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- Title
Asymmetric Foreign Currency Exposures and Derivatives Use: Evidence from France.
- Authors
Clark, Ephraim; Mefteh, Salma
- Abstract
This paper provides evidence on the asymmetric sensitivity of stock returns of French firms to exchange rate risk and the effect of foreign currency (FC) derivative use in alleviating this risk. The results show that FC exposure is frequently asymmetric and differs with respect to the US dollar (USD) and non-USD currencies. Cross sectional analysis provides evidence that FC derivatives use has a significant effect on reducing FC exposure to appreciations and depreciations of non-USD currencies and depreciations of the USD, but not to appreciations of the USD.
- Subjects
FRANCE; MONEY; FOREIGN exchange accounting; FOREIGN exchange rate risk; INTERNATIONAL trade; APPRECIATION (Accounting); DEPRECIATION; ECONOMIC life of fixed assets; U.S. dollar
- Publication
Journal of International Financial Management & Accounting, 2011, Vol 22, Issue 1, p27
- ISSN
0954-1314
- Publication type
Article
- DOI
10.1111/j.1467-646X.2010.01044.x