کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
1002879 1377580 2017 24 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
The effects of fair value reporting on corporate foreign exchange exposures
ترجمه فارسی عنوان
اثرات گزارش‌دهی ارزش منصفانه بر روی مواجهات ارز خارجی شرکت های بزرگ
کلمات کلیدی
گزارش‌دهی ارزش منصفانه؛ مواجهه ارز خارجی؛ مواجهه ارز خارجی نامتقارن
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری کسب و کار و مدیریت بین المللی
چکیده انگلیسی


• We analyze the effects of fair value reporting standards (FVR) SFAS 133 and IAS 39.
• We study the effects of FVR on corporate foreign exchange (FX) exposures.
• We observe reductions in FX exposures to developed market currencies post-FVR.
• Risk reductions mainly affect U.S. MNCs not control groups of DCs.
• We report changes in FX exposure asymmetry affecting MNCs and DCs.

We analyze the effects of fair value reporting standards (FVR) SFAS 133 and IAS 39 on foreign exchange (FX) exposures of U.S. multinational firms. We observe reductions in FX exposures to developed market currencies that coincide with the implementation of FVR. Risk reductions mainly affect U.S. multinational firms and to a much lesser extent matched control groups of domestic firms. For firms with exposures to emerging market currencies, we observe no changes in positive FX exposures but substantial shifts in negative exposures resulting in a change of exposure direction. Additionally we report changes in FX exposure asymmetry affecting multinational and domestic firms. Observed results are robust to several alternative model specifications and are unlikely explained by the launch of the euro, changes in firm-level FX exposure determinants, the rise and decline of technology shocks, shifts in systematic risk factors, or the Asian Financial Crisis.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Research in International Business and Finance - Volume 39, Part A, January 2017, Pages 215–238
نویسندگان
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