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An Introduction to the International Financial Management Course at Harvard Business School. CODRE Seminar November 2004 Mihir A. Desai. Module II – Multinational Finance AIFS Hedging GM Hedging (1) GM Hedging (2) Shanghai GM Refinancing Stanley Inversion

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an introduction to the international financial management course at harvard business school

An Introduction to the International Financial Management Course at Harvard Business School

CODRE Seminar

November 2004

Mihir A. Desai

the overall structure of the course
Module II – Multinational Finance

AIFS Hedging

GM Hedging (1)

GM Hedging (2)

Shanghai GM Refinancing

Stanley Inversion

Module IV – Institutions and Finance

Financing Babycare

Czech Mate

EU - GE/Honeywell

Global Conservation Fund

IMF-Sovereign Debt Restructuring Mechanism

Module I – Exchange Rates and Asset Prices

Foreign Exchange Problem Set

Monetary Authority of Singapore

Innocents Abroad

Module III – Cross-Border Valuation and Financing

Yell Buyout (2 days)

AES Cost of Capital

Dow Quimica – PBB Privatization

Petrobras – Pecom Acquisition

Rexford Film Financing

Nestle-Alcon (not approved)

Asahi Glass – EVA

The Overall Structure of the Course
what types of cases are there in this course
Library Case

Czech Mate

EU - GE/Honeywell (started with interview but too sensitive)

Foreign Exchange Problem Set

IMF-Sovereign Debt Restructuring Mechanism (started with interview but too sensitive)

Innocents Abroad (started as Field) (fictional protagonist)

Petrobras – Pecom Acquisition (started with interview but changed leadership)

Rexford Film Financing (fictional protagonist)

Stanley (contact with company but too sensitive) (fictional protagonist)

Field Case

AES Cost of Capital

AIFS Hedging

Asahi Glass - EVA

Dow Quimica – PBB Privatization

Financing Babycare

Global Conservation Fund

GM Hedging (1)

GM Hedging (2)

Monetary Authority of Singapore

Nestle-Alcon (not approved)

Shanghai GM Refinancing

Yell Buyout

What types of cases are there in this course?
what parts of the world do these cases cover
US

Stanley Inversion

Latin America

Dow Quimica – PBB Privatization

Petrobras – Pecom Acquisition

Europe

AIFS Hedging

Czech Mate

EU - GE/Honeywell

Nestle-Alcon Spinoff (not approved)

Rexford Film Financing (US setting)

Yell Buyout

Worldwide

AES Cost of Capital (US setting)

Foreign Exchange Problem Set

Global Conservation Fund (US setting)

GM Hedging (1) (US setting)

GM Hedging (2) (US setting)

IMF-Sovereign Debt Restructuring Mechanism (US setting)

Innocents Abroad (US setting)

Asia

Asia

Asahi Glass - EVA

Financing Babycare

Monetary Authority of Singapore

Shanghai GM Refinancing

What parts of the world do these cases cover?
module 1 exchange rates and asset prices
MODULE 1 – Exchange Rates and Asset Prices
  • Foreign Exchange Markets and Transactions
    • Foreign exchange market basics; mechanics; economics
  • Exchange Rate Policy at the Monetary Authority of Singapore
    • Determinants of exchange rates, real exchange rates, monetary policy, exchange rate regime choice, trilemma
  • Innocents Abroad: Currencies and International Stock Returns
    • Currencies and equity returns, home-bias, mean-variance analysis of optimal portfolios
module 2 multinational finance
MODULE 2 –Multinational Finance
  • Hedging Currency Risks at AIFS
    • Measuring exposures; alternative hedging instruments, options vs. forwards
  • Foreign Exchange Hedging Strategies at General Motors: Transactional and Translational Exposures
    • Hedging policy,impact of FX changes on financial statements
  • Foreign Exchange Hedging Strategies at General Motors: Competitive Exposures
    • Impact of FX changes on competitiveness
  • The Refinancing of Shanghai General Motors
    • Issues in structuring and financing overseas ventures
  • Corporate Inversions: Stanley Works and the Lure of Tax Havens
    • U.S. taxation of foreign operations
foreign exchange hedging strategies at general motors transactional and translational exposures
Foreign Exchange Hedging Strategies at General Motors: Transactional and Translational Exposures
module 3 i cross border valuation and financing
MODULE 3(i)– Cross-Border Valuation and Financing
  • Valuing a Cross-Border LBO: Bidding on the Yell Group
    • DCF methods for multiple currencies, CCF vs. APV
  • Globalizing the Cost of Capital at AES
    • Country risk adjustments in capital budgeting, leverage and discount rates
  • Dow Chemical’s Bid for the Privatization of PBB in Argentina
    • Country risk adjustments in acquisitions, multinational behavior in currency crises, distributional consequences of crises
  • Drilling South: Petrobras Evaluates Pecom
    • Consequences of extreme outcomes in exchange rate markets, valuation across emerging markets, politics and finance
module 3 ii cross border valuation and financing
MODULE 3(ii)– Cross-Border Valuation and Financing
  • Nestle's Spinoff of Alcon and Cross-Border Listings and Depositary Receipts (Note)
    • Capital markets listing options, clienteles
  • Tax-Motivated Film Financing at Rexford Studios
    • Transaction driven by tax arbitrage, clienteles in international settings
  • Implementing EVA at Asahi Glass
    • Economic Value Added analysis in int’l setting, Japanese corporate governance
module 4 institutions and finance
MODULE 4 – Institutions and Finance
  • Growing Up In China: The Financing of BabyCare
    • Venture capital/entrepreneurial finance in emerging markets
  • Czech Mate: CME and Vladimir Zelezny
    • Investor protections and finance, expropriation, cross-border protections
  • Antitrust Regulations in a Global Setting: The EU Investigation of the GE/Honeywell Merger
    • Impact of multiple regulators in cross-border settings, IO of mergers
  • Financing Biodiversity Conservation by the Global Conservation Fund
    • Applications of financial tools in other contexts, Debt swaps
  • Redesigning Sovereign Debt Restructuring Mechanisms
    • Sovereign bankruptcies
antitrust regulations in a global setting the eu investigation of the ge honeywell merger
Antitrust Regulations in a Global Setting: The EU Investigation of the GE/Honeywell Merger