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Doukas et al. (2003) affirmed the affect from exchange rate exposure to multinational and high exporting firms, this finding showed that the low exporting and domestic firms afford significant exposure. Entorf, H, Moebert, J. and Sonderhof, K. (2007) chose a sample of 27 countries found that the positive exchange rate exposure depends on the share of national exports and negativity on the imports that relate with GDP. Focus on the industry level and foreign activities found some evidenced to support there is no significant or weak relationships. Bodnar and Gentre (1993) measured the level of the exchange rate exposure based on the three countries: Canada, Japan and the USA during the period from 1979 to 1988. At the end of the examination, 代写留学作业提供代写Essay，代写Assignment，请联系QQ：949925041they got the data that: 11 of 39 U.S. industries, 4 of 19 Canadian industries, and 7 of Japanese industries with a significant exposure. These three countries’ totally around 20%- 35% industries faced the significant exposure of the exchange rate. However, Bartov and Bondnar(1994) based on a data of 208 US corporate firms to prove that there is a significant relationship between the abnormal returns of foreign activities and changes in the value of the US dollar from the starting 1978 to the ending 1989. From these 208 firms, more than 5 percent of pre-tax income in absolute terms reported on their annual financial statements that at least 75 per cent of the time was negatively correlated with the corresponding changes in a US dollar trade-weighted index. They found exchange rate movements had a low influence on abnormal returns. To the end of the study, they investigated that there is no significant relationship between the abnormal returns of foreign activities and changes in the value of the US dollar. Some empirical studies had investigated the significant relationship between stock market return and exchange rate exposure. Booth and Rotenberg (1990) investigated the stock returns and the exchange rate movements (against the US dollar by Canadian) based on a sample of 156 Canadian firms during the period 1979 to 1983. Focus on the monthly data, they found nearly 50% firms had significant correlation between stock return and movements of exchange rate in the value of the dollar against by the Canadian and the US. In addition, the results showed that overall of the significant coefficients are negative. Some other data sources based on 20 Japanese firms, Chow and Chen (1998) stated the implication of the exchange rate changes and the value of firms. From the study, they obverse the currency depreciation would affect the import ratios and would result higher import ratios. If these firms were industries, there is a less detrimentally affected of higher exporters. Till firms’ value in the long-term that might be influenced by the exchange rate movements. |
