Author Profile
Allayannis, George (Yiorgos)
Asset-Backed Securities
Allayannis, George (Yiorgos); Malhotra, Sumit; Varma, Alankrit
F-2116 | Published July 24, 2025 | 13 Pages Technical Note
Collection: Darden School of Business
This technical note examines key considerations involved in the decision of whether to invest in a credit facility backed by underlying assets, such as a fintech's loans to consumers. When evaluating ... Read More
Structuring Private Asset-Backed Debt
Allayannis, George (Yiorgos); Malhotra, Sumit; Varma, Alankrit
F-2115 | Published July 24, 2025 | 13 Pages Case
Collection: Darden School of Business
Jim Jones, a member of Asset Backed Capital Ltd. (ABC), a private credit fund specializing in asset-backed lending, has to decide whether to invest—and if so, how much—in a loan portfolio underwritten... Read More
Capital One’s Acquisition of Discover Financial Services
Allayannis, George (Yiorgos); Agarwal, Anubhav; Sesia, Aldo
F-2101 | Published June 27, 2025 | 26 Pages Case
Collection: Darden School of Business
This case study examines Capital One Financial Corporation's acquisition of Discover Financial Services, analyzing the strategic, financial, and industry-level implications of one of the largest merge... Read More
Investment Decisions: Geopolitical Risks Face Off
Allayannis, George (Yiorgos); Sesia, Aldo
F-2110 | Published June 24, 2025 | 27 Pages Case
Collection: Darden School of Business
As the world order is shifting and democracies are eroding in the third decade of the new millennium, geopolitical risks are increasing and impacting investment decisions. Michelle DiGruttolo, princip... Read More
Private Debt: An Introduction
Allayannis, George (Yiorgos); Anselmo, Michael
F-2107 | Published May 27, 2025 | 10 pages Technical Note
Collection: Darden School of Business
Since the global financial crisis (GFC), institutional investors have increasingly included private debt in their broader portfolios. Private debt refers to loans made to companies by nonbank lenders,... Read More
Private Debt and a University's Endowment Portfolio Decision
Allayannis, George (Yiorgos); Anselmo, Michael
F-2108 | Published May 27, 2025 | 12 pages Case
Collection: Darden School of Business
This fictional case is written from the perspective of Benjamin Owens, an investment director at Blue Ridge Mountain University (BRMU). Owens is a member of the investment team that manages the school... Read More
Buy Now, Pay Later: Disrupting Traditional Consumer Credit
Allayannis, George (Yiorgos); Malhotra, Sumit; Varma, Alankrit
F-2091 | Published September 25, 2024 | 17 pages Technical Note
Collection: Darden School of Business
This technical note discusses the history, competitors, risks and benefits, and economics of Buy Now, Pay Later (BNPL)—a financial product that allows consumers to make purchases and defer payment ove... Read More
FundingPartner: Navigating the Nordic Crowdlending Market
Appel, Ian; Allayannis, George (Yiorgos); Sesia, Aldo
F-2087 | Published August 14, 2024 | 22 pages Case
Collection: Darden School of Business
In December 2023, Geir Atle Bore, the CEO of the Norwegian crowdlending platform FundingPartner, is evaluating the company’s growth strategies. Founded in 2018, FundingPartner provides loans to small ... Read More
Christie's: The Art of Lending
Allayannis, George (Yiorgos); Sesia, Aldo
F-2065 | Published January 22, 2024 | 21 pages Case
Collection: Darden School of Business
This case study focuses on the emergence of art finance, a way to provide liquidity to art collectors by structuring loans using works of art as collateral. Sayuri Ganepola, global managing director o... Read More
The End of Credit Suisse
Allayannis, George (Yiorgos); Markovic, Boban; Yemen, Gerry
F-2064 | Published December 20, 2023 | 36 pages Case
Collection: Darden School of Business
The case describes the demise of Credit Suisse Group AG (Credit Suisse), along with Credit Suisse's history and its significance for global markets and Switzerland. The case examines key episodes duri... Read More
The Sudden Implosion of Silicon Valley Bank
Allayannis, George (Yiorgos); Sesia, Aldo
F-2061 | Published October 31, 2023 | 32 pages Case
Collection: Darden School of Business
On March 10, 2023, Silicon Valley Bank (SVB) went into receivership. At the time, it was the second-largest US bank failure in history. What happened? The case briefly describes the story of SVB, from... Read More
Bitcoin: Keep “Hodling”?
