Foreign Currency Translation Reporting and the Exchange-Rate Exposure Effect

This study further explores a structural break in the relation between stock returns of firms with foreign currency positions and lagged exchange rate changes (exchange rate exposure effect) documented in Bartov and Bodnar (1994). We examine whether changes in the financial accounting reporting of foreign currency positions from SFAS No. 52 might have improved investors' ability to characterize firms' economic exchange rate exposures, and thus the impact of exchange rate movements on firm value. Our findings indicate that only firms reporting using the dollar as the functional currency (i.e., those reporting as if they were still under SFAS No. 8) retain a significant relation between the lagged change in the dollar and firm value in the post-SFAS No. 52 period. For firms reporting using the foreign currency as the functional currency (i.e., those who switched to the new translation method) the significant lagged relation disappears. This is consistent with the use of a foreign currency as the functional currency under SFAS No. 52 facilitating valuation of U.S. firms with foreign operations.     

How Comprehensive is Comprehensive Income? The Value Relevance of Foreign Currency Translation Adjustments

Prior empirical research has been unable to forge an unambiguous link between foreign currency translation adjustments, which are an element of “other items of comprehensive income,” and firm valuation. This study adds to the existing literature by empirically testing the value relevance of foreign currency translation adjustments in an earnings and book value model. Interaction terms, which serve as proxies for the theoretical sources of exchange rate exposure, are included in the estimating equation. The main finding of this study is that foreign currency translation adjustments are significantly value relevant when their parameter estimates are allowed to vary in the cross‐section.     

外币报表折算方法选择的多维视角分析——从SFAS 8到SFAS 52转变的思考

外币报表折算方法的选择是争论较多的一个会计难题,从SFAS 8到SFAS 52的转变出发,从汇率理论到会计理论和决策理论进行多视角的分析,可以发现时态法和现时汇率法各自的理论上的优点和缺陷。立足现实的角度,我国的外币报表折算方法应采取更为灵活的策略。     

对我国外汇储备适度规模模型的探讨

长期以来,各国经济学家对外汇储备适度水平的定量测算作出了种种不懈的努力和尝试,提出了许多测算的思路与方法,总的看可以分为三类,即利用经验法则的比例分析法;从适应储备量的经济学定义出发的成本—收益分析法;利用多元回归与相关分析技术的储备需求函数分析法。 比例分析法的突出代表人物是美国经济学家特里芬(R.Triffin)教授。尤其是特里芬的储备/进口的比例法,选取了与储备相关度较大的贸易指标作参照,且一元回归分析也证实     

Optimal Timing of Foreign Direct Investment Under Uncertainty

Foreign-trade zone (FTZ) use by international marketers vrovides them with the mlential to gain cost savings and increak operating efficiencies. However, no empirical research has yet been conducted to examine whether operating cost efficiency is better for international marketers using FTZs (FTZ firms) than those not using FTZs (non-FTZ firms). The operating cost efficiency of FTZ and non-FIZ firms is examined through a comparison of their cost structures. Using translog production functions, the surprising results in this paper suggest that FTZ firms tend to be less efficient than non-FTZ firms. Some possible explanations for this result are advanced, and public policy implications are discussed.     

双向扩大内需，发展对外贸易

自1998年下半年以来,关于扩大内需来刺激有效需求的问题,引起了理论界和各级政府的高度重视。笔者认为努力开拓国内市场,不断促进其发展,不仅能为本国企业建立稳固的后方市场,而且也能为本国发展对外贸易创造条件。为此,充分运用市场功能运行的规律,克服供需中的一些矛盾,达到通过市场的运作既扩大有效供给创造需求,同时又直接引     

Hedging Foreign Exchange Exposure: Risk Reduction from Transaction and Translation Hedging

Using a sample of Swedish firms we investigate the risk reducing effect of foreign exchange exposure hedging. Further, we investigate risk reduction from using different hedging instruments, and particular interest is directed towards the impact of transaction exposure hedges and translation exposure hedges respectively. We find that firms' foreign exchange exposure is increasing with the level of inherent exposure, measured as the difference between revenues and costs denominated in foreign currency, and that it is decreasing with firm size. We find a significant reduction in foreign exchange exposure from the use of financial hedges. The evidence suggests that the usage of foreign denominated debt as well as currency derivatives reduce firms' foreign exchange exposure. Further, we find that transaction exposure hedges significantly reduce exposure, and that translation exposure hedges also reduce exposure. A possible explanation for the latter is that translation exposure approximates the exposed value of future cash flows from operations in foreign subsidiaries (i.e. economic exposure). If so, by hedging translation exposure, economic exposure is reduced.     

