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| Tekijä: | Bartram, S.M. Brown, G.W. Minton, B.A. |
| Otsikko: | Resolving the exposure puzzle: The many facets of exchange rate exposure |
| Lehti: | Journal of Financial Economics
2010 : FEB, VOL. 95:2, p. 148-173 |
| Asiasana: | international financial markets exchange rates competition hedging companies |
| Vapaa asiasana: | automobile industry derivatives |
| Kieli: | eng |
| Tiivistelmä: | Sizeable exchange rate (FX) exposure (hereafter as: exp./exps.) is predicted by theory for many firms. This study extends prior theoretical results, modelling a global firm's FX exp. It is empirically shown that firms pass through part of currency changes to customers and utilize both financial and operational hedges, each reducing exp. by 10-15 percent. Financial hedging with foreign debt, and to a lesser extent FX derivatives, decreases exp. by approximately 40 percent. The combination of these factors reduces FX exps. to observed levels. |
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