| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w8128 |
| 来源ID | Working Paper 8128 |
| A Re-Examination of Exchange Rate Exposure | |
| Kathryn M.E. Dominguez; Linda L. Tesar | |
| 发表日期 | 2001-02-01 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | Finance theory suggests that changes in exchange rates should have little influence on asset prices in a world that has become increasingly with integrated capital markets. Indeed, the existing literature examining the relationship between international stock prices and exchange rates finds little evidence of systematic exchange rate exposure. We argue in this paper that the absence of evidence may be due to restrictions imposed on the sample of data and the empirical specifications used in previous studies. We study a broad sample of firms in eight countries over an eighteen-year period. We find that firm-level and industry-level share values are significantly influenced by exchange rates. Further, we do not find evidence that exchange rate exposure is falling (or becoming less statistically significant) over time. Our results suggest that significant firm, industry and country-specific differences remain even as financial markets become more and more 'integrated'. |
| 主题 | International Economics ; International Factor Mobility ; International Finance |
| URL | https://www.nber.org/papers/w8128 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/565721 |
| 推荐引用方式 GB/T 7714 | Kathryn M.E. Dominguez,Linda L. Tesar. A Re-Examination of Exchange Rate Exposure. 2001. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w8128.pdf（60KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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