This empirical study of manufacturing firms (NAICS 33) in the EU15 countries goes beyond the trade statistics that have indicated only a small to negligible effect from the introduction of the Euro and shows that the introduction of the Euro has made Euro firms (firms based in one of the 12 Euro...

Purpose – The purpose of this paper is to investigate how non-finance departmental involvement in the management of exchange rate risks impacts the extent of foreign exchange speculation in non-financial firms. Design/methodology/approach – Non-financial firms in a small open economy...

We investigate whether and how multinationality affects the opaqueness of the firm. We use multiple alternative measurements of multinationality and opaqueness. Spanning nearly three decades for a large sample of US non-financial firms, we find a statistically and economically significant,...

Local bias within a country and between countries is well established in the empirical literature. However, the underlying reasons are less well established. In a simple supply and demand framework, Hong, Kubik, and Stein (hereafter HKS) [2008. The only game in town: Stock-price consequences of...

This article summarizes the authors' study of manufacturing firms in the 15 countries that made up the EU prior to its 2004 expansion. The study's main finding is that the introduction of the Euro has made companies based in one of the 12 countries that opted to adopt the Euro more inclined than...