Firmwide Risk Management of Foreign Exchange Exposure by U.S. Multinational Corporations PDF Download
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Author: David Carter
Publisher:
ISBN:
Category :
Languages : en
Pages : 40
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Book Description
This paper investigates the impact of firmwide risk management practices on the foreign exchange exposure of 208 U.S. multinational corporations (MNC) over the period 1994 to 1998. Firmwide risk management is the coordinated use of both financial hedges, such as currency derivatives, and operational hedges, described by the structure of a firm's MNC foreign subsidiary network, to manage currency risk. We find that the use of currency derivatives, particularly forward contracts, is associated with reduced levels of foreign-exchange exposure. Furthermore, MNCs with dispersed operating networks have lower levels of currency exposure. These findings are robust to alternative ways of measuring foreign-exchange exposure. Finally, our results strongly support the view that MNCs hedging in a coordinated manner can significantly reduce exposure to currency risk. These results strongly suggest that operational and financial hedges are complementary risk management strategies.
Author: David Carter
Publisher:
ISBN:
Category :
Languages : en
Pages : 40
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Book Description
This paper investigates the impact of firmwide risk management practices on the foreign exchange exposure of 208 U.S. multinational corporations (MNC) over the period 1994 to 1998. Firmwide risk management is the coordinated use of both financial hedges, such as currency derivatives, and operational hedges, described by the structure of a firm's MNC foreign subsidiary network, to manage currency risk. We find that the use of currency derivatives, particularly forward contracts, is associated with reduced levels of foreign-exchange exposure. Furthermore, MNCs with dispersed operating networks have lower levels of currency exposure. These findings are robust to alternative ways of measuring foreign-exchange exposure. Finally, our results strongly support the view that MNCs hedging in a coordinated manner can significantly reduce exposure to currency risk. These results strongly suggest that operational and financial hedges are complementary risk management strategies.
Author: Michael Jilling
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 376
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Book Description
Author:
Publisher:
ISBN:
Category : Empresas internacionales
Languages : en
Pages : 128
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Book Description
Author: Henry A. Davis
Publisher:
ISBN: 9780910586948
Category : Business & Economics
Languages : en
Pages : 190
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Book Description
The volatility of European currency rates after a period of relative stability has brought a new focus to foreign exchange rate exposure management issues. Corporations of all sizes source & sell in overseas markets & compete both at home & abroad with foreign companies. As a result, derivatives such as currency swaps, futures & options, which came into common use just over a decade ago, have become a permanent fixture. Corporate treasury departments concerned with foreign exchange are working less as independent units & are more involved with business unit managers. The researchers surveyed the foreign exchange practices of 22 corporations to illustrate the best practices for the benefit of companies of all sizes in a variety of industries & to highlight the most important issues for the corporate financial officer. Glossary & bibliography included. Excellent supplementary reading for courses in international business & accounting. Order from: Professional Book Distributors, P.O. Box 6996, Alpharetta, GA 30239-6996. Call 1-800-680-FERF or FAX (770) 442-5114.
Author: Michael Jilling
Publisher:
ISBN:
Category : International business enterprises
Languages : en
Pages : 886
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Book Description
Author: Lars Oxelheim
Publisher: John Wiley & Sons
ISBN: 1119598907
Category : Business & Economics
Languages : en
Pages : 177
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Book Description
A practical and accessible guide that demystifies ForEx risk for managers in all areas of business Virtually any organisation active in the global economy is impacted by fluctuations in foreign exchange (FX or ForEx) markets. Managers need to understand this increasingly complex issue and measure their firm’s exposure to risk. Corporate Foreign Exchange Risk Management is an in-depth yet accessible guide on effective ForEx exposure management. Designed for professionals responsible for managing a profit & loss or balance sheet influenced by ForEx fluctuations, it enables risk managers to navigate the interconnected worlds of financial management and economics. This innovative guide integrates academic discussion of the economics of risk management decisions and pragmatic advice for various situations in which performance measures affected by accounting standards are paid considerable attention. Readers are provided with the tools and knowledge required to handle a broad range of issues related to ForEx risk management. Clear, non-technical chapters demystify concepts that often appear complicated and confusing to managers. Written by globally-recognised experts in corporate finance, risk management and international business, this book: Employs a reader-friendly narrative style to explain complex concepts Provides a clear, actionable risk management strategy which can be used in a variety of businesses Places all concepts in relatable, real-world contexts Explains important academic research to practitioners in plain English Includes effective pedagogical tools and explanations, straightforward examples and end-of-chapter summaries which highlight key points Corporate Foreign Exchange Risk Management is a must-read for any manager who deals with corporate exposure to ForEx risk, as well as analysts wishing to better understand the relation between corporate performance and ForEx fluctuations and students of corporate risk management.
Author: Raj Aggarwal
Publisher: Ayer Publishing
ISBN: 9780405133596
Category : Business & Economics
Languages : en
Pages : 154
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Book Description
Author: Robert Z. Aliber
Publisher: Springer
ISBN: 1349033626
Category : Business & Economics
Languages : en
Pages : 171
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Book Description
Author: Thomas G. Evans
Publisher:
ISBN:
Category : Foreign exchange
Languages : en
Pages : 76
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Book Description
Author: Huong Thanh Thi Nguyen, 1982-
Publisher:
ISBN:
Category : Foreign exchange
Languages : en
Pages : 0
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Book Description
