Becker, Törbjörn I.; Richards, Anthony J.; Gelos, Gaston - International Monetary Fund (IMF) - 2000
Using company-level data, this paper examines the relative stock-market performance of firms with different foreign-exchange exposures around the time of the 1994/95 Mexican crisis. Contrary to what one might have expected given the alleged peso overvaluation, exporting firms outperformed the...