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    题名: Exchange rate uncertainty and corporate values: evidence from Taiwan
    作者: 聶建中;Nieh, Chien-chung;Lin, Jeng-bau;Wang, Yu-shan
    贡献者: 淡江大學財務金融學系
    日期: 2008-08-01
    上传时间: 2009-11-30 17:45:57 (UTC+8)
    出版者: Taylor & Francis
    摘要: This article first presents a derivation of a theoretical model, which shows that, if the discount rate is large enough, the exchange rate uncertainty (volatility) affects positively the corporate values under the circumstance where competitive firms are risk-averse. Empirical studies are then implemented to test for the relationships between the uncertainty and the corporate values among ten industries investigated in Taiwan. The empirical evidence indicates that there exist long-run equilibrium relationships between the uncertainty and the corporate values among the industries of food, glass, electricity, paper, rubber and steel. The corporate values for each industry are also significantly affected by their previous-period values. Using the Granger causality test for the other four industries, the results find that this uncertainty only has a one-way leading effect on itself.
    關聯: Applied Financial Economics 18(14), pp.1181-1192
    DOI: 10.1080/09603100701578973
    显示于类别:[財務金融學系暨研究所] 期刊論文

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