Management and control of foreign exchange risk:
Gespeichert in:
| Vorheriger Titel: | Jacque, Laurent L. Management of foreign exchange risk |
|---|---|
| 1. Verfasser: | |
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Boston [u.a.]
Kluwer Acad. Publ.
1996
|
| Ausgabe: | Rev. ed. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XXIX, 368 S. graph. Darst. |
| ISBN: | 0792396820 |
Internformat
MARC
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| 100 | 1 | |a Jacque, Laurent L. |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Management and control of foreign exchange risk |c Laurent L. Jacque |
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Datensatz im Suchindex
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| adam_text | TABLE OF CONTENTS
List of Figures xi
List of Tables xiii
List of Boxes xv
Preface xvii
Acknowledgments xvii
Introduction xix
Defining Foreign Exchange Risk Management and Its Objectives xx
The Case for Foreign Exchange Risk Management xxii
Risk Management Model and Book Synopsis xxiii
Appendix A: Foreign Exchange Risk Management: What Do Firms
Do? xxvii
Selected Bibliography xxviii
Chapter 1 Determination of Spot Exchange Rates 1
I. Some First Principles 3
II. Floating Exchange Rates 8
III. Stabilized Exchange Rates 14
IV. Controlled Exchange Rates 26
Summary and Conclusions 30
Annotated Bibliography 32
Problems 34
Case Study 1.1: Hippocrates Inc. 36
Chapter 2 Determination of Forward Exchange Rates 41
I. Forward Exchange Contracts 41
II. Interest Rate Parity Theorem 44
III. Modern Theory 57
Summary and Conclusions 65
Selected Bibliography 66
Problems 67
Case Study 2.1: Bookwell s Financing Choices 70
Chapter 3 Currency Futures, Options, Derivatives, and Swaps 73
I. Currency Futures 73
II. Currency Options 74
III. Derivatives and Zero-Premia Options 86
IV. Currency Swaps 88
Summary and Conclusions 95
Selected Bibliography 96
Problems 96
Case Study 3.1: Daewoo s Unorthodox Funding Strategy 97
Case Study 3.2: Intercomex: Exchange Risk in Coffee Trading 104
viii The Management and Control of Foreign Exchange Risk
Chapter 4 Forecasting Floating Exchange Rates 107
I. Market-Based Forecasts 107
II. Model-Based Forecasts: Technical vs. Econometric Modeling
Approaches 117
Summary and Conclusions 126
Selected Bibliography 127
Problems 128
Chapter 5 Forecasting Pegged Yet Adjustable Exchange Rates 129
I. Step 1: Assessing the Balance of Payments Outlook 131
II. Step 2: Measuring the Magnitude of Required Adjustment 140
III. Step 3: Timing Adjustment Policies 142
IV. Step 4: Anticipating the Nature of Adjustment Policies 143
Summary and Conclusions 145
Appendix 5.A: The Purchasing Power Parity Hypothesis 146
Selected Bibliography 153
Problems 154
Case Study 5.1: Morris De Minas 154
Chapter 6 Accounting Exposure to Foreign Exchange Risk 169
I. Transaction Exposure 170
II. Translation Exposure 179
Summary and Conclusions 193
Selected Bibliography 193
Problems 194
Chapter 7 Economic Exposure to Foreign Exchange Risk 197
I. A Taxonomy of Economic Exposures 198
II. Inflation and Profitability 201
III. Devaluation and Profitability 212
IV. Towards an Operational Measure of Economic Exposure 220
Summary and Conclusions 225
Annotated Bibliography 225
Problems 226
Case Study 7.1: Euclides Engineering, Ltd. 227
Case Study 7.2: British Materials Corporation 230
Chapter 8 Exchange Risks in International Trade 237
I. The Mechanics of Hedging Transaction Exposures 237
II. Eliminating Foreign Exchange Risk in Long-term Contracts 245
III. Exchange Risk in International Bidding 252
IV. The Optimal Hedging Decision 256
Summary and Conclusions 260
Table of Contents ix
Appendix 8. A: An Introduction to the Theory of Expected Utility for
