Managing Corporate FX Risk: A Value-Maximizing Approach
提出了一种评估外汇管理项目的新方法，基于最小化业务中断概率的价值最大化策略，并论证了最小化对冲现金流方差并非外汇对冲项目最优的必要或充分条件。
This paper develops a new approach for evaluating FX management programs. It presents a value-maximizing strategy based on minimizing the probability of business disruption. It argues that such a policy is an appropriate objecting for a corporate FX hedging program and shows that minimization of the variance of the hedged cash flow is neither necessary no sufficient for an FX hedging program to be optimal.