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Bruce R.
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Sustaina
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g
c
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U
nited States
o
ften viewed
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w
ith its emph
a
c
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orporate co
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D
iscusses th
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roductivity.
P
o
f performan
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quity. In brie
f
a
fter-tax retur
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ake signific
a
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djusted for t
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omparable
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a
bout the per
f
p
ossible.
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earning Ob
j
a
nd U.S. fina
n
i
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p
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S
everal inves
t
p
roviders or f
a
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vestment. T
raded comp
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ased in Swit
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p
rinciples of
s
A
BB’s manag
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h
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o
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L
earning Ob
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nvironment
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the capital
m
w
ill actually
m
f
irms that offe
s
felt that the
in terms of i
n
j
ective: To e
x
r
porate gover
n
na’s political
a
g
overnance
m
v
ernance sys
t
e
holders.
r
ious macroe
c
e
s that led to
i
beginning in
a
s the most
d
o
llow. Similar
l
a
sis on shar
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n
trol–is also
v
t
ructuring an
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P
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ns on shareh
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States’ has
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a
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h
s
ustainable d
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h
ave with the
n
d the extent
into account
j
ective: Und
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lly and social
m
arkets, and
m
aterialize; u
n
r services rel
company w
a
n
ternational g
o
x
pose stude
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nance with C
and economi
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odel, this c
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em in China
conomic, reg
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the mid-198
0
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eveloped in
t
l
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m
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holder value
v
iewed as a
m
d
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n
a
rge firms be
is restructuri
n
on the evolu
p
roductivity b
y
s
t, and rates
o
U.S. firms s
h
h
older equity
o
m
ents on their
t
he business
ta on returns
U
.S. firms ve
r
o
mpare and
e
s
. Also, to dis
c
been driven
l
a
nd mutual fu
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pportunities
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esses the i
m
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s on manag
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e
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velopment i
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to decide w
firms in the
s
t
to which the
y
in tailoring t
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rstand the c
h
l
ly “pro-activ
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assess the li
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derstand the
ating to soci
a
a
s not yet clo
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vernance st
a
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ts to the ran
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hinese char
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se demonst
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offers limited
ulatory, tech
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porate restr
u
0
s. The U.S.
f
t
he world an
d
m
odel of corp
o
and an activ
e
m
odel. Exami
n
nce of an act
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ginning in th
e
n
g on corpor
a
tion of a nu
m
y sector, ma
r
o
f return both
h
owed signifi
c
o
ver the peri
o
pre-tax retur
cycle. Given
across coun
t
r
sus Europea
e
valuate Ger
m
c
uss how a fi
n
l
argely by m
a
n
ds position
t
for socially r
e
m
pact of thes
e
e
rs at ABB, a
e
a leader in
i
n
to its busine
s
hat sorts of r
e
s
ocially resp
o
y
ought to ta
k
h
eir business
h
annels thro
u
e
” behavior m
kelihood tha
t
possible val
u
a
lly responsi
b
s
e to where it
a
ndards.
g
e of issues
a
cteristics. In
d
and
r
ates that the
protection fo
n
ological, an
d
u
cturing in th
e
f
inancial syst
d
a model for
o
rate govern
a
e
market for
n
es pressure
s
ive market fo
e
early 1970s
a
te profitabilit
y
m
ber of indica
t
r
ket capitaliz
a
h
on assets a
n
c
antly improv
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d while failin
ns on assets
–
the lack of
t
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m
an, Japane
s
n
ancial syste
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rket rather t
h
t
hemselves a
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e
sponsible
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firms on pu
b
large multin
a
i
ntegrating
s
s strategies
.
e
lationships t
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o
nsible invest
m
k
e the prefer
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strategies.
u
gh which
ight be rewa
r
t
these rewar
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u
e propositio
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b
le investmen
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r
d
e
em is
other
a
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s
for
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.
