Corporate performance and the exposure to macroeconomic fluctuations:
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| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Stockholm
Norstedt
2005
|
| Edition: | 1. ed., 1. impr. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | 288 S. graph. Darst. |
| ISBN: | 9172274565 |
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MARC
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| 245 | 1 | 0 | |a Corporate performance and the exposure to macroeconomic fluctuations |c Lars Oxelheim ; Clas Wihlborg |
| 250 | |a 1. ed., 1. impr. | ||
| 264 | 1 | |a Stockholm |b Norstedt |c 2005 | |
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| 650 | 4 | |a Macroeconomics | |
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| adam_text | Contents
Preface 9
Chapter 1
Macroeconomic Uncertainty in a Corporate Perspective
1.1 Introduction n
1.2 The macroeconomic environment of the firm 15
1.3 What level of concern? zz
1.4 Macroeconomic Uncertainty Strategy (MUST) Z4
1.5 The contents of this book Z5
Chapter 2
Concepts of Macroeconomic Risk and Exposure
2.1 Introduction z8
2.2 Corporate risk a brief review of the concept Z9
2.3 Corporate risk: who cares? 33
2.4 Macroeconomic risk 39
2.5 What could be gained from a risk management programme? 43
2.6 Risk management and the creation of options 45
2.7 Concluding remarks on the conceptual issue of risk and expo¬
sure 49
Chapter 3
Traditional Approaches to Measuring Macroeconomic Exposure
3.1 Introduction 51
3.2 From transaction exposure to economic exposure 52
3.3 Translation exposure 6z
34 From translation exposure to economic exposure 65
3.5 Does the translation method matter? 66
3.6 A comparison of exchange rate exposure measures 67
6
3.7 Interest rate exposure measures 72
3.8 Concluding remarks on traditional exposure measures 80
Appendix 3.1: Measuring translation exposure under the
monetary/non monetary and the all current methods 81
Appendix 3.2: Purchasing Power Parity and real exchange rates 86
Appendix 3.3: International Fisher Parity 94
Chapter 4
Measuring Macroeconomic Impact on the Firm
a Comprehensive Approach
4.1 Introduction 99
4.2 Determinants of cash flow exposure 101
4.3 Estimating cash flow exposure 108
4.4 Decomposing cash flow exposure 118
4.5 Exposure coefficients and sizes of shocks 119
4.6 The share price and macroeconomic fluctuations 120
4.7 Concluding remarks on the comprehensive
approach 121
Chapters
Measuring Macroeconomic Exposure
The Case of Volvo Cars
5.1 Introduction 124
5.2 Exposure coefficients 125
5.3 The choice dependent variable 127
5.4 The choice of independent variables and time horizon 131
5.5 Volvo Cars 133
5.6 Results, interpretations, and the use of coefficients 140
5.7 Using the exposure coefficients for future periods 149
5.8 Concluding remarks on the case of Volvo Cars 152
Chapter 6
Hedging Macroeconomic Exposure
6.1 Introduction 156
6.2 Derivative contracts and transaction exposure
an overview 157
7
6.3 Practices in managing translation exposure 164
6.4 Hedging interest rate and inflation risks 170
6.5 Hedging macroeconomic exposure to market
price variables 175
6.6 Hedging with uncertain exposure using derivatives 184
6.7 Taxes and hedge contracts 189
6.8 Concluding remarks on approaches to hedge
macroeconomic uncertainty 191
Chapter 7
Strategies for Exposure Management
7.1 Introduction 194
7.2 Choice of target variable and time horizon 196
7.3 The firm s and management s risk attitude 199
7.4 Price adjustment in goods and financial markets 200
7.5 Choice of exposure management strategies 202
7.6 Information requirements 206
7.7 Adjustability of commercial operations real options 209
7.8 Concluding remarks on the choice of strategy 211
Chapter 8
Recognizing Macroeconomic
Fluctuations in Value Based Management
