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| Tekijä: | Makar, S.D. Huffman, S.P. |
| Otsikko: | UK multinationals' effective use of financial currency-hedge techniques: Estimating and explaining foreign exchange exposure using bilateral exchange rates |
| Lehti: | Journal of international financial management & accounting
2008 : AUTUMN, VOL. 19:3, p. 219-235 |
| Asiasana: | finance accounting exchange rates multinational companies United Kingdom |
| Vapaa asiasana: | disclosure of information |
| Kieli: | eng |
| Tiivistelmä: | Based on a unique dataset of available accounting disclosures, this study explores the relationship btw. U.K. multinationals stock returns and changes in the exchange rate (here as: e-r.) to which each firm is most exposed. There are found more firms with significant foreign (here as: frgn.) e-r. exposure estimates using this firm-specific principal currency (as: crr.) data, compared with those exposure estimates using the broad e-r. index data of prior studies. Particularly, there is evidence of firms effectively using frgn. crr. derivatives and frgn.-denominated debt to reduce the crr. risk associated with the bilateral e-r. to which they are most exposed. |
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