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and
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ors
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licly
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tional
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hey
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ent
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nces
r
ded
d
s
n
s of
t
.
The Boar
d
Cynthia
A
Rhonda
K
Product
#
Length: 7
PART II
T
CURREN
Chapter
5
Foreign
E
Capital C
o
(HBS not
e
Laura Alf
a
Product
#
Length: 6
Exchang
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Robert E.
Product
#
Length: 3
Alphatec
C. Gilson
;
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Product
#
Length: 3
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RATE DET
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c
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B
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c
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h
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gies for impr
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shareholde
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F
Scott P.
M
Product
#
Length: 1
5
Note on
F
Swaps:
W
Product
#
Length: 1
Teaching
Foreign
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Transacti
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Christina
Luchs, Y
a
Product
#
Length: 2
8
Teaching
Chapter
6
Relation
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Exchang
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Note on
F
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Product
#
Length: 9
Teaching
MSDI-
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#
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Chapter
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F
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#
: 286067
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F
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#
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o
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n
s
ed cost-savi
n
u
ces techniq
u
u
rrency settin
n
s as they rel
x
change rate
s
u
ation; Securi
t
t
n
g the impac
t
a
tion.
s
, including b
a
rd rates.
o
n of outright
o
ted in the L
o
e
st rate parity
,
e
ign exchang
e
m
ent of an
a
ns of a detai
l
w
ap flows an
d
r
itten version
e
ign exchang
e
e
t and explai
n
s
, determine
s
and
r
es, swaps a
n
instruments.
e
terminants
o
rate parity a
n
e
m set so rea
d
e
xchange rat
e
nge rate
exchange r
a
a
re presente
d
e
rest rate pa
r
h
er effect (Fis
d
iscussed.
n
ge; Foreign
n
g investme
n
u
es of discou
n
g. Can be us
l
ate to the va
l
s
; Internation
a
t
ies analysis;
t
of
id-
o
ndon
,
and
e
;
l
ed
d
all-
of an
e
;
n
s the
cross
n
d
o
f
n
d
d
ers
e
s.
a
te
d
r
ity,
her
n
t by
n
ted
ed to
l
ue of
a
l
Futures o
Kenneth
A
McBrady;
Product
#
Length: 2
2
PART III
F
Chapter
8
Transact
Note on
T
Translati
o
Kester; R
Product
#
Length: 1
0
Teaching
Metallge
s
llschaft A
G
Guy Wey
n
Product
#
Length: 5
N.V. Phili
p
Currency
Richard
F
Product
#
Length: 1
8
A
spen T
e
Currency
Peter Tuf
a
Poetzsch
e
Product
#
Length: 1
9
Teaching
Hedging
C
AIFS: Mi
h
n the Mexica
A
. Froot; Mat
t
Mark Seash
o
#
: 296004
2
p
F
OREIGN E
X
8
: Managem
e
ion Exposu
r
T
ransaction a
n
o
n Exposure
*
ichard P. Mel
#
: 288017
0
p
Note: 29002
7
s
e
G
: David F.
H
n
s
#
: 194097
p
p
s Electronic
s
Hedging Poli
F
. Meyer
#
: 295055
8
p
e
chnology, In
c
Hedging Re
v
a
no; Camero
e
r
#
: 296027
9
p
Note: 29809
1
C
urrency Ris
k
h
ir A. Desai;
V
n
Peso*:
t
hew
o
les
T
w
p
S
e
X
CHANGE E
X
e
nt of
e
n
d
*
: W. Carl
nick
7
D
d
c
e
f
O
p
w
S
F
a
H
awkins;
M
b
N
h
o
t
L
a
w
m
s
:
cies:
D
e
d
r
a
m
L
c
c
c
.:
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n
1
T
f
t
c
f
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L
s
n
t
e
k
s at
V
incent
A
s
T
he Chicago
w
hether and
w
p
eso.
