Cause and FX
Equity markets have been focusing in recent months on corporate FX hedging practices. The risk has been asymmetric. The stocks of companies that unveil losses due to insufficient or inappropriate hedging policies are harshly penalised. But firms with solid hedging policies are not necessarily rewarded. The situation is eerily reminiscent of the way equity markets handled the corporate malfeasance scandals of 2002 and the pension funding crisis a couple of months ago.
Companies traditionally
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