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Article: Currency Hedging for Export-Flexible Firms

TitleCurrency Hedging for Export-Flexible Firms
Authors
Wong, KP
Issue Date2001
PublisherRoutledge. The Journal's web site is located at http://www.tandf.co.uk/journals/titles/10168737.asp
Citation
International Economic Journal, 2001, v. 15 n. 1, p. 165-174 How to Cite?
DOI: http://dx.doi.org/10.1080/10168730100000008
AbstractThis paper examines the production and hedging decisions of a competitive exporting firm under exchange rate uncertainty. The firm possesses export flexibility in that it can distribute its output to either the domestic market or a foreign market, after observing the true realization of the exchange rate. It is shown that the separation theorem does not hold under export flexibility, i.e., the firm's optimal output depends on the firm's preference and on the underlying exchange rate uncertainty. Furthermore, the export- flexible firm underhedges its exchange rate risk exposure in a currency forward market where in the forward exchange rate contains a non-positive risk premium. [D21, F31]
Persistent Identifierhttp://hdl.handle.net/10722/85572
ISSN
1016-8737
2023 Impact Factor: 0.9
2023 SCImago Journal Rankings: 0.292

 

DC FieldValueLanguage
dc.contributor.authorWong, KPen_HK
dc.date.accessioned2010-09-06T09:06:43Z-
dc.date.available2010-09-06T09:06:43Z-
dc.date.issued2001en_HK
dc.identifier.citationInternational Economic Journal, 2001, v. 15 n. 1, p. 165-174en_HK
dc.identifier.issn1016-8737en_HK
dc.identifier.urihttp://hdl.handle.net/10722/85572-
dc.description.abstractThis paper examines the production and hedging decisions of a competitive exporting firm under exchange rate uncertainty. The firm possesses export flexibility in that it can distribute its output to either the domestic market or a foreign market, after observing the true realization of the exchange rate. It is shown that the separation theorem does not hold under export flexibility, i.e., the firm's optimal output depends on the firm's preference and on the underlying exchange rate uncertainty. Furthermore, the export- flexible firm underhedges its exchange rate risk exposure in a currency forward market where in the forward exchange rate contains a non-positive risk premium. [D21, F31]-
dc.languageengen_HK
dc.publisherRoutledge. The Journal's web site is located at http://www.tandf.co.uk/journals/titles/10168737.aspen_HK
dc.relation.ispartofInternational Economic Journalen_HK
dc.titleCurrency Hedging for Export-Flexible Firmsen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=1016-8737&volume=15&spage=165&epage=174&date=2001&atitle=Currency+Hedging+for+Export-Flexible+Firmsen_HK
dc.identifier.emailWong, KP: kpwong@econ.hku.hken_HK
dc.identifier.authorityWong, KP=rp01112en_HK
dc.identifier.doi10.1080/10168730100000008-
dc.identifier.scopuseid_2-s2.0-0000089340-
dc.identifier.hkuros59041en_HK
dc.identifier.volume15-
dc.identifier.issue1-
dc.identifier.spage165-
dc.identifier.epage174-
dc.publisher.placeUnited Kingdom-
dc.identifier.issnl1016-8737-

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