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  • 2020
  • Working Paper

Currency Hedging in Emerging Markets: Managing Cash Flow Exposure
By: Laura Alfaro, Mauricio Calani and Liliana Varela
Foreign currency derivative markets are among the largest in the world, yet their role in emerging markets in particular, is relatively understudied. We study firms' currency risk exposure and their hedging choices by employing a unique dataset covering the universe of...  View Details
Keywords: Foreign Currency Hedging; Fx Derivatives; Foreign Currency Debt; Currency Mismatch; Trade Credit; Currency; Cash Flow; Emerging Markets
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  • September 2018
  • Case

ProdEng: Services for Oil & Gas Extraction
By: Frank V. Cespedes, Maria Fernanda Miguel and Mariana Cal
ProdEng is a venture created as part of a PE fund and provides oil field services in Argentina. In 2016, an industry-wide unforeseen oil and gas demand slump drove ProdEng’s average service rates down by more than 37%, with EBITDA margins falling from 50% to 24% in the...  View Details
Keywords: Pricing; Entrepreneurship; Sales; Marketing; Price; Strategy; Latin America; Argentina
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  • August 2018 (Revised September 2018)
  • Case

National Storage Affiliates: The REIT IPO Decision
By: Charles F. Wu, Max de la Bruyére and Gregory D. Himmel
In 2015, two years after founding National Storage Affiliates (NSA), Arlen Nordhagen and Tamara Fischer had an important decision to make. Should they proceed with NSA’s IPO? Although they had targeted to receive $15–17 a share, it was now apparent that the figure was...  View Details
Keywords: Initial Public Offering; Problems and Challenges; Decision Making; Real Estate Industry
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  • January 2013 (Revised January 2015)
  • Case

FX Risk Hedging at EADS
By: W. Carl Kester, Vincent Dessain and Karol Misztal
In 2008, EADS, the European aerospace group that owns Airbus, was faced with the decision of how best to hedge a large and growing mismatch between its dollar revenues and its euro manufacturing costs. Specifically, the company needed to decide if it would continue...  View Details
Keywords: Derivatives; Foreign Exchange; Options; Forward Contract; Aerospace; Europe; Risk Management; Futures and Commodity Futures; Aerospace Industry; Europe
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  • January 2013
  • Supplement

EverTrue: Mobile Technology Development (B)
By: William R. Kerr and Alexis Brownell
Brent Grinna has one customer signed up for his alumni-networking mobile app, and is now trying to choose among three possibilities for a CTO. He decided to contract with a friend's company, Dashfire, to create a prototype of the app, and has signed up Brown University...  View Details
Keywords: Start-up; Mobile App; Cto; Hiring; Scaling; Business Startups; Decisions; Entrepreneurship; Growth and Development; Mobile Technology; Technology Industry; Massachusetts; Boston
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  • April 2010
  • Case

Bill Nichol Negotiates with Walmart: Hard Bargains over Soft Goods (A)
By: James K. Sebenius and Ellen Knebel
CEO Bill Nichol must somehow negotiate a surprise ultimatum from Walmart, his largest customer, about his largest and most profitable product line: “We're dropping it.” Among its hosiery products, the Kentucky Derby Hosiery Co. produces and sells a branded line of...  View Details
Keywords: Customer Relationship Management; Crisis Management; Negotiation Tactics; Conflict Management; Apparel and Accessories Industry; North America
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  • October 2009 (Revised January 2010)
  • Case

The University of Notre Dame Endowment
By: Andre F. Perold and Paul Michael Buser
The Endowment Model of Investing, which was based on creating high risk-adjusted performance through diversification, a long time horizon, top-notch outside managers, and illiquid investments, had served Notre Dame and other large universities well over the past...  View Details
Keywords: Financial Crisis; Higher Education; Asset Management; Private Equity; Financial Liquidity; Investment; Risk Management; Performance Evaluation; Education Industry; Financial Services Industry
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  • January 2009 (Revised February 2009)
  • Case

Pitney Bowes: Employer Health Strategy
By: Michael E. Porter and Jennifer F Baron
Pitney Bowes, a Fortune 500 mail and document management firm, offered its first health plans in the years following World War II. Over the ensuing decades, Pitney Bowes adapted its approach to employee health amid rising health care costs, shifting employer attitudes...  View Details
Keywords: Cost; Insurance; Policy; Health Care and Treatment; Compensation and Benefits; Employees; Corporate Strategy
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  • June 2008 (Revised July 2009)
  • Case