Foreign Exchange Risk Management 261
Selected Bibliography 263
Problems 265
Case Study 8.1: Whirlpool Appliances, Inc. 267
Chapter 9 Optimal Currency Denomination in Long-Term Debt
Financing 273
I. Expected Cost of Foreign Currency Financing 274
II. Risk-adjusted Cost of Foreign Debt Financing 280
Summary and Conclusions 289
Selected Bibliography 290
Problems 291
Case Study 9.1: BC Hydro 293
Chapter 10 Hedging Translation Exposure 299
I. The Mechanics of Contractual Hedging 300
II. The Mechanics of Financial Hedging 308
III. Hedging in a Multicurrency World: A Risk-Preference
Framework 313
Summary and Conclusions 320
Selected Bibliography 320
Problems 321
Case Study 10.1: Gillette International Finance 323
Chapter 11 Exchange Rates and the International Control
Conundrum 333
I. The International Control Conundrum 334
II. Mapping the Currency Space 338
III. Value-Based Contingent Budgeting with Imperfect Currency
Pass Through 342
IV. Estimating Exchange Rate Pass Through 347
Summary and Conclusions 351
Selected Bibliography 352
Case Study 11.1: Multiquimica Do Brasil 353
Index of Authors 361
Index of Subjects 363
Solutions to Selected Problems 367
About the Author 369
List of Figures
Figure I.i Omega s pattern of quarterly earnings xxi
Figure I.ii Omega s pattern of quarterly earnings with and without
hedging xxii
Figure I.iii Foreign Exchange Risk Management model (FERM) . . xxv
Figure 1.1 Map of currency relationships 2
Figure 1.2 Equilibrium exchange rate 4
Figure 1.3 Shifts in supply and demand curves 9
Figure 1.4 Oscillating exchange rate 9
Figure 1.5 Modus operandi of central bank intervention 12
Figure 1.6 Taxonomy of central bank intervention strategies 13
Figure 1.7 The gold exchange standard under the Bretton Woods
system 16
Figure 1.8 Exchange rate remains within tunnel of permissible
fluctuations 17
Figure 1.9 Central bank intervenes at the ceiling exchange rate .... 17
Figure 1.10 Central bank intervenes at the floor exchange rate 18
Figure 1.11 ACU pegging vs. free $/DM float 25
Figure 1.12 Sri Lanka s controlled exchange rate 27
Figure 1.13 Brazil s minidevaluations (1980-1983) 31
Figure 2.1 Covered vs. uncovered foreign investment 47
Figure 2.2 The Interest Rate Parity theory 50
Figure 2.3 Interest rate arbitrage with bid-asked spreads 56
Figure 2.4 Arbitragers schedule 59
Figure 2.5 Speculators schedule 62
Figure 2.6 Equilibrium forward exchange rate 65
Figure 3.1 Call option 78
Figure 3.2 Put option 79
Figure 3.3 Writing a covered call option 80
Figure 3.4 Buying a straddle 81
Figure 3.5 International put-call parity 83
Figure 3.6 Value of a sterling call option prior to maturity 85
Figure 3.7 Forward range agreement 87
Figure 3.8 Payoff profile of a forward participation agreement .... 89
Figure 3.9 Initial exchange of principal at inception of swap 93
Figure 3.10 Stream of annual interest payments by each party over the
life of the swap 94
Figure 3.11 Reexchange of principal at maturity of swap 94
Figure 4.1 Forward rates as unbiased predictors 115
Figure 4.2 French Franc spot and 90-day lagged forward exchange
rates 116
Figure 4.3 Technical Forecasting 119
Figure 4.4 Head and shoulder reversal pattern 120
Figure 4.5 Chartism 121
Figure 5.1 Mapping pegged yet adjustable exchange rates 130
Figure 5.2 DM/US$ nominal and PPP exchange rates, 1960-1995 . 152
Figure 6.1 Translating inventory accounts 191
Figure 7.1 Classification of Omega s output markets 199
xii The Management and Control of Foreign Exchange Risk
Figure 7.2 Classification of Omega s input markets 200
Figure 7.3 Comparative economic exposure analysis 202
Figure 8.1 Risk profile of covered vs. uncovered exports 241
