Cílem této diplomové práce je nejen teoreticky popsat řízení kurzového rizika, ale také zpracovat konkrétní případovou studii a nastínit, jak je tato problematika řešena v českých podmínkách. Základem je teoretické vymezení podstaty problému a jeho analýza. Důraz je také kladen na objasnění fungování vybraných hedgingových instrumentů. Takto získané teoretické poznatky jsou poté aplikovány na konkrétní případ jedné z největších dopravních firem v České republice. Nechybí tedy rozbor všech vazeb firmy, které mají vliv její devizovou pozici, predikce vývoje měnového kurzu a analýza současného způsobu zajištění. Nedílnou součástí práce je pak i několik návrhů, které mohou vést ke zlepšení fx managementu firmy.

The main aim of this thesis is in analyzing and empirically testing the various valuation models and hedging schemes of foreign exchange barrier options and their robustness with respect to changing of market conditions. The purpose of the main empirical section is to get a detailed understanding of the static and dynamic performance of the analyzed models for the barrier options payoff mainly in the extreme market conditions, where we performed a benchmarking of the various hedging schemes. As a by-product, we analyzed the accomplishment of some of the model assumptions in real world setting, and the model dependency of the barrier options.

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.

The tart cherry (Prunus cerasus) is the most significant fruit tree crop in Utah, accounting for roughly 51% of the total statewide commercial fruit acreage. In order to accommodate harvesting equipment, tart cherries are grown in conventional orchards with large trees spaced up to 5.5 meters apart. New methods of harvest are adapted to smaller trees in tighter spaced high density (HD) orchards. HD orchards bear fruit earlier in the orchard life than conventional orchards, but likely require different pruning and management strategies, which have not yet been determined for tart cherry. Experimental HD orchards were used to determine the type of renewal pruning cuts to maintain orchard productivity, and to determine whether mechanical pruning (hedging) could be used to maintain tree size. It was found that when removing branches during pruning, leaving the branch stub at least 10 cm long greatly increases the likelihood of getting adequate renewal growth. Mechanical hedging at bloom or 45 days after bloom did not change yields or fruit quality when applied to a well-pruned and maintained orchard. Spray pattern analysis in these canopies suggested that hedging creates a more consistent canopy density than unhedged HD canopies. This research provides distinct guidelines on renewal pruning of tart cherry to maintain productivity, and shows that mechanical hedging strategies can be a viable option for maintaining tree size in HD plantings without increasing pruning costs.

<p>The master thesis is devoted to an analysis of equilibrium or reaction-function models in illiquidity markets of derivatives. The main equation is a nonlinear equation which is a perturbation of Black-Scholes model. By using analytical methods we study invariant and scaling properties for the considered model.</p>

<p>In this work we consider a problem of the</p><p>computation of the components of the hedging portfolio structure. In</p><p>literature often one can find valuations and estimations of the</p><p>fair price of American options. But the formulas for hedging portfolio</p><p>are interesting as well and are known for very particular cases</p><p>only. In our work we study different cases of American Put and Russian</p><p>options on finite and infinite horizon.</p>

<p>In Black-Scholes model, the parameters -a volatility and an interest rate were assumed as constants. In this thesis we concentrate on behaviour of the volatility as</p><p>a function and we find more realistic models for the volatility, which elimate a risk</p><p>connected with behaviour of the volatility of an underlying asset. That is</p><p>the reason why we will study the Uncertain Volatility Model. In Chapter</p><p>1 we will make some theoretical introduction to the Uncertain Volatility Model</p><p>introduced by Avellaneda, Levy and Paras and study how it behaves in the different scenarios. In</p><p>Chapter 2 we choose one of the scenarios. We also introduce the BSB equation</p><p>and try to make some modification to narrow the uncertainty bands using</p><p>the idea of a static hedging. In Chapter 3 we try to construct the proper</p><p>portfolio for the static hedging and compare the theoretical results with the real</p><p>market data from the Stockholm Stock Exchange.</p>

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Financial risk as a result of trade in foreign currencies is inevitable for firms that are engaged in international trade. However the decision how to manage this risk differs from one firm to another. This difference can be a result of the type of ownership in the individual firm.One of the classifications of the type of firms that have different can be categorized as family firms and non-family firms. Studies have showen that family firms differ in their use of control systems and financial management techniques. The difference is explained by the type of ownership. As a consequence of the differences, family and non-family firms may differe in their decision making with respect to foreign risk management. This thesis compaires the practice of foreign exchange risk management in family and non-family firms.the objective is to asses if family firms and non-family firms differe in their decision making to currency exposure management. The effect of the involvement of family members in the management of currency risk will also be addressed. Finaly, the paper will provide some recommandetions to firms exposed to foreign exchange risk.