Forad

Forad is a financial simulation game designed to help one understand what it takes to manage the financial position of a multinational industrial corporation.

About Forad

Forad is the finance simulation game used in Europe, United States, Canada and Australia in university courses and for seminars for bankers and corporate executives. The game has been designed by Prof H. Lee Reemers, Emeritus Professor, INSEAD.

Overview of Forad

In a Forad simulation:

  • Each company is managed by a group of two to five participants who assume the role of the finance department of a multinational corporation. A maximum of ten teams can take part in Forad. .
  • It involves managing a firm's financial position in volatile foreign exchange and international capital markets. Companies compete against the market and each other over several simulated periods, trying to maximize objectives such as share price, earnings per share, credit rating and return on equity.
  • Forad is designed to focus primarily on corporate finance decision. The major decision involved are related to financing and hedging decision – raising funds at lowest cost, refunding existing debts to obtain lower cost funds, seeking out and exploiting price distortions or tax advantages in the market, hedging risks or evaluating and perhaps acting on speculative opportunities.

Who can use Forad

Forad can be used by for university courses in corporate or international finance and in seminars for bankers and corporate executives.

Benefits of Forad

Forad provides a real world experience of managing an international corporation


  • Helps in developing the necessary skills and competencies to deal the risks and opportunities an industrial corporation faces in the world of volatile and unpredictable financial market.
  • Provides understanding of the risks and the need and cost of transferring the risk outside the organization.
  • Experience in dealing and utilizing the various financial instruments and tools that are available.

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