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Linear and Nonlinear Foreign Exchange Rate Exposures of German Nonfinancial Corporations

Bartram, Sohnke M. - EconWPA - 2002

It has been viewed as an unsolved puzzle that only for a small number of firms a significant impact of foreign exchange rate risk on firm value could be detected empirically. This paper investigates whether the results of previous studies can be explained by the fact that only the linear...

Persistent link: https://www.econbiz.de/10005134773

The Impact of the Introduction of the Euro on Foreign Exchange Rate Risk Exposures

Bartram, Sohnke M.; Karolyi, G. Andrew - EconWPA - 2002

This paper examines whether the introduction of the Euro in 1999 was associated with lower stock return volatility, market risk exposures and foreign exchange rate risk exposures for 12,821 nonfinancial firms in Europe, the United States, and Japan. We show that though the Euro led to a...

Persistent link: https://www.econbiz.de/10005413119

New types of non-trade related participation in commodity futures markets

Rutten, Lamon - EconWPA - 2003

involvement of banks. The impact of this new form of "speculation" on the price formation process on commodity futures markets is …

Persistent link: https://www.econbiz.de/10005077040

An Analysis of the Profiles and Motivations of Habitual Commodity Speculators

Canoles, W. Bruce; Thompson, Sarahelen R.; Irwin, Scott H. - EconWPA - 1997

The focus of this study is the habitual speculator in commodity futures markets. The speculator's activity broadens a market, creates essential liquidity, and performs an irreplaceable pricing function. Working knowledge of the profiles and motivations of habitual speculators is essential to...

Persistent link: https://www.econbiz.de/10005134865

Speculation in First-Price Auctions with Resale

Troger, Thomas - EconWPA - 2003

We analyze first-price auctions with two asymmetric bidders, where the winner can offer the good for resale to the loser. One bidder has a private value for the good, the other bidder - the speculator - has zero value. We show that, independently of the resale market rules, the speculator's...

Persistent link: https://www.econbiz.de/10005134987

Speculation in Second-Price Auctions with Resale

Garratt, Rod; Troger, Thomas - EconWPA - 2003

equilibria that are profitable for a speculator. With no reserve price in the initial auction, speculation can enhance the … initial seller's expected revenue. On the other hand, speculation can harm the initial seller even if she chooses an optimal …

Persistent link: https://www.econbiz.de/10005118641

Macroeconomics of Speculation

Erturk, Korkut - EconWPA - 2005

speculation per se, ignoring asset price bubbles and their macroeconomic effects. That is perhaps because his views were formed … during the era of financial regulation, when speculation “could do no harm as bubbles on a steady stream of enterprise … a whirlpool of speculation” has begun to ring true again. To deepen our understanding of financial fragility under …

Persistent link: https://www.econbiz.de/10005561366

Speculation in Standard Auctions with Resale

Garratt, Rod; Troger, Thomas - EconWPA - 2004

We analyze the role resale creates for zero-value bidders, called speculators, in standard auctions with symmetric independent private values buyers. English/second-price auctions always have equilibria with active resale markets and positive profits for a speculator. In first- price/Dutch...

Persistent link: https://www.econbiz.de/10005561846