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Foreign exchange exposure on the Spanish stock market: sources of risk and hedging

Research output: Working paper

Published

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Foreign exchange exposure on the Spanish stock market: sources of risk and hedging. / Martinez-Solano, P.

Lancaster University : The Department of Accounting and Finance, 1998. (Accounting and Finance Working Paper Series).

Research output: Working paper

Harvard

Martinez-Solano, P 1998 'Foreign exchange exposure on the Spanish stock market: sources of risk and hedging' Accounting and Finance Working Paper Series, The Department of Accounting and Finance, Lancaster University.

APA

Martinez-Solano, P. (1998). Foreign exchange exposure on the Spanish stock market: sources of risk and hedging. (Accounting and Finance Working Paper Series). Lancaster University: The Department of Accounting and Finance.

Vancouver

Martinez-Solano P. Foreign exchange exposure on the Spanish stock market: sources of risk and hedging. Lancaster University: The Department of Accounting and Finance. 1998. (Accounting and Finance Working Paper Series).

Author

Martinez-Solano, P. / Foreign exchange exposure on the Spanish stock market: sources of risk and hedging. Lancaster University : The Department of Accounting and Finance, 1998. (Accounting and Finance Working Paper Series).

Bibtex

@techreport{5d018d7a9bd04e74b1534cbbac3f9f52,
title = "Foreign exchange exposure on the Spanish stock market: sources of risk and hedging",
abstract = "This paper examines the foreign exchange exposure of a sample of 67 non financial companies quoted in the Spanish Stock Exchange Market between January 1992 and December 1997. Therefore, time series regressions of stock returns on market return and movements in the exchange rates are carried out. Next, a cross-sectional analysis is executed in order to determine whether the level of economic exposure explains export, import, foreign debt levels and the foreign currency hedging proxies. The results indicate the existence of economic exposure in many companies. It has also been found that the cross sectional variation in exchange-rate risk of firms is related to the firm s operational and financial characteristics as well as foreign currency hedging proxies.",
keywords = "Foreign Exchange Rate Risk, Economic Exposure, Hedging, Stock Prices.",
author = "P Martinez-Solano",
year = "1998",
language = "English",
series = "Accounting and Finance Working Paper Series",
publisher = "The Department of Accounting and Finance",
type = "WorkingPaper",
institution = "The Department of Accounting and Finance",

}

RIS

TY - UNPB

T1 - Foreign exchange exposure on the Spanish stock market: sources of risk and hedging

AU - Martinez-Solano, P

PY - 1998

Y1 - 1998

N2 - This paper examines the foreign exchange exposure of a sample of 67 non financial companies quoted in the Spanish Stock Exchange Market between January 1992 and December 1997. Therefore, time series regressions of stock returns on market return and movements in the exchange rates are carried out. Next, a cross-sectional analysis is executed in order to determine whether the level of economic exposure explains export, import, foreign debt levels and the foreign currency hedging proxies. The results indicate the existence of economic exposure in many companies. It has also been found that the cross sectional variation in exchange-rate risk of firms is related to the firm s operational and financial characteristics as well as foreign currency hedging proxies.

AB - This paper examines the foreign exchange exposure of a sample of 67 non financial companies quoted in the Spanish Stock Exchange Market between January 1992 and December 1997. Therefore, time series regressions of stock returns on market return and movements in the exchange rates are carried out. Next, a cross-sectional analysis is executed in order to determine whether the level of economic exposure explains export, import, foreign debt levels and the foreign currency hedging proxies. The results indicate the existence of economic exposure in many companies. It has also been found that the cross sectional variation in exchange-rate risk of firms is related to the firm s operational and financial characteristics as well as foreign currency hedging proxies.

KW - Foreign Exchange Rate Risk

KW - Economic Exposure

KW - Hedging

KW - Stock Prices.

M3 - Working paper

T3 - Accounting and Finance Working Paper Series

BT - Foreign exchange exposure on the Spanish stock market: sources of risk and hedging

PB - The Department of Accounting and Finance

CY - Lancaster University

ER -