Capital
Structure
decisions.
Structure
decisions.
Participants
12
small groups
Pair-of-groups
06
randomly assembled
Firms drawn
06
one per pair-of-groups
Duration
70'
15 + 10 + 45 minutes
“If MM Proposition I held literally, leverage would be cosmetic. It does not. Taxes, distress, agency conflicts, and asymmetric information put a wedge between unlevered and levered value — and the CFO's job is to sit in that wedge, intentionally.”
— Workshop Premise
Stage 01 · Random Pairing
Twelve groups, six pair-of-groups.
The lottery shuffles 12 small groups and assembles them into 6 pair-of-groups. Each pair-of-groups will jointly play CFO of a single firm — both groups inside the pair are co-CFOs, working from the same data, agreeing on a single leverage recommendation.
▸ Source Pool — Twelve Groups
▸ Result — Six Pair-of-Groups · Two Co-CFOs Each
Stage 02 · Case Assignment
Each pair-of-groups, one firm.
To guarantee all six industry contrasts are represented in the room, the lottery draws exactly one firm from each of the six company pairs — randomly picking the Chinese or US side — then assigns those six firms to the six pair-of-groups.
Stage 03 · Case Files
Twelve listed firms, one decision.
Real data, FY2024. Look up additional figures on your phone or laptop as you discuss. The headline figure on each card is verified from the company's most recent annual report; everything else is the question you must answer as CFO.
FY2024 · Annual reports
Stage 04 · Live Results
Tallies from the Google Form.
Voting happens externally — the QR code on the voting slide opens a Google Form where each audience member casts three votes for three different pair-of-groups (no self-voting). Type the final form tallies below to drive the live leaderboard and the dramatic top-three reveal.
3 × 6
Voting rules — each audience member
three votes · three different pair-of-groups · never self-vote
three votes · three different pair-of-groups · never self-vote
Live Standings — Top three