He, Huifen. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2008. / Includes bibliographical references (leaves 44-48). / Abstracts in English and Chinese. / Chapter 1 --- Introduction --- p.1 / Chapter 1.1 --- Motivation --- p.1 / Chapter 1.2 --- Literature Review --- p.4 / Chapter 1.2.1 --- Supply Contracts under Price Uncertainty --- p.5 / Chapter 1.2.2 --- Dual Sourcing --- p.6 / Chapter 1.2.3 --- Risk Aversion in Inventory Management --- p.6 / Chapter 1.2.4 --- Hedging Operational Risk Using Financial Instruments --- p.7 / Chapter 1.2.5 --- Financial Literature --- p.9 / Chapter 1.3 --- Organization of the Thesis --- p.10 / Chapter 2 --- A Risk-Neutral Model --- p.12 / Chapter 2.1 --- Framework and Assumptions --- p.12 / Chapter 2.2 --- "Price, Forward and Convenience Yield" --- p.14 / Chapter 2.2.1 --- Stochastic Model of Price --- p.14 / Chapter 2.2.2 --- Marginal Convenience Yield --- p.16 / Chapter 2.3 --- Optimality Equations --- p.17 / Chapter 2.4 --- The Structure of the Optimal Policy --- p.21 / Chapter 2.4.1 --- One-period. Optimal Hedge Decision Rule --- p.21 / Chapter 2.4.2 --- One-period Optimal Orderings Decision Rule --- p.23 / Chapter 2.4.3 --- Optimal Policy --- p.24 / Chapter 3 --- A Risk-Averse Model --- p.28 / Chapter 3.1 --- Risk Aversion Modeling and Utility Function --- p.28 / Chapter 3.2 --- Multi-Period Inventory Modelling --- p.31 / Chapter 3.3 --- Exponential Utility Model --- p.33 / Chapter 3.4 --- Optimal Ordering and Hedging Policy for Multi-Period Problem --- p.37 / Chapter 4 --- Conclusion and Future Research --- p.40 / Bibliography --- p.44 / Chapter A --- Appendix --- p.49 / Chapter A.l --- Notation --- p.49 / Chapter A.2 --- K-Concavity --- p.50

I examine the firms with different hedging needs in their investment and financing strategy during the financial crisis in 2008. I define the hedging needs using the correlation between their cash flow and the industry Q. The firms with positive correlation between the cash flow and industry Q are defined as low hedging needs firms and the firms with negative correlation between the cash flow and industry Q are defined as high hedging needs firms. The low hedging needs firms have similar investment growth as high hedging needs firms before the crisis but significantly less investment growth during the crisis. However, the impact of financial crisis on firms with low hedging needs is smaller. Those firms efficiently respond to the decline of investment opportunity during crisis period by cutting capital expenditures since the capital expenditure in crisis are associated with lower profitability. And the empirical results support that there is a mix of supply shock and demand shock during financial crisis in 2008. / Tao, Xiaojue. / Thesis M.Phil. Chinese University of Hong Kong 2015. / Includes bibliographical references (leaves 22-24). / Title from PDF title page (viewed on 11, October, 2016). / Tao, Xiaojue.

Thesis (Ph. D.)--University of Massachusetts Amherst, 2009. / Open access. Includes bibliographical references (p. 142-149). Print copy also available.

The purpose of this report is to offer an independent evaluation of strategic investment vehicles that are used to hedge against inflation by asset management companies in Zimbabwe. Zimbabwe's inflation stood at an alarming 536% at the end of December 2003,which gives the research enough motivation to establish the best inflation hedging instruments ideal in such a highly volatile and unstable environment. Since 1999 to date many companies have shut down and or scaled down their operational activities due to the adverse inflationary trading environment. This paper therefore serves to find out whether AMC's have strategic products to save corporations. The investigation starts off by discussing the Zimbabwean inflationary situation and followed by the research's main goals, investigative questions and the reason and value for carrying out the study. The pertinent literature is then discussed and evaluated with particular emphasis on the role of asset portfolio management. The research analyses the traditional asset classes and compares their attributes to the alternative investment classes in particular with real estate investments. Previous research studies support the view that real estate retains value and that it is an instrument for the protection of asset erosion caused by the effects of inflation. The empirical findings from this study have established that real estate investments have higher returns than inflation cumulatively. As a result real estate investments offer diversification benefits within any investor's efficient portfolio. Upon reflection of this investigation's findings some recommendations are made. Firstly the study recommends that rational investors should include real estate on their diversified portfolios in order to maximize shareholder wealth. Secondly we recommend that asset managers should push for higher holding weights when making strategic decisions on asset allocation. There is a potential for more appetizing alternative investments for the Zimbabwean investor and asset managers need a paradigm shift to include more alternative forms of investments in their portfolios. / Thesis (MBA)-University of Natal, Durban, 2004.

