<p>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.</p><p>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.</p><p>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.</p><p>Finaly, the paper will provide some recommandetions to firms exposed to foreign exchange risk.</p>

<p>Background: For an investor inflation has always caused problems since it eatsaway portfolio returns, reducing the purchasing power. Russia hasbeen fighting high inflation for the last two decades primarily due tothe economic restructuring from central planning to a free marketeconomy, raising the price levels. Historically property has been regardedas a good hedge against inflation and multiple research studiessupport this assumption. The Russian market for real estate hasgrown significantly over the last decade and is very interesting froma investor perspective.</p><p>Purpose: The purpose of this thesis is to determine whether Russian Real Estate Funds are an effective investment tool in a portfolio to hedgeagainst inflation.</p><p>Method: To fulfill our purpose for this study a quantitative method with adeductive approach is used. The methodology constitutes as theframe for the thesis. In order to analyze the secondary data, We willmake use of statistical models proven from past research/literaturewithin in the field.</p><p>Conclusion: The empirical findings of this study show that during the time period investigated, there exist no evidence that a portfolio holdingRussian real estate funds could act as an appropriate hedge againstinflation. We believe the results could be explained by the limitationin the Russian market when gathering data due to transparencyproblems. There are also relativity few empirical studies within thefield of study in markets with a high inflation rate. Finally We believethe study could enhance an investor’s choice in markets withsimilar conditions.</p>

