UVA-F-DRAFT Version 1.0 CALIFORNIA PIZZA KITCHEN Everyone knows that 95 percent of restaurants fail in the first two years‚ and a lot of people think it’s ‘location‚ location‚ location.’ It could be‚ but my experience is you have to have the financial staying power. You could have the greatest idea‚ but many restaurants do not start out making money – they build over time. So it’s really about having the capital and the staying power. — Rick Rosenfield‚ Co-CEO‚ California Pizza Kitchen1
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Case #33 California Pizza Kitchen Synopsis and Objectives This case examines the question of financial leverage at California Pizza Kitchen (CPK) in July 2007. With a highly profitable business and an aversion to debt‚ CPK management is considering a debt-financed stock buyback program. The case is intended to provide an introduction to the Modigliani-Miller capital structure irrelevance propositions and the concept of debt tax shields. With the background of a pizza company‚ the case provides
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The articles “Chefs Fight for Songbird” from the New York Times‚ “Cyprus jobless turn to illegal songbird trapping” from USA Today‚ and the book Medium Raw by Anthony Bourdain‚ are all about types of birds that are illegal to hunt. The differences between the four pieces come when the portrayal of those who want to keep hunting the birds is in play. On one side are the French‚ who wish to continue the trapping of the ortolan; an extravagant and traditional delicacy. On the other side are the Cypriots
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forget why you do what you do and who you do it for‚ and make sure everything you do honors that. What I’ve seen happen often times (especially in… yup‚ you guessed it: the education reform movement)‚ is that intentions start out good but the sword starts to swing the other way when money‚ power‚ and statistics are valued over the lives and humanity of students. “Kids first” and “For the kids” becomes merely rhetoric‚ as people jump to enact radically dangerous and untested policies that do anything
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One of the hardest things we do in life is to overcome grief ourselves‚ or try to help our friends and loved ones as they grieve. The act of grieving is very personal‚ and many times we feel helpless when we see someone close to us suffer through it. Sometimes just being there for the person is enough. The quiet that occurs following the funeral is often overwhelming and unbearable for a grieving person. After the visiting family is gone‚ the flowers‚ cards and phone calls have stopped‚ grieving
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Why take the time to think for yourself when you can simply step back and adapt to the generic thoughts of those around you? Even in instances where standing up for what you believe is as simple as saying yes or no‚ many find themselves going with the answer that is most accepted. This It doesn’t matter if the facts clearly justify one side of an argument or decision‚ if the general public disagrees people feel as though they must take a passive approach and simply give in in an attempt to avoid
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Chef Dan Butler : An Italian restaurant where I worked in Washington‚ D.C.‚ sold a fantastic thick veal chop that we topped with fresh chanterelles and lemon and sage. Nearly every ticket that came into the kitchen had at least one veal chop sold on it. But one particular waiter suggested customers order single veal chops grilled with garlic and rosemary. The garlic and rosemary was a fine preparation but it wasn’t the one that the chef had written nor was it the one that we prepped for. Fortunately
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The house on 93 Little Hobart Street is a small‚ broken down home to a family of six. The steps leading to the front deck have holes in them and look dangerous for the smaller child to walk on. There is no working electricity or plumbing‚ with holes in the roof‚ making the entire house freezing cold at night. Four children live in this house with both parents‚ still married. The youngest of them is Maureen who is eight years old‚ Brian‚ the second youngest‚ is twelve‚ Jeannette is thirteen‚ and Lori
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you will only want to provide exhibits that you discuss in your memo. • Presentation counts. Make sure to proof you memo for spelling‚ grammar‚ etc. Address the following items in your memo: 1. Do you believe Blaine’s current capital structure and payout policies are appropriate? Why or why not? Be as specific as possible. 2. Should Dubinski recommend a large share repurchase to Blaine’s board? What are the primary advantages and disadvantages of such a move? Again‚ be specific.
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British Journal of Management‚ Vol. 10‚ 335-350 (1999) Why do Managers Do What They Do? Reconciling Evidence and Theory in Accounts of Managerial Work Colin Hales Westminster Business School‚ University of Westminster‚ London NWl 5LS‚ UK This article seeks to show that there has been surprisingly little interest in developing a causal explanation of the consistently documented common characteristics of managerial work and attempts to sketch out such an explanation. It is argued that researchers
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