Enrons Collapse and Its Corporate Culture

Enrons Collapse and Its Corporate Culture According to Albert Camus A man without ethics is a wild beast loosed upon this world At first sight, Enron looks like a mega-size illustration of the bad apple among the ripes ones. It projected itself as financial of Business Ethics. On December 2.2001 Enron Corp. Filed the largest bankruptcy in U.S history due to many unethical issues. The Enron Scandal shocked the world. Enron had an overwhelming aura of pride and carried with it the deep-seated belief that its people could handle increasing risk without any consequences. The culture promoted greed and focused on how much money could be made for executives. For, example Enrons compensation plans seemed less concerned with generating profits for shareholders than with enriching Companys wealth. Enrons corporate culture reportedly encouraged profiteering. The Enron collapse has sent shockwaves all over the financial world and raised serious questions regarding corporate governance. The Enron bankruptcy is becoming the most famous and highly publicized bankruptcy case in history. There are numbers of unethical issues that contribute Enron to its bankruptcy. They are as follows-: Improper Accounting: One of the major reason behind of its bankruptcy was improper accounting system. (Enrons lawyers in august 2001)The company used corrupt accounting measures to make their profits .Although these practices produced more favorable financial picture ,outside observers believed they might constitute fraudulent financial reporting because they didnt accurately represent the companys true financial condition. For example the company established the special-purpose entities (SPEs) to move the assestd and debt of its balance sheet and increase cash flow by showing through its books when it sold assets. Hiding the losses and inflating profits: The company has a cash flow of negative amount $154 millions, Enron claimed of 3 million in its cash flow Bad Communication-: Delivering the bad news. Lying to the various stakeholders, the financial statements hide the momentous losses to their Stockholders. Stock analysts were often vague and didnt specify their operation cost and their finances. Misleading the financial reports-: The bankruptcy filing came after revealing that Enron used (SPEs),Special Purpose Entities. SPEs hid losses. Enron used SPEs to move assets and debts off it balance sheet. This enables increase in its Cash Flow. Poor business and accounting procedures encouraged greed. Unregulated private partnerships(SPES) to take on debts Over 5000 Enron employees lost their livelihood due to Top Managements greed. Enrons VP Sherron Watkins consistently sent reports out to the then Chairman outlining improper accounting methods employed. The biggest problem was that Enron outsourced its internal audit function. It outsourced both its internal and external auditing function to Arthur Andersen. 2. Did Enrons bankers, auditors, and attorneys contribute to Enrons demise? If so, what was their contribution? Enrons demise involve its relation to its bankers ,auditor and attorneys . Enrons auditor: Enron auditors knew in mid August from a senior Enron employees concern about improprieties in the energy companys Accounting practices (Washington Jan16) .Arthur Andersen was responsible for ensuring the accuracy of Enrons financial statements and internal bookkeeping. Andersons reports were used by potential investors to judge Enrons financial soundness and future potential before they decided whether to invest. Current investors decide if their funds should remains invested there. Former CEO Jeffrey Skilling, widely seen as Enrons mastermind. He was so sure he had committed no crime that he waived his right to self-incrimination and testified before Congress that he was not aware of any inappropriate financial arrangement. Jeffrey McMahon told a congressional subcommittee that he had informed Skilling about the companys off-the-balance-sheet partnership in March 2000, when he was Enrons Treasurer. (ENRONS COLLAPSE: OVERVIEW;RECEIVE WARNING ON ENRON FIVE MONTH AGO(Richard A jr. opeel. published on Jan 17 2007) Enrons bankers: Although the bank knew there was a problem with Enron finances Its own bankers . Their under writing feeling on debt issue sold to the public to prove that without the bankers Enron will never remained its scheme on the investing public . JPMorgan Chase and Citibank were already aware of the tax regulations and would have had sources for audited accounts. These banks issued large loans to the company. They could do so because they would then lay off much of the risk through a complex process of financial engineering. While shareholders pursue individual claims against the bank the decision Monday stymies any mass effect by shareholders recovers all the parts of loss of $40 billions from a wall street bank that earned millions of dollars from Enron in banking fees .