COFCO Xinjiang Tunhe Co., Ltd.
By: David E. Bell and Aldo Sesia
In 2005, COFCO Ltd., one of China's largest and most successful companies, acquired Xinjiang Tunhe, a tomato processing firm, which had been, in recent years, poorly managed. COFCO changed Tunhe's management team and set out to create a culture of professionalism and...  View Details
Keywords: Agribusiness; Customer Relationship Management; Rural Scope; Supply Chain Management; Performance Consistency; Safety; Agriculture and Agribusiness Industry; China
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  • 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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  • March 2005 (Revised August 2007)
  • Case

Aguas Argentinas: Settling a Dispute
By: Louis T. Wells Jr. and Alexandra de Royere
The French-owned Aguas Argentinas faces a demand from the Argentine government that it renegotiate its concession to operate the Buenos Aires water and sewage services. The company must decide whether to continue with efforts to settle on a new contract or to exercise...  View Details
Keywords: Foreign Direct Investment; Contracts; Infrastructure; Privatization; Business and Government Relations; Conflict and Resolution; Business Strategy; Utilities Industry; France; Buenos Aires
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  • September 2004 (Revised February 2007)
  • Case

Hedging Currency Risks at AIFS
By: Mihir A. Desai, Vincent Dessain and Anders Sjoman
The American Institute for Foreign Studies (AIFS) organizes study abroad programs and cultural exchanges for American students. The firm's revenues are mainly in U.S. dollars, but most of its costs are in eurodollars and British pounds. The company's controllers review...  View Details
Keywords: Foreign Direct Investment; Investment Funds; Financial Strategy; Forecasting and Prediction; Revenue; Credit Derivatives and Swaps; Currency; Currency Exchange Rate; Education Industry; North and Central America
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  • March 2004 (Revised June 2006)
  • Case

Journey to Sakhalin: Royal Dutch/Shell in Russia (A)
By: Rawi E. Abdelal
Operations of Royal Dutch/Shell in Russia included a strategic alliance with Gazprom, the country's natural gas monopoly, the development of the Salym oil fields in Siberia, and a small retail refilling network in St. Petersburg. Focuses on the Sakhalin II project....  View Details
Keywords: Decision Making; Energy Generation; Foreign Direct Investment; Lawfulness; Agreements and Arrangements; Alliances; Business and Government Relations; Energy Industry; Russia
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  • February 2003 (Revised March 2006)
  • Case

Centre Suisse d'Electronique et de Microtechnique (CSEM)
By: Michael E. Porter, Willis M. Emmons III and Christian Fenner
Le Centre Suisse d'Electronique et de Microtechnique S.A. (CSEM)--the Swiss Center for Electronics and Microtechnology--was a major nonprofit research institution located in Neuchatel, Switzerland, with roots in the Swiss watch industry. CSEM maintained close links to...  View Details
Keywords: Cooperation; Technology; Alliances; Research and Development; Performance Productivity; Innovation and Invention; Nonprofit Organizations; Electronics Industry; Switzerland
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  • 2001
  • Working Paper

Bank Capital and Risk Management: Issues for Banks and Regulators
By: Kenneth A. Froot

Banks and financial firms are in the process of evolving away from primary warehousers of risk to diversified originators and distributors of financial services. These changes are important for the way that financial firms think about their needs for economic...  View Details

Keywords: Bank Capital And Risk Management; Issues For Banks And Regulators; Risk Management; Governance Compliance; Capital; Banks and Banking; Banking Industry
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  • March 1997
  • Background Note

Copper and Zinc Markets 1996
By: Peter Tufano
Provides background information on copper and zinc markets as of mid-1996. Discusses supply and demand conditions, forecasts of the spot prices of the metals, and contracts for future delivery (forwards, futures, and options).  View Details
Keywords: Demand and Consumers; Metals and Minerals; Supply and Industry; Mining Industry
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  • October 1994
  • Background Note

Note on Crude Oil and Crude Oil Derivatives Markets
By: Andre F. Perold, Wai Lee and Kuljot Singh
Briefly describes the crude oil markets and common derivatives contracts written on oil. The contracts are oil forward and futures contracts, and over-the-counter oil price swaps.  View Details
Keywords: Non-Renewable Energy; Futures and Commodity Futures; Credit Derivatives and Swaps; Contracts; Energy Industry
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  • April 1993 (Revised October 1995)
  • Case

American Barrick Resources Corporation: Managing Gold Price Risk
By: Peter Tufano
Managing the risk of changing prices of gold is central to the business strategy of American Barrick Resources Corp., one of North America's largest and most successful gold-mining firms. The case contrasts this firm's hedging policies with those of its rivals that do...  View Details
Keywords: Risk Management; Business Strategy; Mining; Mining Industry; United States
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