Foreign exchange risk on competitive exposure and strategic hedging:
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Helsinki
Helsinki School of Economics
1992
|
| Series: | Kauppakorkeakoulu <Helsinki>: Helsingin Kauppakorkeakoulun Julkaisuja / B
127 |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | 121 S. |
| ISBN: | 9517023464 |
Staff View
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| adam_text | 7
1. INTRODUCTION 9
1.1. The importance of research into competitive
exchange rate risk 9
1.2. A short history of exchange rate systems after
the Second World War 13
1.3. Parity conditions in foreign exchange rates and
forecasting exchange rate movements 16
1.3.1. Purchasing power parity 16
1.3.2. International Fisher effect 20
1.3.3. Forward rate as an unbiased predictor
of the future spot rate 21
1.3.4. Forecasting exchange rate changes 23
1.3.5. Summary 25
1.4. The objective of the study 27
1.5. The structure of the study 28
2. COMPETITIVE EXPOSURE AND REAL EXCHANGE RATES 31
2.1. Foreign exchange rate risk 31
2.1.1. Definitions of foreign exchange
rate risk 31
2.1.2. Relevance of exchange rate risk 33
2.1.3. Attitude towards currency risk 34
2.2. Foreign exchange rate exposures 35
2.2.1. A taxonomy of foreign exchange rate
exposures 35
2.2.2. Consumption basket assumption 37
2.2.3. Translation and transaction exposures 37
2.2.4. Competitive exposure as part of
economic exposure 40
2.3. Measurement of economic exposure in literature 49
2.4. Competitive exposure and competitive
risk measurement 56
2.4.1. Volatility of real exchange rates 56
2.4.2. Competitive exposure 57
2.4.3. Competitive risk 62
2.5. Summary 64
3. HEDGING AGAINST COMPETITIVE RISK 66
3.1. Introduction 66
3.2. Hedging against nominal and real exchange
rate changes 66
3.2.1. Tactical hedging 66
3.2.2. Strategic hedging 68
3.2.3. Foreign exchange rates and
portfolio theory 72
3.2.4. Effect of time on foreign exchange
rate risk and hedging 77
3.2.5. Hedging in practice 78
3.2.6. Summary 79
8
3.3. Hedging against competitive risk using strategic
hedging tools and the portfolio approach 80
3.3.1. Shapiro s approach 80
3.3.2. Soenen s approach 81
3.3.3. Joint approach 84
3.3.4. Summary 88
3.4. Summary 89
4. EXAMPLE OF COMPETITIVE RISK MEASUREMENT AND
STRATEGIC HEDGING 90
4.1. Firm X 90
4 2. Competitive exposures 91
4.3. Hedging against competitive risk 94
4.3.1. Shapiro s approach 94
4.3.2. Soenen s approach 95
4.3.3. Joint approach 97
4.4. Summary 99
5. LIMITATIONS OF AND EXTENSIONS TO THE PROPOSED MODEL 101
5.1. Real exchange rates versus nominal exchange rates
in competitive risk measurement and hedging 101
5.2. Effects of the market situation and the firm s position in
the market on competitive exposure and hedging 103
5.3. Stochastic models 104
5.4. Multi period models 104
5.5. Hedging and the game theory 105
5.6. Competitive exposures and multinational companies 105
5.7. Hedging costs 105
5.8. Summary 106
6. CONCLUSIONS 107
REFERENCES 110
APPENDIX: Nominal and real exchange rates of some
currencies between 1973 1990 116
|
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| id | DE-604.BV009008425 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-09T17:28:27Z |
| institution | BVB |
| isbn | 9517023464 |
| language | English |
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| physical | 121 S. |
| publishDate | 1992 |
| publishDateSearch | 1992 |
| publishDateSort | 1992 |
| publisher | Helsinki School of Economics |
| record_format | marc |
| series2 | Kauppakorkeakoulu <Helsinki>: Helsingin Kauppakorkeakoulun Julkaisuja / B |
| spelling | Torniainen, Asko Verfasser aut Foreign exchange risk on competitive exposure and strategic hedging Asko Torniainen Helsinki Helsinki School of Economics 1992 121 S. txt rdacontent n rdamedia nc rdacarrier Kauppakorkeakoulu <Helsinki>: Helsingin Kauppakorkeakoulun Julkaisuja / B 127 Hedging gtt Risicoanalyse gtt Wisselkoersen gtt Foreign exchange Hedging (Finance) Risk Hedging (DE-588)4123357-8 gnd rswk-swf Währungsrisiko (DE-588)4064157-0 gnd rswk-swf Hedging (DE-588)4123357-8 s Währungsrisiko (DE-588)4064157-0 s DE-604 B Kauppakorkeakoulu <Helsinki>: Helsingin Kauppakorkeakoulun Julkaisuja 127 (DE-604)BV005631594 127 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=005955003&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Torniainen, Asko Foreign exchange risk on competitive exposure and strategic hedging Hedging gtt Risicoanalyse gtt Wisselkoersen gtt Foreign exchange Hedging (Finance) Risk Hedging (DE-588)4123357-8 gnd Währungsrisiko (DE-588)4064157-0 gnd |
| subject_GND | (DE-588)4123357-8 (DE-588)4064157-0 |
| title | Foreign exchange risk on competitive exposure and strategic hedging |
| title_auth | Foreign exchange risk on competitive exposure and strategic hedging |
| title_exact_search | Foreign exchange risk on competitive exposure and strategic hedging |
| title_full | Foreign exchange risk on competitive exposure and strategic hedging Asko Torniainen |
| title_fullStr | Foreign exchange risk on competitive exposure and strategic hedging Asko Torniainen |
| title_full_unstemmed | Foreign exchange risk on competitive exposure and strategic hedging Asko Torniainen |
| title_short | Foreign exchange risk on competitive exposure and strategic hedging |
| title_sort | foreign exchange risk on competitive exposure and strategic hedging |
| topic | Hedging gtt Risicoanalyse gtt Wisselkoersen gtt Foreign exchange Hedging (Finance) Risk Hedging (DE-588)4123357-8 gnd Währungsrisiko (DE-588)4064157-0 gnd |
| topic_facet | Hedging Risicoanalyse Wisselkoersen Foreign exchange Hedging (Finance) Risk Währungsrisiko |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=005955003&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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