دانلود مقاله ISI انگلیسی شماره 93312
کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
93312 2018 49 صفحه PDF سفارش دهید 14921 کلمه
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عنوان انگلیسی
Managing exchange rate exposure with hedging activities: New approach and evidence
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : International Review of Economics & Finance, Volume 53, January 2018, Pages 133-150

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چکیده انگلیسی

Undocumented in the literature, we show that the effectiveness of firms' hedging activities depends on the underlying characteristics (e.g., direction) of firms' expected exchange rate exposure that reflects exchange rate risk associated with firms’ inherent business prior to the usage of hedging activities. While firms with positive expected exposure reduce their exposure through currency derivatives, internal transactions with foreign subsidiaries, and foreign currency debt financing, firms with negative expected exposure do so only through exchange rate pass-through activities. Our results strongly suggest that both the conditions in the product markets (e.g., export, import, and profit margin) and the direction of exchange rate exposure be considered to uncover the effectiveness of hedging activities.

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