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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

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

External Capital Structures and Oil Price Volatility

Rebucci, Alessandro; Burger, John D.; Warnock, Francis E.; … - Inter-American Development Bank - 2010

This paper assesses the extent to which a country’s external capital structure can aid in mitigating the macroeconomic impact of oil price shocks. Two Caribbean economies highly vulnerable to oil price shocks are considered: an oil importer (Jamaica) and an oil exporter (Trinidad and Tobago)....

Persistent link: https://www.econbiz.de/10008493865

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...

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

Short- and Long-term Hedging for the Corporation

Dumas, Bernard J - C.E.P.R. Discussion Papers - 1994

Exchange risk hedging in a static (i.e. one-period) setting is extremely straightforward. The variance-minimizing hedge …

Persistent link: https://www.econbiz.de/10005136503

Hedge Your Costs: Exchange Rate Risk and Endogenous Currency Invoicing

Novy, Dennis - Department of Economics, University of Warwick - 2006

import prices. Invoicing decisions are driven by firms' desire to hedge costs but also by exchange rate volatility and …

Persistent link: https://www.econbiz.de/10005583077

The Effects of Derivatives on Firm Risk and Value

Bartram, Söhnke M.; Brown, Gregory W.; Conrad, Jennifer - Volkswirtschaftliche Fakultät, … - 2006

could account for the mixed evidence in the literature on the effect of hedging on firm value. …

Persistent link: https://www.econbiz.de/10005617030

Foreign Currency Exposure and Hedging: Evidence from Foreign Acquisitions

Bartram, Söhnke M.; Burns, Natasha; Helwege, Jean - Volkswirtschaftliche Fakultät, … - 2007

targets in other countries. The dataset allows estimation of the impact of exchange rates using firm-specific bilateral … country prior to the deal and its hedging activities, and characteristics of the target, such as the exposure of the target … studying the impact of exchange rate risk on stock returns, but identifying financial hedging information is not. Further …

Persistent link: https://www.econbiz.de/10005621999

Exchange Rate Fluctuations, Financing Constraints, Hedging, and Exports: Evidence from Firm Level Data

Ryoo, Heajin; Dekle, Robert - Econometric Society - 2004

literature by Mussa (1986), Baxter and Stockman (1989), and Flood and Rose (1995), high exchange rate volatility under floating … rates appear not to be related to the high volatility of other macroeconomic variables. However, there is little systematic … balance sheets of aggregate shocks through hedging activities. Thus, we observe a positive relationship between a currency …

Persistent link: https://www.econbiz.de/10005699665

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