Currency hedging 101
Investors: UPS
Impact of Changes in Foreign Currency Exchange Rates and Hedging Activities. We supplement the reporting of our revenue, revenue per piece and operating profit with non-GAAP measures that exclude the period-over-period impact of foreign currency exchange rate changes and hedging activities. We believe currency-neutral revenue, revenue per piece ...
[DOC File]Alesina, Alberto, and Robert J
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Kenen, Peter, 2002, “Currency Unions and Trade: Variations on Themes by Rose and Persson”, Discussion Paper DP/2002/08 (Wellington: Banco de la Reserva de Nueva Zelandia). ———, y Dani Rodrik, 1986, “Measuring and Analyzing the Effects of Short-Term Volatility on Real Exchange Rates”, Review of Economics and Statistics, vol. 68 ...
[DOC File]The Use of Currency Derivatives by Brazilian Companies: An ...
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The main results can be summarized as follows: the decision of using currency derivatives is determined by the costs of hedging, i.e., larger firms are more likely to use currency derivatives. Companies decide to use currency derivatives in order to reduce their foreign exchange exposure, exporters and companies that hold foreign currency ...
[DOC File]Fixed-Income Readings
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STUDY SESSION 16 The Management of Foreign Currency Risk. READING 1: "Currency Hedging Rules for Plan Sponsors," Stephen Nesbitt, Financial Analysts Journal, Association for Investment Management and Research (March 1991), pp. 73-81. This article is a good introduction to currency hedging in the context of strategic, long-term asset allocation.
Overview | Discovery Communications
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) SIGNATURES. ... our ex-FX results exclude the impact of our foreign currency hedging activities, as well as realized and unrealized foreign currency transaction gains and losses. Results on a constant currency basis, as we present them, may not be ...
[DOC File]
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12 Month 1.4353 101.47 4.3. Uses of Forward Exchange Market. Lock in exchange rate. Value future cash flows in foreign currencies. Hedging foreign currency denominated investments (stocks, bonds). Example 4.1. Today is July 31, 1996. In 6 months, I am paying DM 1,450,000. What is the PV today? How do I hedge the FX risk? Example 4.2. Today is ...
[DOCX File]Background - Homepage | Department of Treasury and …
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agencies may undertake foreign currency hedging transactions of less than $1 million with an intermediary, other than TCV; an exemption applies to money held on trust by an agency for, and repayable to, a known beneficiary (other than the State or an …
[DOC File]Earnings volatility, cash flow volatility, and firm value
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Another more recent strand of the literature has focused on linking hedging activities to firm value and on examining the basic premise behind hedging, namely that the volatility of cash flow is costly for firms. For example, Allayannis and Weston (2001) find that the use of currency derivatives, a proxy for hedging, improves value substantially.
Investors: UPS
* See attached reconciliation of non-GAAP currency-neutral operating profit - more - 3-3-3. For the International Operating segment in Q1 2017: Operating margin was strong at 17.3%, despite the impact of unfavorable currency. Currency was a drag of $119 million this quarter, full-year impact expected to be more than $400 million.
[DOC File]The Need for Currency Hedging in a Volatile World
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The average currency return of 5% p.a. represents in the order of 47% of the average local equity return (10.4% p.a.) or 32% of the average total MSCI World Ex-Australia (Unhedged) Index return of 15.4%. Presented in this context, one can certainly appreciate the importance of the currency hedging decision.
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