S
ubjects Co
v
e
xchange rat
e
X
POSURE
A
D
escribes th
e
d
oing busine
s
c
hange. Also
e
xposure. Co
v
f
orward cove
r
O
ther coverin
p
resented. E
x
w
hat can be
d
S
ubjects Co
v
F
oreign exch
a
a
ccounting
M
etallgesells
c
b
ased in Fra
n
N
ew York ba
s
h
edging error
s
o
f hedge acc
o
op manage
m
L
earning Ob
j
a
ccounting fo
r
w
hen choosi
n
m
arket-hedg
e
D
escribes Ph
i
e
xchange ris
k
d
ecentralizati
o
r
ole; the diffic
u
a
nd assignin
g
m
anagement
.
L
earning Ob
j
c
urrency hed
g
c
orporation.
T
he chief fina
f
irm that sells
he globe mu
s
c
urrency hed
g
f
irm’s busine
s
o
ther growing
L
earning Ob
j
s
mall, young
f
n
eed to man
a
he goals and
e
xposures, a
n
A
IFS organiz
e
s
ending over
M
ercantile E
x
w
hen to intro
d
v
ered: Com
m
e
s; Internatio
n
A
ND MANAG
E
e
transaction
a
s
s internation
a
discusses h
o
v
ering techni
q
r
, money mar
k
g devices, s
u
x
plains how t
h
d
one to mini
m
v
ered:
A
cco
u
a
nge rates; I
n
c
haft AG is a
n
kfurt am Mai
n
s
ed subsidiar
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s
that could
d
o
unting rules
m
ent is exami
n
j
ective: To ill
r
hedges and
n
g between d
e
e
accounting.
i
lips Electron
i
k
and hedgin
g
o
n of currenc
u
lties of capt
u
g
currency ga
.
j
ective: To s
h
g
ing system i
n
ncial officer
o
its process-
c
s
t review the
g
g
ing program
s
s, notably its
overseas ex
j
ective: Inte
n
f
irm’s busine
s
a
ge this expo
s
purposes of
n
d appropriat
e
e
s academic
a
50,000 Ame
r
x
change nee
d
d
uce, a futur
e
m
odity marke
t
n
al finance;
M
E
MENT
A
bstrac
t
a
nd translati
o
a
lly face whe
o
w to measur
e
q
ues are de
m
k
et hedges,
a
u
ch as swaps
h
ese exposu
r
m
ize overall f
o
u
nting proced
u
n
ternational fi
n
commodity a
n
, Germany.
y
of the grou
p
d
rive the grou
on the qualit
y
n
ed.
ustrate the f
u
d
to show the
e
ferral hedge
i
cs’ policies
a
g
. Explains c
e
c
y hedging; e
c
u
ring the nec
e
ins and loss
e
h
ow the prob
l
n
a very larg
e
o
f a rapidly-g
r
c
ontrol softwa
goals, strate
g
. This review
acquisition
o
x
penses, and
n
ded to allow
s
s strategy c
r
s
ure. Design
e
currency he
d
e
policies to
b
and cultural
e
r
ican student
s
d
s to decide
h
e
s contract o
n
t
s; Country a
n
M
exico; Mon
e
t
o
n exposures
n foreign exc
e
and cover
b
m
onstrated u
s
a
nd options
m
and leads a
n
r
es relate to
e
o
reign excha
n
ures; Foreig
n
nance; Mana
a
nd engineeri
n
Metallgesell
s
p
, has made
o
p into insolv
e
y
of the infor
m
u
ndamental i
s
tradeoffs tha
t
e
accounting
a
a
nd problems
e
ntralization
v
c
onomic role
e
ssary infor
m
e
s in a matrix
lems of impl
e
e
, multi-divisi
o
r
owing U.S.-
b
a
re to industri
a
g
ies, and poli
c
is prompted
o
f a United Ki
n
its recent init
students to
a
r
eates curren
c
e
d to allow st
u
d
ging, the me
a
b
e followed.
