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Mayhew, Stewart; Mihov, Vassil - EconWPA - 2000

Previous research has documented that the introduction of options seems to affect the volatility, liquidity, price and other characteristics of the underlying stock. Existing research, however, has not adequately accounted for the fact that option listing is endogenous, a result of decisions...

Persistent link: https://www.econbiz.de/10005134669

The Interest Rate Exposure of Nonfinancial Corporations

Bartram, Sohnke M. - EconWPA - 2001

Many interest rates are as volatile as exchange rates and thus represent an equally important source of risk for corporations. While this is true not only for financial institutions, but for other corporations as well, little is known about the interest rate exposure of nonfinancial firms....

Persistent link: https://www.econbiz.de/10005134675

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

International Evidence on Financial Derivatives Usage

Bartram, Sohnke M.; Brown, Gregory W.; Fehle, Frank R. - EconWPA - 2003

This paper presents international evidence on the use of financial derivatives for a sample of 7,292 non …-financial firms from 48 countries including the United States. Across all countries, 59.8% of the firms use derivatives in general …, while 43.6% use currency derivatives, 32.5% interest rate derivatives, and only 10.0% commodity price derivatives …

Persistent link: https://www.econbiz.de/10005134828

Corporate Risk Management as a Lever for Shareholder Value Creation

Bartram, Sohnke M. - EconWPA - 2001

Firm value is influenced in many direct and indirect ways by financial risks, which consist of unexpected changes of foreign exchange rates, interest rates and commodity prices. The fact that a significant number of corporations are committing resources to risk management activi-ties is,...

Persistent link: https://www.econbiz.de/10005134866

The Efficiency of Canadian Capital Markets: Some Bank of Canada Research

Hendry, Scott; King, Michael R. - EconWPA - 2004

Capital markets and their related financial instruments make an important contribution to the welfare of Canadians. The Bank of Canada is interested in the efficient functioning of capital markets through each of its responsibilities for monetary policy, the financial system, and funds...

Persistent link: https://www.econbiz.de/10005413072

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