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  • January 2013 (Revised January 2015)
  • Case

FX Risk Hedging at EADS

By: W. Carl Kester, Vincent Dessain and Karol Misztal
In 2008, EADS, the European aerospace group that owns Airbus, was faced with the decision of how best to hedge a large and growing mismatch between its dollar revenues and its euro manufacturing costs. Specifically, the company needed to decide if it would continue... View Details
Keywords: Derivatives; Foreign Exchange; Options; Forward Contract; Aerospace; Europe; Risk Management; Futures and Commodity Futures; Aerospace Industry; Europe
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  • 2021
  • Working Paper

Granular Corporate Hedging Under Dominant Currency

By: Laura Alfaro, Mauricio Calani and Liliana Varela
Foreign currency use can be a source of risk associated with currency mismatches, which firms can hedge using FX derivatives. This paper uncovers five novel facts about firms’ use of foreign currency (FX) derivatives employing a unique dataset covering the universe of... View Details
Keywords: FX Derivatives; Hedging; Currency; Cash Flow; Emerging Markets; Chile
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  • March 2013
  • Supplement

FX Risk Hedging at EADS

By: W. Carl Kester
Keywords: Derivatives; Foreign Exchange; Options; Forward Contract; Aerospace; Europe; Risk Management; Futures and Commodity Futures; Europe
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  • 2020
  • Working Paper

Currency Hedging in Emerging Markets: Managing Cash Flow Exposure

By: Laura Alfaro, Mauricio Calani and Liliana Varela
Foreign currency derivative markets are among the largest in the world, yet their role in emerging markets in particular, is relatively understudied. We study firms' currency risk exposure and their hedging choices by employing a unique dataset covering the universe of... View Details
Keywords: Foreign Currency Hedging; FX Derivatives; Foreign Currency Debt; Currency Mismatch; Trade Credit; Currency; Cash Flow; Emerging Markets
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  • 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
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  • Web

Behavioral Finance & Financial Stability

equilibrium, long term yields stay volatile. The authors derive several normative suggestions for policy makers. Related Themes: Credit Markets, Monetary Policy & Money Markets, Stabilization Policy & Regulation More Info The Financial... View Details
  • Web

Research - Behavioral Finance & Financial Stability

the Fed and bond market participants. Policy makers are gradual in setting its short term yields to smooth long term yield volatility. However, market participants anticipate this gradualism. In equilibrium, long term yields stay volatile. The authors View Details
  • 01 Mar 2011
  • First Look

First Look: March 1

the right FX risk mitigation strategy. Purchase this case:http://cb.hbsp.harvard.edu/cb/product/111050-PDF-ENG Oriflame S.A. (B) David F. Hawkins, Karol MisztalHarvard Business School Supplement 111-051 Exercise for recording View Details
Keywords: Sean Silverthorne
  • 12 Feb 2008
  • First Look

First Look: February 12, 2007

these conventions, pension assets and liabilities are not included in balance sheet calculations. The modern risk management tools of derivatives technologies can improve both corporate decision making and external analysis of... View Details
Keywords: Martha Lagace