haku: @indexterm Hedging / yhteensä: 349
viite: 39 / 349
| Tekijä: | Muller, A. Verschoor, W.F.C. |
| Otsikko: | European foreign exchange risk exposure |
| Lehti: | European Financial Management
2006 : MAR, VOL. 12:2, p. 195-220 |
| Asiasana: | financial markets stock markets exchange rates currency risk hedging policy multinational companies Europe |
| Kieli: | eng |
| Tiivistelmä: | It is found that about 13 percent of the study's sample of 817 European multinational firms experienced economically significant exposure (here as: exp./exps.) effects to the Japanese yen, 14 percent to the U.S. dollar and 22 percent to the U.K. pound. This evidence substantially differs from the U.S. experience suggesting that a depreciating (appreciating) euro against foreign currencies has a net negative (positive) impact on European stock returns. Short-term exp. seems to be relatively well hedged, where considerable evidence of long-term exp. is found. Firms with weak liquidity positions tend to have smaller exps. Foreign exp. is found to increase with firm size. |
SCIMA