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Tools used to ensure the exchange rate and interest rate risk
Klípová, Iva ; Votava, Libor (advisor)
The goal of thesis is to clarify the nature of the exchange rate and interest rate risk and the possibility to describe the management of these risks. It represents the individual tools used to ensure the exchange rate and interest rate risk and the specific examples explaining the principle of their functioning. The thesis is divided into three parts - the exchange rate hedging, interest rate hedging and risk management, or a summary of each procedure, a brief guide for managers of companies involved in the risk of fluctuations in exchange rates or interest rates touching. Case studies of specific examples shows the possibilities of treatment of exchange rate risk - the exporter trading currency pair EUR / CZK.
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Currency risk management
Šošovička, Lukáš ; Scholleová, Hana (advisor) ; Horník, Tomáš (referee)
Master's Thesis deals with currency risk influence on particular bussiness company. The target is based on suggestion of particular measures for risk hedging. Information is gained directly from accounting and from the author's knowledge about the company. Influence of risk is studied primarily separately in relation with gross frofit a nd then in relation with net profit of the firm. Suggestions for currency risk hedging come from the requirements of shareholders, who expect the maximal elimination of the currency risks. For currency risk management were proposed two variants: currency swap and Bull Spread option strategy, which were then theoreticaly rated.
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Exchange rate risk management in export
Kováč, Roman ; Černohlávková, Eva (advisor) ; Pavlík, Zdeněk (referee)
The thesis describes the issue of exchange rate risk in export and defines basic terminology as well as methods of quantification of this sort of financial risk. Furthermore it analyzes the development of CZK/EUR and CZK/USD as the key currencies in Czech international trade. The main part of the thesis is dealing with the exchange rate risk management and is divided to internal and external according to the forms of its hedging. Introduction of the chosen products available on the Czech market which are widely used for hedging in export follows in the final chapter.
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Internal exchange rate risk management techniques with application to import-oriented company
Malý, Jan ; Brůna, Karel (advisor) ; Čermáková, Daniela (referee)
The work is focused on exchange rate risk, its description and typical situations in which firms have to face to the uncertainty caused by variability of exchange rates. It specifies selected internal (operational) techniques which are used to manage exchange rate risk as well. These methods are connected with financial management of companies and it is possible to apply these techniques to every size of company. The principle and the implementation of internal methods might be tighter to smaller companies. These companies do not know a lot about a wide scale of instruments of financial market, so hedging through external methods may not be suitable. Internal methods contrary to external are also suitable for hedging economic exposure (substantial part of the work is focused on economic exposure). In response to current events, exchange rate risk is also discussed in connection with continuing economic depression and pending fiscal situation of the countries which are part of euro area. In analytic part the work is focused on a Czech import-oriented firm which purchases machines from Taiwanese suppliers for euro and dollars and consequently sells these goods in the Czech market mostly in Czech koruna. In some cases the firm negotiates invoicing in euro. Currency mismatch of receipts and payments gives rise to exchange rate risk. In addition, firm's business contracts are specific to high nominal value and longer maturity. With the growth of these two parameters increases exchange rate risk.
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The impact of exchange rate differences and assuring of business risks in a specific company
HAVLÍNOVÁ, Gabriela
The goal of the submitted thesis ``The impact of exchange rate differences and assuring of business risks in a specific company{\crqq} is dealing with exchange rates risks which appear due to international trading and possibilities of elimination of this risk. The first part is devoted to exchange rate risk, financial derivates and their basic characteristics. The second part deals with the exchange rate impacts and the examples of possible assurance against exchange losses in a specific company
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Managing the exchange rate risk on the example of import-oriented firm
Garšicová, Beata ; Brůna, Karel (advisor) ; Blaheta, Petr (referee)
The thesis describes the methods of managing the exchange rate risk for the firms. It theoretically characterizes the risk, the reasons for hedging and the possible strategies and hedging practices. It focuses on internal methods, as well as hedging with derivatives. It deals with the different types of exposures and their importance for companies. Practical part brings the example of a concrete import-oriented firm. The company has both economic and translation exposure which are described in details. Apart from that, the thesis brings some improvements in current hedging strategy of the company.
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Advantages and disadvantages of Slovakia joining tha European monetary union in terms of exchange rate issues
Mocková, Ivana ; Kuncl, Martin (advisor)
The aim of this bachelor work is to describe and analyze selected advantages and disadvantages that flow from Slovakia's entry into the EMU.First part of the bachelor work is focused on the development of the SKK/EUR while in the ERM 2, and to assess the exchange rate convergence criterion.Second part describes the determination of the conversion rate, determining the potential impacts of conversion ratio on the Slovak economy and the reasons which led to the selected value of the conversion rate(assumption inflationary pressures, the Balassa - Samuelson effect).The last part describes the effects of entry into EMU in microeconomics - the elimination of transaction costs and eliminating exchange rate risk.
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Exchange rate risk and its managing in export company
Sedláček, Václav ; Černohlávková, Eva (advisor) ; Cupák, Patrik (referee)
This diploma paper describes the process of managing of exchange rate risk in an export company. At the beginning of the work there is short overview of the basic concepts of the exchange rate theory. The next part is focused on the determination of the exchange rate and on the basic methods of exchange rate prediction -- fundamental, technical and psychological analyses. These chapters are followed by the next steps in the process of the exchange rate risk managing with a view to the analyses of the firm's exchange exposition (especially to its quantification) and to instruments used to exchange rate hedging (especially to currency derivatives). In the end of the diploma paper there is a brief summary of development of the financial crises 2008/09 with reference to its influence on the exchange rate of the Czech crown to Euro.
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Methods of hedging the exchange rate risk
Schichman, Roman ; Kuncl, Martin (advisor)
Work deals with the instruments that can be used to hedge exchange rate risk with accent on outright forward and currency options. The target is to not to suggest a complex solution how to deal with exchange rate risk, but to find out which instruments are more suitable to hedging opened foreign exchange.
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The usage of derivatives in order to hedge th exchange rate risk
Vrubel, Tomáš ; Taušer, Josef (advisor) ; Štěrbová, Ludmila (referee)
This thesis proposes to the reader the solution of how to quantify and later eliminate the exchange rate risk using the zero cost option strategies. First chapter is dedicated the conception of the exchange rate risk, to its structure and the potential elimination of the sub- risks. Second chapter deals with the methods of quantification of the exchange rate risk. In this chapter a traditional method and Value at risk are mentioned. Third chapter defines the terms- derivative, option, main option positions, factors influencing the option premium and its importance via making option strategies and taking decisions whether to hedge or not. Last chapter uses all the pieces of knowledge in practice. Several zero cost strategies are shown here also with the illustrative examples.
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