International equity portfolios and currency hedging : the viewpoint of German and Hungarian investors


Bugar, Gyöngyi ; Maurer, Raimond


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URL: http://ub-madoc.bib.uni-mannheim.de/2812
URN: urn:nbn:de:bsz:180-madoc-28124
Document Type: Working paper
Year of publication: 2001
Publication language: English
Institution: School of Law and Economics > Sonstige - Fakultät für Rechtswissenschaft und Volkswirtschaftslehre
MADOC publication series: Sonderforschungsbereich 504 > Rationalitätskonzepte, Entscheidungsverhalten und ökonomische Modellierung (Laufzeit 1997 - 2008)
Subject: 330 Economics
Subject headings (SWD): Ungarn , Deutschland , Portfoliomanagement , Portfolio-Investition , Wechselkurs , Management , Internationaler Kreditmarkt , Hedging
Abstract: In this paper we study the benefits derived from international diversification of stock portfolios from German and Hungarian point of view. In contrast to the German capital market, which is one of the largest in the world, the Hungarian Stock Exchange is an emerging market. The Hungarian stock market is highly volatile, high returns are often accompanied by extremely large risk. Therefore, there is a good potential for Hungarian investors to realize substantial benefits in terms of risk reduction by creating multi-currency portfolios. The paper gives evidence on the above mentioned benefits for both countries by examining the performance of several ex ante portfolio strategies. In order to control the currency risk, different types of hedging approaches are implemented
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Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.




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Bugar, Gyöngyi ; Maurer, Raimond (2001) International equity portfolios and currency hedging : the viewpoint of German and Hungarian investors. Open Access [Working paper]
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