Asymmetric corporate exposures to foreign exchange rate changes
研究发现美国制造业企业在货币升值和贬值期间的外汇暴露不对称，即升值与贬值对财务绩效的影响不能相互抵消。
Research examining firms' economic exposures to exchange rate movements has not differentiated periods of foreign currency appreciation and depreciation when estimating exposure coefficients. Recent theoretical developments regarding real options and pricing-to-market suggest corporate exposures may be asymmetric (i.e., the financial performance impact of a foreign currency appreciation may not be offset by the currency's depreciation). Our empirical analysis indicates that for the small percentage of U.S. manufacturing firms exposed to currency appreciations or depreciations, their exposures are asymmetric. © 1998 John Wiley & Sons, Ltd.