Figure 8.2 Hedging profiles as a function of the exercise price
continuum 243
Figure 8.3 Hedging with currency options vs. a forward
participation contract 245
Figure 8.4 Split currency invoicing 251
Figure 8.5 Time is of the essence in international bidding 253
Figure 8.6 Risk profile curve 259
Figure 9.1 (A) Break-even risk-aversion level with higher variance
of exchange rates. (B) Break-even risk-aversion level
with higher covariance between domestic revenues
and exchange rates 284
Figure 10.1 Net hedging gain (loss) function under the contractual
approach 303
Figure 10.2 Translation hedging with currency options 305
Figure 10.3 Black Decker s translation exposure paranoia 308
Figure 10.4 Hedging percentage p as a function of level of risk
aversion (r) 318
Figure 10.5 Risk-adjusted cost of hedging as a function of level of
risk aversion 319
Figure 11.1 Mapping the currency space 340
Figure 11.2 Taxonomy of economic exposure for foreign subsidiary / 343
List of Tables
Table 1.1 French Franc and Deutsche Mark Intervention Points .... 20
Table 1.2 What Is an ECU and How Much Is It Worth in Dollars? . . 21
Table 1.3 Multiple Exchange Rates Classification 29
Table 1.4 Pakistani Advanced Deposit Rate System 35
Table 3.1 Futures vs. Forward Contracts 75
Table 3.2 NSP and KLM s Respective Cost of Debt Before and (After)
the Currency Swap (Percent per Annum) 92
Table 3.3 NSP/KLM Currency Swap 92
Table 4.1 Forecast Summary (LIT/LCU) 128
Table 5.1 The Hamburger Standard 135
Table 5.2 Index of Export Concentration for Less-Developed
Countries, 1991 139
Table 5.3 Consumer Prices and Exchange Rates in the United States
and the Philippines, 1990-1994 150
Table 6.1 Recapitulation of Transaction Exchange Gain or Loss ... 172
Table 6.2 Matrix of Transaction exposures 173
Table 6.3 Matrix of Maturity-r Specific Asset and Liability Exposures 174
Table 6.4 Matrix of Aftertax Net Transaction Exposures 177
Table 6.5 Exposed versus Unexposed Segmentation of Foreign
Subsidiaries Balance Sheet Items 185
Table 6.6 Net Exposures Under Alternative Translation Methods .. 188
Table 6.7 Balance Sheet of Archimedes SA, December 31, 1994 (in
Thousands of Pesos) 195
Table 7.1 Taxonomy of Economic Exposures 201
Table 7.2 Textron s Cash Flow Adjustments to the Inflation/Deflation
Cycle 221
Table 7.3 Measurements of Exposures to Interest Rate, Foreign
Exchange Rates, and Oil Prices 224
Table 8.1 Forward Participation Contracts 244
Table 8.2 Hedging with Currency Options and Forward
Participation Agreements 244
Table 8.3 Currency Swaps as a Long-Term Hedge 246
Table 8.4 Put and Call Option Premia 268
Table 10.1 Balance Sheet of French Subsidiary of Pax Americana in
FF (December 31, 1995) 311
Table 10.2 Pro-Forma Balance Sheet of Iberica Ltd. As of December
31, 1995 321
Table 10.3 Pro-Forma Balance Sheet of Archimedes SA As of
December 31, 1994 322
Table 11.1 Asymmetry in Currency Pass-Through for
Differentiated Consumer Durables 350
List of Boxes
Box I.i A Management Guru s View of Foreign Exchange Risk
Management xx
Box 1.1 The Foreign Exchange Market 6
Box 1.2 The Bretton Woods System (1944-1971) 15
Box 1.3 The European Currency Unit and European Monetary Union 19
Box 2.1 Forward Foreign Exchange Markets in Less Developed
Countries (LDCs) 51
Box 2.2 Central Bank Intervention by Proxy 64
Box 3.1 Enterprise Oil s $26 Million for a Dollar Call Option 76
Box 3.2 Allied Lyons Deadly Game 82
Box 3.3 Lexicon for Non-standard Hedge Instruments 90
Box 4.1 On Currency Overshooting Ill
Box 4.2 How Forecasting Prowess Helps Ingersoll-Rand Control a
$2 Billion Portfolio of Currency Exposures 122
Box 5.1 Big MacCurrencies 134
Box 6.1 Transaction Exposure in the Trading Room: Citibank Forex
Losses 172
