The  Business School Resource center offers a powerful instant case suite based on the latest articles published in  Bloomberg Businessweek and other selected source material.    The comprehensive news reports are selectively chosen every week  by a group of B-school professors from around the world  under the Peregrine Global  Services aegis and presented as powerful instant case teaching suite for the global business school classrooms. 

SEAA Trust,  New Delhi strongly believes the Peregrine Global's B-school Resource Centre instant case teaching tool would be a powerful addition to the plethora of  pedagogic innovations  in B-school classrooms. There is also a strong and deep relationship between accreditation  and the quality of globally exposed student cohort. 

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Unlike any case taught in today's classroom,  cases relate to something that happened  last week ! 

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A wide range of  cases featuring an array of competencies to teach! 

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The new BSC Education Resource Center is now offered independent of a subscription. 

Since the news articles are now included within the new Education Resource Center, a subscription to Businessweek may not be necessary for your student and classroom needs. 

Although  magazine remains academically relevant for business education, the focus of the program is on the enhanced online resource center (http://bsc.peregrineacademics.com/).  

  • Provides online, easily accessible,

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The B-School Connection offers many versatile classroom integration options. To make classroom integration easy,  There is   Classroom Integration Guides for all 13 Disciplines directly on the Education Resource Center. Access the INTEGRATE AND ENGAGE page and download the integration guide(s) you need. Integration Guides contain student activities and syllabi content to help make the B-School Connection very easy to integrate into any class. 

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4th  B-School Resource Centre  student case competition

Education Resource Center now includes online self-registration:

Full text news articles from Bloomberg news and links to news articles from other news outlets.

15-20 new article summaries per week that include discussion and quiz/exam questions organized by Bloom’s Taxonomy that can be readily integrated into both graduate and undergraduate programs.

Case studies used to directly link academic theory with real-world application.

Comprehensive integration guides organized by academic discipline that course instructors and program managers can use for weekly student engagement.

An online quiz/exam platform that can be integrated into the school’s Learning Management System and used for both summative and formative assessment.

An online service that meets VPAT requirements.

We believe that the transformed BSC program is much more academically relevant and appropriate than it was previously. As a standalone service that is independent of a magazine subscription, your students will have immediate, hassle-free access to a global resource that will be invaluable towards meeting your academic goals and learning outcomes.

HAVE YOU REGISTERED YOUR STUDENT TEAM FOR  THE 4th  student  case competition brought to you by B-school Resource Centre of  Peregrine Global Services? 

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Weekly Instructor Guides: Written “by professors, for professors”, weekly Instructor’s Guides incorporate article abstracts, quiz questions, and discussion questions to bring lessons to life. Instructors can find relevant content for their course anytime by discipline, sector, region of the world, or competency. The tool is an exceptional learning and teaching aide for understanding the latest  and the best from the world  business. 

Corporate America Is Choking on Debt and Imperiling the Recovery

Summary by: Thomas Coe

Disciplines & Topics: Accounting & TaxationAccounting & Taxation | Financial AccountingBusiness FundamentalsBusiness Fundamentals | AccountingBusiness Fundamentals | FinanceBusiness StrategyBusiness Strategy | Industry structureFinanceFinance | Corporate FinanceFinance | InvestmentsFinance | Markets

Sectors: Consumer Goods & ServicesFinancial ServicesManufacturingTransportationHospitality Management

Regions: North AmericaNorth America | United StatesGlobal

Competencies: Critical Thinking / Decision MakingSustainability

Created on: 8/22/2020

Summary

High debt loads and low earnings typically signal trouble for a company's bond ratings. Leniency now may create future debt problems as well as stall a recovery from the current recession.
Abstract

The Federal Reserve’s current policies toward mitigating the impact of shutdowns meant to slow the spread of the Covid-19 virus has involved providing access to liquidity and safety within the corporate bond markets. As a result, many companies are posting high levels of debt but low operating earnings. Combined, that outcome normally concerns bond investors and prompts bond rating firms to downgrade a host of companies from investment grade to junk status. However, due to current circumstances, both groups have become more flexible and are looking toward a return to normalcy in 2021. Yet, despite the confidence currently being displayed by the corporate bond community, there's reason for concern.

For the economy to recover fully from the current recession, existing workers must be brought back and new ones hired. An increase in short- and long-term assets to support the growth in sales is also needed. Because many companies finance asset growth with debt, bankers and bondholders should be reluctant to lend to companies that hold too much debt. Leniency at this stage of the economic recovery doesn’t mean continued leniency in 2021 and beyond. Firms will either need to devote more earnings to service debt or curtail expansion plans, meaning a more sluggish pace to full recovery and lower earnings for stockholders.

Activities

  • Look at the second quarter financial statements for six companies in different industries. In addition to those mentioned in the article, find the debt-EBITDA loads as well as the interest coverages for the six companies and compare them to the first and second quarters of the last five years. Share your results and discuss industry differences with the class.

  • Compare the debt-EBITDA ratios (or the EBITDA/interest ratios) for various companies for the first and second quarter of 2020 to various times during the 2008 Great Recession. How do they compare? How do they signal a time for economic recovery?

Discussion Questions

  • Why do transportation firms have the highest level of debt to earnings? What other industries are also performing poorly? Which industries are performing relatively normally?

  • Banks and bond investors are currently more flexible with their debt-service requirements for companies. Is this a good idea or not? How long can investors afford to look the other way and not create a potentially large debt crisis? Explain.

  • How is refinancing old debt with new debt at this time a good opportunity for a company? Do you agree with that strategy? Why or why not?

Assessment Questions

  • "Junk" bonds get their names because

  • Yields on investment-grade corporate bonds are now about

  • What percentage of S&P 500 companies exceeded analysts' earning projections for the second quarter?

  • The economic sector with the highest debt load relative to earnings is ______________.

  • Why is EBITDA an important measure for investors?

  • Why would high debt levels now, even for firms that don't default, signal a slow recovery from the recession?

  • The interest-coverage ratio for investment-grade corporate debt was ______________ in June 2020.

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