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학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
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논문 기본 정보
- 자료유형
- 학술저널
- 저자정보
- 발행연도
- 2010.1
- 수록면
- 327 - 348 (22page)
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The purpose of this paper is to empirically investigate exchange rate exposure of Korean oil-refining and petrochemical firms whose profit structure highly depends on exchange rate changes. The primary finding is that about 50% out of the total sample firms is significantly exposed to exchange rate changes when the changes are sizable. In terms of exchange rate type, a bilateral rate between US dollar and Korean won is found to be more effective for estimating significant exposure of the Korean oil-refiners and petrochemicals rather than an industry-specific exchange rate index. In addition, using the Fama and French decomposition approach, this paper finds exposure sensitivity factors with results that conglomerate affiliation, number of employees, or business scope diversification significantly lowers degree of exposure.
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참고문헌 (30)
참고문헌 신청
Sung Yoon Ahn / 2008 / Implied Cost of Equity Capital in Earnings-Based Val-uation Model: Evidence from Korea / Asia-Pacific Journal of Financial Studies 37(4):599~626
Adler, M. / 1984 / Exposure to currency risk: definition and measurement / Financial Management 13(2):41~50
Amihud, Y. / 1994 / Exchange rates and the valuation of equity shares, Exchange Rates and Corporate Performance / Irwin Professional Publishing
Bartov, E. / 1994 / Firm valuation, earnings expectations, and the exchange-rate exposure effect / Journal of Finance 49(5):1755~1785
Bonar, G. / 2000 / Estimating Exchange Rate Exposure: Some ‘Weighty’ Issues, NBER Working Paper
Adler, M. / 1984 / Exposure to currency risk: definition and measurement / Financial Management 13(2):41~50
Amihud, Y. / 1994 / Exchange rates and the valuation of equity shares, Exchange Rates and Corporate Performance / Irwin Professional Publishing
Bartov, E. / 1994 / Firm valuation, earnings expectations, and the exchange-rate exposure effect / Journal of Finance 49(5):1755~1785
Bonar, G. / 2000 / Estimating Exchange Rate Exposure: Some ‘Weighty’ Issues, NBER Working Paper
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