haku: @all futures / yhteensä: 250
viite: 244 / 250
| Tekijä: | Breuer, W. |
| Otsikko: | Wie hedgt man mit Devisen-Forwards? |
| Lehti: | Schmalenbachs Zeitschrift für Betriebswirtschaftliche Forschung
1996 : VOL. 48:3, p. 233-250 |
| Asiasana: | HEDGING FORWARD EXCHANGE FUTURES MARKETS |
| Kieli: | ger |
| Tiivistelmä: | We analyze an entrepreneur's decision problem who is facing future cash-flows in foreign currency. Unfortunately, the entrepreneur only has access to short-term forward contracts maturing before those future cash-flows are realized. In 1991 Spremann in this journal suggested the so-called fifty- ffty-mix, i.e., the entrepreneur should sell forward fifty percent of his future cash-flows in foreign currency as soon as this becomes possible. This recommendation contradicts the intuitively more appealing strategy of a full hedge of foreign exchange risk. Therefore we take a closer look at Spremann's analysis and try to show the superiority of a full hedge in comparison to Spremann's fifty-fifty-mix. |
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