Using a two-moment decision model this paper analyzes corporate hedging behavior in the presence of unified and …, therefore, the incentive for hedging reduces. We demonstrate that pure hedging is differently affected by taxation than … speculative hedging is. Analysing tax-sensitivity of the corporate hedge shows that a higher risk in the first place may reduce …

hedging opportunity is introduced by a forward market where the foreign currency can be traded on. We investigate two settings …: First we assume that hedging and output decisions are taken simultaneously. We show that hedging is just done for risk … managing reasons as it is not possible to use hedging strategically. In this setting the well-known separation result of the …

/Estrin 2004) together with the fact that almost all (92 %) of the world's top 500 companies enter derivatives markets for hedging …

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 …

of an international enterprise open currency position does not inevitably require a corresponding hedging accommodation …. Given a new risk situation, whether a revision of the hedging-strategy is appropriate will depend upon the elasticity of …

of an international enterprise open currency position does not inevitably require a corresponding hedging accommodation …. Given a new risk situation, whether a revision of the hedging-strategy is appropriate will depend upon the elasticity of …

hedging opportunity is introduced by a forward market where the foreign currency can be traded on. We investigate two settings …: First we assume that hedging and output decisions are taken simultaneously. We show that hedging is just done for risk … managing reasons as it is not possible to use hedging strategically. In this setting the well-known separation result of the …

conditions under which export production is stimulated when the hedging device becomes more effective. In any case the exporting … firm benefits from imperfectly hedging exchange rate risk. …

/Estrin 2004) together with the fact that almost all (92 %) of the world's top 500 companies enter derivatives markets for hedging …