Stephen Sapp
Office: 3308 New Ivey Building
Phone: (519) 661-3006
email : ssapp@ivey.uwo.ca
I have set up this website to provide electronic versions of some of the materials used in class. For example, I will post on this site copies of general materials for the course, copies of the required readings that are not in the case package or textbook as well as copies of many of the materials presented in class (e.g., the slides used in the lectures, assignments, and some spreadsheets from cases).
Note: You will need a copy of the Adobe Acrobat reader
to read documents marked with the symbol . The reader can be obtained free from the Adobe Web Site.
General Materials:
A copy of the course outline is contained in the course materials provided at the beginning of the course. In the course outline you will find details of the grading scheme and expectations for the course. The deliverables include an individual case memo on an assigned case that will be due during our final weekend together and a group project on a topic related to a global financial situation (Note: though there are few restrictions on the precise topic, the topic must be approved by the instructor before the last session).
Materials Used in Class:
Copies of the slides used for the lectures presented in class:
ISFP Introduction
Managing and Identifying Risk
Global Financial Markets
International Parity Conditions
Notes on Securitization (not formally presented in class)
Notes on ADRs (not formally presented in class. Some extra background material on ADRs.)
Notes on Swaps
Capital Budgeting
Copies of materials from the cases presented in class:
Lufthansa Comparison of Alternatives
Lufthansa PostScript
Copies of some supporting materials from class:
Hutchison Whampoa Annual Report 2012
Some articles you may find of interest on general issues in International Finance:
The Financial System: What went wrong? (Economist March 19, 2008)
The Crisis (by Alan Greenspan, Past Chairman of the Federal Reserve, 2010)
Global Forces: An Introduction (McKinsey, June 2010)
Currency Wars (Economist, September 7, 2011)
The Crisis: A weekend introduction (Academic paper, January 2012)
Currency Wars Explained (Financial Times, February 13, 2013)
Senate Report on US-Canadian Price Differences (Government of Canada, February 2013)
Some pieces you may find of interest from the McKinsey Quarterly regarding creating value and the finance function:
The CEO's Guide to
Corporate Finance
Guide to Effective Global
Treasury
Supplementary Materials (for those who are interested):
Some general discussions of hedging:
Currency Risk Management at Canadian Firms (EDC 2010)
The Right Way to Hedge (McKinsey Quarterly, Summer 2010)
Risk Seeing Around the Corners (McKinsey Quarterly, Autumn 2009)
Accounting for Derivatives (Hedge Accounting)
Some detailed discussions of hedging:
To Hedge or Not to Hedge: Managing FX Risk
Hedging and Invoicing Strategies for FX Risk
Operational and Financial Hedging Strategies
Five Reasons Why Companies Should Manage Risk
Exchange rate hedging: financial vs operational strategies
Pricing in Foreign Currency versus the US Dollar
Hedge Accounting under GAAP (by Olsen and Associates)
A detailed discussion of some off-balance sheet transactions:
Hidden Debt: From Enron to Lehman Brothers
Links to some readings for those interested in other topics in the area of risk management:
Some links that you may find of interest:
There is a wide variety of references on Financial Ratios available through the Business Library.
A good all-round source of information: The Economist
For a Canadian look at the news: The Globe and Mail or The National Post
For some other views of the news: CNN or The Financial Times or Le Monde Diplomatique (English version)
For information on different countries: The Economist Intelligence Unit or Countries (links from the Business Library)
For general financial data: Yahoo! Finance (Canada) CNNfn Bloomberg
Valuation Handouts: