No / This paper analyses whether and how organizational learning from diversification experience affects diversification value. Three main findings are reported. First, we find a U-shaped relationship between diversification value and diversification experience. Second, higher similarity in industries of diversifications results in higher diversification value. Finally, value of diversification and temporal interval between diversifications is related an inverted U-shaped curve. In the extension analysis, the paper demonstrates that external learning from others’ experience also affects value of diversification in a cubic pattern. Taken together, the study illustrates the effects learning from both own and population experience on the cross-sectional variance of diversification value.

This thesis has an aim to create a hedging strategy for currency risks for exporting company. The main reason for hedging are possible losses that can be triggered by changes in exchange rate. In the case of exchange rate changes exporting company may face three different types of exposure: transaction, translation and economic exposure. This thesis concentrates on transaction exposure and builds a hedging strategy for exporting company AAA a.s. This firm is analyzed from qualitative side as well as from quantitative which is presented in the form of historical overview of the company and its position in international group. Based on this analysis as well as on theoretical findings, the hedging strategy for AAA a.s. was proposed. This strategy uses external and internal means of hedging.