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Statements

Subject Item
n2:RIV%2F47813059%3A19520%2F14%3A%230002693%21RIV15-MSM-19520___
rdf:type
skos:Concept n18:Vysledek
dcterms: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.
dcterms: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
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
skos:notation
RIV/47813059:19520/14:#0002693!RIV15-MSM-19520___
n4:aktivita
n14:S
n4:aktivity
S
n4:dodaniDat
n7:2015
n4:domaciTvurceVysledku
n13:1513613 n13:9301623
n4:druhVysledku
n10:D
n4:duvernostUdaju
n19:S
n4:entitaPredkladatele
n6:predkladatel
n4:idSjednocenehoVysledku
15678
n4:idVysledku
RIV/47813059:19520/14:#0002693
n4:jazykVysledku
n11:eng
n4:klicovaSlova
Exchange rate exposure; cash flow; corporate finance; stock prices
n4:klicoveSlovo
n5:cash%20flow n5:corporate%20finance n5:stock%20prices n5:Exchange%20rate%20exposure
n4:kontrolniKodProRIV
[8891A16D8F02]
n4:mistoKonaniAkce
Ostravice
n4:mistoVydani
Karviná
n4:nazevZdroje
Conference Proceedings of XII. International Scientific Conference Economic Policy in European Union Member Countries
n4:obor
n17:AH
n4:pocetDomacichTvurcuVysledku
2
n4:pocetTvurcuVysledku
2
n4:rokUplatneniVysledku
n7:2014
n4:tvurceVysledku
TOMANOVÁ, Lucie STAVÁREK, Daniel
n4:typAkce
n16:EUR
n4:zahajeniAkce
2014-09-16+02:00
s:numberOfPages
9
n20:hasPublisher
Silesian University, School of Business Administration
n9:isbn
978-80-7510-045-0
n15:organizacniJednotka
19520