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International Financial Management phần 6

Mua lại có tăng ở châu Âu để tận dụng sự ra đời của đồng euro, trong đó tạo ra một đồng tiền chung châu Âu nhiều nước châu Âu. Điều này không chỉ loại bỏ rủi ro tỷ giá giao dịch giữa các nước châu Âu tham gia, nhưng nó cũng đã làm cho nó dễ dàng hơn để so sánh định giá giữa các nước châu Âu | Appendix B Supplemental Cases 653 The exchange rates at the beginning of each of the last 16 years for each currency with respect to the U.S. dollar are shown here BEGINNING OF YEAR AUSTRALIAN CANADIAN new ZEALAND BRITISH POUND 1.2571 .9839 1.0437 2.0235 1.0864 .9908 .9500 1.7024 1.1414 .9137 1.0197 1.9060 1.1505 .8432 1.0666 2.0345 1.1055 .8561 .9862 2.2240 1.1807 .8370 .9623 2.3850 1.1279 .8432 .8244 1.9080 .9806 .8137 .7325 1.6145 .9020 .8038 .6546 1.4506 .8278 .7570 .4776 1.1565 1.4445 1.4745 1.8715 1.8095 1.5772 1.9382 The confidence intervals for each currency can be applied to the expected book revenues to derive confidence intervals in U.S. dollars to be received from each country. Complete this assignment for Whaler Publishing Company and also rank the currencies in terms of uncertainty degree of volatility . Since the exchange rate data provided are real the analysis will indicate 1 how volatile currencies can be 2 how much more volatile some currencies are than others and 3 how estimated revenues can be subject to a high degree of uncertainty as a result of uncertain exchange rates. If you use a spreadsheet to do this case you may want to retain it since the case in the following chapter is an extension of this case. Chapter 10 Whaler Publishing Company Measuring Exposure to Exchange Rate Risk Recall the situation of Whaler Publishing Company from the previous chapter. Whaler needed to develop confidence intervals of four exchange rates in order to derive confidence intervals for U.S. dollar cash flows to be received from four different countries. Each confidence interval was isolated on a particular country. Assume that Whaler would like to estimate the range of its aggregate dollar cash flows to be generated from other countries. A computer spreadsheet should be developed to facilitate this exercise. Whaler plans to simulate the conversion of the expected currency cash flows to dollars using each of the previous years as a possible scenario recall that