incomplete forex risk trading. Incomplete hedging of forex risk, documented for U.S. global mutual funds, has three important …

relatively understudied. We study firms' currency risk exposure and their hedging choices by employing a unique dataset covering …, international trade, trade credits and foreign currency debt. We uncover four novel facts: (i) natural hedging of currency risk is … limited, (ii) financial hedging is more likely to be used by larger firms and for larger amounts, (iii) firms in international …

risk management measures--financial and operational hedging, the choice of invoice currency and the price revision strategy … by both financial and operational hedging. Third, yen invoicing reduces foreign exchange exposure. These findings …

of our carry trades are not significantly different from unconditional betas. Hedging with options reduces but does not …

China's exchange rate policy in 2005 and 2010 and data on 6,050 firms in 44 countries. Renminbi appreciation has a positive …We examine the impact of renminbi revaluation on firm valuations, considering two surprise announcements of changes in … effect on firms exporting to China but little positive or even a negative impact on those providing inputs for China …

variability, full hedging is possible. Even for the case of no real exchange rate variability, it is shown, variability of the …