The Effects of Industry Structure on Economic Exposure
A 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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|Date of creation:||1996|
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Web page: http://finance.wharton.upenn.edu/weiss/
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