This article proposes a multi-currency cross-hedging strategy that minimizes the exchange risk. The use of derivatives in small and medium-sized enterprises (SMEs) is not common but, despite its complexity, can be interesting for those with international activities. In particular, the reduction...

As theoretical microstructure models developed, several researches have empirically investigated the relevant role of transaction costs and its components in the stock market dynamics and their applications in several similar topics (corporate finance, market efficiency, etc.). Alternatively,...