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THE FOREIGN EXCHANGE OPERATING EXPOSURE OF AUSTRALIAN STOCKS

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Risk Management in Financial Firms Financial Markets and Investment Strategies Financial Analysis and Corporate Governance

Abstract

Abstract: This paper provides empirical evidence on the stock return sensitivity of a sample of Australian companies, to changes in the trade weighted index value of the Australian dollar during the post float period January, 1984 ‐ December, 1989. Exposure is estimated using time series regression methods. While the evidence of exposure is generally weak, there is evidence that resource stocks and industrial stocks respond differentially to fluctuations in the Australian dollar.

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1990The Exchange-Rate Exposure of U.S. Multinationals 1984Exposure to Currency Risk: Definition and Measurement 1990Currency Fluctuations in the Post-Bretton Woods Era 1986The Pricing of Interest-Rate Risk: Evidence from the Stock Market 1975EXCHANGE RATE CHANGES, INFLATION, AND THE VALUE OF THE MULTINATIONAL CORPORATION 1986On the Measurement of Operating Exposure to Exchange Rates: A Conceptual Approach 1985A Financial Model of Foreign Exchange Exposure

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