What following statements are correct?

I. Planning for operating exposure is a finance responsibility.

II. From a broader perspective, operating exposure is not just the sensitivity of a firms future cash flows to unexpected changes in foreign exchange rates, but also to its sensitivity to other key macroeconomic variables.

III. Operating exposure is inevitably subjective, because it depends on estimates of future cash flow changes over an arbitrary time horizon.

IV. Money market hedges almost always return more than forward hedges because of the greater risk involved.

		I only
		I and II
		II and III
		I, II, III
		III and IV