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Derivatives and their use in hedging foreign exchange risk
Pešková, Jana ; Taušer, Josef (advisor) ; Čajka, Radek (referee)
This thesis deals with derivatives and their use in hedging foreign exchange risk. The aim is to examine methods of hedging FX risk with derivatives and specifically evaluate the ways and extent of their use on the Czech market. In the first chapter the term risk and particularly FX risk is explained and its identification, measurement, management and elimination methods are described. The second chapter focuses on the main types of derivatives, their characteristics and use in risk management. The third chapter describes and evaluates the actual use of derivatives on the Czech market based on their analysis in the Czech banking sector.
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Currency derivatives and their use in financial management
Poloučková, Viola ; Procházka, David (advisor) ; Vašek, Libor (referee)
The thesis is focused on derivative contracts and their view in the accounting. The aim is to combine basic theory of the foreign exchange market and of the derivatives (forward, futures, swaps, options). More attention is devoted to currency derivatives and the interpretative example of the currency forward. The forward is first used for trading then for hedging. The thesis is completed by the description of real trade process of derivative contract in terms of ING Commercial Banking.
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Riadenie devízového rizika v spoločnosti zaoberajúcej sa sofwarovým vývojom – prípadová štúdia spoločnosti FFastFill plc
Zeľo, Tomáš ; Durčáková, Jaroslava (advisor) ; Doležal, Jiří (referee)
This master thesis discusses the field of foreign exchange risk management and assesses efficiency of this type of risk management within FFastFill plc. The thesis contains two major parts. The first part, which contains the first and the second chapter, focuses on theoretical characteristics of foreign exchange market and sequentially defines the terms of foreign exchange exposure and foreign exchange risk. This part of thesis discusses hedging strategies and matters that are related to the selection of optimal hedging strategy. The second part of thesis contains the third and the fourth chapter. This part analyses the company from various perspectives and consequently analyses and quantifies the magnitude of company's translation and transaction exposure. The aim of this analysis is to assess company's current hedging strategy and to propose the optimal hedging strategy.
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Possibilities and ways of managing the foreign exchange risk aimed at the issue of forward rate
Brigant, Michal ; Mandel, Martin (advisor) ; Kuncl, Martin (referee)
This bachelor thesis is focused on issues of foreign exchange risk and forecasting the spot exchange rate. The thesis is divided into four chapters. Foreign exchange risk was evaluated on following daily quoted exchange rates: CZK/EUR, CZK/USD and CZK/GBP. Various approaches were used in order to measure the foreign exchange risk. All of these approaches lead us to the same conclusion. The biggest exposure to the foreign exchange risk was identified in the case of the exchange rate CZK/USD, on the other hand the smallest exposure was measured on the exchange rate CZK/EUR. Our choice on the subject of forecasting the spot exchange rate was the forward prognosis. Neither closer observation of its error rate nor its comparison with the naive prognosis was able to confirm its ability to forecast the spot exchange rate in the future successfully.
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Managing Foreign Exchange Risk in ŠKODA JS a.s.
Nolč, Libor ; Černohlávková, Eva (advisor) ; Přenosil, Kamil (referee)
This paper deals with the management of foreign exchange risk and focuses on ŠKODA JS a.s. Its aim is to evaluate the process of risk managing in the company, assuming that foreign exchange risk has a substantial impact on business. The analysis itself is based on interpretation of foreign exchange position, forecasts of both exchange rate and expected losses, explicit hedge strategy and details of financial derivatives used for hedging.
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Exchange rate changes and their impact on financial management of international companies
Synková, Martina ; Taušer, Josef (advisor) ; Vanžura, Pavel (referee)
This thesis deals with selected aspects of financial management of transnational corporations and describes the impact of foreign exchange risk on these companies. The theoretic part of this thesis explains terms like cash pooling, netting and concerns the issue of transfer prices. Furthermore the principles of foreign exchange risk, transaction, economic and translation exposure are defined with focus on financial derivatives that serve as instruments for managing and hedging the risk. The practical part depicts the case study, in which the theoretical knowledge has been applied to a chosen international company.
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Foreign exchange risk management in the company IMP Jablonec
Vaculík, Martin ; Taušer, Josef (advisor) ; Nývlt, Daniel (referee)
The diploma paper offers a complex view on hedging of a foreign exchange risk in a concrete company, which is highly dependent on export. Preliminary theoretical part sums up all the possibilities how to avoid risk, including hedging or financial derivatives. Specific attention is paid to in practise always more popular option strategies. Practical part then try to apply all the acquired knowledge on a concrete company. After the complex analysis of revenues and expenditures is presented analysis and evaluation of the whole hedging strategy.
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