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论文作者:Kam C. Chan论文属性:短文 essay登出时间:2008-12-23编辑:点击率:2561
论文字数:3400论文编号:org200812230929096722语种:英语 English地区:英国价格:$ 66
关键词:Foreign Exchange RiskFirm ValueUS Pharmaceutical Firms
1. Introduction
Changes in foreign currency exchange rates can affect firm value since they directly affecta firm’s current and future cash flows. This has been proposed by theoretical studies,see for example, Heckerman (1972), Hodder (1982), and Shapiro (1975). Shapiro (1975)analyzes the profit-maximizing strategy of an oligopolistic firm in a two-country setting.He concludes that the major determinants of a multinational firm’s foreign exchange risk are the proportion of foreign sales, the intensity of domestic competition, and the degree of substitutability it faces between local and foreign factors of production. More recently, Marston (2001) argues that the level of competition in an industry affects the foreign exchange risk exposure of firms within the industry. This foreign exchange risk exposure is especially relevant for multinationals because these firms sell and/or produce their goods and services abroad. Their revenues and/or expenses and unrealized gains and losses may
be denominated in various currencies, thus subjecting these firms to uncertain profits when converted into their home currency. While many empirical studies have examined the relation between foreign exchange exposure and firm value, their results have been mixed. Jorion (1990, 1991), Bartov and Bodnar (1994)1, and Choi and Prasad (1995) using US data and Loudon (1993) and Khoo (1994) using Australian data find firm values to be insensitive to exchange rate movements. Other studies find some evidence that foreign exchange risk affects firm value, e.g. Booth and Rotenberg (1990) using Canadian data and He and Ng (1998) using Japanese data. A more recent study by Williamson (2001) documents significant exposure to exchange rate shocks among US and Japanese auto-makers.