Exchange Rate Volatility Exposure on Corporate Cash Flows and Stock Prices: The Case of Czech Republic

Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F47813059%3A19520%2F15%3A%230003752" target="_blank" >RIV/47813059:19520/15:#0003752 - isvavai.cz</a>
Result on the web
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DOI - Digital Object Identifier
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Result language
angličtina
Original language name
Exchange Rate Volatility Exposure on Corporate Cash Flows and Stock Prices: The Case of Czech Republic
Original language description
Czech Republic is small open economy with eurozone countries as one of the most important trade partners, meaning a large number of transaction settlement is conducted in euro. The financial market is rather less liquid, which means that firms have limited access to currency derivatives. As a consequence, it can be expected that firms are more exposed to exchange rate risk which may affect the expected cash flows and thus the firm value as well. The paper aims to examine the exchange rate exposure of firms operating in Czech Republic on the basis of stock prices and corporate cash flows and presents results of the level of exchange rate exposure of a sample of publicly listed companies and more than 7,000 large, medium sized and small firms of 8 different industries from 2003 - 2012, resp. 2014 using panel regression and orthogonalized exposure regressions and market model. Results show that significant percentages of publicly listed firms and some small and medium sized groups of firm
Czech name
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Czech description
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Publication year
2015
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Article name in the collection
Proceedings of the 12th International Scientific Conference: Economic Policy in the European Union Member Countries
ISBN
978-80-7510-114-3
ISSN
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e-ISSN
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Number of pages
9
Pages from-to
747-755
Publisher name
Silesian University in Opava, School of Business Administration in Karvina
Place of publication
Karviná
Event location
Ostravice
Event date
Sep 16, 2014
Type of event by nationality
EUR - Evropská akce
UT code for WoS article
000366004300079

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