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| Author: | Capstaff, J. Marshall, A. |
| Title: | The introduction of the euro and derivative use in French firms |
| Journal: | Journal of international financial management & accounting
2007 : SPRING, VOL. 18:1, p. 1-17 |
| Index terms: | currency European Union companies France |
| Language: | eng |
| Abstract: | In Jan.1999, many European countries adopted a common European Union (EU) currency, the "euro". For a sample of French firms, it is found that the decline in the use of FX derivatives was greater for firms with substantial sales within the euro zone and less for firms in industries still having significant imports from outside the euro zone. The focus on derivatives adds to existing research etc. The reduction in hedging was not in direct proportion to the reduction in FX exposure, implying that euro risk was hedged more intensely than French franc risk in the sample of French firms. |
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