NO.PZ2020020601000055
问题如下：
A company calculates its translation risk for its three-month and six-month statements and hedges each with a forward contract. Is this a sensible strategy? Discuss.
选项：
解释：
Whether or not balance sheet risks should be hedged with forward contracts is debatable. (Some argue that reducing the volatility of earnings is desirable; others argue that non-cash-flow risks should not be hedged.) If they are, it only makes sense to hedge the risk at one future time. Otherwise there is over-hedging. This is a key difference between transaction and translation risk.
如题所述，translation risk并不一定发生，所以为什么需要hedge呢？
