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Scale economies in hedging foreign exchange cash flow exposures

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  • Martin, Anna D.
  • Mauer, Laurence J.
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    Bibliographic Info

    Article provided by Elsevier in its journal Global Finance Journal.

    Volume (Year): 15 (2004)
    Issue (Month): 1 ()
    Pages: 17-27

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    Handle: RePEc:eee:glofin:v:15:y:2004:i:1:p:17-27

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    Web page: http://www.elsevier.com/locate/inca/620162

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    References

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    1. Jorion, Philippe, 1991. "The Pricing of Exchange Rate Risk in the Stock Market," Journal of Financial and Quantitative Analysis, Cambridge University Press, Cambridge University Press, vol. 26(03), pages 363-376, September.
    2. Henk Berkman & Michael E. Bradbury, 1996. "Empirical Evidence on the Corporate Use of Derivatives," Financial Management, Financial Management Association, Financial Management Association, vol. 25(2), Summer.
    3. Ball, Ray & Bartov, Eli, 1996. "How naive is the stock market's use of earnings information?," Journal of Accounting and Economics, Elsevier, Elsevier, vol. 21(3), pages 319-337, June.
    4. Brown, Philip, 1993. "Comments on 'Earnings forecasting research: its implications for capital markets research' by L. Brown," International Journal of Forecasting, Elsevier, Elsevier, vol. 9(3), pages 331-335, November.
    5. Brown, Lawrence D., 1993. "Reply to commentaries on "Earnings forecasting research: its implications for capital markets research"," International Journal of Forecasting, Elsevier, Elsevier, vol. 9(3), pages 343-344, November.
    6. Thomas VON UNGERN-STERNBERG & C.C. VON WEIZSAECKER, 1989. "Strategic foreign exchange management," Cahiers de Recherches Economiques du Département d'Econométrie et d'Economie politique (DEEP), Université de Lausanne, Faculté des HEC, DEEP 8905, Université de Lausanne, Faculté des HEC, DEEP.
    7. Dumas, Bernard & Solnik, Bruno, 1995. " The World Price of Foreign Exchange Risk," Journal of Finance, American Finance Association, American Finance Association, vol. 50(2), pages 445-79, June.
    8. Di Iorio, Amalia & Faff, Robert, 2002. "The pricing of foreign exchange risk in the Australian equities market," Pacific-Basin Finance Journal, Elsevier, Elsevier, vol. 10(1), pages 77-95, January.
    9. Martin, Anna D. & Mauer, Laurence J., 2003. "Exchange rate exposures of US banks: A cash flow-based methodology," Journal of Banking & Finance, Elsevier, Elsevier, vol. 27(5), pages 851-865, May.
    10. Meese, Richard A. & Rogoff, Kenneth, 1983. "Empirical exchange rate models of the seventies : Do they fit out of sample?," Journal of International Economics, Elsevier, Elsevier, vol. 14(1-2), pages 3-24, February.
    11. Bodnar, Gordon M. & Gentry, William M., 1993. "Exchange rate exposure and industry characteristics: evidence from Canada, Japan, and the USA," Journal of International Money and Finance, Elsevier, Elsevier, vol. 12(1), pages 29-45, February.
    12. Nance, Deana R & Smith, Clifford W, Jr & Smithson, Charles W, 1993. " On the Determinants of Corporate Hedging," Journal of Finance, American Finance Association, American Finance Association, vol. 48(1), pages 267-84, March.
    13. Mussa, Michael, 1979. "Empirical regularities in the behavior of exchange rates and theories of the foreign exchange market," Carnegie-Rochester Conference Series on Public Policy, Elsevier, Elsevier, vol. 11(1), pages 9-57, January.
    14. Jorion, Philippe, 1990. "The Exchange-Rate Exposure of U.S. Multinationals," The Journal of Business, University of Chicago Press, University of Chicago Press, vol. 63(3), pages 331-45, July.
