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https://nccur.lib.nccu.edu.tw/handle/140.119/35798
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| 題名: | Exchange-rate exposure : evidence from the electronic firms in Taiwan |
| 作者: | 黃慧怡 |
| 貢獻者: | 朱美麗
黃慧怡 |
| 關鍵詞: | 匯率暴露風險
Exchange-rate exposure |
| 日期: | 2003 |
| 上傳時間: | 2009-09-18 16:04:21 (UTC+8) |
| 摘要: | The purpose of this study is to investigate the exchange-rate exposure of the electronic firms in Taiwan. Particularly, we consider the potential correlations between the market returns and the changes in exchange rates, which are two important variables when we examine the exchange-rate exposure, and try to examine the exchange-rate exposure via nonlinear model. In contrast to previous results which used U.S. data; however, the movements of the value of the electronic firms in Taiwan, as reflected in the stock returns, seem highly sensitive to changes in the exchange rates. Examining the effects of possible determinants on the exchange-rate exposure measured as NT dollars against US dollar, the ratio of long-term debt has significant effects, but the sign is not consistent with the hypothesis. Besides, further examining the effects of possible determinants on the exchange-rate exposure measured as NT dollars against Japan Yen, we found there are only showing weak evidence for the influence of the possible determinants. |
| 參考文獻: | Adler, M. and B. Dumas, ‘Exposure to currency risk: definition and measurement’, Financial Management, Vol. 13, 1984, pp. 41-50.
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Nydahl, S., ‘Exchange rate exposure, foreign involvement and currency hedging of firms: some Swedish evidence’, European Financial Management, Vol. 5, 1999, pp. 241-257.
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Willianson, R., ‘Exchange rate exposure and competition: evidence from the automotive industry’, Journal of Financial Economics, Vol. 59, 2001, pp.441-475.
Xie, S. F. (2002), Master-Thesis (In Chinese) |
| 描述: | 碩士
國立政治大學
經濟研究所
91258011
92 |
| 資料來源: | http://thesis.lib.nccu.edu.tw/record/#G0912580111 |
| 資料類型: | thesis |
| 顯示於類別: | [經濟學系] 學位論文
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