Box 6.2 Medtronic Centralizes Exposure to Make Banks Take Notice 176
Box 7.1 Rolls-Royce s Global Economic Exposure 203
Box 8.2 Lufthansa s Unfriendly Foreign Exchange Skies 242
Box 8.3 Walt Disney s Yen-Phobia 249
Box 8.4 The SCOUT (Shared Currency Option Under Tender) ... 254
Box 9.1 International Capital Market Segmentation: Arbitraging the
Onshore/ Offshore Eurobond Market 274
Box 9.2 The IBM-World Bank Currency Swap 279
Box 9.3 Laker Airways Crashes into Bankruptcy 281
Box 10.1 Black Decker s Translation Exposure Paranoia 306
Box 10.2 Gillette Purchases Umbrella Protection with Average
Spot Rate Options and Basket Options 314
Box 11.1 Levi s Performance Evaluation 336
|
| adam_txt |
TABLE OF CONTENTS
List of Figures xi
List of Tables xiii
List of Boxes xv
Preface xvii
Acknowledgments xvii
Introduction xix
Defining Foreign Exchange Risk Management and Its Objectives xx
The Case for Foreign Exchange Risk Management xxii
Risk Management Model and Book Synopsis xxiii
Appendix A: Foreign Exchange Risk Management: What Do Firms
Do? xxvii
Selected Bibliography xxviii
Chapter 1 Determination of Spot Exchange Rates 1
I. Some First Principles 3
II. Floating Exchange Rates 8
III. Stabilized Exchange Rates 14
IV. Controlled Exchange Rates 26
Summary and Conclusions 30
Annotated Bibliography 32
Problems 34
Case Study 1.1: Hippocrates Inc. 36
Chapter 2 Determination of Forward Exchange Rates 41
I. Forward Exchange Contracts 41
II. Interest Rate Parity Theorem 44
III. Modern Theory 57
Summary and Conclusions 65
Selected Bibliography 66
Problems 67
Case Study 2.1: Bookwell's Financing Choices 70
Chapter 3 Currency Futures, Options, Derivatives, and Swaps 73
I. Currency Futures 73
II. Currency Options 74
III. Derivatives and Zero-Premia Options 86
IV. Currency Swaps 88
Summary and Conclusions 95
Selected Bibliography 96
Problems 96
Case Study 3.1: Daewoo's Unorthodox Funding Strategy 97
Case Study 3.2: Intercomex: Exchange Risk in Coffee Trading 104
viii The Management and Control of Foreign Exchange Risk
Chapter 4 Forecasting Floating Exchange Rates 107
I. Market-Based Forecasts 107
II. Model-Based Forecasts: Technical vs. Econometric Modeling
Approaches 117
Summary and Conclusions 126
Selected Bibliography 127
Problems 128
Chapter 5 Forecasting Pegged Yet Adjustable Exchange Rates 129
I. Step 1: Assessing the Balance of Payments Outlook 131
II. Step 2: Measuring the Magnitude of Required Adjustment 140
III. Step 3: Timing Adjustment Policies 142
IV. Step 4: Anticipating the Nature of Adjustment Policies 143
Summary and Conclusions 145
Appendix 5.A: The Purchasing Power Parity Hypothesis 146
Selected Bibliography 153
Problems 154
Case Study 5.1: Morris De Minas 154
Chapter 6 Accounting Exposure to Foreign Exchange Risk 169
I. Transaction Exposure 170
II. Translation Exposure 179
Summary and Conclusions 193
Selected Bibliography 193
Problems 194
Chapter 7 Economic Exposure to Foreign Exchange Risk 197
I. A Taxonomy of Economic Exposures 198
II. Inflation and Profitability 201
III. Devaluation and Profitability 212
IV. Towards an Operational Measure of Economic Exposure 220
Summary and Conclusions 225
Annotated Bibliography 225
Problems 226
Case Study 7.1: Euclides Engineering, Ltd. 227
Case Study 7.2: British Materials Corporation 230
Chapter 8 Exchange Risks in International Trade 237
I. The Mechanics of Hedging Transaction Exposures 237
II. Eliminating Foreign Exchange Risk in Long-term Contracts 245
III. Exchange Risk in International Bidding 252
IV. The Optimal Hedging Decision 256
Summary and Conclusions 260
Table of Contents ix
Appendix 8. A: An Introduction to the Theory of Expected Utility for
Foreign Exchange Risk Management 261
Selected Bibliography 263