e
xchanges fo
s
abroad eac
h
h
ow to desig
n
n
the Mexica
n
n
alysis; Forei
g
e
y; Money m
a
that compan
hange rates
b
oth types of
s
ing example
s
m
arket hedge
s
n
d lags, are a
e
ach other an
n
ge risk.
n
exchange;
gement
n
g conglome
r
s
chaft Corp.,
a
o
il trading an
d
e
ncy. The im
p
m
ation availa
b
s
sues in
t
have to be
m
a
nd mark-to-
relating to fo
r
v
ersus
versus trans
a
m
ation central
system of
e
menting a fo
r
o
nal global
b
ased softwa
r
a
l users arou
n
c
ies of the fir
m
by changes i
n
n
gdom subsi
d
ial public off
e
a
nalyze how
a
c
y exposure
a
u
dents to ex
p
asurement o
f
r students,
h
year for stu
d
n
, and
n
g
n
a
rkets
ies
s
of
s
.
lso
d
r
ate
a
d
p
act
b
le to
m
ade
reign
a
ction
ly;
r
eign
r
e
n
d
m
‘s
n
the
d
iary,
e
ring.
a
a
nd a
p
lore
f
d
y
Dessain;
A
Length: 1
7
Product
#
Teaching
Chapter
9
Economi
Note on
O
Exchang
e
Timothy
A
Product
#
Length: 1
Teaching
Tiffany &
Kester ;
K
Product
#
Length: 1
2
Teaching
Universal
Thomas
R
Product
#
Length: 1
3
Teaching
Ibersnac
k
S.A. *: D
o
A
hmad R
a
A
nders Sjöm
a
7
p
#
: 205026
Note: 20602
5
9
: Managem
e
c Exposure
O
perating Ex
p
e
-Rate Chan
g
A
. Luehrman
#
: 288018
1p
Note: 29301
2
Co.–1993* :
W
K
endall Back
s
#
: 295047
2
p
Note: 29801
4
Circuits, Inc.
R
. Piper
#
: 286006
3
p
Note: 29300
8
k
s,
o
nald R. Less
a
hnema
a
n
5
p
a
a
c
B
e
t
s
i
n
A
b
s
m
L
e
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e
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e
nt of
p
osure to
g
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2
D
e
a
S
f
W
. Carl
s
trand
4
T
i
n
v
T
M
h
i
n
p
a
S
m
*:
8
T
c
e
c
u
u
u
4
S
e
ard;
P
f
f
p
rograms an
d
a
re largely in
a
dvance and
c
atalog. Eve
r
B
ecky Tabac
z
e
xposure bef
o
o make hedg
s
tudents will
s
n
ternational
c
A
rcher-Lock
a
b
y this mism
a
s
cenarios an
d
m
ixes of forw
a
L
earning Ob
j
e
xposure, th
e
d
ecisions a c
o
e
xposure to h
e
xposure.
D
escribes th
e
e
xchange rat
e
a
nd includes
i
S
ubjects Co
v
f
inance; Inter
n
T
he restructu
r
n
1993 expo
s
v
olatility that i
t
T
iffany to est
a
M
anagement
h
edging ough
n
struments t
o
p
roblems of ri
a
dministrativ
e
S
ubjects Co
v
m
anagement
T
he manager
c
ompany is c
o
e
xchange rat
e
c
hanges in re
u
nderstandin
g
u
nderstandin
g
u
nderstandin
g
4
) assigning r
S
ubjects Co
v
e
xchange rat
e
P
rovides a fr
a
f
or different c
u
f
oreign excha
d
tours. Rev
e
euros. AIFS
guarantees i
t
r
y year, Cont
r
z
ynski must
d
o
re they kno
w
ing decision
s
s
ign up for its
c
rises can ha
v
a
nd Tabaczy
n
a
tch in costs
a
d
also want t
o
a
rds and opti
o
j
ective: To e
x
instruments
o
mpany mus
t
edge, and w
h
e
effects on o
p
e
s. Describe
s
i
llustrative ex
a
v
ered: Curre
n
n
ational oper
a
r
ing of Tiffan
y
s
ed Tiffany to
t
had not pre
v
a
blish risk m
a
must determ
t to be, how
m
o
use. Teachi
sk managem
e
situation.
