Currency hedging for multinationals under liquidity constraints

نویسندگان
چکیده

برای دانلود باید عضویت طلایی داشته باشید

برای دانلود متن کامل این مقاله و بیش از 32 میلیون مقاله دیگر ابتدا ثبت نام کنید

اگر عضو سایت هستید لطفا وارد حساب کاربری خود شوید

منابع مشابه

Currency Hedging by Multinationals Under Financial Crisis

Hedging is no longer an option for multinational corporations, especially during global financial crisis. This was clearly manifested in companies’ comprehensive income statement as in WalMart’s case that “During fiscal 2009, foreign currency exchange rate had a $2.3 billion unfavorable impact on the international segment’s net sales” and the company just lost $680 million in the second quarter...

متن کامل

Option hedging for small investors under liquidity costs

Following the framework of Çetin, Jarrow and Protter [4] we study the problem of super-replication in presence of liquidity costs under additional restrictions on the gamma of the hedging strategies in a generalized Black-Scholes economy. We find that the minimal super-replication price is different from the one suggested by the Black-Scholes formula and is the unique viscosity solution of the ...

متن کامل

Hedging under multiple risk constraints

Motivated by the asset-liability management of a nuclear power plant operator, we consider the problem of finding the least expensive portfolio which outperforms a given set of stochastic benchmarks at a sequence of future dates. For a specified loss function, the shortfall with respect to each of the benchmarks weighted by this loss function must remain bounded in expectation by a given thresh...

متن کامل

Optimal Execution under Liquidity Constraints

This paper introduces a method of finding the optimal execution schedule to minimize risks under liquidity constraints. The liquidity of stocks is a significant factor for trading because a lack of liquidity leads to an inability to perform according to a preset execution schedule. The idea of liquidity constraints comes from the fact that the market impact of a small volume of trading is negli...

متن کامل

Corporate Currency Hedging and Currency Crises

We examine the impact of corporate currency hedging on economic stability by introducing hedging activity in a Mundell-Fleming-Tobin framework for analyzing currency and financial crises. The ratio between hedged and unhedged firms is modelled depending on firm size as well as hedging costs. The results indicate that, with an increasing fraction of hedged firms in an economy, the magnitude of a...

متن کامل

ذخیره در منابع من


  با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید

ژورنال

عنوان ژورنال: Journal of Multinational Financial Management

سال: 2007

ISSN: 1042-444X

DOI: 10.1016/j.mulfin.2007.01.002