Publications

February 2018
Case

Infrastructure in Nigeria: Unlocking Pension Fund Investments

By: John Macomber and Pippa Tubman Armerding

The so-called “infrastructure finance gap” was a problem in Nigeria as in many parts of the world. Infrastructure projects like power plants and dams were very large capital investments that could generate long-term consistent cash flows, but their financing and... View Details

Keywords: Pension Fund Investing; Infrastucture; Power/Energy; Credit Enhancement; Infrastructure; Project Finance; Investment Funds; Emerging Markets; Nigeria; Africa

05 Mar 2007
Research & Ideas

Risky Business? Protecting Foreign Investments

you wanted to attract more! Q: In the late 1980s and early 1990s, many developing countries sought outside infrastructure investments and even privatization of these operations. These initiatives were encouraged by world development leaders who believed View Details

Keywords: by Sean Silverthorne; Energy; Utilities

07 Apr 2008
Research & Ideas

The Debate over Taxing Foreign Profits

don't really think about these firms in that way; that characterization would seem more apt for a hedge fund than Cummins. In reality, increased foreign activity by Cummins need not be associated with... View Details

Keywords: by Sean Silverthorne

Spring 2013
Article

The Investment Strategies of Sovereign Wealth Funds

By: Shai Bernstein, Josh Lerner and Antoinette Schoar

This paper examines the direct private equity investment strategies across sovereign wealth funds (SWFs) and their relationship to the funds' organizational structures. SWFs seem to engage in a form of trend chasing, since they are more likely to invest at home when... View Details

Keywords: Sovereign Finance; Strategy; Investment Funds

Find at Harvard

18 Nov 2014
News

Helping foreign countries invest wisely

Dora Vardis (MBA 1994), managing director in the foreign exchange division of Citigroup, works with sovereign wealth funds and central banks to create successful investments for their countries. (Published... View Details

22 Sep 2020
News

Hedge Funds Reject Central Banker Criticism on Volatility

February 2008 (Revised November 2011)
Case

The International Monetary Fund in Crisis

By: Rawi Abdelal, David Moss and Eugene Kintgen

When Dominique Strauss-Kahn became the Managing Director of the International Monetary Fund in late 2007, he faced a number of significant changes. The organization had lost much of its legitimacy over the previous decade, and countries seemed increasingly reluctant to... View Details

Keywords: History; Globalized Economies and Regions; Problems and Challenges; Developing Countries and Economies; Borrowing and Debt; Government and Politics; Financial Institutions; Business Strategy; Macroeconomics; Financial Services Industry

01 Feb 2013
Working Paper Summaries

Dollar Funding and the Lending Behavior of Global Banks

Keywords: by Victoria Ivashina, David S. Scharfstein & Jeremy C. Stein; Financial Services

June 2011 (Revised September 2011)
Case

Two Key Decisions for China's Sovereign Fund

By: Robert C. Pozen and Xiaoyu Gu

The China Investment Corporation (CIC) was China's sovereign wealth fund (SWF), established with $200 billion of registered capital in September 2007 to diversify China's foreign exchange holdings and increase risk-adjusted returns on those assets. CIC was unusual in... View Details

Keywords: Business Subsidiaries; Business Growth and Maturation; Decisions; Capital; Investment Banking; Investment Funds; Corporate Social Responsibility and Impact; Ownership; Business and Shareholder Relations; Risk and Uncertainty; Wealth; Expansion; Financial Services Industry; China; United States

17 Apr 2009
Working Paper Summaries

The Investment Strategies of Sovereign Wealth Funds

Keywords: by Shai Bernstein, Josh Lerner & Antoinette Schoar; Financial Services

21 Sep 2015
News

Funding Progress Back Home

platform that facilitates diaspora and impact investing in Africa. Formerly a portfolio manager with the World Bank, where he helped African and other emerging nations set up foreign exchange and asset management activities, Guichard... 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

Keywords: Multinational Firms and Management; Currency Exchange Rate; Expansion; Credit Derivatives and Swaps; Financial Management; Investment Funds; Risk and Uncertainty; International Finance; Auto Industry

04 Sep 2015
News

Foreign investors navigate turmoil in Chinese markets with new playbook

01 Dec 1998
News

Novartis AG Establishes Global Research Fund

Four HBS professors whose international research efforts range from biotechnology in Taiwan to foreign investments in Costa Rica have been named the first Novartis Faculty Fellows. The two-year fellowships, View Details

Keywords: Anne Kavanagh

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

Keywords: Multinational Firms and Management; Currency Exchange Rate; Competition; Credit Derivatives and Swaps; International Finance; Financial Management; Investment Funds; Risk and Uncertainty; Auto Industry

2010
Working Paper

Report on the State of Available Data for the Study of International Trade and Foreign Direct Investment

By: Robert C. Feenstra, Robert E. Lipsey, Lee G. Branstetter, C. Fritz Foley, James Harrigan, J. Bradford Jensen, Lori Kletzer, Catherine Mann, Peter K. Schott and Greg C. Wright

This report, prepared for the Committee on Economic Statistics of the American Economic Association, examines the state of available data for the study of international trade and foreign direct investment. Data on values of imports and exports of goods are of high... View Details

Keywords: Trade; Foreign Direct Investment; Price; Globalization; Policy; Information; Intellectual Property