Book 5, Page 299中提到
“stock returns and currency movements are quite independent. If a foreign asset’s returns are uncorrelated with short-term currency movements, a hedge ratio of unity is a reasonable strategy.”
可是如果他们是independent的话，hedge ratio怎么会有效呢？大家怎么理解的呢？
[此贴子已经被作者于2011-5-26 13:34:02编辑过] | 
发表于 2011-5-24 17:04
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