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chapter 8 manaement of transaction exposurechapter 8 management of transaction exposure.doc

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chapter 8 manaement of transaction exposurechapter 8 management of transaction exposure

CHAPTER 8 Management of Transaction Exposure Three Types of Exposure Forward Market Hedge Money Market Hedge Options Market Hedge Hedging Foreign Currency Payables Forward Contracts Money Market Instruments Currency Options Contracts Cross-Hedging Minor Currency Exposure Hedging Contingent Exposure Hedging Recurrent Exposure with Swap Contracts Hedging through Invoice Currency Hedging via Lead and Lag Exposure Netting International Finance in Practice: Riding Shifting Waves of Currency Should the Firm Hedge? International Finance in Practice: To Hedge or Not to Hedge Three Types of Exposure Transaction exposure is defined as: the sensitivity of realized domestic currency values of the firm’s contractual cash flows denominated in foreign currencies to unexpected exchange rate changes the extent to which the value of the firm would be affected by unanticipated changes in exchange rate the potential that the firm’s consolidated financial statement can be affected by changes in exchange rates ex post and ex ante currency exposures Answer: a) The most direct and popular way of hedging transaction exposure is by: exchange-traded futures options currency forward contracts foreign currency warrants borrowing and lending in the domestic and foreign money markets Answer: b) If you have a long position in a foreign currency, you can hedge with: A short position in an exchange-traded futures option A short position in a currency forward contract A short position in foreign currency warrants borrowing (not lending) in the domestic and foreign money markets Answer: b) If you a foreign currency denominated debt, you can hedge with: A long position in a currency forward contract A long position in an exchange-traded futures option Buying the foreign currency today and investing it in the foreign county. Both a) and c) Answer: d) The sensitivity of “realized” domestic currency values of the firm’s contractual cash flows denominated in foreign currency to unexpected change