Valuing Cross-Border Investments

Posted: 18 Aug 2006

See all articles by Mihir A. Desai

Mihir A. Desai

Harvard Business School - Finance Unit; National Bureau of Economic Research (NBER)

Date Written: 2006


This module note describes the fourth module of the International Finance course at Harvard Business School. The module explores how valuation differs in an international context and introduces students to the major issues in cross-border valuations: how to value investments in currencies other than the home currency; how to calculate the appropriate discount rates for projects in different countries; and how and when to incorporate country risk into valuations. The module note provides instructors with an overview of the module, the cases and the teaching notes, and explains how this module fits into the overall International Finance course. There is a brief description of the framework developed in the course and the note explains the application of this framework to the cases in this module. The module note includes descriptions of the three cases in the module and the analysis required in each case; an explanation of the learning objectives and suggested assignment questions for the cases; and information on additional materials useful in teaching the cases. The module note concludes with references to the relevant academic literature and a bibliography.

Suggested Citation

Desai, Mihir A., Valuing Cross-Border Investments (2006). HBS Publishing Module Note No.: 5-206-125, Available at SSRN:

Mihir A. Desai (Contact Author)

Harvard Business School - Finance Unit ( email )

Boston, MA 02163
United States
617-495-6693 (Phone)
617-496-6592 (Fax)

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

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