Appel, Ian; Allayannis, George (Yiorgos)
F-2048 | Published August 09, 2023 | 20 Pages Case
Collection: Darden School of Business
This case examines a fictional hedge fund manager's decision about whether to maintain his fund’s position in bitcoin. It provides an opportunity for students to develop an investment thesis for or ag... Read More
Crypto Winter Buries Celsius Network and Batters DeFi
Allayannis, George (Yiorgos); Sesia, Aldo
F-2027 | Published February 14, 2023 | 20 pages Case
Collection: Darden School of Business
In July 2022, Celsius Network (Celsius), a cryptocurrency (crypto) network, filed for bankruptcy. Celsius was a “crypto bank”: it took deposits in cryptos such as Bitcoin and Ether, promising a sizabl... Read More
Climate Risk and Banking: Citi’s Net-Zero Future
Allayannis, George (Yiorgos); Sesia, Aldo
F-2024 | Published October 18, 2022 | 32 pages Case
Collection: Darden School of Business
On her first day as the new CEO of Citigroup Inc. (Citi), Jane Fraser announced Citi’s commitment to net-zero greenhouse gas emissions (GHG) by 2050. The case examines the implications of such a decis... Read More
A Banker's Story (B)
Allayannis, George (Yiorgos); Yemen, Gerry
F-2019 | Published July 28, 2022 | 3 pages Case
Collection: Darden School of Business
This case set describes the decision of a banker (Kaylan Bartholomew) to continue with banking—her dream job—or move to other less remunerative but perhaps more gratifying options such as building a b... Read More
A Banker's Story (A)
Allayannis, George (Yiorgos); Yemen, Gerry
F-2018 | Published July 28, 2022 | 4 pages Case
Collection: Darden School of Business
This case set describes the decision of a banker (Kaylan Bartholomew) to continue with banking—her dream job—or move to other less remunerative but perhaps more gratifying options such as building a b... Read More
Comerica Inc.: The Pandemic and Its Value Implications
Allayannis, George (Yiorgos); Craddock, Jenny; Sesia, Aldo
F-1997 | Published March 09, 2022 | 24 pages Case
Collection: Darden School of Business
This case follows a fictional hedge fund manager as she works to finalize an investment thesis on Comerica Incorporated to present to her manager, who is undecided as to whether the fund should buy (g... Read More
Cyberattack on Abank
Korinek, Anton; Allayannis, George (Yiorgos)
F-1979 | Published March 08, 2022 | 14 pages Case
Collection: Darden School of Business
Cyberattacks on corporations are an increasingly common phenomenon that imposes significant costs on shareholders, customers, and management. It is instrumental for corporations to both invest in appr... Read More
De-SPACing: Tattooed Chef Inc.
Allayannis, George (Yiorgos); Sesia, Aldo
F-1996 | Published December 15, 2021 | 20 pages Case
Collection: Darden School of Business
In late October 2020, hedge fund analyst Maya Botti was evaluating the decision to vote for the proposed merger of Forum Merger IIa special purpose acquisition company (SPAC), with Ittella Internation... Read More
Business and Markets: The Coronavirus Ticker
Allayannis, George (Yiorgos); Sesia, Aldo
F-1972 | Published December 18, 2020 | 30 pages Case
Collection: Darden School of Business
In early June 2020, several months into the COVID-19 pandemic, a business analyst was evaluating how COVID-19 had changed business and markets and whether these changes would be permanent. Already, a ... Read More
MetLife Meets Insurtech App to App
Allayannis, George (Yiorgos); Fernstrom, Aaron; Holtz, Paul
F-1947 | Published April 21, 2020 | 22 pages Case
Collection: Darden School of Business
This case examines the key issues facing MetLife, a major company in life and annuity (L&A) and—to a lesser extent—property and casualty (P&C) insurance. The case provides an opportunity to analyze th... Read More
Deutsche Bank Restart: Goodbye Goldman Sachs of Europe?
