学 术 报 告
主 讲 人：加拿大劳里埃大学 赵萱教授
报告题目：Operational Hedging or Financial Hedging? Strategic Risk Management in Commodity Procurement
报告地点：腾讯会议: https:/meeting.tencent.com/s/cv6GIjO8ybcd ID: 942 350 789
邀 请 人：樊治平 教授
Abstract：We study the risk management strategies of two manufacturers who procure a commodity from a supplier as the main input to produce a homogeneous product and compete in a downstream market. Themanufacturers can adopt financial hedging and/or spot trading to control risks. Financial hedging can reduce profit variance by trading a financial asset, whereas spot trading as an operational hedging instrument canreduce the demand-supply mismatch risk. Our analysis indicates that neither financial hedging nor spot trading can completely dominate the other when manufacturers adopt a single risk management strategy.Spot trading fits well in scenarios with low spot price volatilities, low demand uncertainties, and small niche markets, whereas financial hedging is suitable for the opposite situations. Further, we find that thecombination of financial hedging and spot trading completely dominates spot trading; however, it cannot completely dominate financial hedging. An important implication is that financial hedging can substitute spot trading, or complement spot trading to generate additional value to manufacturers; however, spot trading cannot substitute financial hedging. Another interesting result is that asymmetric risk management equilibrium arises irrespective of whether only a single risk management strategy is accessible or both risk management strategies are available becausesymmetric manufacturers must adopt differentiated risk management strategies to fully utilize their benefits to alter the nature ofcompetition.
Dr. Zhao is a Professor at the Operations and Decision Sciences in the Lazaridis School of Business and Economics, Wilfrid Laurier University. She holds a Ph.D. in the joint fields of Management Science and Transportation/Logistics from the University of British Columbia. Her research involves utilizing the tools of Management Science/Operations Research and Economics to model, analyze, and derive insights intoproblems in the areas of Supply Chain Management, Marketing/OM interfaces, Revenue Management, Entrepreneurships, and Sustainable Operations. Her research papers appear in prestigious refereed journals in operations such as Manufacturing & Service Operations Management, Production and Operations Management, IIE Transactions, European Journal of Operational Research, Naval Research Logistics, Decision Sciences as well as in strong marketing journals such as Quantitative Marketing and Economics. Dr. Zhao’s research has been recognized and supported by research councils in Canada such as Natural Sciences and Engineering Research Council of Canada, Social Sciences and Humanities Research Council, and Ministry of Ontario Research and Innovation Council. External and internal funds (total of $636,000) enable her to supervise many post-docs and graduate students. She is also a member of NSERC Discovery Grant Evaluation Group in the field of Civil, Industrial and Systems Engineering.