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Transaction versus economic exposure: which has greater cash flow consequences?

  • Martin, Anna D.
  • Mauer, Laurence J.
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    File URL: http://www.sciencedirect.com/science/article/B6W4V-48HXT3J-1/2/975cbb6f90a0d8d35893405193520055
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    Article provided by Elsevier in its journal International Review of Economics & Finance.

    Volume (Year): 12 (2003)
    Issue (Month): 4 ()
    Pages: 437-449

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    Handle: RePEc:eee:reveco:v:12:y:2003:i:4:p:437-449
    Contact details of provider: Web page: http://www.elsevier.com/locate/inca/620165

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    1. George Allayannis & Jane Ihrig & James P. Weston, 2001. "Exchange-Rate Hedging: Financial versus Operational Strategies," American Economic Review, American Economic Association, vol. 91(2), pages 391-395, May.
    2. DeMarzo, Peter M. & Duffie, Darrell, 1991. "Corporate financial hedging with proprietary information," Journal of Economic Theory, Elsevier, vol. 53(2), pages 261-286, April.
    3. 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, vol. 20(2), pages 191-210, 06.
    4. Jia He & Lilian K. Ng, 1998. "The Foreign Exchange Exposure of Japanese Multinational Corporations," Journal of Finance, American Finance Association, vol. 53(2), pages 733-753, 04.
    5. Chambliss, Karen & Madura, Jeff & Wright, Francis W, 1994. "The Changing Risk Profile of U.S.-Based Multinational Corporations Exposed to European Community Markets," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 17(1), pages 133-46, Spring.
    6. 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.
    7. John Pringle, 1995. "A Look At Indirect Foreign Currency Exposure," Journal of Applied Corporate Finance, Morgan Stanley, vol. 8(3), pages 75-81.
    8. Meese, Richard A. & Rogoff, Kenneth, 1983. "Empirical exchange rate models of the seventies : Do they fit out of sample?," Journal of International Economics, Elsevier, vol. 14(1-2), pages 3-24, February.
    9. Jorion, Philippe, 1991. "The Pricing of Exchange Rate Risk in the Stock Market," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 26(03), pages 363-376, September.
    10. von Ungern Sternberg, Thomas & von Weizsacker, C C, 1990. "Strategic Foreign Exchange Management," Journal of Industrial Economics, Wiley Blackwell, vol. 38(4), pages 381-95, June.
    11. Marshall, Andrew P. & Weetman, Pauline, 2002. "Information asymmetry in disclosure of foreign exchange risk management: can regulation be effective?," Journal of Economics and Business, Elsevier, vol. 54(1), pages 31-53.
    12. Brown, Lawrence D., 1993. "Reply to commentaries on "Earnings forecasting research: its implications for capital markets research"," International Journal of Forecasting, Elsevier, vol. 9(3), pages 343-344, November.
    13. Smith, Clifford W. & Stulz, René M., 1985. "The Determinants of Firms' Hedging Policies," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 20(04), pages 391-405, December.
    14. Allayannis, George & Weston, James P, 2001. "The Use of Foreign Currency Derivatives and Firm Market Value," Review of Financial Studies, Society for Financial Studies, vol. 14(1), pages 243-76.
    15. Chow, Edward H & Lee, Wayne Y & Solt, Michael E, 1997. "The Exchange-Rate Risk Exposure of Asset Returns," The Journal of Business, University of Chicago Press, vol. 70(1), pages 105-23, January.
    16. Jongmoo Jay Choi & Anita Mehra Prasad, 1995. "Exchange Risk Sensitivity and Its Determinants: A Firm and Industry Analysis of U.S. Multinationals," Financial Management, Financial Management Association, vol. 24(3), Fall.
    17. Marston, Richard C., 2001. "The effects of industry structure on economic exposure," Journal of International Money and Finance, Elsevier, vol. 20(2), pages 149-164, April.
    18. Laurent L Jacque, 1981. "Management of Foreign Exchange Risk: A Review Article," Journal of International Business Studies, Palgrave Macmillan, vol. 12(1), pages 81-101, March.
    19. Kent D Miller & Jeffrey J Reuer, 1998. "Firm Strategy and Economic Exposure to Foreign Exchange Rate Movements," Journal of International Business Studies, Palgrave Macmillan, vol. 29(3), pages 493-513, September.
    20. 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, vol. 11(1), pages 9-57, January.
    21. John J. Pringle & Robert A. Connolly, 1993. "The Nature And Causes Of Foreign Currency Exposure," Journal of Applied Corporate Finance, Morgan Stanley, vol. 6(3), pages 61-72.
    22. Brown, Lawrence D., 1993. "Earnings forecasting research: its implications for capital markets research," International Journal of Forecasting, Elsevier, vol. 9(3), pages 295-320, November.
    23. Hodder, James E., 1982. "Exposure to exchange-rate movements," Journal of International Economics, Elsevier, vol. 13(3-4), pages 375-386, November.
    24. Shapiro, Alan C, 1975. "Exchange Rate Changes, Inflation, and the Value of the Multinational Corporation," Journal of Finance, American Finance Association, vol. 30(2), pages 485-502, May.
    25. 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.
    26. Christos Pantzalis & Betty J Simkins & Paul A Laux, 2001. "Operational Hedges and the Foreign Exchange Exposure of U.S. Multinational Corporations," Journal of International Business Studies, Palgrave Macmillan, vol. 32(4), pages 793-812, December.
    27. Bilson, John F O, 1981. "The "Speculative Efficiency" Hypothesis," The Journal of Business, University of Chicago Press, vol. 54(3), pages 435-51, July.
    28. Brown, Philip, 1993. "Comments on 'Earnings forecasting research: its implications for capital markets research' by L. Brown," International Journal of Forecasting, Elsevier, vol. 9(3), pages 331-335, November.
    29. 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, vol. 27(4), Winter.
    30. Jorion, Philippe, 1990. "The Exchange-Rate Exposure of U.S. Multinationals," The Journal of Business, University of Chicago Press, vol. 63(3), pages 331-45, July.
    31. John J. Pringle, 1991. "Managing Foreign Exchange Exposure," Journal of Applied Corporate Finance, Morgan Stanley, vol. 3(4), pages 73-82.
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