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Currency Overlay (The Wiley Finance Series) PDF

318 Pages·2003·1.44 MB·English
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by Neil Record| 2003| 318 pages| 1.44| English

About Currency Overlay (The Wiley Finance Series)

Currency overlay is the management of the currency exposure inherent in cross-border institutional investments. Exposure to foreign currencies increases the volatility of their returns, without increasing the returns themselves and academics and consultants recommended that the currency exposure should be stripped out of international portfolios and eliminated as far as practicable.This book provides a comprehensive description of currency overlay, its history and possible future developments and growth, the reason for its emergence, the debates and controversies, the different styles of currency management, and the industry's performance track record.This is a subject of international appeal and is an area of particular growth potential for institutional investors.  Coverage includes: The theoretical case for eliminating currency risk in international portfoliosThe interplay between asset returns and currency returns, and the effect of this on hedging decisionsBenchmarks - their construction and strategic roleLeast-cost passive overlayThe structure of the currency market, and its 'inefficiencies'Active overlay stylesActive overlay both restricted and unrestricted (currency alpha)Uses diagrams, charts, tables and explanatory boxes to explain concepts

Detailed Information

Author:Neil Record
Publication Year:2003
ISBN:9780470871638
Pages:318
Language:English
File Size:1.44
Format:PDF
Price:FREE
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