This paper examines the factors that give rise to intermediaries in exporting and explores the implications for trade volumes. Export intermediaries such as wholesalers serve different markets and export different products than manufacturing exporters. In particular, high market-specific fixed...

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...