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(Revised from original version)
After an LBO and near bankruptcy in the early 1980s, Harley-Davidson makes an astonishing recovery, going public in 1986. Its listing on the New York Stock Exchange in 1987 provides the occasion of an equity analyst to publish a research report in which she must issue a buy, sell, or hold recommendation for Harley's stock. Complicating her analysis is the fact that Harley still faces vigorous Japanese competition and, therefore, has a significant operating exposure to the yen/dollar exchange rate. Stimulates discussion about operating exposure to real exchange rate changes.
Keywords: Leveraged Buyouts;
Currency Exchange Rate;
New York (city, NY);
Kester, W. Carl, and Julia Morley. "Harley-Davidson, Inc.--1987." Harvard Business School Case 292-082, December 1992. (Revised from original March 1992 version.)