{"id":"https://openalex.org/W1497956206","doi":"https://doi.org/10.3386/w4355","title":"Currency Hedging over Long Horizons","display_name":"Currency Hedging over Long Horizons","publication_year":1993,"publication_date":"1993-05-01","ids":{"openalex":"https://openalex.org/W1497956206","doi":"https://doi.org/10.3386/w4355","mag":"1497956206"},"language":"en","primary_location":{"id":"doi:10.3386/w4355","doi":"https://doi.org/10.3386/w4355","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w4355","pdf_url":"https://doi.org/10.3386/w4355","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},"volume":null,"type":"report","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://doi.org/10.3386/w4355","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5051548845","display_name":"Kenneth A. Froot","orcid":"https://orcid.org/0000-0002-4912-1634","observed_orcids":["https://orcid.org/0000-0002-4912-1634"]},"institutions":[],"countries":[],"is_corresponding":true,"raw_author_name":"Kenneth Froot","raw_affiliation_strings":["of Research at liar-yard Business School for generous research support"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"of Research at liar-yard Business School for generous research support","institution_ids":[]}]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":["https://openalex.org/A5051548845"],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":true,"cited_by_count":109,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.32280001044273376,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.32280001044273376,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10282","display_name":"Financial Risk and Volatility Modeling","score":0.26809999346733093,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12276","display_name":"Risk Management in Financial Firms","score":0.2517000138759613,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/currency-hedging","display_name":"currency hedging","score":0.9940000176429749},{"id":"https://openalex.org/keywords/foreign-exchange-exposure","display_name":"foreign exchange exposure","score":0.6579999923706055},{"id":"https://openalex.org/keywords/international-investment","display_name":"international investment","score":0.6399999856948853},{"id":"https://openalex.org/keywords/return-variance","display_name":"return variance","score":0.7390000224113464},{"id":"https://openalex.org/keywords/hedge-ratios","display_name":"hedge ratios","score":0.7400000095367432},{"id":"https://openalex.org/keywords/portfolio-risk","display_name":"portfolio risk","score":0.6869999766349792}],"concepts":[{"id":"https://openalex.org/C141121606","wikidata":"https://www.wikidata.org/wiki/Q8142","display_name":"Currency","level":2,"score":0.5479148626327515},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.47542908787727356},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.4052448272705078},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.38782641291618347},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.3624134659767151},{"id":"https://openalex.org/C127313418","wikidata":"https://www.wikidata.org/wiki/Q1069","display_name":"Geology","level":0,"score":0.3206075429916382},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.3026955723762512}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.3386/w4355","doi":"https://doi.org/10.3386/w4355","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w4355","pdf_url":"https://doi.org/10.3386/w4355","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"}],"best_oa_location":{"id":"doi:10.3386/w4355","doi":"https://doi.org/10.3386/w4355","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w4355","pdf_url":"https://doi.org/10.3386/w4355","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W1497956206.pdf","grobid_xml":"https://content.openalex.org/works/W1497956206.grobid-xml"},"referenced_works_count":26,"referenced_works":["https://openalex.org/W1492014696","https://openalex.org/W1564460536","https://openalex.org/W1717415764","https://openalex.org/W1964356689","https://openalex.org/W1967031021","https://openalex.org/W1981681508","https://openalex.org/W1984697146","https://openalex.org/W1987928556","https://openalex.org/W1997778139","https://openalex.org/W2016351498","https://openalex.org/W2017809294","https://openalex.org/W2018027499","https://openalex.org/W2067790650","https://openalex.org/W2068745433","https://openalex.org/W2072217759","https://openalex.org/W2074231424","https://openalex.org/W2134807435","https://openalex.org/W2135340308","https://openalex.org/W2137873244","https://openalex.org/W2159443783","https://openalex.org/W2163388377","https://openalex.org/W2170146490","https://openalex.org/W2801883131","https://openalex.org/W2891575359","https://openalex.org/W4239556578","https://openalex.org/W4299832949"],"related_works":["https://openalex.org/W1989501208","https://openalex.org/W3133616957","https://openalex.org/W3122164647","https://openalex.org/W4253065269","https://openalex.org/W2477544148","https://openalex.org/W4241464336","https://openalex.org/W3094587851","https://openalex.org/W1982696834","https://openalex.org/W4210354195","https://openalex.org/W2741081808"],"abstract_inverted_index":{"This":[0],"paper":[1,81],"reexamines":[2],"the":[3,7,20,55],"widely-held":[4],"wisdom":[5],"that":[6,19],"currency":[8],"exposure":[9],"of":[10,23,40,58],"in-":[11],"ternational":[12],"investments":[13],"should":[14],"be":[15],"entirely":[16],"hedged.It":[17],"finds":[18],"previouslydocumented":[21],"ability":[22],"hedges":[24],"to":[25,63],"reduce":[26],"portfolio":[27],"return":[28,50,56,66,79],"variance":[29,57,67],"holds":[30],"at":[31,36],"short":[32],"horizons,":[33],"but":[34],"not":[35,45,48,69],"long":[37],"horizons.At":[38],"horizons":[39],"several":[41],"years,":[42],"complete":[43],"hedging":[44,95],"only":[46,70],"does":[47],"lower":[49],"variance,":[51],"it":[52],"actually":[53],"increases":[54],"many":[59],"portfolios.Hedge":[60],"ratios":[61],"chosen":[62],"minimize":[64],"long-run":[65],"are":[68],"low,":[71],"they":[72],"also":[73],"have":[74],"no":[75],"perceptible":[76],"impact":[77],"on":[78],"variance.The":[80],"reports":[82],"and":[83,90],"explores":[84],"these":[85],"results,":[86],"their":[87,92],"apparent":[88],"causes,":[89],"investigates":[91],"implications":[93],"for":[94],"practice.":[96]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2025,"cited_by_count":4},{"year":2024,"cited_by_count":3},{"year":2023,"cited_by_count":1},{"year":2022,"cited_by_count":2},{"year":2020,"cited_by_count":3},{"year":2019,"cited_by_count":3},{"year":2018,"cited_by_count":2},{"year":2017,"cited_by_count":3},{"year":2016,"cited_by_count":3},{"year":2015,"cited_by_count":1},{"year":2014,"cited_by_count":5},{"year":2013,"cited_by_count":1},{"year":2012,"cited_by_count":1}],"updated_date":"2026-10-16T09:59:22.235173","created_date":"2016-06-24T00:00:00"}
