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Publications

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  • All HBS Web  (141)
    • Faculty Publications  (21)

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    • All HBS Web  (141)
      • Faculty Publications  (21)

      Devaluation Remove Devaluation →

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      Peso Devaluation: Two Accounting Perspectives
      Currency Wars
      → Search All HBS Web
      • November 2019
      • Case

      Edita: Making Choices in Uncertain Times

      By: Caroline M. Elkins, Juan Alcácer, Alpana Thapar and Youssef Abdel Aal
      After 15 years of steady growth and expansion, Edita, a leading Egyptian snack producer, faced a series of challenges in the wake of the Arab Spring. In January 2011, the Egyptian Revolution sparked political and economic turmoil that reflected the waves of protest and...  View Details
      Keywords: Decision Making; Developing Countries and Economies; Economy; Business or Company Management; Price; Crisis Management; Growth and Development Strategy; Distribution; Risk and Uncertainty; Business Strategy; Expansion; Currency; Food and Beverage Industry; Egypt; Africa; Middle East
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      Elkins, Caroline M., Juan Alcácer, Alpana Thapar, and Youssef Abdel Aal. "Edita: Making Choices in Uncertain Times." Harvard Business School Case 320-026, November 2019.
      • Article

      You Can't Always Get What You Want: The Real Exchange Rate and Manufacturing Performance in a World of Global Value Chains

      By: Laura Alfaro, Alejandro Cuñat, Harald Fadinger and Yanping Liu
      Real exchange rate devaluations are typically seen as a viable development strategy, but the effectiveness of the approach may vary over time and across countries. This column explores this issue by focusing on the microeconomics of firm-level responses to exchange...  View Details
      Keywords: Manufacturing Performance; Real Exchange Rate; Global Value Chains; Economics; Production; Performance
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      Alfaro, Laura, Alejandro Cuñat, Harald Fadinger, and Yanping Liu. "You Can't Always Get What You Want: The Real Exchange Rate and Manufacturing Performance in a World of Global Value Chains." Vox, CEPR Policy Portal (October 2, 2018).
      • April 2017 (Revised February 2020)
      • Case

      Restructuring Ukraine

      By: Kristin Mugford, Seema Amble and Tian Feng
      In June 2015, Ukraine found itself struggling with a volatile and devalued currency, dramatically diminished foreign reserves, and a projected financing shortfall of $40 billion. Ukraine’s new government sought to return the nation to stability following political...  View Details
      Keywords: Exchange Rates; Politics; Macroeconomics; Financial Crisis; Insolvency and Bankruptcy; Restructuring; Economy; Currency Exchange Rate; Banks and Banking; Economic Slowdown and Stagnation; Bonds; Sovereign Finance; Capital Markets; Credit; Debt Securities; Financial Liquidity; Financial Markets; Government and Politics; Ukraine
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      Mugford, Kristin, Seema Amble, and Tian Feng. "Restructuring Ukraine." Harvard Business School Case 217-049, April 2017. (Revised February 2020.)
      • October 2013
      • Article

      When Power Makes Others Speechless: The Negative Impact of Leader Power on Team Performance

      By: Leigh Plunkett Tost, Francesca Gino and Richard P. Larrick
      We examine the impact of subjective power on leadership behavior and demonstrate that the psychological effect of power on leaders spills over to impact team effectiveness. Specifically, drawing from the approach/inhibition theory of power, power-devaluation theory,...  View Details
      Keywords: Power; Leadership; Team Performance; Groups and Teams; Performance; Leadership Style; Power and Influence
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      Tost, Leigh Plunkett, Francesca Gino, and Richard P. Larrick. "When Power Makes Others Speechless: The Negative Impact of Leader Power on Team Performance." Academy of Management Journal 56, no. 5 (October 2013): 1465–1486.
      • March 2013
      • Case

      Currency Wars

      By: Laura Alfaro and Hilary White
      In February 2013, the G-20 finance ministers met in Moscow, Russia to discuss the rising anxieties over a potential international currency war. It was speculated that certain countries were purposely devaluing their currencies in order to improve their competitiveness...  View Details
      Keywords: Currency; Competitiveness; Trade Policy; Devaluation; Exchange Rate; Monetary Policy; Quantitative Easing; Inflation Targeting; Capital Flows; Central Banking; Currency Exchange Rate; Competitive Strategy; Emerging Markets; Policy; Trade; Conflict and Resolution; Banking Industry; Public Administration Industry; Moscow
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      Alfaro, Laura, and Hilary White. "Currency Wars." Harvard Business School Case 713-074, March 2013.
      • August 2012 (Revised November 2017)
      • Case

      Turkey—A Work in Progress?

