This paper examines how 12 'major depreciations' between 1997 and 2000 affected different measures of firm performance in a sample of over 13,500 companies from around the world. Results suggest that in the year after depreciations, firms have significantly higher growth in market capitalization, but significantly lower growth in net income (when measured in local currency). Firms with a higher share of foreign sales exposure have significantly better performance after depreciations, according to a range of indicators. Firms with higher debt ratios tend to have lower net income growth, but there is no robust relationship between debt exposure and the other performance variables. Larger firms frequently have worse performance than smaller firms, although the significance and robustness of this result fluctuates across specifications.
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number
9095.
Length: Date of creation: Aug 2002 Date of revision: Handle: RePEc:nbr:nberwo:9095
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Find related papers by JEL classification: F1 - International Economics - - Trade F2 - International Economics - - International Factor Movements and International Business
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References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
Linda Goldberg & Joseph Tracy, 2000.
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Guillermo A. Calvo & Carmen M. Reinhart, 2000.
"Fixing for Your Life,"
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Reinhart, Carmen & Calvo, Guillermo, 2001.
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MPRA Paper
13873, University Library of Munich, Germany.
[Downloadable!]
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