Allayannis, George (Yiorgos); Yemen, Gerry; Holtz, Paul
F-1934 | Published February 26, 2020 | 28 pages Case
Collection: Darden School of Business
This public-sourced case describes the latest restructuring efforts by Deutsche Bank (DB) and gives a short history of prior restructuring efforts from the decade before. In July 2019, Christian Sewin... Read More
A Global Fintech Overview
Allayannis, George (Yiorgos); Becker, Joseph M.
F-1860 | Published April 26, 2019 | 34 pages Technical Note
Collection: Darden School of Business
This technical note discusses the various financial services segments in which technology solutions have been used to solve problems, including lending, payments, wealth/investment management, insuran... Read More
Invesco Ltd.: Asset Management in Transition
Allayannis, George (Yiorgos); Fernstrom, Aaron
F-1856 | Published November 07, 2018 | 38 pages Case
Collection: Darden School of Business
This case is used in Darden's second-year "Financial Institutions and Capital Markets," elective. Using Invesco Ltd. (Invesco) as an example, the case examines the strategic challenges facing the asse... Read More
Bitcoin: Investment or Illusion? (RUSSIAN)
Allayannis, George (Yiorgos); Fernstrom, Aaron; Luzgina, Anastasiya
F-1851 | Published August 27, 2018 | 20 pages Case
Collection: Darden School of Business
This is a case in Russian that adapts and builds on the January 29, 2018, version of UVA-F-1819. It describes a hypothetical hedge fund manager who is examining whether to invest in bitcoin. The case ... Read More
An Introduction to Blockchain (RUSSIAN)
Allayannis, George (Yiorgos); Fernstrom, Aaron; Luzgina, Anastasiya
F-1849 | Published August 27, 2018 | 23 pages Case
Collection: Darden School of Business
This is a technical note in Russian that adapts and builds on the December 7, 2017, version of UVA-F-1810. It explains what blockchain is and what it allows, and discusses its advantages and potential... Read More
Safaricom 2018: The Emerging-Markets Payments Battle
Allayannis, George (Yiorgos); Craddock, Jenny
F-1843 | Published June 21, 2018 | 44 pages Case
Collection: Darden School of Business
The case discusses the decision of a hypothetical London-based hedge fund manager, Greg Rubin, who manages a fund primarily investing in emerging and frontier markets to decide whether to buy (or shor... Read More
Fintech, Payments Innovation, and the Acquisition of Worldpay
Allayannis, George (Yiorgos); Yemen, Gerry; Lane, David
F-1829 | Published May 31, 2018 | 34 pages Case
Collection: Darden School of Business
This case uses the Vantiv, a US credit-card-processing company, acquisition of Worldpay, Britain's largest payments processor, to discuss broader themes in the payment space. Payments are a crucial fu... Read More
Taking a Mexican Company Global—The CEMEX Way (RUSSIAN)
Venkataraman, S.; Allayannis, George (Yiorgos); Yemen, Gerry
S-0299 | Published January 17, 2018 | 27 pages Case
Collection: Darden School of Business
This is a Russian translation of the 2012 version of UVA-S-0194. Suitable for MBA, Executive MBA, GEMBA, and executive education programs, this case uses CEMEX, a global cement producer based in Mexic... Read More
Bitcoin: Investment or Illusion?
Allayannis, George (Yiorgos); Fernstrom, Aaron
F-1819 | Published December 08, 2017 | 18 pages Case
Collection: Darden School of Business
The case describes a hypothetical hedge fund manager who is examining whether to invest in bitcoin. The case discusses potential risks and rewards of investing in bitcoin, the role of bitcoin and digi... Read More
Aston Martin: The Crossover Conundrum
Bourgeois, L. J. III; Allayannis, George (Yiorgos); Cian, Luca; Hernandez, Morela; Craddock, Jenny
S-0298 | Published November 27, 2017 | 31 pages Case
Collection: Darden School of Business
In March 2009, Ulrich Bez, CEO of iconic carmaker Aston Martin, was excited about the possibility of producing the world's first luxury crossover vehicle. Bez had spent months forecasting the short-te... Read More
An Introduction to Blockchain
Allayannis, George (Yiorgos); Fernstrom, Aaron
F-1810 | Published October 03, 2017 | 15 pages Technical Note
Collection: Darden School of Business
This technical note explains what blockchain is, what it allows, as well as discusses its advantages and potential issues to consider further. It also provides an example of an application in which bl... Read More
Bond Buyback at Deutsche Bank
Allayannis, George (Yiorgos); Yemen, Gerry; Wells, Graham D.
