The Determinants of Foreign Exchange Rate Exposure: Evidence on Japanese Firms

Title	The Determinants of Foreign Exchange Rate Exposure: Evidence on Japanese Firms
Creator	周行一 Chow, Edward H. ; Chen, Hung-Ling
Date	1998
Date Issued	5-Nov-2008 16:58:50 (UTC+8)
Summary	This paper characterizes the exchange rate exposures of Japanese firms and their determinants for different return horizons. Japanese firms` equity returns decrease as the yen depreciates. Furthermore, Japanese firms are more adversely affected by yen depreciation if they are in industries with higher imports ratios and in the non-traded industries and less detrimentally affected if they are in industries with higher exports. We also control the effects of hedging on exposure. Firms with high leverage, low liquidity and high cash dividends have high exposures. For the 1 month return horizon smaller firms have smaller exposures, while for the longer-return horizons larger firms have smaller exposures.
Relation	Pacific-Basin Finance Journal, 6, 153-174
Type	article
DOI	http://dx.doi.org/10.1016/S0927-538X(97)00020-6

dc.creator (作者)	周行一	zh_TW
dc.creator (作者)	Chow, Edward H. ; Chen, Hung-Ling	-
dc.date (日期)	1998	en_US
dc.date.accessioned	5-Nov-2008 16:58:50 (UTC+8)	-
dc.date.available	5-Nov-2008 16:58:50 (UTC+8)	-
dc.date.issued (上傳時間)	5-Nov-2008 16:58:50 (UTC+8)	-
dc.identifier.uri (URI)	https://nccur.lib.nccu.edu.tw/handle/140.119/6113	-
dc.description.abstract (摘要)	This paper characterizes the exchange rate exposures of Japanese firms and their determinants for different return horizons. Japanese firms` equity returns decrease as the yen depreciates. Furthermore, Japanese firms are more adversely affected by yen depreciation if they are in industries with higher imports ratios and in the non-traded industries and less detrimentally affected if they are in industries with higher exports. We also control the effects of hedging on exposure. Firms with high leverage, low liquidity and high cash dividends have high exposures. For the 1 month return horizon smaller firms have smaller exposures, while for the longer-return horizons larger firms have smaller exposures.	-
dc.format	application/	en_US
dc.language	en	en_US
dc.language	en-US	en_US
dc.language.iso	en_US	-
dc.relation (關聯)	Pacific-Basin Finance Journal, 6, 153-174	en_US
dc.title (題名)	The Determinants of Foreign Exchange Rate Exposure: Evidence on Japanese Firms	en_US
dc.type (資料類型)	article	en
dc.identifier.doi (DOI)	10.1016/S0927-538X(97)00020-6	en_US
dc.doi.uri (DOI)	http://dx.doi.org/10.1016/S0927-538X(97)00020-6	en_US