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| Author: | Clark, E. Mefteh, S. |
| Title: | Asymmetric foreign currency exposures and derivatives use: Evidence from France |
| Journal: | Journal of international financial management & accounting
2011 : SPRING, VOL. 22:1, p. 27-45 |
| Index terms: | financial markets currency markets foreign exchange exchange rates risk derivative securities hedging stock returns companies France |
| Language: | eng |
| Abstract: | This paper presents evidence on the asymmetric sensitivity of stock returns of French companies to exchange rate risk and the effect of foreign currency (FC) derivative (henceforth as: dervs.) use in mitigating the risk. It is shown that FC exposure is frequently asymmetric, differing as to the US dollar (USD) and non-USD currencies (as: currs). Based on cross-sectional analysis, it is found that FC dervs.' use has a significant effect on reducing FC exposure to appreciations (here as: apprs.) and depreciations (as: deprs.) of non-USD currs. and USD deprs., but not to USD apprs. |
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