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Information, unternehmensinterne Kommunikation und Risikopolitik

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  • Broll, Udo
  • Gilroy, B. Michael
  • Wahl, Jack E.

Abstract

Based upon the foundations of mean-variance decision-making theory, we demonstrate that a change in the risk situation of an international enterprise open currency position does not inevitably require a corresponding hedging accommodation. Given a new risk situation, whether a revision of the hedging-strategy is appropriate will depend upon the elasticity of risk aversion. The elasticity of risk aversion is a decisive indicator; however, it is rarely scrutinized in the literature. In addition, our analysis illustrates the cost saving advantages of the applied (μ,σ)-principal compared to the Bernoulli-principal for information procurement processes. Applying the (μ,σ)-principal facilitates and enhances firm internal communication information levels. -- Unser Beitrag zeigt auf der Grundlage der (?,?)-Entscheidungstheorie, dass mit der Änderung des Unternehmensrisikos in Folge einer offenen Währungsposition ein Hedge nicht zwingend angepasst werden muss. Entscheidend für die Revision des Hedges bei neuer Risikosituation ist die Risikoaversionselastizität. Diese Elastizität stellt eine wichtige Kennzahl dar und ist in der Literatur bislang nur vereinzelt untersucht worden. Des Weiteren zeigt sich, dass das verwendete (?,?)-Prinzip gegenüber dem Bernoulli-Prinzip den Vorteil einer kostengünstigeren Informationsbeschaffung und einer erleichterten unternehmensinternen Kommunikation bietet.

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Bibliographic Info

Paper provided by Dresden University of Technology, Faculty of Business and Economics, Department of Economics in its series Dresden Discussion Paper Series in Economics with number 06/03.

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Date of creation: 2003
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Handle: RePEc:zbw:tuddps:0603

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Postal: 01062 Dresden
Phone: ++49 351 463 2196
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Web page: http://www.tu-dresden.de/wiwi/
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Keywords: Exchange rate risk; international trade; hedging; information;

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  1. Ormiston, Michael B & Schlee, Edward E, 2001. "Mean-Variance Preferences and Investor Behaviour," Economic Journal, Royal Economic Society, vol. 111(474), pages 849-61, October.
  2. Miles S. Kimball, 1991. "Standard Risk Aversion," NBER Technical Working Papers 0099, National Bureau of Economic Research, Inc.
  3. Meyer, Jack, 1987. "Two-moment Decision Models and Expected Utility Maximization," American Economic Review, American Economic Association, vol. 77(3), pages 421-30, June.
  4. Sinn, Hans-Werner, 1980. "Ökonomische Entscheidungen bei Ungewißheit," Monograph, Mohr Siebeck, Tübingen, edition 1, number urn:isbn:9783169427024, Octomber.
  5. Wagener, Andreas, 2002. "Prudence and risk vulnerability in two-moment decision models," Economics Letters, Elsevier, vol. 74(2), pages 229-235, January.
  6. Gilroy, Bernard Michael, 2001. "Globalisation, multinational enterprises and European integration," MPRA Paper 17972, University Library of Munich, Germany.
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