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  • 1
    Electronic Resource
    Electronic Resource
    Hedging Foreign Exchange Exposure: Risk Reduction from Transaction and Translation Hedging (2004)
    Oxford, UK : Blackwell Publishing
    Journal of international financial management & accounting 15 (2004), S. 0 
    Details
    ISSN: 1467-646X
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Using a sample of Swedish firms we investigate the risk reducing effect of foreign exchange exposure hedging. Further, we investigate risk reduction from using different hedging instruments, and particular interest is directed towards the impact of transaction exposure hedges and translation exposure hedges respectively. We find that firms' foreign exchange exposure is increasing with the level of inherent exposure, measured as the difference between revenues and costs denominated in foreign currency, and that it is decreasing with firm size. We find a significant reduction in foreign exchange exposure from the use of financial hedges. The evidence suggests that the usage of foreign denominated debt as well as currency derivatives reduce firms' foreign exchange exposure. Further, we find that transaction exposure hedges significantly reduce exposure, and that translation exposure hedges also reduce exposure. A possible explanation for the latter is that translation exposure approximates the exposed value of future cash flows from operations in foreign subsidiaries (i.e. economic exposure). If so, by hedging translation exposure, economic exposure is reduced.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-646X.2004.00099.x
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  • 2
    Electronic Resource
    Electronic Resource
    Derivative Usage by Nonfinancial Firms in Sweden with an International Comparison (1999)
    Oxford, UK and Boston, USA : Blackwell Publishers Ltd
    Journal of international financial management & accounting 10 (1999), S. 0 
    Details
    ISSN: 1467-646X
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This paper provides survey evidence on the use of derivatives among Swedish nonfinancial firms. The evidence is compared with the findings by Bodnar et al. (1995, 1996) and Berkman et al. (1997) for the USA and New Zealand, respectively. By comparing firms in Sweden with firms in New Zealand and the USA differences in derivative usage can be related to differences in their underlying economies and history of trading in derivatives. Among other issues, the results showed that (1) 52% of the nonfinancial firms in Sweden used derivatives compared with 53% in New Zealand and 39% in the USA; (2) the usage of derivatives was more common among larger than among smaller firms; (3) the principal use of derivatives was for hedging purposes and those firms that engaged in speculative activity tended to be larger rather than smaller firms; and (4) lack of knowledge about derivatives within the firm was the issue of most concern for financial directors. The latter was in contrast with the USA where lack of knowledge was the issue of least concern.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/1467-646X.00046
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    Paper (German National Licenses)
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