中国银行业的规模经济和范围经济--基于广义超越对数成本函数的检验

本文利用广义超越对数成本函数估计了我国国有商业银行及股份制商业银行1994—2001年的成本函数,并计算出各自的规模经济和范围经济。结果表明：国有商业银行存在规模经济而股份制商业银行存在轻微的规模不经济;国有商业银行在其传统业务(存款、贷款)上具有规模经济,在投资上具有规模不经济,股份制商业银行则相反;国有商业银行及股份制商业银行都存在总体范围经济;国有商业银行在贷款和存款上的范围经济大于在投资上的范围经济,股份制商业银行在贷款上不具有范围经济,而在投资和存款上具有显著的范围经济;国有商业银行和股份制商业银行在贷款和投资组合上都不具有成本互补性,而在贷款和存款及存款和投资组合上都具有轻微的成本互补性。针对上述检验结果,提出了相应的政策建议。     

我国利用外资的两条战线

20世纪90年代初,我国利用外资已由借用外国贷款为主转为吸引跨国公司的直接投资为主。跨国公司的直接投资有两种方式:一是新增投资,又称“绿地投资”,即外商在东道国建立合资企业或独资企业;一是跨国公司并购投资国有企业,即跨国公司通过收购国有企业的部分或全部股份,取得对国有企业控制权的产权交易行为。这里包括跨国公司兼并吸收一家或多家公司。后一种方式,虽在国际直接投资中早已超过“绿地投资”,但在我国从2002年才逐步升温,这与我国资本市场的发育程度有关,也与我国利用外资战略、政策近年来的转变有关。随着党的十六大后国有经济…     

等效理论关照下的科技论文题名翻译

文章认为,题名是一篇文章的主题思想。题名翻译要准确、简练、清晰。在等效理论的指导下,译者应利用各种手段,结合论文内容,努力追求译文对读者的作用接近于原文对原语读者的作用,实现"等效"。     

1900-1920年外国戏剧作品译改述略

1900-1920年,西方文化及观念大量传入中国,掀起了翻译外国文学作品的高潮,编译外国戏剧作品也是其中之一。内容上,初期的编译戏剧作品情节与中国传统戏剧相似,但也有作品保持原著的风格。从原著来源看,编译作品所涉国家众多,并受部分国家影响较大。从编译者来看,当时的许多编译者不仅译编戏剧作品,也涉足其他文学领域。     

Economies of scope and economies of agglomeration

Agglomeration economies are economies external to the firm, and plant, but internal to a particular location. In this paper the notion of agglomeration economies is formally investigated. The implications of the concept for urban structure and industrial organization are then traced. Under specified considerations, weak economies of agglomeration, as defined in this paper, are shown to be necessary for the existence of an urban area.     

链接No.3赵群两种制度下的外企人

80年代的中国,北京某玻璃厂.办公室里,几个工程师模样的人正背着手来回徘徊,时不时地停下来,你看看我,我看看你,却仍是相顾无言、一筹莫展.     

On Markets and Pseudo-Markets in Socialist Economies

Liberalisation of East European economies is desirable. But, as Professor Jan Winiecki of Warsaw University points out, there are reforms and psuedo-reforms.     

社会学视角下的国内外城市空间研究述评

在明确城市空间社会属性的基础上,从社会学的角度对国内外有关这方面的研究进行述评,认为城市空间研究在研究对象、研究深度、研究立场和研究方法上都呈现出新的特点和趋势。     

疫情冲击下宁波外贸的问题与应对策略

为充分了解此次新冠疫情对宁波外贸企业生存与发展的影响,准确把握对外贸易的新形势,浙江师范大学成立"防疫克难,外贸在行动"专项工作组,对宁波外贸企业的生产经营情况开展了"云调研"。论文旨在为政府决策提供重要参考,为外贸企业发展提供策略建议。     

货币错配、汇率升值和经济波动

本文在考虑当前东亚各国普遍存在的资产型货币错配情况下,将Ber-nanke等(1999)模型推广到小国开放经济中,分析了由外生冲击导致的汇率升值影响经济的传导路径,以及这种影响程度所取决的因素。研究发现,当一个国家存在资产型货币错配时,汇率升值降低企业净值,并通过金融加速器机制提高企业的外部融资成本,进而影响企业的投资和产出。模型的数值模拟结果表明,升值导致的产出下降幅度与该国的货币错配程度和金融加速器效应直接相关。当该国货币错配程度较高,金融加速器效应显著时,外部冲击导致的升值可能使经济陷入流动性陷阱。     

Currency options: Hayek and competing currencies

While monetary theory indicates the advantages of a single currency, there are compelling arguments for the UK to remain outside the euro-zone.     

An Exegesis on Currency and Banking Crises

Abstract.  This paper reviews the literature on currency and banking crises. Currency and banking crises are characterized according to some standards in the literature and their historical record summarized. The development of the literature from first through fourth‐generation, or so‐called 'institutional' models is reviewed. A digression on institutions is provided along with some sidebars on the development of the literature on institutions as it relates to economic growth. The empirical research on third‐generation (or twin crises) models and on institutional models of currency and banking crises, which are so far scarce, is covered too. A summary of the main policy issues for dealing with financial crises is presented. The paper closes with an emphasis on institutions and a call for more research directed at institutions and their role in the financial system.