|
|
|
|
| LEADER |
01274nam a2200205Ia 4500 |
| 001 |
10.1016-j.jimonfin.2019.01.009 |
| 008 |
220511s2019 CNT 000 0 und d |
| 020 |
|
|
|a 02615606 (ISSN)
|
| 245 |
1 |
0 |
|a The response of multinationals’ foreign exchange rate exposure to macroeconomic news
|
| 260 |
|
0 |
|b Elsevier Ltd
|c 2019
|
| 856 |
|
|
|z View Fulltext in Publisher
|u https://doi.org/10.1016/j.jimonfin.2019.01.009
|
| 520 |
3 |
|
|a We use intraday data to estimate the daily foreign exchange exposure of U.S. multinationals and show that macroeconomic news affects these firms’ foreign exchange exposure. News creates a substantial shift in the joint distribution of stock and exchange rate returns that has both a transitory and a persistent component. For example, a positive domestic demand surprise, as reflected in higher-than-expected nonfarm payroll, increases the value of the low-exposure domestic activities and results in a persistent decrease in foreign exchange exposure. © 2019 Elsevier Ltd
|
| 650 |
0 |
4 |
|a Foreign exchange exposure
|
| 650 |
0 |
4 |
|a High-frequency data
|
| 650 |
0 |
4 |
|a Macro
|
| 700 |
1 |
|
|a Boudt, K.
|e author
|
| 700 |
1 |
|
|a Neely, C.J.
|e author
|
| 700 |
1 |
|
|a Sercu, P.
|e author
|
| 700 |
1 |
|
|a Wauters, M.
|e author
|
| 773 |
|
|
|t Journal of International Money and Finance
|
