Der Einfluss nicht-hedgebarer Risiken auf Export- und Risikopolitik

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.