Skip to Main Content
HBS Home
  • About
  • Academic Programs
  • Alumni
  • Faculty & Research
  • Baker Library
  • Giving
  • Harvard Business Review
  • Initiatives
  • News
  • Recruit
  • Map / Directions
Faculty & Research
  • Faculty
  • Research
  • Featured Topics
  • Academic Units
  • …→
  • Harvard Business School→
  • Faculty & Research→
Publications
Publications
  • February 1992 (Revised September 1995)
  • Case
  • HBS Case Collection

Goldman, Sachs & Co.: Nikkei Put Warrants--1989

By: Peter Tufano
  • Format:Print
  • | Pages:16
ShareBar

Abstract

Japanese financial institutions' willingness to sell put options on the Nikkei Stock Average provides investment banks with the raw material from which to create a security that would allow U.S. investors to bet on falls in the Japanese Stock Market. The investment bank that seeks to create this new product must decide how to design, produce (hedge), and price the options (Nikkei Put Warrants). Highlights the global nature of new product development in the securities market and provides opportunities for students to make and critique the key decisions involved in creating this new product. Students must consider the costs of production, the preferences of consumers, competitive dynamics, and the pricing of substitutes for the new product.

Keywords

Debt Securities; Investment Banking; Product Design; Globalized Markets and Industries; Japan; United States

Citation

Tufano, Peter. "Goldman, Sachs & Co.: Nikkei Put Warrants--1989." Harvard Business School Case 292-113, February 1992. (Revised September 1995.)
  • Educators
  • Purchase

About The Author

Peter Tufano

General Management
→More Publications

More from the Author

    • 2025
    • Faculty Research

    An Empirical Examination of Business Climate Alliances: Effective and/or Harmful?

    By: Matteo Gasparini and Peter Tufano
    • April 2025
    • Journal of Corporate Finance

    Corporate Ownership and ESG Performance

    By: Belen Villalonga, Peter Tufano and Boya Wang
    • December 2024
    • Faculty Research

    Northvolt: Building Batteries to Fight Climate Change (B)

    By: George Serafeim, Debora L. Spar, Peter Tufano, Hugo Etchegoyhen and Emilie Billaud
More from the Author
  • An Empirical Examination of Business Climate Alliances: Effective and/or Harmful? By: Matteo Gasparini and Peter Tufano
  • Corporate Ownership and ESG Performance By: Belen Villalonga, Peter Tufano and Boya Wang
  • Northvolt: Building Batteries to Fight Climate Change (B) By: George Serafeim, Debora L. Spar, Peter Tufano, Hugo Etchegoyhen and Emilie Billaud
ǁ
Campus Map
Harvard Business School
Soldiers Field
Boston, MA 02163
→Map & Directions
→More Contact Information
  • Make a Gift
  • Site Map
  • Jobs
  • Harvard University
  • Trademarks
  • Policies
  • Accessibility
  • Digital Accessibility
Copyright © President & Fellows of Harvard College.