The Share Price Reaction of U.K. Exporters to Exchange Rate Movements: An Empirical Study

Raymond Donnelly and Edward Sheehy
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Raymond Donnelly: University College Cork
Edward Sheehy: University College Cork

Journal of International Business Studies, 1996, vol. 27, issue 1, 157-165

Abstract: Contrary to prior research, this U.K.-based study finds a contemporaneous relation between the foreign exchange rate and the market value of large exporters. We also find a weak lagged relationship which suggests that the stock market takes time to incorporate all of the implications of foreign currency movements into share prices. Evidence that the nature of this relationship changed when sterling was in the ERM is also provided.© 1996 JIBS. Journal of International Business Studies (1996) 27, 157–165

Date: 1996
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