Asymmetric Corporate Exposures to Foreign Exchange Rate Changes  

Oleh:

Miller, Kent D. ; Reuer, Jeffrey J.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: Strategic Management Journal vol. 19 no. 12 (1998), page 1183-1192.
Topik: CORPORATE; risk management; real options; pricing - to - market; economic exposure; foreign exchange rate

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: SS30.2 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

Lihat Detail Induk

Isi artikel

Research examining firms' economic exposures to exchange rate movements has not differentiated periods of foreign currency appreciation and depreciation when estimating exposure coefficients. Recent theoretical developments regarding real options and pricing - to - market suggest corporate exposures may be asymmetric (i. e. the financial perfomance impact of a foreign currency appreciation may not be offset by the currency's depreciations). Our empirical analysis indicates that for the small percentage of U. S. manufacturing firms exposed to currency appreciations or depreciations, their exposures are asymmetric.

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