Detailed Information on Publication Record
2019
The Role of Exchange Rates in the Stock Price Development of Chemical Companies in the Visegrad Four Countries
ŠIMÁKOVÁ, Jana and Nikola RUSKOVÁBasic information
Original name
The Role of Exchange Rates in the Stock Price Development of Chemical Companies in the Visegrad Four Countries
Authors
ŠIMÁKOVÁ, Jana (703 Slovakia, guarantor, belonging to the institution) and Nikola RUSKOVÁ (203 Czech Republic)
Edition
COMPARATIVE ECONOMIC RESEARCH - CENTRAL AND EASTERN EUROPE, Walter de Gruyter GmbH, 2019, 2082-6737
Other information
Language
English
Type of outcome
Článek v odborném periodiku
Field of Study
50206 Finance
Country of publisher
Germany
Confidentiality degree
není předmětem státního či obchodního tajemství
References:
RIV identification code
RIV/47813059:19520/19:A0000044
Organization unit
School of Business Administration in Karvina
Keywords in English
exchange rate;firm value;exchange rate exposure;Jorion’s model;chemical industry
Tags
International impact, Reviewed
Změněno: 21/4/2020 11:16, Ing. Petra Skoumalová
Abstract
V originále
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.