Exchange rate exposure, foreign involvement and currency hedging of firms: some Swedish evidence
研究瑞典企业股价对汇率波动的敏感度，发现其汇率暴露程度显著高于美国企业，且与海外销售占比正相关、与货币衍生品使用负相关。
This paper investigates the effect of exchange rate fluctuation on a firm’s value, the so‐called exchange rate exposure, for a sample of Swedish firms. In contrast to previous results, using U.S. data, the values of Swedish firms, as reflected in the stock price, seem quite sensitive to movements in the exchange rate. Studying the cross sectional differences in exposure, the estimated exposure is positively and significantly related to the fractional of total sales made abroad and negatively related to the use of currency derivatives. F30, G10