The DAX and the Dollar: The Economic Exchange Rate Exposure of German Corporations

Martin Glaum, Marko Brunner and Holger Himmel
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Martin Glaum: Justus-Liebig-Universit&aauml;t Giessen
Marko Brunner: Justus-Liebig-Universit&aauml;t Giessen
Holger Himmel: Justus-Liebig-Universit&aauml;t Giessen

Journal of International Business Studies, 2000, vol. 31, issue 4, 715-724

Abstract: This paper examines the economic exposure of German corporations to changes in the DM/US-dollar exchange-rate. Our work contributes to the existing body of literature in the following ways. Firstly, we point out conceptual problems of previous attempts to estimate economic exposure. Secondly, we find that German firms are significantly exposed to changes in the DM/US-dollar rate. However, our results are unstable over time.© 2000 JIBS. Journal of International Business Studies (2000) 31, 715–724

Date: 2000
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