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Major objectives of an investor are to minimize risk
and maximize expected portfolio returns.
International diversification is a natural means to
these ends. We extend the search into the
area of currency hedging, investigating the theory
of demand for index bonds and its role in hedging
risky assets against currency risks for a given
market portfolio when equity is not hedged against
inflation risk. The major conclusions are: Introducing index bond into the analysis we
have expanded the investor s opportunity set with a
real asset. Clarifying the meaning of and relation
among various Universal Hedging Ratios that have
previously appeared in the literature. Explicitly identifies the necessary
conditions under which investors follow a common
currency hedging strategy and constructs a single
performance evaluation benchmark for international
portfolios, irrespective of the national identity of
the investor, in the presence of index bonds.
This book will be an aid to International
Portfolio Managers and Financial Managers. This book
can also be used as a resource for post-graduate
courses in International Finance and Risk Management.
and maximize expected portfolio returns.
International diversification is a natural means to
these ends. We extend the search into the
area of currency hedging, investigating the theory
of demand for index bonds and its role in hedging
risky assets against currency risks for a given
market portfolio when equity is not hedged against
inflation risk. The major conclusions are: Introducing index bond into the analysis we
have expanded the investor s opportunity set with a
real asset. Clarifying the meaning of and relation
among various Universal Hedging Ratios that have
previously appeared in the literature. Explicitly identifies the necessary
conditions under which investors follow a common
currency hedging strategy and constructs a single
performance evaluation benchmark for international
portfolios, irrespective of the national identity of
the investor, in the presence of index bonds.
This book will be an aid to International
Portfolio Managers and Financial Managers. This book
can also be used as a resource for post-graduate
courses in International Finance and Risk Management.