Resolving The Exposure Puzzle
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Resolving The Exposure Puzzle
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Author : Söhnke M. Bartram
language : en
Publisher:
Release Date : 2019
Resolving The Exposure Puzzle written by Söhnke M. Bartram and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
Theoretical research predicts many firms should have sizeable exchange rate exposure. However, empirical research has not documented consistently strong relations between exchange rates and stock prices. To examine this discrepancy, we extend prior theoretical results to model a global firm's exchange rate exposure. Using this model and a global sample manufacturing firms from 16 countries, we show empirically that firms pass part of currency changes through to customers, utilize operational hedges (e.g., matching foreign sales with foreign production), and employ financial risk management strategies. We estimate that for a typical firm in our sample, pass-through and operational hedging each reduce exposure by 10% to 15%. Financial hedging with foreign currency debt, and to a lesser extent FX derivatives, appears to reduce exposure by about 40%. The combination of these factors reduces exchange rate exposures to observed levels.
Using Survey Data To Resolve The Exchange Risk Exposure Puzzle
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Author : Willem F. C. Verschoor
language : en
Publisher:
Release Date : 2009
Using Survey Data To Resolve The Exchange Risk Exposure Puzzle written by Willem F. C. Verschoor and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
While in previous literature foreign currency exposure is estimated to be surprisingly small and insignificant, we question in this paper the rationality assumption and show that the traditional use of realized exchange rate changes to approximate unexpected currency shocks leads to a strong underestimation of the influence that exchange rates play in determining firm valuations. In light of a unique survey data base of individual exchange rate expectations, we distinguish between 'realized' and 'unexpected' foreign currency movements and find that half of our sample of 935 U.S. firms with real operations in foreign countries is significantly exposed to 'unexpected' exchange rate movements. In line with previously reported results, foreign exchange risk exposure is found to become increasingly perceptible when the return horizon is lengthened. The difference between the exposure to 'realized' versus 'unexpected' exchange rate movements is however decreasing when lengthening the horizon, suggesting that the more market participants disagree about the future path of currency values, the less investors and/or managers are likely to use the publicly available forecasts in their pricing and hedging decisions.
Can Event Study Methods Solve The Currency Exposure Puzzle
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Author : Timothy T. Simin
language : en
Publisher:
Release Date : 2004
Can Event Study Methods Solve The Currency Exposure Puzzle written by Timothy T. Simin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
Prior empirical evidence on the stock price response of exposed firms to contemporaneous changes in exchange rates is weak. This paper avoids many problems encountered in previous work by using event-study methods to examine the daily stock price reactions of exposed U.S. multinationals to large, bi-lateral declines in the Mexican peso and Thai baht. We find a contemporaneous price response but interpret the magnitude of the response to say that the currency puzzle is not primarily due to methodological weaknesses in prior studies. Several findings suggest that effective financial and operational hedging may be the chief reason exchange rate changes do not affect stock prices more dramatically.
Solving The Brain Puzzle
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Author : Bill Code
language : en
Publisher: FriesenPress
Release Date : 2019-01-21
Solving The Brain Puzzle written by Bill Code and has been published by FriesenPress this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-01-21 with Medical categories.
Receiving a diagnosis of multiple sclerosis (MS), Alzheimer’s disease, Parkinson’s disease, or some other brain-related illness is devastating. It feels like life, as you know it, is over, and you are powerless to do anything about it. Your future may seem like nothing but a long black tunnel of decreasing cognitive function, declining mobility, depression, and premature death. Even your physician may share this gloomy view. The good news is, you have more control over your brain health than you think! With the exception of cancer, many brain illnesses can be reversed through a combination of diet, exercise, supplements, proper sleep, avoiding and removing toxins from the body, and taking an epigenetic (turning good genes on and not-so-good genes off) approach to your healing. Several “jump start” techniques, including oxygen therapy, microbiota therapy (Gut Flora Transplant or GFT), photobiomodulation therapy (PMT), venous angioplasty, and even cannabis can enhance your recovery in as little as a few weeks. Never before have we had so many safe approaches with little or no side effects. Best of all, these treatments are now available on almost every continent, including Europe, Asia, Australia, and North America. It is time we let go of our paternalistic concept that “doctor knows best.” This book describes all the above treatments and more, providing a roadmap to enhance your brain recovery. You may not feel like it right now, but you can win the brain game, and this book can show you how!
