3) For the multinational companies (NIKE, Coca-Cola, Sony, Microsoft), which country/region seems to be the biggest concern in terms of currency volatility and country risk for these companies? Search their most recent 10K reports or some recent articles that provide evidence for the activities of these companies regarding currency risk issues. What is their approach of these companies regarding foreign exchange risk management? Do these

companies hedge? If yes, what types of currency exposures are they hedging i.e. translation, transaction or operating exposures? What hedging techniques are they using? Summarize your findings in relation to the overall foreign exchange risk management for these companies.