The Role of Exchange Rates in the Stock Price Development of
Chemical Companies in the Visegrad Four Countries

J 2019

The Role of Exchange Rates in the Stock Price Development of Chemical Companies in the Visegrad Four Countries

ŠIMÁKOVÁ, Jana a Nikola RUSKOVÁ

Základní údaje

Originální název

The Role of Exchange Rates in the Stock Price Development of Chemical Companies in the Visegrad Four Countries

Autoři

ŠIMÁKOVÁ, Jana (703 Slovensko, garant, domácí) a Nikola RUSKOVÁ (203 Česká republika)

Vydání

COMPARATIVE ECONOMIC RESEARCH - CENTRAL AND EASTERN EUROPE, Walter de Gruyter GmbH, 2019, 2082-6737

Další údaje

Jazyk

angličtina

Typ výsledku

Článek v odborném periodiku

Obor

50206 Finance

Stát vydavatele

Německo

Utajení

není předmětem státního či obchodního tajemství

Odkazy

URL

Kód RIV

RIV/47813059:19520/19:A0000044

Organizační jednotka

Obchodně podnikatelská fakulta v Karviné

DOI

http://dx.doi.org/10.2478/cer-2019-0026Openaccess

Klíčová slova anglicky

exchange rate;firm value;exchange rate exposure;Jorion’s model;chemical industry

Příznaky

Mezinárodní význam, Recenzováno

Změněno: 21. 4. 2020 11:16, Ing. Petra Skoumalová

Anotace

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.

Citovat

ŠIMÁKOVÁ, Jana a Nikola RUSKOVÁ. The Role of Exchange Rates in the Stock Price Development of Chemical Companies in the Visegrad Four Countries. COMPARATIVE ECONOMIC RESEARCH - CENTRAL AND EASTERN EUROPE. Walter de Gruyter GmbH, 2019, roč. 22, č. 3, s. 117-129. ISSN 2082-6737. Dostupné z: https://dx.doi.org/10.2478/cer-2019-0026Openaccess.

@article{33246,
   author = {Šimáková, Jana and Rusková, Nikola},
   article_number = {3},
   doi = {http://dx.doi.org/10.2478/cer-2019-0026Openaccess},
   keywords = {exchange rate;firm value;exchange rate exposure;Jorion’s model;chemical industry},
   language = {eng},
   issn = {2082-6737},
   journal = {COMPARATIVE ECONOMIC RESEARCH - CENTRAL AND EASTERN EUROPE},
   title = {The Role of Exchange Rates in the Stock Price Development of Chemical Companies in the Visegrad Four Countries},
   url = {https://content.sciendo.com/view/journals/cer/22/3/article-p117.xml},
   volume = {22},
   year = {2019}
}

TY  - JOUR
ID  - 33246
AU  - Šimáková, Jana - Rusková, Nikola
PY  - 2019
TI  - The Role of Exchange Rates in the Stock Price Development of Chemical Companies in the Visegrad Four Countries
JF  - COMPARATIVE ECONOMIC RESEARCH - CENTRAL AND EASTERN EUROPE
VL  - 22
IS  - 3
SP  - 117-129
EP  - 117-129
PB  - Walter de Gruyter GmbH
SN  - 20826737
KW  - exchange rate;firm value;exchange rate exposure;Jorion’s model;chemical industry
UR  - https://content.sciendo.com/view/journals/cer/22/3/article-p117.xml
L2  - https://content.sciendo.com/view/journals/cer/22/3/article-p117.xml
N2  - 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.
ER  -

ŠIMÁKOVÁ, Jana a Nikola RUSKOVÁ. The Role of Exchange Rates in the Stock Price Development of Chemical Companies in the Visegrad Four Countries. \textit{COMPARATIVE ECONOMIC RESEARCH - CENTRAL AND EASTERN EUROPE}. Walter de Gruyter GmbH, 2019, roč.~22, č.~3, s.~117-129. ISSN~2082-6737. Dostupné z: https://dx.doi.org/10.2478/cer-2019-0026Openaccess.

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