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  • July 1983 (Revised July 1991)
  • Case

Hintz-Kessels-Kohl A.G.

By: Thomas R. Piper
A truck manufacturer must decide whether to bid on the sale of 120 trucks to a private firm in Costa Rica. If a bid is submitted, a decision must be made on whether to protect against the credit, exchange rate, and sovereign risks. View Details
Keywords: Risk Management; Currency Exchange Rate; Truck Transportation; Cross-Cultural and Cross-Border Issues; Manufacturing Industry; Auto Industry; Germany; Costa Rica
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  • August 2008 (Revised October 2010)
  • Case

Iceland (A)

By: Aldo Musacchio
In May of 2008, a team of sovereign debt analysts at Moody's had to decide whether to downgrade the country's sovereign long-term debt from Aaa to Aa1 or lower. Investor sentiment toward Iceland had changed radically in March, and the Moody's team was fearful that the... View Details
Keywords: Decision Choices and Conditions; Financial Crisis; Borrowing and Debt; Currency; Financial Condition; Sovereign Finance; European Union; Iceland
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    Laura Alfaro

    Laura Alfaro is the Warren Alpert Professor of Business Administration. At Harvard since 1999, she served as Minister of National Planning and Economic Policy in Costa Rica from 2010-2012, taking a leave from HBS. She is Co-Editor of the Journal of International... View Details

    • Teaching Interest

    MBA Elective Curriculum: Investment Strategies

    By: Malcolm P. Baker

    This is a CORE course for students pursuing careers in finance. Thus, students interested in pursuing careers in mutual funds, hedge funds, pension funds, endowments, wealth management, financial consulting, marketing and client service, sales and trading,... View Details

    • April 2006 (Revised December 2006)
    • Case

    The Barber of Buenos Aires: Argentina's Debt Renegotiation

    By: Noel Maurer and Aldo Musacchio
    Tells the story of Argentina's aggressive strategy for renegotiating its sovereign debt from 2003 to 2005. Most creditors accepted the offer to swap their debt for new securities worth 35 cents on the dollar, with no recognition of all past-due interest. Many holdouts,... View Details
    Keywords: Private Sector; Borrowing and Debt; Insolvency and Bankruptcy; International Finance; Foreign Direct Investment; Sovereign Finance; Government and Politics; Negotiation Tactics; Outcome or Result; Situation or Environment; Argentina
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    • February 2002 (Revised April 2002)
    • Case

    Chengwei Ventures and the hdt* Investment

    By: G. Felda Hardymon, Josh Lerner and Ann Leamon
    Bo Feng, cofounder and principal in Chengwei Ventures, one of the first sovereign venture capital firms in China, is trying to decide on the proper business model for hdt, the product of a merger between two portfolio companies. This case discusses the best way for the... View Details
    Keywords: Venture Capital; Mergers and Acquisitions; Customer Relationship Management; Sovereign Finance; Management Analysis, Tools, and Techniques; Entrepreneurship; Internet and the Web; Applications and Software; Markets; Business Model; Financial Services Industry; China
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      Robert C. Merton

      Robert C. Merton is the School of Management Distinguished Professor of Finance at the MIT Sloan School of Management.

      Merton is University Professor Emeritus at Harvard University and was the George Fisher Baker Professor of... View Details

      Keywords: banking; brokerage; financial services; insurance industry; investment banking industry; retail financial services
      • 15 Aug 2006
      • First Look

      First Look: August 15, 2006

        Working PapersOptimal Reserve Management and Sovereign Debt Authors:Laura Alfaro and Fabio Kanczuk Abstract Most models currently used to determine optimal foreign reserve holdings take the level of international debt as given. However,... View Details
      Keywords: Sean Silverthorne
      • 14 Apr 2022
      • News

      China Hesitates on Bailing Out Sri Lanka, Pakistan as Debt Soars

        Dante Roscini

        Dante Roscini holds the Professor of Management Practice Chair endowed by the MBA Class of 1952 at Harvard Business School. He joined the faculty in 2008 after a two-decades-long career in finance. He currently teaches the course Business, Government, and the... View Details

        • November 2008
        • Case

        Malaysia Airlines (A)