Problems 265
Case Study 8.1: Whirlpool Appliances, Inc. 267
Chapter 9 Optimal Currency Denomination in Long-Term Debt
Financing 273
I. Expected Cost of Foreign Currency Financing 274
II. Risk-adjusted Cost of Foreign Debt Financing 280
Summary and Conclusions 289
Selected Bibliography 290
Problems 291
Case Study 9.1: BC Hydro 293
Chapter 10 Hedging Translation Exposure 299
I. The Mechanics of Contractual Hedging 300
II. The Mechanics of Financial Hedging 308
III. Hedging in a Multicurrency World: A Risk-Preference
Framework 313
Summary and Conclusions 320
Selected Bibliography 320
Problems 321
Case Study 10.1: Gillette International Finance 323
Chapter 11 Exchange Rates and the International Control
Conundrum 333
I. The International Control Conundrum 334
II. Mapping the Currency Space 338
III. Value-Based Contingent Budgeting with Imperfect Currency
Pass Through 342
IV. Estimating Exchange Rate Pass Through 347
Summary and Conclusions 351
Selected Bibliography 352
Case Study 11.1: Multiquimica Do Brasil 353
Index of Authors 361
Index of Subjects 363
Solutions to Selected Problems 367
About the Author 369
List of Figures
Figure I.i Omega's pattern of quarterly earnings xxi
Figure I.ii Omega's pattern of quarterly earnings with and without
hedging xxii
Figure I.iii Foreign Exchange Risk Management model (FERM) . . xxv
Figure 1.1 Map of currency relationships 2
Figure 1.2 Equilibrium exchange rate 4
Figure 1.3 Shifts in supply and demand curves 9
Figure 1.4 Oscillating exchange rate 9
Figure 1.5 Modus operandi of central bank intervention 12
Figure 1.6 Taxonomy of central bank intervention strategies 13
Figure 1.7 The gold exchange standard under the Bretton Woods
system 16
Figure 1.8 Exchange rate remains within tunnel of permissible
fluctuations 17
Figure 1.9 Central bank intervenes at the ceiling exchange rate . 17
Figure 1.10 Central bank intervenes at the floor exchange rate 18
Figure 1.11 ACU pegging vs. free $/DM float 25
Figure 1.12 Sri Lanka's controlled exchange rate 27
Figure 1.13 Brazil's minidevaluations (1980-1983) 31
Figure 2.1 Covered vs. uncovered foreign investment 47
Figure 2.2 The Interest Rate Parity theory 50
Figure 2.3 Interest rate arbitrage with bid-asked spreads 56
Figure 2.4 Arbitragers' schedule 59
Figure 2.5 Speculators' schedule 62
Figure 2.6 Equilibrium forward exchange rate 65
Figure 3.1 Call option 78
Figure 3.2 Put option 79
Figure 3.3 Writing a covered call option 80
Figure 3.4 Buying a straddle 81
Figure 3.5 International put-call parity 83
Figure 3.6 Value of a sterling call option prior to maturity 85
Figure 3.7 Forward range agreement 87
Figure 3.8 Payoff profile of a forward participation agreement . 89
Figure 3.9 Initial exchange of principal at inception of swap 93
Figure 3.10 Stream of annual interest payments by each party over the
life of the swap 94
Figure 3.11 Reexchange of principal at maturity of swap 94
Figure 4.1 Forward rates as unbiased predictors 115
Figure 4.2 French Franc spot and 90-day lagged forward exchange
rates 116
Figure 4.3 Technical Forecasting 119
Figure 4.4 Head and shoulder reversal pattern 120
Figure 4.5 Chartism 121
Figure 5.1 Mapping "pegged yet adjustable exchange rates" 130
Figure 5.2 DM/US$ nominal and PPP exchange rates, 1960-1995 . 152
Figure 6.1 Translating inventory accounts 191
Figure 7.1 Classification of Omega's output markets 199
xii The Management and Control of Foreign Exchange Risk
Figure 7.2 Classification of Omega's input markets 200
Figure 7.3 Comparative economic exposure analysis 202
Figure 8.1 Risk profile of covered vs. uncovered exports 241
Figure 8.2 Hedging profiles as a function of the exercise price
continuum 243
Figure 8.3 Hedging with currency options vs. a forward
