Arbeitspapier
Liquidity constrained exporters: Trade and futures hedging
We present a model of risk averse exporting firm subject to liquidity constraints. The firm enters an unbiased futuresmarket to hedge exchange rate risk and may not be able to satisfy high margin calls. Then the firm is forced toprematurely liquidate the futures position. We show that preferences and expectations become important for optimumexport and hedging decisions, i.e. separation theorem and full hedge theorem are violated. Furthermore, internationaltrade is affected, for only firms that have sufficient financial resources fully exploid gains from trade.
- Sprache
-
Englisch
- Erschienen in
-
Series: Dresden Discussion Paper Series in Economics ; No. 17/09
- Klassifikation
-
Wirtschaft
Criteria for Decision-Making under Risk and Uncertainty
Multinational Firms; International Business
Foreign Exchange
- Thema
-
liquidity constraint
trade
futures
hedging
Exportindustrie
Wechselkursrisiko
Hedging
Verschuldungsrestriktion
Außenwirtschaft
Theorie
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Broll, Udo
Wahl, Jack E.
- Ereignis
-
Veröffentlichung
- (wer)
-
Technische Universität Dresden, Fakultät Wirtschaftswissenschaften
- (wo)
-
Dresden
- (wann)
-
2009
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Broll, Udo
- Wahl, Jack E.
- Technische Universität Dresden, Fakultät Wirtschaftswissenschaften
Entstanden
- 2009
Ähnliche Objekte (12)
Differential Taxation and Corporate Futures-Hedging
Hedging export revenue risk using futures and options
Cross hedging in currency forward markets
Multiple currencies and cross hedging
Information value, export and hedging
Dynamic Hedging of Real Wealth Risk
Consumption, inflation risk and dynamic hedging
Cross-hedging of correlated exchange rates
A Note on Hedging a Loan Portfolio
Modelling information and hedging: the exporting firm
Mitigation of foreign Direct investment risk and hedging
Hedging of exchange rate risk and regression dependence
Differential Taxation and Corporate Futures-Hedging
Hedging export revenue risk using futures and options
Cross hedging in currency forward markets
Multiple currencies and cross hedging
Information value, export and hedging
Dynamic Hedging of Real Wealth Risk
Consumption, inflation risk and dynamic hedging
Cross-hedging of correlated exchange rates
A Note on Hedging a Loan Portfolio
Modelling information and hedging: the exporting firm
Mitigation of foreign Direct investment risk and hedging
Hedging of exchange rate risk and regression dependence
Differential Taxation and Corporate Futures-Hedging
Hedging export revenue risk using futures and options
Cross hedging in currency forward markets
Multiple currencies and cross hedging
Information value, export and hedging
Dynamic Hedging of Real Wealth Risk
Consumption, inflation risk and dynamic hedging
Cross-hedging of correlated exchange rates
A Note on Hedging a Loan Portfolio
Modelling information and hedging: the exporting firm
Mitigation of foreign Direct investment risk and hedging