series patterns for currency risk management.Our approach is Bayesian where extensive use is made of Markov chainMonte Carlo … disturbancedensities) are investigated in relation to the hedging decision strategies.Consequently, we can make a distinction between …

corporate hedging: equity value maximising strategies and strategies determined by managerial risk aversion. The first category …Finance theory does not provide a comprehensive framework for explaining risk management within the imperfect financial … environment in which firms operate. Corporate managers, however, rank risk management as one of their most important objectives …

Im Laufe des Jahres 1993 war die Metallgesellschaft Refining & Marketing (MGRM), eine US …

hedging risk. Even if this is not entirely possible, the replication approach serves as pricing benchmark for investors who … investors and the hedging of exposures remains dificult. This paper proposes to overcome these problems by introducing a call … attractiveness of gaining exposure to a previously non-traded risk. This setting further overcomes the problem of art market …

oil futures pricing and for the explanation of backwardation and contango situations. In an empirical study the hedging … performance of our model is compared with five other one- and two-factor pricing models. The hedging problem considered is related … the downside risk distribution of our inventory based model stochastically dominates those of the other models. …

exchange rates for currency risk management. Ourapproach is Bayesianwhere extensive use is made of Markov chain Monte Carlo … densities) areinvestigated in relation to the hedging strategies. Consequently, we can make adistinctionbetween statistical …