v
ered: Curre
n
of internatio
n
o
ncerned ab
o
e
s. Of particu
al exchange
g
operating e
x
g
the issues i
n
g
possible ac
t
esponsibility
f
v
ered: Electr
o
e
s; Internatio
n
a
mework for i
n
u
rrency choi
c
nge risk and
e
nues are lar
g
sets prices f
o
t
s prices onc
e
r
oller Christo
p
d
ecide wheth
e
w
the magnit
u
s
well before
t
programs.
C
v
e a severe i
m
n
ski have to
q
a
nd revenues
o
explore the
i
ons in their h
x
amine the o
r
available for
t
make on wh
h
at instrume
n
A
bstrac
t
p
erating cas
h
s
different ele
m
amples.
n
cy; Foreign
e
a
tions
y
‘s retailing a
g
substantial
y
v
iously faced
a
nagement p
o
ine whether t
m
uch exposu
ng Objective
:
m
ent in a relat
i
n
cy; Foreign
e
n
al finance o
f
o
ut the expos
lar concern i
s
rates. The te
a
x
posure and
n
estimating
o
t
ions to neutr
for the mana
g
o
nics; Finan
c
n
al finance
n
troducing th
c
es. Allows fo
its impact on
g
ely in U.S. d
o
o
r the progra
m
e
they are pu
b
p
her Archer-
L
e
r to hedge a
u
de of the ex
p
t
he company
C
urrency fluc
t
m
pact on sal
e
q
uantify the e
x
s
and/or differ
e
implications
o
edging strat
e
rigins of forei
g
currency he
d
en to hedge,
n
ts to use to
h
t
h
flows of a r
e
ments of ope
e
xchange rat
g
reement wit
h
y
en/dollar ex
c
. This new e
x
o
licies and pr
a
o hedge, wh
a
re to cover,
a
:
To introduc
e
i
vely uncomp
e
xchange rat
f
a major U.S
.
ure of the fir
m
s
the exposu
r
a
ching objec
t
contractual e
o
perating ex
p
r
alize operati
n
g
ement of o
p
c
ial manage
m
e analysis of
r the measur
e
the firm’s fin
a
o
llars while c
o
m
s months in
b
lished in its
L
ock and CF
O
euro-dollar
p
osure. The
y
knows how
m
t
uations and
e
s volume.
x
posure crea
t
ent exchang
e
o
fo using vari
e
gy.
g
n exchange
d
ging, and th
e
how much o
f
h
edge its
e
al change in
rating expos
u
t
es; Internati
o
h
Mitsukoshi
c
hange rate
x
posure requi
a
ctices.
a
t the objecti
v
a
nd what
e
students to
licated
t
es; Retailing;
.
electronics
m
to changes
r
e of operatio
n
t
ives include:
xposure; 2)
p
osure; 3)
n
g exposure;
p
erating expo
s
m
ent; Foreign
costs of fina
n
e
ment of the
a
ncing costs
osts
O
y
have
m
any
t
ed
e
rate
ous
e
f
its
u
re
o
nal
Ltd.
res
v
e of
the
Risk
in
n
s to
1)
and
s
ure.
n
cing
as
Product
#
Length: 8
Teaching
Harley-D
a
W. Carl
K
Product
#
Length: 1
8
Jaguar pl
c
Luehrma
n
Product
#
Length: 1
3
Teaching
Foreign
E
Strategie
s
Competiti
Desai; M
a
Product
#
Length: 9
Teaching
Chapter
1
Translati
o
Machiner
y
David F.