(Julie Creswel) Enrons Lawyers: In the events leading up to the U.S. Securities and Exchange Commission (SEC) enquiry, Enrons employees shredded important documents to prevent any indictments. 3.What role did the chief financial officer play in creating the problems that led to Enrons financial problems? According to Bill Saporito, Fastow earned a reputation of being a money wizard who constructed the complex financial vehicles. He employed techniques that could rapidly exploit deregulating markets for energy, water, broadband capacity and anything else that could be traded. In 1993, Fastow created hundreds of special-purpose entities designed to transfer Enrons debt to an outside company and get it off the books-without giving up control of the assets that stood behind the debt. To prevent degrading in Enrons credit rating, Fastow tripled his staff, to more than 100.He hired various banking experts and giving them the task of selling and buying capital risk. This effectively allowed Enrons audited balance sheet to appear debt free, while in reality it owed more than 30 billion dollars at the height of its debt. While presented to the outside world as being independent entities, the funds Fastow created were to take write-downs off Enrons books and guaranteed not to lose money.. Fastow made tens of millions of dollars defrauding Enron in this way, while also neglecting basic financial practices such as reporting the cash on hand and total liabilities. Giles Darby, David Bermingham, and Gary Mulgrew worked for Greenwich NatWest. The three British men had worked with Fastow on a special purpose entity he had started called Swap Sub. When Fastow was being investigated by the SEC, the three men met with the British Financial Services Authority (FSA) in November 2001 to discuss their interactions with Fastow. REFERENCES AND BIBLIOGRSPHIES: 1.Farrell, O., Fraedrich ,J and Ferrell, L,(2010)Business Ethics: Ethical Decision Making and Cases (8th edition),Houghton Mifflin. 2.Cullen,J(1999)Managing Ethical and Social Responsibility: Challenges for Multinational Companies ,in Multinational Management .a Strategic Approach, International Thomson Publishing. 3.Ackman, Dan. .Enron Files Chap. 11.. Forbes Online 3 December 2001. http://www.forbes.com/2001/12/03/1203topnews_print.html Farrell, Greg and Woodyard, Chris. .Three powerful men forged Enron.s path.. USA Today 28 January 2002 4.Miller, Roger and Jentz, Gaylord A. .Business Law Today.. West Legal Studies in Business, 2000. 5.St. Onge, Jeff. .Enron set to file largest-ever Chapter 11.. Seattle Times 30 November 2001. 6.Talaski, Karen. .Enron.s fall sped Kmart into tailspin.. The Detroit News 27 January 2002. 7.Bankruptcy in Brief.. 4 May 2002 http://www.moranlaw.net/bankruptcybasics.htm 8.Cooper outlines Enron reorganization proposal.. Houston Chronicle.com 3 May 2002. 9.Enron Arranges $1.5 Billion of Debtor-In-Possession Financing.. Enron Corp. Press Release, 3 December 2001. http://www.enron.com/corp/pressroom/releases/2002/ene/95- 120301ReleaseLtr.html 10.Enron: Crouching Profits, Hidden Debt.. 30 April 2002 http://usgovinfo.about.com/library/weekly/aa011402a.htm 11.Enron Files Voluntary Petitions for Chapter 11 Reorganization.. Enron Corp. Press Release, 2December 2001. http://www.enron.com/corp/pressroom/releases/2001/ene/PressRelease 12.Enron Races to File for Chapter 11, Avoid Liquidation.. Wall Street Journal 30 November 2001. 13.Enron, the basics.. 5 May 2002 http://abcnews.go.com/sections/business/DailyNews/enron_subindex.html http://www.enron.com/corp/pressroom/messages/ees.html 14.Frequently Asked Questions About the Chapter 11 Filing.. Enron Corp. Press Release, 30 April 2002 15.http://www.enron.com/corp/pressroom/chapter11faq.html Profnet Round-Up: Corporate Bankruptcy.. Profnet Online 26 February 2002 16.http://www3.profnet.com/profnet_home/bubriefs-102.html

The History of Crayola Crayons

For nearly a hundred years children have used crayons to express themselves and their creativity. This is largely due to the brilliant inventors of one American company; Binney & Smith Inc. Edwin Binney and Harold Smith founded Binney & Smith in New York City in the 1800’s; around 1885, Joseph’s son, Edwin Binney, and nephew, C Harold Smith formed the partnership of Binney & Smith. The cousins extended Their company’s product line by including shoe polish and printing ink. The company purchased a stone mill in Eastern PA in 1900, to produce slate pencils for schools.This began the cousins to begin  research into non-toxic and colorful drawing materials for children to use. They’ve already accomplished inventing a new wax crayon used to mark milk crates as well as barrels, however the materials were covered with carbon black which was too toxic for children to use.Despite this concern the cousins were confident the pigment and wax mix they developed could be converted for a variety of safe colors. And, in 1903, a new brand of superior crayons tucked inside a yellow and green box of â€Å"eight† was introduced to the public- Crayola Crayons. (In French â€Å"Crayola† oleaginous means â€Å"oily and crayons â€Å"craie† meansâ€Å"chalk†). Generations later, thanks to its innovation in manufacture and excellent marketing by extending on their success by creating more colors inside bigger yellow and green boxes and changing with the times: In 1962, the color flesh, changed to peach, since everyone’s skin color wasn’t the same as well as a variety of other colors. Because of this adjusting to the changing times Binney & Smith are still king at the market they created decades ago.