines despite its bad financial health.

The American Airlines- US Airways Merger

-- Munmun Samantarai and Indu Perepu

The case discusses the merger of the US-based American Airlines (American) and US Airways. The merger, announced in 2013, took two more years for complete integration. The new entity retained the name American Airlines and emerged as the largest airline company in the world. The company reported a net profit of $1.7 bn in the third quarter of 2015, beating the predictions of analysts. Experts were skeptical about the outcomes of the merger being favorable. Both American and US Airways, in the course of their journeys, had undergone financial bankruptcy and were badly hit by the terror attacks in 2001. While American was struggling with labor union turbulence, US Airways set a strategy to merge with it. Although initially there was resistance from Thomas W Horton, CEO of American, the major labor unions forced the company into the deal.

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Automated Teller Machines (ATMs): The Changing Face of Banking in India

Bank Management
Information and communication technology has changed the way in which banks provide services to its customers. These days the customers are able to perform their routine banking transactions without even entering the bank premises. ATM is one such development in recent years, which provides remote banking services all over the world, including India. This paper analyzes the development of this self-service banking in India based on the secondary data.

The Information and Communication Technology (ICT) is playing a very important role in the progress and advancement in almost all walks of life. The deregulated environment has provided an opportunity to restructure the means and methods of delivery of services in many areas, including the banking sector. The ICT has been a focused issue in the past two decades in Indian banking. In fact, ICTs are enabling the banks to change the way in which they are functioning. Improved customer service has become very important for the very survival and growth of banking sector in the reforms era. The technological advancements, deregulations, and intense competition due to the entry of private sector and foreign banks have altered the face of banking from one of mere intermediation to one of provider of quick, efficient and customer-friendly services. With the introduction and adoption of ICT in the banking sector, the customers are fast moving away from the traditional branch banking system to the convenient and comfort of virtual banking. The most important virtual banking services are phone banking, mobile banking, Internet banking and ATM banking. These electronic channels have enhanced the delivery of banking services accurately and efficiently to the customers. The ATMs are an important part of a bank’s alternative channel to reach the customers, to showcase products and services and to create brand awareness. This is reflected in the increase in the number of ATMs all over the world. ATM is one of the most widely used remote banking services all over the world, including India. This paper analyzes the growth of ATMs of different bank groups in India.
International Scenario

If ATMs are largely available over geographically dispersed areas, the benefit from using an ATM will increase as customers will be able to access their bank accounts from any geographic location. This would imply that the value of an ATM network increases with the number of available ATM locations, and the value of a bank network to a customer will be determined in part by the final network size of the banking system. The statistical information on the growth of branches and ATM network in select countries.

Indian Scenario

The financial services industry in India has witnessed a phenomenal growth, diversification and specialization since the initiation of financial sector reforms in 1991. Greater customer orientation is the only way to retain customer loyalty and withstand competition in the liberalized world. In a market-driven strategy of development, customer preference is of paramount importance in any economy. Gone are the days when customers used to come to the doorsteps of banks. Now the banks are required to chase the customers; only those banks which are customercentric and extremely focused on the needs of their clients can succeed in their business today.

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