Buch, Englisch, 316 Seiten, Format (B × H): 170 mm x 258 mm, Gewicht: 762 g
Reihe: Wiley Finance Series
Buch, Englisch, 316 Seiten, Format (B × H): 170 mm x 258 mm, Gewicht: 762 g
Reihe: Wiley Finance Series
ISBN: 978-0-470-85027-5
Verlag: Wiley
This book provides a comprehensive description of currency overlay, its history and possible future developments and growth, the reason for its emergence, the debates and controversies, the different styles of currency management, and the industry's performance track record.
This is a subject of international appeal and is an area of particular growth potential for institutional investors. Coverage includes:
* The theoretical case for eliminating currency risk in international portfolios
* The interplay between asset returns and currency returns, and the effect of this on hedging decisions
* Benchmarks - their construction and strategic role
* Least-cost passive overlay
* The structure of the currency market, and its 'inefficiencies'
* Active overlay styles
* Active overlay both restricted and unrestricted (currency alpha)
* Uses diagrams, charts, tables and explanatory boxes to explain concepts
Autoren/Hrsg.
Fachgebiete
- Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Anlagen & Wertpapiere
- Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Unternehmensfinanzierung
- Wirtschaftswissenschaften Volkswirtschaftslehre Volkswirtschaftslehre Allgemein Geldwirtschaft, Währungspolitik
- Wirtschaftswissenschaften Betriebswirtschaft Unternehmensfinanzen
Weitere Infos & Material
List of boxes.
Biography.
Acknowledgements.
1. Introduction.
2. The Problem.
3. Currency Hedging.
4. Foreign Exchange Market - History and Structure.
5. Theory of Currency Hedging of International Portfolios.
6. Passive Currency Overlay.
7. Currency Overlay Benchmarks.
8. Overlaying Different Asset Classes.
9. Is the Currency Market Efficient?
10. Active Currency Overlay - Management Styles.
11. Active Currency Overlay - Evidence of Performance.
12. Implementing Currency Overlay.
13. Looking Ahead.
References/Useful Reading.
Appendix 1. Boundary Conditions for Forward Arbitrage.
Appendix 2. Lognormal Returns.
Appendix 3. AIMR(r) Report.
Appendix 4. Sample Investment Guidelines.
Index.