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Information, unternehmensinterne Kommunikation und Risikopolitik

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

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.

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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
Contact details of provider: Postal: 01062 Dresden
Phone: ++49 351 463 2196
Fax: ++49 351 463 7739
Web page: http://www.tu-dresden.de/wiwi/
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  1. Sinn, Hans-Werner, 1980. "Ökonomische Entscheidungen bei Ungewißheit," Monograph, Mohr Siebeck, Tübingen, edition 1, number urn:isbn:9783169427024, December.
  2. Meyer, Jack, 1987. "Two-moment Decision Models and Expected Utility Maximization," American Economic Review, American Economic Association, vol. 77(3), pages 421-30, June.
  3. Wagener, Andreas, 2002. "Prudence and risk vulnerability in two-moment decision models," Economics Letters, Elsevier, vol. 74(2), pages 229-235, January.
  4. Gilroy, Bernard Michael, 2001. "Globalisation, multinational enterprises and European integration," MPRA Paper 17972, University Library of Munich, Germany.
  5. Kimball, Miles S, 1993. "Standard Risk Aversion," Econometrica, Econometric Society, vol. 61(3), pages 589-611, May.
  6. 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.
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