8.1 Introduction 214
8.2 VBM and macro fluctuations 216
8.3 Cash flow decomposition and valuation:
the case of Electrolux 218
8.4 Decomposition in performance assessment 222
8.5 Taking flexibility into account 224
8.6 Concluding remarks about MUST analysis
in performance assessment 227
Chapter 9
What Shareholders Ought to Know
9.1 Introduction 231
9.2 Efforts to create standards 234
8
9 3 A comprehensive approach to assessing the impact
of macroeconomic fluctuations on the firm 240
9.4 Current practice relative to IAS 1 (rev. 1997) on
reporting of macroeconomic influences 242
9.5 Illustration of an information release that satisfies
the demands of the outside shareholder 250
9.6 Concluding remarks on the reporting of the impact of
macroeconomic fluctuations on corporate performance 253
Chapter 10
Macroeconomic Uncertainty Strategy (MUST) Analysis
a Summary 257
10.1 Introduction 257
10.2 Shortcomings of traditional methods 259
10.3 Measures of corporate performance
and exposure assessment 260
10.4 Elements of MUST analysis 262
References 269
Index 281
|
| adam_txt |
Contents
Preface 9
Chapter 1
Macroeconomic Uncertainty in a Corporate Perspective
1.1 Introduction n
1.2 The macroeconomic environment of the firm 15
1.3 What level of concern? zz
1.4 Macroeconomic Uncertainty Strategy (MUST) Z4
1.5 The contents of this book Z5
Chapter 2
Concepts of Macroeconomic Risk and Exposure
2.1 Introduction z8
2.2 Corporate risk a brief review of the concept Z9
2.3 Corporate risk: who cares? 33
2.4 Macroeconomic risk 39
2.5 What could be gained from a risk management programme? 43
2.6 Risk management and the creation of options 45
2.7 Concluding remarks on the conceptual issue of risk and expo¬
sure 49
Chapter 3
Traditional Approaches to Measuring Macroeconomic Exposure
3.1 Introduction 51
3.2 From transaction exposure to economic exposure 52
3.3 Translation exposure 6z
34 From translation exposure to economic exposure 65
3.5 Does the translation method matter? 66
3.6 A comparison of exchange rate exposure measures 67
6
3.7 Interest rate exposure measures 72
3.8 Concluding remarks on traditional exposure measures 80
Appendix 3.1: Measuring translation exposure under the
monetary/non monetary and the all current methods 81
Appendix 3.2: Purchasing Power Parity and real exchange rates 86
Appendix 3.3: International Fisher Parity 94
Chapter 4
Measuring Macroeconomic Impact on the Firm
a Comprehensive Approach
4.1 Introduction 99
4.2 Determinants of cash flow exposure 101
4.3 Estimating cash flow exposure 108
4.4 Decomposing cash flow exposure 118
4.5 Exposure coefficients and sizes of shocks 119
4.6 The share price and macroeconomic fluctuations 120
4.7 Concluding remarks on the comprehensive
approach 121
Chapters
Measuring Macroeconomic Exposure
The Case of Volvo Cars
5.1 Introduction 124
5.2 Exposure coefficients 125
5.3 The choice dependent variable 127
5.4 The choice of independent variables and time horizon 131
5.5 Volvo Cars 133
5.6 Results, interpretations, and the use of coefficients 140
5.7 Using the exposure coefficients for future periods 149
5.8 Concluding remarks on the case of Volvo Cars 152
Chapter 6
Hedging Macroeconomic Exposure
6.1 Introduction 156
6.2 Derivative contracts and transaction exposure
an overview 157
7
6.3 Practices in managing translation exposure 164
6.4 Hedging interest rate and inflation risks 170
6.5 Hedging macroeconomic exposure to market
price variables 175
6.6 Hedging with uncertain exposure using derivatives 184
6.7 Taxes and hedge contracts 189
6.8 Concluding remarks on approaches to hedge
macroeconomic uncertainty 191
Chapter 7
Strategies for Exposure Management
7.1 Introduction 194
7.2 Choice of target variable and time horizon 196
7.3 The firm's and management's risk attitude 199
7.4 Price adjustment in goods and financial markets 200
