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Currency Hedging : Managing Cash Flow Exposure
Alfaro, Laura; Calani, Mauricio; Varela, Liliana - National Bureau of Economic Research - 2021
Foreign currency derivative markets are among the largest in the world, yet their role in emerging markets is relatively understudied. We study firms' currency risk exposure and their hedging choices by employing a unique dataset covering the universe of FX derivatives transactions in Chile...
Persistent link: https://www.econbiz.de/10012585394
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Foreign Competition and Domestic Innovation : Evidence from U.S. Patents
Autor, David - 2016
The competitive shock to the U.S. manufacturing sector spurred by rising China import competition could either catalyze or stifle innovation. Using three distinct sources of variation to identify rising trade exposure, we provide a causal analysis of the effect of surging import competition on...
Persistent link: https://www.econbiz.de/10012455801
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Exchange Rate Exposure
Dominguez, Kathryn M.E. - 2001
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, and find that a significant percentage of these firms are indeed exposed....
Persistent link: https://www.econbiz.de/10012470265
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Forward and Spot Exchange Rates in a Multi-currency World
Hassan, Tarek A. - 2014
Separate literatures study violations of uncovered interest parity using regression-based and portfolio-based methods. We propose a decomposition of these violations into a cross-currency, a between-time-and-currency, and a cross-time component that allows us to analytically relate...
Persistent link: https://www.econbiz.de/10012458373
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New Measurement of Export Participation in U.S. Manufacturing
Boehm, Christoph E.; Flaaen, Aaron; Pandalai-Nayar, Nitya - National Bureau of Economic Research - 2023
We measure export participation rates in the U.S. manufacturing sector using a new administrative dataset and compare them to participation rates constructed from the commonly used Census of Manufacturers (CM). Both at the establishment and firm level export participation rates are near 40...
Persistent link: https://www.econbiz.de/10013537758
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Why has the yen failed to become a dominant invoicing currency in Asia? A firm-level analysis of Japanese Exporters' invoicing behavior
Ito, Takatoshi - 2010
exports to advanced countries, and second, the prevalence of US dollar invoicing in Japanese exports to East Asia even though … examined by probit estimation using the unique data set on the firms' currency invoicing choice by destination. Our novel … findings suggest that a surprisingly low share of yen invoicing among Japanese exports even in the 2000s can be attributable to …
Persistent link: https://www.econbiz.de/10012462424
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Exports and Foreign Investment in Manufacturing Industries
Lipsey, Robert E. - 1976
One of the main purposes of our studies of U.S.-based multinational firms has been to examine the relationship between direct investment by U.S. firms and the export trade of the United States, a subject of bitter controversy for at least the last fifteen years. Changes over time in trade flows...
Persistent link: https://www.econbiz.de/10012478996
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International Shocks and Domestic Prices : How Large Are Strategic Complementarities?
Amiti, Mary - 2016
identification strategy to estimate the elasticities of a firm's price response to both its own cost shocks and to the price changes … substantial heterogeneity in these elasticities across firms, with small firms showing no strategic complementarities and a … elasticities of around 50%. We show, using a tightly calibrated quantitative model, that these findings have important implications …
Persistent link: https://www.econbiz.de/10012456555
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Foreign Currency for Long-Term Investors
Campbell, John Y. - 2002
Conventional wisdom holds that conservative investors should avoid exposure to foreign currency risk. Even if they hold foreign equities, they should hedge the currency exposure of these positions and should hold only domestic Treasury bills. This paper argues that the conventional wisdom may be...
Persistent link: https://www.econbiz.de/10012469638
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Exchange Rate Exposure and Risk Management : The case of Japanese Exporting Firms
Ito, Takatoshi - 2015
This paper investigates the relationship between the Japanese firms' exposure to the exchange rate risk and risk management, such as choice of invoicing currency, and financial and operational hedge. The firm's exposure to the exchange rate risk is estimated by co-movements of the stock prices...
Persistent link: https://www.econbiz.de/10012457628