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| Type | Bachelor's Thesis |
| Scope | Discipline-based scholarship |
| Title | The Effects of a Changing Exchange Rate Environment on Hedging Policies of Swiss Firms |
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| Institution | University of Zurich |
| Faculty | Faculty of Economics, Business Administration and Information Technology |
| Number of Pages | 38 |
| Date | 2013 |
| Abstract Text | Abstract In September 2011, the Swiss National Bank [SNB] decided to set a minimum exchange rate between the Swiss franc and the euro. This intervention was a radical step to protect the Swiss economy against an uncontrollable appreciation of the Swiss franc. However, the setting of the minimum exchange rate also changed the riskiness of international trading. This thesis aims to achieve a better understanding of the change in the firms’ hedging behavior caused by the intervention. It explains the crisis that led to the appreciation of the Swiss franc and introduces the most important hedging tools. Furthermore, based on the statements of 26 Swiss firms, it will be tested whether and how the firms have changed their derivative usage and with which rate they have covered their international trades. In a last step, the thesis investigates if firms that mainly depend on a different currency have shown different reactions in their changing of the hedging rate. |
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