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Hedging
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- February 2006 (Revised October 2006)
- Case
The Children's Investment Fund, 2005
By: Randolph B. Cohen and Joshua B. Sandbulte
TCI, The Children's Investment Fund, is a London-based hedge fund. The firm donates a significant fraction of the fees it earns to a charitable foundation. In 2005, TCI took a large stake in Deutsche Borse, the stock exchange in Frankfurt. Its battle with management... View Details
- January 2006
- Teaching Note
Foreign Exchange Hedging Strategies at General Motors: Competitive Exposures (TN)
By: Mihir A. Desai and Kathleen Luchs
- January 2006
- Teaching Note
Foreign Exchange Hedging Strategies at General Motors: Transactional and Translational Exposures (TN)
By: Mihir A. Desai and Kathleen Luchs
- September 2005
- Teaching Note
Hedging Currency Risks at AIFS (TN)
By: Mihir A. Desai and Kathleen Luchs
- April 2005
- Supplement
Foreign Exchange Hedging Strategies at General Motors: Competitive Exposures (CW)
By: Mihir A. Desai and Kathleen Luchs
- April 2005 (Revised January 2006)
- Supplement
Foreign Exchange Hedging Strategies at General Motors: Transactional and Translational Exposures (CW)
By: Mihir A. Desai and Kathleen Luchs
- April 2005 (Revised October 2006)
- Case
David Berman
By: Ananth Raman, Vishal Gaur and Saravanan Kesavan
Examines the decision of a hedge fund manager who is considering investing in a retail stock. The protagonist is concerned about the retailer's inventory level. Explores the relationship between the retailer's inventory and future earnings--and, hence, the relationship... View Details
- April 2005 (Revised January 2006)
- Case
Protege Partners: The Capacity Challenge
In February 2005, Jeffrey Tarrant (HBS '85) and Ted Seides (HBS '99) considered their strategy for Protege Partners, founded in July 2002 as a fund of hedge funds (FOHF) specializing in small hedge funds. Protege's assets under management had grown to $1.1 billion, and... View Details
- March 2005 (Revised March 2006)
- Case
Foreign Exchange Hedging Strategies at General Motors: Competitive Exposures
By: Mihir A. Desai and Mark Veblen
How can a multinational firm analyze and manage currency risks that arise from competitive exposures? General Motors has a substantial competitive exposure to the Japanese yen. Although the risks GM faces from the depreciating yen are widely acknowledged, the company's... View Details
- March 2005 (Revised January 2006)
- Case
Foreign Exchange Hedging Strategies at General Motors: Transactional and Translational Exposures
By: Mihir A. Desai and Mark Veblen
How should a multinational firm manage foreign exchange exposures? Examines transactional and translational exposures and alternative responses to these exposures by analyzing two specific hedging decisions by General Motors. Describes General Motors' corporate hedging... View Details
- March 2005
- Article
Short- and Long-term Demand Curves for Stocks: Theory and Evidence on the Dynamics of Arbitrage
By: Robin Greenwood
I develop a framework to analyze demand curves for multiple risky securities at extended horizons in a setting with limits-to-arbitrage. Following an unexpected change in uninformed investor demand for several assets, I predict returns of each security to be... View Details
- 2005
- Working Paper
Nominal versus Indexed Debt: A Quantitative Horse Race
By: Laura Alfaro and Fabio Kanczuk
The main arguments in favor of and against nominal and indexed debt are the incentive to default through inflation versus hedging against unforeseen shocks. We model and calibrate these arguments to assess their quantitative importance. We use a dynamic equilibrium... View Details
- September 2004 (Revised May 2005)
- Supplement
Foreign Exchange Hedging Strategies at General Motors (CW)
By: Mihir A. Desai
- September 2004 (Revised September 2008)
- Supplement
Hedging Currency Risks at AIFS (CW)
By: Mihir A. Desai
- September 2004 (Revised February 2007)
- Case
Hedging Currency Risks at AIFS
By: Mihir A. Desai, Vincent Dessain and Anders Sjoman
The American Institute for Foreign Studies (AIFS) organizes study abroad programs and cultural exchanges for American students. The firm's revenues are mainly in U.S. dollars, but most of its costs are in eurodollars and British pounds. The company's controllers review... View Details
- August 2004
- Article
Capital Controls, Risk and Liberalization Cycles
By: Laura Alfaro and Fabio Kanczuk
The paper presents an overlapping-generations model where agents vote on whether to open or close the economy to international capital flows. Political decisions are shaped by the risk over capital and labor returns. In an open economy, the capitalists (old) completely... View Details
Keywords: Business Cycles; Development Economics; Voting; Risk and Uncertainty; Cash Flow; Saving; Investment; Economy; Wages
- July 2004 (Revised July 2004)
- Case
Man Group plc
By: Andre F. Perold and Herve Duteil
In 2004, Man Group was the world's largest packager and distributor of investment vehicles tied to hedge funds. The firm had an equity market capitalization of $10 billion and funds under management of $38 billion. Man's offerings spanned a wide range of risk/reward... View Details
- March 2004 (Revised May 2005)
- Case
Foreign Exchange Hedging Strategies at General Motors
By: Mihir A. Desai and Mark Veblen
How should a multinational firm manage foreign exchange exposures? Examines transactional, translational, and competitive exposures. Describes General Motors' corporate hedging policies, its risk management structure, and how accounting rules impact hedging decisions.... View Details
- December 2003 (Revised October 2006)
- Case
Maverick Capital
By: Andre F. Perold, Chris McIsaac and Marc Ricks
Maverick Capital, a $7 billion hedge fund, faced a number of long-term strategic questions, particularly the issue of growth. With all of its assets invested with one strategy, Maverick was already managing more capital in a dedicated approach than any hedge fund in... View Details
- March 2003 (Revised June 2003)
- Case
Risk Arbitrage: Abbott Labs and Alza (A)
By: George C. Chacko, Randolph B. Cohen, Marc Chennault and Andrew Kuhlman
A hedge fund is trying to decide whether to capitalize on a seeming risk arbitrage opportunity that exists during the Abbott Labs acquisition of ALZA. View Details