Solving The Puzzle Of Your Add Adhd Child
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Author : Laura J. Stevens
language : en
Publisher: Charles C Thomas Publisher
Release Date : 2015-10-01
Solving The Puzzle Of Your Add Adhd Child written by Laura J. Stevens and has been published by Charles C Thomas Publisher this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-10-01 with Education categories.
This text is the result of the author's research devoted to the needs of ADD and ADHD. It begins with a review of core concepts relating to the identification of biological factors. Helping a child with ADD or ADHD is like solving a jigsaw puzzle composed of many different pieces related to his behavior and health. You have to identify the puzzle pieces important for your child or patient and fit them together to form a completed puzzle. Within each chapter, the author will help identify the pieces of a child's puzzle. Part I discusses the symptoms of ADD and ADHD, how these disorders are diagnosed, accompanying mental and physical problems, and what the underlying causes may be. Traditional treatments are outlined plus the pros and cons of using medication. Part II explains the A+ Diet to give children the nutrients they need. Avoidance of artificial colors, flavors, preservatives, and high fructose corn syrup is discussed along with the problems of sugar and sugar replacements. Part III presents important lifestyle considerations such as quality and quantity of sleep and exercise. Part IV focuses on possible missing nutrients, minerals, and antioxidants. Part V identifies common food, chemical, and inhalant sensitivities. Part VI explains the importance of having beneficial bacteria in the intestine, and the problems of leaky gut. Part VII discusses the impact of toxic minerals and chemicals on behavior and health. Also provided is an appendix containing numerous child-appealing recipes that will help parents cope. This book will be a valuable resource for professionals who work with children-pediatricians, special educators, counselors, social workers, and researchers.
The Palgrave Handbook Of Unconventional Risk Transfer
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Author : Maurizio Pompella
language : en
Publisher: Springer
Release Date : 2017-08-04
The Palgrave Handbook Of Unconventional Risk Transfer written by Maurizio Pompella and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-08-04 with Business & Economics categories.
This handbook examines the latest techniques and strategies that are used to unlock the risk transfer capacity of global financial and capital markets. Taking the financial crisis and global recession into account, it frames and contextualises non-traditional risk transfer tools created over the last 20 years. Featuring contributions from distinguished academics and professionals from around the world, this book covers in detail issues in securitization, financial risk management and innovation, structured finance and derivatives, life and non-life pure risk management, market and financial reinsurance, CAT risk management, crisis management, natural, environmental and man-made risks, terrorism risk, risk modelling, vulnerability and resilience. This handbook will be of interest to academics, researchers and practitioners in the field of risk transfer.
Managing Currency Risk
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Author : Takatoshi Ito
language : en
Publisher: Edward Elgar Publishing
Release Date : 2018-07-27
Managing Currency Risk written by Takatoshi Ito and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-07-27 with Business & Economics categories.
This book demonstrates how exporters’ decisions regarding choice of invoice currency can be influenced by many factors including firm size, product competitiveness, intra/inter-firm trades, and the geography of export destination. The aim is to enhance our understanding of exporters’ behavior in terms of managing currency risk. It contains detailed research and insightful data focusing on Japanese exporters and shows how they face an important trade-off in choosing the invoice currency. If exports are invoiced in yen, then exchange rate fluctuations will pass through to retail prices ultimately affecting sales volumes. However, if they choose to invoice in the importer’s currency, then sales volumes are largely unchanged.
International Finance
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Author : H. Kent Baker
language : en
Publisher: Oxford University Press
Release Date : 2013-01-17
International Finance written by H. Kent Baker and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-01-17 with Business & Economics categories.
Understanding the current state of affairs and tools available in the study of international finance is increasingly important as few areas in finance can be divorced completely from international issues. International Finance reflects the new diversity of interest in international finance by bringing together a set of chapters that summarizes and synthesizes developments to date in the many and varied areas that are now viewed as having international content. The book attempts to differentiate between what is known, what is believed, and what is still being debated about international finance. The survey nature of this book involves tradeoffs that inevitably had to be made in the process given the vast footprint that constitutes international finance. No single book can cover everything. This book, however, tries to maintain a balance between the micro and macro aspects of international finance. Although each chapter is self-contained, the chapters form a logical whole that follows a logical sequence. The book is organized into five broad categories of interest: (1) exchange rates and risk management, (2) international financial markets and institutions, (3) international investing, (4) international financial management, and (5) special topics. The chapters cover market integration, financial crisis, and the links between financial markets and development in some detail as they relate to these areas. In each instance, the contributors to this book discuss developments in the field to date and explain the importance of each area to finance as a field of study. Consequently, the strategic focus of the book is both broad and narrow, depending on the reader's needs. The entire book provides a broad picture of the current state of international finance, but a reader with more focused interests will find individual chapters illuminating on specific topics.
