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Corporate cash flow and stock price exposures to foreign exchange rate risk
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Bartram, Söhnke M. (2007) Corporate cash flow and stock price exposures to foreign exchange rate risk. Journal of Corporate Finance, 13 (5). pp. 981-994. doi:10.1016/j.jcorpfin.2007.05.002 ISSN 0929-1199.
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Official URL: http://dx.doi.org/10.1016/j.jcorpfin.2007.05.002
Abstract
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.
| Item Type: | Journal Article | ||||
|---|---|---|---|---|---|
| Divisions: | Faculty of Social Sciences > Warwick Business School > Finance Group Faculty of Social Sciences > Warwick Business School |
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| Journal or Publication Title: | Journal of Corporate Finance | ||||
| Publisher: | Elsevier Science BV | ||||
| ISSN: | 0929-1199 | ||||
| Official Date: | 2007 | ||||
| Dates: |
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| Volume: | 13 | ||||
| Number: | 5 | ||||
| Page Range: | pp. 981-994 | ||||
| DOI: | 10.1016/j.jcorpfin.2007.05.002 | ||||
| Status: | Peer Reviewed | ||||
| Publication Status: | Published | ||||
| Access rights to Published version: | Restricted or Subscription Access |
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