Mark Grinblatt Sheridan Titman Financial Markets and Corporate Strategy, 2/e McGraw-Hill/Irwin Copyright © 2002 by The McGraw-Hill Companies, Inc. All.

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Mark Grinblatt Sheridan Titman Financial Markets and Corporate Strategy, 2/e McGraw-Hill/Irwin Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved. 21-1

Mark Grinblatt Sheridan Titman Financial Markets and Corporate Strategy, 2/e McGraw-Hill/Irwin Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved Part VI Risk Management

Mark Grinblatt Sheridan Titman Financial Markets and Corporate Strategy, 2/e McGraw-Hill/Irwin Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved Chapter 21 Risk Management and Corporate Strategy

Mark Grinblatt Sheridan Titman Financial Markets and Corporate Strategy, 2/e McGraw-Hill/Irwin Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved Exhibit 21.1: Microtronics’ Unhedged Value in Four Scenarios* *Assumes the firm is unhedged and that customer confidence is high. Weak yen Strong yen $150 million 200 million $ 95 million 125 million Strong U.S. Economy Weak U.S. Economy

Mark Grinblatt Sheridan Titman Financial Markets and Corporate Strategy, 2/e McGraw-Hill/Irwin Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved Exhibit 21.2: Microtronics’ Hedged Value in four Scenarios Weak yen Strong yen $165 million 185 million $110 million 110 million Strong U.S. Economy Weak U.S. Economy

Mark Grinblatt Sheridan Titman Financial Markets and Corporate Strategy, 2/e McGraw-Hill/Irwin Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved Exhibit 21.3: Distribution of Profits with and without Hedging

Mark Grinblatt Sheridan Titman Financial Markets and Corporate Strategy, 2/e McGraw-Hill/Irwin Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved Exhibit 21.4: Categories of currency Risk

Mark Grinblatt Sheridan Titman Financial Markets and Corporate Strategy, 2/e McGraw-Hill/Irwin Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved Exhibit 21.5: Real and Nominal Exchange Rates in Five Countries* (Part 1 of 3) *Based on authors’ calculations using data from the International Financial Statistics (IFS) database Year Rupiah (per dollar) Exchange Rate Indonesia CPIU.S. CPI Real Exchange Rate 1990 Rupiah/1990 Dollar Indonesia Consumer Price Indexes 1, , , , , , Year Yen Exchange Rate Japan CPIU.S. CPI Real Exchange Rate 1990 Yen/1990 Dollar Japan Consumer Price Indexes

Mark Grinblatt Sheridan Titman Financial Markets and Corporate Strategy, 2/e McGraw-Hill/Irwin Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved Exhibit 21.5: Real and Nominal Exchange Rates in Five Countries* (Part 2 of 3) *Based on authors’ calculations using data from the International Financial Statistics (IFS) database Year Peseta(per dollar) Exchange Rate Spain CPIU.S. CPI Real Exchange Rate 1990 Peseta/1990 Dollar Spain Consumer Price Indexes Year Baht Exchange Rate Thailand CPIU.S. CPI Real Exchange Rate 1990 Baht/1990 Dollar Thailand Consumer Price Indexes

Mark Grinblatt Sheridan Titman Financial Markets and Corporate Strategy, 2/e McGraw-Hill/Irwin Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved Exhibit 21.5: Real and Nominal Exchange Rates in Five Countries* (Part 3 of 3) *Based on authors’ calculations using data from the International Financial Statistics (IFS) database Year Lira (per dollar) Exchange Rate Turkey CPIU.S. CPI Real Exchange Rate 1990 Lira/1990 Dollar Turkey Consumer Price Indexes 2, , , , , , ,871.70