      By: Richard H.K. Vietor
      For the past 10 years, Turkey has grown its real GDP at about 6% annually. This came after a huge debt crisis in 2001-02, wherein Turkey had to borrow $16 billion more from the IMF and comport with its difficult conditionality. Today, Turkey is a middle-income country,...  View Details
      Keywords: Turkey; Economy; Macroeconomics; International Relations; Growth and Development Strategy; Turkey
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      Vietor, Richard H.K. "Turkey—A Work in Progress?" Harvard Business School Case 713-018, August 2012. (Revised November 2017.)
      • March 2012 (Revised October 2012)
      • Case

      Hayman Capital Management

      By: Robin Greenwood, Julie Messina and Jared Dourdeville
      In late December 2011, Hayman Capital founder and portfolio manager Kyle Bass was reviewing Japanese government budget projections for 2012. The projections appeared contrary to Hayman Capital's views on Japan, where the fund had built a bearish position. Japan had the...  View Details
      Keywords: Investment Management; Speculative Bubbles; Japan; Government Policy; Financial Management; Price Bubble; Credit; Financial Strategy; Behavioral Finance; Government and Politics; Macroeconomics; Financial Services Industry; Japan
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      Greenwood, Robin, Julie Messina, and Jared Dourdeville. "Hayman Capital Management." Harvard Business School Case 212-091, March 2012. (Revised October 2012.)
      • 2009
      • Working Paper

      Walking Through Jelly: Language Proficiency, Emotions, and Disrupted Collaboration in Global Work

      By: Tsedal Beyene, Pamela J. Hinds and Catherine Durnell Cramton
      In an ethnographic study comprised of interviews and concurrent observations of 145 globally distributed members of nine project teams of an organization, we found that uneven proficiency in English, the lingua franca, disrupted collaboration for both native and...  View Details
      Keywords: Spoken Communication; Interpersonal Communication; Globalized Firms and Management; Groups and Teams; Behavior; Emotions; Social and Collaborative Networks
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      Beyene, Tsedal, Pamela J. Hinds, and Catherine Durnell Cramton. "Walking Through Jelly: Language Proficiency, Emotions, and Disrupted Collaboration in Global Work." Harvard Business School Working Paper, No. 09-138, June 2009.
      • September 2007
      • Case

      Tetra Pak Argentina

      By: Tarun Khanna, Krishna G. Palepu and Gustavo A. Herrero
      Deals with the hands-on management of a difficult situation facing the subsidiary of a multinational corporation (Tetra Pak) in a developing country (Argentina). The situation arises from a major economic, social, and institutional breakdown that jeopardizes the...  View Details
      Keywords: Developing Countries and Economies; Financial Crisis; Currency Exchange Rate; Sovereign Finance; Multinational Firms and Management; Crisis Management; Business and Government Relations; Argentina
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      Khanna, Tarun, Krishna G. Palepu, and Gustavo A. Herrero. "Tetra Pak Argentina." Harvard Business School Case 708-402, September 2007.
      • April 2005 (Revised September 2005)
      • Case

      Pegasus Capital: The Musimundo Decision

      By: Michael Chu and Barbara Zepp Larson
      The five managing directors of Pegasus Capital were meeting in June 2003 to make a go/no-go decision regarding the investment of Musimundo, one of the largest entertainment retailers in Argentina. Just four days before the planned closing of the sale, Pegasus' 50%...  View Details
      Keywords: Acquisition; Debates; Decision Choices and Conditions; Economic Slowdown and Stagnation; Financial Crisis; Music Entertainment; Investment; Business or Company Management; Risk and Uncertainty; Opportunities; Entertainment and Recreation Industry; Argentina
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      Chu, Michael, and Barbara Zepp Larson. "Pegasus Capital: The Musimundo Decision." Harvard Business School Case 305-093, April 2005. (Revised September 2005.)
      • 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
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      Desai, Mihir A., and Mark Veblen. "Foreign Exchange Hedging Strategies at General Motors: Transactional and Translational Exposures." Harvard Business School Case 205-095, March 2005. (Revised January 2006.)
      • March 2004 (Revised May 2005)
      • Case

      Foreign Exchange Hedging Strategies at General Motors

      By: Mihir A. Desai and Mark Veblen
      How should a multinational firm manage foreign exchange exposures? Examines transactional, translational, and competitive exposures. Describes General Motors' corporate hedging policies, its risk management structure, and how accounting rules impact hedging decisions....  View Details
      Keywords: Risk Management; Multinational Firms and Management; Currency Exchange Rate; Investment; Financial Markets; Manufacturing Industry; Auto Industry; Argentina; Japan; Canada; United States
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      Desai, Mihir A., and Mark Veblen. "Foreign Exchange Hedging Strategies at General Motors." Harvard Business School Case 204-024, March 2004. (Revised May 2005.)
      • December 2003 (Revised October 2006)
      • Case

      Globalizing the Cost of Capital and Capital Budgeting at AES

      By: Mihir A. Desai and Douglas Kurt Schillinger
      With electricity generating businesses around the world, AES Corp. is seeking a methodology for calculating the cost of capital for its various businesses and potential projects. In the past, AES used the same cost of capital for all of its capital budgeting, but the...  View Details
      Keywords: International Finance; Risk Management; Globalized Firms and Management; Cost of Capital; Valuation; Emerging Markets; Foreign Direct Investment; Capital Budgeting; Energy Industry; South America
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      Desai, Mihir A., and Douglas Kurt Schillinger. "Globalizing the Cost of Capital and Capital Budgeting at AES." Harvard Business School Case 204-109, December 2003. (Revised October 2006.)
      • November 2003 (Revised March 2004)
      • Case

