کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5084830 1477921 2014 10 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
No puzzle: The foreign exchange exposure of Australian firms
ترجمه فارسی عنوان
بدون پازل: قرار گرفتن در معرض ارز خارجی شرکت های استرالیا
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی
In this paper we analyze the constant and time-varying influence of currency movements on the value of Australian firms listed on the S&P/ASX 100 index for a period from 1980 to 2010 using daily, weekly, monthly and quarterly returns. Whilst the constant exposure model provides only weak evidence over the full sample period the time-varying exposure analysis reveals that most firms are exposed to currency movements in some periods. The exchange rate exposure of Australian firms is dependent on the appreciation or depreciation trajectory of the Australian dollar and on the sample frequencies used. The positive average FX exposure is consistent with the structure of the Australian economy, the size of the mining sector and the role of the Australian dollar as a commodity currency. Finally, we argue that our findings are fully consistent with financial theory and do not constitute a puzzle.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: International Review of Financial Analysis - Volume 32, March 2014, Pages 13-22
نویسندگان
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