-Works Cited-Author: Mary Bellis;Inventors, Crayola Crayon History. WWW. inventors. about. com/library/inventors/blcrayon. html

Personal Statement On Professional Values - 933 Words

had encountered and I did not believe she was a bad person. Even though I disagreed with her mechanism of coping, I respected her and I provided the best care to her and her baby. In Mike’s situation, he confided to his nurse that he does not wish to continue with treatment and expects her to act on this. Ignoring Mike’s wishes not only would disrespect him, but also belittle him by making him think he is not capable of making decisions regarding his own life. Likewise, the nurse must also respect Mike’s parents. Family-centered care is being incorporated more in health care practice and the entire family is now being included in medical decisions. The nurse should respect how the parents believe that continuing treatment is vital for the wellbeing of their son. The nurse should also respect that the parents are not willing to give up on their son and are desperate to try anything to save him. Professional Values Professional values are important to have so an individual and health care professionals are aware of what is expected of them. They are established by professional nursing organizations to help guide how a nurse should deliver patient care. Altruism Altruism focuses on the wellbeing of the patient. The American Association of Colleges of Nursing (AACN, 2008) defines altruism as the â€Å"concern for the welfare and well being of others† (p. 27). In nursing that means advocating for their patients. It is the nurse’s responsibility to make sure a patient is gettingShow MoreRelatedPersonal And Professional Values In Nursing1592 Words   |  7 PagesA philosophy is a statement of values and beliefs to help guide one through their career. A personal philosophy should mirror the views of the individual and help shape their work to coincide with their personal values and beliefs (Marquis Huston, 2015). Nursing is a unique career that makes nurses examine themselves and their own life in order to provide the best care for all patients. It is important for a nurse to realize their own beliefs and learn how to incorporate them into their care inRead MorePersonal Statement And Social Responsibility Essay1122 Words   |   5 PagesSome of the important values identified in statements and artifacts of the organization are: respect, accountability, justice, integrity, altruism, compassion, social responsibility, honesty, courage, collaboration, competence, professional behavior, confidentiality, excellence, community building, rituals, and legacy. These values are expressed in agency’s statements and various artifacts. The Vision statement â€Å"All Children Deserve the Best† acknowledges social responsibility and excellence. TheRead MoreInternational Nursing Ethics1550 Words   |  6 Pagesare the following: Nurses value quality nursing care for all people. Nurses value respect and kindness for self and others. (ANMC (nd), p2) The practitioners above, by doing what they did, show that their interests do not lie in providing quality nursing care for people. They may provide this care in their own work duties, but if their escapades and pornographic exploits indicate that their quality nursing care if given, is flawed since Value statement #1: Nurses value quality nursing care forRead MoreIntroduction to Counselling Concepts1740 Words   |  7 Pagesto Counselling Concepts DRAFT Learner Statement 1: 31/1/06 - I am delighted to begin my path towards future mastery of counselling skills. I have already developed a strong background in mediation and psychology with numerous accreditations to my name. In undertaking my studies in counselling skills I seek to expand my repertoire of knowledge and understanding in the broad psychosocial arena, and add some useful new abilities to my professional ‘toolkit’. 