Pass - Through And Exposure  

Oleh:

Marston, Richard C. ; Dumas, Bernard ; Bodnar, Gordon M.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 57 no. 1 (2002), page 199-232.
Topik: EXPOSURE; studies; foreign exchange rates; profitability; pricing policies; models
Fulltext: p 199.pdf (665.61KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88.5 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

Forms differ in the extent to which they "pass - through" changes in exchange rates into foreign currency rpices and in their "exposure" to exchange rates - the responsiveness of their profits to changes in exchange rates. Because pricing affects profitability a firm's pass - through and exposure should be related. This paper develops models of exporting firms under imperfect competition to study these related phenomena. From these models we derive the optimal pass - through decisions and the resulting exchange rate exposure. The models are estimated on weight japanese export industries using both the price data pass - through and financial data for exposure.

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