A Reexamination of Exchange-Rate Exposure

It is widely believed that exchange-rate changes have important implications for financial decision-making and for firm profitability. This study uses a broad sample of firm and industry returns, equally weighted market returns, and multiple exchange rates to test for exchange-rate exposure. The res...

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Veröffentlicht in:	The American economic review 2001-05, Vol.91 (2), p.396-399
Hauptverfasser:	Kathryn M. E. Dominguez, Tesar, Linda L.
Format:	Artikel
Sprache:	eng
Schlagworte:	Business structures Capital asset pricing models Cash flow Currency Empirical evidence Exchange rates Exchange-Rate Exposure of Firms and Workers Firm theory Foreign exchange rates Industrial market Investors Manycountries Market portfolios Multinational enterprises Profitability Stock prices Stock returns Studies
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Zusammenfassung:	It is widely believed that exchange-rate changes have important implications for financial decision-making and for firm profitability. This study uses a broad sample of firm and industry returns, equally weighted market returns, and multiple exchange rates to test for exchange-rate exposure. The results are consistent with high degrees of exchange-rate exposure at both the firm and industry level across eight countries.
ISSN:	0002-8282 1944-7981
DOI:	10.1257/aer.91.2.396