Currency Overlay The Wiley Finance Series 1st Edition by Neil Record ISBN 0470850272 978-0470850275

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Product details:

ISBN 10: 0470850272 

ISBN 13: 978-0470850275

Author: Neil Record

 Currency overlay is the management of the currency exposure inherent in cross-border institutional investments. Exposure to foreign currencies increases the volatility of their returns, without increasing the returns themselves and academics and consultants recommended that the currency exposure should be stripped out of international portfolios and eliminated as far as practicable.

This book provides a comprehensive description of currency overlay, its history and possible future developments and growth, the reason for its emergence, the debates and controversies, the different styles of currency management, and the industry’s performance track record.

This is a subject of international appeal and is an area of particular growth potential for institutional investors.  Coverage includes:

•  The theoretical case for eliminating currency risk in international portfolios
• The interplay between asset returns and currency returns, and the effect of this on hedging decisions
• Benchmarks – their construction and strategic role
• Least-cost passive overlay
• The structure of the currency market, and its ‘inefficiencies’
• Active overlay styles
• Active overlay both restricted and unrestricted (currency alpha)
• Uses diagrams, charts, tables and explanatory boxes to explain concepts

Table of contents: 

• List of Boxes
• Biography
• Acknowledgements

Chapter 1: Introduction
Chapter 2: The Problem
Chapter 3: Currency Hedging
Chapter 4: Foreign Exchange Market – History and Structure
Chapter 5: Theory of Currency Hedging of International Portfolios
Chapter 6: Passive Currency Overlay
Chapter 7: Currency Overlay Benchmarks
Chapter 8: Overlaying Different Asset Classes
Chapter 9: Is the Currency Market Efficient?
Chapter 10: Active Currency Overlay – Management Styles
Chapter 11: Active Currency Overlay – Evidence of Performance
Chapter 12: Implementing Currency Overlay
Chapter 13: Looking Ahead

• References/Useful Reading
• Appendices
• Index

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Neil Record,Currency Overlay,The Wiley,Finance Series