外彙風險概述(PPT 49頁)

Lufthansa case
Operating Exposure
Example
Measuring operating exposure
Managing operating exposure
financial hedges
business strategies
Jan. ‘85: purchased 20 Boeing 737’s for $500 mln, payable Jan. 1986.
What to do with the DM/$ exchange risk?
Remain uncovered?
Hedge 100% forward?
Hedge some forward?
Put options?
Money market hedge/prepay?

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