The Effects of Industry Structure on Economic Exposure
AbstractA firm is subject to "economic exposure" if changes in exchange rates affect the firm's value, as measured by the present value of its future cash flows. This paper shows that in many forms of competition, including the most commonly studied case of monopoly, the economic exposure of an exporting firm is simply proportional to the firm's net revenues based in foreign currency.
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Bibliographic InfoPaper provided by Wharton School - Weiss Center for International Financial Research in its series Weiss Center Working Papers with number 96-3.
Length: 25 pages
Date of creation: 1996
Date of revision:
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Web page: http://finance.wharton.upenn.edu/weiss/
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INDUSTRY; ENTERPRISES; EXCHANGE RATE; UNCERTAINTY; FINANCIAL MARKET;
Find related papers by JEL classification:
- D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
- F30 - International Economics - - International Finance - - - General
- F31 - International Economics - - International Finance - - - Foreign Exchange
- L12 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Monopoly; Monopolization Strategies
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- Friberg, Richard & Nydahl, Stefan, 1997. "Openness and the exchange rate exposure of national stock markets - a note," Working Paper Series in Economics and Finance 195, Stockholm School of Economics.
- Jose Campa & Linda S. Goldberg, 1997. "The Evolving External Orientation of Manufacturing Industries: Evidence from Four Countries," NBER Working Papers 5919, National Bureau of Economic Research, Inc.
- Dekle, Robert, 1998. "The yen and Japanese manufacturing employment," Journal of International Money and Finance, Elsevier, vol. 17(5), pages 785-801, October.
- Gao, Ting, 2000. "Exchange rate movements and the profitability of U.S. multinationals," Journal of International Money and Finance, Elsevier, vol. 19(1), pages 117-134, February.
- Rene M. Stulz & Rohan G. Williamsom, . "Identifying and quantifying exposures," Research in Financial Economics 9614, Ohio State University.
- Friberg, Richard, 1996. "On the Role of Pricing Exports in a Third Currency," Working Paper Series in Economics and Finance 128, Stockholm School of Economics.
- Bodnar, Gordon M. & Dumas, Bernard & Marston, Richard C., 2000.
"Pass-through and Exposure,"
00-4, University of Pennsylvania, Wharton School, Weiss Center.
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