Currency exposure has become a widespread issue as more corporations of all sizes source and sell in overseas markets and compete both at home and abroad with international companies. Very few companies are unaffected by currency risk, whether directly or indirectly. Businesses that source products from foreign countries face the risk that exchange rate movement will erode gross margins if competition prevents selling prices from rising in tandem, while resource-based companies face the uncertainty associated with the fact that the world's commodities markets are denominated in US Dollars or Pounds Sterling while their costs are often denominated in their local currencies. Businesses that ignore exchange rate volatility expose themselves to unnecessary risk, which could have significant consequences if exchange rates suddenly move unfavourably. The volatility of the South African Rand over the past few years is forcing treasurers and other managers responsible for international trade to look anew at how South African exchange rate fluctuations affect their company's results. Many companies have suffered from the effects of fluctuating exchange rates; some have reported losses running into millions of Rand. While more and more firms realize that they should manage foreign exchange risk, not all of them have come up with an appropriate management strategy. There has always been a great deal of debate over the best approach to hedging, or the best methods to forecast exchange rates; however hedging is of the utmost importance for companies. With the recent volatility of the rand, the multinational firm covered in this thesis, showed foreign exchange losses amounting to several millions, using forward exchange contracts to cover its high foreign exchange exposures. The major disadvantage of the forward contract as experienced by the firm and shown in this thesis is that it is a legally binding agreement and thus the firm was bound to accept the agreed exchange rate and also the fact that the exchange itself had to be done. If the commercial reason for the exchange disappeared, the cost of cancelling the forward contract would be quite high. In addition, if the exchange rate at maturity was more favourable to the firm than the one agreed to in the forward contract, the firm will still have to honour the contract and will not be able to take advantage of the favourable exchange rate. Thus, with FEC there is the elimination of the opportunity for profit, should exchange rates turn out favourably. When purchasing a currency option, however, the holder is protected from downward movements in the exchange rate whist still having the opportunity to benefit if the currency moves favourably. Hence, the purpose of this thesis was to evaluate the use of currency options as an alternative hedging strategy to forward exchange contracts to manage the firm's foreign exchange risk. It was found that, had the firm used currency options as compared to FEC over the last four years, the firm would have made significant saving in spite of the option premium. The firm would have enjoyed the flexibility offered by currency options, that is, to let the contract lapse when it would not be to the firm's advantage thus making a lower payment for its imports than would be paid under the forward exchange contract for the same period. The results were tested over a period of four years to prove that the difference in payments using the FEC and the currency options were statistically significant. What was apparent from the research, however, was that though the multinational firm could choose from a vast array of financial instruments and currency derivatives to manage its foreign exchange risk, the firm chose to stick to using forward exchange contracts. The reasons varied from fear of dealing with the complexities of the many instruments available on the market to the limited resources within the foreign exchange department to understand the technicalities of the various instruments. The investigation revealed though forward cover as used by the firm was more efficient in terms of ease of use. Currency options when applied to cover the firm's foreign imports resulted in less cash outflow, making it better and more profitable than forward exchange contracts. Options contract, though more expensive, would have allowed the firms to let the option lapse and therefore benefit from spot exchange rates if these were more favourable. / Thesis (M.B.A.)-University of KwaZulu-Natal, Pietermaritzburg, 2006.

Thesis (MBusiness-Research)--University of South Australia, 2001.

Thesis (M.S.)--Missouri University of Science and Technology, 2008. / Degree granted by Missouri University of Science and Technology, formerly known as the University of Missouri-Rolla. Vita. The entire thesis text is included in file. Title from title screen of thesis/dissertation PDF file (viewed March 31, 2008) Includes bibliographical references (p. 42-44).

Thesis (Ph. D.)--University of California, San Diego, 2000. / Vita. Includes bibliographical references.

Thesis (Ph. D.)--Arizona State University, 1992. / Includes bibliographical references (leaves [117]-123).

Thesis advisor: Jarjisu Sa-Aadu. Includes bibliographic references (p. 130).