Thesis (Ph. D.)--University of South Carolina, 2004. / Includes bibliographical references (leaves 194-206).

Inaug.-diss.--Zürich. / Curriculum vitae. "Literatur": p. [104]-107.

Inaug. Diss.--Basel. / Vita. Includes bibliographical references.

Thesis (Ph. D.)--Colorado State University, 2004. / Includes bibliographical references (leaves 143-148).

Thesis (Ph. D.)--Columbia University, 1914. / Vita. Published also as Studies in history, economics & public law, ed. by the Faculty of political science of Columbia university. vol. LIX, no. 3, whole no. 144.

Diss.--Zürich. / Lebenslauf. "Literaturverzeichnis": p. 8-12.

Thesis (Ph. D.)--Ohio State University, 1974. / Includes vita. Includes bibliographical references (leaves 134-138). Available online via OhioLINK's ETD Center.

Thesis (M.Phil.)--Hong Kong University of Science and Technology, 2007. / Includes bibliographical references (leaves 104-105). Also available in electronic version.

Abstract In today¡¦s worldwide economy, to stay competitive a company needs to take advantage of every opportunity to lower their costs, to increase margins and realize the saving that can come from doing business overseas. Today trillions of dollars in the currencies trade everyday in markets around the world. The currency markets are considered to be one of the most efficient markets. As companies dealing with import and export, they have exposure to currencies risk. The increasing difficulty in understanding exchange rate determination has led to for corporations how to approach the currency hedging decision. The importance of financial and operational hedges as tools for managing foreign-currency exposure is examined. In this thesis, the three basic methods for evaluating the currency risks are with the use of the spot rate method, the future rate method and the currency options. The results are summarized as follow: 1. In terms of currency exposure, the sport rate method leaves the currency exposure un-hedged. Futures and the options hedge technique are most widely used and the information to evaluate the use of these instruments as a hedging tool is readily available. Still, the less efficiency method is the future rate method. The most effective approach is the currency options, have the advantage of more flexibility than the future rate. 2. By comparison with the future rate and currency options, the future rate is determinate by swap point, the negative connotations attached to its disadvantage is the ¡§fixed currency rate¡¨. No matter the currency moves toward company¡¦s favor or unflavored, the funds to fulfill the forward contract will be exercised in maturity date. Other than the future rate hedge, the currency options are based upon the ¡§Buy Call¡¨. Within a certain period in the future, when currency rate is moving toward currency¡¦s profit or loss, the company could decide to exercise or give up the ¡§Buy Call¡¨. The difference is that the currency option hedge is determined by the ¡§Right to Exercise Buy Call¡¨ or ¡§Right No to Exercise Buy Call¡¨ which give company more flexibility in FX hedging. In conclusion, the re-thinking of currency hedging is conservative because it is single-mindedly focused on risk-reducing approaches to exchange rate risk management.

The world is getting more and more globalized and more countries choose to make business abroad today compared to only ten years ago. To establish abroad involves a lot of risks for a company and one important risk a company need to pay attention to is thecurrency risk. A corporation can be exposed to different kinds of currency risks and there is a lot of derivates to use when hedging against those risks. Which strategy or method a company uses is regulated in its financial policy, which constitutes an important part in the work against currency exposure. The main purpose of this dissertation is to investigate which currency hedging methods and derivates Swedish export companies are using when trading on the international market. Another part of the purpose is to explore if there is a difference between large and small companies when it comes to currency hedging and if there is, why there is a difference. To get the answers of the purpose a qualitative study were used and three intervjues with three companies of different sizes in the energy industry were made. The study also included one interview with an expert in the area of currency hedging. Together with theory and earlier studies the dissertation came to a conclusion. The conclusion of this study was that companies are using different derivates to protect themselves against currency risks and there is a difference between small and large companies in the hedging, mainly in the number of different derivates. Another conclusion that can be drawn was that warrants and futures is the most common derivates among swedish export companies which also is supported by theory and earlier studies. / Världen blir allt mer globaliserad och fler och fler länder väljer att röra sig utanför de nationella gränserna och göra affärer internationellt. Att etablera sig utomlands innebär många risker för ett företag och en viktig risk ett företag måste beakta vid handel internationellt är valutarisken. Ett företag kan bli exponerade mot olika typer av valutarisker och det finns flera instrument att använda sig av för att skydda sig mot dessa. Vilken metod ett företag använder sig av finns reglerat i företagens finanspolicy, vilken utgör en viktig del i arbetet mot valutaexponering. Syftet med uppsatsen är att undersöka vilka valutasäkringsmetoder och instrument svenska exportföretag använder sig av vidinternationell handel för att säkra sig mot valutarisker, samt undersöka om det skiljer sig i hur företag av olika storlek hanterar dessa risker. För att besvara vår frågeställning genomfördes forskningen genom en kvalitativ studie där tre stycken energiföretaget av olika storlek intervjuades. I studien intervjuades även en expert inom området och genom en jämförelse av empirin samt tidigare forskning kunde det dras en slutsats. Undersökningens slutsats var att företagen använder sig av flera olika metoder och instrument vid hanteringen av valutarisker. Den typ avvalutarisk de främst är utsatta för är transaktionsexponeringar på samtliga företag. Studien visade också att det skiljde sig i hur företagen av olika storlek hanterar dessa risker, främst i form av antalet instrument företagen använde sig av. En annan slutsats som kunde göras med en jämförelse av tidigare teori är att swappar och terminer är vanliga instrument medan optioner är ett mindre använt instrument för företag vid valutasäkring.