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| Author: | Pantzalis, C. Simkins, B.J. Laux, P.A. |
| Title: | Operational hedges and the foreign exchange exposure of U.S. multinational corporations |
| Journal: | Journal of International Business Studies
2001 : VOL. 32:4, p. 793-812 |
| Index terms: | Multinational companies Subsidiary companies Exchange rates Finance Hedging Statistical methods Models USA |
| Language: | eng |
| Abstract: | This paper examines the impact of operational hedges of U.S. multinational corporations (MNCs) on their exchange rate exposure. The two important contributions of this study are: First, it documents the importance of operational hedges as significant determinants of exchange rate risk, as measured by breadth and depth dimensions of the MNC foreign subsidiary network. Second, this finding remains robust even after examining the impact of operational hedges on exposure separately for negatively and positively exposed MNCs. |
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