Kedia, Simi; Mozumdar, Abon - In: The Journal of Business 76 (2003) 4, pp. 521-546
We examine the determinants of debt issuance in 10 major currencies by large U.S. firms. Using the fraction of foreign subsidiaries and tests exploiting the disaggregated nature of our data, we find strong evidence that firms issue foreign currency debt to hedge their exposure both at the...