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These promises and standards will affordRead MoreDefinition of Nursing1191 Words   |  5 PagesNurses have been described as â€Å"lacking professional commitment and motivation, low in risk taking and change-making, having a ‘blue-collar mentality,’ being cautious and conservative, and suffering from lack of cohesiveness and collegiality† (Cohen, 1981; Eisenstein, 1982; Hughs, 1982; Hull, 1982; Kalisch Kalisch, 1977; Kerr, 1982; Lowery-Palmer, 1982; Muff, 1982; Weiss Remen, 1983 as cited in Chandler, 1986, p.1). With this definition of what a nurse has been professed as, there is a fundamentalRead MoreAffect of Cultural Values And Personal Ethics in Business Decisions1221 Words   |  5 PagesPersonal, organizational, and cultural values can create a difficult problem when trying to make a business decisio n that includes all the previously stated. Personal values are what each individual holds dear to them living the types of lives that he or she like and would like to lead. Organizational values are what are best for the company to maintain a good public image and employee guidance. Cultural are set on traditions handed down from generation to generation to preserve a way of livingRead MoreCode Of Ethics For Nurses1114 Words   |  5 Pages Professional Code of Conduct Fadrique R. Charlot Nova Southeastern University Professional Code of Conduct Health professionals hold the commitment of providing quality health care to the society in order to fulfil the health concerns of the general population presented daily. Hence, health care practices are established on ethical principles concerning the life and health of human being accordingly. Its values place all obligation in which patients are protected from harm and

Essay on Jocasta in Oedipus the King - 653 Words

The Role of Jocasta in Oedipus the King Blessed is the man that endureth temptation: for when he is tried, he will receive the crown of life, which the Lord hath promised to them that love Him. nbsp;(James 1:12) nbsp;Such is the proclamation in the Holy Bible, and so was the proclamation in ancient Greece. Since the founding of religion, the gods have sought to test those with power. Jocasta was sent by Apollo to do just that: to test Oedipus - the king of Thebes - faith and conviction. Throughout the play, Jocasta tested the beliefs of those around her by feigning disbelief in the gods herself. Though she put up this false front, she did keep her faith. At the beginning of the scene wherein a messenger relayed word of†¦show more content†¦Jocasta proceeds to plant doubts of the gods by telling Oedipus the story of the Delphian Oracle and the circumstances surrounding Laius death. Again, after Polybus death, she excitedly tells Oedipus that his prophecy was obviously untrue, though it wasnt, and by doing so she attempts to hint that the oracles - and thus the gods - are false. By planting this doubt in Oedipus mind, the gods are able to test his faith, and his ruling power, through Jocasta - a test which he fails until it is too late. Why, then, would Jocasta be forced to perform such a dubious task for the gods? It is because she tried to avoid an earlier prophecy. By tying her childs feet together and casting him out, she attempted to defeat the gods, and this of course angered them. Her punishment, then, was to test the beliefs of the very child she cast out. nbsp; Oedipus Rex was Sophocles attempt to show the Greeks that they could not avoid the dealings of the gods, or they may be forced to conspire against the very people they should love most. Jocasta was, in this way, a victim. Though it was by her own doing that this penalty was cast upon her, it was not something she was happy to do, which becomes apparent when she realizes the truth in her earlier prophecy. It is at this moment that she becomes aware of her punishment, and in desperation kills herself. Oedipus Rex is a true tragedy in the sense that fate andShow MoreRelated Comparing Female Characters in Euripides Medea and Sophocles Oedipus the King and Antigone1555 Words   |  7 PagesComparing Female Characters in Euripides Medea and Sophocles Oedipus the King and Antigone      Ã‚  Ã‚   In the times of the ancient Greeks, women had an unpretentious role. They were expected to do take on the accepted role of a woman.   In most cases, a womans role is restricted to bearing young, raising children, and housework. In Sophocles Oedipus   the King, Antigone, and Medea, the dominant female characters impacted upon men with authority and political power.   It is Read MoreOedipus The King The Concept Of Fate Came Up All Through The Play1302 Words   |  6 Pagesneed, joy will undoubtedly be inevitable for them. The same fate had happened to Sophocles protagonist Oedipus the king, who had tried to avoid his fate by running away, but eventually, he could not avoid his fate. This essay will discuss how Oedipus tried to avoid his fate and how he could have stopped his future from coming to past. However, when I first started reading the play Oedipus the king the concept of fate came up all through the play. 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Personal Reflection - 567 Words