F-1790 | Published March 13, 2017 | 23 pages Case
Collection: Darden School of Business
The case describes a 2016 debt buyback transaction for Deutsche Bank, a major, global, systemically important bank. The case focuses on the large, global bank during a turbulent period, giving student... Read More
The Brexit Unknown—Britain's Boom or Bust?
Allayannis, George (Yiorgos); Craddock, Jenny
F-1780 | Published February 23, 2017 | 23 pages Case
Collection: Darden School of Business
This case invites students to assess the impact that Brexit, the withdrawal of the United Kingdom from the European Union, might have on a New York-based hedge fund's portfolio and, specifically, its ... Read More
Cutting through the Fog: Finding a Future with Fintech
Allayannis, George (Yiorgos); Cartwright, Kayla
F-1767 | Published December 12, 2016 | 25 pages Case
Collection: Darden School of Business
The case examines the scope, history, and scale of the fintech industry, while also defining what fintech may be?and what it is not. The protagonist, management consultant Carolina Costa, is tasked t... Read More
GE and the Shadow Banking Landscape
Allayannis, George (Yiorgos); Allen, Jeffrey
F-1761 | Published October 03, 2016 | 37 pages Case
Collection: Darden School of Business
The case examines the rationale for why shadow banking exists, what role it plays in the financial system, and the risks that it may pose. In the case, an analyst in an investment fund is tasked to ex... Read More
AES Tietê: Expansion Plant in Brazil
Allayannis, George (Yiorgos); Yemen, Gerry; Oliveira, Roberson
F-1732 | Published October 22, 2015 | 14 pages Case
Collection: Darden School of Business
This case allows students to learn the principles of capital budgeting in a global context. It features a power company in Brazil that is a subsidiary of AES Corporation. A new-to-the-firm manager is ... Read More
Futebol: The Beautiful Game?
Rodriguez, Peter L.; Allayannis, George (Yiorgos); Yemen, Ryan
GEM-0138 | Published September 16, 2015 | 20 pages Case
Collection: Darden School of Business
A principal objective of economic thinking is to inform key decisions made by firms and their managers. One of the most important topics for managers concerns the basic choices about labor: How many p... Read More
This Bud's for Who? The Battle for Anheuser-Busch
Allayannis, George (Yiorgos); Yemen, Gerry; English, Mary; Voorhees, Paul
F-1717 | Published September 04, 2014 | 13 pages Case
Collection: Darden School of Business
The Anheuser-Busch InBev case represents a major cross-border M&A transaction. Because the material covers a large, well-known transaction involving food and beverage companies, students can focus on ... Read More
Deutsche Bank and the Road to Basel III
Allayannis, George (Yiorgos); Wicks, Andrew C.; Yemen, Gerry; Dougherty, Matthew
F-1695 | Published April 02, 2013 | 19 pages Case
Collection: Darden School of Business
This public-sourced case was named the best finance case of 2013 in the 24th annual awards and competition sponsored by The Case Centre. It was designed for and works well in the latter portion of a G... Read More
The Market for Gold: SPDR Gold Shares and Beyond
Allayannis, George (Yiorgos); Matos, Pedro
F-1685 | Published December 20, 2012 | 22 pages Case
Collection: Darden School of Business
This case is used in Darden's second-year elective, Financial Institutions and Capital Markets, and would work well in courses covering exchange-traded commodities funds. A teaching note for this case... Read More
Taking a Mexican Company Global—The CEMEX Way
Venkataraman, S.; Allayannis, George (Yiorgos); Yemen, Gerry
S-0194 | Published December 05, 2011 | 27 pages Case
Collection: Darden School of Business
Suitable for MBA, Executive MBA, GEMBA, and executive education programs, this case uses CEMEX, a global cement producer based in Mexico, to set the stage for unfolding an analysis of a growth through... Read More
JPMorgan and the Dodd-Frank Act
Allayannis, Yiorgos (George); Risell, Adam
F-1654 | Published November 28, 2011 | 12 pages Case
Collection: Darden School of Business
In October, the CEO of JPMorgan Chase & Co., is preparing for the company's 2010 Q3 earnings conference call and wondering how to address the inevitable questions related to financial reform. It has b... Read More
The Dodd-Frank Act and Its Impact
Allayannis, George (Yiorgos); Risell, Adam
F-1655 | Published November 28, 2011 | 13 pages Technical Note
Collection: Darden School of Business
The Dodd-Frank Act, in response to the preceding financial crisis of 2008-09, fundamentally changed the finance industry and greatly affected its biggest players. This technical note gives an overview... Read More
Ben & Jerry's Homemade: The Unilever Scoop
Allayannis, Yiorgos (George); Schill, Michael J.
