کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
958381 | 1478847 | 2006 | 27 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Measuring the economic importance of exchange rate exposure
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
This paper re-examines the nature and the economic significance of the exchange rate to firm value relation using a database of non-financial firms from over 18 countries. Our main contribution is to apply a portfolio approach to investigate the economic importance of exposure. We find that firms with high international sales outperform those with no international sales during periods of large currency depreciations by 0.72% per month, whereas they underperform by 1.10% per month during periods of large currency appreciations. In contrast to the previous literature, our evidence shows that exchange rate movements can have an economically significant impact on firm value.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Empirical Finance - Volume 13, Issues 4–5, October 2006, Pages 550–576
Journal: Journal of Empirical Finance - Volume 13, Issues 4–5, October 2006, Pages 550–576
نویسندگان
Craig Doidge, John Griffin, Rohan Williamson,