Articles on Issue Theme
Alexandra HOROBEŢ
Academia de Studii Economice din Bucureşti
The issue of corporate exposure to exchange rate risk of is well researched in the international finance literature, but less approached in the case of emerging markets. The present research looks at Romanian companies’ exposure to changes in the Romanian currency exchange rates against euro and U.S. dollar over the period comprised between January 2000 and October 2005. We find weak significant exposure of Romanian companies to both currencies, which might be explained by the low importance of euro or dollar denominated cash flows and/or assets and liabilities in the financial flows of Romanian companies, as well as by the presence of hedging operations or low capital market efficiency. At the same time, we find that the exposure to euro is asymmetric, by contrast with the dollar exposure.
ŒCONOMICA no. 4/2005
Keywords: exchange rate, exchange rate risk, risk exposure, profitability, market efficiency
JEL: G15, E44, F31, F32, G14
Expunerea la riscul valutar a firmelor româneşti: o analiză sectorială
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Academia de Studii Economice din Bucureşti
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Cătălin MURARAŞU
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Maria GHEORGHE (NIŢU)
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