<p><strong>Abstract</strong></p><p><strong> </strong></p><p>The following essay is an analysis of the translation process from English into Swedish of four articles about the oceans of the world, printed in <em>The Economist</em> in December 2008. This publication claims to be using a language characterised by "clarity, style and precision", wherefore these concepts provide the focus for the analysis. "Clarity" was looked at in terms of metaphors, "style" in terms of quotes and allusions present in headlines, leads and subheadings and "precision" was studied in terms of hedging.</p><p>                      Metaphor is employed as a clarifying device in scientific discourse. The 36 occurring metaphors were classified as either 'dead', 'cliché', 'stock' or 'original'. Dead metaphors, 50% of all, turned out to be highly effective in scientific discourse and therefore the term 'fixed metaphors' would be preferred. The original metaphors used give evidence to the writer's literary ambitions. The translation strategy applied was in most cases literal translation.</p><p>                      The publication makes frequent use of quotes, allusions and aestheticizing devices in headlines, leads and subheadings. The origins of those stylistic elements are not always transparent and had to be identified. In case of existing recognized translations those were kept; when not available, original translations were attempted. Adopting the house-style by taking balance, metre, rhyme and alliteration into consideration during the translation process was time-consuming, indicating that a fully translated edition on a weekly basis is not feasible. Literal translation was rarely possible, instead equivalence was aimed at.</p><p>                      Hedging is a means for increased precision in scientific discourse. The main reason for using epistemic hedging with a proposition is face-saving, i.e. the writer avoids responsibility for the truth value of the proposition. 62% of the sentences were found to include at least one hedged instance. The instances of hedging of numerical data and quantifiers were almost equal to the number of hedges referring to the writer's personal stance. Literal translation was adequate for the translation process.</p><p> </p><p><strong>Keywords</strong>: translation strategies, scientific discourse, metaphors, stylistic devices, hedging      </p><p><strong>Abstract</strong></p><p><strong> </strong></p><p>The following essay is an analysis of the translation process from English into Swedish of four articles about the oceans of the world, printed in <em>The Economist</em> in December 2008. This publication claims to be using a language characterised by "clarity, style and precision", wherefore these concepts provide the focus for the analysis. "Clarity" was looked at in terms of metaphors, "style" in terms of quotes and allusions present in headlines, leads and subheadings and "precision" was studied in terms of hedging.</p><p>                      Metaphor is employed as a clarifying device in scientific discourse. The 36 occurring metaphors were classified as either 'dead', 'cliché', 'stock' or 'original'. Dead metaphors, 50% of all, turned out to be highly effective in scientific discourse and therefore the term 'fixed metaphors' would be preferred. The original metaphors used give evidence to the writer's literary ambitions. The translation strategy applied was in most cases literal translation.</p><p>                      The publication makes frequent use of quotes, allusions and aestheticizing devices in headlines, leads and subheadings. The origins of those stylistic elements are not always transparent and had to be identified. In case of existing recognized translations those were kept; when not available, original translations were attempted. Adopting the house-style by taking balance, metre, rhyme and alliteration into consideration during the translation process was time-consuming, indicating that a fully translated edition on a weekly basis is not feasible. Literal translation was rarely possible, instead equivalence was aimed at.</p><p>                      Hedging is a means for increased precision in scientific discourse. The main reason for using epistemic hedging with a proposition is face-saving, i.e. the writer avoids responsibility for the truth value of the proposition. 62% of the sentences were found to include at least one hedged instance. The instances of hedging of numerical data and quantifiers were almost equal to the number of hedges referring to the writer's personal stance. Literal translation was adequate for the translation process.</p><p> </p><p><strong>Keywords</strong>: translation strategies, scientific discourse, metaphors, stylistic devices, hedging      </p><p><strong>Abstract</strong></p><p><strong> </strong></p><p>The following essay is an analysis of the translation process from English into Swedish of four articles about the oceans of the world, printed in <em>The Economist</em> in December 2008. This publication claims to be using a language characterised by "clarity, style and precision", wherefore these concepts provide the focus for the analysis. "Clarity" was looked at in terms of metaphors, "style" in terms of quotes and allusions present in headlines, leads and subheadings and "precision" was studied in terms of hedging.</p><p>                      Metaphor is employed as a clarifying device in scientific discourse. The 36 occurring metaphors were classified as either 'dead', 'cliché', 'stock' or 'original'. Dead metaphors, 50% of all, turned out to be highly effective in scientific discourse and therefore the term 'fixed metaphors' would be preferred. The original metaphors used give evidence to the writer's literary ambitions. The translation strategy applied was in most cases literal translation.</p><p>                      The publication makes frequent use of quotes, allusions and aestheticizing devices in headlines, leads and subheadings. The origins of those stylistic elements are not always transparent and had to be identified. In case of existing recognized translations those were kept; when not available, original translations were attempted. Adopting the house-style by taking balance, metre, rhyme and alliteration into consideration during the translation process was time-consuming, indicating that a fully translated edition on a weekly basis is not feasible. Literal translation was rarely possible, instead equivalence was aimed at.</p><p>                      Hedging is a means for increased precision in scientific discourse. The main reason for using epistemic hedging with a proposition is face-saving, i.e. the writer avoids responsibility for the truth value of the proposition. 62% of the sentences were found to include at least one hedged instance. The instances of hedging of numerical data and quantifiers were almost equal to the number of hedges referring to the writer's personal stance. Literal translation was adequate for the translation process.</p><p> </p><p><strong>Keywords</strong>: translation strategies, scientific discourse, metaphors, stylistic devices, hedging      </p><p><strong>Abstract</strong></p><p><strong> </strong></p><p>The following essay is an analysis of the translation process from English into Swedish of four articles about the oceans of the world, printed in <em>The Economist</em> in December 2008. This publication claims to be using a language characterised by "clarity, style and precision", wherefore these concepts provide the focus for the analysis. "Clarity" was looked at in terms of metaphors, "style" in terms of quotes and allusions present in headlines, leads and subheadings and "precision" was studied in terms of hedging.</p><p>                      Metaphor is employed as a clarifying device in scientific discourse. The 36 occurring metaphors were classified as either 'dead', 'cliché', 'stock' or 'original'. Dead metaphors, 50% of all, turned out to be highly effective in scientific discourse and therefore the term 'fixed metaphors' would be preferred. The original metaphors used give evidence to the writer's literary ambitions. The translation strategy applied was in most cases literal translation.</p><p>                      The publication makes frequent use of quotes, allusions and aestheticizing devices in headlines, leads and subheadings. The origins of those stylistic elements are not always transparent and had to be identified. In case of existing recognized translations those were kept; when not available, original translations were attempted. Adopting the house-style by taking balance, metre, rhyme and alliteration into consideration during the translation process was time-consuming, indicating that a fully translated edition on a weekly basis is not feasible. Literal translation was rarely possible, instead equivalence was aimed at.</p><p>                      Hedging is a means for increased precision in scientific discourse. The main reason for using epistemic hedging with a proposition is face-saving, i.e. the writer avoids responsibility for the truth value of the proposition. 62% of the sentences were found to include at least one hedged instance. The instances of hedging of numerical data and quantifiers were almost equal to the number of hedges referring to the writer's personal stance. Literal translation was adequate for the translation process.</p><p> </p><p><strong>Keywords</strong>: translation strategies, scientific discourse, metaphors, stylistic devices, hedging      </p><p> </p>

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

Univ., Diplomarbeit--Zürich, 2008.

