Original paper
Do Firms Hedge Translation Risk?
Abstract
Using a sample of 622 companies in 25 countries over a four-year period (2003–2006), we investigate the translation risk hedging strategy of multinational companies. We find that a significant percentage of companies (47%) actively manage their translation risk. A credit rating significantly increases the likelihood of initiating and maintaining a hedging policy, as firms try to avoid translation losses that may increase leverage ratios and thus...
Paper Details
Title
Do Firms Hedge Translation Risk?
Published Date
Jan 1, 2012
Journal
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Notes
History