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I would like to thank Bernadette Minton, Tim Opler, Gordon Bodnar, Steve Buser,出国留学论文 John Gri$n,
Kathleen Kahle, G. Andrew Karolyi, Sara Moeller, Lee Pinkowitz, Frederik Schlingemann, Paul Schultz,G. William Schwert (the editor), Ralph Walkling, and Sonya Williams-Stanton for their helpful commentsand suggestions. I am especially grateful for the invaluable comments and suggestions from ReneH Stulz andthe referee. Also, I would like to thank seminar participants at the 1997 Western Finance Associationmeetings, The Third International Finance Conference at GeorgiaInstitute of Technology, Ohio StateUniversity, Arizona State University, Georgetown University, Depaul University, Texas A&M University,Babson College, and the Universities of California-Riverside, Oregon, Georgia, Kansas, Pittsburgh, andWestern Ontario. The author received research support from the Capital Markets Research Center atGeorgetown University. All errors are the responsibility of the author.
Exchange rate exposure and competition:evidence from the automotive industryq
Rohan Williamson*McDonough School of Business, Georgetown University, Washington, DC 20057, USAReceived 20 April 1998; received in revised form 6 January 2000
Abstract

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This study examines the e!ect of real exchange rate changes on multinational "rms andincorporates the e!ect of intraindustrycompetition on the relation between exchangerates and "rm value. To test the relation more e!ectively, tests are conducted using
a sample of automotive "rms from the United States and Japan. Consistent withtheoretical predictions, there is signi"cant exposure to exchange rate shocks. Moreover,there is evidence of time-variation in exchange rate exposure, which is consistent withchanges in the competitive environment within the industry. Finally, evidence is presented
that is consistent with foreign sales being a major determinant of exposure and thee!ectiveness of operational hedging through foreign production. ( 2001 ElsevierScience S.A. All rights reserved.
JEL classixcation: F31; G30; G39
Keywords: Exchange rate exposure; Risk management; Currency exposure; International
corporate "nance
1. Introduction
Since the breakdown of the "xed exchange rate regime, the international
economic environment has been characterized by substantial exchange rate
volatility. This volatility occurs for both nominal and real exchange rates. Realexchange rate changes translate into deviations from purchasing power parity(PPP), which, for a multinational "rm or global competitor, should have a directe!ect on "rm value.1 A global competitor is a "rm that faces substantial foreigncompetition. Empirical results of the e!ect of exchange rates on "rm value andits implications have not been as strong or as consistent as expected based on
theoretical predictions. These results raise questions regarding whether deviationsfrom PPP are unimportant for global competitors or whether the existingtests fail to capture本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。