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A Model of Firm Valuation With Exchange Exposure

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  • Jongmoo Jay Choi

    (Temple university)

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    Abstract

    This paper examines how the firm's exposure to exchange rate uncertainty influences its valuation. It identifies the variables affecting the firm's economic and accounting exchange exposure as well as the cost of capital in a formal unified model.© 1986 JIBS. Journal of International Business Studies (1986) 17, 153–160

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    Bibliographic Info

    Article provided by Palgrave Macmillan in its journal Journal of International Business Studies.

    Volume (Year): 17 (1986)
    Issue (Month): 2 (June)
    Pages: 153-160

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    Handle: RePEc:pal:jintbs:v:17:y:1986:i:2:p:153-160

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    Cited by:
    1. Martin, Anna D. & Mauer, Laurence J., 2003. "Exchange rate exposures of US banks: A cash flow-based methodology," Journal of Banking & Finance, Elsevier, vol. 27(5), pages 851-865, May.
    2. Ali Alp & Unsal Ban & Kartal Demirgunes & Saim Kilic, 2010. "Internal Determinants of Profitability in Turkish Banking Sector," Istanbul Stock Exchange Review, Research and Business Development Department, Borsa Istanbul, vol. 12(46), pages 1-14.
    3. Yener Coskun, 2010. "Why Turkish Securities Firms Have Not Transformed to Full Service Investment Banks?: An Assessment For the Near Future of the Turkish Securities Firms Industry," Istanbul Stock Exchange Review, Research and Business Development Department, Borsa Istanbul, vol. 12(46), pages 15-48.
    4. repec:bor:iserev:v:12:y:2012:i:46:p:1-14 is not listed on IDEAS
    5. repec:bor:iserev:v:12:y:2012:i:46:p:49-83 is not listed on IDEAS
    6. Serkan Yilmaz Kandir & Ahmet Erismis, 2010. "Investigating Exchange Rate Exposure of Bank Shares: Empirical Evidence From ISE," Istanbul Stock Exchange Review, Research and Business Development Department, Borsa Istanbul, vol. 12(46), pages 49-83.
    7. Swanson, Peggy E. & Tsai, Pei-Jung, 2005. "Closed-end country funds and the role of exchange rates in pricing and in determination of premiums and discounts," Journal of Economics and Business, Elsevier, vol. 57(5), pages 388-410.
    8. Choi, Jongmoo Jay, 1995. "The Japanese and US stock prices: A comparative fundamental analysis," Japan and the World Economy, Elsevier, vol. 7(3), pages 347-360, September.
    9. Choi, Jongmoo Jay & Jiang, Cao, 2009. "Does multinationality matter? Implications of operational hedging for the exchange risk exposure," Journal of Banking & Finance, Elsevier, vol. 33(11), pages 1973-1982, November.
    10. repec:bor:iserev:v:12:y:2012:i:46:p:15-48 is not listed on IDEAS

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