Artikel
The Role of Exchange Rates in the Stock Price Development of Chemical Companies in the Visegrad Four Countries
The aim of the paper is to evaluate the effect of exchange rates on the stock prices of companies in the chemical industry listed on the stock exchanges in the Visegrad Four countries. The empirical analysis was performed from September 2003 to June 2016 on companies from the petrochemical and pharmaceutical industry. The effect of the exchange rate on stock prices is analyzed using Jorion's approach on monthly data. In contrast to the selected petrochemical companies, the pharmaceutical companies did not use any hedging instruments in the tested period. The effect of the exchange rate on the stock price was proved only in the case of companies from the pharmaceutical industry. This suggests that exchange rate risk could be eliminated by using hedging instruments.
- Language
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Englisch
- Bibliographic citation
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Journal: Comparative Economic Research. Central and Eastern Europe ; ISSN: 2082-6737 ; Volume: 22 ; Year: 2019 ; Issue: 3 ; Pages: 117-129 ; Warsaw: De Gruyter
- Classification
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Wirtschaft
Foreign Exchange
Asset Pricing; Trading Volume; Bond Interest Rates
- Subject
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exchange rate
firm value
exchange rate exposure
Jorion's model
chemical industry
- Event
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Geistige Schöpfung
- (who)
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Šimáková, Jana
Rusková, Nikola
- Event
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Veröffentlichung
- (who)
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De Gruyter
- (where)
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Warsaw
- (when)
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2019
- DOI
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doi:10.2478/cer-2019-0026
- Handle
- Last update
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10.03.2025, 11:43 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Artikel
Associated
- Šimáková, Jana
- Rusková, Nikola
- De Gruyter
Time of origin
- 2019
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The Visegrad Group : a Central European Constellation ; publications on the occasion of the 15th Anniversary of the Visegrad Group
Internationalisation of the State in the Czech Republic: Igniting the Competition for Foreign Investment in the Visegrád Four Region
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Management of the process of formation and realization of competitive advantages of the Visegrad Four countries in the European market of ICT services
Changes in the Structure of Intra-Visegrad Trade after the Visegrad Countries' Accession to the European Union
Business cycle synchronization of the Visegrad Four and the European Union
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The Wagner's law testing in the Visegrád Four countries
The Visegrad Four and the Western Balkans : framing regional identities
Financial health of small and medium-sized companies in the Visegrad countries
"Refugees" as a Misnomer: The Parochial Politics and Official Discourse of the Visegrad Four
The selected topics for comparison in visegrad four countries
The Visegrad Group : a Central European Constellation ; publications on the occasion of the 15th Anniversary of the Visegrad Group
Internationalisation of the State in the Czech Republic: Igniting the Competition for Foreign Investment in the Visegrád Four Region
Internationalisation of the State in the Czech Republic: Igniting the Competition for Foreign Investment in the Visegrád Four Region
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