European Foreign Exchange Risk Exposure
研究817家欧洲跨国公司对日元、美元和英镑的汇率风险暴露，发现约13%至22%的企业有显著经济影响，且欧元贬值对股票回报有负面影响。
Abstract We find that about 13% of our sample of 817 European multinational firms experienced economically significant exposure effects to the Japanese yen, 14% to the US dollar and 22% to the UK pound. Our evidence differs substantially from the US experience and is robust across sub‐sample periods, suggesting that a depreciating (appreciating) euro against foreign currencies has a net negative (positive) impact on European stock returns. Short‐term exposure seems to be relatively well hedged, where considerable evidence of long‐term exposure is found. Firms with weak liquidity positions tend to have smaller exposures. Foreign exposure is found to increase with firm size.