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

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An Entity of Type : http://linked.opendata.cz/ontology/domain/vavai/Vysledek, within Data Space : linked.opendata.cz associated with source document(s)

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rdf:type	skos:Concept http://linked.opendata.cz/ontology/domain/vavai/Vysledek
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 s are exposed, thus the exchange rate risk measuring and hedging is crucial for reduction of the firms' uncertainty. 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 s are exposed, thus the exchange rate risk measuring and hedging is crucial for reduction of the firms' uncertainty. (en)
Title	Exchange Rate Volatility Exposure on Corporate Cash Flows and Stock Prices: The Case of Czech Republic Exchange Rate Volatility Exposure on Corporate Cash Flows and Stock Prices: The Case of Czech Republic (en)
skos:prefLabel	Exchange Rate Volatility Exposure on Corporate Cash Flows and Stock Prices: The Case of Czech Republic Exchange Rate Volatility Exposure on Corporate Cash Flows and Stock Prices: The Case of Czech Republic (en)
skos:notation	RIV/47813059:19520/14:#0002693!RIV15-MSM-19520___
http://linked.open...avai/riv/aktivita	S
http://linked.open...avai/riv/aktivity	S
http://linked.open...vai/riv/dodaniDat	2015
http://linked.open...aciTvurceVysledku	TOMANOVÁ, Lucie Stavárek, Daniel
http://linked.open.../riv/druhVysledku	D - Článek ve sborníku
http://linked.open...iv/duvernostUdaju	S - Úplné a pravdivé údaje nepodléhající ochraně podle zvláštních právních předpisů
http://linked.open...titaPredkladatele	Slezská univerzita v Opavě / Obchodně podnikatelská fakulta v Karviné
http://linked.open...dnocenehoVysledku	15678
http://linked.open...ai/riv/idVysledku	RIV/47813059:19520/14:#0002693
http://linked.open...riv/jazykVysledku	eng - angličtina
http://linked.open.../riv/klicovaSlova	Exchange rate exposure; cash flow; corporate finance; stock prices (en)
http://linked.open.../riv/klicoveSlovo	cash flow stock prices corporate finance Exchange rate exposure
http://linked.open...ontrolniKodProRIV	[8891A16D8F02]
http://linked.open...v/mistoKonaniAkce	Ostravice
http://linked.open...i/riv/mistoVydani	Karviná
http://linked.open...i/riv/nazevZdroje	Conference Proceedings of XII. International Scientific Conference Economic Policy in European Union Member Countries
http://linked.open...in/vavai/riv/obor	AH
http://linked.open...ichTvurcuVysledku	2 (xsd:int)
http://linked.open...cetTvurcuVysledku	2 (xsd:int)
http://linked.open...UplatneniVysledku	2014
http://linked.open...iv/tvurceVysledku	STAVÁREK, Daniel TOMANOVÁ, Lucie
http://linked.open...vavai/riv/typAkce	EUR - Evropská
http://linked.open.../riv/zahajeniAkce	2014-09-16 (xsd:date)
number of pages	9 (xsd:int)
http://purl.org/ne...btex#hasPublisher	Silesian University, School of Business Administration
https://schema.org/isbn	978-80-7510-045-0
http://localhost/t...ganizacniJednotka	19520

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