We survey and analyze risk management goals, policies, and perceptions of risk managers in businesses and organizations around the world. With more than 1,100 responses and a global scope, we ask specific questions about risk management behavior in six risk areas: interest rate, foreign...

From a sample of 910 U.S. firms over the period 1977 1996, we find that structure of the empirical model has significant impacts on resulting estimates of exchange rate exposures from equity returns. While lengthening the return horizon has minimal impact on exposure estimates, the inclusion of...

This paper examines the influence of institutional differences on corporate risk management practices in the US and the Netherlands. We compare results to surveys in each country using a strategy that corrects for differences over industry and size classes across the Dutch and US samples. We...

This paper examines the influence of institutional differences on risk management practices in the US and the Netherlands. This comparison is interesting because the Dutch firms' institutional setting differs from the US setting with respect to shareholder orientation, international trade,...

This paper presents an empirical exploration of the relation between abnormal stock returns of U.S. firms with inter-national activities and fluctuations in the U.S. dollar. Consistent with previous research, we fail to find a signifi-cant correlation between abnormal returns of our sample firms...

This study further explores a structural break in the relation between stock returns of firms with foreign currency positions and lagged exchange rate changes (exchange rate exposure effect) documented in Bartov and Bodnar (l994). We examine whether changes in the financial accounting reporting...

Beginning in 1985 Italy embarked on a path of progressive removal of its system of controls on portfolio investment, a process formally completed with the abolition of all remaining restrictions in 1990. In this paper we review this policy of capital liberalization and integrate the analysis...

This paper studies the implications of the imperfect credibility of an exchange rate target zone on the terra structure of forward premia. The relationship between spot and forward exchange rates of different maturities reflects the possibility of repeated realignments of the exchange rate band....

Using data for the major currencies from 1973 to 1994, we apply recent tests of asset price volatility to re-examine whether exchange rates have been excessively volatile with respect to the predictions of the monetary model of the exchange rate and of standard extensions that allow for sticky...

This paper demonstrates the value-relevance of foreign earnings for U.S. multinational firms by examining the associations between annual abnormal stock performance and changes in firms? domestic and foreign incomes. For 2570 firm-year observations between 1985 and 1993, both foreign and...