Corporate cash flow and stock price exposures to foreign exchange rate risk

被引：40

作者：

Bartram, Soehnke M. ^{[1
]}

机构：

[1] Univ Lancaster, Sch Management, Lancaster LA1 4YX, England

来源：

JOURNAL OF CORPORATE FINANCE | 2007年 / 13卷 / 05期

关键词：

corporate finance; risk management; exposure; foreign exchange rates; hedging;

D O I：

10.1016/j.jcorpfin.2007.05.002

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper estimates the foreign exchange rate exposure of 6917 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 significant exposures are more frequent at longer horizons. The percentage of firms for which stock price and earnings exposures are significantly different is relatively low, though it increases with time horizon. Overall, the impact of exchange rate risk on stock prices and cash flows is similar and determined by a related set of economic factors. (c) 2007 Elsevier B.V. All rights reserved.

引用

页码：981 / 994

页数：14