economicoperatingexposure(外汇风险)资料教材.pptVIP

Economic/Operating Exposure Outline Lufthansa case Operating Exposure Example Measuring operating exposure Managing operating exposure financial hedges business strategies Lufthansa Jan. ‘85: purchased 20 Boeing 737’s for $500 mln, payable Jan. 1986. What to do with the DM/$ exchange risk? Remain uncovered? Hedge 100% forward? Hedge some forward? Put options? Money market hedge/prepay? Exhibit 1 (Lufthansa) Lufthansa’s Net Cost by Hedging Alternative Lufthansa Herr Rutnau felt the dollar was overvalued, and was likely to depreciate, reducing DM cost of aircraft. But he wasn’t sure. It cou