7.5 Choice of exposure management strategies 202
7.6 Information requirements 206
7.7 Adjustability of commercial operations real options 209
7.8 Concluding remarks on the choice of strategy 211
Chapter 8
Recognizing Macroeconomic
Fluctuations in Value Based Management
8.1 Introduction 214
8.2 VBM and macro fluctuations 216
8.3 Cash flow decomposition and valuation:
the case of Electrolux 218
8.4 Decomposition in performance assessment 222
8.5 Taking flexibility into account 224
8.6 Concluding remarks about MUST analysis
in performance assessment 227
Chapter 9
What Shareholders Ought to Know
9.1 Introduction 231
9.2 Efforts to create standards 234
8
9 3 A comprehensive approach to assessing the impact
of macroeconomic fluctuations on the firm 240
9.4 Current practice relative to IAS 1 (rev. 1997) on
reporting of macroeconomic influences 242
9.5 Illustration of an information release that satisfies
the demands of the outside shareholder 250
9.6 Concluding remarks on the reporting of the impact of
macroeconomic fluctuations on corporate performance 253
Chapter 10
Macroeconomic Uncertainty Strategy (MUST) Analysis
a Summary 257
10.1 Introduction 257
10.2 Shortcomings of traditional methods 259
10.3 Measures of corporate performance
and exposure assessment 260
10.4 Elements of MUST analysis 262
References 269
Index 281 |
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| spelling | Oxelheim, Lars 1944- Verfasser (DE-588)170291103 aut Corporate performance and the exposure to macroeconomic fluctuations Lars Oxelheim ; Clas Wihlborg 1. ed., 1. impr. Stockholm Norstedt 2005 288 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Bedrijfsbeleid gtt Macro-economie gtt Business cycles Corporations Finance Macroeconomics Risk management Unternehmensergebnis (DE-588)4249656-1 gnd rswk-swf Entscheidung bei Unsicherheit (DE-588)4070864-0 gnd rswk-swf Unternehmensergebnis (DE-588)4249656-1 s Entscheidung bei Unsicherheit (DE-588)4070864-0 s DE-604 Wihlborg, Clas Verfasser aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014655398&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Oxelheim, Lars 1944- Wihlborg, Clas Corporate performance and the exposure to macroeconomic fluctuations Bedrijfsbeleid gtt Macro-economie gtt Business cycles Corporations Finance Macroeconomics Risk management Unternehmensergebnis (DE-588)4249656-1 gnd Entscheidung bei Unsicherheit (DE-588)4070864-0 gnd |
| subject_GND | (DE-588)4249656-1 (DE-588)4070864-0 |
| title | Corporate performance and the exposure to macroeconomic fluctuations |
| title_auth | Corporate performance and the exposure to macroeconomic fluctuations |
| title_exact_search | Corporate performance and the exposure to macroeconomic fluctuations |
| title_exact_search_txtP | Corporate performance and the exposure to macroeconomic fluctuations |
| title_full | Corporate performance and the exposure to macroeconomic fluctuations Lars Oxelheim ; Clas Wihlborg |
| title_fullStr | Corporate performance and the exposure to macroeconomic fluctuations Lars Oxelheim ; Clas Wihlborg |
| title_full_unstemmed | Corporate performance and the exposure to macroeconomic fluctuations Lars Oxelheim ; Clas Wihlborg |
| title_short | Corporate performance and the exposure to macroeconomic fluctuations |
| title_sort | corporate performance and the exposure to macroeconomic fluctuations |
| topic | Bedrijfsbeleid gtt Macro-economie gtt Business cycles Corporations Finance Macroeconomics Risk management Unternehmensergebnis (DE-588)4249656-1 gnd Entscheidung bei Unsicherheit (DE-588)4070864-0 gnd |
| topic_facet | Bedrijfsbeleid Macro-economie Business cycles Corporations Finance Macroeconomics Risk management Unternehmensergebnis Entscheidung bei Unsicherheit |
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