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Analisi di sensitivit? al tasso di cambio: un?informazione utile per gli investitori?

Author

Listed:
  • Marco Maria Mattei
  • Fabrizio Palmucci
  • Pietro Bonetti

Abstract

Il lavoro analizza gli effetti dell?entrata in vigore dell?IFRS 7, emanato dallo IASB con lo scopo di aumentare l?informazione sull?esposizione delle imprese ai rischi di mercato. La nostra ricerca indaga l?utilit? per gli investitori dell?analisi di sensitivit? al rischio di tasso di cambio fornita dalle societ? quotate italiane. I risultati mostrano che prima dell?introduzione dell?IFRS 7 il mercato stimava erroneamente l?esposizione al tasso di cambio, mentre successivamente la sensitivit? dei rendimenti al tasso di cambio sembra allinearsi con le esposizioni dichiarate. Dall?analisi, inoltre, emerge che l?informazione sull?esposizione riduce la sensitivit? dei volumi al tasso di cambio. I nostri risultati integrano la letteratura statunitense fornendo evidenze di come un?analisi di sensitivit? anche backward-looking sia utile al mercato.

Suggested Citation

  • Marco Maria Mattei & Fabrizio Palmucci & Pietro Bonetti, 2011. "Analisi di sensitivit? al tasso di cambio: un?informazione utile per gli investitori?," FINANCIAL REPORTING, FrancoAngeli Editore, vol. 2011(2), pages 33-62.
    • Handle: RePEc:fan:frfrfr:v:html10.3280/fr2011-002003
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