Operational Hedges and the Foreign Exchange Exposure of U.S. Multinational Corporations
This paper examines the impact of operational hedges of US multinational corporations (MNCs) on their exchange rate exposure. The two important contributions of this study are: First, it documents the importance of operational hedges as significant determinants of exchange rate risk, as measured by “breadth” and “depth” dimensions of the MNC foreign subsidiary network. Second, this finding remains robust even after examining the impact of operational hedges on exposure separately for negatively and positively exposed MNCs.© 2001 JIBS. Journal of International Business Studies (2001) 32, 793–812
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Volume (Year): 32 (2001)
Issue (Month): 4 (December)
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