Syfte: Syftet är att undersöka svenska storföretags användande av derivatet ränteswap (svensk benämning för interest rate swap) för år 2012 och 2013 samt att undersöka skillnader utifrån tidigare funna bakomliggande faktorer mellan företag som använder olika typer av ränteswaps och företag som inte använder ränteswap. Metod: Studien tillämpade en empirisk totalundersökning gällande de icke-finansiella företagen noterade på Nasdaq OMX Stockholm Large Cap för slutet på år 2012 respektive år 2013. Utifrån företagens årsredovisningar kategoriserades företagen i fyra grupper baserat på företagets användande av ränteswap. Fem tidigare funna bakomliggande faktorer för användandet av ränteswap sammanställdes genomsnittligt per kategori och jämfördes därefter kategorierna emellan. Resultat: Av de största noterade börsföretagen använde 29 av 40 stycken företag ränteswap år 2012 och 29 av 42 företag år 2013. Företag som använde rörlig ränteswap var signifikant större än de företag som inte använde ränteswap för år 2012 och 2013. År 2013 hade de företag som använde fast och båda typer av ränteswaps högre andel kortfristiga lån i jämförelse med de företag som inte använde ränteswap. Uppmätta skillnader kategorierna emellan för de resterande tre undersökta faktorerna; andel långfristiga lån, löptiden på företagens lån liksom företagens förväntade obeståndskostnader var inte signifikanta vilket innebar att de uppmätta skillnaderna inte kunde hänföras till svenska storföretag. Slutsatser: Över två tredjedelar av de undersökta företagen använde ränteswap. Storleken för företag som använde ränteswap var en urskiljande faktor i jämförelse med företag som inte använde ränteswap. För svenska storföretags andel kortfristiga lån för ett av de undersökta åren talar det mesta för att företag som använde ränteswap hade högre andel kortfristiga lån än företag som inte använde ränteswap. Skillnader i andel långfristiga lån, löptid på lån liksom förväntade obeståndskostnader kategorierna emellan kunde inte hänföras till svenska storföretag och därmed inte ses som urskiljande faktorer för användande av ränteswap. / Purpose: The purpose is to investigate the largest Swedish companies utilization of interest rate swap (afterwards referred to as IRS), as well as variations in the underlying factors between companies who use IRS and companies who do not. Methodology: The study applied an empirical investigation about the non-financial companies noted on Nasdaq OMX Stockholm Large Cap for the end of year 2012 and year 2013. By their annual reports, companies where divided into four categories based on their usage of IRS. Five earlier factors for the use of IRS were compiled per category and were then compared between the categories. Findings: 29 out of the 40 largest listed companies used IRS 2012, and 29 out of 42 companies 2013. The companies who used variable IRS were significantly larger than the ones who didn't use IRS. Companies who used fixed, and both types of IRS year 2013, had a higher proportion of short-term loans compared to the companies which didn't use IRS. Measured differences between the categories for the remaining three factors; proportion of long-term loans, duration on the companies loans as well as their expected distress costs was not significant which implicates that the measured differences could not be assigned to Swedish corporations. Conclusions: Over two thirds of the investigated companies used IRS. The size of the companies that used IRS was a factor which differed between companies who used IRS and the companies that didn't. The proportion of short-term loans showed a significant disparity for one of the investigated years indicated that the companies who used IRS have a larger proportion of short-term loans than the ones who don't. Differences in the proportion of long-term loans, duration on loans and expected distress costs between the categories could not be assigned to Swedish corporations.

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.

Commodity prices are significantly more volatile than prices of industrial products. This extreme price instability establishes a need for futures markets in commodities. The main functions of futures trading being hedging against, and speculation on price fluctuations; and it is hedging, that determines the role of speculation. (author's abstract) / Series: Department of Economics Working Paper Series

In this dissertation, three related issues concerning empirical time series models for energy financial markets and the stock market were investigated. The purpose of this dissertation was to analyze the interdependence of price movements, focusing on the forecasting models for crude oil prices and the hedging models for gasoline prices, and to study the change in the contemporaneous causal relationship between investors' activities and stock price movements in the Korean stock market. In the first essay, the nature of forecasting crude oil prices based on financial data for the oil and oil product market is examined. As crack spread and oil-related Exchange-Traded Funds (ETFs) have enabled more consumers and investors to gain access to the crude oil and petroleum products markets, I investigated whether crack spread and oil ETFs were good predictors of oil prices and attempted to determine whether crack spread or oil ETFs were better at explaining oil price movements. In the second essay, the effectiveness of diverse hedging models for the unleaded gasoline price is examined using futures and ETFs. I calculated the optimal hedge ratios for gasoline futures and gasoline ETF utilizing several advanced econometric models and then compared their hedging performances. In the third essay, the contemporaneous causal relationship between multiple players' activities and stock price movements in the Korean stock market was investigated using the framework of a DAG model. The causal impacts of three players' activities in regard to stock return and stock price volatility are examined, concentrating on foreign investor activities. Within this framework, two Korean stock markets, the KSE and KOSDAQ markets, are analyzed and compared. Recognizing the global financial crisis of 2008, the change in casual relationships was examined in terms of pre- and post-break periods. In conclusion, when a multivariate econometric model is developed for multi-markets and multi-players, it is necessary to consider a number of attributes on data relations, including cointegration, causal relationship, time-varying correlation and variance, and multivariate non-normality. This dissertation employs several econometric models to specify these characteristics. This approach will be useful in further studies of the information transmission mechanism among multi-markets or multi-players.