Exchange rate uncertainty and corporate values: evidence from Taiwan
學年 97
學期 1
出版(發表)日期 2008-08-01
作品名稱 Exchange rate uncertainty and corporate values: evidence from Taiwan
作品名稱(其他語言)
著者 聶建中; Nieh, Chien-chung; Lin, Jeng-bau; Wang, Yu-shan
單位 淡江大學財務金融學系
出版者 Taylor & Francis
著錄名稱、卷期、頁數 Applied Financial Economics 18(14), pp.1181-1192
摘要 This article first presents a derivation of a theoretical model, which shows that, if the discount rate is large enough, the exchange rate uncertainty (volatility) affects positively the corporate values under the circumstance where competitive firms are risk-averse. Empirical studies are then implemented to test for the relationships between the uncertainty and the corporate values among ten industries investigated in Taiwan. The empirical evidence indicates that there exist long-run equilibrium relationships between the uncertainty and the corporate values among the industries of food, glass, electricity, paper, rubber and steel. The corporate values for each industry are also significantly affected by their previous-period values. Using the Granger causality test for the other four industries, the results find that this uncertainty only has a one-way leading effect on itself.
關鍵字
語言 en
ISSN 0960-3107
期刊性質 國內
收錄於
產學合作
通訊作者
審稿制度
國別 TWN
公開徵稿
出版型式 ,電子版
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