Personal reflection is a very useful skill that helps the reflector solidify any learning or knowledge that has been captured by the individual. The purpose of this essay is to reflect upon this course and insert my personal feelings and observations about my performance during this time. In this summary I will describe how I improved my knowledge, skills and abilities during this session. I will also evaluate my work that was completed in this session and comment upon the subjects that I did not master while making recommendations on how I can improve on my performance and if I achieved the course objectives that were laid out at the beginning of this session. Learning is much like a cycle. Information is stored within some mechanism of the mind powers to that can be called upon by the willful intention of its user. In this course I have learned much not only about the subjects presented in the texts and lectures, but about myself and how I have adapted to my own personal learning cycles. Recalling the information presented in this class is only useful if there is a practical outlet to allow this information to flourish and contribute to the greater good of my surroundings. I performed very well in the discussion parts of this class by scoring nearly perfect on all the required submissions for this part of the course. I am much more confident of my ability to recall information and insert into a logical argument and successfully communicate this message to my peers andShow MoreRelatedPersonal Reflection756 Words   |  4 PagesPersonal reflections are characterized as learning through experience in gaining new insights and changed perception of self and practices. Reflection can be a difficult experience without the support and guidance of an expert (Johns, 2004). 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American Identity Prior to the Revolutionary War Free Essays

Early American Identity Robert Zimmermann Madrigal During the time prior to the revolutionary war, there was a mixed sense of identity within the colonies. Some of the colonists saw themselves as English citizens, while others saw themselves as Americans and wanted a free, self governed nation. The first actuall sign of American identity was in 1754 when Benjamin Franklin proposed the Albany plan, as represented in Doc. We will write a custom essay sample on American Identity Prior to the Revolutionary War or any similar topic only for you Order Now A. Even though his proposition was denied it still showed that people were starting to take the idea of being â€Å"American† into account. In Document B. Edmund Burke shows his resentment of how American is being governed. Is there a single trait of resemblance between those few towns, and a great and growing people spread over a vast quarter of the globe, separated from us by a mighty ocean. † He says that he doesn’t believe that the colonies should be ruled by a nation that is so different and so far away. â€Å"The eternal barriers of nature forbid that the colonies should be blended or coalesce into the mass†¦ of this Kingdom. † He again states that the colonies should not be ruled by Great Britain. After the French and Indian war England was in a great amount of debt, so they started to impose taxes of the colonies. The people living in the colonies had lived in the colonies their whole lives and had never been taxed by the government before, so they were very unhappy about them. The people of the colonies protested against all of the acts that the British government had set. From the years of 1763 to 1774 the British government proposed a series of acts that imposed taxes and regulations on the people of the colonies. The proclamation of 1763 being the first of them, prevented the colonists from moving into territory past the Appalachien mountains. This was the begining of an era of protest and unhappiness. In Document C. Richard Henry Lee talks about how the colonies are all working together to fight for their liberties against â€Å"every power on Earth that may attempt to take them away†. In Document D. The Declaration for the causes of taking up arms says â€Å"We will, in defiance of every hazard, with unabating firmness and perserverance, employ for the preservation of our liberties; being with one mind resolved to die free men, rather than live like slaves. This is saying that they wanted their freedom from oppression. In 1774 The British government issued a series of laws that later came to be known as the â€Å"Intoerable Acts†. These most impacting thing these acts did was closing the port of Boston. This only deepened colonial hostility. The other colonies provided food and money to Massachusets. Document G. is a list of the vast amount of provisions provided to the Boston relief effort. In Document H. Hector Crevecoeur reffers to America as a melting pot, where the ancestors of people are forgoten and they become new men and women. All of these documents provide the facts needed to infer that there was a great sense of American Identity in the Americas prior the the Revolution. How to cite American Identity Prior to the Revolutionary War, Essay examples

