關鍵字查詢 | 類別:期刊論文 | | 關鍵字:Evidence from Taiwan Stock Market

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1 101/1 政經系 馬為騰 副教授 期刊論文 發佈 Multiple Asymmetries and Exchange Rate Exposure at Firm Level: Evidence from Taiwan Stock Market , [101-1] :Multiple Asymmetries and Exchange Rate Exposure at Firm Level: Evidence from Taiwan Stock Market期刊論文 Multiple Asymmetries and Exchange Rate Exposure at Firm Level: Evidence from Taiwan Stock Market馬為騰全球政治經濟學系International Journal of Economics and Finance 4(10), pp.26-40It has been viewed as an unsolved puzzle that for only a small number of firms a significant impact of foreign exchange rate risk on firm value could be detected empirically even though the financial theory strongly supports that a change in the exchange rate should affect the value of the firm. We explain it by the facts that (i) previous studies mostly investigated mature and non-open economies and (ii) they mostly concentrated on one part of the relationship between exchange exposure and firm value. Our empirical results are based on a sample of 107 Taiwanese non-financial firms from 6th June 1990 to 14th July 2010 and the bilateral exchange rate USD / TWD. We use an orthogonalized model with conventional augmented CA
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