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政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/2622

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/2622

Title:	The Determinants of Foreign Exchange Rate Exposure: Evidence on Japanese Firms
Authors:	Chow, Edward H.;Chen, Hung-Ling 周行一
Keywords:	Exchange rate exposure;Horizon;Industry;Hedging
Date:	1998-05
Issue Date:	2008-10-27 14:55:30 (UTC+8)
Abstract:	This paper characterizes the exchange rate exposures of Japanese firms and their determinants for different return horizons. Japanese firms` equity returns decrease as the yen depreciates. Furthermore, Japanese firms are more adversely affected by yen depreciation if they are in industries with higher imports ratios and in the non-traded industries and less detrimentally affected if they are in industries with higher exports. We also control the effects of hedging on exposure. Firms with high leverage, low liquidity and high cash dividends have high exposures. For the 1 month return horizon smaller firms have smaller exposures, while for the longer-return horizons larger firms have smaller exposures.
Relation:	Pacific-Basin Finance Journal, Volume 6, Issues 1–2, Pages 153–174
Data Type:	article
DOI 連結:	http://dx.doi.org/10.1016/S0927-538X(97)00020-6
DOI:	10.1016/S0927-538X(97)00020-6
Appears in Collections:	[財務管理學系] 期刊論文

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