Treasury and Risk Management for Swiss Exporters- myassignmenthelp

Question: Discuss about theTreasury and Risk Management for Swiss Exporters. Answer: Discussing the reason for SNB de-pegging of Franc, while evaluating the hedging strategies implemented by Swiss exporters On January 2011, Swiss National Bankmade a decision, which changed the value of franc and is considered one of the dark days for stock market of the country. This de-pegging decision made by Swiss National Bankwas based on certain assumptions and actions that was taken by different bank all around the world. The event resulted in major devaluation of Swiss Franc, which hampered their currency valuation in comparisons to other countries (Bishop 2015). The reason behind Swiss National Bankconducting the de-pegging are depicted as follows. Accumulation of high Euro and foreign currency reserve: During the period of pegging conducted by Swiss National Bank, it mainly accumulated high foreign reserve and Euro for reducing the rising valuation of Swiss Franc. In addition, the increasing accumulation of foreign currency was maintained by raising the supply of Swiss Franc by Swiss National Bank. The high demand of Swiss Franc mainly increased valuation of the currency, while hampering their international trade. This rising supply of Swiss Franc increased the chance of hyperinflation within the country, as evaluated by business and analyst. In addition, Swiss National Bank accumulated 480 billion worth of foreign reserve, which comprises 70% of the GDP (Admiral Markets 2018). This high accumulation of foreign reserve mainly reduced the actual valuation of Swiss Franc against other currencies. In this context, Skinner (2016) stated that Central Bank of countries use the foreign reserve to maintain the valuation of their currency, which helps in reducing the negative impact of vola tile currency market. Devaluation of Euro against other countries: The euro valuation has relatively declined over the period, which resulted in the devaluation of euro and Swiss Franc. Moreover, the euro valuation has relatively declined over the period, which in turn reduces the value of Swiss Franc due to high accumulation of currency by Swiss National Bank. The Europeans Central Bank started with the easing policy for rising the inflation rate and supplying more currencies for buying bonds of Euro-Zone counties. This rising production and supply of Euro with the currency market mainly devalued the overall currency. In addition, this devaluation resulted in the decline of Swiss franc due to their exposure and accumulation of 480 billion foreign reserves. Therefore, the devaluation of Euro increased, which is hindering progress of the economy. Kim and Chance (2018) stated that the devaluation of currencies mainly hampers trade and export profits of the country, which in turn hampers their actual GDP growth. The Strategic measures taken by European Central Banks mainly increased the devaluation of Euro and in turn hamper the valuation Swiss Franc. The above-mentioned reasons mainly initiated Swiss National Bank to conduct the de-pegging, which was being continued. This halt in operations was due to the decline in Swiss Franc, which was intended by Swiss National Bank form the start. Therefore, Swiss National Bank during January 2011 for determining the actual value of Swiss Franc stopped the pegging process. Swiss National Bank with the help of de-pegging measure was able to controlling the hyperinflation, which was evaluated by analyst. The exporter of Switzerland would eventually use adequate hedging process for curbing the rising volatility in the currency market and make maximum of the profits from the transactions. The use of option hedging strategy would be helpful for the exporters for hedging their exposure in the international market. Du and Schreger (2016) stated that hedging process allows exporters for curbing the volatilities in the currency market and fix their payment by using adequate hedging measures. In addition, the use of money market hedge is also a viable approach, which could be used by investors in reducing the negative impact of changing currency prices. On the other hand, Caldentey and Haugh (2017) criticises that without the use of adequate knowledge about the hedging measure the exporter might increase their risk and increase losses from the transaction. Moreover, the Swiss exporters could use both hedging positions for effectively reducing the negative impact of volitively Swiss Franc. Bo th option hedging strategy and money market strategy is a viable approach that might be used by the exporters for fixing