Capital markets, the separation property and hedging

Udo Broll; Itzhak Zilcha

doi:10.1016/0165-1765(93)00312-C

Capital markets, the separation property and hedging

Udo Broll^*, Itzhak Zilcha

^*Corresponding author for this work

School of Economics

Osnabrück University

Research output: Contribution to journal › Article › peer-review

1 Scopus citations

Abstract

We consider a risk-averse firm facing exchange rate and interest rate uncertainty. When international capital markets are accessible the separation property holds. However, these hedging instruments are not equivalent to creating missing interest rate futures markets.

Original language	English
Pages (from-to)	165-168
Number of pages	4
Journal	Economics Letters
Volume	44
Issue number	1-2
DOIs	https://doi.org/10.1016/0165-1765(93)00312-C
State	Published - 1994

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Capital markets, the separation property and hedging

Abstract

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