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Information, unternehmensinterne Kommunikation und Risikopolitik
Broll, Udo; Gilroy, Bernard Michael; Wahl, Jack E. - Volkswirtschaftliche Fakultät, … - 2003
of an international enterprise open currency position does not inevitably require a corresponding hedging accommodation …. Given a new risk situation, whether a revision of the hedging-strategy is appropriate will depend upon the elasticity of …
Persistent link: https://www.econbiz.de/10008529246
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Crossing the Lines: The Conditional Relation between Exchange Rate Exposure and Stock Returns in Emerging and Developed Markets
Bartram, Söhnke M.; Bodnar, Gordon M. - Volkswirtschaftliche Fakultät, … - 2006
This paper examines the importance of exchange rate risk in the return generating process for a large sample of non-financial firms from 37 countries. We argue that the effect of exchange rate exposure on stock returns should be conditional and show evidence of a significant return premium to...
Persistent link: https://www.econbiz.de/10005835943
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International Financial Aggregation and Index Number Theory: A Chronological Half-Century Empirical Overview
Barnett, William A.; Chauvet, Marcelle - Volkswirtschaftliche Fakultät, … - 2008
This paper comprises a survey of a half century of research on international monetary aggregate data. We argue that since monetary assets began yielding interest, the simple sum monetary aggregates have had no foundations in economic theory and have sequentially produced one source of...
Persistent link: https://www.econbiz.de/10005621844
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Crossing the Lines: The Conditional Relation between Exchange Rate Exposure and Stock Returns in Emerging and Developed Markets
Bartram, Sohnke M.; Bodnar, Gordon M. - Volkswirtschaftliche Fakultät, … - 2006
This paper examines the importance of exchange rate risk in the return generating process for a large sample of non-financial firms from 37 countries. We argue that the effect of exchange rate exposure on stock returns should be conditional and show evidence of a significant return premium to...
Persistent link: https://www.econbiz.de/10011109754
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Hedging currency risk: Does it have to be so complicated?
Haefliger, Thomas; Waelchli, Urs; Wydler, Daniel - Volkswirtschaftliche Fakultät, … - 2002
depend much on the time period chosen. Empirical evidence confirms the hypothesis that currency hedging should be fully …
Persistent link: https://www.econbiz.de/10008693568
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Risk Management Theory: A comprehensive empirical assessment
Klimczak, Karol Marek - Volkswirtschaftliche Fakultät, … - 2007
The aim of this paper is to develop a methodology for thorough empirical testing of major contemporary corporate risk management theories: financial theory, agency theory, stakeholder theory and new institutional economics. Unlike in previous research, the tests are organised around theories,...
Persistent link: https://www.econbiz.de/10005836311
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Corporate Cash Flow and Stock Price Exposures to Foreign Exchange Rate Risk
Bartram, Söhnke M. - Volkswirtschaftliche Fakultät, … - 2007
This paper estimates the foreign exchange rate exposure of 6,917 U.S. nonfinancial firms on the basis of stock prices and corporate cash flows. The results show that several firms are significantly exposed to at least one of the foreign exchange rates Canadian Dollar, Japanese Yen and Euro, and...
Persistent link: https://www.econbiz.de/10005836323
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Rationales for corporate risk management from stakeholders’ perspective
Klimczak, Karol Marek - Volkswirtschaftliche Fakultät, … - 2005
stakeholder groups’ interests. A study of the use of hedging instruments in 161 Polish non-financial listed companies is then … determine relationships between the hedging decision and financial standing of companies. However, company size is proved to be … the only significant factor for a hedging decision. The implications of these findings and new research questions are …
Persistent link: https://www.econbiz.de/10005837109
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Risk and Asian exchange rate regimes
Goyal, Ashima; Agarwal, Ankita - Volkswirtschaftliche Fakultät, … - 2005
A panel regression gives evidence that more flexibility in Asian exchange rates reduces risk associated with bank borrowing abroad, but deviations from mean exchange rates, and from the renminbi, increase risk. Since the exchange rate regime affects bank behavior and the incentives to hedge, the...
Persistent link: https://www.econbiz.de/10008490078
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The Effects of Derivatives on Firm Risk and Value
Bartram, Söhnke M.; Brown, Gregory W.; Conrad, Jennifer - Volkswirtschaftliche Fakultät, … - 2006
Using a sample of 6,888 non-financial firms from 47 countries, we examine the effect of derivative use on firms’ risk … the use of financial derivatives reduces both total risk and systematic risk. The effect of derivative use on firm value … could account for the mixed evidence in the literature on the effect of hedging on firm value. …
Persistent link: https://www.econbiz.de/10005617030