Görüntüleme
49
İndirme
23
Amaç: Bu çalışmanın amacı, söz konusu dönem içinde forward ve futures kontratlarının dolar ve Euro yatırımlarında performanslarının, belirtilen vadede spot kurlarla karşılaştırılmasıdır. Yöntem: Çalışmada kullanılan veriseti, 01.11.2016 - 01.11.2018 dönemi için aylık ve 3 aylık dolar ve euro kur verileri ve Dolar, Tl ve Euro faiz oranları ile standart forward kur hesaplama formülasyonu ve futures formülasyonu kullanılarak oluşan verilerdir. . Elde edilen veriseti ile söz konusu dönem içinde belirtilen vadelerde forward ve futures fiyatlaması yapılmış ve spot kurlara göre şirkertin kar / zarar pozisyonu dolar ve Euro alternatiflerinde karşılaştırılmıştır. Bulgular ve Sonuç: Yapılan analiz sonucunda, 01.11.2016 – 01.11.2018 döneminde kur riskinden korunmada forward ve futures kullanan firmaların belli dönemlerde kar etmiş olmalarının yanında, belli dönemlerde zarar kaydetmiş oldukları sonucuna varılmıştır. Verisetinin geneli incelendiği zaman firmaların, Futures ve Forward anlaşmaları kar zarar oranları karşılaştırıldığı zaman Forward anlaşmaları kullanan KOBİlerin daha çok kar yazacağı sonucuna varılmıştır. Dolar ve Euro para birimlerinde, kar zarar karşılaştırılması yapıldığı zaman, Euro para biriminde Futures yada Forward kullanan firmaların daha fazla kar kaydettikleri sonucu elde edilmiştir. Kriz dönemleri öncesinde yapılan forward yada futures anlaşmaların firmaları büyük zarardan kurtaracağı, aynı zamanda kriz döneminde yüksek kur ve yüksek faizden dolayı, forward yada futures işlemlerinin firmalara zarar kaydettiği sonucuna varılmıştır.
Purpose: The purpose of this study is to compare the performance of forward and futures contracts in dollars and euro investments in the specified period with spot rates. Method: The data used in the study are monthly and three-month dollar and euro currency data for the period 01.11.2016 - 01.11.2018 and the data consisting of the standard forward currency calculation formula and futures formula with the interest rates of the dollar, Tl and Euro. . with the obtained data, forward and futures prices were made in the period specified and the company's profit / loss position was compared in the dollar and euro alternatives according to the spot rates. Results and Results: As a result of the analysis, 01.11.2016 - 01.11. In the 2018 period, companies that use forward and futures in protecting against currency risk have gained profits in certain periods, and in certain periods they have lost. When the data was examined in general, the company, Futures and Forward agreements compared the profits and losses rates, it was concluded that women using Forward agreements would make more profits. In the currencies of the dollar and the euro, when the profit loss is compared, the result is that companies using Futures or Forward in the euro currency record more profits. The conclusion is that forward or futures agreements made prior to the crisis period will save companies from large losses, but also due to high rates and high interest rates during the crisis period, forward or futures transactions will result in damages to companies.
Objective: The aim of this study is to compare the performances of forward and futures contracts in dollar and Euro investments with spot rates in the specified period. Method: The data used in the study is the monthly and quarterly dollar and euro exchange rate data for the period 01.11.2016 - 01.11.2018 and the interest rates of Dollar, TL and Euro and the standard forward exchange rate calculation formulation and futures formulation. . With the data obtained, forward and futures pricing was made in the maturities specified in the said period and the profit / loss position of the company was compared in dollar and Euro alternatives according to the spot rates. Findings and Conclusion: As a result of the analysis, it was concluded that firms using forward and futures in the period of 01.11.2016 - 01.11.2018 will have profits and loss in certain periods. When the overall data is analyzed, it is concluded that the SMEs using forward agreements will write more profit compared to Futures agreements. When the profit and loss is compared in the dollar and Euro currencies, it is obtained that the companies that use Futures or Forward in Euro currency recorded more profit. It is concluded that forward or futures agreements made before the crisis periods will save the companies from great losses and at the same time due to the high exchange rate and high interest rate in the crisis period, forward or futures transactions have been damaged by the companies.
Alan : Eğitim Bilimleri; Filoloji; Güzel Sanatlar; Hukuk; İlahiyat; Sosyal, Beşeri ve İdari Bilimler; Spor Bilimleri
Dergi Türü : Uluslararası
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