Exchange rate exposure, foreign currency derivatives and the introduction of the euro: French evidence

Nguyen, Hoa, Faff, Robert and Marshall, Andrew 2007, Exchange rate exposure, foreign currency derivatives and the introduction of the euro: French evidence, International review of economics & finance, vol. 16, no. 4, pp. 563-577.

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Title Exchange rate exposure, foreign currency derivatives and the introduction of the euro: French evidence
Author(s) Nguyen, Hoa
Faff, Robert
Marshall, Andrew
Journal name International review of economics & finance
Volume number 16
Issue number 4
Start page 563
End page 577
Publisher Elsevier BV
Place of publication Amsterdam, Netherlands
Publication date 2007
ISSN 1059-0560
1873-8036
Keyword(s) exchange rate exposure
foreign currency derivatives
euro
France
Summary We investigate the impact of the introduction of the Euro on exchange rate exposures for French corporations and examine the corporate use of foreign currency derivatives to hedge exchange rate exposure post-Euro. Our findings indicate that the introduction of the Euro is associated with both a reduction in the number of firms that have significant exchange rate exposure and the absolute size of exposure. Consistent with these reduced exposures, French firms use foreign currency derivatives less intensively. Furthermore, the use of foreign currency derivatives is found to be associated with lower exchange rate exposure but there is insufficient evidence that these instruments are more effective in the post-Euro environment.
Language eng
Field of Research 150201 Finance
HERDC Research category C1 Refereed article in a scholarly journal
Copyright notice ©2006, Elselvier Inc.
Persistent URL http://hdl.handle.net/10536/DRO/DU:30007311

Document type: Journal Article
Collection: School of Accounting, Economics and Finance
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