H
Product
#
Length: 6
Teaching
#
: IES017
p
Note: IES01
8
a
vidson, Inc.-
–
K
ester; Julia
M
#
: 292082
8
p
c
–1984*: Ti
m
n
; William T.
S
#
: 290005
3
p
Note: 29003
4
E
xchange He
d
s
at General
M
ve Exposure
s
a
rk F. Veblen
#
: 205096
p
Note: 20608
1
1
0: Manage
m
o
n Exposur
e
y
Internation
a
H
awkins
#
: 100012
p
Note: 10107
6
8
w
f
L
e
f
–
1987 *:
M
orley
A
m
N
a
s
a
c
y
e
S
I
m
othy A.
S
chiano
4
A
e
o
e
e
a
f
J
S
a
d
ging
M
otors:
s
: Mihir A.
1
E
G
f
h
a
A
a
a
g
t
G
i
s
d
a
q
t
L
a
m
ent of
e
a
l (A):
6
A
D
r
L
d
w
ell as its op
e
f
irm’s compet
i
L
earning Ob
j
e
conomic ex
p
f
oreign excha
A
fter an LBO
m
akes an ast
o
N
ew York St
o
a
nalyst to pu
b
s
ell, or hold r
e
a
nalysis is th
e
c
ompetition a
n
y
en/dollar ex
c
e
xposure to r
e
S
ubjects Co
v
nternational
f
A
vehicle for
a
e
xchange rat
e
o
f its privatiz
a
e
xporter from
e
xposed to c
h
a
sked to esti
m
f
uture exchan
J
aguar’s exp
o
S
ubjects Co
v
a
nalysis; Inte
r
E
ric Feldstein
G
eneral Mot
o
f
oreign curre
n
h
edging polic
y
a
ddress all of
A
lthough GM
a
significant
c
a
n anticipate
d
g
ive Japanes
e
he U.S. mar
k
G
M and othe
r
s
a long-stan
d
d
iscussions o
a
consequen
c
q
uantify GM’
s
hat arise fro
m
L
earning Ob
j
a
ppropriate h
e
A
U.S. comp
a
D
M financial
s
r
eporting pur
p
L
earning Ob
j
d
ifferent appr
o
e
rating margi
n
i
tive position
a
j
ective: Prov
i
p
osure and d
e
nge risk.
and near ba
n
o
nishing rec
o
o
ck Exchang
e
b
lish a resear
c
e
commendati
e
fact that Ha
r
n
d, therefore
,
c
hange rate.
S
e
al exchang
e
v
ered: Forei
g
f
inance; Mot
o
a
nalyzing the
e
changes. C
o
a
tion and sha
r
the United K
h
anges in the
m
ate the valu
e
ge rates. Stu
o
sure should
b
v
ered:
A
uto
m
r
national fina
n
is responsib
o
rs. Currenc
y
n
cies are mo
s
y
. The comp
a
the risks tha
t
sells few car
s
c
ompetitive e
x
d
depreciatio
n
e
automaker
s
k
et, thus allo
w
r
U.S. car ma
k
d
ing strategi
c
n what to do
c
e, Feldstein
a
s
yen exposu
r
m
this compe
t
j
ective: To a
n
e
dging polici
e
a
ny must deci
s
tatements in
t
p
oses.
j
ective: Expl
o
o
aches to tra
n
n
. Also deals
and its choic
e
ides basis fo
r
e
scribes how
n
kruptcy in th
e
o
very, going
p
e
in 1987 pro
v
ch report in
w
on for Harle
y
rley still face
s
,
has a signifi
S
timulates di
s
e
rate change
s
g
n exchange
r
o
rcycles; Valu
exposure of
onsiders the
v
r
e offering in
K
ingdom and
t
dollar/sterlin
g
e
of the com
p
dents may al
be hedged.
m
obiles; Forei
n
ce; Privatiz
a
le for managi
y
exposures t
h
s
tly addresse
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any’s hedgin
g
t
GM faces fr
o
s
in Japan, F
e
x
posure to th
e
n
of the yen a
s
a sizable c
o
w
ing them to
t
kers. GM’s
c
c
concern am
about it have
aims to deve
l
r
e to allow G
M
t
itive exposur
n
alyze comp
e
e
s.
