极品囧神偷,金良顺,2012319
In addition, the in directive of firms, the exchange rate exposure may be more exposed than with direct expose. One of the studies is Dominguez and Tesar (2006). They test eight non-US industrialized and developed countries to observe the exposure during the period 1980 to 1999. As a result, the study found there were five out of eight firms had a significant economic exposure. To extend, they reported that there were no any relations between trade and exposure. However, they thought the foreign sales concerned with exposure in Germany, Japan and UK firms and the higher sales would harmonize with higher exposure. This assertion gets some support from Miller and Rener (1998). This study examined the different strategy and industry structure related to the exposure to foreign exchange rate movement by using a sample of US’s firms during the period 1988 to 1992. They found about 13%-17% of U.S. non-financial firms exposed for foreign exchange rate movements. So the study pointed out that within industries might have significant exposures. But the direction of the foreign investment would reduce the exposure to the foreign exchange rate movements even within an industry. Furthermore, some studies have concerned with the foreign sales to discuss the exchange rate exposures. Shin and Soenen (1999) verified the stock return is combined with the exchange in the value of the US dollar. They found that almost of small multinational firms are exposed to foreign exchange risk and get profitable from a weakening in the international value of the US dollar. Williamson (2001) used a small sample of industries from the US and Japan to examine the relationship between the firm value and exchange rate movements during 1973 to 1995. At the end of the investigation, he found that after the Japanese sold in the US market, the exposure became to exist in the exchange rate of yen and dollar. Doidge et al. (2002) reported that foreign activities concerned with exchange rate exposure and large firms are more sensitive to currency changes than small firms. In addition, during the period of large currency depreciation, the international firms would get more benefits national firms. Jayasinghe and Tsui (2007) study examined the exposure coefficients of exchange rate in 14 Japanese industries by employing a bivariate GJR-GARCH model that integrated with firms’ stock return. It investigated that returns on electrical & electronic equipment, textiles and household productions, automobile and parts, information technology and hardware are positively to the yen changes while some of the industries such as construction and building materials and oil &gas industries react negatively to the changes in yen. Kroon and Veen (2004) investigated sensitive currency related to the “general” stock market based on a sample of 1,691 stocks from 24 countries during the period 1996 - 2002. The study showed there is the largest effect for euro-based investors. The finding of this investigation reported that only 16% individual companies had one or more statistically significant “Stock-specific” currency exposures. Most companies had insensitively currency and their stock returns for the general market factors. |