Issues In Finance Business And Economics Research 2011 Edition
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Author :
language : en
Publisher: ScholarlyEditions
Release Date : 2012-01-09
Issues In Finance Business And Economics Research 2011 Edition written by and has been published by ScholarlyEditions this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-01-09 with Business & Economics categories.
Issues in Finance, Business, and Economics Research: 2011 Edition is a ScholarlyEditions™ eBook that delivers timely, authoritative, and comprehensive information about Finance, Business, and Economics Research. The editors have built Issues in Finance, Business, and Economics Research: 2011 Edition on the vast information databases of ScholarlyNews.™ You can expect the information about Finance, Business, and Economics Research in this eBook to be deeper than what you can access anywhere else, as well as consistently reliable, authoritative, informed, and relevant. The content of Issues in Finance, Business, and Economics Research: 2011 Edition has been produced by the world’s leading scientists, engineers, analysts, research institutions, and companies. All of the content is from peer-reviewed sources, and all of it is written, assembled, and edited by the editors at ScholarlyEditions™ and available exclusively from us. You now have a source you can cite with authority, confidence, and credibility. More information is available at http://www.ScholarlyEditions.com/.
World Scientific Reference On Contingent Claims Analysis In Corporate Finance In 4 Volumes
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Author : Michel Crouhy
language : en
Publisher: World Scientific
Release Date : 2019-01-21
World Scientific Reference On Contingent Claims Analysis In Corporate Finance In 4 Volumes written by Michel Crouhy and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-01-21 with Business & Economics categories.
Black and Scholes (1973) and Merton (1973, 1974) (hereafter referred to as BSM) introduced the contingent claim approach (CCA) to the valuation of corporate debt and equity. The BSM modeling framework is also named the 'structural' approach to risky debt valuation. The CCA considers all stakeholders of the corporation as holding contingent claims on the assets of the corporation. Each claim holder has different priorities, maturities and conditions for payouts. It is based on the principle that all the assets belong to all the liability holders.The BSM modeling framework gives the basic fundamental version of the structural model where default is assumed to occur when the net asset value of the firm at the maturity of the pure-discount debt becomes negative, i.e., market value of the assets of the firm falls below the face value of the firm's liabilities. In a regime of limited liability, the shareholders of the firm have the option to default on the firm's debt. Equity can be viewed as a European call option on the firm's assets with a strike price equal to the face value of the firm's debt. Actually, CCA can be used to value all the components of the firm's liabilities, equity, warrants, debt, contingent convertible debt, guarantees, etc.In the four volumes we present the major academic research on CCA in corporate finance starting from 1973, with seminal papers of Black and Scholes (1973) and Merton (1973, 1974). Volume I covers the foundation of CCA and contributions on equity valuation. Volume II focuses on corporate debt valuation and the capital structure of the firm. Volume III presents empirical evidence on the valuation of debt instruments as well as applications of the CCA to various financial arrangements. The papers in Volume IV show how to apply the CCA to analyze sovereign credit risk, contingent convertible bonds (CoCos), deposit insurance and loan guarantees. Volume 1: Foundations of CCA and Equity ValuationVolume 1 presents the seminal papers of Black and Scholes (1973) and Merton (1973, 1974). This volume also includes papers that specifically price equity as a call option on the corporation. It introduces warrants, convertible bonds and taxation as contingent claims on the corporation. It highlights the strong relationship between the CCA and the Modigliani-Miller (M&M) Theorems, and the relation to the Capital Assets Pricing Model (CAPM). Volume 2: Corporate Debt Valuation with CCAVolume 2 concentrates on corporate bond valuation by introducing various types of bonds with different covenants as well as introducing various conditions that trigger default. While empirical evidence indicates that the simple Merton's model underestimates the credit spreads, additional risk factors like jumps can be used to resolve it. Volume 3: Empirical Testing and Applications of CCAVolume 3 includes papers that look at issues in corporate finance that can be explained with the CCA approach. These issues include the effect of dividend policy on the valuation of debt and equity, the pricing of employee stock options and many other issues of corporate governance. Volume 4: Contingent Claims Approach for Banks and Sovereign DebtVolume 4 focuses on the application of the contingent claim approach to banks and other financial intermediaries. Regulation of the banking industry led to the creation of new financial securities (e.g., CoCos) and new types of stakeholders (e.g., deposit insurers).