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It is widely believed that changes in exchange rates have important implications for financial decision-making and for the profitability of firms. One of the central motivations for the creation of the euro was to eliminate exchange rate risk to enable European firms to operate free from the uncertainties of changes in relative prices resulting from exchange rate movements. At the macro level, there is evidence that the creation of such currency unions results in a dramatic increase in bilateral trade (Frankel and Rose, 2002) | Exchange rate exposure A Journal of INTERNATIONAL ECONOMICS Journal of International Economics 68 2006 188-218 www.elsevier.com locate econbase Exchange rate exposure Kathryn M.E. Domingueza b c Linda L. Tesarb c 1 aFord School of Public Policy University of Michigan United States bNBER United States c Department of Economics University of Michigan Lorch Hall 611 Tappan Street Ann Arbor MI 48109-1220 United States Received 23 November 2001 received in revised form 1 October 2004 accepted 21 January 2005 Abstract In this paper we examine the relationship between exchange rate movements and firm value. We estimate the exchange rate exposure of publicly listed firms in a sample of eight non-US industrialized and emerging markets. We find that exchange rate movements do matter for a significant fraction of firms though which firms are affected and the direction of exposure depends on the specific exchange rate and varies over time suggesting that firms dynamically adjust their behavior in response to exchange rate risk. Exposure is correlated with firm size multinational status foreign sales international assets and competitiveness and trade at the industry level. 2005 Elsevier B.V. All rights reserved. Keywords Firm- and industry-level exposure Exchange rate risk Pass-through JEL classification F23 F31 G15 1. Introduction It is widely believed that changes in exchange rates have important implications for financial decision-making and for the profitability of firms. One of the central Corresponding author. Gerald R. Ford School of Public Policy University of Michigan Lorch Hall 611 Tappan Street Ann Arbor MI 48109-1220 United States. Tel. 1 734 764 9498 fax 1 734 763 9181. E-mail addresses kathrynd@umich.edu K.M.E. Dominguez ltesar@umich.edu L.L. Tesar . 1 Tel. 1 734 763 2254 fax 1 734 764 2769. 0022-1996 - see front matter 2005 Elsevier B.V. All rights reserved. doi 10.1016 j.jinteco.2005.01.002 189 Tài lieu chi xem duoc mot so trang dau. Vui long download file goc .
