TY  - CHAP
AB  - This paper explores the sensitivity of Chinese stock returns to changes in trade-weighted indexes of the renminbi (RMB) and the currencies of China's trading partners from 1999 to 2003. It analyses this exposure elasticity cross-sectionally using accounting variables to proxy for size and costs of financial distress. It finds that internationally oriented Chinese companies have experienced exchange exposure particularly against the yen. It also finds that, against a trade-weighted index, there is no empirical evidence that Chinese firms are engaged in hedging activities. However, when exposures are measured in yen terms, it finds that Chinese firms, particularly exporters, engage in active currency hedging.
VL  - 7
SN  - 978-1-84950-475-1, 978-0-7623-1392-1/1569-3767
DO  - 10.1016/S1569-3767(06)07012-9
UR  - https://doi.org/10.1016/S1569-3767(06)07012-9
AU  - Schena Patrick J.
ED  - J. Jay Choi
ED  - Reid W. Click
PY  - 2006
Y1  - 2006/01/01
TI  - Measuring and Managing the Foreign Exchange Exposure of Chinese Companies
T2  - Value Creation in Multinational Enterprise
T3  - International Finance Review
PB  - Emerald Group Publishing Limited
SP  - 285
EP  - 306
Y2  - 2024/09/19
ER  -