F-1656 | Published August 18, 2011 | 6 pages Case
Collection: Darden School of Business
A follow up for Ben & Jerry's Homemade (UVA-F-1364), this case is suitable for MBA, EMBA, and GEMBA programs, and could work as a stand-alone undergraduate introduction to corporate finance and M&A or... Read More
The Euro Zone and the Sovereign Debt Crisis
Allayannis, George (Yiorgos); Risell, Adam
F-1649 | Published July 11, 2011 | 28 pages Case
Collection: Darden School of Business
In January 2011, during the World Economic Forum's annual meeting in Davos, Switzerland, Jason Sterling, a hedge fund manager, was conducting online research to see if he could trade on any newsworthy... Read More
Financial Institutions and Capital Markets (SYLLABUS)
MOD-0142Y | Published March 23, 2011 | 4 Pages Syllabus
Collection: Darden School of Business
This course highlights the importance of institutions and markets in the context of 21st century financial technologies (fintech) and services. It is an important course for students pursuing careers ... Read More
The Weekend that Changed Wall Street
Allayannis, Yiorgos (George); Brandriff, Christopher
F-1587 | Published July 14, 2009 Case
Collection: Darden School of Business
This case examines the causes and consequences of the Lehman Brothers bankruptcy during one of the most fascinating weekends in financial history. It's about the commercial paper market, a major fundi... Read More
The Financial Crisis of 2007–2009: The Road to Systemic Risk
F-1590 | Published July 07, 2009 | 16 pages Case
Collection: Darden School of Business
This case invites students to evaluate, based on given materials, the causes, consequences, and potential resolutions of the financial crisis of 2007-2009. The premise of a business professor preparin... Read More
Bank Valuation Issues
Allayannis, Yiorgos (George); Ramraika, Baijnath
F-1582 | Published April 07, 2009 | 9 pages Technical Note
Collection: Darden School of Business
This technical note describes some of the key issues that bank analysts, ratings agencies, and the market broadly examine to understand the financial health of a bank and ultimately to estimate its va... Read More
Carbon Credit Markets
Allayannis, Yiorgos (George); Tenguria, Susheel; Taylor, Matt
F-1583 | Published April 07, 2009 | 20 pages Technical Note
Collection: Darden School of Business
This note discusses issues related to carbon markets: Emissions Trading Approaches (Cap-and-Trade, Baseline-and-Credit, and Offsets), Regulatory Framework (Kyoto Protocol), and two key mechanisms of c... Read More
CO2 Australia—The Case for Carbon Credits
Allayannis, Yiorgos (George); Tenguria, Susheel
F-1585 | Published April 07, 2009 Case
Collection: Darden School of Business
This case describes how carbon credits are created via planting Mallee Eucalypt trees by CO2 Australia. The case provides useful background to go along with the technical note "Carbon Credit Markets" ... Read More
Comerica Incorporated: The Valuation Dilemma
Allayannis, George (Yiorgos); Ramraika, Baijnath
F-1581 | Published March 10, 2009 | 16 pages Case
Collection: Darden School of Business
In early September 2008, in the midst of the subprime crisis, a manager with the student-run Darden Capital Management fund, wants to evaluate whether Comerica Incorporated, a regional bank based in D... Read More
Athens Ring Road (Attiki Odos)
Eades, Kenneth M.; Allayannis, George (Yiorgos); Terlidis, Minas
F-1576 | Published December 03, 2008 | 19 pages Case
Collection: Darden School of Business
The case examines one of the most significant infrastructure projects in southeastern Europe during a time when the legal and financial environment for project financing was in its infancy (early to m... Read More
The Case of Sovereign Wealth Funds: A New (Old) Force in the Capital Markets
Allayannis, Yiorgos (George); Loeffler, Rachel
F-1564 | Published October 15, 2008 | 9 pages Case
