A Model of Optimal Foreign Exchange Hedging Without Exchange Rate Projections

Steven W Kohlhagen
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Steven W Kohlhagen: University of California

Journal of International Business Studies, 1978, vol. 9, issue 2, 9-19

Abstract: This article presents a technique for optimal hedging decisions for a general set of international financial problems, specifically within the context of a floating exchange rate regime. The techniques discussed are designed specifically to require neither exchange rate projections nor the specification of a utility function for the decision-maker. Rather, the decision-maker is encouraged to analyze the implications of a given financial strategy over a reasonable range of future exchange rates, choosing the strategy that best meets corporate financial goals in the light of possible (and uncertain) exchange rate fluctuations.© 1978 JIBS. Journal of International Business Studies (1978) 9, 9–19

Date: 1978
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