Skip to content
Licensed Unlicensed Requires Authentication Published by De Gruyter Oldenbourg April 19, 2016

Wechselkursrisiko und Risikopolitik in internationalen Unternehmen

  • Udo Broll EMAIL logo and Jack E. Wahl
From the journal Review of Economics


The aim of this study is to analyze the importance of the elasticity of risk aversion with regard to an increase in exchange rate risk for exports and hedging in an international firm. Mean-variance preferences allow for an immediate study of the entailed substitution and income effect. These effects may cancel out, that is to say, the optimal hedge ratio remains unchanged although the exchange rate risk increases. The elasticity of risk aversion provides an unambiguous answer to the question how to measure such risk effect.

Online erschienen: 2016-4-19
Erschienen im Druck: 2008-4-1

© 2008 by Lucius & Lucius, Stuttgart

Downloaded on 24.9.2023 from
Scroll to top button