A
bstrac
t
i
de how to tr
a
to U.S. dolla
r
o
re financial
a
nslation of fi
n
with the link
s
e
of financin
g
r
discussion
o
a domestic fi
e
early 1980
s
p
ublic in 198
6
v
ides the occ
a
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hich she mu
s
y
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m
s
vigorous Ja
cant operati
n
s
cussion abo
s
.
rates; Intern
a
ation
operating ca
s
value of Jag
u
1984. Jagua
r
t
he United St
a
g
exchange
r
p
any as a fun
so be asked
w
gn exchange
a
tion; Stock o
f
ng foreign c
u
h
at arise fro
m
d
by the com
p
g
policy, how
e
o
m changes
e
ldstein perc
e
e
yen. Felds
t
a
gainst the U.
S
o
st advantag
e
t
ake market
s
c
ompetitive e
x
ong GM exe
c
e
been largel
y
lop an analyt
i
M
to better m
a
r
e.
e
titive expos
u
t
a
nslate its Ge
r
s for public
a
a
nd behavior
a
n
ancial state
m
s
between th
e
g
.
o
n the conce
p
i
rm is expose
s
, Harley-Da
v
6
. Its listing o
n
a
sion of an e
q
s
t issue a bu
y
m
plicating her
panese
n
g exposure t
o
ut operating
a
tional busine
s
h flows to
u
ar plc at the
r
is a major
a
tes is theref
o
r
ate. Student
s
ction of expe
w
hether and
rates; Indus
t
f
ferings; Val
u
u
rrency risks
a
m
transaction
s
p
any’s corpo
r
e
ver, does n
o
in exchange
r
e
ives that G
M
t
ein reasons
t
S. dollar wou
e
relative to
G
s
hare away fr
o
x
posure to th
e
c
utives, but
y
hypothetical
i
c framework
a
nage the ris
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res and
rman subsidi
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nd internal
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l implication
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m
ents from o
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e
p
t of
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v
idson
n
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uity
y
,
r
o
the
ss;
time
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re
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how
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ry
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ation
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t
s
in
r
ate
o
t
r
ates.
M
has
t
hat
ld
G
M in
o
m
e
yen
. As
to
ks
ary’s
s
of
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e
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PART IV
Chapter
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Banking
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Michael J
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a
c
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T
aiwan.
L
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j
n
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t
eam at Gen
e
e
for managin
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a
nd their ass
o
a
ll over the w
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T
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ged and ho
w
GM’s passi
v
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c
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commodate
h
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iewing two
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ptional hedg
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INSTITUTIO
0
1, Credit Sui
s
n
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m
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M
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G
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o
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al hedging p
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ularly allow
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t
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NS
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t
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h the U.S. p
o
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s
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n
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opped from
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espread acti
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ach how bu
s
of an earlier
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a
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With operati
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w
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h
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on hedging
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o
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e approved
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s team have
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s
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o
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s
both of these
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e
ms for Gen
e
to the Cana
d
i
n must deter
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n
s
o consider t
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e
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a
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ent policies,
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rtion of that
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ent “road sh
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h
t
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m
governmen
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vity in invest
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plans to host
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iness decisi
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by Eric Feld
s
financial
ons and
n
umerous
w
hat exposur
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h
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nded to mini
m
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ecisions and
o
sures.
b
y Feldstein
w
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nadian dolla
r
to evaluate
G
s
ider other
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ecide if GM
s
tein does
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h
m
ent the hed
e
ral Motors.
T
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n
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l
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ent bankin
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Teaching
Korea Fir
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Length: 2
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Richard
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