      Drilling South: Petrobras Evaluates Pecom

      By: Mihir A. Desai and Ricardo Reisen de Pinho
      The Brazilian oil company, Petrobras, is evaluating the acquisition of an Argentine oil company, the Perez Companc Group (Pecom). The acquisition would increase Petrobras' oil reserves and expand its interests outside Brazil, a significant step for the largest company...  View Details
      Keywords: Mergers and Acquisitions; Forecasting and Prediction; Financial Crisis; Non-Renewable Energy; Cross-Cultural and Cross-Border Issues; Corporate Governance; Risk Management; Emerging Markets; State Ownership; Performance Evaluation; Risk and Uncertainty; Valuation; Energy Industry; Argentina; Brazil
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      Desai, Mihir A., and Ricardo Reisen de Pinho. "Drilling South: Petrobras Evaluates Pecom." Harvard Business School Case 204-043, November 2003. (Revised March 2004.)
      • 2003
      • Book

      When You Say Yes But Mean No: How Silencing Conflict Wrecks Relationships and Companies

      By: Leslie Perlow
      “Saying yes when you really mean no” is a problem that haunts organizations from start-ups to multi-nationals. It exists across industries, levels, and functions. And it’s exacerbated by a down economy, when the fear of losing one’s job is on everybody’s mind and the...  View Details
      Keywords: Conflict and Resolution; Relationships; Business Ventures
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      Perlow, Leslie. When You Say Yes But Mean No: How Silencing Conflict Wrecks Relationships and Companies. New York: Crown Business, 2003.
      • Article

      On the Political Economy of Temporary Stabilization Programs

      By: Laura Alfaro
      This paper provides a political economy explanation for temporary exchange-rate-based stabilization programs by focusing on the distributional effects of real exchange-rate appreciation. I propose an economy in which agents are endowed with either tradable or...  View Details
      Keywords: Government and Politics; Economy; Balance and Stability; Programs; Currency Exchange Rate; Cash; Value; Distribution
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      Alfaro, Laura. "On the Political Economy of Temporary Stabilization Programs." Economics & Politics 14, no. 2 (July 2002): 133–161.
      • April 1998
      • Case

      Responding to 21st Century Financial Crisis

      By: Huw Pill
      During the 1990s, financial crises appear to have been almost annual events. Examples abound: the collapse of S & Ls in the United States; currency mayhem in Europe; Mexican devaluation and banking crisis; Japanese banks teetering on the verge of default; currency and...  View Details
      Keywords: Global Range; Financial Crisis
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      Pill, Huw. "Responding to 21st Century Financial Crisis." Harvard Business School Case 798-090, April 1998.
      • January 1996 (Revised December 1999)
      • Case

      1994-95 Mexican Peso Crisis, The

      By: Kenneth A. Froot and Matthew McBrady
      Explores the peso crisis of 1994-95 and why it occurred. Students must examine Mexico's policies, the capital market's reactions, and the implications of devaluation for future capital flows and growth.  View Details
      Keywords: Exchange Rates; International Capital Markets; Devaluation; Currency Exchange Rate; Financial Markets; International Finance; Capital; Mexico
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      Froot, Kenneth A., and Matthew McBrady. "1994-95 Mexican Peso Crisis, The." Harvard Business School Case 296-056, January 1996. (Revised December 1999.)
      • September 1992 (Revised July 1998)
      • Case

      Germany in the 1990s: Managing Reunification

      By: George C. Lodge and James W. Ragsdale
      In October 1990, eastern Germany was incorporated into the Federal Republic of Germany. The German people rewarded the architect of these changes, Helmut Kohl, with an enhanced majority in national elections. But only two years later it was hard to remember these heady...  View Details
      Keywords: Economy; Inflation and Deflation; Central Banking; Interest Rates; Political Elections; Situation or Environment; Integration; Europe; Germany; Italy; United Kingdom
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      Lodge, George C., and James W. Ragsdale. "Germany in the 1990s: Managing Reunification." Harvard Business School Case 793-033, September 1992. (Revised July 1998.)
      • December 1980 (Revised January 1994)
      • Case

      International Foodstuffs

      By: David E. Bell
      Describes three fairly routine instances in which considerations of risk exposure in foreign exchange are necessary. The three are a delayed payment for a grain shipment, a foreign subsidiary facing devaluation of its domestic currency, and a foreign acquisition. The...  View Details
      Keywords: Currency Exchange Rate; Risk and Uncertainty; International Relations; Mergers and Acquisitions; Money; International Finance; Financial Services Industry
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      Bell, David E. "International Foodstuffs." Harvard Business School Case 181-049, December 1980. (Revised January 1994.)
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      Peso Devaluation: Two Accounting Perspectives
      Currency Wars
      → Search All HBS Web
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