We argue that, by opening the US and Canadian markets to Mexican goods, NAFTA made it easier for domestic producers to take advantage of the opportunities brought by the depreciation of the real exchange rate. To identify this mechanism, we use plant-level data and compare the behavior of ...
Our results suggest that, in addition to exchange rate dynamics, increased exchange rate volatility appears to have significant and negative effects on firms' stock returns. Compared to domestic firms, multinational firms experience greater exchange rate exposure. Finally, we show that exchange rate ...
exchange rate exposure the extent of a firm's potential losses/gains on its overseas operations (measured in domestic currency terms) as a result ofEXCHANGE RATEchanges. The firm can be exposed to variations in exchange rates in a number of ways: ...
The foreign currencies to which the Company has the most significant exchange rate exposure include the euro, the Japanese yen, and the British pound sterling. Exposure to foreign currency rate fluctuation is monitored, and when possible, mitigated through the use of local borrowings in the foreign...
Firm Valuation, Earnings Expectations, and the Exchange‐Rate Exposure Effect CAPITAL MARKETS METHODOLOGYSIC CODESINDUSTRY CLASSIFICATIONConsistent with previous research, we fail to find a significant correlation between the abnormal returns... E Bartov,GM Bodnar - 《Journal of Finance》 被引量: 1251发...
This recent evidence at the firm level supports that exchange-rate risk does increase trade costs and deter exports, but often with an intensity depending on firms’ characteristics (for instance, exposure to financial constraints in Héricourt and Poncet, 2015). This paper belongs to this latter...
This paper highlights the relationship between foreign exchange rate fluctuations and firms’ export market dynamics using a Chinese firm-level production data and a firm-level trade data over the period of 2000–2006. This study adopts a discrete-time survival model in our empirical investigation an...
Physical Climate Change Exposure and Stock Returns 14分钟 1259播放 Asset Bubbles and Monetary Policy in Open Economies 19分钟 1296播放 Optimal Income Taxation in an Integrated Economy 17分钟 1166播放 A Distance Covariance-based Estimator 31分钟 1170播放 Output Divergence in Fixed Exchange Rate Regimes:...
This study analyzes how exchange rate risk exposure and foreign industry competition affect Chinese industries. Using the data from 2005 to 2018, the authors find that industry competition from the US has a statistically significant influence on 33.3 percent of Chinese industries. Unsurprisingly, tradabl...
If prices do not respond fully to changes in the nominal exchange rate, who bears the cost of such large and unpredictable changes: foreign firms, domestic firms, or domestic consumers? This study presents a new analysis of the sources of this incomplete pass-through and then uses this ...