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Der Einfluss nicht-hedgebarer Risiken auf Export- und Risikopolitik

Udo Broll and Jack Wahl

Swiss Journal of Economics and Statistics (SJES), 1995, vol. 131, issue I, 121-131

Abstract: In this study the hedging behaviour of a competitive risk-averse exporting firm is examined which produces under exchange rate uncertainty and which owns other sources of risky income. It is shown that the well-known separation theorem holds, when a forward market for foreign exchange is available. However, unbiased forward market does not imply full-hedging by which the exporting firm avoids risk altogether, if hedgeable export revenue and non-hedgeable income are correlated.

Date: 1995
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Handle: RePEc:ses:arsjes:1995-i-5