Publications

March–April 2015
Article

The Almighty Ruble

By: Debora L. Spar

At 1 AM Moscow time on December 16, Russia's central bank announced a massive hike in the country's interest rate, from 10.5% to 17%. It's not clear how Russian leader Vladimir Putin and his colleagues could realistically have expected to achieve anything by hiking the... View Details

Keywords: Monetary Policy; Economy; Policy; Currency; Interest Rates; Sovereign Finance; Russia

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January 1987 (Revised September 1991)
Case

Walt Disney Co.'s Yen Financing

By: W. Carl Kester and William B. Allen

Walt Disney is considering hedging future yen inflows from Disney Tokyo. It is evaluating techniques using FX Forwards, swaps, and Yen term borrowings. Goldman Sachs presents a rather unusual but potentially attractive solution: Disney could issue ECU Eurobonds and... View Details

Keywords: Borrowing and Debt; Currency; Bonds; Valuation; Tokyo

August 1985 (Revised July 1991)
Case

Universal Circuits, Inc.

By: Thomas R. Piper

The manager of international finance of a major U.S. electronics company is concerned about the exposure of the firm to changes in exchange rates. Of particular concern is the exposure of operations to changes in real exchange rates. The teaching objectives include: 1)... View Details

Keywords: Credit Derivatives and Swaps; International Finance; Currency Exchange Rate; Business Plan; Risk and Uncertainty; Financial Management; Financial Strategy; Electronics Industry; United States

November 2010 (Revised October 2011)
Case

Oriflame S.A. (A)

By: David F. Hawkins, Karol Misztal and Daniela Beyersdorfer

A direct-selling cosmetics company involved in emerging markets exhibits significant foreign exchange risk exposure and profitability swings in the wake of the 2008 financial crisis. Students must review the company's use of derivative instruments and other hedging... View Details

Keywords: Accounting; Financial Crisis; Currency Exchange Rate; Financial Strategy; Investment; Management Analysis, Tools, and Techniques; Risk Management; Emerging Markets; Beauty and Cosmetics Industry

Article

How NFTs Create Value

By: Steve Kaczynski and Scott Duke Kominers

How much could a cluster of pixels possibly be worth? More pointedly, why is it worth anything at all? The explosion of NFTs and their accompanying marketplaces have left many baffled, incredulous, and deeply skeptical. But while NFTs may be fetching eye-popping,... View Details

Keywords: Technological And Scientific Innovation; Crypto Economy; Blockchain; Technological Innovation; Currency; Technology Adoption; Digital Transformation

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01 Apr 2019
What Do You Think?

Does Our Bias Against Federal Deficits Need Rethinking?

a deficit limit although a very high one.” Tony E opined, “The US is unique globally in providing a stable currency (that allows) the rest of the world to eliminate uncertainty in asset/commodity valuation." This confidence , he... View Details

Keywords: by James Heskett

Web

Site Credits - A Chronicle of the China Trade

of the China Trade Introduction Doing Business with China Augustine Heard & Co. The Canton Trade Commodities & Currencies Treaty Ports & Compradors Clippers & Steamships Exploring Trade Links Chinese Competition Expatriate Traders... View Details

17 Mar 2009
First Look

First Look: March 17, 2009

mortgage lender are considering how to bring the bank's restructuring to a successful conclusion as the country's economy continues to suffer from the impact of the 2001-2002 currency crisis and default. As the bank's competitors, many of... View Details

Keywords: Martha Lagace

April 1993
Teaching Note

Grupo Industrial Alfa, S.A.,1982 (TN)

By: Timothy A. Luehrman

Teaching Note for (9-292-008). View Details

Keywords: Cash Flow; Borrowing and Debt; Restructuring; Rights; Business Strategy; Negotiation; System; Business Conglomerates; Currency Exchange Rate; Energy Industry; Telecommunications Industry; Mexico

November 2010 (Revised July 2011)
Supplement

Oriflame S.A. (B)

By: David F. Hawkins and Karol Misztal

Exercise for recording derivative hedging transactions, accompanied by a technical note on IFRS derivative accounting. View Details

Keywords: Financial Reporting; Financial Statements; International Accounting; Currency Exchange Rate; Management Analysis, Tools, and Techniques; Risk Management; Standards; Beauty and Cosmetics Industry

May 2006 (Revised November 2006)
Case

China: To Float or Not To Float? (F)- Alcatel and Strong Chinese Competition

By: Laura Alfaro, Rafael M. Di Tella and Ingrid Vogel

The Chinese operations of Alcatel, a global communications solution provider based in France, were faced with strong local competition and a difficult market. It remained unclear how Alcatel would be able to recover growth in the Chinese market. Initiatives were... View Details

Keywords: Currency Exchange Rate; International Relations; Growth and Development Strategy; Research and Development; Competitive Strategy; Horizontal Integration; Communications Industry; China; France; United States

15 Sep 2017
Working Paper Summaries

Debt Redemption and Reserve Accumulation

Keywords: by Laura Alfaro and Fabio Kanczuk

July 2010 (Revised March 2012)
Case

China 'Unbalanced'

By: Diego A. Comin and Richard H.K. Vietor

In 2010, Wen Jiabao looked back at the financial crisis with some satisfaction. Using aggressive fiscal and monetary policy, China had weathered the crisis successfully, growing 8.7% annually in 2010. Most of the unemployed workers had returned to work, often... View Details

Keywords: Economic Growth; Financial Crisis; Trade; Currency Exchange Rate; Investment; Local Range; Growth and Development Strategy; Demand and Consumers; China

June 2003 (Revised January 2004)
Case

Argentina's Financial System Fenced In

By: Huw Pill, Claudia Onoforio and Romina Abal

Provides an opportunity to analyze the Argentine financial crisis of 2001/2002, which culminated in the abandonment of the convertibility plan introduced by Domingo Cavallo in 1991. Focusses on the role of the financial system. View Details

Keywords: Emerging Markets; Financial Crisis; Currency; Crisis Management; Property; Argentina

04 Nov 2019
News

A Home for Startups

which acts as a platform to bring these people together and let them interact with each other to generate new ideas, new business opportunities. “Collaboration is the currency of the future, and we are stepping forward in that direction.... View Details

Keywords: work space

01 Dec 2018
News

Averting Crisis

website can see the probability that a given sector within a certain country is currently experiencing a bubble. For users seeking a longer-term perspective, the site also includes a historical database of banking, stock market, and View Details

July 2009
Case

Arcor: Global Strategy and Local Turbulence (Abridged)

Argentine confectionery manufacturer, Arcor Group, seeks to implement an international strategy but in 2003, while recovering from the Argentine financial crisis, globalization plans are thwarted. Already Latin America's leading candy producer and an exporter to over... View Details

Keywords: Financial Crisis; Currency; Global Strategy; Expansion; Balance and Stability; Food and Beverage Industry; Latin America; Argentina