2023年全國(guó)碩士研究生考試考研英語一試題真題（含答案詳解+作文范文）_第1頁
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1、IM1CHAPTER8MANAGEMENTOFTRANSACTIONEXPOSURESUGGESTEDANSWERSSOLUTIONSTOENDOFCHAPTERQUESTIONSPROBLEMSQUESTIONS1.HowwouldyoudefinetransactionexposureHowisitdifferentfromeconomicexposureAnswer:Transactionexposureisthesensitiv

2、ityofrealizeddomesticcurrencyvaluesofthefirm’scontractualcashflowsdenominatedinfeigncurrenciestounexpectedchangesinexchangerates.Unlikeeconomicexposuretransactionexposureiswelldefinedshtterm.2.Discusscomparehedgingtransa

3、ctionexposureusingthefwardcontractvs.moneymarketinstruments.WhendothealternativehedgingapproachesproducethesameresultAnswer:Hedgingtransactionexposurebyafwardcontractisachievedbysellingbuyingfeigncurrencyreceivablespayab

4、lesfward.Ontheotherhmoneymarkethedgeisachievedbybrowinglendingthepresentvalueoffeigncurrencyreceivablespayablestherebycreatingoffsettingfeigncurrencypositions.Iftheinterestrateparityisholdingthetwohedgingmethodsareequiva

5、lent.3.Discusscomparethecostsofhedgingviathefwardcontracttheoptionscontract.Answer:Thereisnoupfrontcostofhedgingbyfwardcontracts.Inthecaseofoptionshedginghoweverhedgersshouldpaythepremiumsfthecontractsupfront.Thecostoffw

6、ardhedginghowevermayberealizedexpostwhenthehedgerregretshisherhedgingdecision.4.WhataretheadvantagesofacurrencyoptionscontractasahedgingtoolcomparedwiththefwardcontractAnswer:Themainadvantageofusingoptionscontractsfhedgi

7、ngisthatthehedgercandecidewhethertoexerciseoptionsuponobservingtherealizedfutureexchangerate.Optionsthusprovideahedgeagainstexpostregretthatfwardhedgermighthavetosuffer.Hedgerscanonlyeliminatethedownsideriskwhileretainin

8、gtheupsidepotential.IM39.Explaincontingentexposurediscusstheadvantagesofusingcurrencyoptionstomanagethistypeofcurrencyexposure.Answer:Companiesmayencounterasituationwheretheymaymaynotfacecurrencyexposure.Inthissituationc

9、ompaniesneedoptionsnotobligationstobuysellagivenamountoffeignexchangetheymaymaynotreceivehavetopay.Ifcompanieseitherhedgeusingfwardcontractsdonothedgeatalltheymayfacedefinitecurrencyexposure.10.Explaincrosshedgingdiscuss

10、thefactsdeterminingitseffectiveness.Answer:Crosshedginginvolveshedgingapositioninoneassetbytakingapositioninanotherasset.Theeffectivenessofcrosshedgingwoulddependonthestrengthstabilityoftherelationshipbetweenthetwoassets

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