Principles of Finance · 免费预览
汇率风险
企业通过远期合约、货币匹配以及对各项敞口的重要性和持续性进行定价的对冲政策，来管理交易性、折算性和经济性汇率敞口。
1. The three exposures revisited
The three exposures revisited
2. Forward contracts for transactions
Forward contracts for transactions
3. Matching and netting
Matching and netting
4. Policy for translation and economic
Policy for translation and economic
5. The most-hedged exposure
Which currency exposure do firms hedge most actively, and why?
6. The forward's lock
An exporter sells 1,000,000 euros forward for dollars. If the euro weakens before collection, what happens?
7. The forward rate's anchor
What determines the forward exchange rate between two currencies?
8. Matching's mechanism
How does currency matching hedge a multinational's exposure?
9. Translation's materiality rule
Under what condition should a firm hedge its translation exposure?
10. Economic exposure's answer
How is economic exchange rate exposure best managed?
11. The tailored contract's name
What two-word term names the over-the-counter agreement to exchange currency at a set rate on a future date? Answer in lowercase.
12. The internal offset's name
What one-word term names settling inter-company balances in net amounts to shrink gross exposures? Answer in lowercase.
13. The paper exposure's name
What two-word term names the accounting risk of restating foreign subsidiaries at consolidating rates? Answer in lowercase.
14. The parity's name
What two-word term names the condition that sets forward rates from spot rates and interest differentials? Answer in lowercase.