participation contract 245
Figure 8.4 Split currency invoicing 251
Figure 8.5 "Time is of the essence" in international bidding 253
Figure 8.6 Risk profile curve 259
Figure 9.1 (A) Break-even risk-aversion level with higher variance
of exchange rates. (B) Break-even risk-aversion level
with higher covariance between domestic revenues
and exchange rates 284
Figure 10.1 Net hedging gain (loss) function under the contractual
approach 303
Figure 10.2 Translation hedging with currency options 305
Figure 10.3 Black Decker's translation exposure paranoia 308
Figure 10.4 Hedging percentage p as a function of level of risk
aversion (r) 318
Figure 10.5 Risk-adjusted cost of hedging as a function of level of
risk aversion 319
Figure 11.1 Mapping the currency space 340
Figure 11.2 Taxonomy of economic exposure for foreign subsidiary /' 343
List of Tables
Table 1.1 French Franc and Deutsche Mark Intervention Points . 20
Table 1.2 What Is an ECU and How Much Is It Worth in Dollars? . . 21
Table 1.3 Multiple Exchange Rates Classification 29
Table 1.4 Pakistani Advanced Deposit Rate System 35
Table 3.1 Futures vs. Forward Contracts 75
Table 3.2 NSP and KLM's Respective Cost of Debt Before and (After)
the Currency Swap (Percent per Annum) 92
Table 3.3 NSP/KLM Currency Swap 92
Table 4.1 Forecast Summary (LIT/LCU) 128
Table 5.1 The Hamburger Standard 135
Table 5.2 Index of Export Concentration for Less-Developed
Countries, 1991 139
Table 5.3 Consumer Prices and Exchange Rates in the United States
and the Philippines, 1990-1994 150
Table 6.1 Recapitulation of Transaction Exchange Gain or Loss . 172
Table 6.2 Matrix of Transaction exposures 173
Table 6.3 Matrix of Maturity-r Specific Asset and Liability Exposures 174
Table 6.4 Matrix of Aftertax Net Transaction Exposures 177
Table 6.5 "Exposed" versus "Unexposed" Segmentation of Foreign
Subsidiaries' Balance Sheet Items 185
Table 6.6 Net Exposures Under Alternative Translation Methods . 188
Table 6.7 Balance Sheet of Archimedes SA, December 31, 1994 (in
Thousands of Pesos) 195
Table 7.1 Taxonomy of Economic Exposures 201
Table 7.2 Textron's Cash Flow Adjustments to the Inflation/Deflation
Cycle 221
Table 7.3 Measurements of Exposures to Interest Rate, Foreign
Exchange Rates, and Oil Prices 224
Table 8.1 Forward Participation Contracts 244
Table 8.2 Hedging with Currency Options and Forward
Participation Agreements 244
Table 8.3 Currency Swaps as a Long-Term Hedge 246
Table 8.4 Put and Call Option Premia 268
Table 10.1 Balance Sheet of French Subsidiary of Pax Americana in
FF (December 31, 1995) 311
Table 10.2 Pro-Forma Balance Sheet of Iberica Ltd. As of December
31, 1995 321
Table 10.3 Pro-Forma Balance Sheet of Archimedes SA As of
December 31, 1994 322
Table 11.1 Asymmetry in Currency Pass-Through for
Differentiated Consumer Durables 350
List of Boxes
Box I.i A Management Guru's View of Foreign Exchange Risk
Management xx
Box 1.1 The Foreign Exchange Market 6
Box 1.2 The Bretton Woods System (1944-1971) 15
Box 1.3 The European Currency Unit and European Monetary Union 19
Box 2.1 Forward Foreign Exchange Markets in Less Developed
Countries (LDCs) 51
Box 2.2 Central Bank Intervention by Proxy 64
Box 3.1 Enterprise Oil's $26 Million for a Dollar Call Option 76
Box 3.2 Allied Lyons' Deadly Game 82
Box 3.3 Lexicon for Non-standard Hedge Instruments 90
Box 4.1 On Currency Overshooting Ill
Box 4.2 How Forecasting Prowess Helps Ingersoll-Rand Control a
$2 Billion Portfolio of Currency Exposures 122
Box 5.1 Big MacCurrencies 134
Box 6.1 Transaction Exposure in the Trading Room: Citibank Forex
Losses 172
Box 6.2 Medtronic Centralizes Exposure to Make Banks Take Notice 176