Collection: Darden School of Business
In mid-January 2008, Merrill Lynch announced a $6.6 billion mandatory convertible-preferred share issuance, much of which was placed privately with the Kuwait Investment Authority (KIA), the Korean In... Read More
SunTrust Acquisition of National Commerce
Allayannis, George (Yiorgos); Shapiro, Andrew
F-1554 | Published September 20, 2008 | 10 pages Case
Collection: Darden School of Business
This case presents an interesting acquisition opportunity that SunTrust considered in 2004: National Commerce Financial, a large commercial bank, based in Memphis, Tennessee, with a strong footprint i... Read More
Warren E. Buffett, 2008
F-1550 | Published May 13, 2008 | 9 pages Case
Collection: Darden School of Business
In January 2008, in the midst of the subprime-mortgage crisis, Warren Buffett is looking for good investment opportunities for his almost $50 billion in cash. As usual, he has been patient and careful... Read More
New Leaders of Financial Giants: The Cases of Vikram Pandit (Citi) and John Thain (Merrill Lynch)
F-1551 | Published May 13, 2008 | 10 pages Case
Collection: Darden School of Business
In January 2008, Citi and Merrill Lynch are trying to steer their ships back to calm waters. The new CEOs, Vikram Pandit (Citi) and John Thain (Merrill), have been at the helm of their companies for l... Read More
Bank Capital Structure: A Primer
Allayannis, Yiorgos (George); Shapiro, Andrew
F-1555 | Published March 10, 2008 | 10 pages Technical Note
Collection: Darden School of Business
This technical note accompanies the case titled "SunTrust Acquisition of National Commerce" (UVA-F-1554) and describes the various capital ratios that are commonly used in the banking sector as well a... Read More
Risk Exposure and Risk Management at Korea First Bank
F-1386 | Published May 13, 2002 | 24 pages Case
Collection: Darden School of Business
This case is ideal for analyzing the currency, liquidity, operating interest-rate, and other types of risk that a bank faces, especially a bank in emerging markets as it was hit during the Asian crisi... Read More
Markov's Trilemma
F-1341 | Published August 13, 2001 | 4 pages Case
Collection: Darden School of Business
The key objectives of this case are to: (1) familiarize students with a simple version of the Markowitz optimal-asset allocation model; (2) develop students' intuition regarding optimal-asset allocati... Read More
GMO: The Value Versus Growth Dilemma
Allayannis, George (Yiorgos); Burton, William
F-1328 | Published August 13, 2001 | 16 pages Case
Collection: Darden School of Business
Dick Mayo, one of the most celebrated value investors in America was puzzled by the New Economy’s continuous bias toward growth investment strategies. He examines the basics of his philosophy versus t... Read More
The Dynamis Fund: An Energy Hedge Fund
Allayannis, George (Yiorgos); Eaker, Mark R.; Bocock, Alec
F-1337 | Published July 16, 2001 | 12 pages Case
Collection: Darden School of Business
Fred Bocock was examining the performance of the Energy Hedge Fund and the Energy Portfolio, a hedge fund and a mutual fund respectively, which he manages. Bocock had become increasingly aware that ab... Read More
Ito's Delight
Allayannis, George (Yiorgos); Eades, Kenneth M.
F-1333 | Published July 13, 2001 | 2 pages Case
Collection: Darden School of Business
Louise Ito examines option-pricing data from the Wall Street Journal. She wants to make sure that she understands the basic principles behind option pricing and examines whether these prices are consi... Read More
Zeus Asset Management, Inc.
F-1232 | Published July 31, 1998 | 6 pages Case
Collection: Darden School of Business
In May 1998, the director of Research at Zeus Asset Management is reflecting on the current performance evaluation of Zeus's mutual funds (which include an equity fund, a bond fund, a balanced fund, a... Read More