    15. John J. Pringle, 1991. "Managing Foreign Exchange Exposure," Journal of Applied Corporate Finance, Morgan Stanley, Morgan Stanley, vol. 3(4), pages 73-82.
    16. Brown, Lawrence D., 1993. "Earnings forecasting research: its implications for capital markets research," International Journal of Forecasting, Elsevier, Elsevier, vol. 9(3), pages 295-320, November.
    17. Martin, Anna D & Madura, Jeff & Akhigbe, Aigbe, 1999. "Economic Exchange Rate Exposure of U.S.-Based MNCs Operating in Europe," The Financial Review, Eastern Finance Association, Eastern Finance Association, vol. 34(2), pages 21-36, May.
    18. Kenneth A. Froot & David S. Scharfstein & Jeremy C. Stein, 1992. "Risk Management: Coordinating Corporate Investment and Financing Policies," NBER Working Papers 4084, National Bureau of Economic Research, Inc.
    19. Shapiro, Alan C, 1975. "Exchange Rate Changes, Inflation, and the Value of the Multinational Corporation," Journal of Finance, American Finance Association, American Finance Association, vol. 30(2), pages 485-502, May.
    20. Marston, Richard C., 2001. "The effects of industry structure on economic exposure," Journal of International Money and Finance, Elsevier, Elsevier, vol. 20(2), pages 149-164, April.
    21. Mian, Shehzad L., 1996. "Evidence on Corporate Hedging Policy," Journal of Financial and Quantitative Analysis, Cambridge University Press, Cambridge University Press, vol. 31(03), pages 419-439, September.
    22. De Santis, Giorgio & Gerard, Bruno, 1998. "How big is the premium for currency risk?," Journal of Financial Economics, Elsevier, Elsevier, vol. 49(3), pages 375-412, September.
    23. Edward H. Chow & Wayne Y. Lee & Michael E. Solt, 1997. "The Economic Exposure Of U.S. Multinational Firms," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, Southern Finance Association;Southwestern Finance Association, vol. 20(2), pages 191-210, 06.
    24. Doukas, John & Hall, Patricia H. & Lang, Larry H. P., 1999. "The pricing of currency risk in Japan," Journal of Banking & Finance, Elsevier, Elsevier, vol. 23(1), pages 1-20, January.
    25. Hodder, James E., 1982. "Exposure to exchange-rate movements," Journal of International Economics, Elsevier, Elsevier, vol. 13(3-4), pages 375-386, November.
    26. Allayannis, George & Weston, James P, 2001. "The Use of Foreign Currency Derivatives and Firm Market Value," Review of Financial Studies, Society for Financial Studies, Society for Financial Studies, vol. 14(1), pages 243-76.
    27. Geczy, Christopher & Minton, Bernadette A & Schrand, Catherine, 1997. " Why Firms Use Currency Derivatives," Journal of Finance, American Finance Association, American Finance Association, vol. 52(4), pages 1323-54, September.
    28. Gordon M. Bodnar & Gregory S. Hayt & Richard C. Marston, 1998. "1998 Wharton Survey of Financial Risk Management by US Non-Financial Firms," Financial Management, Financial Management Association, Financial Management Association, vol. 27(4), Winter.
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    Cited by:
    1. Hagelin, Niclas & Pramborg, Bengt, 2006. "Empirical evidence concerning incentives to hedge transaction and translation exposures," Journal of Multinational Financial Management, Elsevier, Elsevier, vol. 16(2), pages 142-159, April.
    2. Kim, Woochan & Sung, Taeyoon, 2005. "What makes firms manage FX risk?," Emerging Markets Review, Elsevier, Elsevier, vol. 6(3), pages 263-288, September.
    3. Huffman, Stephen P. & Makar, Stephen D. & Beyer, Scott B., 2010. "A three-factor model investigation of foreign exchange-rate exposure," Global Finance Journal, Elsevier, Elsevier, vol. 21(1), pages 1-12.

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