Box 7.1 Rolls-Royce's Global Economic Exposure 203
Box 8.2 Lufthansa's Unfriendly Foreign Exchange Skies 242
Box 8.3 Walt Disney's Yen-Phobia 249
Box 8.4 The SCOUT (Shared Currency Option Under Tender) . 254
Box 9.1 International Capital Market Segmentation: Arbitraging the
Onshore/ Offshore Eurobond Market 274
Box 9.2 The IBM-World Bank Currency Swap 279
Box 9.3 Laker Airways Crashes into Bankruptcy 281
Box 10.1 Black Decker's Translation Exposure Paranoia 306
Box 10.2 Gillette Purchases "Umbrella" Protection with Average
Spot Rate Options and Basket Options 314
Box 11.1 Levi's Performance Evaluation 336 |
| any_adam_object | 1 |
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| author | Jacque, Laurent L. |
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| ctrlnum | (OCoLC)247139987 (DE-599)BVBBV023510761 |
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| dewey-ones | 332 - Financial economics |
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| dewey-search | 332.4/5 20 |
| dewey-sort | 3332.4 15 220 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| edition | Rev. ed. |
| format | Book |
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| id | DE-604.BV023510761 |
| illustrated | Illustrated |
| index_date | 2024-07-02T22:31:09Z |
| indexdate | 2024-07-09T21:23:35Z |
| institution | BVB |
| isbn | 0792396820 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016832907 |
| oclc_num | 247139987 |
| open_access_boolean | |
| owner | DE-521 |
| owner_facet | DE-521 |
| physical | XXIX, 368 S. graph. Darst. |
| publishDate | 1996 |
| publishDateSearch | 1996 |
| publishDateSort | 1996 |
| publisher | Kluwer Acad. Publ. |
| record_format | marc |
| spelling | Jacque, Laurent L. Verfasser aut Management and control of foreign exchange risk Laurent L. Jacque Rev. ed. Boston [u.a.] Kluwer Acad. Publ. 1996 XXIX, 368 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Foreign exchange futures Foreign exchange rates Risikomanagement (DE-588)4121590-4 gnd rswk-swf Währungsrisiko (DE-588)4064157-0 gnd rswk-swf Währungsrisiko (DE-588)4064157-0 s Risikomanagement (DE-588)4121590-4 s DE-604 Frühere Ausg. u.d.T. Jacque, Laurent L. Management of foreign exchange risk HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016832907&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Jacque, Laurent L. Management and control of foreign exchange risk Foreign exchange futures Foreign exchange rates Risikomanagement (DE-588)4121590-4 gnd Währungsrisiko (DE-588)4064157-0 gnd |
| subject_GND | (DE-588)4121590-4 (DE-588)4064157-0 |
| title | Management and control of foreign exchange risk |
| title_auth | Management and control of foreign exchange risk |
| title_exact_search | Management and control of foreign exchange risk |
| title_exact_search_txtP | Management and control of foreign exchange risk |
| title_full | Management and control of foreign exchange risk Laurent L. Jacque |
| title_fullStr | Management and control of foreign exchange risk Laurent L. Jacque |
| title_full_unstemmed | Management and control of foreign exchange risk Laurent L. Jacque |
| title_old | Jacque, Laurent L. Management of foreign exchange risk |
| title_short | Management and control of foreign exchange risk |
| title_sort | management and control of foreign exchange risk |
| topic | Foreign exchange futures Foreign exchange rates Risikomanagement (DE-588)4121590-4 gnd Währungsrisiko (DE-588)4064157-0 gnd |
| topic_facet | Foreign exchange futures Foreign exchange rates Risikomanagement Währungsrisiko |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016832907&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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