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Financial risk management is an inherent part of each business activity. The analysis of available hedgingstrategies, theirs interconnection with efficient market and firm value theories, as well as various empiricalstudies are regular theme of scientific papers. In this study we focus on an alternative approach to hedging offinancial risk of non-financial institutions – the partial hedging approach with shortfall acceptation. Thisapproach initiates from Föllmer and Leukert (1999) method of quantile hedging. It is also related to cashflow atrisk approach of Stein et al. (2001). The approach to hedging presented in this paper is based on a combinedoption position, so that a substantial decrease in initial capital needs can be achieved by accepting of someprobability of shortfall. The strategy is studied under various circumstances given e.g. by risk neutral and realmarket probabilities. Simultaneously, it is compared to more standard strategies of hedging. Finally, we presenttwo interesting findings: (i) real world probability of shortfall significantly differs from the risk neutral one, (ii)at first sight insignificant error in simulation results can have important influence on the interpretation of partialhedging strategies

Posouzení metody částečného hedgingu na případu řízení měnového rizika nefinanční instituce