Βέλτιστες πολιτικές οικονομικής αντασφάλισης. Πώς οι εταιρίες αντισταθμίζουν τους κινδύνους τους?
Why and how firms should hedge
Μωραΐτη, Αικατερίνη Σ.
In this paper, we will study ways of risk hedging for large companies and corporations. Although through the last years various scientists have studied the reasons why the companies should hedge their risks, however there hasn't been a thorough research on the ways of hedging those risks. We assume that the companies may suffer costly states of nature and that is the reason to use suitable derivatives such as "vanilla" and "exotic" ones, aiming to attain optimal risk hedging strategies. In particular, these derivatives are being used in general by companies which want to maximize their value and confront hedgable price risks as well as non - hedgable quantity risks. The exotic derivatives are usually better than the "vanilla" when the correlation between price and quantity is oversized and when quantity risks are significantly higher than price risks. Finally, we will present an application of the aforementioned model by giving suitable examples.