ECONOMICS EDUCATOR: COURSES, CASES & TEACHING eJOURNAL

"Michel Kripalani and Oceanhouse Media: Journey of a Serial Entrepreneur" Fee Download
Entrepreneurship Theory and Practice, Vol. 41, Issue 4, pp. 641-659, 2017

NIKHIL P. VARAIYA, San Diego State University
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This case describes Michel Kripalani's entrepreneurial journey culminating in his third start‐up, Oceanhouse Media. Oceanhouse Media, ranked 114 in the 2013 Inc. 5,000 list of the fastest growing companies, offers desktop and digital applications, for iOS, Android, and other platforms with digital book applications for children comprising half of annual revenues. It explores: (1) Kripalani's evolution as an entrepreneur, (2) the operating strategy of Oceanhouse Media, (3) the economics and structure of the digital applications market and the children's segment within that market, and (4) key decisions—structural, organizational, and financial—as Kripalani maps out Oceanhouse Media's future growth path and exit strategy.

"Larry Puglia and the T. Rowe Price Blue Chip Growth Fund" Fee Download
Darden Case No. UVA-F-1772

KENNETH M. EADES, University of Virginia - Darden School of Business
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DOROTHY C. KELLY, University of Virginia - Darden School of Business

Set in late 2016, this case recounts the remarkable performance record of Blue Chip Growth Fund (BCGF), a mutual fund managed by Larry Puglia at T. Rowe Price, Inc. The case describes the investment style of Puglia, whose record with BCGF had on average outperformed the S&P 500 since the inception of the fund in 1993. The tasks for the student are to assess the performance of the fund, consider the sources of its success, and decide on the sustainability of Puglia's performance. Consistent with the introductory nature of the case, the analysis requires no numerical calculations. The instructor should not be deceived, however: the absorption of capital-market background and the implications of financial concepts in the case will fully occupy the novice. This case updates and replaces "Bill Miller and Value Trust" (UVA-F-1481) and "Peter Lynch and the Fidelity Magellan Fund" (UVA-F-0777). The case is intended for use in the opening stages of a finance course. It provides a nontechnical introduction to the U.S. equity markets and lays the foundation for some basic concepts in finance.

Excerpt

UVA-F-1772

Jun. 12, 2017

Larry Puglia and the T. Rowe Price Blue Chip Growth Fund

By late 2016, Larry J. Puglia had been managing the $ 33 billion T. Rowe Price Blue Chip Growth Fund (Blue Chip Growth Fund) for more than 23 years. One of the fund's original managers, Puglia had been the sole manager of the open-ended mutual fund since 1997 and had generated superior returns on average for his investors over the life of the fund.

Since inception in mid-1993 through September 30, 2016, the fund had returned an average annual total return of 10.12%, outperforming the 9.12% return of the fund's benchmark, the Standard & Poor's 500 Index (S&P 500). For most fund managers, beating the S&P 500 in any single year was an accomplishment, yet Puglia had served his investors well by performing better than competitor funds both in bull markets, such as that of the late 1990s, as well as the bear markets, such as that of the first decade of the 2000s. Exhibit 1 presents a summary of the Blue Chip Growth Fund. Exhibits 2 and 3 show the fund's performance and annual return versus its benchmark and other funds in the large-cap growth category.

While Puglia, working out of T. Rowe Price's Baltimore, Maryland, headquarters, rarely had the best overall performance in any given year, and other managers had beaten his results over short-term periods, his overall long-term performance relative to the index was truly impressive. He ranked 20th out of 558 U.S. stock mutual funds with a single portfolio manager, and Morningstar had awarded the Blue Chip Growth Fund its coveted five-star rating for the fund's five-year performance, placing it in the top 10% of 1,285 mutual funds investing in large-capitalization growth stocks. Puglia had also been nominated by Morningstar as one of five finalists for Domestic Fund Manager of the Year in 2013. The fund had been recognized as an IBD Best Mutual Funds 2016 Awards winner by Investor's Business Daily (IBD). In addition, Money Magazine consistently named the fund to its annual selection of best funds, and Kiplinger's Personal Finance magazine included the fund on its list of 25 favorite funds.

"Trends Analysis of GMAT(GMAC) Market in India for Fifteen Years (2001-02 to 2015-16)" Free Download

RAMESH KOTNANA, Independent
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India has been a huge market for GMAC, and the country has the potential to grow bigger market for the GMAC. In the testing year 2001-02, 12963, Indian citizens took the GMAT exam while by 2015-16, it has gone to up to 33123 with a growth of 155%. Statistics reveal that compared with a decade ago, the GMAC market in India has become a big boon for Indian and international business schools to tap the potential candidates for their business programs. Most of the Indian MBA aspirants apply for MBA programs global, mainly to the US based programs. We do not see any top business school in the world without admitting any Indian citizen, and that is the popularity of Indian students worldwide. Asians, mainly the Chinese and Indian MBA aspirants make a beeline to the top business schools such as Harvard, Stanford, Wharton, Insead... etc. Indian citizens per cent was 5.2% in the testing year 2001-02, 6.0% in the testing year 2002-03, 5.9% in the testing year 2003-04, 6.7% in the testing year 2004-05, 8.0% in the testing year 2005-06, 9.8% in the testing year 2006-07, 11.6% in the testing year 2007-08, 11.5% in the testing year 2008-09, 10.2% in the testing year 2009-10, 9.8% in the testing year 2010-11, 10.5% in the testing year 2011-12, 10.6% in the testing year 2012-13, 11.6% in 2013-14, 11.7% in the testing year 2014-15, and 12.6% in the testing year 2015-2016. It is good to see there was a double-digit growth eight times in the fifteen years. The present article analysis the GMAC examination trends in India for the last 15 years.

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Economics Educator: Courses, Cases & Teaching eJournal

SAM ANTHONY ALLGOOD
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WILLIAM L. GOFFE
Associate Professor of Economics, SUNY Oswego - Department of Economics

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Dean, Kelce College of Business, Pittsburg State University, Emeritus Professor of Economics, Mississippi State University - College of Business

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Professor of Economics and Director of the Center for Economic Education, Purdue University - Department of Economics