their future payments. Identifying the risk of each strategy and estimating the dollar cash flows it will receive because of using each strategy: Particulars Amount Rate Payment 50,000,000 Probability to go up $ 60,000,000 1.2 Probability to go down $ 40,000,000 0.8 Un-hedge strategy Value Value Payment 50,000,000 Spot rate $ 1.10 $ 55,000,000 Probability of spot price in 1 yr $ 1.20 $ 60,000,000 Loss in un-hedging $ 0.10 $ 5,000,000 Probability of spot price in 1 yr $ 0.80 $ 40,000,000 Profit from un-hedging $ 0.30 $ 15,000,000 Forward hedge strategy Value Value Payment 50,000,000 Spot rate $ 1.10 $ 55,000,000 Forward rate $ 1.13 $ 56,500,000 Probability of spot price in 1 yr $ 1.20 $ 60,000,000 Loss in hedging $ 0.07 $ 3,500,000 Probability of spot price in 1 yr $ 0.80 $ 40,000,000 Profit from hedging $ 0.03 $ 16,500,000 Money market hedge Value Value Payment 50,000,000 interest in Euro 2.00% 1,000,000 Amount in euros borrowed 49,000,000 Spot rate $ 1.10 $ 53,900,000 interest in US 5.50% $ 2,964,500 Total payment received in 1 yr $ 56,864,500 Probability of spot price in 1 yr $ 1.20 $ 60,000,000 Loss in hedging $ 3,135,500 Probability of spot price in 1 yr $ 0.80 $ 40,000,000 Profit from hedging $ 16,864,500 Option Hedge Put Option Value Value Payment 50,000,000 Put option 1.11 Exercise price 0.06 Total value of put option 1.05 $ 52,500,000 Probability of spot price in 1 yr $ 1.20 $ 60,000,000 Loss in hedging $ 0.15 $ 7,500,000 Probability of spot price in 1 yr $ 0.80 $ 40,000,000 Profit from hedging $ 0.25 $ 12,500,000 Option Hedge Call Option Value Value Payment 50,000,000 Cal option 1.15 Exercise price 0.08 Total value of put option 1.07 $ 53,500,000 Probability of spot price in 1 yr $ 1.20 $ 60,000,000 Loss in hedging $ 0.13 $ 6,500,000 Probability of spot price in 1 yr $ 0.80 $ 40,000,000 Profit from hedging $ 0.27 $ 13,500,000 From the evaluation of above table, the risk and cash flow can be identified, which could be used by ABC company to identify the best possible hedging strategy. In addition, the unhedged policy is the one strategy, which has the higher risk of loss that might incur by the company. Moreover, other hedging strategy has relevant risk and reward attribute, which reduces the risk from payment substantially and fixes the exchange value, which might incur in one-year time. Alvarez and Hansen (2017) mentioned that with hedging measure investor can curb the rising risk from currency market. Explaining the hedge that is optimal for ABC: Hedging Strategies Profit Loss Un-hedge strategy $ 15,000,000.00 $ 5,000,000.00 Forward hedge strategy $ 16,500,000.00 $ 3,500,000.00 Money market hedge $ 16,864,500.00 $ 3,135,500.00 Option Hedge Put Option $ 12,500,000.00 $ 7,500,000.00 Option Hedge Call Option $ 13,500,000.00 $ 6,500,000.00 From the overall evaluation of the above table, money market hedge is identified to be the most beneficial, as it incurs the least loss, while obtaining the highest profit in both probable conditions. In this context, lvarez Espinoza and Hansen (2017) stated that the money market hedging allows investor to conduct trade on the specific trades, which could reduce risk from changing exchange rate. Reference and Bibliography: Admiral Markets (United Kingdom). (2018).Price shock: when the Swiss National Bank unpegged the Swiss franc from the euro. [online] Available at: https://admiralmarkets.com/analytics/traders-blog/price-shock-when-the-swiss-national-bank-unpegged-the-swiss-franc-from-the-euro [Accessed 23 Mar. 2018]. lvarez Espinoza, R. and Hansen, E., 2017.Corporate currency risk and hedging in Chile: Real and financial effects(No. IDB-WP-769). IDB Working Paper Series. Alvarez, R. and Hansen, E., 2017.Corporate Currency Risk and Hedging in Chile: Real and Financial Effects. Inter-American Development Bank. Bishop, K. (2015).Swiss franc soars, stocks tank as euro peg scrapped. [online] CNBC. Available at: https://www.cnbc.com/2015/01/15/swiss-franc-sours-stocks-tank-as-euro-peg-scrapped.html [Accessed 23 Mar. 2018]. Boudoukh, J., Katz, M., Richardson, M.P. and Thapar, A., 2015. Risk Without Reward: The Case for Strategic FX Hedging.AQR, September, pp.45-50. Caldentey, R. and Haugh, M., 2017. A Cournot-Stackelberg Model of Supply Contracts with Financial Hedging and Identical Retailers.Foundations and Trends in Technology, Information and Operations Management,11(1-2), pp.124-143. Du, W. and Schreger, J., 2016. Local currency sovereign risk.The Journal of Finance,71(3), pp.1027-1070. Kim, S.F. and Chance, D.M., 2018. An empirical analysis of corporate currency risk management policies and practices.Pacific-Basin Finance Journal,47, pp.109-128. Skinner, W.R., 2016. CFC-Level Hedges of Currency RiskA Review.International tax journal, p.14. Yaganti, C.H., Kamaiah, B. and Gupta, H., 2015. Exchange Traded Currency Future Markets and Risk Management in India.Journal of International Economics,6(2), p.13.