        In the first six weeks on the job, the new CEO of Malaysia Airlines (MAS) has developed an ambitious turnaround plan, including aggressive job cuts and route eliminations, but MAS's largest shareholder, Khazanah Nacional, the sovereign wealth fund, is tasked with... View Details
        Keywords: Restructuring; Economic Growth; Investment Funds; Sovereign Finance; Organizational Change and Adaptation; Business and Government Relations; Business and Shareholder Relations; Air Transportation Industry; Malaysia
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        • April 2012
        • Case

        Credit Rating Agency Reform in the US and EU

        By: Robert C. Pozen and Brian Conroy
        The purpose of this note is to explore reform options for the credit rating industry. The note examines the ways in which credit rating agencies contributed to the recent financial crisis, particularly through ratings of securitized products and sovereign debt. It... View Details
        Keywords: Debt Securities; Financial Condition; Standards; Financial Crisis; Corporate Finance; Financial Services Industry; United States; European Union
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        • 01 Sep 2015
        • News

        China Syndrome

        • March 2020 (Revised February 2023)
        • Case

        Political Legitimacy and Global Capital Markets: Malaysia's 1MDB (A)

        By: Meg Rithmire and Courtney Han
        In May 2018, Malaysia’s 14th General Election saw a change of power that many thought they would never witness in their lifetimes. The political party that had ruled Malaysia for 60 year was kicked out of office by a 92 year-old challenger, Mahathir Mohamed, who had... View Details
        Keywords: Government Administration; Crime and Corruption; Financial Markets; Malaysia
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        • 30 Jul 2008
        • Op-Ed

        Why the U.S. Should Encourage FDI

        Last year, foreign investors set new records for their acquisition activity in the United States. And 2008 began with nearly daily stories of American financial executives courting foreign direct investors, particularly sovereign wealth... View Details
        Keywords: by Mihir A. Desai
        • April 2004
        • Tutorial

        Yield Curves and Bond Ratings Tutorial

        By: William E. Fruhan Jr.
        To preview this online product, Authorized Faculty can call our customer service department at 1-800-545-7685 or 617-783-7600. This online tutorial explains what drives the shape of the yield curve for traded debt securities. Also describes the metrics used by rating... View Details
        Keywords: Bonds; Investment Return; Financial Services Industry
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        • October 1984
        • Case

        Citibank Indonesia

        Describes a dilemma faced by Citibank's country manager for Indonesia. His superiors have asked him to raise his profit goal for 1984. But to produce increased profits he would either have to reduce the amount lent at below-market rates, particularly to prime customers... View Details
        Keywords: Cost vs Benefits; Multinational Firms and Management; Banks and Banking; Banking Industry; Indonesia
        Related
        • November 2010 (Revised October 2012)
        • Background Note

        Farmland Investing: A Technical Note

        By: Ray Goldberg, Arthur I Segel, Gustavo Herrero and Andrew Terris
        This note seeks to provide an overview of farmland investing, the investment thesis behind investing in agriculture, how and why investors would choose farmland, and the general risks and return characteristics of this asset class. In recent years, a growing number of... View Details
        Keywords: Agribusiness; Investment; Investment Return; Risk Management; Property; Agriculture and Agribusiness Industry; Financial Services Industry; Real Estate Industry; Asia; United States; South America
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        • October 2003 (Revised January 2004)
        • Case

        The 2001 Crisis in Argentina: An IMF-Sponsored Default? (A)

        By: Rafael M. Di Tella and Ingrid Vogel
        At the end of 2001, Argentina's economy and society both appeared on the verge of collapse. Furious about controls imposed on the convertibility of their bank deposits into cash (the "corralito") and huge proposed government spending cuts amidst high unemployment and... View Details
        Keywords: Financial Crisis; Economic Slowdown and Stagnation; Banks and Banking; Problems and Challenges; Decision Choices and Conditions; Currency Exchange Rate; Economy; Government Administration; Crime and Corruption; Argentina
        Related
        • January 2019 (Revised January 2022)
        • Case

        Chinese Infrastructure Investments in Sri Lanka: A Pearl or a Teardrop on the Belt and Road?

        By: Meg Rithmire and Yihao Li
        In 2015, a surprise presidential election result seemed to imperil Chinese investments in Sri Lanka, which were associated with China’s Belt and Road Initiative to build global infrastructure. In the previous decade, China had undertaken two major projects in the... View Details
        Keywords: Belt And Road Initiative; Investment; Infrastructure; China; Sri Lanka
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