Publications

October 1995 (Revised July 1996)
Case

Aspen Technology, Inc.: Currency Hedging Review

By: Peter Tufano

The chief financial officer of a rapidly growing U.S.-based software firm that sells its process-control software to industrial users around the globe must review the goals, strategies, and policies of the firm's currency hedging program. This review is prompted by... View Details

Keywords: Currency Exchange Rate; Applications and Software; Investment; Business Startups; Business Strategy; Information Technology Industry; United Kingdom; United States

October 1994 (Revised November 1995)
Case

N.V. Philips Electronics - Currency Hedging Policies

By: Richard F. Meyer

Describes Philips Electronics' policies and problems relating to foreign exchange risk and hedging. Explains centralization versus decentralization of currency hedging, economic role versus transaction role, the difficulties of capturing the necessary information... View Details

Keywords: Business Divisions; Currency Exchange Rate; International Finance; Globalization; Policy; Information Management; Management; Problems and Challenges; Risk and Uncertainty

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October 2022
Article

Sovereign Risk, Currency Risk, and Corporate Balance Sheets

By: Wenxin Du and Jesse Schreger

We provide a comprehensive account of the evolution of the currency composition of sovereign and corporate external borrowing by emerging markets from 2003 to 2017. We show that a higher reliance on foreign currency debt by the corporate sector is associated with... View Details

Keywords: Currency; International Finance

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June 2013 (Revised June 2013)
Teaching Note

Brazil's Enigma: Sustaining Long-Term Growth & Currency Wars

By: Laura Alfaro and Hilary White

Over the past decade, Brazil's future as a leading world economic power appeared certain. An expanding middle class and commodity boom had fueled economic growth, with GDP growth hitting a peak of 7.5% in 2010. However, the high cost of conducting business in Brazil,... View Details

17 Nov 2016
Working Paper Summaries

Sovereign Risk, Currency Risk, and Corporate Balance Sheets

Keywords: by Wenxin Du and Jesse Schreger

Fast Answer

Currency Options: Historical Quotes

Where do I find historical currency options quotes? You can find historical currency options quotes in WRDS. In WRDS, choose PHLX... View Details

April 1989 (Revised September 1989)
Case

CIBA-GEIGY AG: Impact of Inflation and Currency Fluctuations

By: Hugo Uyterhoeven

The chairman of the second-largest Swiss multinational company is preparing for a board discussion on the impact of a constantly strengthening Swiss franc. The case raises strategic issues in terms of international competitiveness, financial reporting issues of how to... View Details

Keywords: Inflation and Deflation; Currency; Financial Management; Multinational Firms and Management; Problems and Challenges; Risk and Uncertainty; Competitive Strategy; Switzerland

March 2003
Article

Foreign Currency for Long-Term Investors

By: Luis M. Viceira, John Y. Campbell and Joshua S. White

Keywords: Currency; Investment

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Read Now

19 Jun 2008
Working Paper Summaries

Accounting Information as Political Currency

Keywords: by Karthik Ramanna & Sugata Roychowdhury; Accounting

12 May 2008
Research & Ideas

Accounting Information as Political Currency

solicited. I suppose one would need tape recordings or sworn testimony for that. Q: If you were doing a similar study of accounting as political currency for the upcoming U.S. presidential election in November, what keywords would you... View Details

Keywords: by Martha Lagace

2024
Working Paper

How Do Global Portfolio Investors Hedge Currency Risk?

By: Robin Greenwood and Alex Cheema-Fox

We use monthly portfolio data from one of the world’s largest custodian banks, with over $40 trillion assets under custody, to study how global portfolio investors hedge foreign exchange risk in their equity and fixed income portfolios over the past 25 years. The data... View Details

Keywords: Investment Portfolio; Investment Funds; Currency; Risk and Uncertainty

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30 Jul 2009
News

Chatter about a new global currency is overblown

06 Apr 2021
Working Paper Summaries

Currency Hedging in Emerging Markets: Managing Cash Flow Exposure

Keywords: by Laura Alfaro, Mauricio Calani, and Liliana Varela; Financial Services

September 2005
Teaching Note

Hedging Currency Risks at AIFS (TN)

By: Mihir A. Desai and Kathleen Luchs

Keywords: Currency; Risk and Uncertainty; Financial Services Industry

January 2024
Technical Note

Hedging Currency Risk of Foreign Investments

By: Wenxin Du and Luis M. Viceira

18 Feb 2020
News

How Cryptocurrencies Should Be Regulated as Non-sovereign Fiat Currencies

1996
Working Paper

The Determinants of Optimal Currency Hedging

By: Kenneth Froot and André Perold

Keywords: Hedging; Transaction Costs; Exchange Rates; International Markets; International Finance; Currency; Asset Pricing

March 1993
Teaching Note

Note on Foreign Currency Swaps (TN)

By: W. Carl Kester

Teaching Note for (9-292-043). View Details