Exchange rate uncertainty and corporate values: evidence from Taiwan

機構典藏 > College of Business and Management > Graduate Institute & Department of Banking and Finance > Journal Article > Item 987654321/23596

Please use this identifier to cite or link to this item: https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/23596

Title:	Exchange rate uncertainty and corporate values: evidence from Taiwan
Authors:	聶建中;Nieh, Chien-chung;Lin, Jeng-bau;Wang, Yu-shan
Contributors:	淡江大學財務金融學系
Date:	2008-08-01
Issue Date:	2009-11-30 17:45:57 (UTC+8)
Publisher:	Taylor & Francis
Abstract:	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.
Relation:	Applied Financial Economics 18(14), pp.1181-1192
DOI:	10.1080/09603100701578973
Appears in Collections:	[Graduate Institute & Department of Banking and Finance] Journal Article

Files in This Item:

File	Size	Format
	0Kb	Unknown	344	View/Open
Exchange rate uncertainty and corporate values evidence from Taiwan.pdf	239Kb	Adobe PDF	2	View/Open
index.html	0Kb	HTML	75	View/Open