Risks associated with fluctuating exchange rates affect investment cost and investor profitability. Approximately 50% of firms in emerging markets have significant exposure to fluctuating exchange rates. Grounded in principal-agent theory (PAT), the purpose of this case study was to explore hedging strategies to mitigate risks of fluctuating exchange rates. The population comprised a census sampling of 12 bank hedgers (risk managers and controllers) in Dar es Salaam in Tanzania, East Africa. Data collection involved semistructured interviews, casual observations of the work environment, and analysis of reports including risk management, internal control, and compliance policies. Data were analyzed by coding and grouping narrative segments and significant statements into themes of participants' experience in hedging exchange rate risks. Method triangulation and member checking were used to increase the trustworthiness of interpretations. Four themes emerged directly related to the PAT conceptual framework: training and skills development, management of hedging strategies and contracts, corporate governance, and benefits to management and the organization through effective compensation programs. A focus on training and skill development helped develop appropriate exchange rate hedging strategies and corporate governance improved compliance with laws, regulations, and policies. The benefits of effective hedging strategies include a reduction in cost and increase in profitability. The findings may help improve the soundness of professional hedging practices, which will increase the stability of the Tanzanian banking system.

臺灣期貨市場中，三大法人的舉動及其持有部位的多寡往往是市場上投資人關注的對象，在未來市場走勢仍然混沌不明的情況下，投資人實在需要個利器來判別盤勢。本研究希望透過臺灣期貨交易所目前提供三大法人及大額交易人的交易資訊與未平倉資訊等籌碼面因素，來分析機構投資人及大額交易人之多、空買賣力道，希冀由此能預測臺股期貨指數漲跌趨勢。 本文發現：1.以期貨及選擇權的資料或單獨以期貨作為臺股期貨指數漲跌之訊號，均是自營商解釋能力較佳；2.單獨以選擇權為訊號，外資及自營商未平倉之契約金額皆有不錯之解釋能力；3.當外資選擇權未平倉部位契約金額淨額由正轉成連續負值時，臺指期貨就會出現一波空頭走勢；4.在時機的掌握上外資的選擇權操作比三大法人合計臺指期未平倉部位契約金額淨額更加精確；5.指數連續下跌的情況下，外資的選擇權部位便會持續的增加，直到指數開始反彈或回檔時，才會回補空單部位，反之亦然。