Firm Valuation and Asymmetric Foreign Exchange Exposure

Measuring and Managing Foreign Exchange Exposures in a Strategic Real Option Framework
Tectum,  2006, 407 Seiten, broschiert

ISBN 978-3-8288-8992-7

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This book provides corporate financial risk managers with the information they need to understand and manage their companies‘ foreign exchange (FX) exposures. The author provides a comprehensive treatment of this topic, combining the latest theoretical developments, empirical evidence, and applications. Specific topics include: Identification of the factors that determine a company’s exposure to exchange rate fluctuations; Assessment of the impact of exchange rate movements on the value of companies and their competitive positions; Real options valuation and FX exposure measurement; Strategic real options analysis, firm value creation, and FX exposure management; Exchange-rate related corporate pricing strategies; Managing FX exposures in an Integrated Risk Management framework – how to use real options, financial flexibility options, natural hedges, and derivatives, in a complementary and value maximizing way; Estimation of FX exposures with linear and non-linear econometric methods