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Managing Transaction Exposure and Surplus Cash
Högskolan i Halmstad, Sektionen för ekonomi och teknik (SET).
1996 (Engelska)Självständigt arbete på avancerad nivå (magisterexamen)Studentuppsats (Examensarbete)
Abstract [en]
The concept of international financial management is an area which has become more important in a globalised world where the national borders no longer work as a protection from competitors. This together with the development of computer systems and software specialised for issues regarding international cash management and systems handling information have made it possible for companies to, at a relatively low cost, control the financial flows within a company. The problem which is investigated in this dissertation is twofold and focuses on two steps within international cash management. They are the management of transaction exposure and surplus cash where the main objective is to describe and explain a certain company´s way of dealing with these two steps. On a scientific level the issue of reliability and validity is very difficult to test and it can be assumed that it is difficult to make any large generalisations from this dissertation. This is very much becuse of the changing environment which is apparent when dealing with these issues. Still it is believed that, since the author was able to do a case study, the empirical facts collected are relevant and enough to secure the reliability of this dissertation. The research method used is a case study conducted at an international company with a large share of its transactions denominated in foreign currencies. The first contact was made during July 1995 when a draft of the subject was produced. The case study was divided into two parts, one part consisting of interviews with the Chief Financial Officer and other create a model of the cash flows and the transaction exposure. The Company which wishes to remain anonymous has been very helpful ac co-operative during the whole dissertation and has provided me with all the relevant data which was needed to acquire an understanding of the problem. I would like to give a special acknowledgement to the Cheif Financial Officer at the Company who gave me the time to interview him and discuss the issue with him for several hours. In chapter three the different theoretical alternatives for managing transaction exposure and surplus cash are described and explained together with different hedging strategies. It starts with sections describing some broader issues e.g. the money and currency markets exchange rate determination, forecasting and exposure. The second part of chapter three describes in detail the different alternatives for hedging the management of surplus cash e.g. forwards, currency options and marketable securities.
Ort, förlag, år, upplaga, sidor
1996.
Nyckelord [en]
surplus cash, transaction exposure, international cash management, currency market, money market
Identifikatorer
URN: urn:nbn:se:hh:diva-6934Lokalt ID: U0758OAI: oai:DiVA.org:hh-6934DiVA, id: diva2:361973
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Denna uppsats kan beställas från arkivet / This paper can be ordered from the archive. Kontakta / Contact: arkivet@hh.seTillgänglig från: 2010-11-09 Skapad: 2010-11-09Bibliografiskt granskad

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